# EDGAR Filing Document

**Accession Number:** 0001100663
**File Stem:** 0001193125-25-135658
**Filing Date:** 2025-6
**Character Count:** 1377434
**Document Hash:** c8f44544ba491ea42eea91f79a635993
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-135658.hdr.sgml**: 20250605

**ACCESSION NUMBER**: 0001193125-25-135658

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 48

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250605

**DATE AS OF CHANGE**: 20250605

**EFFECTIVENESS DATE**: 20250605

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09729
- **FILM NUMBER:** 251026511

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

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

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

## Series and Classes Contracts Data

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

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

### iShares Europe ETF (Series ID: S000004315)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000012045 | iShares Europe ETF | IEV             |

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

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

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

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

### iShares Latin America 40 ETF (Series ID: S000004348)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000012078 | iShares Latin America 40 ETF | ILF             |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### iShares India 50 ETF (Series ID: S000022341)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000064225 | iShares India 50 ETF | INDY            |

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

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

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

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

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

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

### iShares Future AI & Tech ETF (Series ID: S000062201)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000201209 | iShares Future AI & Tech ETF | ARTY            |

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

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

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

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

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

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

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

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? iShares Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

#### FORM N-CSR

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

811-09729

Name of Fund:

iShares Trust

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

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

Registrant's telephone number, including area code:

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

Date of fiscal year end:

3/31/2025

Date of reporting period:

3/31/2025

Item 1 — Report to Stockholders

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

![TSR - BLK iShares Logo](g12537images_4923.jpg)

### iShares Asia 50 ETF

### AIA \| NASDAQ

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares Asia 50 ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Asia 50 ETF | $55 | 0.50% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned 21.24%. 

* For the same period, the S&P Developed ex US Broad Market Index returned (2.67)% and the Underlying Index returned 20.78%. 

What contributed to performance?

Large capitalization equities in China were the leading contributors to the Fund's return as the Chinese government implemented significant stimulus measures to stabilize its stock and property markets during the reporting period. The most notable beneficiaries were stocks within the consumer discretionary and communication sectors, as they benefited from strategic investments and service enhancements driven by artificial intelligence ("AI"). The economic recovery also supported financial stocks as well as government efforts to strengthen capital ratios and improve lending capacity. Taiwan stocks also meaningfully contributed, due to continued demand for AI applications and the hardware that drives the technology improved revenue for the world's largest contract semiconductor chip maker.

What detracted from performance?

Amid sluggish economic conditions and retail selling, South Korean equities were significant detractors from the Fund's return during the reporting period. Stocks in the information technology sector were further pressured by threats of tariffs from the United States, which is one of the country's largest trading partners.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: April 1, 2015 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g12537chartimages_5891090.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 21.24% | 7.47% | 6.11% |
| S&P Developed ex US Broad Market Index | 3.68 | 11.45 | 5.27 |
| Underlying Index | 20.78 | 7.88 | 6.62 |
| S&P Asia 50 Capped Index (NET) | N/A | N/A | N/A |
| S&P Asia 50<sup>TM</sup> | 20.76 | 7.88 | 6.62 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$734609229 |
| Number of Portfolio Holdings | &nbsp;&nbsp;56 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$5847091 |
| Portfolio Turnover Rate | &nbsp;&nbsp;25% |

---

The Fund has added the S&P Developed ex US Broad Market Index in response to new regulatory requirements.

The performance of the Underlying Index in this report reflects the performance of the S&P Asia 50<sup>TM</sup> through December 22, 2024 and, beginning on December 23, 2024, the performance of the S&P Asia 50 Capped Index (NET), which, effective as of December 23, 2024, replaced the S&P Asia 50<sup>TM</sup> as the underlying index of the Fund.

The inception date of the S&P Asia 50 Capped Index (NET) was September 23, 2024. The cumulative total return for this index for the period September 23, 2024 through March 31, 2025 was 8.06%.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of March 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 38.3% |
| Financials | 21.6% |
| Consumer Discretionary | 19.0% |
| Communication Services | 17.1% |
| Industrials | 1.0% |
| Health Care | 1.0% |
| Energy | 1.0% |
| Real Estate | 0.5% |
| Materials | 0.5% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| China | 45.6% |
| Taiwan | 30.7% |
| South Korea | 11.7% |
| Hong Kong | 6.0% |
| Singapore | 6.0% |

---

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

#### Material Fund Changes
This is a summary of certain changes to the Fund since March 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after March 31, 2025 at **blackrock.com/fundreports** or upon request by contacting us at 1-800-iShares (1-800-474-2737).

On September 26, 2024, the Board of Trustees approved a proposal to change the Underlying Index of iShares Asia 50 ETF from the S&P Asia 50 Index to the S&P Asia 50 Capped Index, which is a capped float-adjusted, market capitalization-weighted index that is designed to measure the performance of the 50 leading companies listed in four Asian countries or regions: Hong Kong, Singapore, South Korea and Taiwan. The Underlying Index uses a capping methodology at each quarterly rebalance to limit the weight of any single issuer to a maximum of 22.5% and the aggregate weight of all issuers that individually exceed 4.5% of the Underlying Index weight to maximum of 45%. These changes became effective on December 23, 2024.

#### 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**.

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices LLC 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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g12537images_4924.jpg)

iShares Asia 50 ETF

Annual Shareholder Report — March 31, 2025

AIA-03/25-AR

![TSR - BLK iShares Logo](g12537images_4923.jpg)

### iShares Blockchain and Tech ETF

### IBLC \| NYSE Arca

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares Blockchain and Tech ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Blockchain and Tech ETF | $42 | 0.47% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned (20.50)%. 

* For the same period, the MSCI All Country World Index returned 7.15% and the NYSE<sup>®</sup> FactSet<sup>®</sup> Global Blockchain Technologies Index returned (20.42)%. 

What contributed to performance?

An application software firm from Singapore modestly contributed to the Fund's return for the reporting period. The innovative blockchain and bitcoin mining company gained due to strong revenue growth, expanded mining capacity, and investor optimism about its artificial intelligence ("AI") and data center initiatives. An Australian-based bitcoin miner advanced as it expanded its mining operations and due to increasing demand for its AI cloud services.

What detracted from performance?

Information technology stocks from the United States were the largest detractor from the Fund's return during the reporting period, dragged lower by the application software industry. Companies in the industry that derive the bulk of their revenue from bitcoin mining (the energy-intensive process of creating new bitcoins by solving cryptographic problems) weighed heavily on performance. These stocks, which are closely tied to bitcoin's price dynamics, fell significantly amid the threat of tariffs and broader market uncertainty. Additionally, miners that derive their income from block rewards and transaction fees, saw their revenue significantly reduced during the 2024 halving event, when the number of new bitcoins awarded per block was cut in half. An application software company that markets itself as sustainable was further pressured by operational uncertainty and concerns about future revenue growth. In the U.S. financials sector, a leading cryptocurrency exchange was pressured by a broad sell-off in crypto assets and a shift by investors towards more conservative assets.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: April 25, 2022 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g12537chartimages_5890856.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *1 Year* | *Since Fund<br> Inception* |
| Fund NAV | (20.50)% | 0.33% |
| MSCI All Country World Index | 7.15 | 9.34 |
| NYSE<sup>®</sup> FactSet<sup>®</sup> Global Blockchain Technologies Index | (20.42) | (0.09) |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$28408148 |
| Number of Portfolio Holdings | &nbsp;&nbsp;39 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$132323 |
| Portfolio Turnover Rate | &nbsp;&nbsp;51% |

---

The Fund has added the MSCI All Country World Index in response to new regulatory requirements.

The inception date of the Fund was April 25, 2022.

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of March 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 70.1% |
| Financials | 24.8% |
| Communication Services | 5.1% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Coinbase Global Inc., Class A | 11.4% |
| MARA Holdings Inc. | 10.3% |
| Riot Platforms Inc. | 7.9% |
| Core Scientific Inc. | 6.3% |
| Cleanspark Inc. | 6.2% |
| Advanced Micro Devices Inc. | 4.9% |
| Mastercard Inc., Class A | 4.8% |
| Nvidia Corp. | 4.6% |
| International Business Machines Corp. | 4.5% |
| Tencent Holdings Ltd. | 4.5% |

---

<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**.

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc. or ICE Data Indices, LLC, and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g12537images_4924.jpg)

iShares Blockchain and Tech ETF

Annual Shareholder Report — March 31, 2025

IBLC-03/25-AR

![TSR - BLK iShares Logo](g12537images_4923.jpg)

### iShares Copper and Metals Mining ETF

### ICOP \| NASDAQ

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares Copper and Metals Mining ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Copper and Metals Mining ETF | $45 | 0.47% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned (6.61)%. 

* For the same period, the STOXX Emerging Markets All Cap Index returned 5.72% and the STOXX Global Copper and Metals Mining Index returned (6.61)%. 

What contributed to performance?

An Australian miner contributed to the Fund's return during the reporting period, helped by solid earnings as the price of gold hit all-time highs. Gold prices saw steady increases amid geopolitical tensions, central bank purchases, and a lower interest rate environment.

What detracted from performance?

The largest detractor from the Fund's return during the reporting period was an Indonesian miner due to uncertainty regarding the country's ban on mining exports. Indonesia banned exports of raw materials in 2023, with exceptions for several firms. However, in a policy shift, the country began a ban on copper concentrate and anode sludge exports during the reporting period, which pressured the miner. Copper prices were volatile during the period and miners faced challenges, including lower than expected output as well as a weakened economic landscape in China, who is the world's largest copper consumer. This negatively impacted a large U.K. copper miner that operates in Chile. Diversified miners also detracted over geopolitical uncertainties and fluctuations in commodity prices over the reporting period.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: June 21, 2023 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g12537chartimages_5890783.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *1 Year* | *Since Fund<br> Inception* |
| Fund NAV | (6.61)% | 4.26% |
| STOXX Emerging Markets All Cap Index | 5.72 | 7.38 |
| STOXX Global Copper and Metals Mining Index | (6.61) | 4.57 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$46666060 |
| Number of Portfolio Holdings | &nbsp;&nbsp;44 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$157375 |
| Portfolio Turnover Rate | &nbsp;&nbsp;37% |

---

The Fund has added the STOXX Emerging Markets All Cap Index in response to new regulatory requirements.

The inception date of the Fund was June 21, 2023.

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of March 31, 2025)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Copper | 47.2% |
| Diversified Metals & Mining | 39.9% |
| Gold | 9.9% |
| Steel | 3.0% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| BHP Group Ltd. | 8.3% |
| Freeport-McMoRan Inc. | 8.3% |
| Grupo Mexico SAB de CV, Series B, Class B | 7.9% |
| Southern Copper Corp. | 6.3% |
| First Quantum Minerals Ltd. | 6.0% |
| Antofagasta PLC | 5.8% |
| Evolution Mining Ltd. | 5.1% |
| Newmont Corp. | 4.5% |
| Lundin Mining Corp. | 4.3% |
| Rio Tinto PLC | 4.2% |

---

<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**.

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by STOXX Ltd., 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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g12537images_4924.jpg)

iShares Copper and Metals Mining ETF

Annual Shareholder Report — March 31, 2025

ICOP-03/25-AR

![TSR - BLK iShares Logo](g12537images_4923.jpg)

### iShares Emerging Markets Infrastructure ETF

### EMIF \| NASDAQ

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares Emerging Markets Infrastructure ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Emerging Markets Infrastructure ETF | $60 | 0.60% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned (0.11)%. 

* For the same period, the S&P Emerging Broad Market Index returned 10.33% and the S&P Emerging Markets Infrastructure Index<sup>TM</sup> returned (1.55)%. 

What contributed to performance?

Transportation stocks in China were the largest contributors to the Fund's return during the reporting period. Favorable economic policies, increased government investment, and improving sentiment helped drive increasing demand for companies that provide transportation infrastructure. Gas utilities companies also supported performance as China aims to increase its natural gas usage. Qatari energy stocks also contributed to performance as the country expanded its liquid natural gas ("LNG") production capacity and benefited from expanded LNG exports.

What detracted from performance?

The largest detractor from the Fund's return was Brazilian energy stocks, including a conglomerate operating in fuel distribution, chemicals, and storage services segment. Brazil's regulatory environment is marked by significant price discrepancies for domestic operators, fueling market volatility and uncertainty. An airport operator in Thailand was negatively impacted after its main concessionaire suffered a liquidity crunch and delayed its compensation payment.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: April 1, 2015 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g12537chartimages_5890975.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | (0.11)% | 4.62% | (1.56)% |
| S&P Emerging Broad Market Index | 10.33 | 9.47 | 4.50 |
| S&P Emerging Markets Infrastructure Index<sup>TM</sup> | (1.55) | 4.79 | (1.35) |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$8461668 |
| Number of Portfolio Holdings | &nbsp;&nbsp;31 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$69433 |
| Portfolio Turnover Rate | &nbsp;&nbsp;17% |

---

The Fund has added the S&P Emerging Broad Market Index in response to new regulatory requirements.

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of March 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Industrials | 40.5% |
| Utilities | 39.4% |
| Energy | 20.1% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| China | 37.1% |
| Brazil | 21.8% |
| Mexico | 20.2% |
| Thailand | 6.5% |
| United Arab Emirates | 5.6% |
| Qatar | 5.5% |
| South Korea | 3.3% |

---

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

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

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices LLC 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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g12537images_4924.jpg)

iShares Emerging Markets Infrastructure ETF

Annual Shareholder Report — March 31, 2025

EMIF-03/25-AR

![TSR - BLK iShares Logo](g12537images_4923.jpg)

### iShares Environmental Infrastructure and Industrials ETF

### EFRA \| NASDAQ

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares Environmental Infrastructure and Industrials ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Environmental Infrastructure and Industrials ETF | $48 | 0.47% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned 2.38%. 

* For the same period, the FTSE All World ex-US Index returned 5.95% and the FTSE Green Revenues Select Infrastructure and Industrials Index returned 2.38%. 

What contributed to performance?

Environmental infrastructure firms in the United States benefited the Fund's return during the reporting period. Federal support for upgrading U.S. water infrastructure supported stocks in the water utilities subsector, while in the industrials sector, the construction machinery and heavy transportation equipment segment benefited from demand for freight cars and locomotives. Stocks in the United Kingdom also contributed. In the materials sector, a multinational packaging business, who is one of the world's leading manufacturers of sustainable corrugated packaging, contributed after it was acquired by a U.S. competitor.

What detracted from performance?

A water drainage company from the United States was among the leading detractors during the reporting period. This company, which is a leading manufacturer of innovative water management solutions, fell amid choppiness for non-residential construction projects and as major storms caused significant disruptions to the firm's business activities. Also detracting was a specialty chemicals company from Belgium that faced challenges in the weakening electric vehicle market and the European industrial sector. Japanese information technology firms were modest detractors, particularly those in the electronic equipment and instruments segment. These firms were pressured by geopolitical risks and a weakening Chinese economy.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: November 1, 2022 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g12537chartimages_5890843.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *1 Year* | *Since Fund<br> Inception* |
| Fund NAV | 2.38% | 10.65% |
| FTSE All World ex-US Index | 5.95 | 15.18 |
| FTSE Green Revenues Select Infrastructure and Industrials Index | 2.38 | 10.83 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$4862277 |
| Number of Portfolio Holdings | &nbsp;&nbsp;64 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$23792 |
| Portfolio Turnover Rate | &nbsp;&nbsp;35% |

---

The Fund has added the FTSE All World ex-US Index in response to new regulatory requirements.

The inception date of the Fund was November 1, 2022.

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of March 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Industrials | 53.0% |
| Utilities | 33.1% |
| Materials | 8.4% |
| Information Technology | 5.5% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Veolia Environnement SA | 6.1% |
| American Water Works Co. Inc. | 6.1% |
| Smurfit WestRock PLC | 6.1% |
| Westinghouse Air Brake Technologies Corp. | 6.1% |
| Xylem Inc./New York | 5.8% |
| Pentair PLC | 5.6% |
| Clean Harbors Inc. | 3.9% |
| Essential Utilities Inc. | 3.9% |
| Stantec Inc. | 3.7% |
| Core & Main Inc., Class A | 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**.

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited 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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g12537images_4924.jpg)

iShares Environmental Infrastructure and Industrials ETF

Annual Shareholder Report — March 31, 2025

EFRA-03/25-AR

![TSR - BLK iShares Logo](g12537images_4923.jpg)

### iShares Europe ETF

### IEV \| NYSE Arca

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares Europe ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(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 Europe ETF | $62 | 0.60% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned 7.44%. 

* For the same period, the S&P Developed ex US Broad Market Index returned (2.67)% and the S&P Europe 350<sup>TM</sup> returned 7.12%. 

What contributed to performance?

Stocks in the United Kingdom contributed the most to the Fund's return during the reporting period. The country's larger banks benefited from attractive valuations, resilient balance sheets and higher net interest income (the difference between the rates banks charge for loans and the rates they pay for deposits). While the Bank of England began to lower interest rates during the reporting period, they remained relatively high. Stocks in Germany also contributed to the Fund's return. A leading bank gained, driven by strong revenue growth from its core customer and corporate banking businesses, as well as disciplined cost control. Industrials stocks gained amid expectations of higher defense spending across Europe, and as Germany announced a multi-billion defense spending initiative late in the reporting period. Swiss healthcare companies benefited the Fund's return, supported by strong performance from pharmaceutical firms, as they focused on innovations and new treatments.

What detracted from performance?

The largest detractor from the Fund's return during the reporting period were equities from Denmark. In particular, a pharmaceutical firm faced headwinds due to disappointing trial results for its experimental weight loss drug. The company also faced increasing competitive pressures for its existing drug in the GLP-1 weight loss market.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: April 1, 2015 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g12537chartimages_5891520.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 7.44% | 13.41% | 5.66% |
| S&P Developed ex US Broad Market Index | 3.68 | 11.45 | 5.27 |
| S&P Europe 350<sup>TM</sup> | 7.12 | 13.41 | 5.83 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1949989004 |
| Number of Portfolio Holdings | &nbsp;&nbsp;367 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$10039007 |
| Portfolio Turnover Rate | &nbsp;&nbsp;4% |

---

The Fund has added the S&P Developed ex US Broad Market Index in response to new regulatory requirements.

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of March 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 22.9% |
| Industrials | 17.7% |
| Health Care | 14.5% |
| Consumer Staples | 10.0% |
| Consumer Discretionary | 8.9% |
| Information Technology | 7.1% |
| Materials | 5.6% |
| Energy | 5.0% |
| Utilities | 4.2% |
| Communication Services | 3.4% |
| Real Estate | 0.7% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United Kingdom | 23.7% |
| France | 16.9% |
| Switzerland | 15.1% |
| Germany | 14.9% |
| Netherlands | 6.4% |
| Spain | 4.9% |
| Sweden | 4.8% |
| Italy | 4.6% |
| Denmark | 3.6% |
| Finland | 1.6% |
| Other<sup>#</sup> | 3.5% |

---

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

#### Material Fund Changes
This is a summary of certain changes to the Fund since March 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after March 31, 2025 at **blackrock.com/fundreports** or upon request by contacting us at 1-800-iShares (1-800-474-2737).

Effective December 11, 2024, the investment management agreement was amended to disclose the breakpoint fees to the sixth decimal place.

#### 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**.

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices LLC 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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g12537images_4924.jpg)

iShares Europe ETF

Annual Shareholder Report — March 31, 2025

IEV-03/25-AR

![TSR - BLK iShares Logo](g12537images_4923.jpg)

### iShares Future AI & Tech ETF

### ARTY \| NYSE Arca

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares Future AI & Tech ETF (the "Fund") (formerly known as iShares Robotics and Artificial Intelligence Multisector ETF) for the period of August 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Future AI & Tech ETF | $30 | 0.47%(a) |

---

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

How did the Fund perform during the period?

* For the reporting period ended March 31, 2025, the Fund returned (7.61)%. 

* For the same period, the MSCI All Country World Index returned 7.15% and the Underlying Index returned (7.67)%. 

What contributed to performance?

A communication firm in the United States contributed to the Fund's return during the reporting period, helped by strategic partnerships with major tech companies to support artificial intelligence ("AI") driven data connectivity, along with a successful debt restructuring.

What detracted from performance?

Taiwan information technology stocks were the largest detractors from the Fund's return during the reporting period. A smartphone maker was pressured by declining market share and faced challenges as it attempted to redirect its focus from mobile phones to emerging technologies. Meanwhile, the semiconductor space across several countries faced broader industry headwinds, amid a cyclical downturn in capital spending and macroeconomic uncertainty. While demand for chips that power AI experienced strong demand, suppliers exposed to the PC, smartphone, industrial and automotive sectors generally saw fundamentals under pressure due to weak end demand conditions and excess inventory. These challenges also negatively impacted semiconductor equipment manufacturers, including a high-end inspection equipment maker from Israel.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: June 26, 2018 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g12537chartimages_5890723.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *Since Fund<br> Inception* |
| Fund NAV | (7.61)% | 8.24% | 5.18% |
| MSCI All Country World Index | 7.15 | 15.18 | 9.42 |
| Underlying Index | (7.67) | 8.39 | 5.36 |
| Morningstar<sup>®</sup> Global Artificial Intelligence Select Index<sup>SM</sup> | N/A | N/A | N/A |
| NYSE<sup>®</sup> FactSet<sup>®</sup> Global Robotics and Artificial Intelligence Index | (4.36) | 11.09 | 6.94 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$768591465 |
| Number of Portfolio Holdings | &nbsp;&nbsp;53 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$2205767 |
| Portfolio Turnover Rate | &nbsp;&nbsp;119% |

---

The Fund's total return is (6.04)% for the period from August 1, 2024 to March 31, 2025.

The inception date of the Fund was June 26, 2018.

The performance of the Underlying Index in this report reflects the performance of the NYSE<sup>®</sup> FactSet<sup>®</sup> Global Robotics and Artificial Intelligence Index through August 11, 2024 and, beginning on August 12, 2024, the performance of the Morningstar<sup>®</sup> Global Artificial Intelligence Select Index<sup>SM</sup>, which, effective as of August 12, 2024, replaced the NYSE<sup>®</sup> FactSet<sup>®</sup> Global Robotics and Artificial Intelligence Index as the underlying index of the Fund.

The inception date of the Morningstar<sup>®</sup> Global Artificial Intelligence Select Index<sup>SM</sup> was May 14, 2024. The cumulative total return for this index for the period May 14, 2024 through March 31, 2025 was (3.02)%.

Effective August 30, 2024, the NYSE<sup>®</sup> FactSet<sup>®</sup> Global Robotics and Artificial Intelligence Index was discontinued by the index provider. Returns shown are through August 29, 2024.

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of March 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 84.3% |
| Communication Services | 5.6% |
| Industrials | 4.1% |
| Consumer Discretionary | 3.1% |
| Utilities | 2.9% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 84.7% |
| Japan | 4.4% |
| Taiwan | 3.5% |
| France | 2.8% |
| Canada | 2.7% |
| Israel | 1.7% |
| South Korea | 0.2% |

---

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

#### Material Fund Changes
This is a summary of certain changes to the Fund since July 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after March 31, 2025 at **blackrock.com/fundreports** or upon request by contacting us at 1-800-iShares (1-800-474-2737).

On June 5, 2024, the Board of Trustees approved a proposal to change the fund name of iShares Robotics and Artificial Intelligence Multisector ETF to iShares Future AI & Tech ETF, the ticker from IRBO to ARTY, the fiscal year end from July 31 to March 31, and the underlying index from NYSE FactSet Global Robotics and Artificial Intelligence Index to Morningstar Global Artificial Intelligence Select Index and to make related changes to the Fund's investment objective, investment strategy, and investment risks. The Fund's revised investment objective is to seek to track the investment results of an index composed of U.S. and non U.S. companies that provide products and services that are expected to contribute to artificial intelligence ("AI") technologies in areas including generative AI, AI data and infrastructure, AI software, and AI services. These changes became effective on August 12, 2024.

#### 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**.

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by ICE Data Indices, LLC, MSCI Inc., Morningstar Inc., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g12537images_4924.jpg)

iShares Future AI & Tech ETF

Annual Shareholder Report — March 31, 2025

ARTY-03/25-AR

![TSR - BLK iShares Logo](g12537images_4923.jpg)

### iShares Future Metaverse Tech and Communications ETF

### IVRS \| NYSE Arca

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares Future Metaverse Tech and Communications ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Future Metaverse Tech and Communications ETF | $48 | 0.47% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned 5.00%. 

* For the same period, the MSCI All Country World Index returned 7.15% and the Morningstar<sup>®</sup> Global Metaverse & Virtual Interaction Select Index<sup>SM</sup> returned 5.04%. 

What contributed to performance?

Stocks of companies in the United States that provide products and services related to the metaverse were the largest contributors to the Fund's return during the reporting period. Performance was led by media and entertainment stocks in the communication sector, benefiting from an increasing global player base and monetization innovations boosted revenue streams. Companies in China that operate in the interactive media and services segment also contributed, aided by strength by factors including artificial intelligence integration, cloud computing businesses, and e-commerce growth.

What detracted from performance?

In the U.S. information technology sector, companies that provide application software detracted from the Fund's return during the reporting period, as they experienced slower-than-expected growth due to muted consumer demand and economic uncertainties. Additionally, firms that are exposed to China faced challenges from the country's economic slowdown and the threat of tariffs, which impacted demand and revenue growth. Also weighing on performance was a French video game publisher and developer known for creating popular franchises. Headwinds included investor concerns about the financial performance, delayed game releases, strategic missteps, and the future direction of the company.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: February 14, 2023 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g12537chartimages_5890796.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *1 Year* | *Since Fund<br> Inception* |
| Fund NAV | 5.00% | 15.52% |
| MSCI All Country World Index | 7.15 | 13.62 |
| Morningstar<sup>®</sup> Global Metaverse & Virtual Interaction Select Index<sup>SM</sup> | 5.04 | 15.88 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$6501734 |
| Number of Portfolio Holdings | &nbsp;&nbsp;35 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$31387 |
| Portfolio Turnover Rate | &nbsp;&nbsp;39% |

---

The Fund has added the MSCI All Country World Index in response to new regulatory requirements.

The inception date of the Fund was February 14, 2023.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of March 31, 2025)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Software | 40.6% |
| Entertainment | 27.4% |
| Interactive Media & Services | 13.6% |
| Household Durables | 7.8% |
| Semiconductors & Semiconductor Equipment | 4.0% |
| Electronic Equipment, Instruments & Components | 3.4% |
| Technology Hardware, Storage & Peripherals | 3.2% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Meta Platforms Inc., Class A | 5.8% |
| Electronic Arts Inc. | 4.9% |
| Autodesk Inc. | 4.9% |
| ROBLOX Corp., Class A | 4.8% |
| Take-Two Interactive Software Inc. | 4.7% |
| Ansys Inc. | 4.6% |
| PTC Inc. | 4.6% |
| Bentley Systems Inc., Class B | 4.5% |
| Unity Software Inc. | 4.2% |
| Dassault Systemes SE | 4.2% |

---

<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**.

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

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

![TSR - BLK iShares Logo Footer](g12537images_4924.jpg)

iShares Future Metaverse Tech and Communications ETF

Annual Shareholder Report — March 31, 2025

IVRS-03/25-AR

![TSR - BLK iShares Logo](g12537images_4923.jpg)

### iShares Global 100 ETF

### IOO \| NYSE Arca

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares Global 100 ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Global 100 ETF | $42 | 0.40% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned 8.96%. 

* For the same period, the S&P Global Broad Market Index returned 6.18% and the S&P Global 100<sup>TM</sup> returned 8.90%. 

What contributed to performance?

Market momentum over solid economic growth in the United States, artificial intelligence ("AI") enthusiasm, and the beginning of rate cuts by central banks worldwide drove robust performance by U.S. equities for the majority of the reporting period. Stocks in the U.S. information technology sector contributed the most to performance, helped by the rapid development and advancement of artificial intelligence ("AI"). In particular, an innovative multinational technology company benefited from consistently strong brand recognition and the robust ecosystem of its products and services. Semiconductor stocks also contributed, led by chipmakers that specialize in high-performance hardware designed for AI and high-performance computing. Financial stocks benefited performance, driven by U.S. banks. While the Federal Reserve cut interest rates during the reporting period, they remained relatively high, keeping lending rates elevated and helping to boost net interest income (the difference between the rates banks charge for loans and the rates they pay for deposits) for banks. Amid growing economic uncertainty, particularly toward the end of the reporting period, the defensive consumer staples sector in the United States gained, as consumers prioritized essentials.

What detracted from performance?

Within the systems software segment of the information technology sector, a major U.S. software firm detracted from the Fund's return during the reporting period, due to decelerating growth in its cloud infrastructure unit and concerns about its AI investment strategy.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: April 1, 2015 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g12537chartimages_5891475.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 8.96% | 18.43% | 11.88% |
| S&P Global Broad Market Index | 6.18 | 14.76 | 8.40 |
| S&P Global 100<sup>TM</sup> | 8.90 | 18.39 | 11.78 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$6070530129 |
| Number of Portfolio Holdings | &nbsp;&nbsp;105 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$24255869 |
| Portfolio Turnover Rate | &nbsp;&nbsp;6% |

---

The Fund has added the S&P Global Broad Market Index in response to new regulatory requirements.

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of March 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Information Technology | 41.5% |
| Financials | 10.6% |
| Health Care | 10.3% |
| Consumer Discretionary | 9.9% |
| Consumer Staples | 8.0% |
| Communication Services | 7.7% |
| Industrials | 4.7% |
| Energy | 4.5% |
| Materials | 1.9% |
| Utilities | 0.5% |
| Real Estate | 0.4% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 78.9% |
| United Kingdom | 4.6% |
| Germany | 3.6% |
| Switzerland | 3.4% |
| France | 2.8% |
| Japan | 2.4% |
| China | 1.4% |
| Netherlands | 1.2% |
| South Korea | 0.7% |
| Spain | 0.6% |
| Australia | 0.4% |

---

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

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

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices LLC 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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g12537images_4924.jpg)

iShares Global 100 ETF

Annual Shareholder Report — March 31, 2025

IOO-03/25-AR

![TSR - BLK iShares Logo](g12537images_4923.jpg)

### iShares Global Comm Services ETF

### IXP \| NYSE Arca

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares Global Comm Services ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Global Comm Services ETF | $43 | 0.40% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned 16.76%. 

* For the same period, the S&P Global Broad Market Index returned 6.18% and the S&P Global 1200 Communication Services 4.5/22.5/45 Capped Index<sup>TM</sup> returned 16.77%. 

What contributed to performance?

During the reporting period, U.S. interactive media and services stocks were the largest contributors to the Fund's return. Investor optimism surrounding strategic investments in artificial intelligence and solid advertising revenue helped drive the performance of these stocks higher. Diversified telecom services stocks also contributed, benefiting from strong demand for consumer broadband and fiber optic connectivity as video and bandwidth-intensive applications usage grew. These firms also saw positive outcomes from paying dividends, highlighting their defensive nature, particularly as volatility increased at the end of the reporting period. In the Chinese interactive media and services segment, the stock of a company that focuses on social networks, digital content, and FinTech services contributed, due to improved investor sentiment driven by a recovery in China's information technology sector and strong performance in its core gaming and social media businesses. A German telecommunications provider gained amid its strategic investments and expansion plans.

What detracted from performance?

There were no significant detractors from the Fund's return during the reporting period.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: April 1, 2015 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g12537chartimages_5891289.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 16.76% | 14.90% | 7.25% |
| S&P Global Broad Market Index | 6.18 | 14.76 | 8.40 |
| S&P Global 1200 Communication Services 4.5/22.5/45 Capped Index<sup>TM</sup> | 16.77 | 15.04 | 7.30 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$344335980 |
| Number of Portfolio Holdings | &nbsp;&nbsp;73 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1453174 |
| Portfolio Turnover Rate | &nbsp;&nbsp;21% |

---

The Fund has added the S&P Global Broad Market Index in response to new regulatory requirements.

The performance of the S&P Global 1200 Communication Services 4.5/22.5/45 Capped Index<sup>TM</sup> in this report reflects the performance of the S&P Global 1200 Communication Services Sector Index<sup>TM</sup> through June 23, 2019 and, beginning on June 24, 2019, the performance of the S&P Global 1200 Communication Services 4.5/22.5/45 Capped Index<sup>TM</sup>.

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of March 31, 2025)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Interactive Media & Services | 50.1% |
| Diversified Telecommunication Services | 19.7% |
| Entertainment | 15.6% |
| Wireless Telecommunication Services | 7.6% |
| Media | 7.0% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 73.2% |
| Japan | 7.2% |
| China | 6.4% |
| Germany | 3.0% |
| United Kingdom | 1.7% |
| Canada | 1.3% |
| Australia | 1.2% |
| France | 1.1% |
| Spain | 1.0% |
| Netherlands | 0.9% |
| Other<sup>#</sup> | 3.0% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest country/geographic regions are presented. Additional country/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**.

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices LLC 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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g12537images_4924.jpg)

iShares Global Comm Services ETF

Annual Shareholder Report — March 31, 2025

IXP-03/25-AR

![TSR - BLK iShares Logo](g12537images_4923.jpg)

### iShares Global Consumer Discretionary ETF

### RXI \| NYSE Arca

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares Global Consumer Discretionary ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Global Consumer Discretionary ETF | $41 | 0.40% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned 7.19%. 

* For the same period, the S&P Global Broad Market Index returned 6.18% and the S&P Global 1200 Consumer Discretionary (Sector) Capped Index<sup>TM</sup> returned 7.04%. 

What contributed to performance?

U.S. stocks were the largest contributors to the Fund's return during the reporting period, buoyed by market momentum over domestic economic growth, artificial intelligence enthusiasm, the beginning of rate cuts by the Federal Reserve and hopes over the pro-business agenda of President Trump. Consumer discretionary stocks aided performance, in particular, the stock of an electric vehicle ("EV") maker. The firm benefited from a sharp rise in carbon credit revenue, possible deregulation of autonomous driving, and as investors remained optimistic about the company's long-term growth plans. (Carbon credits are tradable permits that allow companies to emit a certain amount of greenhouse gases, firms can earn revenue by selling these credits to automakers that need them to meet regulatory emissions standards.) Also contributing were Chinese broadline retail firms, which benefited from strong earnings, a rebound in e-commerce, and a jump in cross-border platform sales.

What detracted from performance?

The largest detractor from the Fund's return during the reporting period were luxury brands in France. These companies were negatively impacted by lower consumer sentiment and a slowdown in demand, particularly in China, which faced a weakening economic landscape. Also detracting were auto and components stocks in Japan. Automakers faced challenges, including struggling sales in China and Southeast Asia as Chinese automakers rapidly gain market share both domestically and abroad.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: April 1, 2015 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g12537chartimages_5891231.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 7.19% | 14.43% | 8.30% |
| S&P Global Broad Market Index | 6.18 | 14.76 | 8.40 |
| S&P Global 1200 Consumer Discretionary (Sector) Capped Index<sup>TM</sup> | 7.04 | 14.58 | 8.41 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$257861010 |
| Number of Portfolio Holdings | &nbsp;&nbsp;142 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$998814 |
| Portfolio Turnover Rate | &nbsp;&nbsp;19% |

---

The Fund has added the S&P Global Broad Market Index in response to new regulatory requirements.

The performance of the S&P Global 1200 Consumer Discretionary (Sector) Capped Index<sup>TM</sup> in this report reflects the performance of the S&P Global 1200 Consumer Discretionary Sector Index<sup>TM</sup> through September 22, 2019 and, beginning on September 23, 2019, the performance of the S&P Global 1200 Consumer Discretionary (Sector) Capped Index<sup>TM</sup>.

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of March 31, 2025)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Consumer Discretionary Distribution & Retail | 35.6% |
| Automobiles & Components | 24.4% |
| Consumer Services | 22.9% |
| Consumer Durables & Apparel | 17.1% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 58.3% |
| Japan | 12.5% |
| China | 9.2% |
| France | 5.1% |
| Germany | 2.7% |
| United Kingdom | 2.4% |
| Switzerland | 1.7% |
| Spain | 1.5% |
| Italy | 1.5% |
| Australia | 1.4% |
| Other<sup>#</sup> | 3.7% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest country/geographic regions are presented. Additional country/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**.

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices LLC 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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g12537images_4924.jpg)

iShares Global Consumer Discretionary ETF

Annual Shareholder Report — March 31, 2025

RXI-03/25-AR

![TSR - BLK iShares Logo](g12537images_4923.jpg)

### iShares Global Consumer Staples ETF

### KXI \| NYSE Arca

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares Global Consumer Staples ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br>investment** | **Costs paid as a percentage of a<br>$10,000 investment** |
| iShares Global Consumer Staples ETF | $41 | 0.40% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned 7.41%. 

* For the same period, the S&P Global Broad Market Index returned 6.18% and the S&P Global 1200 Consumer Staples (Sector) Capped Index<sup>TM</sup> returned 7.15%. 

What contributed to performance?

Consumer staples stocks from the United States were the largest contributors to the Fund's return during the reporting period. Stocks in the consumer staples merchandise retail sector gained, particularly leading brick-and-mortar retailers with a focus on low pricing and everyday essentials. Additionally, these companies benefited from efforts to increase their e-commerce operations. Tobacco companies saw positive outcomes from the success of their smoke-free products, such as tobacco pouches and e-cigarettes. Further, firms that engage in household and personal products from the United Kingdom also contributed.

What detracted from performance?

A personal care product provider from France modestly detracted from the Fund's return during the reporting period. This firm faced headwinds due to continued weakness in the Chinese beauty market, as well as a slowdown in demand in the United States.

*The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: April 1, 2015 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g12537chartimages_5891218.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 7.41% | 8.56% | 5.89% |
| S&P Global Broad Market Index | 6.18 | 14.76 | 8.40 |
| S&P Global 1200 Consumer Staples (Sector) Capped Index<sup>TM</sup> | 7.15 | 8.42 | 5.78 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$722939192 |
| Number of Portfolio Holdings | &nbsp;&nbsp;102 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$2984191 |
| Portfolio Turnover Rate | &nbsp;&nbsp;20% |

---

The Fund has added the S&P Global Broad Market Index in response to new regulatory requirements.

The performance of the S&P Global 1200 Consumer Staples (Sector) Capped Index<sup>TM</sup> in this report reflects the performance of the S&P Global 1200 Consumer Staples Sector Index<sup>TM</sup> through June 23, 2019 and, beginning on June 24, 2019, the performance of the S&P Global 1200 Consumer Staples (Sector) Capped Index<sup>TM</sup>.

**Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of March 31, 2025)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br>Investments<sup>(a)</sup>* |
| Consumer Staples Merchandise Retail | 17.7% |
| Packaged Foods & Meats | 16.7% |
| Household Products | 16.2% |
| Soft Drinks & Non-alcoholic Beverages | 12.1% |
| Tobacco | 11.2% |
| Personal Care Products | 9.1% |
| Food Retail | 7.8% |
| Brewers | 4.0% |
| Distillers & Vintners | 3.1% |
| Food Distributors | 1.0% |
| Other\* | 1.1% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br>Investments<sup>(a)</sup>* |
| United States | 62.6% |
| United Kingdom | 11.4% |
| Japan | 5.4% |
| Switzerland | 5.3% |
| France | 4.3% |
| Canada | 2.3% |
| Netherlands | 1.7% |
| Belgium | 1.5% |
| Australia | 1.2% |
| Mexico | 1.1% |
| Other<sup>#</sup> | 3.2% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest country/geographic regions are presented. Additional country/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**.

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices LLC 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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g12537images_4924.jpg)

iShares Global Consumer Staples ETF

Annual Shareholder Report — March 31, 2025

KXI-03/25-AR

![TSR - BLK iShares Logo](g12537images_4923.jpg)

### iShares Global Energy ETF

### IXC \| NYSE Arca

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares Global Energy ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Global Energy ETF | $40 | 0.40% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned 2.31%. 

* For the same period, the S&P Global Broad Market Index returned 6.18% and the S&P Global 1200 Energy 4.5/22.5/45 Capped Index<sup>TM</sup> returned 2.01. 

What contributed to performance?

U.S. equities were the largest contributors to the Fund's return during the reporting period. Stocks in the oil, gas, and consumable fuels segment were buoyed by rising natural gas prices due to increased demand for liquid natural gas ("LNG"), which is viewed as a cleaner alternative to coal and a critical component in stabilizing grids alongside renewable energy sources. Companies that provide oil and gas storage and transportation also gained from growing demand for natural gas. Canadian oil and gas storage and transportation companies benefited as they expanded infrastructure to support increased production.

What detracted from performance?

On a subsector level, oil and gas exploration stocks detracted from the Fund's return during the reporting period. These firms were pressured by oil prices descending to multi-year lows due to oversupply concerns stemming from OPEC+'s decision to increase production. In addition, stocks within the oil and gas refining and marketing and transportation segment were pressured by reduced refining margins.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: April 1, 2015 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g12537chartimages_5891404.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 2.31% | 24.96% | 5.90% |
| S&P Global Broad Market Index | 6.18 | 14.76 | 8.40 |
| S&P Global 1200 Energy 4.5/22.5/45 Capped Index<sup>TM</sup> | 2.01 | 24.36 | 5.50 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1815880973 |
| Number of Portfolio Holdings | &nbsp;&nbsp;56 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$9206883 |
| Portfolio Turnover Rate | &nbsp;&nbsp;8% |

---

The Fund has added the S&P Global Broad Market Index in response to new regulatory requirements.

The performance of the S&P Global 1200 Energy 4.5/22.5/45 Capped Index<sup>TM</sup> in this report reflects the performance of the S&P Global 1200 Energy Sector Index<sup>TM</sup> through April 19, 2023 and, beginning on April 20, 2023, the performance of the S&P Global 1200 Energy 4.5/22.5/45 Capped Index<sup>TM</sup>.

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of March 31, 2025)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Integrated Oil & Gas | 54.8% |
| Oil & Gas Exploration & Production | 19.7% |
| Oil & Gas Storage & Transportation | 14.4% |
| Oil & Gas Refining & Marketing | 5.7% |
| Oil & Gas Equipment & Services | 4.8% |
| Coal & Consumable Fuels | 0.6% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 62.0% |
| Canada | 12.4% |
| United Kingdom | 11.1% |
| France | 5.1% |
| Brazil | 2.0% |
| Italy | 1.5% |
| Australia | 1.5% |
| China | 1.1% |
| Japan | 1.0% |
| Norway | 1.0% |
| Other<sup>#</sup> | 1.3% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest country/geographic regions are presented. Additional country/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**.

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices LLC 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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g12537images_4924.jpg)

iShares Global Energy ETF

Annual Shareholder Report — March 31, 2025

IXC-03/25-AR

![TSR - BLK iShares Logo](g12537images_4923.jpg)

### iShares Global Financials ETF

### IXG \| NYSE Arca

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares Global Financials ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Global Financials ETF | $46 | 0.41% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned 22.29%. 

* For the same period, the S&P Global Broad Market Index returned 6.18% and the S&P Global 1200 Financials Index<sup>TM</sup> returned 21.88%. 

What contributed to performance?

Global financial stocks gained during the reporting period, in an environment of moderating inflation and the beginning of rate cuts from major central banks. Strong performance from U.S. stocks drove the majority of the Fund's return, across financial sectors. While the Federal Reserve cut interest rates during the reporting period, they remained relatively high, keeping lending rates elevated and helping to boost net interest income (the difference between the rates banks charge for loans and the rates they pay for deposits) for banks. A multi-sector holding company saw strength from its insurance business holdings and significant gains in investment income. Overall, insurance companies were supported by rising premiums and growth in property and casualty names. Additionally, the continued shift from cash to digital payments was a tailwind for payment processing companies. The capital markets industry further contributed, driven in part by growing trading volumes and investment banking revenues. In Japan, a return of moderate inflation and stronger economic conditions, as well as an end to the country's negative interest rate policy, led to an increase in loan growth, which in turn, boosted bank profitability.

What detracted from performance?

There were no significant detractors from the Fund's return during the reporting period.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: April 1, 2015 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g12537chartimages_5891347.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 22.29% | 20.02% | 8.97% |
| S&P Global Broad Market Index | 6.18 | 14.76 | 8.40 |
| S&P Global 1200 Financials Index<sup>TM</sup> | 21.88 | 19.92 | 8.95 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$468771725 |
| Number of Portfolio Holdings | &nbsp;&nbsp;216 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1643076 |
| Portfolio Turnover Rate | &nbsp;&nbsp;7% |

---

The Fund has added the S&P Global Broad Market Index in response to new regulatory requirements.

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of March 31, 2025)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Banks | 38.8% |
| Financial Services | 21.2% |
| Insurance | 19.7% |
| Capital Markets | 18.0% |
| Consumer Finance | 2.3% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 57.5% |
| Canada | 5.9% |
| Japan | 5.2% |
| United Kingdom | 5.1% |
| Australia | 3.7% |
| Germany | 3.1% |
| Switzerland | 2.7% |
| China | 2.2% |
| Italy | 2.0% |
| France | 1.9% |
| Other<sup>#</sup> | 10.7% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest country/geographic regions are presented. Additional country/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**.

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices LLC 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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g12537images_4924.jpg)

iShares Global Financials ETF

Annual Shareholder Report — March 31, 2025

IXG-03/25-AR

![TSR - BLK iShares Logo](g12537images_4923.jpg)

### iShares Global Healthcare ETF

### IXJ \| NYSE Arca

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares Global Healthcare ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Global Healthcare ETF | $40 | 0.40% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned (0.78)%. 

* For the same period, the S&P Global Broad Market Index returned 6.18% and the S&P Global 1200 Health Care Index<sup>TM</sup> returned (1.09)%. 

What contributed to performance?

The largest contributor to the Fund's return during the reporting period were Swiss equities, as pharmaceutical firms were boosted by strong sales of existing medicines as well as optimism over pipeline potential. Several healthcare equipment stocks in the United States that specialize in medical devices contributed, driven by increased spending, acquisitions and digital innovations, through the use of artificial intelligence and robotics.

What detracted from performance?

The largest detractor from the Fund's return during the reporting period was a Danish pharmaceutical firm due to disappointing trial results for its experimental weight loss drug. The company also faced increasing competitive pressures for its existing drug in the GLP-1 weight loss market. Also detracting from performance on a subsector level was the life sciences tools and services segment. If enacted into law, the Biosecure Act would require U.S. life sciences companies to shift their sourcing away from the targeted Chinese companies, potentially leading to increased costs and logistical challenges. The Act was passed by the U.S. House of Representatives in 2024 but has yet to be approved by the Senate.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: April 1, 2015 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g12537chartimages_5891276.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | (0.78)% | 9.80% | 7.11% |
| S&P Global Broad Market Index | 6.18 | 14.76 | 8.40 |
| S&P Global 1200 Health Care Index<sup>TM</sup> | (1.09) | 9.73 | 7.11 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$3947919328 |
| Number of Portfolio Holdings | &nbsp;&nbsp;116 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$15638708 |
| Portfolio Turnover Rate | &nbsp;&nbsp;5% |

---

The Fund has added the S&P Global Broad Market Index in response to new regulatory requirements.

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of March 31, 2025)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Pharmaceuticals | 41.6% |
| Health Care Equipment & Supplies | 20.3% |
| Health Care Providers & Services | 16.1% |
| Biotechnology | 14.2% |
| Life Sciences Tools & Services | 7.6% |
| Health Care Technology | 0.2% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 72.2% |
| Switzerland | 8.2% |
| United Kingdom | 4.9% |
| Japan | 3.9% |
| Denmark | 3.3% |
| France | 3.0% |
| Australia | 1.5% |
| Germany | 1.3% |
| Belgium | 0.8% |
| South Korea | 0.4% |
| Other<sup>#</sup> | 0.5% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest country/geographic regions are presented. Additional country/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**.

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices LLC 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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g12537images_4924.jpg)

iShares Global Healthcare ETF

Annual Shareholder Report — March 31, 2025

IXJ-03/25-AR

![TSR - BLK iShares Logo](g12537images_4923.jpg)

### iShares Global Industrials ETF

### EXI \| NYSE Arca

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares Global Industrials ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Global Industrials ETF | $40 | 0.39% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned 5.77%. 

* For the same period, the S&P Global Broad Market Index returned 6.18% and the S&P Global 1200 Industrials Index<sup>TM</sup> returned 5.52%. 

What contributed to performance?

Industrials stocks registered modest returns during the reporting period, as global defense spending soared amid continued geopolitical turmoil. Stocks in the United States were the largest contributors to the Fund's return, supported by the aerospace and defense segment. Defense stocks rose amid a landscape of geopolitical instability and ongoing conflicts, which led to increased defense spending, while aerospace stocks benefited the earnings of aircraft suppliers, amid robust growth in the commercial airline space. European defense spending grew amidst the widespread geopolitical instability, and late in the reporting period, Germany announced significant increases in defense and infrastructure spending, benefiting the country's capital goods stocks. An increase in defense spending in the United Kingdom supported industrials stocks.

What detracted from performance?

In the United States, transportation stocks modestly detracted from the Fund's return. During the reporting period, these companies were negatively impacted by a slowdown in demand and rising operational costs.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: April 1, 2015 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g12537chartimages_5891161.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 5.77% | 17.08% | 9.11% |
| S&P Global Broad Market Index | 6.18 | 14.76 | 8.40 |
| S&P Global 1200 Industrials Index<sup>TM</sup> | 5.52 | 17.06 | 9.10 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$944094946 |
| Number of Portfolio Holdings | &nbsp;&nbsp;215 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$2951150 |
| Portfolio Turnover Rate | &nbsp;&nbsp;4% |

---

The Fund has added the S&P Global Broad Market Index in response to new regulatory requirements.

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of March 31, 2025)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Capital Goods | 70.1% |
| Transportation | 15.1% |
| Commercial & Professional Services | 14.8% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 55.5% |
| Japan | 12.6% |
| France | 7.3% |
| United Kingdom | 5.3% |
| Germany | 5.0% |
| Sweden | 3.4% |
| Canada | 3.1% |
| Switzerland | 2.3% |
| Australia | 0.9% |
| Denmark | 0.9% |
| Other<sup>#</sup> | 3.7% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest country/geographic regions are presented. Additional country/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**.

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices LLC 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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g12537images_4924.jpg)

iShares Global Industrials ETF

Annual Shareholder Report — March 31, 2025

EXI-03/25-AR

![TSR - BLK iShares Logo](g12537images_4923.jpg)

### iShares Global Infrastructure ETF

### IGF \| NASDAQ

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares Global Infrastructure ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Global Infrastructure ETF | $43 | 0.39% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned 18.23%. 

* For the same period, the S&P Global Broad Market Index returned 6.18% and the S&P Global Infrastructure Index<sup>TM</sup> returned 17.75%. 

What contributed to performance?

Global equities gained during the reporting period, driven by moderating inflation and the beginning of rate cuts from major central banks. Strong performance from U.S. stocks drove the majority of the Fund's return. Within infrastructure, the utilities subsector contributed to performance, benefiting from the increasing electricity demand needed to support the rapid development of artificial intelligence ("AI") data centers. U.S. energy stocks were also notable contributors, particularly midstream energy companies in the oil gas storage and transportation space. These stocks gained amid growing demand for natural gas, particularly for power generation and exports. In Spain, an airport services company benefited from increasing air traffic as the country's tourism industry rapidly expanded.

What detracted from performance?

Japanese industrial stocks modestly detracted from the Fund's return during the reporting period. A depreciating yen and uncertainty surrounding the Chinese economy negatively impacted an airport services operator, as Japan is a popular destination for Chinese travelers.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: April 1, 2015 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g12537chartimages_5891045.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 18.23% | 13.15% | 5.79% |
| S&P Global Broad Market Index | 6.18 | 14.76 | 8.40 |
| S&P Global Infrastructure Index<sup>TM</sup> | 17.75 | 12.87 | 5.55 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$6069310725 |
| Number of Portfolio Holdings | &nbsp;&nbsp;81 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$17063288 |
| Portfolio Turnover Rate | &nbsp;&nbsp;14% |

---

The Fund has added the S&P Global Broad Market Index in response to new regulatory requirements.

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of March 31, 2025)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Transportation Infrastructure | 39.9% |
| Electric Utilities | 26.5% |
| Oil, Gas & Consumable Fuels | 19.9% |
| Multi-Utilities | 11.3% |
| Independent Power and Renewable Electricity Producers | 1.8% |
| Gas Utilities | 0.3% |
| Water Utilities | 0.3% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 41.4% |
| Australia | 9.0% |
| Spain | 8.1% |
| Canada | 7.6% |
| Mexico | 7.0% |
| France | 5.7% |
| China | 4.9% |
| New Zealand | 3.6% |
| Italy | 2.6% |
| United Kingdom | 2.1% |
| Other<sup>#</sup> | 8.0% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest country/geographic regions are presented. Additional country/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**.

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices LLC 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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g12537images_4924.jpg)

iShares Global Infrastructure ETF

Annual Shareholder Report — March 31, 2025

IGF-03/25-AR

![TSR - BLK iShares Logo](g12537images_4923.jpg)

### iShares Global Materials ETF

### MXI \| NYSE Arca

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares Global Materials ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Global Materials ETF | $38 | 0.39% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned (5.82)%. 

* For the same period, the S&P Global Broad Market Index returned 6.18% and the S&P Global 1200 Materials Index<sup>TM</sup> returned (6.19)%. 

What contributed to performance?

Canadian gold miners were the largest contributors to the Fund's return. During the reporting period, the price of gold soared due to geopolitical uncertainty and central bank purchases, as well as the threat of tariffs.

What detracted from performance?

During the reporting period, the global materials sector declined amid increasing pricing pressures and weakened demand from China and Europe, as well as the threat of tariffs. Chemicals stocks in the United States were the largest detractors from the Fund's return. Specialty chemicals companies were weighed down by challenging economic conditions and slower business activity. Commodity chemicals firms were negatively impacted by declining refining margins as oil demand growth remains below average due to China's slowing economy. Australian diversified metals and mining stocks faced headwinds due to lower iron ore and steelmaking coal prices. Additionally, a Japanese specialty chemicals maker declined due to weaker plastic sales.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: April 1, 2015 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g12537chartimages_5891148.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | (5.82)% | 13.97% | 6.66% |
| S&P Global Broad Market Index | 6.18 | 14.76 | 8.40 |
| S&P Global 1200 Materials Index<sup>TM</sup> | (6.19) | 13.93 | 6.70 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$229068766 |
| Number of Portfolio Holdings | &nbsp;&nbsp;96 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$920897 |
| Portfolio Turnover Rate | &nbsp;&nbsp;8% |

---

The Fund has added the S&P Global Broad Market Index in response to new regulatory requirements.

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of March 31, 2025)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Chemicals | 48.6% |
| Metals & Mining | 37.2% |
| Construction Materials | 7.0% |
| Containers & Packaging | 5.6% |
| Paper & Forest Products | 1.6% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 42.6% |
| Canada | 10.0% |
| Australia | 9.2% |
| United Kingdom | 7.1% |
| Japan | 6.3% |
| Switzerland | 6.0% |
| France | 5.6% |
| Germany | 4.1% |
| Brazil | 1.8% |
| Netherlands | 1.4% |
| Other<sup>#</sup> | 5.9% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest country/geographic regions are presented. Additional country/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**.

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices LLC 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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g12537images_4924.jpg)

iShares Global Materials ETF

Annual Shareholder Report — March 31, 2025

MXI-03/25-AR

![TSR - BLK iShares Logo](g12537images_4923.jpg)

### iShares Global Tech ETF

### IXN \| NYSE Arca

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares Global Tech ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Global Tech ETF | $39 | 0.39% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned 1.54%. 

* For the same period, the S&P Global Broad Market Index returned 6.18% and the S&P Global 1200 Information Technology 4.5/22.5/45 Capped Index<sup>TM</sup> returned 1.60%. 

What contributed to performance?

Within the global technology sector, technology hardware, storage, and peripherals stocks in the United States were the largest contributors to the Fund's return during the reporting period. In particular, an innovative multinational technology company benefited from consistently strong brand recognition and the robust ecosystem of its products and services. Additionally, optimism was further fueled by the potential of emerging technologies like artificial intelligence ("AI") to enhance product development and operational efficiency.

What detracted from performance?

Detracting from the Fund's return during the reporting period were semiconductor stocks in the United States, the Netherlands, and Japan. The semiconductor and semiconductor equipment industry has faced significant negative impacts due to escalating trade tensions and geopolitical tensions. Additionally, while demand for chips that power AI experienced strong demand, suppliers exposed to the PC, smartphone, industrial and automotive sectors generally saw fundamentals under pressure due to weak end demand conditions and excess inventory. In South Korea, the technology hardware, storage, and peripherals subsector detracted as a leading manufacturer of memory chips suffered due to weak demand, heightened competition, and increasing trade tensions.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: April 1, 2015 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g12537chartimages_5891334.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 1.54% | 20.74% | 17.73% |
| S&P Global Broad Market Index | 6.18 | 14.76 | 8.40 |
| S&P Global 1200 Information Technology 4.5/22.5/45 Capped Index<sup>TM</sup> | 1.60 | 20.88 | 17.86 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$4494062650 |
| Number of Portfolio Holdings | &nbsp;&nbsp;125 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$19553913 |
| Portfolio Turnover Rate | &nbsp;&nbsp;45% |

---

The Fund has added the S&P Global Broad Market Index in response to new regulatory requirements.

The performance of the S&P Global 1200 Information Technology 4.5/22.5/45 Capped Index<sup>TM</sup> in this report reflects the performance of the S&P Global 1200 Information Technology Sector Index<sup>TM</sup> through April 19, 2023 and, beginning on April 20, 2023, the performance of the S&P Global 1200 Information Technology 4.5/22.5/45 Capped Index<sup>TM</sup>.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of March 31, 2025)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Software | 32.4% |
| Semiconductors & Semiconductor Equipment | 31.2% |
| Technology Hardware, Storage & Peripherals | 23.6% |
| IT Services | 5.8% |
| Electronic Equipment, Instruments & Components | 3.7% |
| Communications Equipment | 3.3% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 81.2% |
| Taiwan | 5.7% |
| Japan | 3.2% |
| Germany | 2.2% |
| South Korea | 2.0% |
| Netherlands | 2.0% |
| Canada | 1.5% |
| China | 0.7% |
| France | 0.4% |
| Sweden | 0.3% |
| Other<sup>#</sup> | 0.8% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest country/geographic regions are presented. Additional country/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**.

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices LLC 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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g12537images_4924.jpg)

iShares Global Tech ETF

Annual Shareholder Report — March 31, 2025

IXN-03/25-AR

![TSR - BLK iShares Logo](g12537images_4923.jpg)

### iShares Global Timber & Forestry ETF

### WOOD \| NASDAQ

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares Global Timber & Forestry ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Global Timber & Forestry ETF | $38 | 0.40% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned (9.15)%. 

* For the same period, the S&P Global Broad Market Index returned 6.18% and the S&P Global Timber & Forestry Index<sup>TM</sup> returned (9.41)%. 

What contributed to performance?

The largest contributor to the Fund's return during the reporting period was the U.S. paper and plastic packaging products and materials segment, driven by strong volumes in corrugated packaging and higher demand for eco-friendly and sustainable packaging solutions.

What detracted from performance?

The timber and lumber industry faced weak investor sentiment during the reporting period, as sluggish housing trends and a shift to recycled fiber resulted in weakened demand. The threat of tariffs on lumber imports into the United States late in the reporting period also weighed on the sector. In this landscape, the paper and forest product segment in Brazil was the largest detractor, pressured by declining pulp prices due to increased supply, weak demand, and trade friction. Finnish paper products companies were negatively impacted by high wood costs, lower pulp prices, and market uncertainty. Another detractor was an Indonesian paper and pulp company, which experienced a slowdown due to weak exports to the Asian market.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: April 1, 2015 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g12537chartimages_5891032.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | (9.15)% | 11.25% | 5.13% |
| S&P Global Broad Market Index | 6.18 | 14.76 | 8.40 |
| S&P Global Timber & Forestry Index<sup>TM</sup> | (9.41) | 11.04 | 4.92 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$235206727 |
| Number of Portfolio Holdings | &nbsp;&nbsp;28 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$773040 |
| Portfolio Turnover Rate | &nbsp;&nbsp;80% |

---

The Fund has added the S&P Global Broad Market Index in response to new regulatory requirements.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of March 31, 2025)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Paper Products | 53.0% |
| Paper & Plastic Packaging Products & Materials | 16.7% |
| Timber REITs | 14.6% |
| Forest Products | 11.8% |
| Homebuilding | 3.9% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 34.0% |
| Brazil | 12.2% |
| Sweden | 11.3% |
| Japan | 11.2% |
| Finland | 11.1% |
| China | 6.2% |
| United Kingdom | 4.8% |
| Canada | 4.1% |
| Chile | 1.9% |
| South Africa | 1.7% |
| Saudi Arabia | 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**.

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices LLC 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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g12537images_4924.jpg)

iShares Global Timber & Forestry ETF

Annual Shareholder Report — March 31, 2025

WOOD-03/25-AR

![TSR - BLK iShares Logo](g12537images_4923.jpg)

### iShares Global Utilities ETF

### JXI \| NYSE Arca

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares Global Utilities ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### This report describes changes to the Fund that occurred during the reporting period.

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Global Utilities ETF | $43 | 0.39% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned 20.45%. 

* For the same period, the S&P Global Broad Market Index returned 6.18% and the S&P Global 1200 Utilities (Sector) Capped Index<sup>TM</sup> returned 19.94%. 

What contributed to performance?

Global utilities stocks were supported during the reporting period due to a significant increase in electricity demand, supported by growth in data centers and the rapid adoption of artificial intelligence ("AI") technologies. Electric utilities stocks in the United States were the largest drivers of performance, as AI-related activities and electrification trends boosted power consumption. Firms in the multi-utilities subsector were also beneficial, helped by data center power usage. Also contributing was a Spanish global energy company that is one of the largest electricity companies in the world. The firm's investments, especially in the United States and the United Kingdom, helped drive growth in renewable energy assets. In Italy, a multinational manufacturer and distributor of electricity and gas generated solid profit growth driven by renewable power generation.

What detracted from performance?

There were no significant detractors from the Fund's return during the reporting period.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: April 1, 2015 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g12537chartimages_5891103.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 20.45% | 9.66% | 7.59% |
| S&P Global Broad Market Index | 6.18 | 14.76 | 8.40 |
| S&P Global 1200 Utilities (Sector) Capped Index<sup>TM</sup> | 19.94 | 9.13 | 7.17 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$162146734 |
| Number of Portfolio Holdings | &nbsp;&nbsp;70 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$572431 |
| Portfolio Turnover Rate | &nbsp;&nbsp;7% |

---

The Fund has added the S&P Global Broad Market Index in response to new regulatory requirements.

The performance of the S&P Global 1200 Utilities (Sector) Capped Index<sup>TM</sup> in this report reflects the performance of the S&P Global 1200 Utilities Index through May 2, 2021 and, beginning on May 3, 2021, the performance of the S&P Global 1200 Utilities (Sector) Capped Index<sup>TM</sup>.

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of March 31, 2025)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Electric Utilities | 60.4% |
| Multi-Utilities | 28.2% |
| Independent Power and Renewable Electricity Producers | 4.5% |
| Gas Utilities | 3.9% |
| Water Utilities | 3.0% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| United States | 67.0% |
| United Kingdom | 6.3% |
| Spain | 6.0% |
| Italy | 4.8% |
| Canada | 3.5% |
| Germany | 3.2% |
| France | 3.1% |
| Japan | 2.3% |
| Australia | 1.0% |
| Brazil | 0.8% |
| Other<sup>#</sup> | 2.0% |

---

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

#### Material Fund Changes
This is a summary of certain changes to the Fund since March 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after March 31, 2025 at **blackrock.com/fundreports** or upon request by contacting us at 1-800-iShares (1-800-474-2737).

The net expense ratio decreased from the prior fiscal year end primarily due to a decrease in professional fees for foreign withholding tax claims.

#### 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**.

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices LLC 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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g12537images_4924.jpg)

iShares Global Utilities ETF

Annual Shareholder Report — March 31, 2025

JXI-03/25-AR

![TSR - BLK iShares Logo](g12537images_4923.jpg)

### iShares India 50 ETF

### INDY \| NASDAQ

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares India 50 ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### What were the Fund costs for the last year?
(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 India 50 ETF | $89 | 0.89% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned 1.07%. 

* For the same period, the MSCI Emerging Markets Index returned 8.09% and the Nifty 50 Index<sup>TM</sup> returned 4.07%. 

What contributed to performance?

Indian banking stocks were the largest contributors to the Fund's return during the reporting period. The segment was helped by a reduction in bad loans, improved net interest margins (the difference between the rates banks charge for loans and the rates they pay for deposits expressed as a percentage of average interest-earning assets), and robust credit growth. In the communication sector, a wireless telecommunication services company was buoyed by strong subscription growth, new pricing structures, and network expansion.

What detracted from performance?

Indian equities were negatively impacted by foreign portfolio outflows and currency depreciation during the reporting period. By sector, energy markets faced challenges from unfavorable supply/demand dynamics, fluctuating commodity prices, and geopolitical uncertainties, causing energy stocks to detract from the Fund's return for the reporting period. Consumer discretionary stocks also detracted, particularly in the automobiles segment. These stocks were pressured by global economic uncertainties, rising costs, and challenges in the adoption for electric vehicles.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: April 1, 2015 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g12537chartimages_5890962.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | 1.07% | 17.10% | 6.52% |
| MSCI Emerging Markets Index | 8.09 | 7.94 | 3.71 |
| Nifty 50 Index<sup>TM</sup> | 4.07 | 20.71 | 8.65 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$645751146 |
| Number of Portfolio Holdings | &nbsp;&nbsp;52 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$8055677 |
| Portfolio Turnover Rate | &nbsp;&nbsp;17% |

---

The Fund has added the MSCI Emerging Markets Index in response to new regulatory requirements.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of March 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 37.3% |
| Information Technology | 11.9% |
| Consumer Discretionary | 10.5% |
| Energy | 9.9% |
| Consumer Staples | 6.9% |
| Materials | 6.3% |
| Industrials | 6.2% |
| Communication Services | 4.4% |
| Health Care | 3.8% |
| Utilities | 2.8% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| HDFC Bank Ltd. | 13.1% |
| ICICI Bank Ltd. | 8.9% |
| Reliance Industries Ltd. | 8.1% |
| Infosys Ltd. | 5.3% |
| Bharti Airtel Ltd. | 4.4% |
| Larsen & Toubro Ltd. | 3.8% |
| ITC Ltd. | 3.6% |
| Tata Consultancy Services Ltd. | 3.5% |
| Kotak Mahindra Bank Ltd. | 3.0% |
| Axis Bank Ltd. | 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**.

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc., NSE Indices Ltd., and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g12537images_4924.jpg)

iShares India 50 ETF

Annual Shareholder Report — March 31, 2025

INDY-03/25-AR

![TSR - BLK iShares Logo](g12537images_4923.jpg)

### iShares International Developed Small Cap Value Factor ETF

### ISVL \| Cboe BZX Exchange

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares International Developed Small Cap Value Factor ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares International Developed Small Cap Value Factor ETF | $32 | 0.31% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned 8.81%. 

* For the same period, the FTSE All-World Index returned 7.29% and the FTSE Developed ex US ex Korea Small Cap Focused Value Index returned 8.29%. 

What contributed to performance?

Canadian equities contributed the most to the Fund's return during the reporting period. Within the materials sector, metals and mining stocks were boosted as the price of gold soared due to geopolitical uncertainty, central bank purchases, as well as the threat of tariffs. In the financial sector, companies were supported by strong earnings growth from major banks, helped by robust wealth management revenues, while insurance companies benefited from record growth in life insurance applications. The return of inflation and the subsequent end of Japan's zero interest rate policy buoyed Japanese equities during the reporting period. The monetary policy divergence (other major central banks were cutting rates as the Bank of Japan began to raise rates) caused Japan's currency to weaken, which helped export-oriented companies within the industrials sector. The weaker yen also made Japanese assets more attractive to international investors. By factor, value exposure was the top driver of performance, followed by momentum. A market shift from growth to value aided the Fund, as did the outperformance of international markets relative to the United States toward the end of the reporting period.

What detracted from performance?

Modestly detracting from the Fund's return were global holdings within the energy sector. Falling crude prices pressured companies that operate within oil and gas exploration and production, reducing profit margins and investor confidence. By factor, size and earnings yield exposures also weighed on performance.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: March 23, 2021 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g12537chartimages_5890903.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *1 Year* | *Since Fund<br> Inception* |
| Fund NAV | 8.81% | 5.30% |
| FTSE All-World Index | 7.29 | 7.14 |
| FTSE Developed ex US ex Korea Small Cap Focused Value Index | 8.29 | 5.30 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$25867635 |
| Number of Portfolio Holdings | &nbsp;&nbsp;502 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$478115 |
| Portfolio Turnover Rate | &nbsp;&nbsp;63% |

---

The Fund has added the FTSE All-World Index in response to new regulatory requirements.

The inception date of the Fund was March 23, 2021.

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of March 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Industrials | 24.3% |
| Materials | 16.9% |
| Financials | 16.0% |
| Consumer Discretionary | 8.0% |
| Energy | 7.7% |
| Real Estate | 6.5% |
| Consumer Staples | 5.7% |
| Health Care | 4.4% |
| Information Technology | 3.6% |
| Communication Services | 3.5% |
| Utilities | 3.4% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Japan | 27.2% |
| Canada | 18.1% |
| United Kingdom | 10.0% |
| Switzerland | 7.1% |
| Australia | 6.7% |
| Sweden | 6.3% |
| Spain | 4.4% |
| Germany | 3.9% |
| Italy | 3.3% |
| Finland | 2.3% |
| Other<sup>#</sup> | 10.7% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest country/geographic regions are presented. Additional country/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**.

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited 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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g12537images_4924.jpg)

iShares International Developed Small Cap Value Factor ETF

Annual Shareholder Report — March 31, 2025

ISVL-03/25-AR

![TSR - BLK iShares Logo](g12537images_4923.jpg)

### iShares International Dividend Growth ETF

### IGRO \| Cboe BZX Exchange

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares International Dividend Growth ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares International Dividend Growth ETF | $16 | 0.15% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned 10.11%. 

* For the same period, the MSCI All Country World Index returned 7.15% and the Morningstar<sup>®</sup> Global ex-US Dividend Growth Index<sup>SM</sup> returned 9.71%. 

What contributed to performance?

Canadian stocks were the largest contributors to the Fund's return during the reporting period as the country's economy experienced solid growth trends. Easing inflation allowed the Bank of Canada to begin cutting interest rates, helping to increase mortgage and lending activity, and boosting financial stocks. In Japan, the central bank ended its negative interest rate policy due to a return of moderate inflation and stronger economic conditions. This led to an increase in loan growth, which in turn, boosted bank profitability. The increased rates also translated into higher net interest income (the difference between the rates banks charge for loans and the rates they pay for deposits). In the insurance segment, firms benefited from overseas expansion, improved investment gains through strategic equity sales, and stable underwriting profitability. Swiss healthcare companies also contributed, supported by strong performance from pharmaceutical firms, as they focused on innovations and new treatments.

What detracted from performance?

The largest detractor from the Fund's return during the reporting period were Danish equities. In particular, a pharmaceutical firm faced headwinds due to disappointing trial results for its experimental weight loss drug. The company also faced increasing competitive pressures for its existing drug in the GLP-1 weight loss market.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: May 17, 2016 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g12537chartimages_5890916.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *Since Fund<br> Inception* |
| Fund NAV | 10.11% | 12.53% | 7.39% |
| MSCI All Country World Index | 7.15 | 15.18 | 10.62 |
| Morningstar<sup>®</sup> Global ex-US Dividend Growth Index<sup>SM</sup> | 9.71 | 12.39 | 7.30 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1025776713 |
| Number of Portfolio Holdings | &nbsp;&nbsp;432 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$1239911 |
| Portfolio Turnover Rate | &nbsp;&nbsp;34% |

---

The Fund has added the MSCI All Country World Index in response to new regulatory requirements.

The inception date of the Fund was May 17, 2016.

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of March 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 25.7% |
| Health Care | 15.2% |
| Industrials | 14.1% |
| Utilities | 13.8% |
| Consumer Staples | 8.6% |
| Information Technology | 7.5% |
| Materials | 5.4% |
| Energy | 3.9% |
| Consumer Discretionary | 3.3% |
| Communication Services | 1.6% |
| Real Estate | 0.9% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Canada | 20.6% |
| Japan | 20.0% |
| Switzerland | 11.6% |
| United Kingdom | 8.6% |
| France | 5.8% |
| Italy | 4.5% |
| Germany | 4.3% |
| China | 4.0% |
| India | 3.4% |
| Spain | 3.2% |
| Other<sup>#</sup> | 14.0% |

---

<sup><sup>(a)</sup></sup> <sup>Excludes money market funds.</sup> <br> <sup><sup>#</sup></sup> <sup>Ten largest country/geographic regions are presented. Additional country/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**.

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

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

![TSR - BLK iShares Logo Footer](g12537images_4924.jpg)

iShares International Dividend Growth ETF

Annual Shareholder Report — March 31, 2025

IGRO-03/25-AR

![TSR - BLK iShares Logo](g12537images_4923.jpg)

### iShares JPX-Nikkei 400 ETF

### JPXN \| NYSE Arca

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares JPX-Nikkei 400 ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares JPX-Nikkei 400 ETF | $48 | 0.48% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned (0.31)%. 

* For the same period, the MSCI ACWI ex USA Index returned 6.09% and the JPX-Nikkei Index 400 returned (0.18)%. 

What contributed to performance?

The Bank of Japan ended its negative interest rate policy during the reporting period, leading the financials sector to contribute the most to the Fund's return. A return of moderate inflation and stronger economic conditions led to an increase in loan growth, which in turn, boosted bank profitability. The increased rates also translated into higher net interest income (the difference between the rates banks charge for loans and the rates they pay for deposits). In the insurance segment, firms benefited from overseas expansion, improved investment gains through strategic equity sales, and stable underwriting profitability.

What detracted from performance?

The information technology sector was the largest detractor from the Fund's return during the reporting period. The chip market faced uneven demand, with weaker-than-expected recovery in memory and logic chips affecting Japanese manufacturers in the semiconductors segment. Geopolitical risks also weighed on these manufacturers following the tightening of semiconductor export restrictions to China, significantly impacting Japanese semiconductor companies reliant on Chinese demand. Additionally, the continued discussion and possibility of U.S. tariffs was another headwind. Geopolitical tensions also negatively impacted technology hardware and equipment companies, pressuring profit margins and dampening investor confidence.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: April 1, 2015 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g12537chartimages_5891462.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | (0.31)% | 8.64% | 5.07% |
| MSCI ACWI ex USA Index | 6.09 | 10.92 | 4.98 |
| JPX-Nikkei Index 400 | (0.18) | 8.87 | 5.37 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$87625564 |
| Number of Portfolio Holdings | &nbsp;&nbsp;392 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$667917 |
| Portfolio Turnover Rate | &nbsp;&nbsp;18% |

---

The Fund has added the MSCI ACWI ex USA Index in response to new regulatory requirements.

The performance of the JPX-Nikkei Index 400 in this report reflects the performance of the S&P/TOPIX 150<sup>TM</sup> through September 3, 2015 and, beginning on September 4, 2015, the performance of the JPX-Nikkei Index 400.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of March 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Industrials | 23.6% |
| Consumer Discretionary | 15.5% |
| Financials | 14.2% |
| Information Technology | 13.8% |
| Health Care | 8.5% |
| Communication Services | 7.6% |
| Consumer Staples | 6.6% |
| Materials | 4.8% |
| Real Estate | 2.8% |
| Utilities | 1.4% |
| Energy | 1.2% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Sony Group Corp. | 2.1% |
| Mitsubishi UFJ Financial Group Inc. | 1.9% |
| Mizuho Financial Group Inc. | 1.9% |
| Nintendo Co. Ltd. | 1.8% |
| Mitsubishi Heavy Industries Ltd. | 1.7% |
| Sumitomo Mitsui Financial Group Inc. | 1.6% |
| Hitachi Ltd. | 1.6% |
| Tokio Marine Holdings Inc. | 1.5% |
| Takeda Pharmaceutical Co. Ltd. | 1.5% |
| Recruit Holdings Co. Ltd. | 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**.

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

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

![TSR - BLK iShares Logo Footer](g12537images_4924.jpg)

iShares JPX-Nikkei 400 ETF

Annual Shareholder Report — March 31, 2025

JPXN-03/25-AR

![TSR - BLK iShares Logo](g12537images_4923.jpg)

### iShares Latin America 40 ETF

### ILF \| NYSE Arca

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares Latin America 40 ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

#### This report describes changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(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 Latin America 40 ETF | $44 | 0.47% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned (11.48)%. 

* For the same period, the S&P Emerging Broad Market Index returned 10.33% and the S&P Latin America 40<sup>TM</sup> returned (10.84)%. 

What contributed to performance?

A digital financial services technology company with operations across Latin America contributed to the Fund's return during the reporting period, after announcing a streamlined strategy and expansion in the United States.

What detracted from performance?

Domestic uncertainties, the impact of global economic policies, concerns about the U.S. election outcome and potential trade disruptions led Mexican equities to sharply detract from the Fund's return during the reporting period. Consumer staples stocks were pulled down by weak demand and increased competition. Financials stocks detracted, after a major bank's digital venture sustained heavy losses and required a restructuring. The Brazilian economy faced headwinds, due to rising debt levels, fiscal uncertainty and high interest rates. Concerns about the Brazilian government's ability to manage its budget deficit and rising debt levels led to reduced borrowing demand, which negatively impacted the country's banks. Meanwhile, Brazilian materials stocks were pressured by a downtrend in iron ore prices combined with weak demand from China.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: April 1, 2015 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g12537chartimages_5891417.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | | |
|:---|:---|:---|:---|
| **Average annual total returns** |  |  |  |
|  | *1 Year* | *5 Years* | *10 Years* |
| Fund NAV | (11.48)% | 12.43% | 2.45% |
| S&P Emerging Broad Market Index | 10.33 | 9.47 | 4.50 |
| S&P Latin America 40<sup>TM</sup> | (10.84) | 13.05 | 2.87 |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$1342410113 |
| Number of Portfolio Holdings | &nbsp;&nbsp;46 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$6405159 |
| Portfolio Turnover Rate | &nbsp;&nbsp;18% |

---

The Fund has added the S&P Emerging Broad Market Index in response to new regulatory requirements.

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of March 31, 2025)

Sector allocation

---

| | |
|:---|:---|
| *Sector* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Financials | 36.8% |
| Materials | 19.1% |
| Energy | 13.8% |
| Consumer Staples | 12.8% |
| Industrials | 5.5% |
| Utilities | 4.5% |
| Communication Services | 4.0% |
| Consumer Discretionary | 1.4% |
| Health Care | 1.3% |
| Real Estate | 0.8% |

---

Geographic allocation

---

| | |
|:---|:---|
| *Country/Geographic Region* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Brazil | 61.2% |
| Mexico | 24.1% |
| Chile | 7.5% |
| Peru | 5.0% |
| Colombia | 2.2% |

---

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

#### Material Fund Changes
This is a summary of certain changes to the Fund since March 31, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available approximately 120 days after March 31, 2025 at **blackrock.com/fundreports** or upon request by contacting us at 1-800-iShares (1-800-474-2737).

Effective December 11, 2024, the investment management agreement was amended to disclose the breakpoint fees to the sixth decimal place.

#### 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**.

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices LLC 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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g12537images_4924.jpg)

iShares Latin America 40 ETF

Annual Shareholder Report — March 31, 2025

ILF-03/25-AR

![TSR - BLK iShares Logo](g12537images_4923.jpg)

### iShares Lithium Miners and Producers ETF

### ILIT \| NASDAQ

#### Annual Shareholder Report — March 31, 2025

------

This annual shareholder report contains important information about iShares Lithium Miners and Producers ETF (the "Fund") for the period of April 1, 2024 to March 31, 2025. You can find additional information about the Fund at **blackrock.com/fundreports.** You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

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

---

| | | |
|:---|:---|:---|
| **Fund name** | **Costs of a $10,000<br> investment** | **Costs paid as a percentage of a<br> $10,000 investment** |
| iShares Lithium Miners and Producers ETF | $38 | 0.47% |

---

How did the Fund perform last year?

* For the reporting period ended March 31, 2025, the Fund returned (36.38)%. 

* For the same period, the STOXX Emerging Markets All Cap Index returned 5.72% and the STOXX Global Lithium Miners and Producers Index returned (37.56)%. 

What contributed to performance?

There were no significant contributors to performance during the reporting period.

What detracted from performance?

Lithium, an essential component in the manufacturing of some types of rechargeable batteries, in particular batteries for powering electric vehicles ("EVs"). Prices of lithium substantially dropped during the reporting period as a prior surge in production led to an oversupply, and demand for EVs plummeted. In this landscape, South Korean stocks that sit on the EV supply chain were the largest detractors from the Fund's return, as they additionally faced political turmoil and corporate governance issues in the country. Australian lithium mining stocks also detracted, given the bleak lithium outlook, causing them to end projects and cancel expansion plans. Chinese stocks weighed on performance, faced a sharp decline in lithium prices, a slowdown in EV demand, and oversupply of lithium, leading to production cuts and potential mine closures.

 *The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.* 

#### Fund performance
Cumulative performance: June 21, 2023 through March 31, 2025

Initial investment of $10,000

![Fund Performance - Growth of 10K](g12537chartimages_5890736.jpg)

See "Average annual total returns" for additional information on fund performance.

---

| | | |
|:---|:---|:---|
| **Average annual total returns** |  |  |
|  | *1 Year* | *Since Fund<br> Inception* |
| Fund NAV | (36.38)% | (44.69)% |
| STOXX Emerging Markets All Cap Index | 5.72 | 7.38 |
| STOXX Global Lithium Miners and Producers Index | (37.56) | (45.67) |

---

---

| | |
|:---|:---|
| **Key Fund statistics** |  |
| Net Assets | &nbsp;&nbsp;$3662843 |
| Number of Portfolio Holdings | &nbsp;&nbsp;32 |
| Net Investment Advisory Fees | &nbsp;&nbsp;$17123 |
| Portfolio Turnover Rate | &nbsp;&nbsp;73% |

---

The Fund has added the STOXX Emerging Markets All Cap Index in response to new regulatory requirements.

The inception date of the Fund was June 21, 2023.

Performance results may include adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

 **Past performance is not an indication of future results.** Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit **iShares.com** for more recent performance information.

#### What did the Fund invest in?
(as of March 31, 2025)

Industry allocation

---

| | |
|:---|:---|
| *Industry* | &nbsp;&nbsp;*Percent of Total<br> Investments<sup>(a)</sup>* |
| Diversified Metals & Mining | 39.3% |
| Specialty Chemicals | 29.8% |
| Electrical Components & Equipment | 14.8% |
| Commodity Chemicals | 9.6% |
| Technology Hardware, Storage & Peripherals | 4.0% |
| Steel | 1.1% |
| Industrial Machinery & Supplies & Components | 0.7% |
| IT Consulting & Other Services | 0.7% |

---

Ten largest holdings

---

| | |
|:---|:---|
| *Security* | *Percent of Total<br> Investments<sup>(a)</sup>* |
| Albemarle Corp. | 8.4% |
| Pilbara Minerals Ltd. | 8.2% |
| Sociedad Quimica y Minera de Chile SA | 8.0% |
| POSCO Future M Co. Ltd. | 7.2% |
| Mineral Resources Ltd. | 7.0% |
| Liontown Resources Ltd. | 4.8% |
| Lithium Argentina AG | 4.6% |
| Lithium Americas Corp. | 4.6% |
| Sigma Lithium Corp. | 4.6% |
| Tianqi Lithium Corp., Class A | 4.5% |

---

<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**.

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

The Fund is not sponsored, endorsed, issued, sold, or promoted by STOXX Ltd., 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.©2025 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

![TSR - BLK iShares Logo Footer](g12537images_4924.jpg)

iShares Lithium Miners and Producers ETF

Annual Shareholder Report — March 31, 2025

ILIT-03/25-AR

------

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

---

| | |
|:---|:---|
| Item 2 – | Code of Ethics - The registrant has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the registrant has not amended the code of ethics and there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737.  |

---

Item 3 – Audit Committee Financial Expert - The registrant's board of trustees (the "board of trustees"), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Richard L. Fagnani

Laura F. Fergerson

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of trustees.

Item 4 – Principal Accountant Fees and Services.

The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the twenty-seven series of the registrant for which the fiscal year-end is March 31, 2025 (the "Funds"), and whose annual financial statements are reported in Item 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u> – The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds' annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $434,800 for the fiscal year ended March 31, 2024 and $438,000 for the fiscal year ended March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u> – There were no fees billed for the fiscal years ended March 31, 2024 and March 31, 2025 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Fund's financial statements and are not reported under (a) of this Item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u> – The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $261,900 for the fiscal year ended March 31, 2024 and $261,900 for the fiscal year ended March 31, 2025. These services related to the review of the Funds' tax returns and excise tax calculations.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u> – There were no other fees billed in each of the fiscal years ended March 31, 2024 and March 31, 2025 for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (1) The registrant's audit committee charter, as amended, provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the registrant's financial statements. The audit committee must also approve, prior to appointment, the engagement of the principal accountant to provide non-audit services to the registrant or to any entity controlling, controlled by or under common control with the registrant's investment adviser ("Adviser Affiliate") that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) There were no services described in (b) through (d) above that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the registrant's principal accountant for services rendered to the Funds, and rendered to the registrant's investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $261,900 for the fiscal year ended March 31, 2024 and $261,900 for the fiscal year ended March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The registrant's audit committee has considered whether the provision of non-audit services rendered to the registrant's investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining the principal accountant's independence, and has determined that the provision of these services, if any, does not compromise the principal accountant's independence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not Applicable

Item 5 – Audit Committee of Listed Registrant

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The following individuals are members of the registrant's separately designated standing Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):

Richard L. Fagnani

Laura F. Fergerson

Cecilia H. Herbert

John E. Martinez

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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.

------

March 31, 2025

![](g12537imga983b8621.jpg)

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

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Annual Financial Statements <br> and Additional Information <br>

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

---

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

---

------

**Table of Contents**

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

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_e97769a9-c57e-4862-beae-74fbd314efd7_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_e97769a9-c57e-4862-beae-74fbd314efd7_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 21 |
| [Statements of Operations](#xx_e97769a9-c57e-4862-beae-74fbd314efd7_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 23 |
| [Statements of Changes in Net Assets](#xx_e97769a9-c57e-4862-beae-74fbd314efd7_FS-Footer-iSharesReport_5)  | &nbsp;&nbsp; 25 |
| [Financial Highlights](#xx_e97769a9-c57e-4862-beae-74fbd314efd7_FS-Footer-iSharesReport_8)  | &nbsp;&nbsp; 28 |
| [Notes to Financial Statements](#xx_e97769a9-c57e-4862-beae-74fbd314efd7_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 34 |
| [Report of Independent Registered Public Accounting Firm](#xx_e97769a9-c57e-4862-beae-74fbd314efd7_opinion-Footer-iSharesReport_1)  | &nbsp;&nbsp; 45 |
| [Important Tax Information](#xx_e97769a9-c57e-4862-beae-74fbd314efd7_Tax-annual-Footer-iSharesReport_1)  | &nbsp;&nbsp; 46 |
| [Additional Information](#xx_e97769a9-c57e-4862-beae-74fbd314efd7_SAI-Footer-iSharesReport-1248_1)  | &nbsp;&nbsp; 47 |
| [Glossary of Terms Used in these Financial Statements](#xx_e97769a9-c57e-4862-beae-74fbd314efd7_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 48 |

---

------

Schedule of Investments

March 31, 2025

**iShares® Copper and Metals Mining ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Metals & Mining — 99.6%** | **Metals & Mining — 99.6%** | **Metals & Mining — 99.6%** |
| Al Masane Al Kobra Mining Co. | &nbsp;&nbsp; 12834 | $197363 |
| Amman Mineral Internasional PT<sup>(a)</sup> | &nbsp;&nbsp; 5322200 | 1718774 |
| Anglo American PLC | &nbsp;&nbsp; 45075 | 1263378 |
| Antofagasta PLC | &nbsp;&nbsp; 124721 | 2715367 |
| Atalaya Mining PLC | &nbsp;&nbsp; 39073 | 167983 |
| Baiyin Nonferrous Group Co. Ltd., Class A | &nbsp;&nbsp; 170100 | 69180 |
| BHP Group Ltd. | &nbsp;&nbsp; 159251 | 3863929 |
| Capstone Copper Corp.<sup>(a)</sup> | &nbsp;&nbsp; 218941 | 1127378 |
| China Nonferrous Mining Corp Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 501000 | 363477 |
| CMOC Group Ltd., Class A | &nbsp;&nbsp; 44600 | 46940 |
| Develop Global Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 71744 | 123794 |
| ERO Copper Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 39733 | 481252 |
| Evolution Mining Ltd. | &nbsp;&nbsp; 530262 | 2372597 |
| First Quantum Minerals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 206620 | 2778289 |
| Foran Mining Corp.<sup>(a)</sup> | &nbsp;&nbsp; 124468 | 314835 |
| Freeport-McMoRan Inc. | &nbsp;&nbsp; 101880 | 3857177 |
| Glencore PLC | &nbsp;&nbsp; 397182 | 1453736 |
| Grupo Mexico SAB de CV, Series B, Class B | &nbsp;&nbsp; 731144 | 3655631 |
| Hudbay Minerals Inc. | &nbsp;&nbsp; 151523 | 1148755 |
| Ivanhoe Mines Ltd., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 222926 | 1893024 |
| Jiangxi Copper Co. Ltd., Class A | &nbsp;&nbsp; 47700 | 151841 |
| Jinchuan Group International Resources Co. Ltd. | &nbsp;&nbsp; 1037000 | 84254 |
| KGHM Polska Miedz SA | &nbsp;&nbsp; 52339 | 1710917 |
| Lundin Mining Corp. | &nbsp;&nbsp; 245713 | 1990906 |
| MAC Copper Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 27831 | 265508 |
| MMG Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1513600 | 522292 |
| Newmont Corp. | &nbsp;&nbsp; 43464 | 2098442 |
| NGEx Minerals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 49862 | 452173 |
| Nittetsu Mining Co. Ltd. | &nbsp;&nbsp; 5000 | 220633 |
| North Copper Co. Ltd., Class A | &nbsp;&nbsp; 43800 | 63649 |
| Rio Tinto PLC, ADR | &nbsp;&nbsp; 32421 | 1947854 |
| Sandfire Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 175986 | 1149669 |
| South32 Ltd. | &nbsp;&nbsp; 189131 | 381012 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| Southern Copper Corp. | &nbsp;&nbsp; 31585 | $2951934 |
| Taseko Mines Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 119291 | 266924 |
| Teck Resources Ltd., Class B | &nbsp;&nbsp; 19143 | 697318 |
| Vale SA | &nbsp;&nbsp; 140136 | 1392409 |
| WA1 Resources Ltd., NVS<sup>(a)</sup> | &nbsp;&nbsp; 18909 | 155352 |
| Western Mining Co. Ltd., Class A | &nbsp;&nbsp; 55200 | 129802 |
| Yunnan Copper Co. Ltd., Class A | &nbsp;&nbsp; 46000 | 82194 |
| Zijin Mining Group Co. Ltd., Class A | &nbsp;&nbsp; 51800 | 130018 |
|  |  | 46457960 |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $52,214,164)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $52,214,164)** | 46457960 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 4.5%** | **Money Market Funds — 4.5%** | **Money Market Funds — 4.5%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.50%<sup>(c)(d)(e)</sup><br>| &nbsp;&nbsp; 2075010 | 2076047 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.31%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 30000 | 30000 |
| **Total Short-Term Securities — 4.5%** <br>**(Cost: $2,106,021)** | **Total Short-Term Securities — 4.5%** <br>**(Cost: $2,106,021)** | 2106047 |
| **Total Investments — 104.1%** <br>**(Cost: $54,320,185)** | **Total Investments — 104.1%** <br>**(Cost: $54,320,185)** | 48564007 |
| **Liabilities in Excess of Other Assets — (4.1)%** | **Liabilities in Excess of Other Assets — (4.1)%** | (1897947)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $46666060 |

---

&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> 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. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/24*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*03/31/25*<br>| *Shares* <br>*Held at* <br>*03/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $585612<br> $1490574 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $(239)<br>| $100 | $2076047 | 2075010 | $5752 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | —<br> 30000 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |  |  | 30000 | 30000 | 1791 | &nbsp;&nbsp; — |
|  |  |  | $(239)<br>| $100 | $2106047 |  | $7543 | &nbsp;&nbsp; $— |

---

&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 fees and collateral investment expenses, and other payments to and from borrowers of securities. 

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Copper and Metals Mining ETF**

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Micro E-Mini Russell 2000 Index | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp; $193 | &nbsp;&nbsp; $(3224)<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* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3224 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3224 |

---

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

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

For the period ended March 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(10094)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(10094)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3918)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3918)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $101334 |

---

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; $27319809 | &nbsp;&nbsp; $19138151 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $46457960 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 2106047 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2106047 |
|  | &nbsp;&nbsp; $29425856 | &nbsp;&nbsp; $19138151 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $48564007 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Copper and Metals Mining ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(3224)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(3224)<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.*

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments

March 31, 2025

**iShares® Environmental Infrastructure and Industrials ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Building Products — 5.5%** | **Building Products — 5.5%** | **Building Products — 5.5%** |
| Advanced Drainage Systems Inc. | &nbsp;&nbsp; 1325 | $143961 |
| China Lesso Group Holdings Ltd. | &nbsp;&nbsp; 18000 | 8113 |
| Reliance Worldwide Corp. Ltd. | &nbsp;&nbsp; 14691 | 41541 |
| TOTO Ltd. | &nbsp;&nbsp; 2700 | 70171 |
| Zhejiang Weixing New Building Materials Co. Ltd., Class A | &nbsp;&nbsp; 2000 | 3293 |
|  |  | 267079 |
| **Chemicals — 0.8%** | **Chemicals — 0.8%** | **Chemicals — 0.8%** |
| Umicore SA | &nbsp;&nbsp; 3850 | 39885 |
| **Commercial Services & Supplies — 7.4%** | **Commercial Services & Supplies — 7.4%** | **Commercial Services & Supplies — 7.4%** |
| Befesa SA<sup>(a)</sup> | &nbsp;&nbsp; 747 | 20752 |
| Beijing Originwater Technology Co. Ltd., Class A | &nbsp;&nbsp; 4600 | 2976 |
| Clean Harbors Inc.<sup>(b)</sup> | &nbsp;&nbsp; 961 | 189413 |
| Tetra Tech Inc. | &nbsp;&nbsp; 5029 | 147098 |
|  |  | 360239 |
| **Construction & Engineering — 5.4%** | **Construction & Engineering — 5.4%** | **Construction & Engineering — 5.4%** |
| NBCC India Ltd. | &nbsp;&nbsp; 18334 | 17426 |
| Stantec Inc. | &nbsp;&nbsp; 2155 | 178624 |
| Sweco AB, Class B | &nbsp;&nbsp; 3804 | 68278 |
|  |  | 264328 |
| **Containers & Packaging — 6.1%** | **Containers & Packaging — 6.1%** | **Containers & Packaging — 6.1%** |
| Smurfit WestRock PLC | &nbsp;&nbsp; 6589 | 295754 |
| **Electronic Equipment, Instruments & Components — 5.5%** | **Electronic Equipment, Instruments & Components — 5.5%** | **Electronic Equipment, Instruments & Components — 5.5%** |
| Badger Meter Inc. | &nbsp;&nbsp; 551 | 104828 |
| Landis+Gyr Group AG | &nbsp;&nbsp; 438 | 26036 |
| Riken Keiki Co. Ltd. | &nbsp;&nbsp; 600 | 10353 |
| Shimadzu Corp. | &nbsp;&nbsp; 4700 | 117399 |
| Wasion Holdings Ltd. | &nbsp;&nbsp; 8000 | 8452 |
|  |  | 267068 |
| **Machinery — 29.2%** | **Machinery — 29.2%** | **Machinery — 29.2%** |
| Construcciones y Auxiliar de Ferrocarriles SA | &nbsp;&nbsp; 521 | 22872 |
| Dawonsys Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 642 | 3837 |
| Franklin Electric Co. Inc. | &nbsp;&nbsp; 849 | 79704 |
| Fujian Longking Co. Ltd., Class A | &nbsp;&nbsp; 2000 | 3444 |
| Guangdong Topstar Technology Co. Ltd., Class A | &nbsp;&nbsp; 600 | 2476 |
| Lindsay Corp. | &nbsp;&nbsp; 207 | 26190 |
| METAWATER Co. Ltd. | &nbsp;&nbsp; 400 | 5148 |
| Mueller Water Products Inc., Class A | &nbsp;&nbsp; 2911 | 73998 |
| NGK Insulators Ltd. | &nbsp;&nbsp; 4600 | 56677 |
| Organo Corp. | &nbsp;&nbsp; 500 | 21515 |
| Pentair PLC | &nbsp;&nbsp; 3115 | 272500 |
| TOMRA Systems ASA | &nbsp;&nbsp; 4427 | 63208 |
| Torishima Pump Manufacturing Co. Ltd. | &nbsp;&nbsp; 400 | 5502 |
| Tsukishima Holdings Co. Ltd. | &nbsp;&nbsp; 600 | 6887 |
| Watts Water Technologies Inc., Class A | &nbsp;&nbsp; 513 | 104611 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp; 1624 | 294512 |
| Xylem Inc./New York | &nbsp;&nbsp; 2367 | 282762 |
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp; 48000 | 84241 |
| Yutong Bus Co. Ltd., Class A | &nbsp;&nbsp; 2900 | 10602 |
|  |  | 1420686 |
| **Metals & Mining — 1.5%** | **Metals & Mining — 1.5%** | **Metals & Mining — 1.5%** |
| ARE Holdings Inc. | &nbsp;&nbsp; 1300 | 17232 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| Dowa Holdings Co. Ltd. | &nbsp;&nbsp; 900 | $27954 |
| Sims Ltd. | &nbsp;&nbsp; 2959 | 27307 |
|  |  | 72493 |
| **Multi-Utilities — 6.9%** | **Multi-Utilities — 6.9%** | **Multi-Utilities — 6.9%** |
| Qatar Electricity & Water Co. QSC | &nbsp;&nbsp; 9178 | 37464 |
| Veolia Environnement SA | &nbsp;&nbsp; 8660 | 297833 |
|  |  | 335297 |
| **Professional Services — 1.4%** | **Professional Services — 1.4%** | **Professional Services — 1.4%** |
| Arcadis NV | &nbsp;&nbsp; 1369 | 69890 |
| **Trading Companies & Distributors — 3.6%** | **Trading Companies & Distributors — 3.6%** | **Trading Companies & Distributors — 3.6%** |
| Core & Main Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 3584 | 173143 |
| **Water Utilities — 26.1%** | **Water Utilities — 26.1%** | **Water Utilities — 26.1%** |
| Aguas Andinas SA, Class A | &nbsp;&nbsp; 53034 | 19114 |
| American States Water Co. | &nbsp;&nbsp; 713 | 56099 |
| American Water Works Co. Inc. | &nbsp;&nbsp; 2008 | 296220 |
| Beijing Capital Eco-Environment Protection Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 9500 | 4082 |
| Beijing Enterprises Water Group Ltd. | &nbsp;&nbsp; 76000 | 21939 |
| California Water Service Group | &nbsp;&nbsp; 1115 | 54033 |
| Chengdu Xingrong Environment Co. Ltd., Class A | &nbsp;&nbsp; 3800 | 3549 |
| China Water Affairs Group Ltd. | &nbsp;&nbsp; 20000 | 17239 |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP | &nbsp;&nbsp; 8643 | 154489 |
| Cia de Saneamento de Minas Gerais Copasa MG | &nbsp;&nbsp; 3652 | 12640 |
| Cia De Sanena Do Parana | &nbsp;&nbsp; 5636 | 26647 |
| Essential Utilities Inc. | &nbsp;&nbsp; 4750 | 187767 |
| Penno Group PLC | &nbsp;&nbsp; 8143 | 47171 |
| Severn Trent PLC | &nbsp;&nbsp; 4994 | 163492 |
| SJW Group | &nbsp;&nbsp; 620 | 33908 |
| United Utilities Group PLC | &nbsp;&nbsp; 12901 | 168332 |
| Zhongshan Public Utilities Group Co. Ltd., Class A | &nbsp;&nbsp; 2100 | 2566 |
|  |  | 1269287 |
| **Total Common Stocks — 99.4%** <br>**(Cost: $4,109,595)** | **Total Common Stocks — 99.4%** <br>**(Cost: $4,109,595)** | 4835149 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Machinery — 0.3%** | **Machinery — 0.3%** | **Machinery — 0.3%** |
| Marcopolo SA, Preference Shares, NVS | &nbsp;&nbsp; 13420 | 14393 |
| **Total Preferred Stocks — 0.3%** <br>**(Cost: $14,649)** | **Total Preferred Stocks — 0.3%** <br>**(Cost: $14,649)** | 14393 |
| **Total Investments — 99.7%** <br>**(Cost: $4,124,244)** | **Total Investments — 99.7%** <br>**(Cost: $4,124,244)** | 4849542 |
| **Other Assets Less Liabilities — 0.3%** | **Other Assets Less Liabilities — 0.3%** | 12735 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $4862277 |

---

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

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Environmental Infrastructure and Industrials ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*03/31/25*<br>| *Shares* <br>*Held at* <br>*03/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares<sup>(a)</sup> | $— | $—<br> $(42 )<sup>(b)</sup><br>| &nbsp;&nbsp; $42 | $— | $— |  | $597 <br><sup>(c)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares<sup>(a)</sup> |  | —<br> 0 <br><sup>(b)</sup><br>| &nbsp;&nbsp; — |  |  |  | 128 | &nbsp;&nbsp; — |
|  |  |  | &nbsp;&nbsp; $42 | $— | $— |  | $725 | &nbsp;&nbsp; $— |

---

&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 fees and collateral investment expenses, and other payments to and from borrowers of securities. 

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Micro E-Mini Russell 2000 Index | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp; $10 | &nbsp;&nbsp; $(270)<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* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $270 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $270 |

---

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

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

For the period ended March 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3153 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3153 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(261)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(261)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $13320 |

---

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

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Environmental Infrastructure and Industrials 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; $2972597 | &nbsp;&nbsp; $1862552 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4835149 |
| Preferred Stocks | &nbsp;&nbsp; 14393 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14393 |
|  | &nbsp;&nbsp; $2986990 | &nbsp;&nbsp; $1862552 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4849542 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(270)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(270)<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

March 31, 2025

**iShares® Global 100 ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 0.4%** | **Australia — 0.4%** | **Australia — 0.4%** |
| BHP Group Ltd. | &nbsp;&nbsp; 1098379 | $26650121 |
| **China — 1.4%** | **China — 1.4%** | **China — 1.4%** |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 1332100 | 85115733 |
| **France — 2.8%** | **France — 2.8%** | **France — 2.8%** |
| AXA SA | &nbsp;&nbsp; 373804 | 15971050 |
| Cie de Saint-Gobain SA | &nbsp;&nbsp; 108802 | 10838501 |
| Engie SA | &nbsp;&nbsp; 381806 | 7439801 |
| L'Oreal SA | &nbsp;&nbsp; 49744 | 18489480 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 55247 | 34213260 |
| Sanofi SA | &nbsp;&nbsp; 238500 | 26407156 |
| Schneider Electric SE | &nbsp;&nbsp; 117145 | 27042368 |
| TotalEnergies SE | &nbsp;&nbsp; 482711 | 31102482 |
|  |  | 171504098 |
| **Germany — 3.6%** | **Germany — 3.6%** | **Germany — 3.6%** |
| Allianz SE, Registered | &nbsp;&nbsp; 83598 | 31993755 |
| BASF SE | &nbsp;&nbsp; 193210 | 9685388 |
| Bayer AG, Registered | &nbsp;&nbsp; 214058 | 5131384 |
| Deutsche Bank AG, Registered | &nbsp;&nbsp; 421722 | 10052647 |
| Deutsche Telekom AG, Registered | &nbsp;&nbsp; 743262 | 27441208 |
| E.ON SE | &nbsp;&nbsp; 489170 | 7383890 |
| Mercedes-Benz Group AG | &nbsp;&nbsp; 150025 | 8862226 |
| Muenchener Rueckversicherungs-Gesellschaft AG in <br> Muenchen, Registered<br>| &nbsp;&nbsp; 28964 | 18297158 |
| SAP SE | &nbsp;&nbsp; 221747 | 59417019 |
| Siemens AG, Registered | &nbsp;&nbsp; 162792 | 37596196 |
|  |  | 215860871 |
| **Japan — 2.4%** | **Japan — 2.4%** | **Japan — 2.4%** |
| Bridgestone Corp. | &nbsp;&nbsp; 127400 | 5118017 |
| Canon Inc. | &nbsp;&nbsp; 208350 | 6497011 |
| Honda Motor Co. Ltd. | &nbsp;&nbsp; 1048900 | 9492097 |
| Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp; 2612900 | 35623790 |
| Seven & i Holdings Co. Ltd. | &nbsp;&nbsp; 517760 | 7497628 |
| Sony Group Corp. | &nbsp;&nbsp; 1332100 | 33706111 |
| Toyota Motor Corp. | &nbsp;&nbsp; 2667300 | 47150659 |
|  |  | 145085313 |
| **Netherlands — 1.2%** | **Netherlands — 1.2%** | **Netherlands — 1.2%** |
| ASML Holding NV | &nbsp;&nbsp; 85256 | 56420127 |
| ING Groep NV | &nbsp;&nbsp; 681214 | 13345866 |
|  |  | 69765993 |
| **South Korea — 0.7%** | **South Korea — 0.7%** | **South Korea — 0.7%** |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 1046771 | 41499720 |
| **Spain — 0.6%** | **Spain — 0.6%** | **Spain — 0.6%** |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 1247634 | 17027171 |
| Banco Santander SA | &nbsp;&nbsp; 3279844 | 22096010 |
|  |  | 39123181 |
| **Switzerland — 3.4%** | **Switzerland — 3.4%** | **Switzerland — 3.4%** |
| ABB Ltd., Registered | &nbsp;&nbsp; 346469 | 17877082 |
| Nestle SA, Registered | &nbsp;&nbsp; 567173 | 57316573 |
| Novartis AG, Registered | &nbsp;&nbsp; 426661 | 47389151 |
| Roche Holding AG, Bearer | &nbsp;&nbsp; 6223 | 2160067 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 152097 | 50059321 |
| Swiss Re AG | &nbsp;&nbsp; 63054 | 10730459 |
| UBS Group AG, Registered | &nbsp;&nbsp; 696997 | 21407980 |
|  |  | 206940633 |
| **United Kingdom — 4.6%** | **United Kingdom — 4.6%** | **United Kingdom — 4.6%** |
| Anglo American PLC | &nbsp;&nbsp; 291422 | 8168079 |
| AstraZeneca PLC | &nbsp;&nbsp; 335664 | 49290462 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Barclays PLC | &nbsp;&nbsp; 3121729 | $11737800 |
| BP PLC | &nbsp;&nbsp; 3502074 | 19651712 |
| Diageo PLC | &nbsp;&nbsp; 484370 | 12657859 |
| GSK PLC | &nbsp;&nbsp; 897521 | 17151793 |
| HSBC Holdings PLC | &nbsp;&nbsp; 3860835 | 43768249 |
| National Grid PLC | &nbsp;&nbsp; 1064903 | 13890821 |
| Prudential PLC | &nbsp;&nbsp; 570869 | 6160256 |
| Rio Tinto PLC | &nbsp;&nbsp; 230572 | 13836667 |
| Shell PLC | &nbsp;&nbsp; 1316643 | 47926184 |
| Unilever PLC | &nbsp;&nbsp; 542819 | 32388390 |
|  |  | 276628272 |
| **United States — 78.6%** | **United States — 78.6%** | **United States — 78.6%** |
| 3M Co. | &nbsp;&nbsp; 117527 | 17260015 |
| Abbott Laboratories | &nbsp;&nbsp; 375472 | 49806361 |
| Accenture PLC, Class A | &nbsp;&nbsp; 135406 | 42252088 |
| Alphabet Inc., Class A | &nbsp;&nbsp; 1262691 | 195262536 |
| Alphabet Inc., Class C, NVS | &nbsp;&nbsp; 1023343 | 159876877 |
| Amazon.com Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2041851 | 388482571 |
| American Tower Corp. | &nbsp;&nbsp; 101158 | 22011981 |
| Aon PLC, Class A | &nbsp;&nbsp; 46820 | 18685394 |
| Apple Inc. | &nbsp;&nbsp; 3251826 | 722328109 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 439299 | 26792846 |
| Broadcom Inc. | &nbsp;&nbsp; 1014717 | 169894067 |
| Caterpillar Inc. | &nbsp;&nbsp; 103460 | 34121108 |
| Chevron Corp. | &nbsp;&nbsp; 361806 | 60526526 |
| Cisco Systems Inc. | &nbsp;&nbsp; 862173 | 53204696 |
| Citigroup Inc. | &nbsp;&nbsp; 406330 | 28845367 |
| Coca-Cola Co. (The) | &nbsp;&nbsp; 838152 | 60028446 |
| Colgate-Palmolive Co. | &nbsp;&nbsp; 175679 | 16461122 |
| DuPont de Nemours Inc. | &nbsp;&nbsp; 90963 | 6793117 |
| Eli Lilly & Co. | &nbsp;&nbsp; 170573 | 140877946 |
| Emerson Electric Co. | &nbsp;&nbsp; 122071 | 13383864 |
| Exxon Mobil Corp. | &nbsp;&nbsp; 942289 | 112066431 |
| Ford Motor Co. | &nbsp;&nbsp; 840657 | 8431790 |
| General Electric Co. | &nbsp;&nbsp; 232339 | 46502651 |
| Goldman Sachs Group Inc. (The) | &nbsp;&nbsp; 67549 | 36901343 |
| Honeywell International Inc. | &nbsp;&nbsp; 140771 | 29808259 |
| HP Inc. | &nbsp;&nbsp; 202976 | 5620405 |
| Intel Corp. | &nbsp;&nbsp; 937360 | 21287446 |
| International Business Machines Corp. | &nbsp;&nbsp; 200170 | 49774272 |
| Johnson & Johnson | &nbsp;&nbsp; 521195 | 86434979 |
| Johnson Controls International PLC | &nbsp;&nbsp; 142899 | 11447639 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 605281 | 148475429 |
| Kimberly-Clark Corp. | &nbsp;&nbsp; 71807 | 10212392 |
| Linde PLC | &nbsp;&nbsp; 103085 | 48000499 |
| Marsh & McLennan Companies Inc. | &nbsp;&nbsp; 106321 | 25945514 |
| Mastercard Inc., Class A | &nbsp;&nbsp; 176300 | 96633556 |
| McDonald's Corp. | &nbsp;&nbsp; 155132 | 48458583 |
| Merck & Co. Inc. | &nbsp;&nbsp; 547604 | 49152935 |
| Microsoft Corp. | &nbsp;&nbsp; 1609271 | 604104241 |
| Morgan Stanley | &nbsp;&nbsp; 267866 | 31251926 |
| Nike Inc., Class B | &nbsp;&nbsp; 255710 | 16232471 |
| Nvidia Corp. | &nbsp;&nbsp; 5301433 | 574569309 |
| PepsiCo Inc. | &nbsp;&nbsp; 296899 | 44517036 |
| Pfizer Inc. | &nbsp;&nbsp; 1226774 | 31086453 |
| Philip Morris International Inc. | &nbsp;&nbsp; 336599 | 53428359 |
| Procter & Gamble Co. (The) | &nbsp;&nbsp; 507600 | 86505192 |
| Qualcomm Inc. | &nbsp;&nbsp; 239428 | 36778535 |
| RTX Corp. | &nbsp;&nbsp; 288382 | 38199080 |
| ServiceNow Inc.<sup>(a)</sup> | &nbsp;&nbsp; 44775 | 35647169 |
| Texas Instruments Inc. | &nbsp;&nbsp; 197066 | 35412760 |
| Thermo Fisher Scientific Inc. | &nbsp;&nbsp; 82809 | 41205758 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Global 100 ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Walmart Inc. | &nbsp;&nbsp; 939078 | $82441658 |
|  |  | 4773429107 |
| **Total Long-Term Investments — 99.7%** <br>**(Cost: $3,824,969,162)** | **Total Long-Term Investments — 99.7%** <br>**(Cost: $3,824,969,162)** | 6051603042 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.31%<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 7600000 | 7600000 |
| **Total Short-Term Securities — 0.1%** <br>**(Cost: $7,600,000)** | **Total Short-Term Securities — 0.1%** <br>**(Cost: $7,600,000)** | 7600000 |
| **Total Investments — 99.8%** <br>**(Cost: $3,832,569,162)** | **Total Investments — 99.8%** <br>**(Cost: $3,832,569,162)** | 6059203042 |
| **Other Assets Less Liabilities — 0.2%** | **Other Assets Less Liabilities — 0.2%** | 11327087 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $6070530129 |

---

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/24*<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>*03/31/25*<br>| *Shares* <br>*Held at* <br>*03/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<sup>(a)</sup><br>| $— | $11799 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(11799)<br>| $— | $— |  | $7599 <br><sup>(c)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 9330000 |  | &nbsp;&nbsp; (1730000 )<sup>(b)</sup><br>| &nbsp;&nbsp; — |  | 7600000 | 7600000 | 504867 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $(11799)<br>| $— | $7600000 |  | $512466 | &nbsp;&nbsp; $— |

---

&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 fees and collateral investment expenses, and other payments to and from borrowers of securities. 

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Euro STOXX 50 Index | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp; $2369 | &nbsp;&nbsp; $(54323)<br>|
| S&P 500 E-Mini Index | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp; 16112 | &nbsp;&nbsp; (151851)<br>|
|  |  |  |  | &nbsp;&nbsp; $(206174)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Global 100 ETF**

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $206174 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $206174 |

---

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

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

For the period ended March 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $628278 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $628278 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(586587)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(586587)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $22988097 |

---

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; $4773429107 | &nbsp;&nbsp; $1278173935 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6051603042 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 7600000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7600000 |
|  | &nbsp;&nbsp; $4781029107 | &nbsp;&nbsp; $1278173935 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6059203042 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(151851)<br>| &nbsp;&nbsp; $(54323)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(206174)<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.*

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments

March 31, 2025

**iShares® Global Infrastructure ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Argentina — 0.2%** | **Argentina — 0.2%** | **Argentina — 0.2%** |
| Corp. America Airports SA<sup>(a)(b)</sup> | &nbsp;&nbsp; 813923 | $14894791 |
| **Australia — 9.0%** | **Australia — 9.0%** | **Australia — 9.0%** |
| Atlas Arteria Ltd. | &nbsp;&nbsp; 29751096 | 90525883 |
| Dalrymple Bay Infrastructure Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 7102395 | 17111990 |
| Qube Holdings Ltd. | &nbsp;&nbsp; 49686982 | 123023422 |
| Transurban Group | &nbsp;&nbsp; 37246122 | 313712230 |
|  |  | 544373525 |
| **Brazil — 0.6%** | **Brazil — 0.6%** | **Brazil — 0.6%** |
| Centrais Eletricas Brasileiras SA, ADR | &nbsp;&nbsp; 1846679 | 13111421 |
| Cia de Saneamento Basico do Estado de Sao <br> Paulo SABESP, ADR<br>| &nbsp;&nbsp; 926546 | 16548111 |
| Ultrapar Participacoes SA, ADR<sup>(b)</sup> | &nbsp;&nbsp; 1770525 | 5453217 |
|  |  | 35112749 |
| **Cameroon, United Republic of — 0.2%** | **Cameroon, United Republic of — 0.2%** | **Cameroon, United Republic of — 0.2%** |
| Golar LNG Ltd. | &nbsp;&nbsp; 254953 | 9685664 |
| **Canada — 7.5%** | **Canada — 7.5%** | **Canada — 7.5%** |
| Enbridge Inc. | &nbsp;&nbsp; 5313335 | 235159519 |
| Keyera Corp. | &nbsp;&nbsp; 559615 | 17394517 |
| Pembina Pipeline Corp. | &nbsp;&nbsp; 1415358 | 56612353 |
| South Bow Corp. | &nbsp;&nbsp; 508055 | 12978077 |
| TC Energy Corp. | &nbsp;&nbsp; 2533712 | 119656070 |
| Westshore Terminals Investment Corp.<sup>(b)</sup> | &nbsp;&nbsp; 902278 | 15461711 |
|  |  | 457262247 |
| **China — 4.9%** | **China — 4.9%** | **China — 4.9%** |
| Anhui Expressway Co. Ltd., Class H | &nbsp;&nbsp; 11210000 | 15760225 |
| Beijing Capital International Airport Co. Ltd., <br> Class H<sup>(a)(b)</sup><br>| &nbsp;&nbsp; 52786000 | 19095183 |
| CGN Power Co. Ltd., Class H<sup>(c)</sup> | &nbsp;&nbsp; 22543000 | 7058216 |
| China Gas Holdings Ltd. | &nbsp;&nbsp; 5365600 | 4892549 |
| China Longyuan Power Group Corp. Ltd., Class H | &nbsp;&nbsp; 6700000 | 5375995 |
| China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp; 33016000 | 56768872 |
| China Resources Gas Group Ltd. | &nbsp;&nbsp; 1839700 | 5488362 |
| China Resources Power Holdings Co. Ltd. | &nbsp;&nbsp; 3880000 | 9230035 |
| Cosco Shipping International Hong Kong Co. Ltd. | &nbsp;&nbsp; 11490000 | 7423726 |
| COSCO Shipping Ports Ltd. | &nbsp;&nbsp; 35920000 | 21638372 |
| Huaneng Power International Inc., Class H | &nbsp;&nbsp; 8372000 | 4856673 |
| Jiangsu Expressway Co. Ltd., Class H | &nbsp;&nbsp; 34320000 | 40752919 |
| Kunlun Energy Co. Ltd. | &nbsp;&nbsp; 7354000 | 7186100 |
| Shenzhen Expressway Corp. Ltd., Class H | &nbsp;&nbsp; 17214000 | 14075807 |
| Shenzhen International Holdings Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 37904000 | 38337594 |
| Zhejiang Expressway Co. Ltd., Class H | &nbsp;&nbsp; 45580000 | 37205416 |
|  |  | 295146044 |
| **Denmark — 0.2%** | **Denmark — 0.2%** | **Denmark — 0.2%** |
| Svitzer Group A/S, NVS<sup>(a)</sup> | &nbsp;&nbsp; 398804 | 12633433 |
| **France — 5.7%** | **France — 5.7%** | **France — 5.7%** |
| Aeroports de Paris SA | &nbsp;&nbsp; 1084152 | 110370217 |
| Engie SA | &nbsp;&nbsp; 3556932 | 69309715 |
| Gaztransport Et Technigaz SA | &nbsp;&nbsp; 80340 | 12182286 |
| Getlink SE | &nbsp;&nbsp; 8806428 | 152094720 |
|  |  | 343956938 |
| **Germany — 2.0%** | **Germany — 2.0%** | **Germany — 2.0%** |
| E.ON SE | &nbsp;&nbsp; 4554418 | 68747717 |
| Fraport AG Frankfurt Airport Services Worldwide<sup>(a)</sup> | &nbsp;&nbsp; 883152 | 55422078 |
|  |  | 124169795 |
| **Italy — 2.5%** | **Italy — 2.5%** | **Italy — 2.5%** |
| Enav SpA<sup>(c)</sup> | &nbsp;&nbsp; 7152368 | 28294434 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| Enel SpA | &nbsp;&nbsp; 15658876 | $126938736 |
|  |  | 155233170 |
| **Japan — 1.2%** | **Japan — 1.2%** | **Japan — 1.2%** |
| Japan Airport Terminal Co. Ltd. | &nbsp;&nbsp; 2616200 | 72128065 |
| **Mexico — 7.0%** | **Mexico — 7.0%** | **Mexico — 7.0%** |
| Grupo Aeroportuario del Centro Norte SAB de <br> CV, ADR<br>| &nbsp;&nbsp; 967998 | 76113683 |
| Grupo Aeroportuario del Pacifico SAB de CV, ADR | &nbsp;&nbsp; 1146142 | 212620802 |
| Grupo Aeroportuario del Sureste SAB de CV, ADR | &nbsp;&nbsp; 490296 | 134252851 |
|  |  | 422987336 |
| **New Zealand — 3.6%** | **New Zealand — 3.6%** | **New Zealand — 3.6%** |
| Auckland International Airport Ltd. | &nbsp;&nbsp; 47223885 | 219048769 |
| **Singapore — 1.3%** | **Singapore — 1.3%** | **Singapore — 1.3%** |
| Hutchison Port Holdings Trust, Class U | &nbsp;&nbsp; 139478200 | 23432337 |
| SATS Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 25198218 | 57579077 |
| SIA Engineering Co. Ltd. | &nbsp;&nbsp; 24000 | 38942 |
|  |  | 81050356 |
| **Spain — 8.1%** | **Spain — 8.1%** | **Spain — 8.1%** |
| Aena SME SA<sup>(c)</sup> | &nbsp;&nbsp; 1276289 | 299422401 |
| Iberdrola SA | &nbsp;&nbsp; 11888849 | 191982017 |
|  |  | 491404418 |
| **Switzerland — 2.1%** | **Switzerland — 2.1%** | **Switzerland — 2.1%** |
| Flughafen Zurich AG, Registered | &nbsp;&nbsp; 534712 | 126849354 |
| **United Kingdom — 2.1%** | **United Kingdom — 2.1%** | **United Kingdom — 2.1%** |
| National Grid PLC | &nbsp;&nbsp; 9914560 | 129327630 |
| **United States — 41.3%** | **United States — 41.3%** | **United States — 41.3%** |
| American Electric Power Co. Inc. | &nbsp;&nbsp; 1080605 | 118077708 |
| Antero Midstream Corp. | &nbsp;&nbsp; 818189 | 14727402 |
| Cheniere Energy Inc. | &nbsp;&nbsp; 547088 | 126596163 |
| Consolidated Edison Inc. | &nbsp;&nbsp; 702131 | 77648667 |
| Constellation Energy Corp. | &nbsp;&nbsp; 633997 | 127832815 |
| Dominion Energy Inc. | &nbsp;&nbsp; 1702187 | 95441625 |
| DT Midstream Inc.<sup>(a)</sup> | &nbsp;&nbsp; 247406 | 23869731 |
| Duke Energy Corp. | &nbsp;&nbsp; 1572125 | 191752086 |
| Entergy Corp. | &nbsp;&nbsp; 866749 | 74098372 |
| Exelon Corp. | &nbsp;&nbsp; 2036439 | 93839109 |
| Kinder Morgan Inc. | &nbsp;&nbsp; 4713658 | 134480663 |
| NextEra Energy Inc. | &nbsp;&nbsp; 4169378 | 295567206 |
| ONEOK Inc. | &nbsp;&nbsp; 1512858 | 150105771 |
| PG&E Corp. | &nbsp;&nbsp; 4449446 | 76441482 |
| Public Service Enterprise Group Inc. | &nbsp;&nbsp; 1009450 | 83077735 |
| Sempra | &nbsp;&nbsp; 1283472 | 91588562 |
| Sky Harbour Group Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 569427 | 7408245 |
| Southern Co. (The) | &nbsp;&nbsp; 2220512 | 204176078 |
| Targa Resources Corp. | &nbsp;&nbsp; 531721 | 106594109 |
| Vistra Corp. | &nbsp;&nbsp; 690201 | 81057206 |
| WEC Energy Group Inc. | &nbsp;&nbsp; 643668 | 70146939 |
| Williams Companies Inc. (The) | &nbsp;&nbsp; 2972389 | 177629967 |
| Xcel Energy Inc. | &nbsp;&nbsp; 1164773 | 82454281 |
|  |  | 2504611922 |
| **Total Common Stocks — 99.5%** <br>**(Cost: $5,363,929,718)** | **Total Common Stocks — 99.5%** <br>**(Cost: $5,363,929,718)** | 6039876206 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Global Infrastructure ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 0.1%** | **Brazil — 0.1%** | **Brazil — 0.1%** |
| Cia Energetica de Minas Gerais, Preference <br> Shares, ADR<br>| &nbsp;&nbsp; 3853295 | $6781799 |
| **Total Preferred Stocks — 0.1%** <br>**(Cost: $6,229,107)** | **Total Preferred Stocks — 0.1%** <br>**(Cost: $6,229,107)** | 6781799 |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $5,370,158,825)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $5,370,158,825)** | 6046658005 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.5%** | **Money Market Funds — 0.5%** | **Money Market Funds — 0.5%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.50%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 18939297 | 18948767 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.31%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 8360000 | 8360000 |
| **Total Short-Term Securities — 0.5%** <br>**(Cost: $27,308,767)** | **Total Short-Term Securities — 0.5%** <br>**(Cost: $27,308,767)** | 27308767 |
| **Total Investments — 100.1%** <br>**(Cost: $5,397,467,592)** | **Total Investments — 100.1%** <br>**(Cost: $5,397,467,592)** | 6073966772 |
| **Liabilities in Excess of Other Assets — (0.1)%** | **Liabilities in Excess of Other Assets — (0.1)%** | (4656047)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $6069310725 |

---

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

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

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

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

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/24*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*03/31/25*<br>| *Shares* <br>*Held at* <br>*03/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $9341005<br> $9609869 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $(1696)<br>| $(411)<br>| $18948767 | 18939297 | $264452 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 4020000<br> 4340000 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |  |  | 8360000 | 8360000 | 220336 | &nbsp;&nbsp; — |
|  |  |  | $(1696)<br>| $(411)<br>| $27308767 |  | $484788 | &nbsp;&nbsp; $— |

---

&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 fees and collateral investment expenses, and other payments to and from borrowers of securities. 

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| E-Mini Energy Select Sector Index | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp; $3062 | &nbsp;&nbsp; $74348 |
| E-Mini Utilities Select Sector Index | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp; 9627 | &nbsp;&nbsp; 49447 |
| MSCI EAFE Index | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp; 7974 | &nbsp;&nbsp; (295054)<br>|
|  |  |  |  | &nbsp;&nbsp; $(171259)<br>|

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Global Infrastructure ETF**

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $123795 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $123795 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $295054 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $295054 |

---

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

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

For the period ended March 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1575619 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1575619 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(545211)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(545211)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $27140105 |

---

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; $3870526637 | &nbsp;&nbsp; $2169349569 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6039876206 |
| Preferred Stocks | &nbsp;&nbsp; 6781799 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6781799 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 27308767 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 27308767 |
|  | &nbsp;&nbsp; $3904617203 | &nbsp;&nbsp; $2169349569 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6073966772 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $123795 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $123795 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Global Infrastructure ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(295054)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(295054)<br>|
|  | &nbsp;&nbsp; $(171259)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(171259)<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.*

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments

March 31, 2025

**iShares® Global Timber & Forestry ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Brazil — 12.3%** | **Brazil — 12.3%** | **Brazil — 12.3%** |
| Dexco SA | &nbsp;&nbsp; 3952252 | $3726155 |
| Klabin SA | &nbsp;&nbsp; 3121632 | 10207686 |
| Suzano SA | &nbsp;&nbsp; 1628918 | 15111833 |
|  |  | 29045674 |
| **Canada — 4.1%** | **Canada — 4.1%** | **Canada — 4.1%** |
| West Fraser Timber Co. Ltd. | &nbsp;&nbsp; 126170 | 9690817 |
| **Chile — 1.9%** | **Chile — 1.9%** | **Chile — 1.9%** |
| Empresas CMPC SA | &nbsp;&nbsp; 2719497 | 4467864 |
| **China — 6.3%** | **China — 6.3%** | **China — 6.3%** |
| Nine Dragons Paper Holdings Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 8666000 | 3662486 |
| Shandong Sun Paper Industry JSC Ltd., Class A | &nbsp;&nbsp; 5465475 | 11064867 |
|  |  | 14727353 |
| **Finland — 11.2%** | **Finland — 11.2%** | **Finland — 11.2%** |
| Stora Enso OYJ, Class R | &nbsp;&nbsp; 1391900 | 13190015 |
| UPM-Kymmene OYJ | &nbsp;&nbsp; 492497 | 13212851 |
|  |  | 26402866 |
| **Japan — 11.3%** | **Japan — 11.3%** | **Japan — 11.3%** |
| Hokuetsu Corp.<sup>(b)</sup> | &nbsp;&nbsp; 403700 | 3314506 |
| Nippon Paper Industries Co. Ltd. | &nbsp;&nbsp; 680100 | 4570892 |
| Oji Holdings Corp. | &nbsp;&nbsp; 2235400 | 9370580 |
| Sumitomo Forestry Co. Ltd. | &nbsp;&nbsp; 306800 | 9249576 |
|  |  | 26505554 |
| **Saudi Arabia — 1.5%** | **Saudi Arabia — 1.5%** | **Saudi Arabia — 1.5%** |
| Middle East Paper Co.<sup>(a)</sup> | &nbsp;&nbsp; 423723 | 3510963 |
| **South Africa — 1.7%** | **South Africa — 1.7%** | **South Africa — 1.7%** |
| Sappi Ltd. | &nbsp;&nbsp; 2054308 | 4074570 |
| **Sweden — 11.4%** | **Sweden — 11.4%** | **Sweden — 11.4%** |
| Billerud Aktiebolag | &nbsp;&nbsp; 504534 | 5208841 |
| Holmen AB, Class B | &nbsp;&nbsp; 180848 | 7161736 |
| Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp; 1096562 | 14468244 |
|  |  | 26838821 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom — 4.9%** | **United Kingdom — 4.9%** | **United Kingdom — 4.9%** |
| Mondi PLC, NVS | &nbsp;&nbsp; 765155 | $11413981 |
| **United States — 34.3%** | **United States — 34.3%** | **United States — 34.3%** |
| Clearwater Paper Corp.<sup>(a)</sup> | &nbsp;&nbsp; 421607 | 10696170 |
| International Paper Co. | &nbsp;&nbsp; 208910 | 11145348 |
| PotlatchDeltic Corp. | &nbsp;&nbsp; 238826 | 10775829 |
| Rayonier Inc. | &nbsp;&nbsp; 386824 | 10784653 |
| Smurfit WestRock PLC | &nbsp;&nbsp; 291617 | 13140262 |
| Sylvamo Corp. | &nbsp;&nbsp; 165454 | 11097000 |
| Weyerhaeuser Co. | &nbsp;&nbsp; 449355 | 13157114 |
|  |  | 80796376 |
| **Total Long-Term Investments — 100.9%** <br>**(Cost: $247,712,019)** | **Total Long-Term Investments — 100.9%** <br>**(Cost: $247,712,019)** | 237474839 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.6%** | **Money Market Funds — 1.6%** | **Money Market Funds — 1.6%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.50%<sup>(c)(d)(e)</sup><br>| &nbsp;&nbsp; 3222215 | 3223826 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.31%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 460000 | 460000 |
| **Total Short-Term Securities — 1.6%** <br>**(Cost: $3,683,936)** | **Total Short-Term Securities — 1.6%** <br>**(Cost: $3,683,936)** | 3683826 |
| **Total Investments — 102.5%** <br>**(Cost: $251,395,955)** | **Total Investments — 102.5%** <br>**(Cost: $251,395,955)** | 241158665 |
| **Liabilities in Excess of Other Assets — (2.5)%** | **Liabilities in Excess of Other Assets — (2.5)%** | (5951938)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $235206727 |

---

&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> 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. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/24*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*03/31/25*<br>| *Shares* <br>*Held at* <br>*03/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $259358<br> $2964602 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $(61)<br>| $(73)<br>| $3223826 | 3222215 | $111391 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 180000<br> 280000 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |  |  | 460000 | 460000 | 11667 | &nbsp;&nbsp; — |
|  |  |  | $(61)<br>| $(73)<br>| $3683826 |  | $123058 | &nbsp;&nbsp; $— |

---

&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 fees and collateral investment expenses, and other payments to and from borrowers of securities. 

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Global Timber & Forestry ETF**

**Derivative Financial Instruments Categorized by Risk Exposure**

For the period ended March 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $77520 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $77520 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(43900)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(43900)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $405930 |

---

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; $124000731 | &nbsp;&nbsp; $113474108 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $237474839 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 3683826 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3683826 |
|  | &nbsp;&nbsp; $127684557 | &nbsp;&nbsp; $113474108 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $241158665 |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments

March 31, 2025

**iShares® Lithium Miners and Producers ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Chemicals — 39.3%** | **Chemicals — 39.3%** | **Chemicals — 39.3%** |
| Albemarle Corp. | &nbsp;&nbsp; 4269 | $307453 |
| Canmax Technologies Co. Ltd., Class A | &nbsp;&nbsp; 20600 | 60353 |
| Chunbo Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1903 | 42331 |
| Do-Fluoride New Materials Co. Ltd., Class A | &nbsp;&nbsp; 20000 | 32831 |
| Ganfeng Lithium Group Co. Ltd., Class A | &nbsp;&nbsp; 34800 | 162422 |
| Guangzhou Tinci Materials Technology Co. Ltd., Class A | &nbsp;&nbsp; 47500 | 121903 |
| MNTech Co. Ltd. | &nbsp;&nbsp; 6244 | 32257 |
| Ningbo Shanshan Co. Ltd., Class A | &nbsp;&nbsp; 37900 | 36977 |
| Shenzhen Capchem Technology Co. Ltd., Class A | &nbsp;&nbsp; 18700 | 85560 |
| Sociedad Quimica y Minera de Chile SA, ADR<sup>(b)</sup> | &nbsp;&nbsp; 7325 | 291022 |
| Tianqi Lithium Corp., Class A | &nbsp;&nbsp; 39300 | 164000 |
| Yunnan Energy New Material Co. Ltd., Class A | &nbsp;&nbsp; 24200 | 102861 |
|  |  | 1439970 |
| **Electrical Equipment — 14.7%** | **Electrical Equipment — 14.7%** | **Electrical Equipment — 14.7%** |
| Beijing Easpring Material Technology Co. Ltd., Class A | &nbsp;&nbsp; 12500 | 71414 |
| CNGR Advanced Material Co. Ltd., Class A | &nbsp;&nbsp; 23160 | 112280 |
| Hunan Yuneng New Energy Battery Material Co. Ltd., <br> Class A, NVS<br>| &nbsp;&nbsp; 18900 | 92692 |
| POSCO Future M Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3191 | 263575 |
|  |  | 539961 |
| **IT Services — 0.7%** | **IT Services — 0.7%** | **IT Services — 0.7%** |
| Kwangmu Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 16784 | 24243 |
| **Machinery — 0.7%** | **Machinery — 0.7%** | **Machinery — 0.7%** |
| Kangwon Energy Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5782 | 25978 |
| **Metals & Mining — 40.3%** | **Metals & Mining — 40.3%** | **Metals & Mining — 40.3%** |
| Core Lithium Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 1041615 | 49943 |
| ESG Minerals, NVS<sup>(c)</sup> | &nbsp;&nbsp; 21566 |  |
| Liontown Resources Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 448312 | 176953 |
| Lithium Americas Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 62129 | 168370 |
| Lithium Argentina AG<sup>(a)(b)</sup> | &nbsp;&nbsp; 79014 | 169090 |
| Mineral Resources Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 16862 | 254600 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| Piedmont Lithium Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10666 | $67196 |
| Pilbara Minerals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 281706 | 299944 |
| Sigma Lithium Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 16125 | 167700 |
| Sinomine Resource Group Co. Ltd., Class A | &nbsp;&nbsp; 17900 | 79122 |
| YongXing Special Materials Technology Co. Ltd., Class A | &nbsp;&nbsp; 9100 | 41708 |
|  |  | 1474626 |
| **Technology Hardware, Storage & Peripherals — 3.9%** | **Technology Hardware, Storage & Peripherals — 3.9%** | **Technology Hardware, Storage & Peripherals — 3.9%** |
| CosmoAM&T Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 5550 | 144720 |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $4,982,945)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $4,982,945)** | 3649498 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 23.4%** | **Money Market Funds — 23.4%** | **Money Market Funds — 23.4%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.50%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 856043 | 856471 |
| **Total Short-Term Securities — 23.4%** <br>**(Cost: $856,394)** | **Total Short-Term Securities — 23.4%** <br>**(Cost: $856,394)** | 856471 |
| **Total Investments — 123.0%** <br>**(Cost: $5,839,339)** | **Total Investments — 123.0%** <br>**(Cost: $5,839,339)** | 4505969 |
| **Liabilities in Excess of Other Assets — (23.0)%** | **Liabilities in Excess of Other Assets — (23.0)%** | (843126)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $3662843 |

---

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

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

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

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

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/24*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*03/31/25*<br>| *Shares* <br>*Held at* <br>*03/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $344821<br> $511720 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $(163)<br>| $93 | $856471 | 856043 | $60834 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares<sup>(c)</sup> | —<br> 0 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |  |  |  |  | 319 | &nbsp;&nbsp; — |
|  |  |  | $(163)<br>| $93 | $856471 |  | $61153 | &nbsp;&nbsp; $— |

---

&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 fees and collateral investment expenses, and other payments to and from borrowers of securities. 

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

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Lithium Miners and Producers ETF**

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Micro E-Mini Russell 2000 Index | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp; $10 | &nbsp;&nbsp; $(238)<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* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $238 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $238 |

---

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

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

For the period ended March 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $535 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $535 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(238)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(238)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $5346 |

---

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; $1170831 | &nbsp;&nbsp; $2478667 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3649498 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 856471 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 856471 |
|  | &nbsp;&nbsp; $2027302 | &nbsp;&nbsp; $2478667 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4505969 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Lithium Miners and Producers 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; $(238)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(238)<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

March 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>Copper and <br> Metals <br> Mining ETF <br>| &nbsp;&nbsp; iShares <br>Environmental <br> Infrastructure <br> and <br> Industrials <br> ETF <br>| &nbsp;&nbsp; iShares <br>Global 100 ETF <br>| &nbsp;&nbsp; iShares <br>Global <br> Infrastructure ETF <br>|
| **ASSETS** |  |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $46457960 | $4849542 | $6051603042 | $6046658005 |
| Investments, at value—affiliated<sup>(c)</sup> | 2106047 |  | 7600000 | 27308767 |
| Cash | 1142 | 2674 | 5689 | 8048 |
| Cash pledged for futures contracts | 26000 | 1000 | 903000 | 1124200 |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> |  |  | 169764 |  |
| Foreign currency, at value<sup>(e)</sup> | 129389 | 4552 | 4345567 | 6249373 |
| Receivables: |  |  |  |  |
| Investments sold |  |  | 135473 | 279619837 |
| Securities lending income—affiliated | 461 |  |  | 10950 |
| Capital shares sold |  |  |  | 1007654 |
| Dividends—unaffiliated | 137414 | 7390 | 7616577 | 11031329 |
| Dividends—affiliated | 378 |  | 37192 | 19106 |
| Tax reclaims | 746 | 185 | 1941327 | 516804 |
| Variation margin on futures contracts |  |  | 63101 | 51730 |
| Foreign withholding tax claims | 2566 |  |  |  |
| Total assets | 48862103 | 4865343 | 6074420732 | 6373605803 |
| **LIABILITIES** |  |  |  |  |
| Collateral on securities loaned, at value | 2076238 |  |  | 18953943 |
| Payables: |  |  |  |  |
| Investments purchased | 99120 |  | 2464 | 283373183 |
| Capital shares redeemed |  |  | 136003 |  |
| Deferred foreign capital gain tax |  | 1019 |  |  |
| Investment advisory fees | 19243 | 1949 | 2140728 | 1950111 |
| IRS compliance fee for foreign withholding tax claims |  |  | 1611408 |  |
| Professional fees |  |  |  | 17841 |
| Variation margin on futures contracts | 1442 | 98 |  |  |
| Total liabilities | 2196043 | 3066 | 3890603 | 304295078 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $46666060 | $4862277 | $6070530129 | $6069310725 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $53992915 | $4016012 | $4151942505 | $5842720167 |
| Accumulated earnings (loss) | (7326855) | 846265 | 1918587624 | 226590558 |
| NET ASSETS | $46666060 | $4862277 | $6070530129 | $6069310725 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | 1800000 | 160000 | 63050000 | 111200000 |
| Net asset value | $25.93 | $30.39 | $96.28 | $54.58 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value |  |  |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $52214164 | $4124244 | $3824969162 | $5370158825 |
| <sup>(b)</sup> Securities loaned, at value | $1839500 | $— | $— | $17070175 |
| <sup>(c)</sup> Investments, at cost—affiliated | $2106021 | $— | $7600000 | $27308767 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $— | $— | $171905 | $— |
| <sup>(e)</sup> Foreign currency, at cost | $130192 | $4584 | $4384953 | $6244467 |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities (continued)

March 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>Global <br> Timber & <br> Forestry ETF <br>| &nbsp;&nbsp; iShares <br>Lithium <br> Miners and <br> Producers <br> ETF <br>|
| **ASSETS** |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $237474839 | $3649498 |
| Investments, at value—affiliated<sup>(c)</sup> | 3683826 | 856471 |
| Cash | 4308 | 1385 |
| Cash pledged for futures contracts | 90000 | 1000 |
| Foreign currency, at value<sup>(d)</sup> | 169443 | 5110 |
| Receivables: |  |  |
| Investments sold | 25908139 |  |
| Securities lending income—affiliated | 14112 | 5681 |
| Dividends—unaffiliated | 760529 | 1784 |
| Dividends—affiliated | 433 | 50 |
| Tax reclaims | 202814 |  |
| Variation margin on futures contracts | 7367 |  |
| Total assets | 268315810 | 4520979 |
| **LIABILITIES** |  |  |
| Collateral on securities loaned, at value | 3223888 | 856516 |
| Payables: |  |  |
| Investments purchased | 29794734 |  |
| Investment advisory fees | 80077 | 1570 |
| Professional fees | 10384 |  |
| Variation margin on futures contracts |  | 50 |
| Total liabilities | 33109083 | 858136 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | $235206727 | $3662843 |
| **NET ASSETS CONSIST OF** |  |  |
| Paid-in capital | $289021679 | $7596747 |
| Accumulated loss | (53814952) | (3933904) |
| NET ASSETS | $235206727 | $3662843 |
| **NET ASSET VALUE** |  |  |
| Shares outstanding | 3120000 | 450000 |
| Net asset value | $75.39 | $8.14 |
| Shares authorized | Unlimited | Unlimited |
| Par value |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $247712019 | $4982945 |
| <sup>(b)</sup> Securities loaned, at value | $3054352 | $796138 |
| <sup>(c)</sup> Investments, at cost—affiliated | $3683936 | $856394 |
| <sup>(d)</sup> Foreign currency, at cost | $168696 | $5126 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Operations

Year Ended March 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Copper and <br> Metals <br> Mining ETF <br>| &nbsp;&nbsp; iShares <br>Environmental <br> Infrastructure <br> and <br> Industrials <br> ETF <br>| &nbsp;&nbsp; iShares <br>Global 100 <br> ETF <br>| &nbsp;&nbsp; iShares <br>Global <br> Infrastructure <br> ETF <br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $782973 | &nbsp;&nbsp;&nbsp; $113939 | &nbsp;&nbsp;&nbsp; $95659572 | &nbsp;&nbsp;&nbsp; $165402812 |
| Dividends—affiliated | &nbsp;&nbsp; 1791 | &nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp; 504867 | &nbsp;&nbsp;&nbsp; 220336 |
| Interest—unaffiliated | &nbsp;&nbsp; 597 | &nbsp;&nbsp;&nbsp; 209 | &nbsp;&nbsp;&nbsp; 50556 | &nbsp;&nbsp;&nbsp; 75502 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 5752 | &nbsp;&nbsp;&nbsp; 597 | &nbsp;&nbsp;&nbsp; 7599 | &nbsp;&nbsp;&nbsp; 264452 |
| Foreign taxes withheld | &nbsp;&nbsp; (31189)<br>| &nbsp;&nbsp;&nbsp; (5275)<br>| &nbsp;&nbsp;&nbsp; (3383808)<br>| &nbsp;&nbsp;&nbsp; (8269510)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; 2566 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 893215 | &nbsp;&nbsp;&nbsp; 1893606 |
| IRS compliance fee for foreign withholding tax claims | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (97429)<br>| &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 762490 | &nbsp;&nbsp;&nbsp; 109598 | &nbsp;&nbsp;&nbsp; 93634572 | &nbsp;&nbsp;&nbsp; 159587198 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 157375 | &nbsp;&nbsp;&nbsp; 23792 | &nbsp;&nbsp;&nbsp; 24255869 | &nbsp;&nbsp;&nbsp; 17063288 |
| Commitment costs | &nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 2793 | &nbsp;&nbsp;&nbsp; 5632 |
| Professional | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 118127 | &nbsp;&nbsp;&nbsp; 63845 |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp; 157436 | &nbsp;&nbsp;&nbsp; 23805 | &nbsp;&nbsp;&nbsp; 24376806 | &nbsp;&nbsp;&nbsp; 17132765 |
| Net investment income | &nbsp;&nbsp; 605054 | &nbsp;&nbsp;&nbsp; 85793 | &nbsp;&nbsp;&nbsp; 69257766 | &nbsp;&nbsp;&nbsp; 142454433 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (1626336)<br>| &nbsp;&nbsp;&nbsp; 245320 | &nbsp;&nbsp;&nbsp; (59025910)<br>| &nbsp;&nbsp;&nbsp; (23689244)<br>|
| Investments—affiliated | &nbsp;&nbsp; (239)<br>| &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; (11799)<br>| &nbsp;&nbsp;&nbsp; (1696)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 2309 | &nbsp;&nbsp;&nbsp; (761)<br>| &nbsp;&nbsp;&nbsp; (112762)<br>| &nbsp;&nbsp;&nbsp; (503347)<br>|
| Futures contracts | &nbsp;&nbsp; (10094)<br>| &nbsp;&nbsp;&nbsp; 3153 | &nbsp;&nbsp;&nbsp; 628278 | &nbsp;&nbsp;&nbsp; 1575619 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 970390 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 174693807 | &nbsp;&nbsp;&nbsp; 77991830 |
|  | &nbsp;&nbsp; (663970)<br>| &nbsp;&nbsp;&nbsp; 247754 | &nbsp;&nbsp;&nbsp; 116171614 | &nbsp;&nbsp;&nbsp; 55373162 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments—unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; (6484611)<br>| &nbsp;&nbsp;&nbsp; (211581)<br>| &nbsp;&nbsp;&nbsp; 284650692 | &nbsp;&nbsp;&nbsp; 475924873 |
| Investments—affiliated | &nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (411)<br>|
| Foreign currency translations | &nbsp;&nbsp; (688)<br>| &nbsp;&nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp; 38429 | &nbsp;&nbsp;&nbsp; 109013 |
| Futures contracts | &nbsp;&nbsp; (3918)<br>| &nbsp;&nbsp;&nbsp; (261)<br>| &nbsp;&nbsp;&nbsp; (586587)<br>| &nbsp;&nbsp;&nbsp; (545211)<br>|
|  | &nbsp;&nbsp; (6489117)<br>| &nbsp;&nbsp;&nbsp; (211719)<br>| &nbsp;&nbsp;&nbsp; 284102534 | &nbsp;&nbsp;&nbsp; 475488264 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; (7153087)<br>| &nbsp;&nbsp;&nbsp; 36035 | &nbsp;&nbsp;&nbsp; 400274148 | &nbsp;&nbsp;&nbsp; 530861426 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $(6548033)<br>| &nbsp;&nbsp;&nbsp; $121828 | &nbsp;&nbsp;&nbsp; $469531914 | &nbsp;&nbsp;&nbsp; $673315859 |
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |
| <sup>(b)</sup> Net of increase in deferred foreign capital gain tax of | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(847)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Operations (continued)

Year Ended March 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | iShares <br>Global <br> Timber & <br> Forestry ETF <br>| &nbsp;&nbsp; iShares <br>Lithium <br> Miners and <br> Producers <br> ETF <br>|
| **INVESTMENT INCOME** |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $3848222 | &nbsp;&nbsp;&nbsp; $23721 |
| Dividends—affiliated | &nbsp;&nbsp; 11667 | &nbsp;&nbsp;&nbsp; 319 |
| Interest—unaffiliated | &nbsp;&nbsp; 5172 | &nbsp;&nbsp;&nbsp; 228 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 111391 | &nbsp;&nbsp;&nbsp; 60834 |
| Non-cash dividends—unaffiliated | &nbsp;&nbsp; 522906 | &nbsp;&nbsp;&nbsp; — |
| Other income—unaffiliated | &nbsp;&nbsp; 9274 | &nbsp;&nbsp;&nbsp; — |
| Foreign taxes withheld | &nbsp;&nbsp; (255858)<br>| &nbsp;&nbsp;&nbsp; (276)<br>|
| Total investment income | &nbsp;&nbsp; 4252774 | &nbsp;&nbsp;&nbsp; 84826 |
| EXPENSES |  |  |
| Investment advisory | &nbsp;&nbsp; 773040 | &nbsp;&nbsp;&nbsp; 17123 |
| Professional | &nbsp;&nbsp; 11689 | &nbsp;&nbsp;&nbsp; — |
| Interest expense | &nbsp;&nbsp; 3027 | &nbsp;&nbsp;&nbsp; — |
| Commitment costs | &nbsp;&nbsp; 1593 | &nbsp;&nbsp;&nbsp; 58 |
| Total expenses | &nbsp;&nbsp; 789349 | &nbsp;&nbsp;&nbsp; 17181 |
| Net investment income | &nbsp;&nbsp; 3463425 | &nbsp;&nbsp;&nbsp; 67645 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (5617437)<br>| &nbsp;&nbsp;&nbsp; (1796823)<br>|
| Investments—affiliated | &nbsp;&nbsp; (61)<br>| &nbsp;&nbsp;&nbsp; (163)<br>|
| Foreign currency transactions | &nbsp;&nbsp; (9957)<br>| &nbsp;&nbsp;&nbsp; 179 |
| Futures contracts | &nbsp;&nbsp; 77520 | &nbsp;&nbsp;&nbsp; 535 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 4447414 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; (1102521)<br>| &nbsp;&nbsp;&nbsp; (1796272)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (19559483)<br>| &nbsp;&nbsp;&nbsp; 324434 |
| Investments—affiliated | &nbsp;&nbsp; (73)<br>| &nbsp;&nbsp;&nbsp; 93 |
| Foreign currency translations | &nbsp;&nbsp; 62425 | &nbsp;&nbsp;&nbsp; 37 |
| Futures contracts | &nbsp;&nbsp; (43900)<br>| &nbsp;&nbsp;&nbsp; (238)<br>|
|  | &nbsp;&nbsp; (19541031)<br>| &nbsp;&nbsp;&nbsp; 324326 |
| Net realized and unrealized loss | &nbsp;&nbsp; (20643552)<br>| &nbsp;&nbsp;&nbsp; (1471946)<br>|
| NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $(17180127)<br>| &nbsp;&nbsp;&nbsp; $(1404301)<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. |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Changes in Net Assets

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Copper and Metals Mining ETF  | iShares <br>Copper and Metals Mining ETF  | iShares <br>Environmental Infrastructure and <br> Industrials ETF  | iShares <br>Environmental Infrastructure and <br> Industrials ETF  |
|  | Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Period From <br>06/21/23<sup>(a)</sup> <br>to 03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $605054 | &nbsp;&nbsp;&nbsp; $135201 | &nbsp;&nbsp;&nbsp; $85793 | &nbsp;&nbsp;&nbsp; $68044 |
| Net realized gain (loss) | &nbsp;&nbsp; (663970)<br>| &nbsp;&nbsp;&nbsp; (46001)<br>| &nbsp;&nbsp;&nbsp; 247754 | &nbsp;&nbsp;&nbsp; (4285)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (6489117)<br>| &nbsp;&nbsp;&nbsp; 729003 | &nbsp;&nbsp;&nbsp; (211719)<br>| &nbsp;&nbsp;&nbsp; 528219 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (6548033)<br>| &nbsp;&nbsp;&nbsp; 818203 | &nbsp;&nbsp;&nbsp; 121828 | &nbsp;&nbsp;&nbsp; 591978 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(b)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (552960)<br>| &nbsp;&nbsp;&nbsp; (110198)<br>| &nbsp;&nbsp;&nbsp; (184633)<br>| &nbsp;&nbsp;&nbsp; (69099)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 46704328 | &nbsp;&nbsp;&nbsp; 6354720 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 39603335 | &nbsp;&nbsp;&nbsp; 7062725 | &nbsp;&nbsp;&nbsp; (62805)<br>| &nbsp;&nbsp;&nbsp; 522879 |
| Beginning of period | &nbsp;&nbsp; 7062725 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4925082 | &nbsp;&nbsp;&nbsp; 4402203 |
| End of period | &nbsp;&nbsp; $46666060 | &nbsp;&nbsp;&nbsp; $7062725 | &nbsp;&nbsp;&nbsp; $4862277 | &nbsp;&nbsp;&nbsp; $4925082 |

---

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

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

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets(continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Global 100 ETF  | iShares <br>Global 100 ETF  | iShares <br>Global Infrastructure ETF  | iShares <br>Global Infrastructure ETF  |
|  | Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $69257766 | &nbsp;&nbsp;&nbsp; $63150996 | &nbsp;&nbsp;&nbsp; $142454433 | &nbsp;&nbsp;&nbsp; $129983509 |
| Net realized gain (loss) | &nbsp;&nbsp; 116171614 | &nbsp;&nbsp;&nbsp; (4590701)<br>| &nbsp;&nbsp;&nbsp; 55373162 | &nbsp;&nbsp;&nbsp; 37203676 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 284102534 | &nbsp;&nbsp;&nbsp; 1098468219 | &nbsp;&nbsp;&nbsp; 475488264 | &nbsp;&nbsp;&nbsp; (66648991)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 469531914 | &nbsp;&nbsp;&nbsp; 1157028514 | &nbsp;&nbsp;&nbsp; 673315859 | &nbsp;&nbsp;&nbsp; 100538194 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (66698576)<br>| &nbsp;&nbsp;&nbsp; (65122612)<br>| &nbsp;&nbsp;&nbsp; (136884244)<br>| &nbsp;&nbsp;&nbsp; (125266515)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 457869536 | &nbsp;&nbsp;&nbsp; 513768284 | &nbsp;&nbsp;&nbsp; 1958901263 | &nbsp;&nbsp;&nbsp; (244727822)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 860702874 | &nbsp;&nbsp;&nbsp; 1605674186 | &nbsp;&nbsp;&nbsp; 2495332878 | &nbsp;&nbsp;&nbsp; (269456143)<br>|
| Beginning of year | &nbsp;&nbsp; 5209827255 | &nbsp;&nbsp;&nbsp; 3604153069 | &nbsp;&nbsp;&nbsp; 3573977847 | &nbsp;&nbsp;&nbsp; 3843433990 |
| End of year | &nbsp;&nbsp; $6070530129 | &nbsp;&nbsp;&nbsp; $5209827255 | &nbsp;&nbsp;&nbsp; $6069310725 | &nbsp;&nbsp;&nbsp; $3573977847 |

---

&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.

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Statements of Changes in Net Assets(continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Global Timber & Forestry ETF  | iShares <br>Global Timber & Forestry ETF  | iShares <br>Lithium Miners and Producers ETF  | iShares <br>Lithium Miners and Producers ETF  |
|  | Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Period From <br>06/21/23<sup>(a)</sup> <br>to 03/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $3463425 | &nbsp;&nbsp;&nbsp; $3833320 | &nbsp;&nbsp;&nbsp; $67645 | &nbsp;&nbsp;&nbsp; $22023 |
| Net realized loss | &nbsp;&nbsp; (1102521)<br>| &nbsp;&nbsp;&nbsp; (5786523)<br>| &nbsp;&nbsp;&nbsp; (1796272)<br>| &nbsp;&nbsp;&nbsp; (631453)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (19541031)<br>| &nbsp;&nbsp;&nbsp; 38365588 | &nbsp;&nbsp;&nbsp; 324326 | &nbsp;&nbsp;&nbsp; (1657951)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (17180127)<br>| &nbsp;&nbsp;&nbsp; 36412385 | &nbsp;&nbsp;&nbsp; (1404301)<br>| &nbsp;&nbsp;&nbsp; (2267381)<br>|
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(b)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (3669976)<br>| &nbsp;&nbsp;&nbsp; (3848829)<br>| &nbsp;&nbsp;&nbsp; (238617)<br>| &nbsp;&nbsp;&nbsp; (23605)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 52891692 | &nbsp;&nbsp;&nbsp; (31701771)<br>| &nbsp;&nbsp;&nbsp; 2593598 | &nbsp;&nbsp;&nbsp; 5003149 |
| *NET ASSETS* |  |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 32041589 | &nbsp;&nbsp;&nbsp; 861785 | &nbsp;&nbsp;&nbsp; 950680 | &nbsp;&nbsp;&nbsp; 2712163 |
| Beginning of period | &nbsp;&nbsp; 203165138 | &nbsp;&nbsp;&nbsp; 202303353 | &nbsp;&nbsp;&nbsp; 2712163 | &nbsp;&nbsp;&nbsp; — |
| End of period | &nbsp;&nbsp; $235206727 | &nbsp;&nbsp;&nbsp; $203165138 | &nbsp;&nbsp;&nbsp; $3662843 | &nbsp;&nbsp;&nbsp; $2712163 |

---

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

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

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights

(For a share outstanding throughout each period)

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

---

| | | |
|:---|:---|:---|
|  | iShares Copper and Metals Mining ETF  | iShares Copper and Metals Mining ETF  |
|  | Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Period From <br>06/21/23<sup>(a)</sup> <br>to 03/31/24<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $28.25 | &nbsp;&nbsp;&nbsp; $25.04 |
| Net investment income<sup>(b)</sup> | 0.52 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| Net realized and unrealized gain (loss)<sup>(d)</sup> | &nbsp;&nbsp; (2.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.08 |
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (1.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.76 |
| Distributions from net investment income<sup>(e)</sup> | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp; (0.55)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $25.93 | &nbsp;&nbsp;&nbsp; $28.25 |
| **Total Return**<sup>(f)</sup> <br>|  |  |
| Based on net asset value | &nbsp;&nbsp; (6.61 )%<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.33 %<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |
| Total expenses | 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47 %<sup>(i)</sup><br>|
| Net investment income | 1.81 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.58 %<sup>(i)</sup><br>|
| **Supplemental Data** |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $46666 | &nbsp;&nbsp;&nbsp; $7063 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp;&nbsp; 55<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2025: <br> • Net investment income per share by $0.00. <br> • Total return by 0.00%. <br> • Ratio of net investment income to average net assets by 0.01%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2025: <br> • Net investment income per share by $0.00. <br> • Total return by 0.00%. <br> • Ratio of net investment income to average net assets by 0.01%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2025: <br> • Net investment income per share by $0.00. <br> • Total return by 0.00%. <br> • Ratio of net investment income to average net assets by 0.01%. |
| <sup>(d)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(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 Environmental Infrastructure and Industrials ETF  | iShares Environmental Infrastructure and Industrials ETF  | iShares Environmental Infrastructure and Industrials ETF  |
|  | Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Period From <br>11/01/22<sup>(a)</sup> <br>to 03/31/23<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $30.78 | &nbsp;&nbsp;&nbsp; $27.51 | &nbsp;&nbsp;&nbsp; $25.10 |
| Net investment income<sup>(b)</sup> | 0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Net realized and unrealized gain<sup>(c)</sup> | 0.22 | &nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;&nbsp;2.34 |
| Net increase from investment operations | 0.76 | &nbsp;&nbsp;&nbsp;&nbsp;3.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.45 |
| **Distributions**<sup>(d)</sup> <br>|  |  |  |
| From net investment income | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>|
| From net realized gain | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp; (0.04)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $30.39 | &nbsp;&nbsp;&nbsp; $30.78 | &nbsp;&nbsp;&nbsp; $27.51 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |
| Based on net asset value | 2.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.76 %<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |
| Total expenses | 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47 %<sup>(h)</sup><br>|
| Net investment income | 1.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.01 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $4862 | &nbsp;&nbsp;&nbsp; $4925 | &nbsp;&nbsp;&nbsp; $4402 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(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> 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>(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>(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.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Global 100 ETF  | iShares Global 100 ETF  | iShares Global 100 ETF  | iShares Global 100 ETF  | iShares Global 100 ETF  |
|  | Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>| &nbsp;&nbsp; Year Ended <br>03/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $89.36 | &nbsp;&nbsp;&nbsp; $70.05 | &nbsp;&nbsp;&nbsp; $75.96 | &nbsp;&nbsp;&nbsp; $65.92 | &nbsp;&nbsp;&nbsp; $44.71 |
| Net investment income<sup>(a)</sup> | 1.11 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.14 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 6.90 | &nbsp;&nbsp;&nbsp;&nbsp;19.37 | &nbsp;&nbsp;&nbsp; (5.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.08 | &nbsp;&nbsp;&nbsp;&nbsp;21.16 |
| Net increase (decrease) from investment operations | 8.01 | &nbsp;&nbsp;&nbsp;&nbsp;20.51 | &nbsp;&nbsp;&nbsp; (4.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.24 | &nbsp;&nbsp;&nbsp;&nbsp;22.15 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp;&nbsp; (1.28)<br>| &nbsp;&nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp;&nbsp; (0.94)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $96.28 | &nbsp;&nbsp;&nbsp; $89.36 | &nbsp;&nbsp;&nbsp; $70.05 | &nbsp;&nbsp;&nbsp; $75.96 | &nbsp;&nbsp;&nbsp; $65.92 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 8.96 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 29.61 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (6.02 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 49.88<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp; N/A |
| Net investment income | 1.14 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.47 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $6070530 | &nbsp;&nbsp;&nbsp; $5209827 | &nbsp;&nbsp;&nbsp; $3604153 | &nbsp;&nbsp;&nbsp; $3843610 | &nbsp;&nbsp;&nbsp; $2973065 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023, respectively: <br> • Net investment income per share by $0.01, $0.03 and $0.06. <br> • Total return by 0.01%, 0.04% and 0.08%. <br> • Ratio of net investment income to average net assets by 0.01%, 0.04% and 0.09%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023, respectively: <br> • Net investment income per share by $0.01, $0.03 and $0.06. <br> • Total return by 0.01%, 0.04% and 0.08%. <br> • Ratio of net investment income to average net assets by 0.01%, 0.04% and 0.09%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023, respectively: <br> • Net investment income per share by $0.01, $0.03 and $0.06. <br> • Total return by 0.01%, 0.04% and 0.08%. <br> • Ratio of net investment income to average net assets by 0.01%, 0.04% and 0.09%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023, respectively: <br> • Net investment income per share by $0.01, $0.03 and $0.06. <br> • Total return by 0.01%, 0.04% and 0.08%. <br> • Ratio of net investment income to average net assets by 0.01%, 0.04% and 0.09%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023, respectively: <br> • Net investment income per share by $0.01, $0.03 and $0.06. <br> • Total return by 0.01%, 0.04% and 0.08%. <br> • Ratio of net investment income to average net assets by 0.01%, 0.04% and 0.09%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023, respectively: <br> • Net investment income per share by $0.01, $0.03 and $0.06. <br> • Total return by 0.01%, 0.04% and 0.08%. <br> • Ratio of net investment income to average net assets by 0.01%, 0.04% and 0.09%. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(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> 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> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Global Infrastructure ETF  | iShares Global Infrastructure ETF  | iShares Global Infrastructure ETF  | iShares Global Infrastructure ETF  | iShares Global Infrastructure ETF  |
|  | Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>| &nbsp;&nbsp; Year Ended <br>03/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $47.72 | &nbsp;&nbsp;&nbsp; $47.69 | &nbsp;&nbsp;&nbsp; $50.78 | &nbsp;&nbsp;&nbsp; $45.05 | &nbsp;&nbsp;&nbsp; $33.89 |
| Net investment income<sup>(a)</sup> | 1.69 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.64 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.33 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 6.85 | &nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (3.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.84 | &nbsp;&nbsp;&nbsp;&nbsp;11.14 |
| Net increase (decrease) from investment operations | 8.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.88 | &nbsp;&nbsp;&nbsp;&nbsp;12.18 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp;&nbsp; (1.02)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $54.58 | &nbsp;&nbsp;&nbsp; $47.72 | &nbsp;&nbsp;&nbsp; $47.69 | &nbsp;&nbsp;&nbsp; $50.78 | &nbsp;&nbsp;&nbsp; $45.05 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 18.23 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.50 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (3.74 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 15.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 36.27 %<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A |
| Net investment income | 3.26 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.56 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.81 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.57<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $6069311 | &nbsp;&nbsp;&nbsp; $3573978 | &nbsp;&nbsp;&nbsp; $3843434 | &nbsp;&nbsp;&nbsp; $3432989 | &nbsp;&nbsp;&nbsp; $3063620 |
| Portfolio turnover rate<sup>(h)</sup> | &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp;&nbsp; 25<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023, respectively: <br> • Net investment income per share by $0.02, $0.04 and $0.00. <br> • Total return by 0.04%, 0.08% and 0.01%. <br> • Ratio of net investment income to average net assets by 0.04%, 0.08% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023, respectively: <br> • Net investment income per share by $0.02, $0.04 and $0.00. <br> • Total return by 0.04%, 0.08% and 0.01%. <br> • Ratio of net investment income to average net assets by 0.04%, 0.08% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023, respectively: <br> • Net investment income per share by $0.02, $0.04 and $0.00. <br> • Total return by 0.04%, 0.08% and 0.01%. <br> • Ratio of net investment income to average net assets by 0.04%, 0.08% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023, respectively: <br> • Net investment income per share by $0.02, $0.04 and $0.00. <br> • Total return by 0.04%, 0.08% and 0.01%. <br> • Ratio of net investment income to average net assets by 0.04%, 0.08% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023, respectively: <br> • Net investment income per share by $0.02, $0.04 and $0.00. <br> • Total return by 0.04%, 0.08% and 0.01%. <br> • Ratio of net investment income to average net assets by 0.04%, 0.08% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023, respectively: <br> • Net investment income per share by $0.02, $0.04 and $0.00. <br> • Total return by 0.04%, 0.08% and 0.01%. <br> • Ratio of net investment income to average net assets by 0.04%, 0.08% and 0.01%. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(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> 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> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(f)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(f)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(f)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(f)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. | <sup>(f)</sup> Includes payment received from an affiliate, which had no impact on the Fund's total return. |
| <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> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

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*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Global Timber & Forestry ETF  | iShares Global Timber & Forestry ETF  | iShares Global Timber & Forestry ETF  | iShares Global Timber & Forestry ETF  | iShares Global Timber & Forestry ETF  |
|  | Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>| &nbsp;&nbsp; Year Ended <br>03/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $84.65 | &nbsp;&nbsp;&nbsp; $71.74 | &nbsp;&nbsp;&nbsp; $89.11 | &nbsp;&nbsp;&nbsp; $85.14 | &nbsp;&nbsp;&nbsp; $48.10 |
| Net investment income<sup>(a)</sup> | 1.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp; 1.40 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.78 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | &nbsp;&nbsp; (9.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.83 | &nbsp;&nbsp;&nbsp; (17.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.53 | &nbsp;&nbsp;&nbsp;&nbsp;37.04 |
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (7.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;14.25 | &nbsp;&nbsp;&nbsp; (15.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.11 | &nbsp;&nbsp;&nbsp;&nbsp;37.82 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp;&nbsp; (0.78)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $75.39 | &nbsp;&nbsp;&nbsp; $84.65 | &nbsp;&nbsp;&nbsp; $71.74 | &nbsp;&nbsp;&nbsp; $89.11 | &nbsp;&nbsp;&nbsp; $85.14 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (9.15)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.21<br> %<br>| &nbsp;&nbsp;&nbsp; (17.90 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.04 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 79.23<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp; N/A |
| Net investment income | 1.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.81 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.78 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $235207 | &nbsp;&nbsp;&nbsp; $203165 | &nbsp;&nbsp;&nbsp; $202303 | &nbsp;&nbsp;&nbsp; $315454 | &nbsp;&nbsp;&nbsp; $332050 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 80<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2023 and <br> March 31, 2022, respectively:<br> • Net investment income per share by $0.05 and $0.07.<br> • Total return by 0.07% and 0.09%.<br> • Ratio of net investment income to average net assets by 0.06% and 0.07%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2023 and <br> March 31, 2022, respectively:<br> • Net investment income per share by $0.05 and $0.07.<br> • Total return by 0.07% and 0.09%.<br> • Ratio of net investment income to average net assets by 0.06% and 0.07%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2023 and <br> March 31, 2022, respectively:<br> • Net investment income per share by $0.05 and $0.07.<br> • Total return by 0.07% and 0.09%.<br> • Ratio of net investment income to average net assets by 0.06% and 0.07%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2023 and <br> March 31, 2022, respectively:<br> • Net investment income per share by $0.05 and $0.07.<br> • Total return by 0.07% and 0.09%.<br> • Ratio of net investment income to average net assets by 0.06% and 0.07%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2023 and <br> March 31, 2022, respectively:<br> • Net investment income per share by $0.05 and $0.07.<br> • Total return by 0.07% and 0.09%.<br> • Ratio of net investment income to average net assets by 0.06% and 0.07%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2023 and <br> March 31, 2022, respectively:<br> • Net investment income per share by $0.05 and $0.07.<br> • Total return by 0.07% and 0.09%.<br> • Ratio of net investment income to average net assets by 0.06% and 0.07%. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(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> 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> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

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*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

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| | | |
|:---|:---|:---|
|  | iShares Lithium Miners and Producers ETF  | iShares Lithium Miners and Producers ETF  |
|  | Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Period From <br>06/21/23<sup>(a)</sup> <br>to 03/31/24<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $13.56 | &nbsp;&nbsp;&nbsp; $24.94 |
| Net investment income<sup>(b)</sup> | 0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Net realized and unrealized loss<sup>(c)</sup> | &nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp;&nbsp; (11.37)<br>|
| Net decrease from investment operations | &nbsp;&nbsp; (4.85)<br>| &nbsp;&nbsp;&nbsp; (11.26)<br>|
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $8.14 | &nbsp;&nbsp;&nbsp; $13.56 |
| **Total Return**<sup>(e)</sup> <br>|  |  |
| Based on net asset value | &nbsp;&nbsp; (36.38)%<br>| &nbsp;&nbsp;&nbsp; (45.19 )%<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |
| Total expenses | 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47 %<sup>(h)</sup><br>|
| Net investment income | 1.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.82 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $3663 | &nbsp;&nbsp;&nbsp; $2712 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 73<br> %<br>| &nbsp;&nbsp;&nbsp; 48<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(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> 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>(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>(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. |

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*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* 

&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"):

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

---

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

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

***2. SIGNIFICANT ACCOUNTING POLICIES***

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

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

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

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

**Foreign Taxes:** The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of March 31, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

Notes to Financial Statements

------

*Notes to Financial Statements* (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 Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or results of operations.

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 Funds have a single investment strategy as disclosed in their prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

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

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

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

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

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

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

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

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (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 entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| Copper and Metals Mining |  |  |  |  |
| BofA Securities, Inc. | &nbsp;&nbsp; $297305 | &nbsp;&nbsp;&nbsp; $(297305) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 1459488 | &nbsp;&nbsp;&nbsp; (1459488) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 82707 | &nbsp;&nbsp;&nbsp; (82707) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $1839500 | &nbsp;&nbsp;&nbsp; $(1839500) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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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* |
| Global Infrastructure |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $322080 | &nbsp;&nbsp;&nbsp; $(322080) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; 931470 | &nbsp;&nbsp;&nbsp; (931470) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 409595 | &nbsp;&nbsp;&nbsp; (409595) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 2344247 | &nbsp;&nbsp;&nbsp; (2344247) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 8184221 | &nbsp;&nbsp;&nbsp; (8184221) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 174979 | &nbsp;&nbsp;&nbsp; (174979) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 3227393 | &nbsp;&nbsp;&nbsp; (3227393) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Macquarie Bank Limited | &nbsp;&nbsp; 585852 | &nbsp;&nbsp;&nbsp; (585852) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 881188 | &nbsp;&nbsp;&nbsp; (881188) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 9150 | &nbsp;&nbsp;&nbsp; (9150) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $17070175 | &nbsp;&nbsp;&nbsp; $(17070175) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Global Timber & Forestry |  |  |  |  |
| Goldman Sachs & Co. | &nbsp;&nbsp; $1692147 | &nbsp;&nbsp;&nbsp; $(1692147) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Morgan Stanley | &nbsp;&nbsp; 1293238 | &nbsp;&nbsp;&nbsp; (1293238) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Nomura Securities International Inc. | &nbsp;&nbsp; 68967 | &nbsp;&nbsp;&nbsp; (68967) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $3054352 | &nbsp;&nbsp;&nbsp; $(3054352) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Lithium Miners and Producers |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $100289 | &nbsp;&nbsp;&nbsp; $(100289) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 43014 | &nbsp;&nbsp;&nbsp; (43014) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 104648 | &nbsp;&nbsp;&nbsp; (104648) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 5049 | &nbsp;&nbsp;&nbsp; (5049) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 543059 | &nbsp;&nbsp;&nbsp; (543059) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp;(79) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $796138 | &nbsp;&nbsp;&nbsp; $(796138) | &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.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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

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

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

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

---

| | |
|:---|:---|
| *iShares ETF* | *Investment Advisory Fees* |
| Copper and Metals Mining | 0.47% |
| Environmental Infrastructure and Industrials | 0.47 |
| Global 100 | 0.40 |
| Lithium Miners and Producers | 0.47 |

---

For its investment advisory services to each of the iShares Global Infrastructure and iShares Global Timber & Forestry ETFs, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund's allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds as follows:

---

| | |
|:---|:---|
| *Aggregate Average Daily Net Assets* | *Investment Advisory Fees* |
| First $10 billion | 0.4800% |
| Over $10 billion, up to and including $20 billion | 0.4300 |
| Over $20 billion, up to and including $30 billion | 0.3800 |
| Over $30 billion, up to and including $40 billion | 0.3420 |
| Over $40 billion | 0.3078 |

---

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

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

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

Pursuant to the current securities lending agreement, the iShares Global 100 ETF (the "Group 1 Fund"), retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Pursuant to the current securities lending agreement, the iShares Copper and Metals Mining ETF, iShares Environmental Infrastructure and Industrials ETF, iShares Global Infrastructure ETF, iShares Global Timber & Forestry ETF and iShares Lithium Miners and Producers ETF (the "Group 2 Fund"), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in a given calendar year exceeds a specified threshold: (1) the Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 84% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

Prior to January 1, 2025, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in a calendar year exceeded a specified threshold: the Group 1 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained could 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 year ended March 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| Copper and Metals Mining | &nbsp;&nbsp; $1607 |
| Environmental Infrastructure and Industrials | &nbsp;&nbsp; 137 |
| Global 100 | &nbsp;&nbsp; 2956 |
| Global Infrastructure | &nbsp;&nbsp; 65104 |
| Global Timber & Forestry | &nbsp;&nbsp; 25175 |
| Lithium Miners and Producers | &nbsp;&nbsp; 13572 |

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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.

**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 year ended March 31, 2025, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| Global 100 | &nbsp;&nbsp; $87542059 | &nbsp;&nbsp;&nbsp; $74809481 | &nbsp;&nbsp;&nbsp; $(9175531) |
| Global Infrastructure | &nbsp;&nbsp; 14394289 | &nbsp;&nbsp;&nbsp; 102882268 | &nbsp;&nbsp;&nbsp; 410786 |
| Global Timber & Forestry | &nbsp;&nbsp; 7635837 | &nbsp;&nbsp;&nbsp; 12423277 | &nbsp;&nbsp;&nbsp; 86322 |

---

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 year ended March 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| Copper and Metals Mining | &nbsp;&nbsp; $14673341 | &nbsp;&nbsp;&nbsp; $12168619 |
| Environmental Infrastructure and Industrials | &nbsp;&nbsp; 1772120 | &nbsp;&nbsp;&nbsp; 1880471 |
| Global 100 | &nbsp;&nbsp; 434358670 | &nbsp;&nbsp;&nbsp; 359759246 |
| Global Infrastructure | &nbsp;&nbsp; 736096876 | &nbsp;&nbsp;&nbsp; 607439432 |
| Global Timber & Forestry | &nbsp;&nbsp; 177525772 | &nbsp;&nbsp;&nbsp; 158536011 |
| Lithium Miners and Producers | &nbsp;&nbsp; 3538365 | &nbsp;&nbsp;&nbsp; 2627420 |

---

For the year ended March 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| Copper and Metals Mining | &nbsp;&nbsp; $49489006 | &nbsp;&nbsp;&nbsp; $5428329 |
| Global 100 | &nbsp;&nbsp; 666132237 | &nbsp;&nbsp;&nbsp; 278758746 |
| Global Infrastructure | &nbsp;&nbsp; 2107148959 | &nbsp;&nbsp;&nbsp; 282331387 |
| Global Timber & Forestry | &nbsp;&nbsp; 69394129 | &nbsp;&nbsp;&nbsp; 29339056 |
| Lithium Miners and Producers | &nbsp;&nbsp; 1512001 | &nbsp;&nbsp;&nbsp; — |

---

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (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 March 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2025, permanent differences attributable to distributions paid in excess of taxable income and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in Capital* | &nbsp;&nbsp; *Accumulated* <br>*Earnings (Loss)*<br>|
| Copper and Metals Mining | &nbsp;&nbsp; $933867 | &nbsp;&nbsp;&nbsp; $(933867) |
| Global 100 | &nbsp;&nbsp; 172994969 | &nbsp;&nbsp;&nbsp; (172994969) |
| Global Infrastructure | &nbsp;&nbsp; 75013987 | &nbsp;&nbsp;&nbsp; (75013987) |
| Global Timber & Forestry | &nbsp;&nbsp; 4221461 | &nbsp;&nbsp;&nbsp; (4221461) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*03/31/25*<br>| &nbsp;&nbsp; *Period Ended* <br>*03/31/24*<br>|
| Copper and Metals Mining |  |  |
| Ordinary income | &nbsp;&nbsp; $552960 | &nbsp;&nbsp;&nbsp; $110198 |

---

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

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*03/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*03/31/24*<br>|
| Environmental Infrastructure and Industrials |  |  |
| Ordinary income | &nbsp;&nbsp; $82353 | &nbsp;&nbsp;&nbsp; $69099 |
| Long-term capital gains | &nbsp;&nbsp; 102280 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $184633 | &nbsp;&nbsp;&nbsp; $69099 |
| Global 100 |  |  |
| Ordinary income | &nbsp;&nbsp; $66698576 | &nbsp;&nbsp;&nbsp; $65122612 |
| Global Infrastructure |  |  |
| Ordinary income | &nbsp;&nbsp; $136884244 | &nbsp;&nbsp;&nbsp; $125266515 |
| Global Timber & Forestry |  |  |
| Ordinary income | &nbsp;&nbsp; $3669976 | &nbsp;&nbsp;&nbsp; $3848829 |

---

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

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*03/31/25*<br>| &nbsp;&nbsp; *Period Ended* <br>*03/31/24*<br>|
| Lithium Miners and Producers |  |  |
| Ordinary income | &nbsp;&nbsp; $238617 | &nbsp;&nbsp;&nbsp; $23605 |

---

As of March 31, 2025, the tax components of accumulated earnings (losses) were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed* <br>*Ordinary Income*<br>| &nbsp;&nbsp; *Undistributed* <br>*Long-Term Capital Gains*<br>| &nbsp;&nbsp; *Non-expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| &nbsp;&nbsp; *Qualified* <br>*Late-Year* <br>*Ordinary Losses*<sup>(c)</sup> <br>| *Total* |
| Copper and Metals Mining | &nbsp;&nbsp; $367275 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(1397983) | &nbsp;&nbsp;&nbsp; $(6296147) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(7326855) |
| Environmental Infrastructure and <br> Industrials<br>| &nbsp;&nbsp; 13765 | &nbsp;&nbsp;&nbsp; 136651 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 695849 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 846265 |
| Global 100 | &nbsp;&nbsp; 20244971 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (287171713) | &nbsp;&nbsp;&nbsp; 2185514366 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1918587624 |
| Global Infrastructure | &nbsp;&nbsp; 27530281 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (436008398) | &nbsp;&nbsp;&nbsp; 635068675 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 226590558 |
| Global Timber & Forestry | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (41867981) | &nbsp;&nbsp;&nbsp; (11920480) | &nbsp;&nbsp;&nbsp; (26491) | &nbsp;&nbsp;&nbsp; (53814952) |
| Lithium Miners and Producers | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1959922) | &nbsp;&nbsp;&nbsp; (1825983) | &nbsp;&nbsp;&nbsp; (147999) | &nbsp;&nbsp;&nbsp; (3933904) |

---

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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

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

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, realization for tax purposes of unrealized gains (losses) on certain foreign currency contracts and futures contracts and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies. 

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

For the year ended March 31, 2025, the iShares Environmental Infrastructure and Industrials ETF utilized $35,846 of its capital loss carryforwards.

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as "passive foreign investment companies." Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of March 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Copper and Metals Mining | &nbsp;&nbsp; $54859442 | &nbsp;&nbsp;&nbsp; $1339130 | &nbsp;&nbsp;&nbsp; $(7634565) | &nbsp;&nbsp;&nbsp; $(6295435) |
| Environmental Infrastructure and Industrials | &nbsp;&nbsp; 4152742 | &nbsp;&nbsp;&nbsp; 896244 | &nbsp;&nbsp;&nbsp; (199444) | &nbsp;&nbsp;&nbsp; 696800 |
| Global 100 | &nbsp;&nbsp; 3873676131 | &nbsp;&nbsp;&nbsp; 2288924855 | &nbsp;&nbsp;&nbsp; (103397944) | &nbsp;&nbsp;&nbsp; 2185526911 |
| Global Infrastructure | &nbsp;&nbsp; 5439066744 | &nbsp;&nbsp;&nbsp; 873090438 | &nbsp;&nbsp;&nbsp; (238190410) | &nbsp;&nbsp;&nbsp; 634900028 |
| Global Timber & Forestry | &nbsp;&nbsp; 253113720 | &nbsp;&nbsp;&nbsp; 11178367 | &nbsp;&nbsp;&nbsp; (23135217) | &nbsp;&nbsp;&nbsp; (11956850) |
| Lithium Miners and Producers | &nbsp;&nbsp; 6331935 | &nbsp;&nbsp;&nbsp; 7317 | &nbsp;&nbsp;&nbsp; (1833283) | &nbsp;&nbsp;&nbsp; (1825966) |

---

***9. LINE OF CREDIT***

The Funds, along with certain other iShares funds ("Participating Funds"), are parties to a $800 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 15, 2025. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate ("SOFR") plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund's relative exposure to certain target markets or a Participating Fund's maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the year ended March 31, 2025, the Funds did not borrow under the Syndicated Credit Agreement.

***10. PRINCIPAL RISKS***

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject 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 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 Fund is 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 a fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests. Each 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.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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

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

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

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

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

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.

***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.

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

Transactions in capital shares were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>03/31/25 | Year Ended <br>03/31/25 | Period Ended <br>03/31/24 | Period Ended <br>03/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| Copper and Metals Mining<sup>(a)</sup> <br>|  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp; $52463150 | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; $6354720 |
| Shares redeemed | &nbsp;&nbsp; (200000)<br>| &nbsp;&nbsp;&nbsp; (5758822)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp; $46704328 | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; $6354720 |

---

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

<sup>(a)</sup> The Funds commenced operations on June 21, 2023.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>03/31/25 | Year Ended <br>03/31/25 | Year Ended <br>03/31/24 | Year Ended <br>03/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| Global 100 |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 7600000 | &nbsp;&nbsp;&nbsp; $742816617 | &nbsp;&nbsp;&nbsp; 8500000 | &nbsp;&nbsp;&nbsp; $651917018 |
| Shares redeemed | &nbsp;&nbsp; (2850000)<br>| &nbsp;&nbsp;&nbsp; (284947081)<br>| &nbsp;&nbsp;&nbsp; (1650000)<br>| &nbsp;&nbsp;&nbsp; (138148734)<br>|
|  | &nbsp;&nbsp; 4750000 | &nbsp;&nbsp;&nbsp; $457869536 | &nbsp;&nbsp;&nbsp; 6850000 | &nbsp;&nbsp;&nbsp; $513768284 |
| Global Infrastructure |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 41800000 | &nbsp;&nbsp;&nbsp; $2244384892 | &nbsp;&nbsp;&nbsp; 7300000 | &nbsp;&nbsp;&nbsp; $333963513 |
| Shares redeemed | &nbsp;&nbsp; (5500000)<br>| &nbsp;&nbsp;&nbsp; (285483629)<br>| &nbsp;&nbsp;&nbsp; (13000000)<br>| &nbsp;&nbsp;&nbsp; (578691335)<br>|
|  | &nbsp;&nbsp; 36300000 | &nbsp;&nbsp;&nbsp; $1958901263 | &nbsp;&nbsp;&nbsp; (5700000)<br>| &nbsp;&nbsp;&nbsp; $(244727822)<br>|
| Global Timber & Forestry |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp;&nbsp; $87395517 | &nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp; $12999997 |
| Shares redeemed | &nbsp;&nbsp; (420000)<br>| &nbsp;&nbsp;&nbsp; (34503825)<br>| &nbsp;&nbsp;&nbsp; (600000)<br>| &nbsp;&nbsp;&nbsp; (44701768)<br>|
|  | &nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp; $52891692 | &nbsp;&nbsp;&nbsp; (420000)<br>| &nbsp;&nbsp;&nbsp; $(31701771)<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>03/31/25 | Year Ended <br>03/31/25 | Period Ended <br>03/31/24 | Period Ended <br>03/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| Lithium Miners and Producers<sup>(a)</sup> <br>|  |  |  |  |
| Shares sold | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; $2593598 | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; $5003149 |

---

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

<sup>(a)</sup> The Fund commenced operations on June 21, 2023.

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

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

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

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

The iShares Copper and Metals Mining ETF has filed European Union Discrimination Claims ("ECJ Claims") to recover taxes withheld by either Finland or Poland (the "ECJ Paying Countries") on dividend income based upon certain provisions in the Treaty on the Functioning of the European Union. The Fund has recorded receivables for all recoverable taxes withheld by the ECJ Paying Countries based upon previous determinations made by the local tax authorities. Professional and other fees associated with

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

the filing of these claims for foreign withholding taxes have been approved by the Board as appropriate expenses of the Fund. Based upon the Fund's evaluation of the facts and circumstances related to the outstanding ECJ Claims, ECJ Paying Countries' tax claim receivables and related liabilities are disclosed in the Statements of Assets and Liabilities. The collection of these receivables, and any payment of associated liabilities, depends upon future determinations made by the local tax authorities, the outcome of which is uncertain. If such future determinations are unfavorable, the potential negative impact to Fund, as of March 31, 2025, is $2,566 or $0.00 per share.

Certain of the outstanding foreign tax reclaims are not deemed by the Funds to meet the recognition criteria under U.S. GAAP as of March 31, 2025 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 the iShares Global Infrastructure 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.

***13. SUBSEQUENT EVENTS***

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

On May 7, 2025, the iShares Global 100 ETF completed a closing agreement with the IRS related to the recovery of foreign taxes received in fiscal year 2023, and the related tax compliance fee, including interest, was paid to the IRS.

Notes to Financial Statements

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the six funds listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (six of the funds constituting iShares Trust, hereafter collectively referred to as the "Funds") as of March 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2025, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| iShares Copper and Metals Mining ETF<sup>(1)</sup> <br>|
| iShares Environmental Infrastructure and Industrials ETF<sup>(2)</sup> <br>|
| iShares Global 100 ETF<sup>(2)</sup> <br>|
| iShares Global Infrastructure ETF<sup>(2)</sup> <br>|
| iShares Global Timber & Forestry ETF<sup>(2)</sup> <br>|
| iShares Lithium Miners and Producers ETF<sup>(1)</sup> <br>|

---

<sup>(1)</sup> Statement of operations for the year ended March 31, 2025 and statement of changes in net assets for the year ended March 31, 2025 and for the period June 21, 2023 (commencement of operations) through March 31, 2024

<sup>(2)</sup> Statement of operations for the year ended March 31, 2025 and statement of changes in net assets for each of the two years in the period ended March 31, 2025

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 22, 2025

We have served as the auditor of one or more BlackRock investment companies since 2000.

2025 iShares Annual Financial Statements and Additional Information

------

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Dividend* <br>*Income*<br>|
| Copper and Metals Mining | &nbsp;&nbsp; $648443 |
| Environmental Infrastructure and Industrials | &nbsp;&nbsp; 103147 |
| Global 100 | &nbsp;&nbsp; 94294041 |
| Global Infrastructure | &nbsp;&nbsp; 156121902 |
| Global Timber & Forestry | &nbsp;&nbsp; 3952891 |
| Lithium Miners and Producers | &nbsp;&nbsp; 23720 |

---

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Business* <br>*Income*<br>|
| Global 100 | &nbsp;&nbsp; $456536 |

---

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended March 31, 2025:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Foreign Source* <br>*Income Earned*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Foreign* <br>*Taxes Paid*<br>|
| Copper and Metals Mining | &nbsp;&nbsp; $677574 | &nbsp;&nbsp;&nbsp;&nbsp; $26218 |
| Environmental Infrastructure and Industrials | &nbsp;&nbsp; 86629 | &nbsp;&nbsp;&nbsp;&nbsp; 5197 |
| Global Infrastructure | &nbsp;&nbsp; 107916600 | &nbsp;&nbsp;&nbsp;&nbsp; 7610177 |
| Global Timber & Forestry | &nbsp;&nbsp; 2120578 | &nbsp;&nbsp;&nbsp;&nbsp; 200102 |
| Lithium Miners and Producers | &nbsp;&nbsp; 18192 | &nbsp;&nbsp;&nbsp;&nbsp; 278 |

---

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2025 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *iShares ETF* | *Dividends-Received* <br>*Deduction*<br>|
| Copper and Metals Mining | 12.02<br> %<br>|
| Environmental Infrastructure and Industrials | 30.29<br> %<br>|
| Global 100 | 76.96<br> %<br>|
| Global Infrastructure | 37.20<br> %<br>|
| Global Timber & Forestry | 17.48<br> %<br>|
| Lithium Miners and Producers | 2.31<br> %<br>|

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended March 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *20% Rate Long-Term* <br>*Capital Gain Dividends*<br>|
| Environmental Infrastructure and Industrials | &nbsp;&nbsp; $102280 |

---

Important Tax Information

------

Additional Information

**Premium/Discount Information**

Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com**.

**Electronic Delivery**

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

To enroll in electronic delivery:

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

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

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

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

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

**Availability of Portfolio Holdings Information**

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

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

------

March 31, 2025

![](g12537imgec35822a1.jpg)

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

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Annual Financial Statements <br> and Additional Information <br>

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

---

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

---

------

**Table of Contents**

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

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_fefada50-eeff-490d-84c4-b9265fe75ecc_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_fefada50-eeff-490d-84c4-b9265fe75ecc_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 39 |
| [Statements of Operations](#xx_fefada50-eeff-490d-84c4-b9265fe75ecc_FS-Footer-iSharesReport_4)  | &nbsp;&nbsp; 42 |
| [Statements of Changes in Net Assets](#xx_fefada50-eeff-490d-84c4-b9265fe75ecc_FS-Footer-iSharesReport_7)  | &nbsp;&nbsp; 45 |
| [Financial Highlights](#xx_fefada50-eeff-490d-84c4-b9265fe75ecc_FS-Footer-iSharesReport_12)  | &nbsp;&nbsp; 50 |
| [Notes to Financial Statements](#xx_fefada50-eeff-490d-84c4-b9265fe75ecc_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 60 |
| [Report of Independent Registered Public Accounting Firm](#xx_fefada50-eeff-490d-84c4-b9265fe75ecc_opinion-Footer-iSharesReport_1)  | &nbsp;&nbsp; 72 |
| [Important Tax Information](#xx_fefada50-eeff-490d-84c4-b9265fe75ecc_Tax-annual-Footer-iSharesReport_1)  | &nbsp;&nbsp; 73 |
| [Additional Information](#xx_fefada50-eeff-490d-84c4-b9265fe75ecc_SAI-Footer-iSharesReport_1)  | &nbsp;&nbsp; 74 |
| [Glossary of Terms Used in these Financial Statements](#xx_fefada50-eeff-490d-84c4-b9265fe75ecc_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 76 |

---

------

Schedule of Investments

March 31, 2025

**iShares® Global Comm Services ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 1.2%** | **Australia — 1.2%** | **Australia — 1.2%** |
| CAR Group Ltd. | &nbsp;&nbsp; 31161 | $621057 |
| REA Group Ltd. | &nbsp;&nbsp; 4251 | 589803 |
| SEEK Ltd. | &nbsp;&nbsp; 29439 | 398029 |
| Telstra Group Ltd. | &nbsp;&nbsp; 953271 | 2518337 |
|  |  | 4127226 |
| **Brazil — 0.1%** | **Brazil — 0.1%** | **Brazil — 0.1%** |
| Telefonica Brasil SA, ADR NVS | &nbsp;&nbsp; 32288 | 281551 |
| **Canada — 1.3%** | **Canada — 1.3%** | **Canada — 1.3%** |
| BCE Inc. | &nbsp;&nbsp; 75266 | 1727554 |
| Rogers Communications Inc., Class B, NVS | &nbsp;&nbsp; 31553 | 842627 |
| TELUS Corp. | &nbsp;&nbsp; 124909 | 1791544 |
|  |  | 4361725 |
| **China — 6.4%** | **China — 6.4%** | **China — 6.4%** |
| Baidu Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 188150 | 2171654 |
| Kuaishou Technology<sup>(a)(b)</sup> | &nbsp;&nbsp; 229400 | 1608681 |
| NetEase Inc. | &nbsp;&nbsp; 143600 | 2949919 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 240500 | 15366965 |
|  |  | 22097219 |
| **Finland — 0.2%** | **Finland — 0.2%** | **Finland — 0.2%** |
| Elisa OYJ | &nbsp;&nbsp; 12417 | 605267 |
| **France — 1.1%** | **France — 1.1%** | **France — 1.1%** |
| Orange SA | &nbsp;&nbsp; 151429 | 1961631 |
| Publicis Groupe SA | &nbsp;&nbsp; 19228 | 1814135 |
|  |  | 3775766 |
| **Germany — 3.0%** | **Germany — 3.0%** | **Germany — 3.0%** |
| Deutsche Telekom AG, Registered | &nbsp;&nbsp; 283288 | 10458984 |
| **Italy — 0.1%** | **Italy — 0.1%** | **Italy — 0.1%** |
| Telecom Italia SpA/Milano<sup>(a)</sup> | &nbsp;&nbsp; 826282 | 279117 |
| **Japan — 7.2%** | **Japan — 7.2%** | **Japan — 7.2%** |
| Dentsu Group Inc. | &nbsp;&nbsp; 18000 | 397523 |
| KDDI Corp. | &nbsp;&nbsp; 235000 | 3711979 |
| Konami Group Corp. | &nbsp;&nbsp; 8500 | 1003700 |
| LY Corp. | &nbsp;&nbsp; 206500 | 699242 |
| Nexon Co. Ltd. | &nbsp;&nbsp; 34100 | 467045 |
| Nintendo Co. Ltd. | &nbsp;&nbsp; 96400 | 6553050 |
| Nippon Telegraph & Telephone Corp. | &nbsp;&nbsp; 4482400 | 4332111 |
| SoftBank Corp. | &nbsp;&nbsp; 2322000 | 3239133 |
| SoftBank Group Corp. | &nbsp;&nbsp; 86100 | 4404006 |
|  |  | 24807789 |
| **Mexico — 0.3%** | **Mexico — 0.3%** | **Mexico — 0.3%** |
| America Movil SAB de CV, Series B, Class B | &nbsp;&nbsp; 1558079 | 1110059 |
| **Netherlands — 0.9%** | **Netherlands — 0.9%** | **Netherlands — 0.9%** |
| Koninklijke KPN NV | &nbsp;&nbsp; 272720 | 1155147 |
| Universal Music Group NV | &nbsp;&nbsp; 64891 | 1791835 |
|  |  | 2946982 |
| **Norway — 0.2%** | **Norway — 0.2%** | **Norway — 0.2%** |
| Telenor ASA | &nbsp;&nbsp; 51931 | 742040 |
| **Singapore — 0.4%** | **Singapore — 0.4%** | **Singapore — 0.4%** |
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 613100 | 1555037 |
| **South Korea — 0.5%** | **South Korea — 0.5%** | **South Korea — 0.5%** |
| NAVER Corp. | &nbsp;&nbsp; 12156 | 1588591 |
| **Spain — 1.0%** | **Spain — 1.0%** | **Spain — 1.0%** |
| Cellnex Telecom SA<sup>(b)</sup> | &nbsp;&nbsp; 48377 | 1719741 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Spain (continued)** | **Spain (continued)** | **Spain (continued)** |
| Telefonica SA | &nbsp;&nbsp; 397633 | $1874195 |
|  |  | 3593936 |
| **Sweden — 0.4%** | **Sweden — 0.4%** | **Sweden — 0.4%** |
| Tele2 AB, Class B | &nbsp;&nbsp; 46790 | 630970 |
| Telia Co. AB | &nbsp;&nbsp; 191402 | 691018 |
|  |  | 1321988 |
| **Switzerland — 0.3%** | **Switzerland — 0.3%** | **Switzerland — 0.3%** |
| Swisscom AG, Registered | &nbsp;&nbsp; 2094 | 1206671 |
| **Taiwan — 0.4%** | **Taiwan — 0.4%** | **Taiwan — 0.4%** |
| Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp; 313120 | 1216434 |
| **United Kingdom — 1.7%** | **United Kingdom — 1.7%** | **United Kingdom — 1.7%** |
| Auto Trader Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 72852 | 704450 |
| BT Group PLC | &nbsp;&nbsp; 468235 | 1004344 |
| Informa PLC | &nbsp;&nbsp; 109755 | 1100502 |
| Rightmove PLC | &nbsp;&nbsp; 64641 | 575508 |
| Vodafone Group PLC | &nbsp;&nbsp; 1763281 | 1656814 |
| WPP PLC | &nbsp;&nbsp; 89004 | 676343 |
|  |  | 5717961 |
| **United States — 73.0%** | **United States — 73.0%** | **United States — 73.0%** |
| Alphabet Inc., Class A | &nbsp;&nbsp; 260548 | 40291143 |
| Alphabet Inc., Class C, NVS | &nbsp;&nbsp; 211164 | 32990152 |
| AT&T Inc. | &nbsp;&nbsp; 592219 | 16747953 |
| Charter Communications Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 7964 | 2934973 |
| Comcast Corp., Class A | &nbsp;&nbsp; 311165 | 11481989 |
| Electronic Arts Inc. | &nbsp;&nbsp; 19567 | 2827823 |
| Fox Corp., Class A, NVS | &nbsp;&nbsp; 17973 | 1017272 |
| Fox Corp., Class B | &nbsp;&nbsp; 10884 | 573696 |
| Interpublic Group of Companies Inc. (The) | &nbsp;&nbsp; 30733 | 834708 |
| Live Nation Entertainment Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 12937 | 1689313 |
| Match Group Inc. | &nbsp;&nbsp; 20716 | 646339 |
| Meta Platforms Inc., Class A | &nbsp;&nbsp; 127876 | 73702611 |
| Netflix Inc.<sup>(a)</sup> | &nbsp;&nbsp; 17229 | 16066559 |
| News Corp., Class A, NVS | &nbsp;&nbsp; 31191 | 849019 |
| News Corp., Class B | &nbsp;&nbsp; 9630 | 292463 |
| Omnicom Group Inc. | &nbsp;&nbsp; 16211 | 1344054 |
| Paramount Global, Class B, NVS | &nbsp;&nbsp; 49086 | 587069 |
| Take-Two Interactive Software Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13542 | 2806580 |
| TKO Group Holdings Inc., Class A | &nbsp;&nbsp; 5494 | 839538 |
| T-Mobile U.S. Inc. | &nbsp;&nbsp; 39563 | 10551848 |
| Verizon Communications Inc. | &nbsp;&nbsp; 347312 | 15754072 |
| Walt Disney Co. (The) | &nbsp;&nbsp; 149147 | 14720809 |
| Warner Bros Discovery Inc.<sup>(a)</sup> | &nbsp;&nbsp; 184177 | 1976219 |
|  |  | 251526202 |
| **Total Common Stocks — 99.7%** <br>**(Cost: $319,300,802)** | **Total Common Stocks — 99.7%** <br>**(Cost: $319,300,802)** | 343320545 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Italy — 0.1%** | **Italy — 0.1%** | **Italy — 0.1%** |
| Telecom Italia SpA, Preference Shares, NVS | &nbsp;&nbsp; 518136 | 201992 |
| **Total Preferred Stocks — 0.1%** <br>**(Cost: $229,377)** | **Total Preferred Stocks — 0.1%** <br>**(Cost: $229,377)** | 201992 |
| **Total Long-Term Investments — 99.8%** <br>**(Cost: $319,530,179)** | **Total Long-Term Investments — 99.8%** <br>**(Cost: $319,530,179)** | 343522537 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Global Comm Services ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.3%** | **Money Market Funds — 0.3%** | **Money Market Funds — 0.3%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.50%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 867996 | $868430 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.31%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 380000 | 380000 |
| **Total Short-Term Securities — 0.3%** <br>**(Cost: $1,248,430)** | **Total Short-Term Securities — 0.3%** <br>**(Cost: $1,248,430)** | 1248430 |
| **Total Investments — 100.1%** <br>**(Cost: $320,778,609)** | **Total Investments — 100.1%** <br>**(Cost: $320,778,609)** | 344770967 |
| **Liabilities in Excess of Other Assets — (0.1)%** | **Liabilities in Excess of Other Assets — (0.1)%** | (434987)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $344335980 |

---

&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 year ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*03/31/25*<br>| *Shares* <br>*Held at* <br>*03/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $1787900 | $—<br> $(917171 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(2478)<br>| $179 | $868430 | 867996 | $2676 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 390000 | —<br> (10000 )<sup>(a)</sup><br>| &nbsp;&nbsp; — |  | 380000 | 380000 | 30818 | &nbsp;&nbsp; — |
|  |  |  | &nbsp;&nbsp; $(2478)<br>| $179 | $1248430 |  | $33494 | &nbsp;&nbsp; $— |

---

&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 fees and collateral investment expenses, and other payments to and from borrowers of securities. 

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Mini TOPIX Index | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 06/12/25 | &nbsp;&nbsp; $197 | &nbsp;&nbsp; $(327)<br>|
| E-Mini S&P Comm Services Select Sector Index | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp; 636 | &nbsp;&nbsp; (109)<br>|
| Euro STOXX 50 Index | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; (1409)<br>|
|  |  |  |  | &nbsp;&nbsp; $(1845)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Global Comm Services ETF**

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1845 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1845 |

---

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

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

For the period ended March 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $98580 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $98580 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(16297)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(16297)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $1592267 |

---

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; $259206792 | &nbsp;&nbsp; $84113753 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $343320545 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 201992 | &nbsp;&nbsp; — | &nbsp;&nbsp; 201992 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 1248430 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1248430 |
|  | &nbsp;&nbsp; $260455222 | &nbsp;&nbsp; $84315745 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $344770967 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(109)<br>| &nbsp;&nbsp; $(1736)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1845)<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.*

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments

March 31, 2025

**iShares® Global Consumer Discretionary ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 1.4%** | **Australia — 1.4%** | **Australia — 1.4%** |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp; 26551 | $1073805 |
| Lottery Corp. Ltd. (The) | &nbsp;&nbsp; 95368 | 285342 |
| Wesfarmers Ltd. | &nbsp;&nbsp; 48631 | 2204635 |
|  |  | 3563782 |
| **Canada — 1.2%** | **Canada — 1.2%** | **Canada — 1.2%** |
| Canadian Tire Corp. Ltd., Class A, NVS | &nbsp;&nbsp; 2237 | 232304 |
| Dollarama Inc. | &nbsp;&nbsp; 11774 | 1259013 |
| Gildan Activewear Inc. | &nbsp;&nbsp; 6059 | 267867 |
| Magna International Inc. | &nbsp;&nbsp; 11363 | 386202 |
| Restaurant Brands International Inc. | &nbsp;&nbsp; 13901 | 926669 |
|  |  | 3072055 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Empresas Copec SA | &nbsp;&nbsp; 15561 | 107335 |
| Falabella SA | &nbsp;&nbsp; 31781 | 132541 |
|  |  | 239876 |
| **China — 9.2%** | **China — 9.2%** | **China — 9.2%** |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 673200 | 11138745 |
| ANTA Sports Products Ltd. | &nbsp;&nbsp; 49600 | 545352 |
| BYD Co. Ltd., Class H | &nbsp;&nbsp; 52500 | 2658418 |
| JD.com Inc., Class A | &nbsp;&nbsp; 124200 | 2554985 |
| Li Auto Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 53600 | 675488 |
| Meituan, Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 233600 | 4700608 |
| Trip.com Group Ltd. | &nbsp;&nbsp; 22700 | 1442966 |
|  |  | 23716562 |
| **Denmark — 0.2%** | **Denmark — 0.2%** | **Denmark — 0.2%** |
| GN Store Nord A/S<sup>(a)</sup> | &nbsp;&nbsp; 6267 | 98028 |
| Pandora A/S | &nbsp;&nbsp; 3513 | 538407 |
|  |  | 636435 |
| **France — 5.1%** | **France — 5.1%** | **France — 5.1%** |
| Accor SA | &nbsp;&nbsp; 7830 | 357089 |
| Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp; 30239 | 1062797 |
| Hermes International SCA | &nbsp;&nbsp; 1443 | 3796703 |
| Kering SA | &nbsp;&nbsp; 3014 | 627033 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 10900 | 6750132 |
| Renault SA | &nbsp;&nbsp; 7983 | 404391 |
| Sodexo SA | &nbsp;&nbsp; 3468 | 222747 |
|  |  | 13220892 |
| **Germany — 2.1%** | **Germany — 2.1%** | **Germany — 2.1%** |
| adidas AG | &nbsp;&nbsp; 7095 | 1673429 |
| Bayerische Motoren Werke AG | &nbsp;&nbsp; 11924 | 961519 |
| Continental AG | &nbsp;&nbsp; 4628 | 326366 |
| Delivery Hero SE, Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 8941 | 214384 |
| Mercedes-Benz Group AG | &nbsp;&nbsp; 29536 | 1744741 |
| Puma SE | &nbsp;&nbsp; 4394 | 107179 |
| Volkswagen AG | &nbsp;&nbsp; 1259 | 131522 |
| Zalando SE<sup>(a)(b)</sup> | &nbsp;&nbsp; 9385 | 325521 |
|  |  | 5484661 |
| **Italy — 1.5%** | **Italy — 1.5%** | **Italy — 1.5%** |
| Ferrari NV | &nbsp;&nbsp; 5235 | 2235661 |
| Moncler SpA | &nbsp;&nbsp; 9773 | 601988 |
| Stellantis NV | &nbsp;&nbsp; 90583 | 1015985 |
|  |  | 3853634 |
| **Japan — 12.5%** | **Japan — 12.5%** | **Japan — 12.5%** |
| Aisin Corp. | &nbsp;&nbsp; 27400 | 299287 |
| Asics Corp. | &nbsp;&nbsp; 32500 | 689246 |
| Bandai Namco Holdings Inc. | &nbsp;&nbsp; 28300 | 949393 |
| Bridgestone Corp. | &nbsp;&nbsp; 24800 | 996286 |
| Denso Corp. | &nbsp;&nbsp; 91000 | 1128998 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Fast Retailing Co. Ltd. | &nbsp;&nbsp; 8800 | $2619683 |
| Honda Motor Co. Ltd. | &nbsp;&nbsp; 207029 | 1873524 |
| Isuzu Motors Ltd. | &nbsp;&nbsp; 25400 | 345379 |
| Nissan Motor Co. Ltd. | &nbsp;&nbsp; 92300 | 236719 |
| Nitori Holdings Co. Ltd. | &nbsp;&nbsp; 3700 | 362006 |
| Oriental Land Co. Ltd./Japan | &nbsp;&nbsp; 51700 | 1019561 |
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp; 22900 | 629025 |
| Panasonic Holdings Corp. | &nbsp;&nbsp; 98000 | 1169091 |
| Rakuten Group Inc.<sup>(a)</sup> | &nbsp;&nbsp; 63700 | 365445 |
| Sekisui House Ltd. | &nbsp;&nbsp; 28400 | 635652 |
| Shimano Inc. | &nbsp;&nbsp; 3400 | 477404 |
| Sony Group Corp. | &nbsp;&nbsp; 263000 | 6654686 |
| Subaru Corp. | &nbsp;&nbsp; 25088 | 449305 |
| Sumitomo Electric Industries Ltd. | &nbsp;&nbsp; 34000 | 567457 |
| Suzuki Motor Corp. | &nbsp;&nbsp; 84200 | 1033565 |
| Toyota Motor Corp. | &nbsp;&nbsp; 526400 | 9305330 |
| Yamaha Motor Co. Ltd. | &nbsp;&nbsp; 43939 | 351789 |
|  |  | 32158831 |
| **Netherlands — 1.1%** | **Netherlands — 1.1%** | **Netherlands — 1.1%** |
| Prosus NV | &nbsp;&nbsp; 59455 | 2762228 |
| **South Korea — 0.6%** | **South Korea — 0.6%** | **South Korea — 0.6%** |
| Hyundai Motor Co. | &nbsp;&nbsp; 5922 | 799884 |
| Kia Corp. | &nbsp;&nbsp; 10735 | 678974 |
|  |  | 1478858 |
| **Spain — 1.5%** | **Spain — 1.5%** | **Spain — 1.5%** |
| Amadeus IT Group SA | &nbsp;&nbsp; 19169 | 1468019 |
| Industria de Diseno Textil SA | &nbsp;&nbsp; 48074 | 2393694 |
|  |  | 3861713 |
| **Sweden — 0.3%** | **Sweden — 0.3%** | **Sweden — 0.3%** |
| Evolution AB<sup>(b)</sup> | &nbsp;&nbsp; 8078 | 601885 |
| H & M Hennes & Mauritz AB, Class B | &nbsp;&nbsp; 24271 | 320136 |
|  |  | 922021 |
| **Switzerland — 1.7%** | **Switzerland — 1.7%** | **Switzerland — 1.7%** |
| Cie Financiere Richemont SA, Class A, Registered | &nbsp;&nbsp; 22971 | 4009951 |
| Swatch Group AG (The), Bearer | &nbsp;&nbsp; 1240 | 213834 |
| Swatch Group AG (The), Registered | &nbsp;&nbsp; 2109 | 72793 |
|  |  | 4296578 |
| **United Kingdom — 2.4%** | **United Kingdom — 2.4%** | **United Kingdom — 2.4%** |
| Barratt Redrow PLC | &nbsp;&nbsp; 59059 | 324874 |
| Berkeley Group Holdings PLC | &nbsp;&nbsp; 4309 | 200550 |
| Burberry Group PLC | &nbsp;&nbsp; 15364 | 154759 |
| Compass Group PLC | &nbsp;&nbsp; 72396 | 2394590 |
| Entain PLC | &nbsp;&nbsp; 27392 | 206958 |
| InterContinental Hotels Group PLC | &nbsp;&nbsp; 6790 | 731081 |
| Kingfisher PLC | &nbsp;&nbsp; 76639 | 252449 |
| Next PLC | &nbsp;&nbsp; 4921 | 708994 |
| Pearson PLC | &nbsp;&nbsp; 28560 | 451803 |
| Persimmon PLC | &nbsp;&nbsp; 13707 | 212006 |
| Taylor Wimpey PLC | &nbsp;&nbsp; 151679 | 213108 |
| Whitbread PLC | &nbsp;&nbsp; 7559 | 240799 |
|  |  | 6091971 |
| **United States — 58.1%** | **United States — 58.1%** | **United States — 58.1%** |
| Airbnb Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 18547 | 2215625 |
| Amazon.com Inc.<sup>(a)</sup> | &nbsp;&nbsp; 130496 | 24828169 |
| Aptiv PLC<sup>(a)</sup> | &nbsp;&nbsp; 9831 | 584944 |
| AutoZone Inc.<sup>(a)</sup> | &nbsp;&nbsp; 716 | 2729950 |
| Best Buy Co. Inc. | &nbsp;&nbsp; 8336 | 613613 |
| Booking Holdings Inc. | &nbsp;&nbsp; 1415 | 6518778 |
| Caesars Entertainment Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9104 | 227600 |
| CarMax Inc.<sup>(a)</sup> | &nbsp;&nbsp; 6590 | 513493 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Global Consumer Discretionary ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Carnival Corp.<sup>(a)</sup> | &nbsp;&nbsp; 44894 | $876780 |
| Chipotle Mexican Grill Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 57859 | 2905100 |
| Darden Restaurants Inc. | &nbsp;&nbsp; 5019 | 1042747 |
| Deckers Outdoor Corp.<sup>(a)</sup> | &nbsp;&nbsp; 6503 | 727100 |
| Domino's Pizza Inc. | &nbsp;&nbsp; 1480 | 679986 |
| DoorDash Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 14481 | 2646692 |
| DR Horton Inc. | &nbsp;&nbsp; 12152 | 1544884 |
| eBay Inc. | &nbsp;&nbsp; 20366 | 1379389 |
| Expedia Group Inc. | &nbsp;&nbsp; 5284 | 888240 |
| Ford Motor Co. | &nbsp;&nbsp; 165757 | 1662543 |
| Garmin Ltd. | &nbsp;&nbsp; 6582 | 1429150 |
| General Motors Co. | &nbsp;&nbsp; 42424 | 1995201 |
| Genuine Parts Co. | &nbsp;&nbsp; 5957 | 709717 |
| Hasbro Inc. | &nbsp;&nbsp; 5619 | 345512 |
| Hilton Worldwide Holdings Inc. | &nbsp;&nbsp; 10263 | 2335346 |
| Home Depot Inc. (The) | &nbsp;&nbsp; 32022 | 11735743 |
| Las Vegas Sands Corp. | &nbsp;&nbsp; 14724 | 568788 |
| Lennar Corp., Class A | &nbsp;&nbsp; 9915 | 1138044 |
| LKQ Corp. | &nbsp;&nbsp; 11138 | 473810 |
| Lowe's Companies Inc. | &nbsp;&nbsp; 24147 | 5631805 |
| Lululemon Athletica Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4801 | 1358971 |
| Marriott International Inc./MD, Class A | &nbsp;&nbsp; 9761 | 2325070 |
| McDonald's Corp. | &nbsp;&nbsp; 30621 | 9565082 |
| MGM Resorts International<sup>(a)</sup> | &nbsp;&nbsp; 9586 | 284129 |
| Mohawk Industries Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2245 | 256334 |
| Nike Inc., Class B | &nbsp;&nbsp; 50467 | 3203645 |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 18840 | 357206 |
| NVR Inc.<sup>(a)</sup> | &nbsp;&nbsp; 128 | 927282 |
| O'Reilly Automotive Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2455 | 3516984 |
| Pool Corp. | &nbsp;&nbsp; 1631 | 519229 |
| PulteGroup Inc. | &nbsp;&nbsp; 8675 | 891790 |
| Ralph Lauren Corp., Class A | &nbsp;&nbsp; 1709 | 377245 |
| Ross Stores Inc. | &nbsp;&nbsp; 14053 | 1795833 |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 10560 | 2169446 |
| Starbucks Corp. | &nbsp;&nbsp; 48564 | 4763643 |
| Tapestry Inc. | &nbsp;&nbsp; 8870 | 624537 |
| Tesla Inc.<sup>(a)</sup> | &nbsp;&nbsp; 104616 | 27112283 |
| TJX Companies Inc. (The) | &nbsp;&nbsp; 47987 | 5844817 |
| Tractor Supply Co. | &nbsp;&nbsp; 22888 | 1261129 |
| Ulta Beauty Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1987 | 728315 |
| Williams-Sonoma Inc. | &nbsp;&nbsp; 5274 | 833819 |
| Wynn Resorts Ltd. | &nbsp;&nbsp; 3838 | 320473 |
| Yum! Brands Inc. | &nbsp;&nbsp; 11891 | 1871168 |
|  |  | 149857179 |
| **Total Common Stocks — 99.0%** <br>**(Cost: $266,313,881)** | **Total Common Stocks — 99.0%** <br>**(Cost: $266,313,881)** | 255217276 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Germany — 0.5%** | **Germany — 0.5%** | **Germany — 0.5%** |
| Bayerische Motoren Werke AG, Preference Shares, NVS | &nbsp;&nbsp; 2525 | $190482 |
| Dr Ing hc F Porsche AG, Preference Shares, NVS<sup>(b)</sup> | &nbsp;&nbsp; 3903 | 195473 |
| Porsche Automobil Holding SE, Preference Shares, NVS | &nbsp;&nbsp; 6561 | 247078 |
| Volkswagen AG, Preference Shares, NVS | &nbsp;&nbsp; 7863 | 802326 |
|  |  | 1435359 |
| **South Korea — 0.1%** | **South Korea — 0.1%** | **South Korea — 0.1%** |
| Hyundai Motor Co. |  |  |
| Preference Shares, NVS | &nbsp;&nbsp; 899 | 90557 |
| Series 2, Preference Shares, NVS | &nbsp;&nbsp; 1525 | 154707 |
|  |  | 245264 |
| **Total Preferred Stocks — 0.6%** <br>**(Cost: $3,027,787)** | **Total Preferred Stocks — 0.6%** <br>**(Cost: $3,027,787)** | 1680623 |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $269,341,668)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $269,341,668)** | 256897899 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** | **Money Market Funds — 0.2%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.31%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 550000 | 550000 |
| **Total Short-Term Securities — 0.2%** <br>**(Cost: $550,000)** | **Total Short-Term Securities — 0.2%** <br>**(Cost: $550,000)** | 550000 |
| **Total Investments — 99.8%** <br>**(Cost: $269,891,668)** | **Total Investments — 99.8%** <br>**(Cost: $269,891,668)** | 257447899 |
| **Other Assets Less Liabilities — 0.2%** | **Other Assets Less Liabilities — 0.2%** | 413111 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $257861010 |

---

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

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

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

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

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

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Global Consumer Discretionary ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/24*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*03/31/25*<br>| *Shares* <br>*Held at* <br>*03/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares<sup>(a)</sup> | $—<br> $92 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— | $(92)<br>| $— | $— |  | $1200 <br><sup>(c)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 290000<br> 260000 <br><sup>(b)</sup><br>| &nbsp;&nbsp; — |  |  | 550000 | 550000 | 16837 | &nbsp;&nbsp; — |
|  |  |  | $(92)<br>| $— | $550000 |  | $18037 | &nbsp;&nbsp; $— |

---

&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 fees and collateral investment expenses, and other payments to and from borrowers of securities. 

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| TOPIX Index | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 06/12/25 | &nbsp;&nbsp; $179 | &nbsp;&nbsp; $(4385)<br>|
| E-Mini Consumer Discretionary Select Sector Index | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp; 403 | &nbsp;&nbsp; 885 |
| Euro STOXX 50 Index | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp; 282 | &nbsp;&nbsp; (6915)<br>|
|  |  |  |  | &nbsp;&nbsp; $(10415)<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; $885 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $885 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11300 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11300 |

---

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

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

For the period ended March 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $59090 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $59090 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(28849)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(28849)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Global Consumer Discretionary ETF**

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $671630 |

---

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; $153284522 | &nbsp;&nbsp; $101932754 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $255217276 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 1680623 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1680623 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 550000 |
|  | &nbsp;&nbsp; $153834522 | &nbsp;&nbsp; $103613377 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $257447899 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $885 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $885 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (11300)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (11300)<br>|
|  | &nbsp;&nbsp; $885 | &nbsp;&nbsp; $(11300)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(10415)<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.*

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments

March 31, 2025

**iShares® Global Consumer Staples ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 1.2%** | **Australia — 1.2%** | **Australia — 1.2%** |
| Coles Group Ltd. | &nbsp;&nbsp; 258636 | $3165898 |
| Treasury Wine Estates Ltd. | &nbsp;&nbsp; 156656 | 960494 |
| Woolworths Group Ltd. | &nbsp;&nbsp; 235844 | 4378994 |
|  |  | 8505386 |
| **Belgium — 1.5%** | **Belgium — 1.5%** | **Belgium — 1.5%** |
| Anheuser-Busch InBev SA | &nbsp;&nbsp; 173486 | 10666164 |
| **Brazil — 0.3%** | **Brazil — 0.3%** | **Brazil — 0.3%** |
| Ambev SA, ADR | &nbsp;&nbsp; 851824 | 1984750 |
| **Canada — 2.3%** | **Canada — 2.3%** | **Canada — 2.3%** |
| Alimentation Couche-Tard Inc. | &nbsp;&nbsp; 150090 | 7402027 |
| George Weston Ltd. | &nbsp;&nbsp; 10274 | 1751517 |
| Loblaw Companies Ltd. | &nbsp;&nbsp; 27368 | 3835190 |
| Metro Inc./CN | &nbsp;&nbsp; 38837 | 2700684 |
| Saputo Inc. | &nbsp;&nbsp; 47936 | 827109 |
|  |  | 16516527 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Cencosud SA | &nbsp;&nbsp; 240449 | 734358 |
| **Denmark — 0.3%** | **Denmark — 0.3%** | **Denmark — 0.3%** |
| Carlsberg A/S, Class B | &nbsp;&nbsp; 18213 | 2305360 |
| **Finland — 0.1%** | **Finland — 0.1%** | **Finland — 0.1%** |
| Kesko OYJ, Class B | &nbsp;&nbsp; 53195 | 1087329 |
| **France — 4.3%** | **France — 4.3%** | **France — 4.3%** |
| Carrefour SA | &nbsp;&nbsp; 96391 | 1378574 |
| Danone SA | &nbsp;&nbsp; 122012 | 9332114 |
| L'Oreal SA | &nbsp;&nbsp; 44435 | 16516164 |
| Pernod Ricard SA | &nbsp;&nbsp; 37500 | 3704722 |
|  |  | 30931574 |
| **Germany — 0.5%** | **Germany — 0.5%** | **Germany — 0.5%** |
| Beiersdorf AG | &nbsp;&nbsp; 18715 | 2417676 |
| Henkel AG & Co. KGaA | &nbsp;&nbsp; 19227 | 1385225 |
|  |  | 3802901 |
| **Ireland — 0.4%** | **Ireland — 0.4%** | **Ireland — 0.4%** |
| Kerry Group PLC, Class A | &nbsp;&nbsp; 28490 | 2983322 |
| **Japan — 5.3%** | **Japan — 5.3%** | **Japan — 5.3%** |
| Aeon Co. Ltd. | &nbsp;&nbsp; 169417 | 4248965 |
| Ajinomoto Co. Inc. | &nbsp;&nbsp; 182600 | 3615062 |
| Asahi Group Holdings Ltd. | &nbsp;&nbsp; 293494 | 3749846 |
| Japan Tobacco Inc. | &nbsp;&nbsp; 212300 | 5835304 |
| Kao Corp. | &nbsp;&nbsp; 90500 | 3917448 |
| Kikkoman Corp. | &nbsp;&nbsp; 188800 | 1821293 |
| Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 157796 | 2186446 |
| MEIJI Holdings Co. Ltd. | &nbsp;&nbsp; 50100 | 1085572 |
| Nissin Foods Holdings Co. Ltd. | &nbsp;&nbsp; 46100 | 940918 |
| Seven & i Holdings Co. Ltd. | &nbsp;&nbsp; 462511 | 6697573 |
| Shiseido Co. Ltd. | &nbsp;&nbsp; 77900 | 1477367 |
| Unicharm Corp. | &nbsp;&nbsp; 246600 | 1964115 |
| Yakult Honsha Co. Ltd. | &nbsp;&nbsp; 59340 | 1129149 |
|  |  | 38669058 |
| **Mexico — 1.0%** | **Mexico — 1.0%** | **Mexico — 1.0%** |
| Arca Continental SAB de CV | &nbsp;&nbsp; 95038 | 993732 |
| Fomento Economico Mexicano SAB de CV | &nbsp;&nbsp; 333756 | 3259032 |
| Grupo Bimbo SAB de CV, Series A, Class A | &nbsp;&nbsp; 280124 | 761617 |
| Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp; 941001 | 2591552 |
|  |  | 7605933 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Netherlands — 1.7%** | **Netherlands — 1.7%** | **Netherlands — 1.7%** |
| Heineken Holding NV | &nbsp;&nbsp; 21685 | $1569423 |
| Heineken NV | &nbsp;&nbsp; 53378 | 4352459 |
| Koninklijke Ahold Delhaize NV | &nbsp;&nbsp; 177713 | 6638474 |
|  |  | 12560356 |
| **Norway — 0.4%** | **Norway — 0.4%** | **Norway — 0.4%** |
| Mowi ASA | &nbsp;&nbsp; 86613 | 1605578 |
| Orkla ASA | &nbsp;&nbsp; 146280 | 1604177 |
|  |  | 3209755 |
| **Portugal — 0.2%** | **Portugal — 0.2%** | **Portugal — 0.2%** |
| Jeronimo Martins SGPS SA | &nbsp;&nbsp; 53594 | 1135843 |
| **Sweden — 0.5%** | **Sweden — 0.5%** | **Sweden — 0.5%** |
| Essity AB, Class B | &nbsp;&nbsp; 117585 | 3340732 |
| **Switzerland — 5.3%** | **Switzerland — 5.3%** | **Switzerland — 5.3%** |
| Barry Callebaut AG, Registered<sup>(a)</sup> | &nbsp;&nbsp; 665 | 880735 |
| Chocoladefabriken Lindt & Spruengli AG, Participation <br> Certificates, NVS<br>| &nbsp;&nbsp; 191 | 2582212 |
| Chocoladefabriken Lindt & Spruengli AG, Registered | &nbsp;&nbsp; 21 | 2755743 |
| Nestle SA, Registered | &nbsp;&nbsp; 316255 | 31959654 |
|  |  | 38178344 |
| **United Kingdom — 11.4%** | **United Kingdom — 11.4%** | **United Kingdom — 11.4%** |
| Associated British Foods PLC | &nbsp;&nbsp; 60447 | 1498563 |
| British American Tobacco PLC | &nbsp;&nbsp; 383961 | 15751746 |
| Coca-Cola HBC AG, Class DI<sup>(b)</sup> | &nbsp;&nbsp; 38459 | 1741798 |
| Diageo PLC | &nbsp;&nbsp; 430687 | 11254981 |
| Imperial Brands PLC | &nbsp;&nbsp; 149424 | 5528964 |
| J Sainsbury PLC | &nbsp;&nbsp; 316750 | 965480 |
| Marks & Spencer Group PLC | &nbsp;&nbsp; 399479 | 1844333 |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp; 132204 | 8939693 |
| Tesco PLC | &nbsp;&nbsp; 1300639 | 5595716 |
| Unilever PLC | &nbsp;&nbsp; 488256 | 29132779 |
|  |  | 82254053 |
| **United States — 62.2%** | **United States — 62.2%** | **United States — 62.2%** |
| Altria Group Inc. | &nbsp;&nbsp; 327725 | 19670054 |
| Archer-Daniels-Midland Co. | &nbsp;&nbsp; 92386 | 4435452 |
| Brown-Forman Corp., Class B  | &nbsp;&nbsp; 35160 | 1193330 |
| Bunge Global SA | &nbsp;&nbsp; 25770 | 1969343 |
| Church & Dwight Co. Inc. | &nbsp;&nbsp; 47450 | 5223770 |
| Clorox Co. (The) | &nbsp;&nbsp; 23783 | 3502047 |
| Coca-Cola Co. (The) | &nbsp;&nbsp; 456099 | 32665810 |
| Colgate-Palmolive Co. | &nbsp;&nbsp; 156985 | 14709494 |
| Conagra Brands Inc. | &nbsp;&nbsp; 91865 | 2450040 |
| Constellation Brands Inc., Class A | &nbsp;&nbsp; 30002 | 5505967 |
| Costco Wholesale Corp. | &nbsp;&nbsp; 73115 | 69150705 |
| Dollar General Corp. | &nbsp;&nbsp; 42458 | 3733332 |
| Dollar Tree Inc.<sup>(b)</sup> | &nbsp;&nbsp; 38924 | 2922025 |
| Estee Lauder Companies Inc. (The), Class A | &nbsp;&nbsp; 45474 | 3001284 |
| General Mills Inc. | &nbsp;&nbsp; 106421 | 6362912 |
| Hershey Co. (The) | &nbsp;&nbsp; 28523 | 4878289 |
| Hormel Foods Corp. | &nbsp;&nbsp; 56604 | 1751328 |
| J.M. Smucker Co. (The) | &nbsp;&nbsp; 20468 | 2423616 |
| Kellanova | &nbsp;&nbsp; 51907 | 4281808 |
| Kenvue Inc. | &nbsp;&nbsp; 370151 | 8876221 |
| Keurig Dr Pepper Inc. | &nbsp;&nbsp; 230505 | 7887881 |
| Kimberly-Clark Corp. | &nbsp;&nbsp; 64239 | 9136071 |
| Kraft Heinz Co. (The) | &nbsp;&nbsp; 168417 | 5124929 |
| Kroger Co. (The) | &nbsp;&nbsp; 128956 | 8729032 |
| Lamb Weston Holdings Inc. | &nbsp;&nbsp; 27772 | 1480248 |
| McCormick & Co. Inc./MD, NVS | &nbsp;&nbsp; 48751 | 4012695 |
| Molson Coors Beverage Co., Class B | &nbsp;&nbsp; 33240 | 2023319 |
| Mondelez International Inc., Class A | &nbsp;&nbsp; 250156 | 16973085 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Global Consumer Staples ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Monster Beverage Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 135673 | $7939584 |
| PepsiCo Inc. | &nbsp;&nbsp; 215290 | 32280583 |
| Philip Morris International Inc. | &nbsp;&nbsp; 210809 | 33461713 |
| Procter & Gamble Co. (The) | &nbsp;&nbsp; 386224 | 65820294 |
| Sysco Corp. | &nbsp;&nbsp; 94837 | 7116568 |
| Target Corp. | &nbsp;&nbsp; 88731 | 9259967 |
| The Campbell's Co. | &nbsp;&nbsp; 38256 | 1527179 |
| Tyson Foods Inc., Class A | &nbsp;&nbsp; 55205 | 3522631 |
| Walgreens Boots Alliance Inc. | &nbsp;&nbsp; 139767 | 1561197 |
| Walmart Inc. | &nbsp;&nbsp; 374408 | 32869278 |
|  |  | 449433081 |
| **Total Common Stocks — 99.0%** <br>**(Cost: $735,470,148)** | **Total Common Stocks — 99.0%** <br>**(Cost: $735,470,148)** | 715904826 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Germany — 0.3%** | **Germany — 0.3%** | **Germany — 0.3%** |
| Henkel AG & Co. KGaA, Preference Shares, NVS | &nbsp;&nbsp; 31225 | 2484483 |
| **Total Preferred Stocks — 0.3%** <br>**(Cost: $3,075,055)** | **Total Preferred Stocks — 0.3%** <br>**(Cost: $3,075,055)** | 2484483 |
| **Total Long-Term Investments — 99.3%** <br>**(Cost: $738,545,203)** | **Total Long-Term Investments — 99.3%** <br>**(Cost: $738,545,203)** | 718389309 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.4%** | **Money Market Funds — 0.4%** | **Money Market Funds — 0.4%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.50%<sup>(c)(d)(e)</sup><br>| &nbsp;&nbsp; 1032852 | $1033369 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.31%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 1670000 | 1670000 |
| **Total Short-Term Securities — 0.4%** <br>**(Cost: $2,703,369)** | **Total Short-Term Securities — 0.4%** <br>**(Cost: $2,703,369)** | 2703369 |
| **Total Investments — 99.7%** <br>**(Cost: $741,248,572)** | **Total Investments — 99.7%** <br>**(Cost: $741,248,572)** | 721092678 |
| **Other Assets Less Liabilities — 0.3%** | **Other Assets Less Liabilities — 0.3%** | 1846514 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $722939192 |

---

&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. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/24*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*03/31/25*<br>| *Shares* <br>*Held at* <br>*03/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $—<br> $1033564 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $(195)<br>| $— | $1033369 | 1032852 | $1132 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 930000<br> 740000 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |  |  | 1670000 | 1670000 | 62996 | &nbsp;&nbsp; — |
|  |  |  | $(195)<br>| $— | $2703369 |  | $64128 | &nbsp;&nbsp; $— |

---

&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 fees and collateral investment expenses, and other payments to and from borrowers of securities. 

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| E-Mini Consumer Staples Select Sector Index | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp; $3488 | &nbsp;&nbsp; $74107 |
| Euro STOXX 50 Index | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp; 282 | &nbsp;&nbsp; (7293)<br>|
| FTSE 100 Index | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp; 669 | &nbsp;&nbsp; (3374)<br>|
|  |  |  |  | &nbsp;&nbsp; $63440 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Global Consumer Staples ETF**

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Assets—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized appreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $74107 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $74107 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10667 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10667 |

---

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

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

For the period ended March 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $107092 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $107092 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(36485)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(36485)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $4599112 |

---

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; $478496064 | &nbsp;&nbsp; $237408762 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $715904826 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 2484483 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2484483 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 2703369 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2703369 |
|  | &nbsp;&nbsp; $481199433 | &nbsp;&nbsp; $239893245 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $721092678 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $74107 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $74107 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Global Consumer Staples ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(10667)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(10667)<br>|
|  | &nbsp;&nbsp; $74107 | &nbsp;&nbsp; $(10667)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $63440 |

---

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

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

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments

March 31, 2025

**iShares® Global Energy ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 1.5%** | **Australia — 1.5%** | **Australia — 1.5%** |
| Santos Ltd. | &nbsp;&nbsp; 2104140 | $8817272 |
| Woodside Energy Group Ltd. | &nbsp;&nbsp; 1229836 | 17866965 |
|  |  | 26684237 |
| **Austria — 0.3%** | **Austria — 0.3%** | **Austria — 0.3%** |
| OMV AG | &nbsp;&nbsp; 91398 | 4706664 |
| **Brazil — 1.0%** | **Brazil — 1.0%** | **Brazil — 1.0%** |
| Petroleo Brasileiro SA, ADR | &nbsp;&nbsp; 1206332 | 17298801 |
| **Canada — 12.3%** | **Canada — 12.3%** | **Canada — 12.3%** |
| Cameco Corp. | &nbsp;&nbsp; 282621 | 11634389 |
| Canadian Natural Resources Ltd. | &nbsp;&nbsp; 1362951 | 41938411 |
| Cenovus Energy Inc. | &nbsp;&nbsp; 826125 | 11481533 |
| Enbridge Inc. | &nbsp;&nbsp; 1412563 | 62517729 |
| Imperial Oil Ltd. | &nbsp;&nbsp; 102149 | 7378749 |
| Pembina Pipeline Corp. | &nbsp;&nbsp; 376693 | 15067197 |
| Suncor Energy Inc. | &nbsp;&nbsp; 807520 | 31267165 |
| TC Energy Corp. | &nbsp;&nbsp; 673724 | 31817020 |
| Tourmaline Oil Corp. | &nbsp;&nbsp; 227706 | 10981409 |
|  |  | 224083602 |
| **China — 1.1%** | **China — 1.1%** | **China — 1.1%** |
| China Petroleum & Chemical Corp., Class H | &nbsp;&nbsp; 15568000 | 8213719 |
| PetroChina Co. Ltd., Class H | &nbsp;&nbsp; 13606000 | 11031168 |
|  |  | 19244887 |
| **Colombia — 0.1%** | **Colombia — 0.1%** | **Colombia — 0.1%** |
| Ecopetrol SA, ADR | &nbsp;&nbsp; 163013 | 1701856 |
| **Finland — 0.1%** | **Finland — 0.1%** | **Finland — 0.1%** |
| Neste OYJ | &nbsp;&nbsp; 279756 | 2587527 |
| **France — 5.1%** | **France — 5.1%** | **France — 5.1%** |
| TotalEnergies SE | &nbsp;&nbsp; 1438970 | 92717048 |
| **Italy — 1.5%** | **Italy — 1.5%** | **Italy — 1.5%** |
| Eni SpA | &nbsp;&nbsp; 1404079 | 21716207 |
| Tenaris SA, NVS | &nbsp;&nbsp; 288642 | 5648359 |
|  |  | 27364566 |
| **Japan — 1.0%** | **Japan — 1.0%** | **Japan — 1.0%** |
| ENEOS Holdings Inc. | &nbsp;&nbsp; 1962620 | 10350873 |
| Inpex Corp. | &nbsp;&nbsp; 626500 | 8690052 |
|  |  | 19040925 |
| **Norway — 1.0%** | **Norway — 1.0%** | **Norway — 1.0%** |
| Aker BP ASA | &nbsp;&nbsp; 200873 | 4762509 |
| Equinor ASA | &nbsp;&nbsp; 508044 | 13416795 |
|  |  | 18179304 |
| **Portugal — 0.3%** | **Portugal — 0.3%** | **Portugal — 0.3%** |
| Galp Energia SGPS SA | &nbsp;&nbsp; 276981 | 4852705 |
| **Spain — 0.5%** | **Spain — 0.5%** | **Spain — 0.5%** |
| Repsol SA | &nbsp;&nbsp; 749202 | 9947546 |
| **United Kingdom — 11.1%** | **United Kingdom — 11.1%** | **United Kingdom — 11.1%** |
| BP PLC | &nbsp;&nbsp; 10379767 | 58245539 |
| Shell PLC | &nbsp;&nbsp; 3925243 | 142879973 |
|  |  | 201125512 |
| **United States — 61.7%** | **United States — 61.7%** | **United States — 61.7%** |
| APA Corp. | &nbsp;&nbsp; 238595 | 5015267 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Baker Hughes Co., Class A | &nbsp;&nbsp; 640927 | $28168742 |
| Chevron Corp. | &nbsp;&nbsp; 1078526 | 180426615 |
| ConocoPhillips | &nbsp;&nbsp; 780484 | 81966430 |
| Coterra Energy Inc. | &nbsp;&nbsp; 478875 | 13839487 |
| Devon Energy Corp. | &nbsp;&nbsp; 426161 | 15938421 |
| Diamondback Energy Inc. | &nbsp;&nbsp; 121042 | 19352195 |
| EOG Resources Inc. | &nbsp;&nbsp; 364876 | 46791698 |
| EQT Corp. | &nbsp;&nbsp; 386486 | 20649947 |
| Expand Energy Corp. | &nbsp;&nbsp; 136130 | 15153992 |
| Exxon Mobil Corp. | &nbsp;&nbsp; 2809094 | 334085549 |
| Halliburton Co. | &nbsp;&nbsp; 561930 | 14256164 |
| Hess Corp. | &nbsp;&nbsp; 179024 | 28595503 |
| Kinder Morgan Inc. | &nbsp;&nbsp; 1254469 | 35790001 |
| Marathon Petroleum Corp. | &nbsp;&nbsp; 205038 | 29871986 |
| Occidental Petroleum Corp. | &nbsp;&nbsp; 438486 | 21643669 |
| ONEOK Inc. | &nbsp;&nbsp; 401863 | 39872847 |
| Phillips 66 | &nbsp;&nbsp; 267504 | 33031394 |
| Schlumberger NV | &nbsp;&nbsp; 908509 | 37975676 |
| Targa Resources Corp. | &nbsp;&nbsp; 141292 | 28324807 |
| Texas Pacific Land Corp.<sup>(a)</sup> | &nbsp;&nbsp; 12233 | 16208603 |
| Valero Energy Corp. | &nbsp;&nbsp; 205104 | 27088085 |
| Williams Companies Inc. (The) | &nbsp;&nbsp; 790217 | 47223368 |
|  |  | 1121270446 |
| **Total Common Stocks — 98.6%** <br>**(Cost: $1,806,584,986)** | **Total Common Stocks — 98.6%** <br>**(Cost: $1,806,584,986)** | 1790805626 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 1.0%** | **Brazil — 1.0%** | **Brazil — 1.0%** |
| Petroleo Brasileiro SA, Preference Shares, ADR | &nbsp;&nbsp; 1392616 | 18159713 |
| **Total Preferred Stocks — 1.0%** <br>**(Cost: $24,047,719)** | **Total Preferred Stocks — 1.0%** <br>**(Cost: $24,047,719)** | 18159713 |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $1,830,632,705)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $1,830,632,705)** | 1808965339 |
| **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, 4.50%<sup>(b)(c)(d)</sup><br>| &nbsp;&nbsp; 798801 | 799200 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.31%<sup>(b)(c)</sup><br>| &nbsp;&nbsp; 2890000 | 2890000 |
| **Total Short-Term Securities — 0.2%** <br>**(Cost: $3,689,200)** | **Total Short-Term Securities — 0.2%** <br>**(Cost: $3,689,200)** | 3689200 |
| **Total Investments — 99.8%** <br>**(Cost: $1,834,321,905)** | **Total Investments — 99.8%** <br>**(Cost: $1,834,321,905)** | 1812654539 |
| **Other Assets Less Liabilities — 0.2%** | **Other Assets Less Liabilities — 0.2%** | 3226434 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1815880973 |

---

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

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

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

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

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

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Global Energy ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/24*<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>*03/31/25*<br>| *Shares* <br>*Held at* <br>*03/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $— | $799215 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(15)<br>| $— | $799200 | 798801 | $11979 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 7840000 |  | &nbsp;&nbsp; (4950000 )<sup>(a)</sup><br>| &nbsp;&nbsp; — |  | 2890000 | 2890000 | 191314 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $(15)<br>| $— | $3689200 |  | $203293 | &nbsp;&nbsp; $— |

---

&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 fees and collateral investment expenses, and other payments to and from borrowers of securities. 

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| E-Mini Energy Select Sector Index | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp; $5531 | &nbsp;&nbsp; $137245 |
| FTSE 100 Index | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp; 892 | &nbsp;&nbsp; (4022)<br>|
|  |  |  |  | &nbsp;&nbsp; $133223 |

---

**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; $137245 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $137245 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4022 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4022 |

---

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

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

For the period ended March 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1128250)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1128250)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(554688)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(554688)<br>|

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Global Energy ETF**

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $9399812 |

---

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; $1364354705 | &nbsp;&nbsp; $426450921 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1790805626 |
| Preferred Stocks | &nbsp;&nbsp; 18159713 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18159713 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 3689200 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3689200 |
|  | &nbsp;&nbsp; $1386203618 | &nbsp;&nbsp; $426450921 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1812654539 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $137245 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $137245 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (4022)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4022)<br>|
|  | &nbsp;&nbsp; $137245 | &nbsp;&nbsp; $(4022)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $133223 |

---

&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

March 31, 2025

**iShares® Global Financials ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 3.7%** | **Australia — 3.7%** | **Australia — 3.7%** |
| ANZ Group Holdings Ltd. | &nbsp;&nbsp; 114687 | $2099812 |
| ASX Ltd. | &nbsp;&nbsp; 7463 | 305861 |
| Commonwealth Bank of Australia | &nbsp;&nbsp; 64157 | 6100935 |
| Insurance Australia Group Ltd. | &nbsp;&nbsp; 90670 | 441068 |
| Macquarie Group Ltd. | &nbsp;&nbsp; 13631 | 1696331 |
| Medibank Pvt Ltd. | &nbsp;&nbsp; 105974 | 296181 |
| National Australia Bank Ltd. | &nbsp;&nbsp; 117313 | 2523248 |
| QBE Insurance Group Ltd. | &nbsp;&nbsp; 58046 | 802031 |
| Suncorp Group Ltd. | &nbsp;&nbsp; 41360 | 500939 |
| Westpac Banking Corp. | &nbsp;&nbsp; 131227 | 2615019 |
|  |  | 17381425 |
| **Austria — 0.2%** | **Austria — 0.2%** | **Austria — 0.2%** |
| Erste Group Bank AG | &nbsp;&nbsp; 12531 | 866783 |
| **Belgium — 0.3%** | **Belgium — 0.3%** | **Belgium — 0.3%** |
| Ageas SA | &nbsp;&nbsp; 6562 | 393348 |
| Groupe Bruxelles Lambert NV | &nbsp;&nbsp; 3201 | 238854 |
| KBC Group NV | &nbsp;&nbsp; 9904 | 902686 |
|  |  | 1534888 |
| **Brazil — 0.5%** | **Brazil — 0.5%** | **Brazil — 0.5%** |
| B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp; 206319 | 438927 |
| Banco do Brasil SA | &nbsp;&nbsp; 110202 | 544400 |
| NU Holdings Ltd./Cayman Islands, Class A<sup>(a)</sup> | &nbsp;&nbsp; 124878 | 1278751 |
|  |  | 2262078 |
| **Canada — 5.8%** | **Canada — 5.8%** | **Canada — 5.8%** |
| Bank of Montreal | &nbsp;&nbsp; 27955 | 2669522 |
| Bank of Nova Scotia (The) | &nbsp;&nbsp; 47951 | 2273512 |
| Brookfield Asset Management Ltd., Class A | &nbsp;&nbsp; 14303 | 692364 |
| Brookfield Corp., Class A | &nbsp;&nbsp; 55095 | 2883294 |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 36180 | 2035211 |
| Intact Financial Corp. | &nbsp;&nbsp; 6866 | 1402782 |
| Manulife Financial Corp. | &nbsp;&nbsp; 66067 | 2058611 |
| National Bank of Canada | &nbsp;&nbsp; 14998 | 1237839 |
| Power Corp. of Canada | &nbsp;&nbsp; 20573 | 727393 |
| Royal Bank of Canada | &nbsp;&nbsp; 54223 | 6107883 |
| Sun Life Financial Inc. | &nbsp;&nbsp; 21859 | 1251039 |
| Toronto-Dominion Bank (The) | &nbsp;&nbsp; 67109 | 4021270 |
|  |  | 27360720 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Banco de Chile | &nbsp;&nbsp; 1656416 | 219058 |
| Banco Santander Chile, ADR | &nbsp;&nbsp; 5441 | 124055 |
|  |  | 343113 |
| **China — 2.2%** | **China — 2.2%** | **China — 2.2%** |
| Agricultural Bank of China Ltd., Class H | &nbsp;&nbsp; 1178000 | 709423 |
| Bank of China Ltd., Class H | &nbsp;&nbsp; 3206000 | 1936272 |
| China Construction Bank Corp., Class H | &nbsp;&nbsp; 3780720 | 3350340 |
| China Merchants Bank Co. Ltd., Class H | &nbsp;&nbsp; 126500 | 750013 |
| Industrial & Commercial Bank of China Ltd., Class H | &nbsp;&nbsp; 2830000 | 2019433 |
| Ping An Insurance Group Co. of China Ltd., Class H | &nbsp;&nbsp; 245500 | 1465378 |
|  |  | 10230859 |
| **Colombia — 0.0%** | **Colombia — 0.0%** | **Colombia — 0.0%** |
| Bancolombia SA, ADR | &nbsp;&nbsp; 4375 | 175875 |
| **Denmark — 0.3%** | **Denmark — 0.3%** | **Denmark — 0.3%** |
| Danske Bank A/S | &nbsp;&nbsp; 26244 | 859003 |
| Tryg A/S | &nbsp;&nbsp; 13244 | 315054 |
|  |  | 1174057 |
| **Finland — 0.6%** | **Finland — 0.6%** | **Finland — 0.6%** |
| Nordea Bank Abp | &nbsp;&nbsp; 134311 | 1713133 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Finland (continued)** | **Finland (continued)** | **Finland (continued)** |
| Sampo OYJ, Class A | &nbsp;&nbsp; 98106 | $940166 |
|  |  | 2653299 |
| **France — 1.9%** | **France — 1.9%** | **France — 1.9%** |
| AXA SA | &nbsp;&nbsp; 66230 | 2829725 |
| BNP Paribas SA | &nbsp;&nbsp; 38584 | 3224825 |
| Credit Agricole SA | &nbsp;&nbsp; 38502 | 701007 |
| Edenred SE | &nbsp;&nbsp; 9091 | 295425 |
| Euronext NV<sup>(b)</sup> | &nbsp;&nbsp; 3679 | 533941 |
| Societe Generale SA | &nbsp;&nbsp; 27185 | 1226421 |
|  |  | 8811344 |
| **Germany — 3.1%** | **Germany — 3.1%** | **Germany — 3.1%** |
| Allianz SE, Registered | &nbsp;&nbsp; 14805 | 5666015 |
| Commerzbank AG | &nbsp;&nbsp; 38189 | 873954 |
| Deutsche Bank AG, Registered | &nbsp;&nbsp; 74692 | 1780444 |
| Deutsche Boerse AG | &nbsp;&nbsp; 7232 | 2133871 |
| Hannover Rueck SE | &nbsp;&nbsp; 2282 | 680167 |
| Muenchener Rueckversicherungs-Gesellschaft AG in <br> Muenchen, Registered<br>| &nbsp;&nbsp; 5128 | 3239464 |
|  |  | 14373915 |
| **Hong Kong — 1.1%** | **Hong Kong — 1.1%** | **Hong Kong — 1.1%** |
| AIA Group Ltd. | &nbsp;&nbsp; 413800 | 3132411 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 44000 | 1957305 |
|  |  | 5089716 |
| **Ireland — 0.2%** | **Ireland — 0.2%** | **Ireland — 0.2%** |
| AIB Group PLC | &nbsp;&nbsp; 66057 | 426676 |
| Bank of Ireland Group PLC | &nbsp;&nbsp; 39092 | 461884 |
|  |  | 888560 |
| **Italy — 2.0%** | **Italy — 2.0%** | **Italy — 2.0%** |
| Banco BPM SpA | &nbsp;&nbsp; 58434 | 594626 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 23495 | 465356 |
| Generali | &nbsp;&nbsp; 41675 | 1464004 |
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 597975 | 3081763 |
| Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp; 22800 | 427675 |
| Nexi SpA<sup>(a)(b)</sup> | &nbsp;&nbsp; 29872 | 159322 |
| UniCredit SpA | &nbsp;&nbsp; 59478 | 3338624 |
|  |  | 9531370 |
| **Japan — 5.2%** | **Japan — 5.2%** | **Japan — 5.2%** |
| Dai-ichi Life Holdings Inc. | &nbsp;&nbsp; 146400 | 1117841 |
| Daiwa Securities Group Inc. | &nbsp;&nbsp; 52600 | 354169 |
| Japan Exchange Group Inc. | &nbsp;&nbsp; 39800 | 409579 |
| Japan Post Holdings Co. Ltd. | &nbsp;&nbsp; 73800 | 740023 |
| Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp; 462700 | 6308365 |
| Mizuho Financial Group Inc. | &nbsp;&nbsp; 97310 | 2670547 |
| MS&AD Insurance Group Holdings Inc. | &nbsp;&nbsp; 50500 | 1098266 |
| Nomura Holdings Inc. | &nbsp;&nbsp; 111900 | 689519 |
| ORIX Corp. | &nbsp;&nbsp; 43300 | 904056 |
| Resona Holdings Inc. | &nbsp;&nbsp; 88700 | 774511 |
| Sompo Holdings Inc. | &nbsp;&nbsp; 38000 | 1157145 |
| Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp; 150500 | 3870049 |
| Sumitomo Mitsui Trust Group Inc. | &nbsp;&nbsp; 27554 | 693569 |
| T&D Holdings Inc. | &nbsp;&nbsp; 20900 | 447323 |
| Tokio Marine Holdings Inc. | &nbsp;&nbsp; 75900 | 2952723 |
|  |  | 24187685 |
| **Mexico — 0.1%** | **Mexico — 0.1%** | **Mexico — 0.1%** |
| Grupo Financiero Banorte SAB de CV, Class O | &nbsp;&nbsp; 95499 | 662326 |
| **Netherlands — 1.3%** | **Netherlands — 1.3%** | **Netherlands — 1.3%** |
| ABN AMRO Bank NV, CVA<sup>(b)</sup> | &nbsp;&nbsp; 15975 | 336615 |
| Adyen NV<sup>(a)(b)</sup> | &nbsp;&nbsp; 1204 | 1845486 |
| Aegon Ltd. | &nbsp;&nbsp; 43601 | 286364 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Global Financials ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| ASR Nederland NV | &nbsp;&nbsp; 5740 | $329979 |
| EXOR NV, NVS | &nbsp;&nbsp; 3423 | 310853 |
| ING Groep NV | &nbsp;&nbsp; 120664 | 2363964 |
| NN Group NV | &nbsp;&nbsp; 10313 | 573874 |
|  |  | 6047135 |
| **Norway — 0.2%** | **Norway — 0.2%** | **Norway — 0.2%** |
| DNB Bank ASA | &nbsp;&nbsp; 33376 | 878211 |
| **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** |
| Credicorp Ltd. | &nbsp;&nbsp; 2553 | 475266 |
| **Singapore — 1.3%** | **Singapore — 1.3%** | **Singapore — 1.3%** |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 77460 | 2660078 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 146500 | 1877547 |
| United Overseas Bank Ltd. | &nbsp;&nbsp; 59100 | 1667596 |
|  |  | 6205221 |
| **South Korea — 0.3%** | **South Korea — 0.3%** | **South Korea — 0.3%** |
| KB Financial Group Inc. | &nbsp;&nbsp; 14110 | 764814 |
| Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp; 19639 | 628504 |
|  |  | 1393318 |
| **Spain — 1.9%** | **Spain — 1.9%** | **Spain — 1.9%** |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 221019 | 3016372 |
| Banco de Sabadell SA | &nbsp;&nbsp; 211076 | 592628 |
| Banco Santander SA | &nbsp;&nbsp; 580914 | 3913565 |
| CaixaBank SA | &nbsp;&nbsp; 148024 | 1153067 |
|  |  | 8675632 |
| **Sweden — 1.3%** | **Sweden — 1.3%** | **Sweden — 1.3%** |
| EQT AB | &nbsp;&nbsp; 14001 | 426933 |
| Industrivarden AB, Class A | &nbsp;&nbsp; 5566 | 204506 |
| Industrivarden AB, Class C | &nbsp;&nbsp; 5789 | 212671 |
| Investor AB, Class A | &nbsp;&nbsp; 21631 | 644418 |
| Investor AB, Class B | &nbsp;&nbsp; 70144 | 2091980 |
| Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp; 63315 | 1041612 |
| Svenska Handelsbanken AB, Class A | &nbsp;&nbsp; 59162 | 668620 |
| Swedbank AB, Class A | &nbsp;&nbsp; 35028 | 797744 |
|  |  | 6088484 |
| **Switzerland — 2.7%** | **Switzerland — 2.7%** | **Switzerland — 2.7%** |
| Baloise Holding AG, Registered | &nbsp;&nbsp; 1772 | 371899 |
| Julius Baer Group Ltd. | &nbsp;&nbsp; 7937 | 550161 |
| Partners Group Holding AG | &nbsp;&nbsp; 840 | 1195489 |
| Swiss Life Holding AG, Registered | &nbsp;&nbsp; 1104 | 1007190 |
| Swiss Re AG | &nbsp;&nbsp; 11164 | 1899877 |
| UBS Group AG, Registered | &nbsp;&nbsp; 123447 | 3791624 |
| Zurich Insurance Group AG | &nbsp;&nbsp; 5612 | 3917221 |
|  |  | 12733461 |
| **Taiwan — 0.5%** | **Taiwan — 0.5%** | **Taiwan — 0.5%** |
| Cathay Financial Holding Co. Ltd. | &nbsp;&nbsp; 371521 | 693271 |
| CTBC Financial Holding Co. Ltd. | &nbsp;&nbsp; 752000 | 904152 |
| Fubon Financial Holding Co. Ltd. | &nbsp;&nbsp; 340320 | 884926 |
|  |  | 2482349 |
| **United Kingdom — 5.0%** | **United Kingdom — 5.0%** | **United Kingdom — 5.0%** |
| 3i Group PLC | &nbsp;&nbsp; 37344 | 1755937 |
| Aberdeen Group PLC | &nbsp;&nbsp; 72192 | 144779 |
| Admiral Group PLC | &nbsp;&nbsp; 10502 | 387735 |
| Aviva PLC | &nbsp;&nbsp; 98889 | 712702 |
| Barclays PLC | &nbsp;&nbsp; 552101 | 2075917 |
| HSBC Holdings PLC | &nbsp;&nbsp; 683789 | 7751755 |
| Intermediate Capital Group PLC | &nbsp;&nbsp; 11375 | 289713 |
| Legal & General Group PLC | &nbsp;&nbsp; 222301 | 701056 |
| Lloyds Banking Group PLC | &nbsp;&nbsp; 2335746 | 2190733 |
| London Stock Exchange Group PLC | &nbsp;&nbsp; 17739 | 2634723 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| M&G PLC | &nbsp;&nbsp; 85243 | $219582 |
| NatWest Group PLC, NVS | &nbsp;&nbsp; 248667 | 1468225 |
| Phoenix Group Holdings PLC | &nbsp;&nbsp; 30893 | 229326 |
| Prudential PLC | &nbsp;&nbsp; 101640 | 1096799 |
| Schroders PLC | &nbsp;&nbsp; 35378 | 160173 |
| St. James's Place PLC | &nbsp;&nbsp; 20944 | 266238 |
| Standard Chartered PLC | &nbsp;&nbsp; 76413 | 1133920 |
| Wise PLC, Class A<sup>(a)</sup> | &nbsp;&nbsp; 25448 | 312371 |
|  |  | 23531684 |
| **United States — 57.1%** | **United States — 57.1%** | **United States — 57.1%** |
| Aflac Inc. | &nbsp;&nbsp; 19082 | 2121728 |
| Allstate Corp. (The) | &nbsp;&nbsp; 10130 | 2097619 |
| American Express Co. | &nbsp;&nbsp; 21306 | 5732379 |
| American International Group Inc. | &nbsp;&nbsp; 22747 | 1977624 |
| Ameriprise Financial Inc. | &nbsp;&nbsp; 3699 | 1790723 |
| Aon PLC, Class A | &nbsp;&nbsp; 8254 | 3294089 |
| Apollo Global Management Inc. | &nbsp;&nbsp; 17060 | 2336196 |
| Arch Capital Group Ltd. | &nbsp;&nbsp; 14252 | 1370757 |
| Arthur J Gallagher & Co. | &nbsp;&nbsp; 9751 | 3366435 |
| Assurant Inc. | &nbsp;&nbsp; 1970 | 413208 |
| Bank of America Corp. | &nbsp;&nbsp; 253852 | 10593244 |
| Bank of New York Mellon Corp. (The) | &nbsp;&nbsp; 27750 | 2327393 |
| Berkshire Hathaway Inc., Class B<sup>(a)</sup> | &nbsp;&nbsp; 70271 | 37424929 |
| Blackrock Inc.<sup>(c)</sup> | &nbsp;&nbsp; 5581 | 5282305 |
| Blackstone Inc., NVS | &nbsp;&nbsp; 28060 | 3922227 |
| Brown & Brown Inc. | &nbsp;&nbsp; 9024 | 1122586 |
| Capital One Financial Corp. | &nbsp;&nbsp; 14551 | 2608994 |
| Cboe Global Markets Inc. | &nbsp;&nbsp; 3999 | 904934 |
| Charles Schwab Corp. (The) | &nbsp;&nbsp; 65332 | 5114189 |
| Chubb Ltd. | &nbsp;&nbsp; 14308 | 4320873 |
| Cincinnati Financial Corp. | &nbsp;&nbsp; 5931 | 876127 |
| Citigroup Inc. | &nbsp;&nbsp; 72164 | 5122922 |
| Citizens Financial Group Inc. | &nbsp;&nbsp; 16820 | 689115 |
| CME Group Inc. | &nbsp;&nbsp; 13816 | 3665247 |
| Corpay Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2647 | 923062 |
| Discover Financial Services | &nbsp;&nbsp; 9632 | 1644182 |
| Erie Indemnity Co., Class A, NVS | &nbsp;&nbsp; 960 | 402288 |
| Everest Group Ltd. | &nbsp;&nbsp; 1662 | 603855 |
| FactSet Research Systems Inc. | &nbsp;&nbsp; 1443 | 656046 |
| Fidelity National Information Services Inc. | &nbsp;&nbsp; 20547 | 1534450 |
| Fifth Third Bancorp | &nbsp;&nbsp; 25593 | 1003246 |
| Fiserv Inc.<sup>(a)</sup> | &nbsp;&nbsp; 21790 | 4811886 |
| Franklin Resources Inc. | &nbsp;&nbsp; 11673 | 224705 |
| Global Payments Inc. | &nbsp;&nbsp; 9646 | 944536 |
| Globe Life Inc. | &nbsp;&nbsp; 3204 | 422031 |
| Goldman Sachs Group Inc. (The) | &nbsp;&nbsp; 11979 | 6544008 |
| Hartford Insurance Group Inc. (The) | &nbsp;&nbsp; 11064 | 1368949 |
| Huntington Bancshares Inc./Ohio | &nbsp;&nbsp; 55225 | 828927 |
| Intercontinental Exchange Inc. | &nbsp;&nbsp; 22028 | 3799830 |
| Invesco Ltd. | &nbsp;&nbsp; 17512 | 265657 |
| Jack Henry & Associates Inc. | &nbsp;&nbsp; 2822 | 515297 |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 107197 | 26295424 |
| KeyCorp | &nbsp;&nbsp; 37833 | 604950 |
| KKR & Co. Inc. | &nbsp;&nbsp; 25902 | 2994530 |
| Loews Corp. | &nbsp;&nbsp; 6940 | 637855 |
| M&T Bank Corp. | &nbsp;&nbsp; 6310 | 1127913 |
| MarketAxess Holdings Inc. | &nbsp;&nbsp; 1457 | 315222 |
| Marsh & McLennan Companies Inc. | &nbsp;&nbsp; 18821 | 4592889 |
| Mastercard Inc., Class A | &nbsp;&nbsp; 31222 | 17113403 |
| MetLife Inc. | &nbsp;&nbsp; 22198 | 1782277 |
| Moody's Corp. | &nbsp;&nbsp; 5947 | 2769458 |
| Morgan Stanley | &nbsp;&nbsp; 47331 | 5522108 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Global Financials ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| MSCI Inc., Class A | &nbsp;&nbsp; 2984 | $1687452 |
| Nasdaq Inc. | &nbsp;&nbsp; 15876 | 1204353 |
| Northern Trust Corp. | &nbsp;&nbsp; 7565 | 746287 |
| PayPal Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 37925 | 2474606 |
| PNC Financial Services Group Inc. (The) | &nbsp;&nbsp; 15144 | 2661861 |
| Principal Financial Group Inc. | &nbsp;&nbsp; 7956 | 671248 |
| Progressive Corp. (The) | &nbsp;&nbsp; 22459 | 6356122 |
| Prudential Financial Inc. | &nbsp;&nbsp; 13588 | 1517508 |
| Raymond James Financial Inc. | &nbsp;&nbsp; 6983 | 970009 |
| Regions Financial Corp. | &nbsp;&nbsp; 34878 | 757899 |
| S&P Global Inc. | &nbsp;&nbsp; 12114 | 6155123 |
| State Street Corp. | &nbsp;&nbsp; 11188 | 1001662 |
| Synchrony Financial | &nbsp;&nbsp; 14860 | 786688 |
| T Rowe Price Group Inc. | &nbsp;&nbsp; 8423 | 773821 |
| Travelers Companies Inc. (The) | &nbsp;&nbsp; 8664 | 2291281 |
| Truist Financial Corp. | &nbsp;&nbsp; 50667 | 2084947 |
| U.S. Bancorp | &nbsp;&nbsp; 59954 | 2531258 |
| Visa Inc., Class A | &nbsp;&nbsp; 66009 | 23133514 |
| W R Berkley Corp. | &nbsp;&nbsp; 11420 | 812647 |
| Wells Fargo & Co. | &nbsp;&nbsp; 126089 | 9051929 |
| Willis Towers Watson PLC | &nbsp;&nbsp; 3835 | 1296038 |
|  |  | 267691080 |
| **Total Common Stocks — 99.0%** <br>**(Cost: $392,797,185)** | **Total Common Stocks — 99.0%** <br>**(Cost: $392,797,185)** | 463729854 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 0.4%** | **Brazil — 0.4%** | **Brazil — 0.4%** |
| Banco Bradesco SA, Preference Shares, ADR | &nbsp;&nbsp; 204695 | 456470 |
| Itau Unibanco Holding SA, Preference Shares, ADR | &nbsp;&nbsp; 205388 | 1129634 |
| Itausa SA, Preference Shares, NVS | &nbsp;&nbsp; 220206 | 364666 |
|  |  | 1950770 |
| **Total Preferred Stocks — 0.4%** <br>**(Cost: $2,678,783)** | **Total Preferred Stocks — 0.4%** <br>**(Cost: $2,678,783)** | 1950770 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Rights** | **Rights** | **Rights** |
| **Brazil — 0.0%** | **Brazil — 0.0%** | **Brazil — 0.0%** |
| Itausa SA, (Expires 04/25/25, Strike Price BRL 6.70)<sup>(a)</sup> | &nbsp;&nbsp; 3131 | $1641 |
| **Total Rights — 0.0%** <br>**(Cost: $—)** | **Total Rights — 0.0%** <br>**(Cost: $—)** | 1641 |
| **Total Long-Term Investments — 99.4%** <br>**(Cost: $395,475,968)** | **Total Long-Term Investments — 99.4%** <br>**(Cost: $395,475,968)** | 465682265 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** | **Money Market Funds — 0.1%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.31%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 630000 | 630000 |
| **Total Short-Term Securities — 0.1%** <br>**(Cost: $630,000)** | **Total Short-Term Securities — 0.1%** <br>**(Cost: $630,000)** | 630000 |
| **Total Investments — 99.5%** <br>**(Cost: $396,105,968)** | **Total Investments — 99.5%** <br>**(Cost: $396,105,968)** | 466312265 |
| **Other Assets Less Liabilities — 0.5%** | **Other Assets Less Liabilities — 0.5%** | 2459460 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $468771725 |

---

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

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

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/24*<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>*03/31/25*<br>| *Shares* <br>*Held at* <br>*03/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<sup>(a)</sup><br>| $17679067 | $— | &nbsp;&nbsp; $(17682254 )<sup>(b)</sup><br>| &nbsp;&nbsp; $3134 | $53 | $— |  | $15980 <br><sup>(c)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 510000 | 120000 <br><sup>(b)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 630000 | 630000 | 34132 | &nbsp;&nbsp; — |
| BlackRock Inc. | 4622033 | 2318437 | &nbsp;&nbsp; (2166819)<br>| &nbsp;&nbsp; 141721 | 366933 | 5282305 | 5581 | 112082 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $144855 | $366986 | $5912305 |  | $162194 | &nbsp;&nbsp; $— |

---

&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 fees and collateral investment expenses, and other payments to and from borrowers of securities. 

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Global Financials ETF**

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| E-Mini Financial Select Sector Index | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp; $1704 | &nbsp;&nbsp; $34511 |
| Euro STOXX 50 Index | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp; 508 | &nbsp;&nbsp; (11794)<br>|
| FTSE 100 Index | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp; 334 | &nbsp;&nbsp; (1344)<br>|
|  |  |  |  | &nbsp;&nbsp; $21373 |

---

**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; $34511 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $34511 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13138 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13138 |

---

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

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

For the period ended March 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $338633 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $338633 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(77532)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(77532)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $2434985 |

---

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 (continued)

March 31, 2025

**iShares® Global Financials ETF**

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $298751400 | &nbsp;&nbsp; $164978454 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $463729854 |
| Preferred Stocks | &nbsp;&nbsp; 1950770 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1950770 |
| Rights | &nbsp;&nbsp; 1641 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1641 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 630000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 630000 |
|  | &nbsp;&nbsp; $301333811 | &nbsp;&nbsp; $164978454 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $466312265 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $34511 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $34511 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (13138)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (13138)<br>|
|  | &nbsp;&nbsp; $34511 | &nbsp;&nbsp; $(13138)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $21373 |

---

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

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

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments

March 31, 2025

**iShares® Global Healthcare ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 1.5%** | **Australia — 1.5%** | **Australia — 1.5%** |
| Cochlear Ltd. | &nbsp;&nbsp; 34906 | $5752821 |
| CSL Ltd. | &nbsp;&nbsp; 257247 | 40487912 |
| Pro Medicus Ltd. | &nbsp;&nbsp; 27246 | 3448674 |
| Sigma Healthcare Ltd. | &nbsp;&nbsp; 3112718 | 5636904 |
| Sonic Healthcare Ltd. | &nbsp;&nbsp; 255881 | 4154705 |
|  |  | 59481016 |
| **Belgium — 0.8%** | **Belgium — 0.8%** | **Belgium — 0.8%** |
| Argenx SE<sup>(a)</sup> | &nbsp;&nbsp; 32062 | 18919647 |
| UCB SA | &nbsp;&nbsp; 64548 | 11364617 |
|  |  | 30284264 |
| **Brazil — 0.1%** | **Brazil — 0.1%** | **Brazil — 0.1%** |
| Rede D'Or Sao Luiz SA<sup>(b)</sup> | &nbsp;&nbsp; 573354 | 2833387 |
| **Denmark — 3.3%** | **Denmark — 3.3%** | **Denmark — 3.3%** |
| Coloplast A/S, Class B | &nbsp;&nbsp; 64658 | 6781562 |
| Genmab A/S<sup>(a)</sup> | &nbsp;&nbsp; 34350 | 6692075 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp; 1679510 | 114842033 |
| Zealand Pharma A/S<sup>(a)</sup> | &nbsp;&nbsp; 33907 | 2546228 |
|  |  | 130861898 |
| **France — 2.9%** | **France — 2.9%** | **France — 2.9%** |
| EssilorLuxottica SA | &nbsp;&nbsp; 153701 | 44291781 |
| Eurofins Scientific SE | &nbsp;&nbsp; 68604 | 3659523 |
| Sanofi SA | &nbsp;&nbsp; 591073 | 65444682 |
| Sartorius Stedim Biotech | &nbsp;&nbsp; 14007 | 2775023 |
|  |  | 116171009 |
| **Germany — 1.3%** | **Germany — 1.3%** | **Germany — 1.3%** |
| Bayer AG, Registered | &nbsp;&nbsp; 525234 | 12590875 |
| Fresenius Medical Care AG | &nbsp;&nbsp; 106418 | 5295357 |
| Fresenius SE & Co. KGaA<sup>(a)</sup> | &nbsp;&nbsp; 222349 | 9492885 |
| Merck KGaA | &nbsp;&nbsp; 69526 | 9567463 |
| Qiagen NV | &nbsp;&nbsp; 113378 | 4504233 |
| Siemens Healthineers AG<sup>(b)</sup> | &nbsp;&nbsp; 162236 | 8752686 |
|  |  | 50203499 |
| **Japan — 3.9%** | **Japan — 3.9%** | **Japan — 3.9%** |
| Astellas Pharma Inc. | &nbsp;&nbsp; 979175 | 9531783 |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 342500 | 15690454 |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 1023500 | 24373494 |
| Eisai Co. Ltd. | &nbsp;&nbsp; 155600 | 4331475 |
| Hoya Corp. | &nbsp;&nbsp; 182500 | 20596657 |
| M3 Inc.<sup>(a)</sup> | &nbsp;&nbsp; 228200 | 2606829 |
| Olympus Corp. | &nbsp;&nbsp; 601400 | 7872760 |
| Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 247200 | 2659536 |
| Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 283600 | 14778394 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 434600 | 6560161 |
| Sysmex Corp. | &nbsp;&nbsp; 248000 | 4734322 |
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 871792 | 25838844 |
| Terumo Corp. | &nbsp;&nbsp; 782800 | 14729181 |
|  |  | 154303890 |
| **Netherlands — 0.3%** | **Netherlands — 0.3%** | **Netherlands — 0.3%** |
| Koninklijke Philips NV<sup>(a)</sup> | &nbsp;&nbsp; 423461 | 10780516 |
| **South Korea — 0.4%** | **South Korea — 0.4%** | **South Korea — 0.4%** |
| Celltrion Inc. | &nbsp;&nbsp; 80246 | 9269651 |
| Samsung Biologics Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 9800 | 6801303 |
|  |  | 16070954 |
| **Spain — 0.0%** | **Spain — 0.0%** | **Spain — 0.0%** |
| Grifols SA<sup>(a)</sup> | &nbsp;&nbsp; 154301 | 1373732 |
| **Sweden — 0.1%** | **Sweden — 0.1%** | **Sweden — 0.1%** |
| Getinge AB, Class B | &nbsp;&nbsp; 116462 | 2510195 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Switzerland — 8.1%** | **Switzerland — 8.1%** | **Switzerland — 8.1%** |
| Alcon AG | &nbsp;&nbsp; 263899 | $25040057 |
| Lonza Group AG, Registered | &nbsp;&nbsp; 38248 | 23628456 |
| Novartis AG, Registered | &nbsp;&nbsp; 1057037 | 117404887 |
| Roche Holding AG, Bearer | &nbsp;&nbsp; 17290 | 6001537 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 377478 | 124238429 |
| Sandoz Group AG | &nbsp;&nbsp; 236781 | 9929183 |
| Sonova Holding AG, Registered | &nbsp;&nbsp; 25665 | 7493675 |
| Straumann Holding AG | &nbsp;&nbsp; 61178 | 7406450 |
|  |  | 321142674 |
| **United Kingdom — 4.9%** | **United Kingdom — 4.9%** | **United Kingdom — 4.9%** |
| AstraZeneca PLC | &nbsp;&nbsp; 827683 | 121540819 |
| GSK PLC | &nbsp;&nbsp; 2213813 | 42306379 |
| Haleon PLC | &nbsp;&nbsp; 4807453 | 24278605 |
| Smith & Nephew PLC | &nbsp;&nbsp; 464047 | 6525675 |
|  |  | 194651478 |
| **United States — 71.8%** | **United States — 71.8%** | **United States — 71.8%** |
| Abbott Laboratories | &nbsp;&nbsp; 925862 | 122815594 |
| AbbVie Inc. | &nbsp;&nbsp; 899220 | 188404574 |
| Agilent Technologies Inc. | &nbsp;&nbsp; 152824 | 17877352 |
| Align Technology Inc.<sup>(a)</sup> | &nbsp;&nbsp; 36856 | 5854944 |
| Amgen Inc. | &nbsp;&nbsp; 287786 | 89659728 |
| Baxter International Inc. | &nbsp;&nbsp; 273323 | 9355846 |
| Becton Dickinson & Co. | &nbsp;&nbsp; 154458 | 35380149 |
| Biogen Inc.<sup>(a)</sup> | &nbsp;&nbsp; 77663 | 10627405 |
| Bio-Techne Corp. | &nbsp;&nbsp; 85404 | 5007237 |
| Boston Scientific Corp.<sup>(a)</sup> | &nbsp;&nbsp; 786328 | 79324769 |
| Bristol-Myers Squibb Co. | &nbsp;&nbsp; 1093698 | 66704641 |
| Cardinal Health Inc. | &nbsp;&nbsp; 134287 | 18500720 |
| Cencora Inc. | &nbsp;&nbsp; 93715 | 26061204 |
| Centene Corp.<sup>(a)</sup> | &nbsp;&nbsp; 264952 | 16085236 |
| Charles River Laboratories International Inc.<sup>(a)</sup> | &nbsp;&nbsp; 27533 | 4144267 |
| Cigna Group (The) | &nbsp;&nbsp; 146744 | 48278776 |
| Cooper Companies Inc. (The)<sup>(a)</sup> | &nbsp;&nbsp; 106596 | 8991373 |
| CVS Health Corp. | &nbsp;&nbsp; 672117 | 45535927 |
| Danaher Corp. | &nbsp;&nbsp; 342162 | 70143210 |
| DaVita Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 24128 | 3690860 |
| Dexcom Inc.<sup>(a)</sup> | &nbsp;&nbsp; 208804 | 14259225 |
| Edwards Lifesciences Corp.<sup>(a)</sup> | &nbsp;&nbsp; 314290 | 22779739 |
| Elevance Health Inc. | &nbsp;&nbsp; 123571 | 53748442 |
| Eli Lilly & Co. | &nbsp;&nbsp; 420882 | 347610653 |
| GE HealthCare Technologies Inc., NVS<sup>(a)</sup> | &nbsp;&nbsp; 244599 | 19741585 |
| Gilead Sciences Inc. | &nbsp;&nbsp; 670724 | 75154624 |
| HCA Healthcare Inc. | &nbsp;&nbsp; 96367 | 33299617 |
| Henry Schein Inc.<sup>(a)</sup> | &nbsp;&nbsp; 66727 | 4570132 |
| Hologic Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 124650 | 7699631 |
| Humana Inc. | &nbsp;&nbsp; 64538 | 17076755 |
| IDEXX Laboratories Inc.<sup>(a)</sup> | &nbsp;&nbsp; 43819 | 18401789 |
| Incyte Corp.<sup>(a)</sup> | &nbsp;&nbsp; 85585 | 5182172 |
| Insulet Corp.<sup>(a)</sup> | &nbsp;&nbsp; 37751 | 9913790 |
| Intuitive Surgical Inc.<sup>(a)</sup> | &nbsp;&nbsp; 190161 | 94181038 |
| IQVIA Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 90047 | 15875286 |
| Johnson & Johnson | &nbsp;&nbsp; 1287810 | 213570410 |
| Labcorp Holdings Inc. | &nbsp;&nbsp; 45002 | 10473765 |
| McKesson Corp. | &nbsp;&nbsp; 67730 | 45581613 |
| Medtronic PLC | &nbsp;&nbsp; 684502 | 61509350 |
| Merck & Co. Inc. | &nbsp;&nbsp; 1355047 | 121629019 |
| Mettler-Toledo International Inc.<sup>(a)</sup> | &nbsp;&nbsp; 11272 | 13311218 |
| Moderna Inc.<sup>(a)</sup> | &nbsp;&nbsp; 180985 | 5130925 |
| Molina Healthcare Inc.<sup>(a)</sup> | &nbsp;&nbsp; 29751 | 9799682 |
| Pfizer Inc. | &nbsp;&nbsp; 3048372 | 77245746 |
| Quest Diagnostics Inc. | &nbsp;&nbsp; 59966 | 10146247 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Global Healthcare ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Regeneron Pharmaceuticals Inc. | &nbsp;&nbsp; 56194 | $35639921 |
| ResMed Inc. | &nbsp;&nbsp; 78656 | 17607146 |
| Revvity Inc.<sup>(c)</sup> | &nbsp;&nbsp; 65147 | 6892553 |
| Solventum Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 73977 | 5625211 |
| STERIS PLC | &nbsp;&nbsp; 53043 | 12022196 |
| Stryker Corp. | &nbsp;&nbsp; 183067 | 68146691 |
| Thermo Fisher Scientific Inc. | &nbsp;&nbsp; 204214 | 101616886 |
| UnitedHealth Group Inc. | &nbsp;&nbsp; 491078 | 257202103 |
| Universal Health Services Inc., Class B | &nbsp;&nbsp; 31427 | 5905133 |
| Vertex Pharmaceuticals Inc.<sup>(a)</sup> | &nbsp;&nbsp; 137471 | 66648690 |
| Viatris Inc. | &nbsp;&nbsp; 657870 | 5730048 |
| Waters Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 31896 | 11755909 |
| West Pharmaceutical Services Inc. | &nbsp;&nbsp; 38676 | 8658783 |
| Zimmer Biomet Holdings Inc. | &nbsp;&nbsp; 106595 | 12064422 |
| Zoetis Inc. | &nbsp;&nbsp; 243042 | 40016865 |
|  |  | 2835868822 |
| **Total Common Stocks — 99.4%** <br>**(Cost: $3,369,953,453)** | **Total Common Stocks — 99.4%** <br>**(Cost: $3,369,953,453)** | 3926537334 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Germany — 0.1%** | **Germany — 0.1%** | **Germany — 0.1%** |
| Sartorius AG, Preference Shares, NVS | &nbsp;&nbsp; 12948 | 3018439 |
| **Total Preferred Stocks — 0.1%** <br>**(Cost: $4,495,157)** | **Total Preferred Stocks — 0.1%** <br>**(Cost: $4,495,157)** | 3018439 |
| **Total Long-Term Investments — 99.5%** <br>**(Cost: $3,374,448,610)** | **Total Long-Term Investments — 99.5%** <br>**(Cost: $3,374,448,610)** | 3929555773 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.3%** | **Money Market Funds — 0.3%** | **Money Market Funds — 0.3%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.50%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 7958470 | $7962449 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.31%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 3820000 | 3820000 |
| **Total Short-Term Securities — 0.3%** <br>**(Cost: $11,781,672)** | **Total Short-Term Securities — 0.3%** <br>**(Cost: $11,781,672)** | 11782449 |
| **Total Investments — 99.8%** <br>**(Cost: $3,386,230,282)** | **Total Investments — 99.8%** <br>**(Cost: $3,386,230,282)** | 3941338222 |
| **Other Assets Less Liabilities — 0.2%** | **Other Assets Less Liabilities — 0.2%** | 6581106 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $3947919328 |

---

&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 year ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*03/31/25*<br>| *Shares* <br>*Held at* <br>*03/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $14592872 | $—<br> $(6636095 )<sup>(a)</sup><br>| &nbsp;&nbsp; $7369 | $(1697)<br>| $7962449 | 7958470 | $38382 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 8430000 | —<br> (4610000 )<sup>(a)</sup><br>| &nbsp;&nbsp; — |  | 3820000 | 3820000 | 327584 | &nbsp;&nbsp; — |
|  |  |  | &nbsp;&nbsp; $7369 | $(1697)<br>| $11782449 |  | $365966 | &nbsp;&nbsp; $— |

---

&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 fees and collateral investment expenses, and other payments to and from borrowers of securities. 

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| E-Mini Health Care Select Sector Index | &nbsp;&nbsp; 117 | &nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp; $17384 | &nbsp;&nbsp; $101206 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Global Healthcare 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; $101206 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $101206 |

---

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

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

For the period ended March 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(863846)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(863846)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(67243)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(67243)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $15468023 |

---

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; $2838702209 | &nbsp;&nbsp; $1087835125 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3926537334 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 3018439 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3018439 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 11782449 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11782449 |
|  | &nbsp;&nbsp; $2850484658 | &nbsp;&nbsp; $1090853564 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3941338222 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $101206 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $101206 |

---

&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

March 31, 2025

**iShares® Global Industrials ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 0.9%** | **Australia — 0.9%** | **Australia — 0.9%** |
| Brambles Ltd. | &nbsp;&nbsp; 179720 | $2270442 |
| Computershare Ltd. | &nbsp;&nbsp; 72181 | 1779191 |
| Qantas Airways Ltd. | &nbsp;&nbsp; 201501 | 1148785 |
| Transurban Group | &nbsp;&nbsp; 402826 | 3392875 |
|  |  | 8591293 |
| **Brazil — 0.2%** | **Brazil — 0.2%** | **Brazil — 0.2%** |
| Localiza Rent a Car SA | &nbsp;&nbsp; 112331 | 661217 |
| WEG SA | &nbsp;&nbsp; 190584 | 1512261 |
|  |  | 2173478 |
| **Canada — 3.1%** | **Canada — 3.1%** | **Canada — 3.1%** |
| CAE Inc.<sup>(a)</sup> | &nbsp;&nbsp; 41494 | 1020158 |
| Canadian National Railway Co. | &nbsp;&nbsp; 71482 | 6956214 |
| Canadian Pacific Kansas City Ltd. | &nbsp;&nbsp; 120821 | 8479005 |
| Thomson Reuters Corp. | &nbsp;&nbsp; 17522 | 3023688 |
| Waste Connections Inc. | &nbsp;&nbsp; 33299 | 6490418 |
| WSP Global Inc. | &nbsp;&nbsp; 16796 | 2850319 |
|  |  | 28819802 |
| **Chile — 0.0%** | **Chile — 0.0%** | **Chile — 0.0%** |
| Latam Airlines Group SA | &nbsp;&nbsp; 24362078 | 381592 |
| **Denmark — 0.9%** | **Denmark — 0.9%** | **Denmark — 0.9%** |
| AP Moller - Maersk A/S, Class A | &nbsp;&nbsp; 343 | 587562 |
| AP Moller - Maersk A/S, Class B, NVS | &nbsp;&nbsp; 562 | 978121 |
| DSV A/S | &nbsp;&nbsp; 25459 | 4923288 |
| Vestas Wind Systems A/S<sup>(a)</sup> | &nbsp;&nbsp; 131509 | 1819360 |
|  |  | 8308331 |
| **Finland — 0.5%** | **Finland — 0.5%** | **Finland — 0.5%** |
| Kone OYJ, Class B | &nbsp;&nbsp; 51460 | 2839338 |
| Metso OYJ | &nbsp;&nbsp; 92690 | 961031 |
| Wartsila OYJ Abp | &nbsp;&nbsp; 61808 | 1102867 |
|  |  | 4903236 |
| **France — 7.3%** | **France — 7.3%** | **France — 7.3%** |
| Airbus SE | &nbsp;&nbsp; 79747 | 14042298 |
| Alstom SA<sup>(a)</sup> | &nbsp;&nbsp; 42782 | 947650 |
| Bouygues SA | &nbsp;&nbsp; 23817 | 938874 |
| Bureau Veritas SA | &nbsp;&nbsp; 36998 | 1122521 |
| Cie de Saint-Gobain SA | &nbsp;&nbsp; 65039 | 6478974 |
| Eiffage SA | &nbsp;&nbsp; 9291 | 1081739 |
| Getlink SE | &nbsp;&nbsp; 40656 | 702165 |
| Legrand SA | &nbsp;&nbsp; 34060 | 3607072 |
| Safran SA | &nbsp;&nbsp; 43558 | 11468094 |
| Schneider Electric SE | &nbsp;&nbsp; 69997 | 16158475 |
| Teleperformance SE | &nbsp;&nbsp; 7371 | 741162 |
| Thales SA | &nbsp;&nbsp; 11408 | 3032490 |
| Vinci SA | &nbsp;&nbsp; 65944 | 8312908 |
|  |  | 68634422 |
| **Germany — 5.0%** | **Germany — 5.0%** | **Germany — 5.0%** |
| Brenntag SE | &nbsp;&nbsp; 16698 | 1082324 |
| Daimler Truck Holding AG | &nbsp;&nbsp; 64284 | 2604116 |
| Deutsche Post AG, Registered | &nbsp;&nbsp; 118823 | 5101458 |
| GEA Group AG | &nbsp;&nbsp; 20412 | 1240823 |
| MTU Aero Engines AG | &nbsp;&nbsp; 6971 | 2422231 |
| Rheinmetall AG | &nbsp;&nbsp; 5603 | 8017458 |
| Siemens AG, Registered | &nbsp;&nbsp; 97284 | 22467371 |
| Siemens Energy AG<sup>(a)</sup> | &nbsp;&nbsp; 73034 | 4329599 |
|  |  | 47265380 |
| **Hong Kong — 0.4%** | **Hong Kong — 0.4%** | **Hong Kong — 0.4%** |
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 345020 | 1944856 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 168000 | $2013358 |
|  |  | 3958214 |
| **Ireland — 0.3%** | **Ireland — 0.3%** | **Ireland — 0.3%** |
| Kingspan Group PLC | &nbsp;&nbsp; 20028 | 1617825 |
| Ryanair Holdings PLC | &nbsp;&nbsp; 69466 | 1403758 |
|  |  | 3021583 |
| **Italy — 0.5%** | **Italy — 0.5%** | **Italy — 0.5%** |
| Leonardo SpA | &nbsp;&nbsp; 51684 | 2516949 |
| Prysmian SpA | &nbsp;&nbsp; 38067 | 2095474 |
|  |  | 4612423 |
| **Japan — 12.6%** | **Japan — 12.6%** | **Japan — 12.6%** |
| AGC Inc. | &nbsp;&nbsp; 28500 | 867618 |
| ANA Holdings Inc. | &nbsp;&nbsp; 58800 | 1085374 |
| Central Japan Railway Co. | &nbsp;&nbsp; 133000 | 2536860 |
| Dai Nippon Printing Co. Ltd. | &nbsp;&nbsp; 58200 | 828619 |
| Daifuku Co. Ltd. | &nbsp;&nbsp; 49100 | 1206951 |
| Daikin Industries Ltd. | &nbsp;&nbsp; 37300 | 4047744 |
| East Japan Railway Co. | &nbsp;&nbsp; 147000 | 2897452 |
| FANUC Corp. | &nbsp;&nbsp; 120600 | 3285837 |
| Fujikura Ltd. | &nbsp;&nbsp; 35000 | 1296221 |
| Hankyu Hanshin Holdings Inc. | &nbsp;&nbsp; 31800 | 855652 |
| Hitachi Ltd. | &nbsp;&nbsp; 592300 | 13906850 |
| ITOCHU Corp. | &nbsp;&nbsp; 186700 | 8667164 |
| Japan Airlines Co. Ltd. | &nbsp;&nbsp; 57000 | 976372 |
| Kajima Corp. | &nbsp;&nbsp; 59500 | 1217097 |
| Kintetsu Group Holdings Co. Ltd. | &nbsp;&nbsp; 22800 | 487071 |
| Komatsu Ltd. | &nbsp;&nbsp; 123600 | 3619394 |
| Kubota Corp. | &nbsp;&nbsp; 136300 | 1684314 |
| Makita Corp. | &nbsp;&nbsp; 35800 | 1186178 |
| Marubeni Corp. | &nbsp;&nbsp; 215600 | 3458613 |
| Mitsubishi Corp. | &nbsp;&nbsp; 520400 | 9187537 |
| Mitsubishi Electric Corp. | &nbsp;&nbsp; 273100 | 5036583 |
| Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp; 436000 | 7487682 |
| Mitsui & Co. Ltd. | &nbsp;&nbsp; 382400 | 7209471 |
| Mitsui OSK Lines Ltd. | &nbsp;&nbsp; 45700 | 1591146 |
| Nidec Corp. | &nbsp;&nbsp; 135600 | 2275677 |
| Nippon Yusen KK | &nbsp;&nbsp; 59600 | 1969667 |
| Obayashi Corp. | &nbsp;&nbsp; 93300 | 1244654 |
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 213200 | 11046153 |
| Secom Co. Ltd. | &nbsp;&nbsp; 54800 | 1866438 |
| SG Holdings Co. Ltd. | &nbsp;&nbsp; 59500 | 593388 |
| SMC Corp. | &nbsp;&nbsp; 7500 | 2683828 |
| Sumitomo Corp. | &nbsp;&nbsp; 156100 | 3561865 |
| Taisei Corp. | &nbsp;&nbsp; 23300 | 1037119 |
| Tokyu Corp. | &nbsp;&nbsp; 80200 | 902895 |
| Toppan Holdings Inc. | &nbsp;&nbsp; 41100 | 1123562 |
| Toyota Industries Corp. | &nbsp;&nbsp; 23900 | 2044100 |
| Toyota Tsusho Corp. | &nbsp;&nbsp; 92600 | 1560111 |
| West Japan Railway Co. | &nbsp;&nbsp; 61400 | 1197758 |
| Yaskawa Electric Corp. | &nbsp;&nbsp; 33200 | 831929 |
|  |  | 118562944 |
| **Mexico — 0.0%** | **Mexico — 0.0%** | **Mexico — 0.0%** |
| Grupo Carso SAB de CV, Series A1, Class A1 | &nbsp;&nbsp; 67216 | 395029 |
| **Netherlands — 0.7%** | **Netherlands — 0.7%** | **Netherlands — 0.7%** |
| IMCD NV | &nbsp;&nbsp; 7355 | 978814 |
| Randstad NV | &nbsp;&nbsp; 15992 | 664727 |
| Wolters Kluwer NV | &nbsp;&nbsp; 30734 | 4785166 |
|  |  | 6428707 |
| **Norway — 0.2%** | **Norway — 0.2%** | **Norway — 0.2%** |
| Kongsberg Gruppen ASA | &nbsp;&nbsp; 11418 | 1674052 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Global Industrials ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Spain — 0.7%** | **Spain — 0.7%** | **Spain — 0.7%** |
| ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp; 24623 | $1409254 |
| Aena SME SA<sup>(b)</sup> | &nbsp;&nbsp; 9438 | 2214192 |
| Ferrovial SE | &nbsp;&nbsp; 63212 | 2827328 |
|  |  | 6450774 |
| **Sweden — 3.4%** | **Sweden — 3.4%** | **Sweden — 3.4%** |
| AddTech AB, Class B | &nbsp;&nbsp; 33686 | 986580 |
| Alfa Laval AB | &nbsp;&nbsp; 37255 | 1597312 |
| Assa Abloy AB, Class B | &nbsp;&nbsp; 127712 | 3834072 |
| Atlas Copco AB, Class A | &nbsp;&nbsp; 329301 | 5260066 |
| Atlas Copco AB, Class B | &nbsp;&nbsp; 200552 | 2820185 |
| Epiroc AB, Class A | &nbsp;&nbsp; 81163 | 1634163 |
| Epiroc AB, Class B | &nbsp;&nbsp; 50516 | 889752 |
| Lifco AB, Class B | &nbsp;&nbsp; 27198 | 964816 |
| Nibe Industrier AB, Class B | &nbsp;&nbsp; 199349 | 758225 |
| Saab AB, Class B | &nbsp;&nbsp; 42386 | 1666593 |
| Sandvik AB | &nbsp;&nbsp; 139822 | 2940664 |
| Skanska AB, Class B | &nbsp;&nbsp; 45382 | 1001628 |
| SKF AB, Class B | &nbsp;&nbsp; 49456 | 1001907 |
| Trelleborg AB, Class B | &nbsp;&nbsp; 23435 | 871586 |
| Volvo AB, Class B | &nbsp;&nbsp; 205850 | 6039299 |
|  |  | 32266848 |
| **Switzerland — 2.2%** | **Switzerland — 2.2%** | **Switzerland — 2.2%** |
| ABB Ltd., Registered | &nbsp;&nbsp; 207177 | 10689903 |
| Adecco Group AG, Registered | &nbsp;&nbsp; 21339 | 641678 |
| Geberit AG, Registered | &nbsp;&nbsp; 4321 | 2707048 |
| Kuehne + Nagel International AG, Registered | &nbsp;&nbsp; 6905 | 1594577 |
| Schindler Holding AG, Participation Certificates, NVS | &nbsp;&nbsp; 5226 | 1637889 |
| Schindler Holding AG, Registered | &nbsp;&nbsp; 2605 | 789452 |
| SGS SA | &nbsp;&nbsp; 19290 | 1922030 |
| VAT Group AG<sup>(b)</sup> | &nbsp;&nbsp; 3529 | 1272070 |
|  |  | 21254647 |
| **United Kingdom — 5.3%** | **United Kingdom — 5.3%** | **United Kingdom — 5.3%** |
| Ashtead Group PLC | &nbsp;&nbsp; 56268 | 3042227 |
| BAE Systems PLC | &nbsp;&nbsp; 389717 | 7869350 |
| Bunzl PLC | &nbsp;&nbsp; 42941 | 1651785 |
| DCC PLC | &nbsp;&nbsp; 13134 | 877769 |
| Diploma PLC | &nbsp;&nbsp; 17275 | 864773 |
| Experian PLC | &nbsp;&nbsp; 119105 | 5518763 |
| IMI PLC | &nbsp;&nbsp; 32994 | 811618 |
| Intertek Group PLC | &nbsp;&nbsp; 20554 | 1336509 |
| Melrose Industries PLC | &nbsp;&nbsp; 155452 | 959576 |
| RELX PLC | &nbsp;&nbsp; 239936 | 12052134 |
| Rentokil Initial PLC | &nbsp;&nbsp; 325701 | 1478076 |
| Rolls-Royce Holdings PLC<sup>(a)</sup> | &nbsp;&nbsp; 1100941 | 10700442 |
| Smiths Group PLC | &nbsp;&nbsp; 45026 | 1129836 |
| Spirax Group PLC | &nbsp;&nbsp; 9664 | 779051 |
| Weir Group PLC (The) | &nbsp;&nbsp; 33956 | 1025787 |
|  |  | 50097696 |
| **United States — 55.2%** | **United States — 55.2%** | **United States — 55.2%** |
| 3M Co. | &nbsp;&nbsp; 70170 | 10305166 |
| A O Smith Corp. | &nbsp;&nbsp; 15349 | 1003211 |
| Allegion PLC | &nbsp;&nbsp; 11251 | 1467805 |
| AMETEK Inc. | &nbsp;&nbsp; 29987 | 5161962 |
| Automatic Data Processing Inc. | &nbsp;&nbsp; 52633 | 16080960 |
| Axon Enterprise Inc.<sup>(a)</sup> | &nbsp;&nbsp; 9371 | 4928677 |
| Boeing Co. (The)<sup>(a)</sup> | &nbsp;&nbsp; 97032 | 16548808 |
| Broadridge Financial Solutions Inc. | &nbsp;&nbsp; 15082 | 3656782 |
| Builders FirstSource Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 14830 | 1852860 |
| Carrier Global Corp. | &nbsp;&nbsp; 104497 | 6625110 |
| Caterpillar Inc. | &nbsp;&nbsp; 61831 | 20391864 |
| CH Robinson Worldwide Inc. | &nbsp;&nbsp; 15107 | 1546957 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Cintas Corp. | &nbsp;&nbsp; 44213 | $9087098 |
| Copart Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 113005 | 6394953 |
| CSX Corp. | &nbsp;&nbsp; 248499 | 7313326 |
| Cummins Inc. | &nbsp;&nbsp; 17724 | 5555411 |
| Dayforce Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 20380 | 1188765 |
| Deere & Co. | &nbsp;&nbsp; 32788 | 15389048 |
| Delta Air Lines Inc. | &nbsp;&nbsp; 82603 | 3601491 |
| Dover Corp. | &nbsp;&nbsp; 17631 | 3097414 |
| Eaton Corp. PLC | &nbsp;&nbsp; 50923 | 13842399 |
| Emerson Electric Co. | &nbsp;&nbsp; 73477 | 8056018 |
| Equifax Inc. | &nbsp;&nbsp; 16019 | 3901588 |
| Expeditors International of Washington Inc. | &nbsp;&nbsp; 18212 | 2189993 |
| Fastenal Co. | &nbsp;&nbsp; 73897 | 5730712 |
| FedEx Corp. | &nbsp;&nbsp; 28943 | 7055725 |
| Fortive Corp.<sup>(c)</sup> | &nbsp;&nbsp; 44571 | 3261706 |
| GE Vernova Inc. | &nbsp;&nbsp; 35689 | 10895138 |
| Generac Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 7645 | 968239 |
| General Dynamics Corp. | &nbsp;&nbsp; 32830 | 8948801 |
| General Electric Co. | &nbsp;&nbsp; 138858 | 27792429 |
| Honeywell International Inc. | &nbsp;&nbsp; 84121 | 17812622 |
| Howmet Aerospace Inc. | &nbsp;&nbsp; 52267 | 6780598 |
| Hubbell Inc., Class B | &nbsp;&nbsp; 6894 | 2281294 |
| Huntington Ingalls Industries Inc. | &nbsp;&nbsp; 5085 | 1037543 |
| IDEX Corp. | &nbsp;&nbsp; 9782 | 1770249 |
| Illinois Tool Works Inc. | &nbsp;&nbsp; 34627 | 8587842 |
| Ingersoll Rand Inc.<sup>(c)</sup> | &nbsp;&nbsp; 52033 | 4164201 |
| Jacobs Solutions Inc., NVS | &nbsp;&nbsp; 16033 | 1938229 |
| JB Hunt Transport Services Inc. | &nbsp;&nbsp; 10358 | 1532466 |
| Johnson Controls International PLC | &nbsp;&nbsp; 86196 | 6905162 |
| L3Harris Technologies Inc. | &nbsp;&nbsp; 24444 | 5116374 |
| Leidos Holdings Inc. | &nbsp;&nbsp; 17318 | 2336891 |
| Lennox International Inc. | &nbsp;&nbsp; 4128 | 2315106 |
| Lockheed Martin Corp. | &nbsp;&nbsp; 27185 | 12143811 |
| Masco Corp. | &nbsp;&nbsp; 27591 | 1918678 |
| Nordson Corp. | &nbsp;&nbsp; 7032 | 1418495 |
| Norfolk Southern Corp. | &nbsp;&nbsp; 29175 | 6910099 |
| Northrop Grumman Corp. | &nbsp;&nbsp; 17644 | 9033904 |
| Old Dominion Freight Line Inc. | &nbsp;&nbsp; 24357 | 4029866 |
| Otis Worldwide Corp. | &nbsp;&nbsp; 51293 | 5293438 |
| PACCAR Inc. | &nbsp;&nbsp; 67604 | 6582601 |
| Parker-Hannifin Corp. | &nbsp;&nbsp; 16657 | 10124957 |
| Paychex Inc. | &nbsp;&nbsp; 41381 | 6384261 |
| Paycom Software Inc. | &nbsp;&nbsp; 6193 | 1353047 |
| Pentair PLC | &nbsp;&nbsp; 21253 | 1859212 |
| Quanta Services Inc. | &nbsp;&nbsp; 19011 | 4832216 |
| Republic Services Inc., Class A | &nbsp;&nbsp; 26321 | 6373893 |
| Rockwell Automation Inc. | &nbsp;&nbsp; 14605 | 3773640 |
| Rollins Inc. | &nbsp;&nbsp; 36400 | 1966692 |
| RTX Corp. | &nbsp;&nbsp; 172332 | 22827097 |
| Snap-on Inc. | &nbsp;&nbsp; 6803 | 2292679 |
| Southwest Airlines Co. | &nbsp;&nbsp; 77240 | 2593719 |
| Stanley Black & Decker Inc. | &nbsp;&nbsp; 19838 | 1525145 |
| Textron Inc. | &nbsp;&nbsp; 23807 | 1720056 |
| Trane Technologies PLC | &nbsp;&nbsp; 28997 | 9769669 |
| TransDigm Group Inc. | &nbsp;&nbsp; 7239 | 10013636 |
| Uber Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 271120 | 19753803 |
| Union Pacific Corp. | &nbsp;&nbsp; 78132 | 18457904 |
| United Airlines Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 42399 | 2927651 |
| United Parcel Service Inc., Class B | &nbsp;&nbsp; 94226 | 10363918 |
| United Rentals Inc. | &nbsp;&nbsp; 8456 | 5299375 |
| Veralto Corp. | &nbsp;&nbsp; 31760 | 3095012 |
| Verisk Analytics Inc., Class A | &nbsp;&nbsp; 18205 | 5418172 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Global Industrials ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Waste Management Inc. | &nbsp;&nbsp; 47249 | $10938616 |
| Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp; 22148 | 4016540 |
| WW Grainger Inc. | &nbsp;&nbsp; 5738 | 5668169 |
| Xylem Inc./New York | &nbsp;&nbsp; 31294 | 3738381 |
|  |  | 520837345 |
| **Total Long-Term Investments — 99.4%** <br>**(Cost: $855,719,494)** | **Total Long-Term Investments — 99.4%** <br>**(Cost: $855,719,494)** | 938637796 |
| **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, 4.50%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 8365665 | 8369848 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.31%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 2050000 | 2050000 |
| **Total Short-Term Securities — 1.1%** <br>**(Cost: $10,419,848)** | **Total Short-Term Securities — 1.1%** <br>**(Cost: $10,419,848)** | 10419848 |
| **Total Investments — 100.5%** <br>**(Cost: $866,139,342)** | **Total Investments — 100.5%** <br>**(Cost: $866,139,342)** | 949057644 |
| **Liabilities in Excess of Other Assets — (0.5)%** | **Liabilities in Excess of Other Assets — (0.5)%** | (4962698)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $944094946 |

---

&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 year ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/24*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*03/31/25*<br>| *Shares* <br>*Held at* <br>*03/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $2135580<br> $6233586 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $493 | $189 | $8369848 | 8365665 | $10120 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 1110000<br> 940000 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |  |  | 2050000 | 2050000 | 72117 | &nbsp;&nbsp; — |
|  |  |  | $493 | $189 | $10419848 |  | $82237 | &nbsp;&nbsp; $— |

---

&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 fees and collateral investment expenses, and other payments to and from borrowers of securities. 

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| TOPIX Index | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 06/12/25 | &nbsp;&nbsp; $718 | &nbsp;&nbsp; $2485 |
| Euro STOXX 50 Index | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp; 1128 | &nbsp;&nbsp; (24800)<br>|
| XAI Industrial Index | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp; 3331 | &nbsp;&nbsp; 416 |
|  |  |  |  | &nbsp;&nbsp; $(21899)<br>|

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Global Industrials 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; $2901 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2901 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $24800 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $24800 |

---

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

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

For the period ended March 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $51361 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $51361 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(74657)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(74657)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $3572361 |

---

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; $552225654 | &nbsp;&nbsp; $386412142 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $938637796 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 10419848 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10419848 |
|  | &nbsp;&nbsp; $562645502 | &nbsp;&nbsp; $386412142 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $949057644 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $416 | &nbsp;&nbsp; $2485 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2901 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (24800)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (24800)<br>|
|  | &nbsp;&nbsp; $416 | &nbsp;&nbsp; $(22315)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(21899)<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

March 31, 2025

**iShares® Global Materials ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 9.2%** | **Australia — 9.2%** | **Australia — 9.2%** |
| BHP Group Ltd. | &nbsp;&nbsp; 511534 | $12411420 |
| BlueScope Steel Ltd. | &nbsp;&nbsp; 43982 | 589092 |
| Fortescue Ltd. | &nbsp;&nbsp; 171051 | 1655608 |
| James Hardie Industries PLC<sup>(a)</sup> | &nbsp;&nbsp; 43184 | 1030556 |
| Northern Star Resources Ltd. | &nbsp;&nbsp; 115083 | 1328653 |
| Pilbara Minerals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 303915 | 323591 |
| Rio Tinto Ltd. | &nbsp;&nbsp; 37425 | 2715552 |
| South32 Ltd. | &nbsp;&nbsp; 453874 | 914347 |
|  |  | 20968819 |
| **Belgium — 0.2%** | **Belgium — 0.2%** | **Belgium — 0.2%** |
| Syensqo SA | &nbsp;&nbsp; 7398 | 504858 |
| **Brazil — 1.6%** | **Brazil — 1.6%** | **Brazil — 1.6%** |
| Vale SA, Class B, ADR | &nbsp;&nbsp; 361510 | 3607870 |
| **Canada — 9.9%** | **Canada — 9.9%** | **Canada — 9.9%** |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 50704 | 5493388 |
| Barrick Gold Corp. | &nbsp;&nbsp; 174121 | 3380661 |
| CCL Industries Inc., Class B, NVS | &nbsp;&nbsp; 14880 | 726809 |
| First Quantum Minerals Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 67889 | 912861 |
| Franco-Nevada Corp. | &nbsp;&nbsp; 19413 | 3053226 |
| Kinross Gold Corp. | &nbsp;&nbsp; 123493 | 1555838 |
| Nutrien Ltd. | &nbsp;&nbsp; 49256 | 2444573 |
| Teck Resources Ltd., Class B | &nbsp;&nbsp; 45603 | 1661172 |
| Wheaton Precious Metals Corp. | &nbsp;&nbsp; 45738 | 3549260 |
|  |  | 22777788 |
| **Chile — 0.3%** | **Chile — 0.3%** | **Chile — 0.3%** |
| Empresas CMPC SA | &nbsp;&nbsp; 112350 | 184580 |
| Sociedad Quimica y Minera de Chile SA, ADR<sup>(b)</sup> | &nbsp;&nbsp; 14352 | 570205 |
|  |  | 754785 |
| **Denmark — 0.9%** | **Denmark — 0.9%** | **Denmark — 0.9%** |
| Novonesis (Novozymes) B, Class B | &nbsp;&nbsp; 35564 | 2070766 |
| **Finland — 0.9%** | **Finland — 0.9%** | **Finland — 0.9%** |
| Stora Enso OYJ, Class R | &nbsp;&nbsp; 61582 | 583567 |
| UPM-Kymmene OYJ | &nbsp;&nbsp; 53638 | 1439016 |
|  |  | 2022583 |
| **France — 5.6%** | **France — 5.6%** | **France — 5.6%** |
| Air Liquide SA | &nbsp;&nbsp; 58285 | 11070948 |
| ArcelorMittal SA | &nbsp;&nbsp; 45409 | 1311710 |
| Arkema SA | &nbsp;&nbsp; 6508 | 498325 |
|  |  | 12880983 |
| **Germany — 4.1%** | **Germany — 4.1%** | **Germany — 4.1%** |
| BASF SE | &nbsp;&nbsp; 90023 | 4512746 |
| Covestro AG<sup>(a)(c)</sup> | &nbsp;&nbsp; 18989 | 1209610 |
| Heidelberg Materials AG | &nbsp;&nbsp; 13586 | 2341921 |
| Symrise AG, Class A | &nbsp;&nbsp; 13340 | 1383011 |
|  |  | 9447288 |
| **Japan — 6.3%** | **Japan — 6.3%** | **Japan — 6.3%** |
| Asahi Kasei Corp. | &nbsp;&nbsp; 140500 | 984997 |
| JFE Holdings Inc. | &nbsp;&nbsp; 64100 | 786924 |
| Mitsubishi Chemical Group Corp. | &nbsp;&nbsp; 144100 | 712068 |
| Nippon Paint Holdings Co. Ltd. | &nbsp;&nbsp; 107600 | 808027 |
| Nippon Steel Corp. | &nbsp;&nbsp; 108329 | 2318356 |
| Nitto Denko Corp. | &nbsp;&nbsp; 71300 | 1318805 |
| Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 200100 | 5709883 |
| Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp; 27600 | 603304 |
| Toray Industries Inc. | &nbsp;&nbsp; 165200 | 1128963 |
|  |  | 14371327 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Mexico — 1.1%** | **Mexico — 1.1%** | **Mexico — 1.1%** |
| Cemex SAB de CV, NVS | &nbsp;&nbsp; 1520668 | $858253 |
| Grupo Mexico SAB de CV, Series B, Class B | &nbsp;&nbsp; 314316 | 1571541 |
|  |  | 2429794 |
| **Netherlands — 1.4%** | **Netherlands — 1.4%** | **Netherlands — 1.4%** |
| Akzo Nobel NV | &nbsp;&nbsp; 17159 | 1056749 |
| DSM-Firmenich AG | &nbsp;&nbsp; 20912 | 2070247 |
|  |  | 3126996 |
| **Norway — 0.5%** | **Norway — 0.5%** | **Norway — 0.5%** |
| Norsk Hydro ASA | &nbsp;&nbsp; 133187 | 769953 |
| Yara International ASA | &nbsp;&nbsp; 16515 | 498183 |
|  |  | 1268136 |
| **Peru — 0.4%** | **Peru — 0.4%** | **Peru — 0.4%** |
| Southern Copper Corp. | &nbsp;&nbsp; 8799 | 822354 |
| **South Korea — 0.6%** | **South Korea — 0.6%** | **South Korea — 0.6%** |
| POSCO Holdings Inc. | &nbsp;&nbsp; 7536 | 1437179 |
| **Sweden — 0.9%** | **Sweden — 0.9%** | **Sweden — 0.9%** |
| Boliden AB | &nbsp;&nbsp; 27478 | 901626 |
| SSAB AB, Class B | &nbsp;&nbsp; 61722 | 376080 |
| Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp; 59672 | 787324 |
|  |  | 2065030 |
| **Switzerland — 6.0%** | **Switzerland — 6.0%** | **Switzerland — 6.0%** |
| Givaudan SA, Registered | &nbsp;&nbsp; 800 | 3434385 |
| Holcim AG | &nbsp;&nbsp; 53131 | 5717594 |
| SIG Group AG | &nbsp;&nbsp; 34566 | 639103 |
| Sika AG, Registered | &nbsp;&nbsp; 16179 | 3940949 |
|  |  | 13732031 |
| **United Kingdom — 7.0%** | **United Kingdom — 7.0%** | **United Kingdom — 7.0%** |
| Anglo American PLC | &nbsp;&nbsp; 134850 | 3779624 |
| Antofagasta PLC | &nbsp;&nbsp; 34703 | 755537 |
| Croda International PLC | &nbsp;&nbsp; 14076 | 534771 |
| Glencore PLC | &nbsp;&nbsp; 996329 | 3646690 |
| Johnson Matthey PLC | &nbsp;&nbsp; 18017 | 309702 |
| Mondi PLC, NVS | &nbsp;&nbsp; 44502 | 663846 |
| Rio Tinto PLC | &nbsp;&nbsp; 107379 | 6443833 |
|  |  | 16134003 |
| **United States — 42.4%** | **United States — 42.4%** | **United States — 42.4%** |
| Air Products and Chemicals Inc. | &nbsp;&nbsp; 22429 | 6614761 |
| Albemarle Corp. | &nbsp;&nbsp; 11809 | 850484 |
| Amcor PLC | &nbsp;&nbsp; 145217 | 1408605 |
| Avery Dennison Corp. | &nbsp;&nbsp; 8125 | 1446006 |
| Ball Corp. | &nbsp;&nbsp; 30062 | 1565328 |
| CF Industries Holdings Inc. | &nbsp;&nbsp; 17483 | 1366296 |
| Corteva Inc. | &nbsp;&nbsp; 69116 | 4349470 |
| Dow Inc. | &nbsp;&nbsp; 70977 | 2478517 |
| DuPont de Nemours Inc. | &nbsp;&nbsp; 42146 | 3147463 |
| Eastman Chemical Co. | &nbsp;&nbsp; 11575 | 1019873 |
| Ecolab Inc. | &nbsp;&nbsp; 25407 | 6441183 |
| Freeport-McMoRan Inc. | &nbsp;&nbsp; 144881 | 5485195 |
| International Flavors & Fragrances Inc. | &nbsp;&nbsp; 25805 | 2002726 |
| International Paper Co. | &nbsp;&nbsp; 36789 | 1962693 |
| International Paper Co. | &nbsp;&nbsp; 16365 | 872004 |
| Linde PLC | &nbsp;&nbsp; 48005 | 22353048 |
| LyondellBasell Industries NV, Class A | &nbsp;&nbsp; 26042 | 1833357 |
| Martin Marietta Materials Inc. | &nbsp;&nbsp; 6160 | 2945281 |
| Mosaic Co. (The) | &nbsp;&nbsp; 31911 | 861916 |
| Newmont Corp. | &nbsp;&nbsp; 114775 | 5541337 |
| Nucor Corp. | &nbsp;&nbsp; 23684 | 2850133 |
| Packaging Corp. of America | &nbsp;&nbsp; 9002 | 1782576 |
| PPG Industries Inc. | &nbsp;&nbsp; 23395 | 2558243 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Global Materials ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Sherwin-Williams Co. (The) | &nbsp;&nbsp; 23360 | $8157078 |
| Smurfit WestRock PLC | &nbsp;&nbsp; 49881 | 2247638 |
| Steel Dynamics Inc. | &nbsp;&nbsp; 14282 | 1786393 |
| Vulcan Materials Co. | &nbsp;&nbsp; 13314 | 3106156 |
|  |  | 97033760 |
| **Total Common Stocks — 99.3%** <br>**(Cost: $262,821,422)** | **Total Common Stocks — 99.3%** <br>**(Cost: $262,821,422)** | 227456350 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 0.2%** | **Brazil — 0.2%** | **Brazil — 0.2%** |
| Gerdau SA, Preference Shares, ADR | &nbsp;&nbsp; 137989 | 391889 |
| **Total Preferred Stocks — 0.2%** <br>**(Cost: $1,047,259)** | **Total Preferred Stocks — 0.2%** <br>**(Cost: $1,047,259)** | 391889 |
| **Total Long-Term Investments — 99.5%** <br>**(Cost: $263,868,681)** | **Total Long-Term Investments — 99.5%** <br>**(Cost: $263,868,681)** | 227848239 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.4%** | **Money Market Funds — 0.4%** | **Money Market Funds — 0.4%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.50%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 572819 | 573105 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Money Market Funds (continued)** | **Money Market Funds (continued)** | **Money Market Funds (continued)** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.31%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 320000 | $320000 |
| **Total Short-Term Securities — 0.4%** <br>**(Cost: $893,133)** | **Total Short-Term Securities — 0.4%** <br>**(Cost: $893,133)** | 893105 |
| **Total Investments — 99.9%** <br>**(Cost: $264,761,814)** | **Total Investments — 99.9%** <br>**(Cost: $264,761,814)** | 228741344 |
| **Other Assets Less Liabilities — 0.1%** | **Other Assets Less Liabilities — 0.1%** | 327422 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $229068766 |

---

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

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

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

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

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*03/31/25*<br>| *Shares* <br>*Held at* <br>*03/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $1044702 | $—<br> $(471369 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(304)<br>| $76 | $573105 | 572819 | $5650 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 510000 | —<br> (190000 )<sup>(a)</sup><br>| &nbsp;&nbsp; — |  | 320000 | 320000 | 11743 | &nbsp;&nbsp; — |
|  |  |  | &nbsp;&nbsp; $(304)<br>| $76 | $893105 |  | $17393 | &nbsp;&nbsp; $— |

---

&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 fees and collateral investment expenses, and other payments to and from borrowers of securities. 

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| S&P/TSX 60 Index | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 06/19/25 | &nbsp;&nbsp; $208 | &nbsp;&nbsp; $(1927)<br>|
| FTSE 100 Index | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp; 335 | &nbsp;&nbsp; (1834)<br>|
| MSCI Emerging Markets Index | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp; 333 | &nbsp;&nbsp; (9067)<br>|
| S&P 500 E-Mini Index | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp; 283 | &nbsp;&nbsp; (3445)<br>|
|  |  |  |  | &nbsp;&nbsp; $(16273)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Global Materials 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; $16273 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16273 |

---

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

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

For the period ended March 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $125814 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $125814 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(58930)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(58930)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $1007202 |

---

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; $130860736 | &nbsp;&nbsp; $96595614 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $227456350 |
| Preferred Stocks | &nbsp;&nbsp; 391889 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 391889 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 893105 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 893105 |
|  | &nbsp;&nbsp; $132145730 | &nbsp;&nbsp; $96595614 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $228741344 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(14439)<br>| &nbsp;&nbsp; $(1834)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(16273)<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.*

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments

March 31, 2025

**iShares® Global Tech ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 0.2%** | **Australia — 0.2%** | **Australia — 0.2%** |
| NEXTDC Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 201402 | $1442537 |
| WiseTech Global Ltd. | &nbsp;&nbsp; 58837 | 3034107 |
| Xero Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 45778 | 4474503 |
|  |  | 8951147 |
| **Canada — 1.4%** | **Canada — 1.4%** | **Canada — 1.4%** |
| CGI Inc. | &nbsp;&nbsp; 63655 | 6354663 |
| Constellation Software Inc./Canada | &nbsp;&nbsp; 6196 | 19622296 |
| Open Text Corp. | &nbsp;&nbsp; 85131 | 2148610 |
| Shopify Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 381728 | 36314626 |
|  |  | 64440195 |
| **China — 0.7%** | **China — 0.7%** | **China — 0.7%** |
| Xiaomi Corp., Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 4526600 | 28643104 |
| **Finland — 0.2%** | **Finland — 0.2%** | **Finland — 0.2%** |
| Nokia OYJ | &nbsp;&nbsp; 1654740 | 8715168 |
| **France — 0.4%** | **France — 0.4%** | **France — 0.4%** |
| Capgemini SE | &nbsp;&nbsp; 48454 | 7280602 |
| Dassault Systemes SE | &nbsp;&nbsp; 206071 | 7845678 |
|  |  | 15126280 |
| **Germany — 2.2%** | **Germany — 2.2%** | **Germany — 2.2%** |
| Infineon Technologies AG | &nbsp;&nbsp; 410113 | 13671065 |
| SAP SE | &nbsp;&nbsp; 320388 | 85847835 |
|  |  | 99518900 |
| **Japan — 3.2%** | **Japan — 3.2%** | **Japan — 3.2%** |
| Advantest Corp. | &nbsp;&nbsp; 240700 | 10729553 |
| Canon Inc. | &nbsp;&nbsp; 303400 | 9460970 |
| Disco Corp. | &nbsp;&nbsp; 30400 | 6208336 |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp; 391600 | 7502651 |
| Fujitsu Ltd. | &nbsp;&nbsp; 541700 | 10780309 |
| Keyence Corp. | &nbsp;&nbsp; 62840 | 24709308 |
| Kyocera Corp. | &nbsp;&nbsp; 443600 | 5010475 |
| Lasertec Corp. | &nbsp;&nbsp; 26000 | 2234709 |
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 576100 | 8886312 |
| NEC Corp. | &nbsp;&nbsp; 430000 | 9159311 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 139300 | 4534542 |
| NTT Data Group Corp. | &nbsp;&nbsp; 180900 | 3277011 |
| Obic Co. Ltd. | &nbsp;&nbsp; 105500 | 3041883 |
| Omron Corp. | &nbsp;&nbsp; 61100 | 1725262 |
| Renesas Electronics Corp. | &nbsp;&nbsp; 512100 | 6868618 |
| Ricoh Co. Ltd. | &nbsp;&nbsp; 180600 | 1910414 |
| SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 32800 | 2139920 |
| TDK Corp. | &nbsp;&nbsp; 610900 | 6401673 |
| Tokyo Electron Ltd. | &nbsp;&nbsp; 148900 | 20419033 |
|  |  | 145000290 |
| **Netherlands — 2.0%** | **Netherlands — 2.0%** | **Netherlands — 2.0%** |
| ASM International NV | &nbsp;&nbsp; 14601 | 6653573 |
| ASML Holding NV | &nbsp;&nbsp; 123680 | 81848097 |
| BE Semiconductor Industries NV | &nbsp;&nbsp; 24103 | 2518918 |
|  |  | 91020588 |
| **Singapore — 0.1%** | **Singapore — 0.1%** | **Singapore — 0.1%** |
| STMicroelectronics NV, New | &nbsp;&nbsp; 206061 | 4516375 |
| **South Korea — 1.9%** | **South Korea — 1.9%** | **South Korea — 1.9%** |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 1518466 | 60200286 |
| SK Hynix Inc. | &nbsp;&nbsp; 169191 | 22554170 |
|  |  | 82754456 |
| **Sweden — 0.3%** | **Sweden — 0.3%** | **Sweden — 0.3%** |
| Hexagon AB, Class B | &nbsp;&nbsp; 643844 | 6882540 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp; 969231 | $7541345 |
|  |  | 14423885 |
| **Switzerland — 0.1%** | **Switzerland — 0.1%** | **Switzerland — 0.1%** |
| Logitech International SA, Registered | &nbsp;&nbsp; 48687 | 4125503 |
| Temenos AG, Registered | &nbsp;&nbsp; 20236 | 1571165 |
|  |  | 5696668 |
| **Taiwan — 5.7%** | **Taiwan — 5.7%** | **Taiwan — 5.7%** |
| ASE Technology Holding Co. Ltd. | &nbsp;&nbsp; 1112000 | 4886926 |
| Delta Electronics Inc. | &nbsp;&nbsp; 606000 | 6702514 |
| Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp; 3801378 | 17147209 |
| MediaTek Inc. | &nbsp;&nbsp; 505000 | 21765725 |
| Quanta Computer Inc. | &nbsp;&nbsp; 877000 | 6101854 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 6905600 | 194482291 |
| United Microelectronics Corp. | &nbsp;&nbsp; 3720000 | 5201382 |
|  |  | 256287901 |
| **United Kingdom — 0.2%** | **United Kingdom — 0.2%** | **United Kingdom — 0.2%** |
| Halma PLC | &nbsp;&nbsp; 120760 | 4051686 |
| Sage Group PLC (The) | &nbsp;&nbsp; 313375 | 4920088 |
|  |  | 8971774 |
| **United States — 81.1%** | **United States — 81.1%** | **United States — 81.1%** |
| Accenture PLC, Class A | &nbsp;&nbsp; 196760 | 61396990 |
| Adobe Inc.<sup>(a)</sup> | &nbsp;&nbsp; 136959 | 52527885 |
| Advanced Micro Devices Inc.<sup>(a)</sup> | &nbsp;&nbsp; 508866 | 52280893 |
| Akamai Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 47084 | 3790262 |
| Amphenol Corp., Class A | &nbsp;&nbsp; 380327 | 24945648 |
| Analog Devices Inc. | &nbsp;&nbsp; 155800 | 31420186 |
| Ansys Inc.<sup>(a)</sup> | &nbsp;&nbsp; 27466 | 8694637 |
| Apple Inc. | &nbsp;&nbsp; 3991746 | 886686539 |
| Applied Materials Inc. | &nbsp;&nbsp; 255211 | 37036220 |
| Arista Networks Inc.<sup>(a)</sup> | &nbsp;&nbsp; 324402 | 25134667 |
| Autodesk Inc.<sup>(a)</sup> | &nbsp;&nbsp; 67546 | 17683543 |
| Broadcom Inc. | &nbsp;&nbsp; 1064806 | 178280469 |
| Cadence Design Systems Inc.<sup>(a)</sup> | &nbsp;&nbsp; 86145 | 21909258 |
| CDW Corp. | &nbsp;&nbsp; 41857 | 6708003 |
| Cisco Systems Inc. | &nbsp;&nbsp; 1252324 | 77280914 |
| Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp; 155352 | 11884428 |
| Corning Inc. | &nbsp;&nbsp; 242085 | 11082651 |
| Crowdstrike Holdings Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 77354 | 27273473 |
| Dell Technologies Inc., Class C | &nbsp;&nbsp; 97982 | 8931059 |
| Enphase Energy Inc.<sup>(a)</sup> | &nbsp;&nbsp; 41601 | 2581342 |
| EPAM Systems Inc.<sup>(a)</sup> | &nbsp;&nbsp; 17812 | 3007378 |
| F5 Inc.<sup>(a)</sup> | &nbsp;&nbsp; 18113 | 4822949 |
| Fair Isaac Corp.<sup>(a)</sup> | &nbsp;&nbsp; 7684 | 14170525 |
| First Solar Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 33630 | 4251841 |
| Fortinet Inc.<sup>(a)</sup> | &nbsp;&nbsp; 199781 | 19230919 |
| Gartner Inc.<sup>(a)</sup> | &nbsp;&nbsp; 24134 | 10130005 |
| Gen Digital Inc. | &nbsp;&nbsp; 170328 | 4520505 |
| GoDaddy Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 44355 | 7990110 |
| Hewlett Packard Enterprise Co. | &nbsp;&nbsp; 412030 | 6357623 |
| HP Inc. | &nbsp;&nbsp; 294498 | 8154650 |
| Intel Corp. | &nbsp;&nbsp; 1359726 | 30879377 |
| International Business Machines Corp. | &nbsp;&nbsp; 290785 | 72306598 |
| Intuit Inc. | &nbsp;&nbsp; 88068 | 54072871 |
| Jabil Inc.<sup>(c)</sup> | &nbsp;&nbsp; 34396 | 4680264 |
| Juniper Networks Inc. | &nbsp;&nbsp; 103991 | 3763434 |
| Keysight Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 54323 | 8135956 |
| KLA Corp. | &nbsp;&nbsp; 41736 | 28372133 |
| Lam Research Corp. | &nbsp;&nbsp; 403126 | 29307260 |
| Microchip Technology Inc. | &nbsp;&nbsp; 168900 | 8176449 |
| Micron Technology Inc. | &nbsp;&nbsp; 349873 | 30400465 |
| Microsoft Corp. | &nbsp;&nbsp; 1975398 | 741544655 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Global Tech ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Monolithic Power Systems Inc. | &nbsp;&nbsp; 15040 | $8722899 |
| Motorola Solutions Inc. | &nbsp;&nbsp; 52488 | 22979771 |
| NetApp Inc. | &nbsp;&nbsp; 63871 | 5610429 |
| Nvidia Corp. | &nbsp;&nbsp; 3854899 | 417793954 |
| NXP Semiconductors NV<sup>(c)</sup> | &nbsp;&nbsp; 79820 | 15170589 |
| ON Semiconductor Corp.<sup>(a)(c)</sup> | &nbsp;&nbsp; 132355 | 5385525 |
| Oracle Corp. | &nbsp;&nbsp; 510075 | 71313586 |
| Palantir Technologies Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 644739 | 54415972 |
| Palo Alto Networks Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 208466 | 35572638 |
| PTC Inc.<sup>(a)</sup> | &nbsp;&nbsp; 37813 | 5859124 |
| Qualcomm Inc. | &nbsp;&nbsp; 347335 | 53354129 |
| Roper Technologies Inc. | &nbsp;&nbsp; 33685 | 19860002 |
| Salesforce Inc. | &nbsp;&nbsp; 300881 | 80744425 |
| Seagate Technology Holdings PLC | &nbsp;&nbsp; 66482 | 5647646 |
| ServiceNow Inc.<sup>(a)</sup> | &nbsp;&nbsp; 64825 | 51609775 |
| Skyworks Solutions Inc. | &nbsp;&nbsp; 50197 | 3244232 |
| Super Micro Computer Inc.<sup>(a)(c)</sup> | &nbsp;&nbsp; 158148 | 5414988 |
| Synopsys Inc.<sup>(a)</sup> | &nbsp;&nbsp; 48572 | 20830102 |
| TE Connectivity PLC, NVS | &nbsp;&nbsp; 93709 | 13242956 |
| Teledyne Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 14646 | 7289461 |
| Teradyne Inc. | &nbsp;&nbsp; 51146 | 4224660 |
| Texas Instruments Inc. | &nbsp;&nbsp; 285865 | 51369941 |
| Trimble Inc.<sup>(a)</sup> | &nbsp;&nbsp; 77186 | 5067261 |
| Tyler Technologies Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13451 | 7820277 |
| VeriSign Inc.<sup>(a)</sup> | &nbsp;&nbsp; 25566 | 6490440 |
| Western Digital Corp.<sup>(a)</sup> | &nbsp;&nbsp; 109227 | 4416048 |
| Workday Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 67223 | 15698587 |
| Zebra Technologies Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 16155 | 4564757 |
|  |  | 3645519208 |
| **Total Common Stocks — 99.7%** <br>**(Cost: $3,487,298,574)** | **Total Common Stocks — 99.7%** <br>**(Cost: $3,487,298,574)** | 4479585939 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **South Korea — 0.2%** | **South Korea — 0.2%** | **South Korea — 0.2%** |
| Samsung Electronics Co. Ltd., Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 258433 | 8364797 |
| **Total Preferred Stocks — 0.2%** <br>**(Cost: $8,779,629)** | **Total Preferred Stocks — 0.2%** <br>**(Cost: $8,779,629)** | 8364797 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Warrants** | **Warrants** | **Warrants** |
| **Canada — 0.0%** | **Canada — 0.0%** | **Canada — 0.0%** |
| Constellation Software Inc., (Issued 08/29/23, <br> 1 Share for 1 Warrant, Expires 03/31/40, Strike <br> Price CAD 11.50)<sup>(a)(d)</sup><br>| &nbsp;&nbsp; 5997 | $— |
| **Total Warrants — 0.0%** <br>**(Cost: $—)** | **Total Warrants — 0.0%** <br>**(Cost: $—)** |  |
| **Total Long-Term Investments — 99.9%** <br>**(Cost: $3,496,078,203)** | **Total Long-Term Investments — 99.9%** <br>**(Cost: $3,496,078,203)** | 4487950736 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.6%** | **Money Market Funds — 0.6%** | **Money Market Funds — 0.6%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.50%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 25445859 | 25458582 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.31%<sup>(e)(f)</sup><br>| &nbsp;&nbsp; 2640000 | 2640000 |
| **Total Short-Term Securities — 0.6%** <br>**(Cost: $28,098,582)** | **Total Short-Term Securities — 0.6%** <br>**(Cost: $28,098,582)** | 28098582 |
| **Total Investments — 100.5%** <br>**(Cost: $3,524,176,785)** | **Total Investments — 100.5%** <br>**(Cost: $3,524,176,785)** | 4516049318 |
| **Liabilities in Excess of Other Assets — (0.5)%** | **Liabilities in Excess of Other Assets — (0.5)%** | (21986668)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $4494062650 |

---

&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 year ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/24*<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>*03/31/25*<br>| *Shares* <br>*Held at* <br>*03/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $17625479 | $7812092 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $18193 | $2818 | $25458582 | 25445859 | $68743 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| 12960000 |  | &nbsp;&nbsp; (10320000 )<sup>(a)</sup><br>| &nbsp;&nbsp; — |  | 2640000 | 2640000 | 564792 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $18193 | $2818 | $28098582 |  | $633535 | &nbsp;&nbsp; $— |

---

&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 fees and collateral investment expenses, and other payments to and from borrowers of securities. 

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Global Tech ETF**

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| E-Mini Technology Select Sector Index | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp; $8815 | &nbsp;&nbsp; $(348403)<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* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $348403 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $348403 |

---

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

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

For the period ended March 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(67291)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(67291)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(400461)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(400461)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $31899088 |

---

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; $3709959403 | &nbsp;&nbsp; $769626536 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4479585939 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 8364797 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8364797 |
| Warrants | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 28098582 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 28098582 |
|  | &nbsp;&nbsp; $3738057985 | &nbsp;&nbsp; $777991333 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4516049318 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Global Tech ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(348403)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(348403)<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.*

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments

March 31, 2025

**iShares® Global Utilities ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 1.0%** | **Australia — 1.0%** | **Australia — 1.0%** |
| APA Group | &nbsp;&nbsp; 117090 | $580037 |
| Origin Energy Ltd. | &nbsp;&nbsp; 154919 | 1025156 |
|  |  | 1605193 |
| **Austria — 0.3%** | **Austria — 0.3%** | **Austria — 0.3%** |
| Verbund AG | &nbsp;&nbsp; 7538 | 533472 |
| **Brazil — 0.8%** | **Brazil — 0.8%** | **Brazil — 0.8%** |
| Centrais Eletricas Brasileiras SA | &nbsp;&nbsp; 82460 | 589429 |
| Cia de Saneamento Basico do Estado de Sao <br> Paulo SABESP<br>| &nbsp;&nbsp; 41095 | 734553 |
|  |  | 1323982 |
| **Canada — 3.5%** | **Canada — 3.5%** | **Canada — 3.5%** |
| Algonquin Power & Utilities Corp. | &nbsp;&nbsp; 69912 | 359021 |
| Brookfield Infrastructure Partners LP<sup>(a)</sup> | &nbsp;&nbsp; 41471 | 1233712 |
| Emera Inc. | &nbsp;&nbsp; 26434 | 1113349 |
| Fortis Inc./Canada | &nbsp;&nbsp; 44709 | 2036535 |
| Hydro One Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 28609 | 962016 |
|  |  | 5704633 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Enel Americas SA | &nbsp;&nbsp; 1796536 | 174822 |
| **Colombia — 0.1%** | **Colombia — 0.1%** | **Colombia — 0.1%** |
| Interconexion Electrica SA ESP | &nbsp;&nbsp; 39875 | 182117 |
| **Denmark — 0.5%** | **Denmark — 0.5%** | **Denmark — 0.5%** |
| Orsted A/S<sup>(a)(b)</sup> | &nbsp;&nbsp; 17070 | 745466 |
| **Finland — 0.4%** | **Finland — 0.4%** | **Finland — 0.4%** |
| Fortum OYJ | &nbsp;&nbsp; 39738 | 650729 |
| **France — 3.1%** | **France — 3.1%** | **France — 3.1%** |
| Engie SA | &nbsp;&nbsp; 157298 | 3065080 |
| Veolia Environnement SA | &nbsp;&nbsp; 57210 | 1967554 |
|  |  | 5032634 |
| **Germany — 3.2%** | **Germany — 3.2%** | **Germany — 3.2%** |
| E.ON SE | &nbsp;&nbsp; 201848 | 3046842 |
| RWE AG | &nbsp;&nbsp; 60734 | 2168478 |
|  |  | 5215320 |
| **Italy — 4.8%** | **Italy — 4.8%** | **Italy — 4.8%** |
| Enel SpA | &nbsp;&nbsp; 693371 | 5620814 |
| Snam SpA | &nbsp;&nbsp; 184663 | 957447 |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 126539 | 1143567 |
|  |  | 7721828 |
| **Japan — 2.2%** | **Japan — 2.2%** | **Japan — 2.2%** |
| Chubu Electric Power Co. Inc. | &nbsp;&nbsp; 68500 | 742692 |
| Kansai Electric Power Co. Inc. (The) | &nbsp;&nbsp; 92000 | 1091858 |
| Osaka Gas Co. Ltd. | &nbsp;&nbsp; 36300 | 821371 |
| Tokyo Gas Co. Ltd. | &nbsp;&nbsp; 31100 | 989310 |
|  |  | 3645231 |
| **Portugal — 0.6%** | **Portugal — 0.6%** | **Portugal — 0.6%** |
| EDP SA | &nbsp;&nbsp; 271265 | 912808 |
| **Spain — 6.0%** | **Spain — 6.0%** | **Spain — 6.0%** |
| Enagas SA | &nbsp;&nbsp; 21717 | 312646 |
| Endesa SA | &nbsp;&nbsp; 29376 | 778224 |
| Iberdrola SA | &nbsp;&nbsp; 468280 | 7561820 |
| Naturgy Energy Group SA | &nbsp;&nbsp; 13450 | 374058 |
| Redeia Corp. SA | &nbsp;&nbsp; 32460 | 651514 |
|  |  | 9678262 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom — 6.3%** | **United Kingdom — 6.3%** | **United Kingdom — 6.3%** |
| Centrica PLC | &nbsp;&nbsp; 453630 | $878341 |
| National Grid PLC | &nbsp;&nbsp; 439281 | 5730075 |
| Severn Trent PLC | &nbsp;&nbsp; 23814 | 779618 |
| SSE PLC | &nbsp;&nbsp; 99031 | 2039875 |
| United Utilities Group PLC | &nbsp;&nbsp; 61466 | 802005 |
|  |  | 10229914 |
| **United States — 66.7%** | **United States — 66.7%** | **United States — 66.7%** |
| AES Corp. (The) | &nbsp;&nbsp; 63624 | 790210 |
| Alliant Energy Corp. | &nbsp;&nbsp; 23096 | 1486228 |
| Ameren Corp. | &nbsp;&nbsp; 24220 | 2431688 |
| American Electric Power Co. Inc. | &nbsp;&nbsp; 47880 | 5231848 |
| American Water Works Co. Inc. | &nbsp;&nbsp; 17478 | 2578355 |
| Atmos Energy Corp. | &nbsp;&nbsp; 14244 | 2201837 |
| CenterPoint Energy Inc. | &nbsp;&nbsp; 58461 | 2118042 |
| CMS Energy Corp. | &nbsp;&nbsp; 26802 | 2013098 |
| Consolidated Edison Inc. | &nbsp;&nbsp; 31084 | 3437580 |
| Constellation Energy Corp. | &nbsp;&nbsp; 28073 | 5660359 |
| Dominion Energy Inc. | &nbsp;&nbsp; 75380 | 4226557 |
| DTE Energy Co. | &nbsp;&nbsp; 18606 | 2572652 |
| Duke Energy Corp. | &nbsp;&nbsp; 69162 | 8435689 |
| Edison International | &nbsp;&nbsp; 34807 | 2050828 |
| Entergy Corp. | &nbsp;&nbsp; 38481 | 3289741 |
| Evergy Inc. | &nbsp;&nbsp; 20609 | 1420991 |
| Eversource Energy | &nbsp;&nbsp; 32999 | 2049568 |
| Exelon Corp. | &nbsp;&nbsp; 90195 | 4156186 |
| FirstEnergy Corp. | &nbsp;&nbsp; 46127 | 1864453 |
| NextEra Energy Inc. | &nbsp;&nbsp; 183279 | 12992648 |
| NiSource Inc. | &nbsp;&nbsp; 41966 | 1682417 |
| NRG Energy Inc. | &nbsp;&nbsp; 18220 | 1739281 |
| PG&E Corp. | &nbsp;&nbsp; 196674 | 3378859 |
| Pinnacle West Capital Corp. | &nbsp;&nbsp; 10189 | 970502 |
| PPL Corp. | &nbsp;&nbsp; 66314 | 2394598 |
| Public Service Enterprise Group Inc. | &nbsp;&nbsp; 44709 | 3679551 |
| Sempra | &nbsp;&nbsp; 56840 | 4056102 |
| Southern Co. (The) | &nbsp;&nbsp; 97654 | 8979285 |
| Vistra Corp. | &nbsp;&nbsp; 30531 | 3585561 |
| WEC Energy Group Inc. | &nbsp;&nbsp; 28442 | 3099609 |
| Xcel Energy Inc. | &nbsp;&nbsp; 51531 | 3647879 |
|  |  | 108222202 |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $161,702,511)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $161,702,511)** | 161578613 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.6%** | **Money Market Funds — 0.6%** | **Money Market Funds — 0.6%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.31%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 960000 | 960000 |
| **Total Short-Term Securities — 0.6%** <br>**(Cost: $960,000)** | **Total Short-Term Securities — 0.6%** <br>**(Cost: $960,000)** | 960000 |
| **Total Investments — 100.2%** <br>**(Cost: $162,662,511)** | **Total Investments — 100.2%** <br>**(Cost: $162,662,511)** | 162538613 |
| **Liabilities in Excess of Other Assets — (0.2)%** | **Liabilities in Excess of Other Assets — (0.2)%** | (391879)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $162146734 |

---

&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 (continued)

March 31, 2025

**iShares® Global Utilities ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/24*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*03/31/25*<br>| *Shares* <br>*Held at* <br>*03/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares<sup>(a)</sup> | $—<br> $318 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— | $(318)<br>| $— | $— |  | $67 <br><sup>(c)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 870000<br> 90000 <br><sup>(b)</sup><br>| &nbsp;&nbsp; — |  |  | 960000 | 960000 | 43379 | &nbsp;&nbsp; — |
|  |  |  | $(318)<br>| $— | $960000 |  | $43446 | &nbsp;&nbsp; $— |

---

&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 fees and collateral investment expenses, and other payments to and from borrowers of securities. 

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| E-Mini Utilities Select Sector Index | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp; $481 | &nbsp;&nbsp; $(981)<br>|
| Euro STOXX 50 Index | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; (1863)<br>|
|  |  |  |  | &nbsp;&nbsp; $(2844)<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* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2844 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2844 |

---

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

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

For the period ended March 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $64140 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $64140 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(20289)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(20289)<br>|

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Global Utilities ETF**

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $598771 |

---

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; $126953057 | &nbsp;&nbsp; $34625556 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $161578613 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 960000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 960000 |
|  | &nbsp;&nbsp; $127913057 | &nbsp;&nbsp; $34625556 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $162538613 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(981)<br>| &nbsp;&nbsp; $(1863)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2844)<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

March 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>Global <br> Comm <br> Services ETF <br>| &nbsp;&nbsp; iShares <br>Global <br> Consumer <br> Discretionary <br> ETF <br>| &nbsp;&nbsp; iShares <br>Global <br> Consumer <br> Staples ETF <br>| &nbsp;&nbsp; iShares <br>Global Energy ETF <br>|
| **ASSETS** |  |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $343522537 | $256897899 | $718389309 | $1808965339 |
| Investments, at value—affiliated<sup>(c)</sup> | 1248430 | 550000 | 2703369 | 3689200 |
| Cash | 5793 | 7881 | 1306 | 129591 |
| Cash pledged for futures contracts | 41000 | 28000 | 166000 | 344000 |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> | 10239 | 20544 | 69239 | 40045 |
| Foreign currency, at value<sup>(e)</sup> | 240607 | 231410 | 1119178 | 2658529 |
| Receivables: |  |  |  |  |
| Investments sold |  | 175168 | 87 |  |
| Securities lending income—affiliated | 290 |  | 41 | 32 |
| Capital shares sold |  |  | 6391 |  |
| Dividends—unaffiliated | 446513 | 510710 | 2152491 | 3418257 |
| Dividends—affiliated | 1713 | 1111 | 7200 | 9497 |
| Tax reclaims | 22172 | 33548 | 785734 | 427875 |
| Variation margin on futures contracts |  |  | 53281 | 55210 |
| Foreign withholding tax claims | 4172 |  | 7000 |  |
| Total assets | 345543466 | 258456271 | 725460626 | 1819737575 |
| **LIABILITIES** |  |  |  |  |
| Collateral on securities loaned, at value | 868696 |  | 1033369 | 799200 |
| Payables: |  |  |  |  |
| Investments purchased | 42311 | 497359 | 1205591 | 563734 |
| Investment advisory fees | 127071 | 85716 | 240560 | 595583 |
| IRS compliance fee for foreign withholding tax claims | 167194 |  |  | 1896629 |
| Professional fees |  | 5491 | 41914 | 1456 |
| Variation margin on futures contracts | 2214 | 6695 |  |  |
| Total liabilities | 1207486 | 595261 | 2521434 | 3856602 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $344335980 | $257861010 | $722939192 | $1815880973 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $447360572 | $322351601 | $805606126 | $2104405784 |
| Accumulated loss | (103024592) | (64490591) | (82666934) | (288524811) |
| NET ASSETS | $344335980 | $257861010 | $722939192 | $1815880973 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | 3550000 | 1450000 | 11300000 | 43200000 |
| Net asset value | $97.00 | $177.84 | $63.98 | $42.03 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value |  |  |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $319530179 | $269341668 | $738545203 | $1830632705 |
| <sup>(b)</sup> Securities loaned, at value | $887944 | $— | $1008087 | $794994 |
| <sup>(c)</sup> Investments, at cost—affiliated | $1248430 | $550000 | $2703369 | $3689200 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $10362 | $20582 | $69496 | $40719 |
| <sup>(e)</sup> Foreign currency, at cost | $240950 | $231325 | $1116733 | $2659415 |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities (continued)

March 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>Global <br> Financials <br> ETF <br>| &nbsp;&nbsp; iShares <br>Global Healthcare <br> ETF <br>| &nbsp;&nbsp; iShares <br>Global <br> Industrials <br> ETF <br>| &nbsp;&nbsp; iShares <br>Global <br> Materials <br> ETF <br>|
| **ASSETS** |  |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $460399960 | $3929555773 | $938637796 | $227848239 |
| Investments, at value—affiliated<sup>(c)</sup> | 5912305 | 11782449 | 10419848 | 893105 |
| Cash | 8235 | 1240 | 72105 | 34661 |
| Cash pledged for futures contracts | 86000 | 831000 | 139000 | 27000 |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> | 52265 |  | 96480 | 53239 |
| Foreign currency, at value<sup>(e)</sup> | 598421 | 5340891 | 1462174 | 638388 |
| Receivables: |  |  |  |  |
| Investments sold | 193927 |  | 177 |  |
| Securities lending income—affiliated |  | 2574 | 674 | 840 |
| Capital shares sold |  |  | 52196 | 14243 |
| Dividends—unaffiliated | 1238415 | 5886320 | 1706988 | 686735 |
| Dividends—affiliated | 2341 | 28780 | 7520 | 1057 |
| Tax reclaims | 540330 | 4957004 | 287935 | 141238 |
| Variation margin on futures contracts | 14987 | 157987 |  | 275 |
| Other assets | 8981 |  |  |  |
| Total assets | 469056167 | 3958544018 | 952882893 | 230339020 |
| **LIABILITIES** |  |  |  |  |
| Collateral on securities loaned, at value |  | 7948236 | 8369353 | 573470 |
| Payables: |  |  |  |  |
| Investments purchased |  | 1332759 | 52943 | 619828 |
| Capital shares redeemed | 10 | 2422 |  |  |
| Investment advisory fees | 152316 | 1323431 | 304813 | 72211 |
| IRS compliance fee for foreign withholding tax claims | 117774 |  | 41589 |  |
| Professional fees | 14342 | 17842 | 15169 | 4745 |
| Variation margin on futures contracts |  |  | 4080 |  |
| Total liabilities | 284442 | 10624690 | 8787947 | 1270254 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $468771725 | $3947919328 | $944094946 | $229068766 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $547714725 | $3637545532 | $906983655 | $373572529 |
| Accumulated earnings (loss) | (78943000) | 310373796 | 37111291 | (144503763) |
| NET ASSETS | $468771725 | $3947919328 | $944094946 | $229068766 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | 4550000 | 43350000 | 6500000 | 2800000 |
| Net asset value | $103.03 | $91.07 | $145.25 | $81.81 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value |  |  |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $390291702 | $3374448610 | $855719494 | $263868681 |
| <sup>(b)</sup> Securities loaned, at value | $— | $7887808 | $8247251 | $552564 |
| <sup>(c)</sup> Investments, at cost—affiliated | $5814266 | $11781672 | $10419848 | $893133 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $52622 | $— | $95849 | $56349 |
| <sup>(e)</sup> Foreign currency, at cost | $597925 | $5333859 | $1465071 | $638170 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Assets and Liabilities (continued)

March 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>Global Tech ETF <br>| &nbsp;&nbsp; iShares <br>Global <br> Utilities ETF <br>|
| **ASSETS** |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $4487950736 | $161578613 |
| Investments, at value—affiliated<sup>(c)</sup> | 28098582 | 960000 |
| Cash | 16569 | 10477 |
| Cash pledged for futures contracts | 660000 | 34000 |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> |  | 4325 |
| Foreign currency, at value<sup>(e)</sup> | 1408372 | 160761 |
| Receivables: |  |  |
| Investments sold | 957853 |  |
| Securities lending income—affiliated | 5918 |  |
| Dividends—unaffiliated | 3341339 | 159606 |
| Dividends—affiliated | 66096 | 3169 |
| Tax reclaims | 48659 | 22294 |
| Variation margin on futures contracts | 804 | 4555 |
| Foreign withholding tax claims |  | 6705 |
| Total assets | 4522554928 | 162944505 |
| **LIABILITIES** |  |  |
| Collateral on securities loaned, at value | 25468379 |  |
| Payables: |  |  |
| Capital shares redeemed | 1463535 |  |
| Investment advisory fees | 1552920 | 51841 |
| IRS compliance fee for foreign withholding tax claims |  | 743102 |
| Professional fees | 7444 | 2828 |
| Total liabilities | 28492278 | 797771 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | $4494062650 | $162146734 |
| **NET ASSETS CONSIST OF** |  |  |
| Paid-in capital | $3457317305 | $212673508 |
| Accumulated earnings (loss) | 1036745345 | (50526774) |
| NET ASSETS | $4494062650 | $162146734 |
| **NET ASSET VALUE** |  |  |
| Shares outstanding | 59300000 | 2350000 |
| Net asset value | $75.79 | $69.00 |
| Shares authorized | Unlimited | Unlimited |
| Par value |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $3496078203 | $161702511 |
| <sup>(b)</sup> Securities loaned, at value | $24808685 | $— |
| <sup>(c)</sup> Investments, at cost—affiliated | $28098582 | $960000 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $— | $4341 |
| <sup>(e)</sup> Foreign currency, at cost | $1411832 | $161452 |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Operations

Year Ended March 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Global <br> Comm <br> Services ETF <br>| &nbsp;&nbsp; iShares <br>Global <br> Consumer <br> Discretionary <br> ETF <br>| &nbsp;&nbsp; iShares <br>Global <br> Consumer <br> Staples ETF <br>| &nbsp;&nbsp; iShares <br>Global <br> Energy ETF <br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $6097932 | &nbsp;&nbsp;&nbsp; $4307305 | &nbsp;&nbsp;&nbsp; $21480370 | &nbsp;&nbsp;&nbsp; $102552681 |
| Dividends—affiliated | &nbsp;&nbsp; 30818 | &nbsp;&nbsp;&nbsp; 16837 | &nbsp;&nbsp;&nbsp; 62996 | &nbsp;&nbsp;&nbsp; 191314 |
| Interest—unaffiliated | &nbsp;&nbsp; 3867 | &nbsp;&nbsp;&nbsp; 2200 | &nbsp;&nbsp;&nbsp; 9056 | &nbsp;&nbsp;&nbsp; 39782 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 2676 | &nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1132 | &nbsp;&nbsp;&nbsp; 11979 |
| Other income—unaffiliated | &nbsp;&nbsp; 15262 | &nbsp;&nbsp;&nbsp; 5850 | &nbsp;&nbsp;&nbsp; 27312 | &nbsp;&nbsp;&nbsp; 15683 |
| Foreign taxes withheld | &nbsp;&nbsp; (218597)<br>| &nbsp;&nbsp;&nbsp; (254279)<br>| &nbsp;&nbsp;&nbsp; (766018)<br>| &nbsp;&nbsp;&nbsp; (4075001)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; 99110 | &nbsp;&nbsp;&nbsp; 183588 | &nbsp;&nbsp;&nbsp; 450041 | &nbsp;&nbsp;&nbsp; 712129 |
| IRS compliance fee for foreign withholding tax claims | &nbsp;&nbsp; (62864)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (112150)<br>|
| Total investment income | &nbsp;&nbsp; 5968204 | &nbsp;&nbsp;&nbsp; 4262701 | &nbsp;&nbsp;&nbsp; 21264889 | &nbsp;&nbsp;&nbsp; 99336417 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 1453174 | &nbsp;&nbsp;&nbsp; 998814 | &nbsp;&nbsp;&nbsp; 2984191 | &nbsp;&nbsp;&nbsp; 9206883 |
| Professional | &nbsp;&nbsp; 39826 | &nbsp;&nbsp;&nbsp; 18705 | &nbsp;&nbsp;&nbsp; 65720 | &nbsp;&nbsp;&nbsp; 103367 |
| Commitment costs | &nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp; 187 | &nbsp;&nbsp;&nbsp; 148 | &nbsp;&nbsp;&nbsp; 4064 |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6150 | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp; 1493159 | &nbsp;&nbsp;&nbsp; 1017706 | &nbsp;&nbsp;&nbsp; 3056209 | &nbsp;&nbsp;&nbsp; 9314314 |
| Net investment income | &nbsp;&nbsp; 4475045 | &nbsp;&nbsp;&nbsp; 3244995 | &nbsp;&nbsp;&nbsp; 18208680 | &nbsp;&nbsp;&nbsp; 90022103 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (3962850)<br>| &nbsp;&nbsp;&nbsp; (3519192)<br>| &nbsp;&nbsp;&nbsp; (3552460)<br>| &nbsp;&nbsp;&nbsp; (35604675)<br>|
| Investments—affiliated | &nbsp;&nbsp; (2478)<br>| &nbsp;&nbsp;&nbsp; (92)<br>| &nbsp;&nbsp;&nbsp; (195)<br>| &nbsp;&nbsp;&nbsp; (15)<br>|
| Foreign currency transactions | &nbsp;&nbsp; (22837)<br>| &nbsp;&nbsp;&nbsp; (58089)<br>| &nbsp;&nbsp;&nbsp; 30133 | &nbsp;&nbsp;&nbsp; (71973)<br>|
| Futures contracts | &nbsp;&nbsp; 98580 | &nbsp;&nbsp;&nbsp; 59090 | &nbsp;&nbsp;&nbsp; 107092 | &nbsp;&nbsp;&nbsp; (1128250)<br>|
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 52310728 | &nbsp;&nbsp;&nbsp; 19181822 | &nbsp;&nbsp;&nbsp; 22225103 | &nbsp;&nbsp;&nbsp; 299951648 |
|  | &nbsp;&nbsp; 48421143 | &nbsp;&nbsp;&nbsp; 15663539 | &nbsp;&nbsp;&nbsp; 18809673 | &nbsp;&nbsp;&nbsp; 263146735 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (217920)<br>| &nbsp;&nbsp;&nbsp; (1326244)<br>| &nbsp;&nbsp;&nbsp; 17983485 | &nbsp;&nbsp;&nbsp; (367013745)<br>|
| Investments—affiliated | &nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Foreign currency translations | &nbsp;&nbsp; 1531 | &nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp; 12610 | &nbsp;&nbsp;&nbsp; 69296 |
| Futures contracts | &nbsp;&nbsp; (16297)<br>| &nbsp;&nbsp;&nbsp; (28849)<br>| &nbsp;&nbsp;&nbsp; (36485)<br>| &nbsp;&nbsp;&nbsp; (554688)<br>|
|  | &nbsp;&nbsp; (232507)<br>| &nbsp;&nbsp;&nbsp; (1354908)<br>| &nbsp;&nbsp;&nbsp; 17959610 | &nbsp;&nbsp;&nbsp; (367499137)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 48188636 | &nbsp;&nbsp;&nbsp; 14308631 | &nbsp;&nbsp;&nbsp; 36769283 | &nbsp;&nbsp;&nbsp; (104352402)<br>|
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $52663681 | &nbsp;&nbsp;&nbsp; $17553626 | &nbsp;&nbsp;&nbsp; $54977963 | &nbsp;&nbsp;&nbsp; $(14330299)<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.*

Statements of Operations

------

Statements of Operations (continued)

Year Ended March 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Global <br> Financials <br> ETF <br>| &nbsp;&nbsp; iShares <br>Global <br> Healthcare <br> ETF <br>| &nbsp;&nbsp; iShares <br>Global <br> Industrials <br> ETF <br>| &nbsp;&nbsp; iShares <br>Global <br> Materials <br> ETF <br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $12542178 | &nbsp;&nbsp;&nbsp; $72586006 | &nbsp;&nbsp;&nbsp; $13308430 | &nbsp;&nbsp;&nbsp; $6136364 |
| Dividends—affiliated | &nbsp;&nbsp; 146214 | &nbsp;&nbsp;&nbsp; 327584 | &nbsp;&nbsp;&nbsp; 72117 | &nbsp;&nbsp;&nbsp; 11743 |
| Interest—unaffiliated | &nbsp;&nbsp; 8225 | &nbsp;&nbsp;&nbsp; 46682 | &nbsp;&nbsp;&nbsp; 8380 | &nbsp;&nbsp;&nbsp; 3426 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 15980 | &nbsp;&nbsp;&nbsp; 38382 | &nbsp;&nbsp;&nbsp; 10120 | &nbsp;&nbsp;&nbsp; 5650 |
| Other income—unaffiliated | &nbsp;&nbsp; 15629 | &nbsp;&nbsp;&nbsp; 321349 | &nbsp;&nbsp;&nbsp; 13030 | &nbsp;&nbsp;&nbsp; 3804 |
| Foreign taxes withheld | &nbsp;&nbsp; (836743)<br>| &nbsp;&nbsp;&nbsp; (2992731)<br>| &nbsp;&nbsp;&nbsp; (729753)<br>| &nbsp;&nbsp;&nbsp; (240775)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; 303204 | &nbsp;&nbsp;&nbsp; 1761453 | &nbsp;&nbsp;&nbsp; 328957 | &nbsp;&nbsp;&nbsp; 37097 |
| IRS compliance fee for foreign withholding tax claims | &nbsp;&nbsp; (4778)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (41588)<br>| &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp; 12189909 | &nbsp;&nbsp;&nbsp; 72088725 | &nbsp;&nbsp;&nbsp; 12969693 | &nbsp;&nbsp;&nbsp; 5957309 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 1643076 | &nbsp;&nbsp;&nbsp; 15638708 | &nbsp;&nbsp;&nbsp; 2951150 | &nbsp;&nbsp;&nbsp; 920897 |
| Professional | &nbsp;&nbsp; 63295 | &nbsp;&nbsp;&nbsp; 187400 | &nbsp;&nbsp;&nbsp; 36496 | &nbsp;&nbsp;&nbsp; 7459 |
| Commitment costs | &nbsp;&nbsp; 735 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp; 452 |
| Interest expense | &nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp; 1707346 | &nbsp;&nbsp;&nbsp; 15826108 | &nbsp;&nbsp;&nbsp; 2987826 | &nbsp;&nbsp;&nbsp; 928808 |
| Net investment income | &nbsp;&nbsp; 10482563 | &nbsp;&nbsp;&nbsp; 56262617 | &nbsp;&nbsp;&nbsp; 9981867 | &nbsp;&nbsp;&nbsp; 5028501 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (1171416)<br>| &nbsp;&nbsp;&nbsp; (133192148)<br>| &nbsp;&nbsp;&nbsp; (8775166)<br>| &nbsp;&nbsp;&nbsp; (6909479)<br>|
| Investments—affiliated | &nbsp;&nbsp; (2528)<br>| &nbsp;&nbsp;&nbsp; 7369 | &nbsp;&nbsp;&nbsp; 493 | &nbsp;&nbsp;&nbsp; (304)<br>|
| Foreign currency transactions | &nbsp;&nbsp; (66916)<br>| &nbsp;&nbsp;&nbsp; (144025)<br>| &nbsp;&nbsp;&nbsp; (94165)<br>| &nbsp;&nbsp;&nbsp; (52249)<br>|
| Futures contracts | &nbsp;&nbsp; 338633 | &nbsp;&nbsp;&nbsp; (863846)<br>| &nbsp;&nbsp;&nbsp; 51361 | &nbsp;&nbsp;&nbsp; 125814 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 35221428 | &nbsp;&nbsp;&nbsp; 136136038 | &nbsp;&nbsp;&nbsp; 14734508 | &nbsp;&nbsp;&nbsp; 764382 |
| In-kind redemptions—affiliated<sup>(a)</sup> | &nbsp;&nbsp; 147383 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 34466584 | &nbsp;&nbsp;&nbsp; 1943388 | &nbsp;&nbsp;&nbsp; 5917031 | &nbsp;&nbsp;&nbsp; (6071836)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 37253817 | &nbsp;&nbsp;&nbsp; (102796143)<br>| &nbsp;&nbsp;&nbsp; 24131559 | &nbsp;&nbsp;&nbsp; (13120669)<br>|
| Investments—affiliated | &nbsp;&nbsp; 366986 | &nbsp;&nbsp;&nbsp; (1697)<br>| &nbsp;&nbsp;&nbsp; 189 | &nbsp;&nbsp;&nbsp; 76 |
| Foreign currency translations | &nbsp;&nbsp; 17866 | &nbsp;&nbsp;&nbsp; 82466 | &nbsp;&nbsp;&nbsp; 2351 | &nbsp;&nbsp;&nbsp; 11395 |
| Futures contracts | &nbsp;&nbsp; (77532)<br>| &nbsp;&nbsp;&nbsp; (67243)<br>| &nbsp;&nbsp;&nbsp; (74657)<br>| &nbsp;&nbsp;&nbsp; (58930)<br>|
|  | &nbsp;&nbsp; 37561137 | &nbsp;&nbsp;&nbsp; (102782617)<br>| &nbsp;&nbsp;&nbsp; 24059442 | &nbsp;&nbsp;&nbsp; (13168128)<br>|
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 72027721 | &nbsp;&nbsp;&nbsp; (100839229)<br>| &nbsp;&nbsp;&nbsp; 29976473 | &nbsp;&nbsp;&nbsp; (19239964)<br>|
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $82510284 | &nbsp;&nbsp;&nbsp; $(44576612)<br>| &nbsp;&nbsp;&nbsp; $39958340 | &nbsp;&nbsp;&nbsp; $(14211463)<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.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Operations (continued)

Year Ended March 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | iShares <br>Global Tech <br> ETF <br>| &nbsp;&nbsp; iShares <br>Global <br> Utilities ETF <br>|
| **INVESTMENT INCOME** |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $42275206 | &nbsp;&nbsp;&nbsp; $4965657 |
| Dividends—affiliated | &nbsp;&nbsp; 564792 | &nbsp;&nbsp;&nbsp; 43379 |
| Interest—unaffiliated | &nbsp;&nbsp; 64827 | &nbsp;&nbsp;&nbsp; 2977 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 68743 | &nbsp;&nbsp;&nbsp; 67 |
| Non-cash dividends—unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 295292 |
| Other income—unaffiliated | &nbsp;&nbsp; 8513 | &nbsp;&nbsp;&nbsp; 2074 |
| Foreign taxes withheld | &nbsp;&nbsp; (2370876)<br>| &nbsp;&nbsp;&nbsp; (164867)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; 117481 | &nbsp;&nbsp;&nbsp; 32825 |
| IRS compliance fee for foreign withholding tax claims | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (44475)<br>|
| Total investment income | &nbsp;&nbsp; 40728686 | &nbsp;&nbsp;&nbsp; 5132929 |
| EXPENSES |  |  |
| Investment advisory | &nbsp;&nbsp; 19553913 | &nbsp;&nbsp;&nbsp; 572431 |
| Commitment costs | &nbsp;&nbsp; 19655 | &nbsp;&nbsp;&nbsp; 46 |
| Professional | &nbsp;&nbsp; 19287 | &nbsp;&nbsp;&nbsp; 2819 |
| Interest expense | &nbsp;&nbsp; 3915 | &nbsp;&nbsp;&nbsp; — |
| Total expenses | &nbsp;&nbsp; 19596770 | &nbsp;&nbsp;&nbsp; 575296 |
| Net investment income | &nbsp;&nbsp; 21131916 | &nbsp;&nbsp;&nbsp; 4557633 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 131703380 | &nbsp;&nbsp;&nbsp; (2435766)<br>|
| Investments—affiliated | &nbsp;&nbsp; 18193 | &nbsp;&nbsp;&nbsp; (318)<br>|
| Foreign currency transactions | &nbsp;&nbsp; (243179)<br>| &nbsp;&nbsp;&nbsp; 10255 |
| Futures contracts | &nbsp;&nbsp; (67291)<br>| &nbsp;&nbsp;&nbsp; 64140 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 484442248 | &nbsp;&nbsp;&nbsp; 3063525 |
|  | &nbsp;&nbsp; 615853351 | &nbsp;&nbsp;&nbsp; 701836 |
| Net change in unrealized appreciation (depreciation) on: |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; (553457217)<br>| &nbsp;&nbsp;&nbsp; 19494011 |
| Investments—affiliated | &nbsp;&nbsp; 2818 | &nbsp;&nbsp;&nbsp; — |
| Foreign currency translations | &nbsp;&nbsp; 25049 | &nbsp;&nbsp;&nbsp; 235 |
| Futures contracts | &nbsp;&nbsp; (400461)<br>| &nbsp;&nbsp;&nbsp; (20289)<br>|
|  | &nbsp;&nbsp; (553829811)<br>| &nbsp;&nbsp;&nbsp; 19473957 |
| Net realized and unrealized gain | &nbsp;&nbsp; 62023540 | &nbsp;&nbsp;&nbsp; 20175793 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $83155456 | &nbsp;&nbsp;&nbsp; $24733426 |
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Changes in Net Assets

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Global Comm Services ETF  | iShares <br>Global Comm Services ETF  | iShares <br>Global Consumer Discretionary ETF  | iShares <br>Global Consumer Discretionary ETF  |
|  | Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $4475045 | &nbsp;&nbsp;&nbsp; $3354418 | &nbsp;&nbsp;&nbsp; $3244995 | &nbsp;&nbsp;&nbsp; $3380112 |
| Net realized gain | &nbsp;&nbsp; 48421143 | &nbsp;&nbsp;&nbsp; 23594252 | &nbsp;&nbsp;&nbsp; 15663539 | &nbsp;&nbsp;&nbsp; 13590687 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (232507)<br>| &nbsp;&nbsp;&nbsp; 53662779 | &nbsp;&nbsp;&nbsp; (1354908)<br>| &nbsp;&nbsp;&nbsp; 28205623 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 52663681 | &nbsp;&nbsp;&nbsp; 80611449 | &nbsp;&nbsp;&nbsp; 17553626 | &nbsp;&nbsp;&nbsp; 45176422 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (5317151)<br>| &nbsp;&nbsp;&nbsp; (4000936)<br>| &nbsp;&nbsp;&nbsp; (3022955)<br>| &nbsp;&nbsp;&nbsp; (3556029)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 23311934 | &nbsp;&nbsp;&nbsp; (59473162)<br>| &nbsp;&nbsp;&nbsp; (25239731)<br>| &nbsp;&nbsp;&nbsp; (77966973)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 70658464 | &nbsp;&nbsp;&nbsp; 17137351 | &nbsp;&nbsp;&nbsp; (10709060)<br>| &nbsp;&nbsp;&nbsp; (36346580)<br>|
| Beginning of year | &nbsp;&nbsp; 273677516 | &nbsp;&nbsp;&nbsp; 256540165 | &nbsp;&nbsp;&nbsp; 268570070 | &nbsp;&nbsp;&nbsp; 304916650 |
| End of year | &nbsp;&nbsp; $344335980 | &nbsp;&nbsp;&nbsp; $273677516 | &nbsp;&nbsp;&nbsp; $257861010 | &nbsp;&nbsp;&nbsp; $268570070 |

---

&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.

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets(continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Global Consumer Staples ETF  | iShares <br>Global Consumer Staples ETF  | iShares <br>Global Energy ETF  | iShares <br>Global Energy ETF  |
|  | Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $18208680 | &nbsp;&nbsp;&nbsp; $30082704 | &nbsp;&nbsp;&nbsp; $90022103 | &nbsp;&nbsp;&nbsp; $92734927 |
| Net realized gain | &nbsp;&nbsp; 18809673 | &nbsp;&nbsp;&nbsp; 41125516 | &nbsp;&nbsp;&nbsp; 263146735 | &nbsp;&nbsp;&nbsp; 41031356 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 17959610 | &nbsp;&nbsp;&nbsp; (96265428)<br>| &nbsp;&nbsp;&nbsp; (367499137)<br>| &nbsp;&nbsp;&nbsp; 243453311 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 54977963 | &nbsp;&nbsp;&nbsp; (25057208)<br>| &nbsp;&nbsp;&nbsp; (14330299)<br>| &nbsp;&nbsp;&nbsp; 377219594 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (18965318)<br>| &nbsp;&nbsp;&nbsp; (32801353)<br>| &nbsp;&nbsp;&nbsp; (100951338)<br>| &nbsp;&nbsp;&nbsp; (82209822)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (182819811)<br>| &nbsp;&nbsp;&nbsp; (609074187)<br>| &nbsp;&nbsp;&nbsp; (1429072695)<br>| &nbsp;&nbsp;&nbsp; 1266449394 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (146807166)<br>| &nbsp;&nbsp;&nbsp; (666932748)<br>| &nbsp;&nbsp;&nbsp; (1544354332)<br>| &nbsp;&nbsp;&nbsp; 1561459166 |
| Beginning of year | &nbsp;&nbsp; 869746358 | &nbsp;&nbsp;&nbsp; 1536679106 | &nbsp;&nbsp;&nbsp; 3360235305 | &nbsp;&nbsp;&nbsp; 1798776139 |
| End of year | &nbsp;&nbsp; $722939192 | &nbsp;&nbsp;&nbsp; $869746358 | &nbsp;&nbsp;&nbsp; $1815880973 | &nbsp;&nbsp;&nbsp; $3360235305 |

---

&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.

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Statements of Changes in Net Assets(continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Global Financials ETF  | iShares <br>Global Financials ETF  | iShares <br>Global Healthcare ETF  | iShares <br>Global Healthcare ETF  |
|  | Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $10482563 | &nbsp;&nbsp;&nbsp; $10780122 | &nbsp;&nbsp;&nbsp; $56262617 | &nbsp;&nbsp;&nbsp; $55633065 |
| Net realized gain (loss) | &nbsp;&nbsp; 34466584 | &nbsp;&nbsp;&nbsp; (6971831)<br>| &nbsp;&nbsp;&nbsp; 1943388 | &nbsp;&nbsp;&nbsp; 268429184 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 37561137 | &nbsp;&nbsp;&nbsp; 99457156 | &nbsp;&nbsp;&nbsp; (102782617)<br>| &nbsp;&nbsp;&nbsp; 176777034 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 82510284 | &nbsp;&nbsp;&nbsp; 103265447 | &nbsp;&nbsp;&nbsp; (44576612)<br>| &nbsp;&nbsp;&nbsp; 500839283 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (11402303)<br>| &nbsp;&nbsp;&nbsp; (11930274)<br>| &nbsp;&nbsp;&nbsp; (55137549)<br>| &nbsp;&nbsp;&nbsp; (56672611)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net decrease in net assets derived from capital share transactions | &nbsp;&nbsp; (5248310)<br>| &nbsp;&nbsp;&nbsp; (113797848)<br>| &nbsp;&nbsp;&nbsp; (62726703)<br>| &nbsp;&nbsp;&nbsp; (417062357)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 65859671 | &nbsp;&nbsp;&nbsp; (22462675)<br>| &nbsp;&nbsp;&nbsp; (162440864)<br>| &nbsp;&nbsp;&nbsp; 27104315 |
| Beginning of year | &nbsp;&nbsp; 402912054 | &nbsp;&nbsp;&nbsp; 425374729 | &nbsp;&nbsp;&nbsp; 4110360192 | &nbsp;&nbsp;&nbsp; 4083255877 |
| End of year | &nbsp;&nbsp; $468771725 | &nbsp;&nbsp;&nbsp; $402912054 | &nbsp;&nbsp;&nbsp; $3947919328 | &nbsp;&nbsp;&nbsp; $4110360192 |

---

&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.

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets(continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Global Industrials ETF  | iShares <br>Global Industrials ETF  | iShares <br>Global Materials ETF  | iShares <br>Global Materials ETF  |
|  | Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $9981867 | &nbsp;&nbsp;&nbsp; $6918914 | &nbsp;&nbsp;&nbsp; $5028501 | &nbsp;&nbsp;&nbsp; $7763376 |
| Net realized gain (loss) | &nbsp;&nbsp; 5917031 | &nbsp;&nbsp;&nbsp; 29825052 | &nbsp;&nbsp;&nbsp; (6071836)<br>| &nbsp;&nbsp;&nbsp; (4949670)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 24059442 | &nbsp;&nbsp;&nbsp; 74686942 | &nbsp;&nbsp;&nbsp; (13168128)<br>| &nbsp;&nbsp;&nbsp; 21468944 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 39958340 | &nbsp;&nbsp;&nbsp; 111430908 | &nbsp;&nbsp;&nbsp; (14211463)<br>| &nbsp;&nbsp;&nbsp; 24282650 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (10572641)<br>| &nbsp;&nbsp;&nbsp; (7992250)<br>| &nbsp;&nbsp;&nbsp; (6897407)<br>| &nbsp;&nbsp;&nbsp; (8736928)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; 343133251 | &nbsp;&nbsp;&nbsp; 131179158 | &nbsp;&nbsp;&nbsp; (9405811)<br>| &nbsp;&nbsp;&nbsp; (107132459)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; 372518950 | &nbsp;&nbsp;&nbsp; 234617816 | &nbsp;&nbsp;&nbsp; (30514681)<br>| &nbsp;&nbsp;&nbsp; (91586737)<br>|
| Beginning of year | &nbsp;&nbsp; 571575996 | &nbsp;&nbsp;&nbsp; 336958180 | &nbsp;&nbsp;&nbsp; 259583447 | &nbsp;&nbsp;&nbsp; 351170184 |
| End of year | &nbsp;&nbsp; $944094946 | &nbsp;&nbsp;&nbsp; $571575996 | &nbsp;&nbsp;&nbsp; $229068766 | &nbsp;&nbsp;&nbsp; $259583447 |

---

&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.

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Statements of Changes in Net Assets(continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Global Tech ETF  | iShares <br>Global Tech ETF  | iShares <br>Global Utilities ETF  | iShares <br>Global Utilities ETF  |
|  | Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $21131916 | &nbsp;&nbsp;&nbsp; $22334525 | &nbsp;&nbsp;&nbsp; $4557633 | &nbsp;&nbsp;&nbsp; $4785907 |
| Net realized gain (loss) | &nbsp;&nbsp; 615853351 | &nbsp;&nbsp;&nbsp; 315883453 | &nbsp;&nbsp;&nbsp; 701836 | &nbsp;&nbsp;&nbsp; (2322582)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (553829811)<br>| &nbsp;&nbsp;&nbsp; 915415208 | &nbsp;&nbsp;&nbsp; 19473957 | &nbsp;&nbsp;&nbsp; (2190208)<br>|
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 83155456 | &nbsp;&nbsp;&nbsp; 1253633186 | &nbsp;&nbsp;&nbsp; 24733426 | &nbsp;&nbsp;&nbsp; 273117 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (22084963)<br>| &nbsp;&nbsp;&nbsp; (22141169)<br>| &nbsp;&nbsp;&nbsp; (4406525)<br>| &nbsp;&nbsp;&nbsp; (4697007)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (172992721)<br>| &nbsp;&nbsp;&nbsp; 196876690 | &nbsp;&nbsp;&nbsp; 17786384 | &nbsp;&nbsp;&nbsp; (7699045)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (111922228)<br>| &nbsp;&nbsp;&nbsp; 1428368707 | &nbsp;&nbsp;&nbsp; 38113285 | &nbsp;&nbsp;&nbsp; (12122935)<br>|
| Beginning of year | &nbsp;&nbsp; 4605984878 | &nbsp;&nbsp;&nbsp; 3177616171 | &nbsp;&nbsp;&nbsp; 124033449 | &nbsp;&nbsp;&nbsp; 136156384 |
| End of year | &nbsp;&nbsp; $4494062650 | &nbsp;&nbsp;&nbsp; $4605984878 | &nbsp;&nbsp;&nbsp; $162146734 | &nbsp;&nbsp;&nbsp; $124033449 |

---

&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.

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Global Comm Services ETF  | iShares Global Comm Services ETF  | iShares Global Comm Services ETF  | iShares Global Comm Services ETF  | iShares Global Comm Services ETF  |
|  | Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>| &nbsp;&nbsp; Year Ended <br>03/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $84.21 | &nbsp;&nbsp;&nbsp; $64.14 | &nbsp;&nbsp;&nbsp; $73.93 | &nbsp;&nbsp;&nbsp; $80.09 | &nbsp;&nbsp;&nbsp; $51.81 |
| Net investment income<sup>(a)</sup> | 1.12 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.83 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.74 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.66 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 12.97 | &nbsp;&nbsp;&nbsp;&nbsp;20.17 | &nbsp;&nbsp;&nbsp; (9.72)<br>| &nbsp;&nbsp;&nbsp; (5.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;28.33 |
| Net increase (decrease) from investment operations | 14.09 | &nbsp;&nbsp;&nbsp;&nbsp;21.00 | &nbsp;&nbsp;&nbsp; (9.01)<br>| &nbsp;&nbsp;&nbsp; (4.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;28.99 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp;&nbsp; (0.71)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $97.00 | &nbsp;&nbsp;&nbsp; $84.21 | &nbsp;&nbsp;&nbsp; $64.14 | &nbsp;&nbsp;&nbsp; $73.93 | &nbsp;&nbsp;&nbsp; $80.09 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 16.76 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 33.04 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (12.16 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (6.03 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 56.20<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp; N/A |
| Net investment income | 1.20 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $344336 | &nbsp;&nbsp;&nbsp; $273678 | &nbsp;&nbsp;&nbsp; $256540 | &nbsp;&nbsp;&nbsp; $240270 | &nbsp;&nbsp;&nbsp; $320380 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, <br> 2025, March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.01, $0.03 and $0.10.<br> • Total return by 0.02%, 0.02%, 0.05% and 0.15%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.01%, 0.06% and 0.12%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, <br> 2025, March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.01, $0.03 and $0.10.<br> • Total return by 0.02%, 0.02%, 0.05% and 0.15%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.01%, 0.06% and 0.12%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, <br> 2025, March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.01, $0.03 and $0.10.<br> • Total return by 0.02%, 0.02%, 0.05% and 0.15%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.01%, 0.06% and 0.12%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, <br> 2025, March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.01, $0.03 and $0.10.<br> • Total return by 0.02%, 0.02%, 0.05% and 0.15%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.01%, 0.06% and 0.12%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, <br> 2025, March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.01, $0.03 and $0.10.<br> • Total return by 0.02%, 0.02%, 0.05% and 0.15%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.01%, 0.06% and 0.12%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, <br> 2025, March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.01, $0.03 and $0.10.<br> • Total return by 0.02%, 0.02%, 0.05% and 0.15%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.01%, 0.06% and 0.12%. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(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> 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> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Global Consumer Discretionary ETF  | iShares Global Consumer Discretionary ETF  | iShares Global Consumer Discretionary ETF  | iShares Global Consumer Discretionary ETF  | iShares Global Consumer Discretionary ETF  |
|  | Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>| &nbsp;&nbsp; Year Ended <br>03/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $167.86 | &nbsp;&nbsp;&nbsp; $145.20 | &nbsp;&nbsp;&nbsp; $156.03 | &nbsp;&nbsp;&nbsp; $162.55 | &nbsp;&nbsp;&nbsp; $95.12 |
| Net investment income<sup>(a)</sup> | 2.19 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.63 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.58 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 9.76 | &nbsp;&nbsp;&nbsp;&nbsp;22.62 | &nbsp;&nbsp;&nbsp; (11.15)<br>| &nbsp;&nbsp;&nbsp; (5.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;67.38 |
| Net increase (decrease) from investment operations | 11.95 | &nbsp;&nbsp;&nbsp;&nbsp;24.25 | &nbsp;&nbsp;&nbsp; (9.57)<br>| &nbsp;&nbsp;&nbsp; (4.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp;68.44 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp;&nbsp; (1.01)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $177.84 | &nbsp;&nbsp;&nbsp; $167.86 | &nbsp;&nbsp;&nbsp; $145.20 | &nbsp;&nbsp;&nbsp; $156.03 | &nbsp;&nbsp;&nbsp; $162.55 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 7.19 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.82 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (6.12 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (3.13 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 72.21<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.39<br> %<br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A |
| Net investment income | 1.27 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.07 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.17 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $257861 | &nbsp;&nbsp;&nbsp; $268570 | &nbsp;&nbsp;&nbsp; $304917 | &nbsp;&nbsp;&nbsp; $358865 | &nbsp;&nbsp;&nbsp; $430745 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 34<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.11, $0.02, $0.01 and $0.03.<br> • Total return by 0.07%, 0.02%, 0.00% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.06%, 0.01%, 0.01% and 0.02%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.11, $0.02, $0.01 and $0.03.<br> • Total return by 0.07%, 0.02%, 0.00% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.06%, 0.01%, 0.01% and 0.02%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.11, $0.02, $0.01 and $0.03.<br> • Total return by 0.07%, 0.02%, 0.00% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.06%, 0.01%, 0.01% and 0.02%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.11, $0.02, $0.01 and $0.03.<br> • Total return by 0.07%, 0.02%, 0.00% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.06%, 0.01%, 0.01% and 0.02%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.11, $0.02, $0.01 and $0.03.<br> • Total return by 0.07%, 0.02%, 0.00% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.06%, 0.01%, 0.01% and 0.02%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.11, $0.02, $0.01 and $0.03.<br> • Total return by 0.07%, 0.02%, 0.00% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.06%, 0.01%, 0.01% and 0.02%. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(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> 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> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Global Consumer Staples ETF  | iShares Global Consumer Staples ETF  | iShares Global Consumer Staples ETF  | iShares Global Consumer Staples ETF  | iShares Global Consumer Staples ETF  |
|  | Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>| &nbsp;&nbsp; Year Ended <br>03/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $61.03 | &nbsp;&nbsp;&nbsp; $61.84 | &nbsp;&nbsp;&nbsp; $62.11 | &nbsp;&nbsp;&nbsp; $58.11 | &nbsp;&nbsp;&nbsp; $47.96 |
| Net investment income<sup>(a)</sup> | 1.48 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp; 1.29 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 2.98 | &nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.09 | &nbsp;&nbsp;&nbsp;&nbsp;10.17 |
| Net increase from investment operations | 4.46 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;5.46 | &nbsp;&nbsp;&nbsp;&nbsp;11.51 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.51)<br>| &nbsp;&nbsp;&nbsp; (1.77)<br>| &nbsp;&nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp;&nbsp; (1.36)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $63.98 | &nbsp;&nbsp;&nbsp; $61.03 | &nbsp;&nbsp;&nbsp; $61.84 | &nbsp;&nbsp;&nbsp; $62.11 | &nbsp;&nbsp;&nbsp; $58.11 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 7.41 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.56 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.21<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.39<br> %<br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A |
| Net investment income | 2.38 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.18 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.46<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $722939 | &nbsp;&nbsp;&nbsp; $869746 | &nbsp;&nbsp;&nbsp; $1536679 | &nbsp;&nbsp;&nbsp; $1021775 | &nbsp;&nbsp;&nbsp; $525907 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025 and <br> March 31, 2023 respectively:<br> • Net investment income per share by $0.03 and $0.00.<br> • Total return by 0.06% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.05% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025 and <br> March 31, 2023 respectively:<br> • Net investment income per share by $0.03 and $0.00.<br> • Total return by 0.06% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.05% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025 and <br> March 31, 2023 respectively:<br> • Net investment income per share by $0.03 and $0.00.<br> • Total return by 0.06% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.05% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025 and <br> March 31, 2023 respectively:<br> • Net investment income per share by $0.03 and $0.00.<br> • Total return by 0.06% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.05% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025 and <br> March 31, 2023 respectively:<br> • Net investment income per share by $0.03 and $0.00.<br> • Total return by 0.06% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.05% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025 and <br> March 31, 2023 respectively:<br> • Net investment income per share by $0.03 and $0.00.<br> • Total return by 0.06% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.05% and 0.01%. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(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> 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> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Global Energy ETF  | iShares Global Energy ETF  | iShares Global Energy ETF  | iShares Global Energy ETF  | iShares Global Energy ETF  |
|  | Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>| &nbsp;&nbsp; Year Ended <br>03/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $42.91 | &nbsp;&nbsp;&nbsp; $37.71 | &nbsp;&nbsp;&nbsp; $36.12 | &nbsp;&nbsp;&nbsp; $24.63 | &nbsp;&nbsp;&nbsp; $17.06 |
| Net investment income<sup>(a)</sup> | 1.59 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp; 1.89 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;11.37 | &nbsp;&nbsp;&nbsp;&nbsp;7.62 |
| Net increase from investment operations | 0.86 | &nbsp;&nbsp;&nbsp;&nbsp;6.55 | &nbsp;&nbsp;&nbsp;&nbsp;3.45 | &nbsp;&nbsp;&nbsp;&nbsp;12.59 | &nbsp;&nbsp;&nbsp;&nbsp;8.56 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.74)<br>| &nbsp;&nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp;&nbsp; (1.86)<br>| &nbsp;&nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp; (0.99)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $42.03 | &nbsp;&nbsp;&nbsp; $42.91 | &nbsp;&nbsp;&nbsp; $37.71 | &nbsp;&nbsp;&nbsp; $36.12 | &nbsp;&nbsp;&nbsp; $24.63 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 2.31 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.39 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 52.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51.36<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A |
| Net investment income | 3.83 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.03 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.65<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $1815881 | &nbsp;&nbsp;&nbsp; $3360235 | &nbsp;&nbsp;&nbsp; $1798776 | &nbsp;&nbsp;&nbsp; $2280843 | &nbsp;&nbsp;&nbsp; $1308021 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025 and <br> March 31, 2023 respectively:<br> • Net investment income per share by $0.01 and $0.07.<br> • Total return by 0.04% and 0.24%.<br> • Ratio of net investment income to average net assets by 0.03% and 0.18%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025 and <br> March 31, 2023 respectively:<br> • Net investment income per share by $0.01 and $0.07.<br> • Total return by 0.04% and 0.24%.<br> • Ratio of net investment income to average net assets by 0.03% and 0.18%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025 and <br> March 31, 2023 respectively:<br> • Net investment income per share by $0.01 and $0.07.<br> • Total return by 0.04% and 0.24%.<br> • Ratio of net investment income to average net assets by 0.03% and 0.18%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025 and <br> March 31, 2023 respectively:<br> • Net investment income per share by $0.01 and $0.07.<br> • Total return by 0.04% and 0.24%.<br> • Ratio of net investment income to average net assets by 0.03% and 0.18%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025 and <br> March 31, 2023 respectively:<br> • Net investment income per share by $0.01 and $0.07.<br> • Total return by 0.04% and 0.24%.<br> • Ratio of net investment income to average net assets by 0.03% and 0.18%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025 and <br> March 31, 2023 respectively:<br> • Net investment income per share by $0.01 and $0.07.<br> • Total return by 0.04% and 0.24%.<br> • Ratio of net investment income to average net assets by 0.03% and 0.18%. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(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> 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> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Global Financials ETF  | iShares Global Financials ETF  | iShares Global Financials ETF  | iShares Global Financials ETF  | iShares Global Financials ETF  |
|  | Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>| &nbsp;&nbsp; Year Ended <br>03/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $86.65 | &nbsp;&nbsp;&nbsp; $69.17 | &nbsp;&nbsp;&nbsp; $79.60 | &nbsp;&nbsp;&nbsp; $73.29 | &nbsp;&nbsp;&nbsp; $47.23 |
| Net investment income<sup>(a)</sup> | 2.33 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.93 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.19 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.65 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.36 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 16.58 | &nbsp;&nbsp;&nbsp;&nbsp;17.61 | &nbsp;&nbsp;&nbsp; (10.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.01 | &nbsp;&nbsp;&nbsp;&nbsp;26.09 |
| Net increase (decrease) from investment operations | 18.91 | &nbsp;&nbsp;&nbsp;&nbsp;19.54 | &nbsp;&nbsp;&nbsp; (7.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.66 | &nbsp;&nbsp;&nbsp;&nbsp;27.45 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (2.53)<br>| &nbsp;&nbsp;&nbsp; (2.06)<br>| &nbsp;&nbsp;&nbsp; (2.61)<br>| &nbsp;&nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp;&nbsp; (1.39)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $103.03 | &nbsp;&nbsp;&nbsp; $86.65 | &nbsp;&nbsp;&nbsp; $69.17 | &nbsp;&nbsp;&nbsp; $79.60 | &nbsp;&nbsp;&nbsp; $73.29 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 22.29 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.85 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (9.86 )%<sup>(b)(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.48 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 58.99<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>|
| Net investment income | 2.49 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.61 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.12 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.07 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.28<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $468772 | &nbsp;&nbsp;&nbsp; $402912 | &nbsp;&nbsp;&nbsp; $425375 | &nbsp;&nbsp;&nbsp; $1162145 | &nbsp;&nbsp;&nbsp; $472743 |
| Portfolio turnover rate<sup>(h)</sup> | &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, <br> 2025, March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.05, $0.01, $0.03 and $0.01.<br> • Total return by 0.06%, 0.01%, 0.06% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.06%, 0.01%, 0.04% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, <br> 2025, March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.05, $0.01, $0.03 and $0.01.<br> • Total return by 0.06%, 0.01%, 0.06% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.06%, 0.01%, 0.04% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, <br> 2025, March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.05, $0.01, $0.03 and $0.01.<br> • Total return by 0.06%, 0.01%, 0.06% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.06%, 0.01%, 0.04% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, <br> 2025, March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.05, $0.01, $0.03 and $0.01.<br> • Total return by 0.06%, 0.01%, 0.06% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.06%, 0.01%, 0.04% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, <br> 2025, March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.05, $0.01, $0.03 and $0.01.<br> • Total return by 0.06%, 0.01%, 0.06% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.06%, 0.01%, 0.04% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, <br> 2025, March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.05, $0.01, $0.03 and $0.01.<br> • Total return by 0.06%, 0.01%, 0.06% and 0.02%.<br> • Ratio of net investment income to average net assets by 0.06%, 0.01%, 0.04% and 0.01%. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(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> 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> Includes proceeds received from a class action litigation, which impacted the Fund's total return. Not including these proceeds, the Fund's total return would have been (9.92)% for the <br> year ended March 31, 2023. | <sup>(f)</sup> Includes proceeds received from a class action litigation, which impacted the Fund's total return. Not including these proceeds, the Fund's total return would have been (9.92)% for the <br> year ended March 31, 2023. | <sup>(f)</sup> Includes proceeds received from a class action litigation, which impacted the Fund's total return. Not including these proceeds, the Fund's total return would have been (9.92)% for the <br> year ended March 31, 2023. | <sup>(f)</sup> Includes proceeds received from a class action litigation, which impacted the Fund's total return. Not including these proceeds, the Fund's total return would have been (9.92)% for the <br> year ended March 31, 2023. | <sup>(f)</sup> Includes proceeds received from a class action litigation, which impacted the Fund's total return. Not including these proceeds, the Fund's total return would have been (9.92)% for the <br> year ended March 31, 2023. | <sup>(f)</sup> Includes proceeds received from a class action litigation, which impacted the Fund's total return. Not including these proceeds, the Fund's total return would have been (9.92)% for the <br> year ended March 31, 2023. |
| <sup>(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> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

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*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Global Healthcare ETF  | iShares Global Healthcare ETF  | iShares Global Healthcare ETF  | iShares Global Healthcare ETF  | iShares Global Healthcare ETF  |
|  | Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>| &nbsp;&nbsp; Year Ended <br>03/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $93.10 | &nbsp;&nbsp;&nbsp; $83.42 | &nbsp;&nbsp;&nbsp; $87.41 | &nbsp;&nbsp;&nbsp; $76.96 | &nbsp;&nbsp;&nbsp; $60.95 |
| Net investment income<sup>(a)</sup> | 1.30 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.18 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.11 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | &nbsp;&nbsp; (2.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;9.70 | &nbsp;&nbsp;&nbsp; (4.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.39 | &nbsp;&nbsp;&nbsp;&nbsp;15.96 |
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.88 | &nbsp;&nbsp;&nbsp; (3.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;11.46 | &nbsp;&nbsp;&nbsp;&nbsp;16.98 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp;&nbsp; (0.97)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $91.07 | &nbsp;&nbsp;&nbsp; $93.10 | &nbsp;&nbsp;&nbsp; $83.42 | &nbsp;&nbsp;&nbsp; $87.41 | &nbsp;&nbsp;&nbsp; $76.96 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (0.78 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.22 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (3.44 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.03<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A |
| Net investment income | 1.41 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.38 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $3947919 | &nbsp;&nbsp;&nbsp; $4110360 | &nbsp;&nbsp;&nbsp; $4083256 | &nbsp;&nbsp;&nbsp; $3492005 | &nbsp;&nbsp;&nbsp; $2705201 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023 respectively:<br> • Net investment income per share by $0.04, $0.00 and $0.01.<br> • Total return by 0.04%, 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.04%, 0.01% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023 respectively:<br> • Net investment income per share by $0.04, $0.00 and $0.01.<br> • Total return by 0.04%, 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.04%, 0.01% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023 respectively:<br> • Net investment income per share by $0.04, $0.00 and $0.01.<br> • Total return by 0.04%, 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.04%, 0.01% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023 respectively:<br> • Net investment income per share by $0.04, $0.00 and $0.01.<br> • Total return by 0.04%, 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.04%, 0.01% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023 respectively:<br> • Net investment income per share by $0.04, $0.00 and $0.01.<br> • Total return by 0.04%, 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.04%, 0.01% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023 respectively:<br> • Net investment income per share by $0.04, $0.00 and $0.01.<br> • Total return by 0.04%, 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.04%, 0.01% and 0.01%. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(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> 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> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Global Industrials ETF  | iShares Global Industrials ETF  | iShares Global Industrials ETF  | iShares Global Industrials ETF  | iShares Global Industrials ETF  |
|  | Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>| &nbsp;&nbsp; Year Ended <br>03/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $139.41 | &nbsp;&nbsp;&nbsp; $114.22 | &nbsp;&nbsp;&nbsp; $115.84 | &nbsp;&nbsp;&nbsp; $115.74 | &nbsp;&nbsp;&nbsp; $71.50 |
| Net investment income<sup>(a)</sup> | 1.89 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp; 1.77 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.53 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.32 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 6.03 | &nbsp;&nbsp;&nbsp;&nbsp;25.73 | &nbsp;&nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;44.27 |
| Net increase from investment operations | 7.92 | &nbsp;&nbsp;&nbsp;&nbsp;27.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;45.59 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (2.08)<br>| &nbsp;&nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp;&nbsp; (1.74)<br>| &nbsp;&nbsp;&nbsp; (1.75)<br>| &nbsp;&nbsp;&nbsp; (1.35)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $145.25 | &nbsp;&nbsp;&nbsp; $139.41 | &nbsp;&nbsp;&nbsp; $114.22 | &nbsp;&nbsp;&nbsp; $115.84 | &nbsp;&nbsp;&nbsp; $115.74 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 5.77 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.22 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.54 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 64.27<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>|
| Net investment income | 1.32 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.69 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.27 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $944095 | &nbsp;&nbsp;&nbsp; $571576 | &nbsp;&nbsp;&nbsp; $336958 | &nbsp;&nbsp;&nbsp; $376481 | &nbsp;&nbsp;&nbsp; $422466 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 8<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.06, $0.02 and $0.05.<br> • Total return by 0.03%, 0.01% and 0.05%.<br> • Ratio of net investment income to average net assets by 0.04%, 0.01% and 0.04%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.06, $0.02 and $0.05.<br> • Total return by 0.03%, 0.01% and 0.05%.<br> • Ratio of net investment income to average net assets by 0.04%, 0.01% and 0.04%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.06, $0.02 and $0.05.<br> • Total return by 0.03%, 0.01% and 0.05%.<br> • Ratio of net investment income to average net assets by 0.04%, 0.01% and 0.04%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.06, $0.02 and $0.05.<br> • Total return by 0.03%, 0.01% and 0.05%.<br> • Ratio of net investment income to average net assets by 0.04%, 0.01% and 0.04%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.06, $0.02 and $0.05.<br> • Total return by 0.03%, 0.01% and 0.05%.<br> • Ratio of net investment income to average net assets by 0.04%, 0.01% and 0.04%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.06, $0.02 and $0.05.<br> • Total return by 0.03%, 0.01% and 0.05%.<br> • Ratio of net investment income to average net assets by 0.04%, 0.01% and 0.04%. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(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> 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> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Global Materials ETF  | iShares Global Materials ETF  | iShares Global Materials ETF  | iShares Global Materials ETF  | iShares Global Materials ETF  |
|  | Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>| &nbsp;&nbsp; Year Ended <br>03/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $89.51 | &nbsp;&nbsp;&nbsp; $83.61 | &nbsp;&nbsp;&nbsp; $93.81 | &nbsp;&nbsp;&nbsp; $86.59 | &nbsp;&nbsp;&nbsp; $49.67 |
| Net investment income<sup>(a)</sup> | 1.83 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.29 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.60 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.16 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;2.07 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | &nbsp;&nbsp; (7.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.16 | &nbsp;&nbsp;&nbsp; (9.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.23 | &nbsp;&nbsp;&nbsp;&nbsp;35.84 |
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (5.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;8.45 | &nbsp;&nbsp;&nbsp; (6.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;10.39 | &nbsp;&nbsp;&nbsp;&nbsp;37.91 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (2.52)<br>| &nbsp;&nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp;&nbsp; (3.80)<br>| &nbsp;&nbsp;&nbsp; (3.17)<br>| &nbsp;&nbsp;&nbsp; (0.99)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $81.81 | &nbsp;&nbsp;&nbsp; $89.51 | &nbsp;&nbsp;&nbsp; $83.61 | &nbsp;&nbsp;&nbsp; $93.81 | &nbsp;&nbsp;&nbsp; $86.59 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (5.82 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.40 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (6.77 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.19 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 76.78<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp; N/A |
| Net investment income | 2.13 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.79 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.20 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.48 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.76<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $229069 | &nbsp;&nbsp;&nbsp; $259583 | &nbsp;&nbsp;&nbsp; $351170 | &nbsp;&nbsp;&nbsp; $727028 | &nbsp;&nbsp;&nbsp; $722999 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.05, $0.00 and $0.01.<br> • Total return by 0.01%, 0.07%, 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.06%, 0.00% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.05, $0.00 and $0.01.<br> • Total return by 0.01%, 0.07%, 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.06%, 0.00% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.05, $0.00 and $0.01.<br> • Total return by 0.01%, 0.07%, 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.06%, 0.00% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.05, $0.00 and $0.01.<br> • Total return by 0.01%, 0.07%, 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.06%, 0.00% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.05, $0.00 and $0.01.<br> • Total return by 0.01%, 0.07%, 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.06%, 0.00% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.05, $0.00 and $0.01.<br> • Total return by 0.01%, 0.07%, 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.06%, 0.00% and 0.01%. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(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> 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> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Global Tech ETF  | iShares Global Tech ETF  | iShares Global Tech ETF  | iShares Global Tech ETF  | iShares Global Tech ETF  |
|  | Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<sup>(a)</sup> <br>| &nbsp;&nbsp; Year Ended <br>03/31/21<sup>(a)</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $74.96 | &nbsp;&nbsp;&nbsp; $54.36 | &nbsp;&nbsp;&nbsp; $57.86 | &nbsp;&nbsp;&nbsp; $51.13 | &nbsp;&nbsp;&nbsp; $30.49 |
| Net investment income<sup>(b)</sup> | 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp; 0.37 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| Net realized and unrealized gain (loss)<sup>(d)</sup> | 0.85 | &nbsp;&nbsp;&nbsp;&nbsp;20.60 | &nbsp;&nbsp;&nbsp; (3.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.81 | &nbsp;&nbsp;&nbsp;&nbsp;20.62 |
| Net increase (decrease) from investment operations | 1.19 | &nbsp;&nbsp;&nbsp;&nbsp;20.98 | &nbsp;&nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;7.10 | &nbsp;&nbsp;&nbsp;&nbsp;20.95 |
| Distributions from net investment income<sup>(e)</sup> | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $75.79 | &nbsp;&nbsp;&nbsp; $74.96 | &nbsp;&nbsp;&nbsp; $54.36 | &nbsp;&nbsp;&nbsp; $57.86 | &nbsp;&nbsp;&nbsp; $51.13 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 1.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.70<br> %<br>| &nbsp;&nbsp;&nbsp; (5.34 )%<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.89 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 68.97<br> %<br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>|
| Net investment income | 0.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.77 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $4494063 | &nbsp;&nbsp;&nbsp; $4605985 | &nbsp;&nbsp;&nbsp; $3177616 | &nbsp;&nbsp;&nbsp; $5001963 | &nbsp;&nbsp;&nbsp; $5046541 |
| Portfolio turnover rate<sup>(h)</sup> | &nbsp;&nbsp; 45<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 4<br> %<br>|
| <sup>(a)</sup> Per share amounts reflect a six-for-one stock split effective after the close of trading on July 16, 2021. | <sup>(a)</sup> Per share amounts reflect a six-for-one stock split effective after the close of trading on July 16, 2021. | <sup>(a)</sup> Per share amounts reflect a six-for-one stock split effective after the close of trading on July 16, 2021. | <sup>(a)</sup> Per share amounts reflect a six-for-one stock split effective after the close of trading on July 16, 2021. | <sup>(a)</sup> Per share amounts reflect a six-for-one stock split effective after the close of trading on July 16, 2021. | <sup>(a)</sup> Per share amounts reflect a six-for-one stock split effective after the close of trading on July 16, 2021. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2023 and <br> March 31, 2022 respectively:<br> • Net investment income per share by $0.00 and $0.00.<br> • Total return by 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.00% and 0.00%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2023 and <br> March 31, 2022 respectively:<br> • Net investment income per share by $0.00 and $0.00.<br> • Total return by 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.00% and 0.00%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2023 and <br> March 31, 2022 respectively:<br> • Net investment income per share by $0.00 and $0.00.<br> • Total return by 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.00% and 0.00%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2023 and <br> March 31, 2022 respectively:<br> • Net investment income per share by $0.00 and $0.00.<br> • Total return by 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.00% and 0.00%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2023 and <br> March 31, 2022 respectively:<br> • Net investment income per share by $0.00 and $0.00.<br> • Total return by 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.00% and 0.00%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2023 and <br> March 31, 2022 respectively:<br> • Net investment income per share by $0.00 and $0.00.<br> • Total return by 0.01% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.00% and 0.00%. |
| <sup>(d)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(f)</sup> 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> 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> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares Global Utilities ETF  | iShares Global Utilities ETF  | iShares Global Utilities ETF  | iShares Global Utilities ETF  | iShares Global Utilities ETF  |
|  | Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>| &nbsp;&nbsp; Year Ended <br>03/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $59.06 | &nbsp;&nbsp;&nbsp; $60.51 | &nbsp;&nbsp;&nbsp; $65.60 | &nbsp;&nbsp;&nbsp; $60.51 | &nbsp;&nbsp;&nbsp; $50.71 |
| Net investment income<sup>(a)</sup> | 2.03 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.13 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.86 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.71 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 9.85 | &nbsp;&nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp;&nbsp; (5.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.08 | &nbsp;&nbsp;&nbsp;&nbsp;9.68 |
| Net increase (decrease) from investment operations | 11.88 | &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp; (3.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.89 | &nbsp;&nbsp;&nbsp;&nbsp;11.39 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp;&nbsp; (2.09)<br>| &nbsp;&nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp;&nbsp; (1.59)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $69.00 | &nbsp;&nbsp;&nbsp; $59.06 | &nbsp;&nbsp;&nbsp; $60.51 | &nbsp;&nbsp;&nbsp; $65.60 | &nbsp;&nbsp;&nbsp; $60.51 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 20.45 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (4.93 )%<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.70<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A |
| Net investment income | 3.11 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.67 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.06 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.03<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $162147 | &nbsp;&nbsp;&nbsp; $124033 | &nbsp;&nbsp;&nbsp; $136156 | &nbsp;&nbsp;&nbsp; $180402 | &nbsp;&nbsp;&nbsp; $151268 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023 respectively:<br> • Net investment income per share by $0.01, $0.31 and $0.06.<br> • Total return by 0.02%, 0.56% and 0.12%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.53% and 0.11%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023 respectively:<br> • Net investment income per share by $0.01, $0.31 and $0.06.<br> • Total return by 0.02%, 0.56% and 0.12%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.53% and 0.11%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023 respectively:<br> • Net investment income per share by $0.01, $0.31 and $0.06.<br> • Total return by 0.02%, 0.56% and 0.12%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.53% and 0.11%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023 respectively:<br> • Net investment income per share by $0.01, $0.31 and $0.06.<br> • Total return by 0.02%, 0.56% and 0.12%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.53% and 0.11%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023 respectively:<br> • Net investment income per share by $0.01, $0.31 and $0.06.<br> • Total return by 0.02%, 0.56% and 0.12%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.53% and 0.11%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024 and March 31, 2023 respectively:<br> • Net investment income per share by $0.01, $0.31 and $0.06.<br> • Total return by 0.02%, 0.56% and 0.12%.<br> • Ratio of net investment income to average net assets by 0.02%, 0.53% and 0.11%. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(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> 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> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* 

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

***1. ORGANIZATION***

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

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

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification* <br>*Classification* <br>|
| Global Comm Services | &nbsp;&nbsp; Non-diversified |
| Global Consumer Discretionary | &nbsp;&nbsp; Diversified |
| Global Consumer Staples | &nbsp;&nbsp; Diversified |
| Global Energy | &nbsp;&nbsp; Non-diversified |
| Global Financials | &nbsp;&nbsp; Diversified |
| Global Healthcare | &nbsp;&nbsp; Diversified |
| Global Industrials | &nbsp;&nbsp; Diversified |
| Global Materials | &nbsp;&nbsp; Diversified |
| Global Tech | &nbsp;&nbsp; Non-diversified |
| Global Utilities | &nbsp;&nbsp; Diversified |

---

***2. SIGNIFICANT ACCOUNTING POLICIES***

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

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

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

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

**Foreign Taxes:** Certain Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "Foreign taxes withheld", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of March 31, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

Notes to Financial Statements

------

*Notes to Financial Statements* (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 Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or results of operations.

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 Funds have a single investment strategy as disclosed in their prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

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

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

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

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

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

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

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

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (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 entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

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

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

**Warrants:** Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| Global Comm Services |  |  |  |  |
| BNP Paribas Securities Corp. | &nbsp;&nbsp; $887944 | &nbsp;&nbsp;&nbsp; $(868430) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $19514<sup>(b)</sup> <br>|
| Global Consumer Staples |  |  |  |  |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; $743204 | &nbsp;&nbsp;&nbsp; $(743204) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Goldman Sachs & Co. | &nbsp;&nbsp; 264883 | &nbsp;&nbsp;&nbsp; (264883) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $1008087 | &nbsp;&nbsp;&nbsp; $(1008087) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned*<br> *at Value*<br>| &nbsp;&nbsp; *Cash Collateral*<br> *Received*<sup>(a)</sup><br>| &nbsp;&nbsp; *Non-Cash Collateral*<br> *Received, at Fair Value*<sup>(a)</sup><br>| *Net Amount* |
| Global Energy |  |  |  |  |
| HSBC Bank PLC | &nbsp;&nbsp; $794994 | &nbsp;&nbsp;&nbsp; $(794994) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Global Healthcare |  |  |  |  |
| BofA Securities, Inc. | &nbsp;&nbsp; $2118168 | &nbsp;&nbsp;&nbsp; $(2118168) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Jefferies LLC | &nbsp;&nbsp; 1161647 | &nbsp;&nbsp;&nbsp; (1161647) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Company | &nbsp;&nbsp; 3649711 | &nbsp;&nbsp;&nbsp; (3649711) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 36857 | &nbsp;&nbsp;&nbsp; (36857) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 921425 | &nbsp;&nbsp;&nbsp; (921425) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $7887808 | &nbsp;&nbsp;&nbsp; $(7887808) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Global Industrials |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $356455 | &nbsp;&nbsp;&nbsp; $(356455) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 3154058 | &nbsp;&nbsp;&nbsp; (3154058) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets Inc. | &nbsp;&nbsp; 1625247 | &nbsp;&nbsp;&nbsp; (1625247) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| National Financial Services LLC | &nbsp;&nbsp; 2721020 | &nbsp;&nbsp;&nbsp; (2721020) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 390471 | &nbsp;&nbsp;&nbsp; (389874) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 597<sup>(b)</sup> <br>|
|  | &nbsp;&nbsp; $8247251 | &nbsp;&nbsp;&nbsp; $(8246654) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $597 |
| Global Materials |  |  |  |  |
| Citigroup Global Markets Inc. | &nbsp;&nbsp; $29956 | &nbsp;&nbsp;&nbsp; $(29956) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Morgan Stanley & Co. LLC | &nbsp;&nbsp; 15892 | &nbsp;&nbsp;&nbsp; (15892) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 506716 | &nbsp;&nbsp;&nbsp; (506716) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $552564 | &nbsp;&nbsp;&nbsp; $(552564) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Global Tech |  |  |  |  |
| BNP Paribas Securities Corp | &nbsp;&nbsp; $4626380 | &nbsp;&nbsp;&nbsp; $(4626380) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 1310274 | &nbsp;&nbsp;&nbsp; (1310274) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 5317643 | &nbsp;&nbsp;&nbsp; (5317643) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 3608503 | &nbsp;&nbsp;&nbsp; (3608503) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| SG Americas Securities LLC | &nbsp;&nbsp; 1428219 | &nbsp;&nbsp;&nbsp; (1428219) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 8517666 | &nbsp;&nbsp;&nbsp; (8517666) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $24808685 | &nbsp;&nbsp;&nbsp; $(24808685) | &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 March 31, 2025. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty. 

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

***5. DERIVATIVE FINANCIAL INSTRUMENTS***

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

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

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

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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

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

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

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

---

| | |
|:---|:---|
| *Aggregate Average Daily Net Assets* | *Investment Advisory Fees* |
| First $10 billion | 0.4800% |
| Over $10 billion, up to and including $20 billion | 0.4300 |
| Over $20 billion, up to and including $30 billion | 0.3800 |
| Over $30 billion, up to and including $40 billion | 0.3420 |
| Over $40 billion | 0.3078 |

---

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

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

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

Pursuant to the current securities lending agreement, each of iShares Global Comm Services ETF, iShares Global Healthcare ETF and iShares Global Tech ETF (the "Group 1 Funds"), retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Pursuant to the current securities lending agreement, each of iShares Global Consumer Discretionary ETF, iShares Global Consumer Staples ETF, iShares Global Energy ETF, iShares Global Financials ETF, iShares Global Industrials ETF, iShares Global Materials ETF and iShares Global Utilities ETF (the "Group 2 Funds"), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in a given calendar year exceeds a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 84% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2025, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in a calendar year exceeded a specified threshold: each Group 1 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

Notes to Financial Statements

------

*Notes to Financial Statements* (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 year ended March 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| Global Comm Services | &nbsp;&nbsp; $1110 |
| Global Consumer Discretionary | &nbsp;&nbsp; 492 |
| Global Consumer Staples | &nbsp;&nbsp; 449 |
| Global Energy | &nbsp;&nbsp; 2911 |
| Global Financials | &nbsp;&nbsp; 6653 |
| Global Healthcare | &nbsp;&nbsp; 15530 |
| Global Industrials | &nbsp;&nbsp; 3378 |
| Global Materials | &nbsp;&nbsp; 1458 |
| Global Tech | &nbsp;&nbsp; 28470 |
| Global Utilities | &nbsp;&nbsp; 27 |

---

**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 year ended March 31, 2025, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| Global Comm Services | &nbsp;&nbsp; $29335510 | &nbsp;&nbsp;&nbsp; $17310603 | &nbsp;&nbsp;&nbsp; $327560 |
| Global Consumer Discretionary | &nbsp;&nbsp; 13371566 | &nbsp;&nbsp;&nbsp; 19073023 | &nbsp;&nbsp;&nbsp; 169001 |
| Global Consumer Staples | &nbsp;&nbsp; 24931024 | &nbsp;&nbsp;&nbsp; 53737726 | &nbsp;&nbsp;&nbsp; 1747238 |
| Global Energy | &nbsp;&nbsp; 22004988 | &nbsp;&nbsp;&nbsp; 23482604 | &nbsp;&nbsp;&nbsp; (2610607) |
| Global Financials | &nbsp;&nbsp; 4602914 | &nbsp;&nbsp;&nbsp; 3081297 | &nbsp;&nbsp;&nbsp; (438916) |
| Global Healthcare | &nbsp;&nbsp; 31158635 | &nbsp;&nbsp;&nbsp; 44602480 | &nbsp;&nbsp;&nbsp; (28705727) |
| Global Industrials | &nbsp;&nbsp; 5076445 | &nbsp;&nbsp;&nbsp; 5530457 | &nbsp;&nbsp;&nbsp; (2116752) |
| Global Materials | &nbsp;&nbsp; 2601166 | &nbsp;&nbsp;&nbsp; 1536924 | &nbsp;&nbsp;&nbsp; (2383114) |
| Global Tech | &nbsp;&nbsp; 735762281 | &nbsp;&nbsp;&nbsp; 648969881 | &nbsp;&nbsp;&nbsp; 108491494 |
| Global Utilities | &nbsp;&nbsp; 2832715 | &nbsp;&nbsp;&nbsp; 290004 | &nbsp;&nbsp;&nbsp; (33256) |

---

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 year ended March 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| Global Comm Services | &nbsp;&nbsp; $90012957 | &nbsp;&nbsp;&nbsp; $78363113 |
| Global Consumer Discretionary | &nbsp;&nbsp; 54841151 | &nbsp;&nbsp;&nbsp; 49718572 |
| Global Consumer Staples | &nbsp;&nbsp; 159051008 | &nbsp;&nbsp;&nbsp; 152850403 |
| Global Energy | &nbsp;&nbsp; 182752759 | &nbsp;&nbsp;&nbsp; 242480031 |
| Global Financials | &nbsp;&nbsp; 31919394 | &nbsp;&nbsp;&nbsp; 28094546 |
| Global Healthcare | &nbsp;&nbsp; 225381046 | &nbsp;&nbsp;&nbsp; 206351453 |
| Global Industrials | &nbsp;&nbsp; 33864638 | &nbsp;&nbsp;&nbsp; 28168617 |
| Global Materials | &nbsp;&nbsp; 17741520 | &nbsp;&nbsp;&nbsp; 18702886 |
| Global Tech | &nbsp;&nbsp; 2211684624 | &nbsp;&nbsp;&nbsp; 2198402452 |
| Global Utilities | &nbsp;&nbsp; 10652319 | &nbsp;&nbsp;&nbsp; 10121888 |

---

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

For the year ended March 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| Global Comm Services | &nbsp;&nbsp; $177000017 | &nbsp;&nbsp;&nbsp; $166166697 |
| Global Consumer Discretionary | &nbsp;&nbsp; 65851457 | &nbsp;&nbsp;&nbsp; 95991923 |
| Global Consumer Staples | &nbsp;&nbsp; 56261432 | &nbsp;&nbsp;&nbsp; 244696357 |
| Global Energy | &nbsp;&nbsp; 293735529 | &nbsp;&nbsp;&nbsp; 1667503877 |
| Global Financials | &nbsp;&nbsp; 155469585 | &nbsp;&nbsp;&nbsp; 164568961 |
| Global Healthcare | &nbsp;&nbsp; 250927258 | &nbsp;&nbsp;&nbsp; 336033488 |
| Global Industrials | &nbsp;&nbsp; 389668936 | &nbsp;&nbsp;&nbsp; 55139035 |
| Global Materials | &nbsp;&nbsp; 20434987 | &nbsp;&nbsp;&nbsp; 29502615 |
| Global Tech | &nbsp;&nbsp; 613071333 | &nbsp;&nbsp;&nbsp; 787384150 |
| Global Utilities | &nbsp;&nbsp; 39211367 | &nbsp;&nbsp;&nbsp; 22016747 |

---

***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 March 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2025, permanent differences attributable to certain deemed distributions and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in Capital* | &nbsp;&nbsp; *Accumulated* <br>*Earnings (Loss)*<br>|
| Global Comm Services | &nbsp;&nbsp; $51378798 | &nbsp;&nbsp;&nbsp; $(51378798) |
| Global Consumer Discretionary | &nbsp;&nbsp; 18681397 | &nbsp;&nbsp;&nbsp; (18681397) |
| Global Consumer Staples | &nbsp;&nbsp; 21270868 | &nbsp;&nbsp;&nbsp; (21270868) |
| Global Energy | &nbsp;&nbsp; 295784370 | &nbsp;&nbsp;&nbsp; (295784370) |
| Global Financials | &nbsp;&nbsp; 34883595 | &nbsp;&nbsp;&nbsp; (34883595) |
| Global Healthcare | &nbsp;&nbsp; 131399991 | &nbsp;&nbsp;&nbsp; (131399991) |
| Global Industrials | &nbsp;&nbsp; 14389968 | &nbsp;&nbsp;&nbsp; (14389968) |
| Global Materials | &nbsp;&nbsp; (996444) | &nbsp;&nbsp;&nbsp; 996444 |
| Global Tech | &nbsp;&nbsp; 491042861 | &nbsp;&nbsp;&nbsp; (491042861) |
| Global Utilities | &nbsp;&nbsp; 2372622 | &nbsp;&nbsp;&nbsp; (2372622) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*03/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*03/31/24*<br>|
| Global Comm Services |  |  |
| Ordinary income | &nbsp;&nbsp; $5317151 | &nbsp;&nbsp;&nbsp; $4000936 |
| Global Consumer Discretionary |  |  |
| Ordinary income | &nbsp;&nbsp; $3022955 | &nbsp;&nbsp;&nbsp; $3556029 |
| Global Consumer Staples |  |  |
| Ordinary income | &nbsp;&nbsp; $18965318 | &nbsp;&nbsp;&nbsp; $32801353 |
| Global Energy |  |  |
| Ordinary income | &nbsp;&nbsp; $100951338 | &nbsp;&nbsp;&nbsp; $82209822 |
| Global Financials |  |  |
| Ordinary income | &nbsp;&nbsp; $11402303 | &nbsp;&nbsp;&nbsp; $11930274 |
| Global Healthcare |  |  |
| Ordinary income | &nbsp;&nbsp; $55137549 | &nbsp;&nbsp;&nbsp; $56672611 |
| Global Industrials |  |  |
| Ordinary income | &nbsp;&nbsp; $10572641 | &nbsp;&nbsp;&nbsp; $7992250 |

---

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended*<br> *03/31/25*<br>| &nbsp;&nbsp; *Year Ended*<br> *03/31/24*<br>|
| Global Materials |  |  |
| Ordinary income | &nbsp;&nbsp; $6897407 | &nbsp;&nbsp;&nbsp; $8736928 |
| Global Tech |  |  |
| Ordinary income | &nbsp;&nbsp; $22084963 | &nbsp;&nbsp;&nbsp; $22141169 |
| Global Utilities |  |  |
| Ordinary income | &nbsp;&nbsp; $4406525 | &nbsp;&nbsp;&nbsp; $4697007 |

---

As of March 31, 2025, the tax components of accumulated earnings (losses) were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed* <br>*Ordinary Income*<br>| &nbsp;&nbsp; *Undistributed* <br>*Long-Term Capital Gains*<br>| &nbsp;&nbsp; *Non-expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| *Total* |
| Global Comm Services | &nbsp;&nbsp; $657068 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(125837025) | &nbsp;&nbsp;&nbsp; $22155365 | &nbsp;&nbsp;&nbsp; $(103024592) |
| Global Consumer Discretionary | &nbsp;&nbsp; 915606 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (49899243) | &nbsp;&nbsp;&nbsp; (15506954) | &nbsp;&nbsp;&nbsp; (64490591) |
| Global Consumer Staples | &nbsp;&nbsp; 3486811 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (60217612) | &nbsp;&nbsp;&nbsp; (25936133) | &nbsp;&nbsp;&nbsp; (82666934) |
| Global Energy | &nbsp;&nbsp; 17740489 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (273767802) | &nbsp;&nbsp;&nbsp; (32497498) | &nbsp;&nbsp;&nbsp; (288524811) |
| Global Financials | &nbsp;&nbsp; 2296869 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (149459850) | &nbsp;&nbsp;&nbsp; 68219981 | &nbsp;&nbsp;&nbsp; (78943000) |
| Global Healthcare | &nbsp;&nbsp; 19846113 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (237942525) | &nbsp;&nbsp;&nbsp; 528470208 | &nbsp;&nbsp;&nbsp; 310373796 |
| Global Industrials | &nbsp;&nbsp; 3393342 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (45663899) | &nbsp;&nbsp;&nbsp; 79381848 | &nbsp;&nbsp;&nbsp; 37111291 |
| Global Materials | &nbsp;&nbsp; 1467495 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (105070193) | &nbsp;&nbsp;&nbsp; (40901065) | &nbsp;&nbsp;&nbsp; (144503763) |
| Global Tech | &nbsp;&nbsp; 5267800 | &nbsp;&nbsp;&nbsp; 47035908 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 984441637 | &nbsp;&nbsp;&nbsp; 1036745345 |
| Global Utilities | &nbsp;&nbsp; 1100721 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (49561204) | &nbsp;&nbsp;&nbsp; (2066291) | &nbsp;&nbsp;&nbsp; (50526774) |

---

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

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

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the timing and recognition of partnership income, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies. 

For the year ended March 31, 2025, the iShares Global Tech ETF utilized $77,794,979 of its capital loss carryforwards.

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as "passive foreign investment companies." Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of March 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Global Comm Services | &nbsp;&nbsp; $322615200 | &nbsp;&nbsp;&nbsp; $44749860 | &nbsp;&nbsp;&nbsp; $(22594420) | &nbsp;&nbsp;&nbsp; $22155440 |
| Global Consumer Discretionary | &nbsp;&nbsp; 272949117 | &nbsp;&nbsp;&nbsp; 23831327 | &nbsp;&nbsp;&nbsp; (39336930) | &nbsp;&nbsp;&nbsp; (15505603) |
| Global Consumer Staples | &nbsp;&nbsp; 747036447 | &nbsp;&nbsp;&nbsp; 79444817 | &nbsp;&nbsp;&nbsp; (105388586) | &nbsp;&nbsp;&nbsp; (25943769) |
| Global Energy | &nbsp;&nbsp; 1845141782 | &nbsp;&nbsp;&nbsp; 114183982 | &nbsp;&nbsp;&nbsp; (146671225) | &nbsp;&nbsp;&nbsp; (32487243) |
| Global Financials | &nbsp;&nbsp; 398075790 | &nbsp;&nbsp;&nbsp; 86858873 | &nbsp;&nbsp;&nbsp; (18622398) | &nbsp;&nbsp;&nbsp; 68236475 |
| Global Healthcare | &nbsp;&nbsp; 3412934848 | &nbsp;&nbsp;&nbsp; 799914506 | &nbsp;&nbsp;&nbsp; (271511132) | &nbsp;&nbsp;&nbsp; 528403374 |
| Global Industrials | &nbsp;&nbsp; 869677932 | &nbsp;&nbsp;&nbsp; 121639461 | &nbsp;&nbsp;&nbsp; (42257264) | &nbsp;&nbsp;&nbsp; 79382197 |
| Global Materials | &nbsp;&nbsp; 269636832 | &nbsp;&nbsp;&nbsp; 22793869 | &nbsp;&nbsp;&nbsp; (63689357) | &nbsp;&nbsp;&nbsp; (40895488) |
| Global Tech | &nbsp;&nbsp; 3531595197 | &nbsp;&nbsp;&nbsp; 1068686475 | &nbsp;&nbsp;&nbsp; (84232354) | &nbsp;&nbsp;&nbsp; 984454121 |
| Global Utilities | &nbsp;&nbsp; 164604449 | &nbsp;&nbsp;&nbsp; 17827265 | &nbsp;&nbsp;&nbsp; (19893101) | &nbsp;&nbsp;&nbsp; (2065836) |

---

***9. LINE OF CREDIT***

The iShares Global Comm Services ETF, iShares Global Consumer Discretionary ETF, iShares Global Consumer Staples ETF, iShares Global Energy ETF, iShares Global Financials ETF, iShares Global Industrials ETF, iShares Global Materials ETF, iShares Global Tech ETF and iShares Global Utilities ETF, along with certain other iShares funds ("Participating Funds"), are parties to a $800 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 15, 2025. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate ("SOFR") plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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 year ended March 31, 2025, the Funds did not borrow under the Syndicated Credit Agreement.

***10. PRINCIPAL RISKS***

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject 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 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 Fund is 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 a fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests. Each 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.

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

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative "debt ceiling." Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>03/31/25 | Year Ended <br>03/31/25 | Year Ended <br>03/31/24 | Year Ended <br>03/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| Global Comm Services |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 2100000 | &nbsp;&nbsp;&nbsp; $192466003 | &nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp; $70803943 |
| Shares redeemed | &nbsp;&nbsp; (1800000)<br>| &nbsp;&nbsp;&nbsp; (169154069)<br>| &nbsp;&nbsp;&nbsp; (1800000)<br>| &nbsp;&nbsp;&nbsp; (130277105)<br>|
|  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; $23311934 | &nbsp;&nbsp;&nbsp; (750000)<br>| &nbsp;&nbsp;&nbsp; $(59473162)<br>|
| Global Consumer Discretionary |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; $72601893 | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; $75030094 |
| Shares redeemed | &nbsp;&nbsp; (550000)<br>| &nbsp;&nbsp;&nbsp; (97841624)<br>| &nbsp;&nbsp;&nbsp; (1000000)<br>| &nbsp;&nbsp;&nbsp; (152997067)<br>|
|  | &nbsp;&nbsp; (150000)<br>| &nbsp;&nbsp;&nbsp; $(25239731)<br>| &nbsp;&nbsp;&nbsp; (500000)<br>| &nbsp;&nbsp;&nbsp; $(77966973)<br>|
| Global Consumer Staples |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp; $66639917 | &nbsp;&nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp; $95917046 |
| Shares redeemed | &nbsp;&nbsp; (4000000)<br>| &nbsp;&nbsp;&nbsp; (249459728)<br>| &nbsp;&nbsp;&nbsp; (12150000)<br>| &nbsp;&nbsp;&nbsp; (704991233)<br>|
|  | &nbsp;&nbsp; (2950000)<br>| &nbsp;&nbsp;&nbsp; $(182819811)<br>| &nbsp;&nbsp;&nbsp; (10600000)<br>| &nbsp;&nbsp;&nbsp; $(609074187)<br>|
| Global Energy |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 7350000 | &nbsp;&nbsp;&nbsp; $312664052 | &nbsp;&nbsp;&nbsp; 35850000 | &nbsp;&nbsp;&nbsp; $1467497318 |
| Shares redeemed | &nbsp;&nbsp; (42450000)<br>| &nbsp;&nbsp;&nbsp; (1741736747)<br>| &nbsp;&nbsp;&nbsp; (5250000)<br>| &nbsp;&nbsp;&nbsp; (201047924)<br>|
|  | &nbsp;&nbsp; (35100000)<br>| &nbsp;&nbsp;&nbsp; $(1429072695)<br>| &nbsp;&nbsp;&nbsp; 30600000 | &nbsp;&nbsp;&nbsp; $1266449394 |
| Global Financials |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp; $166167271 | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; $10829795 |
| Shares redeemed | &nbsp;&nbsp; (1800000)<br>| &nbsp;&nbsp;&nbsp; (171415581)<br>| &nbsp;&nbsp;&nbsp; (1650000)<br>| &nbsp;&nbsp;&nbsp; (124627643)<br>|
|  | &nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; $(5248310)<br>| &nbsp;&nbsp;&nbsp; (1500000)<br>| &nbsp;&nbsp;&nbsp; $(113797848)<br>|

---

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended<br> 03/31/25 | Year Ended<br> 03/31/25 | Year Ended<br> 03/31/24 | Year Ended<br> 03/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| Global Healthcare |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 2950000 | &nbsp;&nbsp;&nbsp; $277947889 | &nbsp;&nbsp;&nbsp; 4350000 | &nbsp;&nbsp;&nbsp; $370453969 |
| Shares redeemed | &nbsp;&nbsp; (3750000)<br>| &nbsp;&nbsp;&nbsp; (340674592)<br>| &nbsp;&nbsp;&nbsp; (9150000)<br>| &nbsp;&nbsp;&nbsp; (787516326)<br>|
|  | &nbsp;&nbsp; (800000)<br>| &nbsp;&nbsp;&nbsp; $(62726703)<br>| &nbsp;&nbsp;&nbsp; (4800000)<br>| &nbsp;&nbsp;&nbsp; $(417062357)<br>|
| Global Industrials |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 2800000 | &nbsp;&nbsp;&nbsp; $399453063 | &nbsp;&nbsp;&nbsp; 3400000 | &nbsp;&nbsp;&nbsp; $397639289 |
| Shares redeemed | &nbsp;&nbsp; (400000)<br>| &nbsp;&nbsp;&nbsp; (56319812)<br>| &nbsp;&nbsp;&nbsp; (2250000)<br>| &nbsp;&nbsp;&nbsp; (266460131)<br>|
|  | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp; $343133251 | &nbsp;&nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp; $131179158 |
| Global Materials |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; $20824952 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $11870 |
| Shares redeemed | &nbsp;&nbsp; (350000)<br>| &nbsp;&nbsp;&nbsp; (30230763)<br>| &nbsp;&nbsp;&nbsp; (1300000)<br>| &nbsp;&nbsp;&nbsp; (107144329)<br>|
|  | &nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; $(9405811)<br>| &nbsp;&nbsp;&nbsp; (1300000)<br>| &nbsp;&nbsp;&nbsp; $(107132459)<br>|
| Global Tech |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 8700000 | &nbsp;&nbsp;&nbsp; $704430022 | &nbsp;&nbsp;&nbsp; 11000000 | &nbsp;&nbsp;&nbsp; $731982412 |
| Shares redeemed | &nbsp;&nbsp; (10850000)<br>| &nbsp;&nbsp;&nbsp; (877422743)<br>| &nbsp;&nbsp;&nbsp; (8000000)<br>| &nbsp;&nbsp;&nbsp; (535105722)<br>|
|  | &nbsp;&nbsp; (2150000)<br>| &nbsp;&nbsp;&nbsp; $(172992721)<br>| &nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; $196876690 |
| Global Utilities |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; $40326664 | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; $14846670 |
| Shares redeemed | &nbsp;&nbsp; (350000)<br>| &nbsp;&nbsp;&nbsp; (22540280)<br>| &nbsp;&nbsp;&nbsp; (400000)<br>| &nbsp;&nbsp;&nbsp; (22545715)<br>|
|  | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; $17786384 | &nbsp;&nbsp;&nbsp; (150000)<br>| &nbsp;&nbsp;&nbsp; $(7699045)<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 Funds using a clearing facility outside of the continuous net settlement process, the Funds, at their sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Funds' custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Funds may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.

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

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

The iShares Global Comm Services ETF, iShares Global Consumer Staples ETF and iShares Global Utilities ETF have filed European Union Discrimination Claims ("ECJ Claims") to recover taxes withheld by either Finland or Poland (the "ECJ Paying Countries") on dividend income based upon certain provisions in the Treaty on the Functioning of the European Union. The Funds have recorded receivables for all recoverable taxes withheld by the ECJ Paying Countries based upon previous determinations made by the local tax authorities. Professional and other fees associated with the filing of these claims for foreign withholding taxes have been approved by the Board as appropriate expenses of the Funds. Based upon the Fund's evaluation of the facts and circumstances related to the outstanding ECJ Claims, ECJ Paying Countries' tax claim receivables and related liabilities are disclosed in the Statements of Assets and Liabilities. The collection of these receivables, and any payment of associated liabilities, depends upon future determinations made by the local tax authorities, the outcome of which is uncertain. If such future determinations are unfavorable, the potential negative impact to the Funds, as of March 31, 2025, are $4,172 or $0.00 per share, $7,000 or $0.00 per share and $6,705 or $0.00 per share, respectively.

Certain of the outstanding foreign tax reclaims are not deemed by the Funds to meet the recognition criteria under U.S. GAAP as of March 31, 2025 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.

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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 Global Materials 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.

The iShares Global Comm Services ETF, iShares Global Financials ETF, iShares Global Industrials ETF and iShares Global Utilities ETF are seeking a closing agreement with the Internal Revenue Service ("IRS") to address any prior years' U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Funds paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Funds have accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statements of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

***13. SUBSEQUENT EVENTS***

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

On May 7, 2025, the iShares Global Comm Services ETF and iShares Global Energy ETF completed a closing agreement with the IRS related to the recovery of foreign taxes received in fiscal year 2023, and the related tax compliance fee, including interest, was paid to the IRS.

2025 iShares Annual Financial Statements and Additional Information

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the ten funds listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (ten of the funds constituting iShares Trust, hereafter collectively referred to as the "Funds") as of March 31, 2025, the related statements of operations for the year ended March 31, 2025, the statements of changes in net assets for each of the two years in the period ended March 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2025 and each of the financial highlights for each of the five years in the period ended March 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| iShares Global Comm Services ETF |
| iShares Global Consumer Discretionary ETF |
| iShares Global Consumer Staples ETF |
| iShares Global Energy ETF |
| iShares Global Financials ETF |
| iShares Global Healthcare ETF |
| iShares Global Industrials ETF |
| iShares Global Materials ETF |
| iShares Global Tech ETF |
| iShares Global Utilities ETF |

---

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 22, 2025

We have served as the auditor of one or more BlackRock investment companies since 2000.

Report of Independent Registered Public Accounting Firm

------

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Dividend* <br>*Income*<br>|
| Global Comm Services | &nbsp;&nbsp; $5700653 |
| Global Consumer Discretionary | &nbsp;&nbsp; 4071576 |
| Global Consumer Staples | &nbsp;&nbsp; 21368060 |
| Global Energy | &nbsp;&nbsp; 102134891 |
| Global Financials | &nbsp;&nbsp; 11710076 |
| Global Healthcare | &nbsp;&nbsp; 72495583 |
| Global Industrials | &nbsp;&nbsp; 12838264 |
| Global Materials | &nbsp;&nbsp; 7435698 |
| Global Tech | &nbsp;&nbsp; 35934483 |
| Global Utilities | &nbsp;&nbsp; 5154612 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended March 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *20% Rate Long-Term* <br>*Capital Gain Dividends*<br>|
| Global Tech | &nbsp;&nbsp; $7663419 |

---

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended March 31, 2025:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Foreign Source* <br>*Income Earned*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Foreign* <br>*Taxes Paid*<br>|
| Global Materials | &nbsp;&nbsp; $4836295 | &nbsp;&nbsp;&nbsp;&nbsp; $183074 |

---

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2025 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *iShares ETF* | *Dividends-Received* <br>*Deduction*<br>|
| Global Comm Services | 77.54<br> %<br>|
| Global Consumer Discretionary | 50.74<br> %<br>|
| Global Consumer Staples | 66.11<br> %<br>|
| Global Energy | 50.31<br> %<br>|
| Global Financials | 33.62<br> %<br>|
| Global Healthcare | 80.93<br> %<br>|
| Global Industrials | 59.27<br> %<br>|
| Global Materials | 41.08<br> %<br>|
| Global Tech | 100.00<br> %<br>|
| Global Utilities | 65.70<br> %<br>|

---

2025 iShares Annual Financial Statements and Additional Information

------

Additional Information

**Premium/Discount Information**

Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com**.

**Regulation under the Alternative Investment Fund Managers Directive**

The Alternative Investment Fund Managers Directive, and its United Kingdom ("UK") equivalent, (the "AIFMD") impose detailed and prescriptive obligations on fund managers established in the European Union (the "EU") and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the "Company"). However, the Company is required to comply with certain disclosure, reporting and transparency obligations of the AIFMD because it has registered the iShares Global Consumer Staples ETF and iShares Global Energy ETF (the "Funds") to be marketed to investors in the EU and/or UK.

**Report on Remuneration**

BlackRock has a clear and well-defined pay-for-performance philosophy, and compensation programs which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Funds, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock's full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock's independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, Finance, Human Resources and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock's independent remuneration committee.

The Company is required under the AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock's interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Remuneration information at an individual Fund level is not readily available. Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; (c) staff who have the ability to materially affect the risk profile of the Funds; and (d) staff of companies to which portfolio management and risk management has been formally delegated.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock's remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals' services attributable to the Funds is included in the aggregate figures disclosed.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company. Therefore, the figures disclosed are a sum of individuals' portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual's actual remuneration or their remuneration structure.

The amount of the total remuneration awarded to the Company's staff in respect of the Company's financial year ending December 31, 2024, was USD 81.43 million. This figure is comprised of fixed remuneration of USD 16.72 million and variable remuneration of USD 64.71 million. There was a total of 332 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company in respect of the Company's financial year ending December 31, 2024, to its senior management was USD 16.84 million, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company, or its funds was USD 3.09 million.

Additional Information

------

Additional Information (continued)

**Disclosures Under the EU Sustainable Finance Disclosure Regulation** 

The iShares Global Consumer Staples ETF and iShares Global Energy ETF (the "Funds") are registered under the Alternative Investment Fund Managers Directive to be marketed to European Union ("EU") investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation ("SFDR").

Each Fund has not been categorized under the SFDR as an "Article 8" or "Article 9" product. In addition, each Fund's investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts ("PAIs") on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.

**Electronic Delivery**

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

To enroll in electronic delivery:

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

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

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

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

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

**Availability of Portfolio Holdings Information**

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

2025 iShares 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 |
| 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 S&P Dow Jones Indices LLC, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.©2025 BlackRock, Inc. All rights reserved. **iSHARES** and **BLACKROCK** are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

------

March 31, 2025

![](g12537img79ef0f091.jpg)

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

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Annual Financial Statements <br> and Additional Information <br>

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

---

| |
|:---|
| **iShares Trust** |
| • iShares Asia 50 ETF \| AIA \| NASDAQ |
| • iShares Blockchain and Tech ETF \| IBLC \| NYSE Arca |
| • iShares Emerging Markets Infrastructure ETF \| EMIF \| NASDAQ |
| • iShares Europe ETF \| IEV \| NYSE Arca |
| • iShares Future AI & Tech ETF \| ARTY \| NYSE Arca |
| • iShares Future Metaverse Tech and Communications ETF \| IVRS \| NYSE Arca |
| • iShares India 50 ETF \| INDY \| NASDAQ |
| • iShares International Developed Small Cap Value Factor ETF \| ISVL \| Cboe BZX Exchange |
| • iShares International Dividend Growth ETF \| IGRO \| Cboe BZX Exchange |
| • iShares Latin America 40 ETF \| ILF \| NYSE Arca |

---

------

**Table of Contents**

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

---

| | |
|:---|:---|
|  | Page |
| [Schedules of Investments](#xx_49250fcc-5aa7-4b86-b30f-3722bef9e81e_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statements of Assets and Liabilities](#xx_49250fcc-5aa7-4b86-b30f-3722bef9e81e_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 42 |
| [Statements of Operations](#xx_49250fcc-5aa7-4b86-b30f-3722bef9e81e_FS-Footer-iSharesReport_4)  | &nbsp;&nbsp; 45 |
| [Statements of Changes in Net Assets](#xx_49250fcc-5aa7-4b86-b30f-3722bef9e81e_FS-Footer-iSharesReport_8)  | &nbsp;&nbsp; 49 |
| [Financial Highlights](#xx_49250fcc-5aa7-4b86-b30f-3722bef9e81e_FS-Footer-iSharesReport_14)  | &nbsp;&nbsp; 55 |
| [Notes to Financial Statements](#xx_49250fcc-5aa7-4b86-b30f-3722bef9e81e_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 65 |
| [Report of Independent Registered Public Accounting Firm](#xx_49250fcc-5aa7-4b86-b30f-3722bef9e81e_opinion-Footer-iSharesReport_1)  | &nbsp;&nbsp; 79 |
| [Important Tax Information](#xx_49250fcc-5aa7-4b86-b30f-3722bef9e81e_Tax-annual-Footer-iSharesReport_1)  | &nbsp;&nbsp; 80 |
| [Additional Information](#xx_49250fcc-5aa7-4b86-b30f-3722bef9e81e_SAI-Footer-iSharesReport_1)  | &nbsp;&nbsp; 81 |
| [Glossary of Terms Used in these Financial Statements](#xx_49250fcc-5aa7-4b86-b30f-3722bef9e81e_Abbreviations-Footer-iSharesReport_1)  | &nbsp;&nbsp; 84 |

---

------

Schedule of Investments

March 31, 2025

**iShares® Asia 50 ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **China — 45.4%** | **China — 45.4%** | **China — 45.4%** |
| Agricultural Bank of China Ltd., Class H | &nbsp;&nbsp; 7609000 | $4582342 |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp; 3720400 | 61557616 |
| ANTA Sports Products Ltd. | &nbsp;&nbsp; 312400 | 3434838 |
| Baidu Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 596950 | 6890083 |
| Bank of China Ltd., Class H | &nbsp;&nbsp; 20994000 | 12679384 |
| BYD Co. Ltd., Class H | &nbsp;&nbsp; 295000 | 14937773 |
| China Construction Bank Corp., Class H | &nbsp;&nbsp; 24146960 | 21398179 |
| China Merchants Bank Co. Ltd., Class H | &nbsp;&nbsp; 908000 | 5383493 |
| China Petroleum & Chemical Corp., Class H | &nbsp;&nbsp; 5780000 | 3049543 |
| Industrial & Commercial Bank of China Ltd., Class H | &nbsp;&nbsp; 18118115 | 12928736 |
| JD.com Inc., Class A | &nbsp;&nbsp; 498550 | 10255941 |
| Kuaishou Technology<sup>(a)(b)</sup> | &nbsp;&nbsp; 668200 | 4685793 |
| Li Auto Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 305600 | 3851290 |
| Meituan, Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 1357180 | 27309808 |
| NetEase Inc. | &nbsp;&nbsp; 435700 | 8950415 |
| PetroChina Co. Ltd., Class H | &nbsp;&nbsp; 5072000 | 4112163 |
| Ping An Insurance Group Co. of China Ltd., Class H | &nbsp;&nbsp; 871500 | 5201941 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 1432900 | 91556440 |
| Trip.com Group Ltd. | &nbsp;&nbsp; 133600 | 8492523 |
| Xiaomi Corp., Class B<sup>(a)(b)</sup> | &nbsp;&nbsp; 3512200 | 22224254 |
|  |  | 333482555 |
| **Hong Kong — 6.0%** | **Hong Kong — 6.0%** | **Hong Kong — 6.0%** |
| AIA Group Ltd. | &nbsp;&nbsp; 2652200 | 20076802 |
| CK Hutchison Holdings Ltd. | &nbsp;&nbsp; 669148 | 3771944 |
| Hong Kong Exchanges & Clearing Ltd. | &nbsp;&nbsp; 283300 | 12602375 |
| Sun Hung Kai Properties Ltd. | &nbsp;&nbsp; 374500 | 3568105 |
| Techtronic Industries Co. Ltd. | &nbsp;&nbsp; 324000 | 3882905 |
|  |  | 43902131 |
| **Singapore — 6.0%** | **Singapore — 6.0%** | **Singapore — 6.0%** |
| DBS Group Holdings Ltd. | &nbsp;&nbsp; 501360 | 17217361 |
| Oversea-Chinese Banking Corp. Ltd. | &nbsp;&nbsp; 910374 | 11667373 |
| Singapore Telecommunications Ltd. | &nbsp;&nbsp; 1839600 | 4665872 |
| United Overseas Bank Ltd. | &nbsp;&nbsp; 363300 | 10251058 |
|  |  | 43801664 |
| **South Korea — 10.9%** | **South Korea — 10.9%** | **South Korea — 10.9%** |
| Celltrion Inc. | &nbsp;&nbsp; 36058 | 4165256 |
| Hyundai Motor Co. | &nbsp;&nbsp; 33217 | 4486616 |
| KB Financial Group Inc. | &nbsp;&nbsp; 86116 | 4667807 |
| Kia Corp. | &nbsp;&nbsp; 58362 | 3691318 |
| NAVER Corp. | &nbsp;&nbsp; 37533 | 4904951 |
| POSCO Holdings Inc. | &nbsp;&nbsp; 18518 | 3531540 |
| Samsung Biologics Co. Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 4444 | 3084183 |
| Samsung Electronics Co. Ltd. | &nbsp;&nbsp; 776087 | 30768327 |
| Shinhan Financial Group Co. Ltd. | &nbsp;&nbsp; 113375 | 3628323 |
| SK Hynix Inc. | &nbsp;&nbsp; 129470 | 17259124 |
|  |  | 80187445 |
| **Taiwan — 30.5%** | **Taiwan — 30.5%** | **Taiwan — 30.5%** |
| ASE Technology Holding Co. Ltd. | &nbsp;&nbsp; 828000 | 3638827 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Taiwan (continued)** | **Taiwan (continued)** | **Taiwan (continued)** |
| Cathay Financial Holding Co. Ltd. | &nbsp;&nbsp; 2327235 | $4342703 |
| Chunghwa Telecom Co. Ltd. | &nbsp;&nbsp; 874551 | 3397527 |
| CTBC Financial Holding Co. Ltd. | &nbsp;&nbsp; 4715359 | 5669418 |
| Delta Electronics Inc. | &nbsp;&nbsp; 462000 | 5109837 |
| Fubon Financial Holding Co. Ltd. | &nbsp;&nbsp; 2134419 | 5550076 |
| Hon Hai Precision Industry Co. Ltd. | &nbsp;&nbsp; 3024052 | 13640857 |
| MediaTek Inc. | &nbsp;&nbsp; 398112 | 17158804 |
| Quanta Computer Inc. | &nbsp;&nbsp; 668000 | 4647706 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 5589343 | 157412568 |
| United Microelectronics Corp. | &nbsp;&nbsp; 2694000 | 3766808 |
|  |  | 224335131 |
| **Total Common Stocks — 98.8%** <br>**(Cost: $571,717,628)** | **Total Common Stocks — 98.8%** <br>**(Cost: $571,717,628)** | 725708926 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **South Korea — 0.8%** | **South Korea — 0.8%** | **South Korea — 0.8%** |
| Hyundai Motor Co. |  |  |
| Preference Shares, NVS | &nbsp;&nbsp; 5395 | 543443 |
| Series 2, Preference Shares, NVS | &nbsp;&nbsp; 8977 | 910692 |
| Samsung Electronics Co. Ltd., Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 132645 | 4293370 |
|  |  | 5747505 |
| **Total Preferred Stocks — 0.8%** <br>**(Cost: $5,487,375)** | **Total Preferred Stocks — 0.8%** <br>**(Cost: $5,487,375)** | 5747505 |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $577,205,003)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $577,205,003)** | 731456431 |
| **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> 4.31%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 360000 | 360000 |
| **Total Short-Term Securities — 0.0%** <br>**(Cost: $360,000)** | **Total Short-Term Securities — 0.0%** <br>**(Cost: $360,000)** | 360000 |
| **Total Investments — 99.6%** <br>**(Cost: $577,565,003)** | **Total Investments — 99.6%** <br>**(Cost: $577,565,003)** | 731816431 |
| **Other Assets Less Liabilities — 0.4%** | **Other Assets Less Liabilities — 0.4%** | 2792798 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $734609229 |

---

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

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

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

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

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

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Asia 50 ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*03/31/25*<br>| *Shares* <br>*Held at* <br>*03/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<sup>(a)</sup><br>| $3133425 | $—<br> $(3133075 )<sup>(b)</sup><br>| &nbsp;&nbsp; $232 | $(582)<br>| $— |  | $14685 <br><sup>(c)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 800000 | —<br> (440000 )<sup>(b)</sup><br>| &nbsp;&nbsp; — |  | 360000 | 360000 | 29079 | &nbsp;&nbsp; — |
|  |  |  | &nbsp;&nbsp; $232 | $(582)<br>| $360000 |  | $43764 | &nbsp;&nbsp; $— |

---

&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 fees and collateral investment expenses, and other payments to and from borrowers of securities. 

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| FTSE Taiwan Index | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 04/29/25 | &nbsp;&nbsp; $1275 | &nbsp;&nbsp; $(59702)<br>|
| MSCI China Index | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp; 1505 | &nbsp;&nbsp; (54062)<br>|
|  |  |  |  | &nbsp;&nbsp; $(113764)<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* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $113764 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $113764 |

---

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

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

For the period ended March 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $180961 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $180961 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(92363)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(92363)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Asia 50 ETF**

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $13359614 |

---

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

**Fair Value Hierarchy as of Period End**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Assets  |  |  |  |  |
| Investments  |  |  |  |  |
| Long-Term Investments  |  |  |  |  |
| Common Stocks | &nbsp;&nbsp; $— | &nbsp;&nbsp; $725708926 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $725708926 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 5747505 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5747505 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 360000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 360000 |
|  | &nbsp;&nbsp; $360000 | &nbsp;&nbsp; $731456431 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $731816431 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(113764)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(113764)<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.*

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments

March 31, 2025

**iShares® Blockchain and Tech ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Capital Markets — 16.8%** | **Capital Markets — 16.8%** | **Capital Markets — 16.8%** |
| Bitcoin Group SE | &nbsp;&nbsp; 3266 | $111247 |
| Coinbase Global Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 18708 | 3222079 |
| Galaxy Digital Holdings Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 101024 | 1064962 |
| OSL Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 100500 | 114097 |
| Robinhood Markets Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 6385 | 265744 |
| Voyager Digital Ltd.<sup>(a)(c)</sup> | &nbsp;&nbsp; 57043 | 1 |
|  |  | 4778130 |
| **Financial Services — 7.6%** | **Financial Services — 7.6%** | **Financial Services — 7.6%** |
| Block Inc.<sup>(a)</sup> | &nbsp;&nbsp; 4721 | 256492 |
| Mastercard Inc., Class A | &nbsp;&nbsp; 2480 | 1359338 |
| PayPal Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 8542 | 557365 |
|  |  | 2173195 |
| **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** |
| Poste Italiane SpA<sup>(d)</sup> | &nbsp;&nbsp; 4001 | 71379 |
| **Interactive Media & Services — 4.7%** | **Interactive Media & Services — 4.7%** | **Interactive Media & Services — 4.7%** |
| LY Corp. | &nbsp;&nbsp; 22900 | 77543 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 19800 | 1265139 |
|  |  | 1342682 |
| **IT Services — 8.1%** | **IT Services — 8.1%** | **IT Services — 8.1%** |
| Applied Digital Corp., NVS<sup>(a)(b)</sup> | &nbsp;&nbsp; 164236 | 923007 |
| International Business Machines Corp. | &nbsp;&nbsp; 5185 | 1289302 |
| NTT Data Group Corp. | &nbsp;&nbsp; 5000 | 90575 |
|  |  | 2302884 |
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| Fox Corp., Class A, NVS | &nbsp;&nbsp; 1879 | 106351 |
| **Semiconductors & Semiconductor Equipment — 10.0%** | **Semiconductors & Semiconductor Equipment — 10.0%** | **Semiconductors & Semiconductor Equipment — 10.0%** |
| Advanced Micro Devices Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13518 | 1388839 |
| Cambricon Technologies Corp. Ltd., Class A<sup>(a)</sup> | &nbsp;&nbsp; 1706 | 147373 |
| Nvidia Corp. | &nbsp;&nbsp; 12033 | 1304137 |
|  |  | 2840349 |
| **Software — 51.1%** | **Software — 51.1%** | **Software — 51.1%** |
| Bit Digital Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 144573 | 292038 |
| Bitdeer Technologies Group, Class A, NVS<sup>(a)(b)</sup> | &nbsp;&nbsp; 84351 | 744819 |
| Bitfarms Ltd./Canada<sup>(a)(b)</sup> | &nbsp;&nbsp; 349095 | 275157 |
| Cipher Mining Inc.<sup>(a)</sup> | &nbsp;&nbsp; 239784 | 551503 |
| Cleanspark Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 262032 | 1760855 |
| Core Scientific Inc.<sup>(a)</sup> | &nbsp;&nbsp; 247443 | 1791487 |
| Exodus Movement Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 6535 | 298911 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Hive Digital Technologies Ltd., NVS<sup>(a)(b)</sup> | &nbsp;&nbsp; 149026 | $216088 |
| Hut 8 Corp., NVS<sup>(a)(b)</sup> | &nbsp;&nbsp; 99985 | 1161826 |
| IREN Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 193731 | 1179822 |
| MARA Holdings Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 253938 | 2920287 |
| Neptune Digital Assets Corp.<sup>(a)</sup> | &nbsp;&nbsp; 76798 | 84320 |
| Northern Data AG<sup>(a)(b)</sup> | &nbsp;&nbsp; 4760 | 124527 |
| Riot Platforms Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 313287 | 2230603 |
| Terawulf Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 273728 | 747277 |
| The9 Ltd., ADR<sup>(a)</sup> | &nbsp;&nbsp; 8651 | 129852 |
|  |  | 14509372 |
| **Technology Hardware, Storage & Peripherals — 0.8%** | **Technology Hardware, Storage & Peripherals — 0.8%** | **Technology Hardware, Storage & Peripherals — 0.8%** |
| Canaan Inc., ADR<sup>(a)(b)</sup> | &nbsp;&nbsp; 257496 | 226030 |
| **Total Long-Term Investments — 99.8%** <br>**(Cost: $29,752,487)** | **Total Long-Term Investments — 99.8%** <br>**(Cost: $29,752,487)** | 28350372 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 42.3%** | **Money Market Funds — 42.3%** | **Money Market Funds — 42.3%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.50%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 11971492 | 11977477 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.31%<sup>(e)(f)</sup><br>| &nbsp;&nbsp; 30000 | 30000 |
| **Total Short-Term Securities — 42.3%** <br>**(Cost: $12,006,533)** | **Total Short-Term Securities — 42.3%** <br>**(Cost: $12,006,533)** | 12007477 |
| **Total Investments — 142.1%** <br>**(Cost: $41,759,020)** | **Total Investments — 142.1%** <br>**(Cost: $41,759,020)** | 40357849 |
| **Liabilities in Excess of Other Assets — (42.1)%** | **Liabilities in Excess of Other Assets — (42.1)%** | (11949701)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $28408148 |

---

&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. 

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Blockchain and Tech ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/24*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*03/31/25*<br>| *Shares* <br>*Held at* <br>*03/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $2894621<br> $9082652 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $(191)<br>| $395 | $11977477 | 11971492 | $70545 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| —<br> 30000 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |  |  | 30000 | 30000 | 1788 | &nbsp;&nbsp; — |
|  |  |  | $(191)<br>| $395 | $12007477 |  | $72333 | &nbsp;&nbsp; $— |

---

&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 fees and collateral investment expenses, and other payments to and from borrowers of securities. 

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Micro E-Mini Russell 2000 Index | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp; $30 | &nbsp;&nbsp; $(509)<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* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $509 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $509 |

---

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

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

For the period ended March 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5593)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(5593)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(509)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(509)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $52365 |

---

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

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Blockchain and Tech 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; $26348491 | &nbsp;&nbsp; $2001880 | &nbsp;&nbsp; $1 | &nbsp;&nbsp; $28350372 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 12007477 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12007477 |
|  | &nbsp;&nbsp; $38355968 | &nbsp;&nbsp; $2001880 | &nbsp;&nbsp; $1 | &nbsp;&nbsp; $40357849 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(509)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(509)<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

March 31, 2025

**iShares® Emerging Markets Infrastructure ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Brazil — 18.8%** | **Brazil — 18.8%** | **Brazil — 18.8%** |
| CCR SA | &nbsp;&nbsp; 112514 | $229506 |
| Centrais Eletricas Brasileiras SA, ADR | &nbsp;&nbsp; 66310 | 470801 |
| Cia de Saneamento Basico do Estado de Sao <br> Paulo SABESP, ADR<br>| &nbsp;&nbsp; 33291 | 594577 |
| Ultrapar Participacoes SA, ADR | &nbsp;&nbsp; 96524 | 297294 |
|  |  | 1592178 |
| **China — 36.9%** | **China — 36.9%** | **China — 36.9%** |
| Anhui Expressway Co. Ltd., Class H | &nbsp;&nbsp; 46000 | 64672 |
| Beijing Capital International Airport Co. Ltd., Class H<sup>(a)</sup> | &nbsp;&nbsp; 214000 | 77414 |
| CGN Power Co. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 812000 | 254237 |
| China Gas Holdings Ltd. | &nbsp;&nbsp; 193600 | 176531 |
| China Longyuan Power Group Corp. Ltd., Class H | &nbsp;&nbsp; 241000 | 193375 |
| China Merchants Port Holdings Co. Ltd. | &nbsp;&nbsp; 134000 | 230404 |
| China Oilfield Services Ltd., Class H | &nbsp;&nbsp; 242000 | 200226 |
| China Resources Gas Group Ltd. | &nbsp;&nbsp; 65600 | 195704 |
| China Resources Power Holdings Co. Ltd. | &nbsp;&nbsp; 140000 | 333042 |
| China Suntien Green Energy Corp. Ltd., Class H | &nbsp;&nbsp; 245000 | 119871 |
| Cosco Shipping Energy Transportation Co. Ltd., Class H | &nbsp;&nbsp; 172000 | 139254 |
| COSCO Shipping Ports Ltd. | &nbsp;&nbsp; 146000 | 87951 |
| Guangdong Investment Ltd. | &nbsp;&nbsp; 204000 | 150192 |
| Huaneng Power International Inc., Class H | &nbsp;&nbsp; 298000 | 172872 |
| Jiangsu Expressway Co. Ltd., Class H | &nbsp;&nbsp; 138000 | 163867 |
| Kunlun Energy Co. Ltd. | &nbsp;&nbsp; 264000 | 257973 |
| Shenzhen International Holdings Ltd. | &nbsp;&nbsp; 153499 | 155255 |
| Zhejiang Expressway Co. Ltd., Class H | &nbsp;&nbsp; 184000 | 150193 |
|  |  | 3123033 |
| **Mexico — 20.2%** | **Mexico — 20.2%** | **Mexico — 20.2%** |
| Grupo Aeroportuario del Centro Norte SAB de CV, ADR | &nbsp;&nbsp; 3917 | 307994 |
| Grupo Aeroportuario del Pacifico SAB de CV, ADR | &nbsp;&nbsp; 4612 | 855572 |
| Grupo Aeroportuario del Sureste SAB de CV, ADR | &nbsp;&nbsp; 1984 | 543259 |
|  |  | 1706825 |
| **Qatar — 5.5%** | **Qatar — 5.5%** | **Qatar — 5.5%** |
| Qatar Gas Transport Co. Ltd. | &nbsp;&nbsp; 361423 | 462530 |
| **South Korea — 3.3%** | **South Korea — 3.3%** | **South Korea — 3.3%** |
| Korea Electric Power Corp., ADR<sup>(a)</sup> | &nbsp;&nbsp; 37334 | 276645 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Thailand — 6.4%** | **Thailand — 6.4%** | **Thailand — 6.4%** |
| Airports of Thailand PCL, NVDR | &nbsp;&nbsp; 487200 | $544444 |
| **United Arab Emirates — 5.6%** | **United Arab Emirates — 5.6%** | **United Arab Emirates — 5.6%** |
| ADNOC Drilling Co. PJSC | &nbsp;&nbsp; 340823 | 476948 |
| **Total Common Stocks — 96.7%** <br>**(Cost: $8,215,261)** | **Total Common Stocks — 96.7%** <br>**(Cost: $8,215,261)** | 8182603 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 2.9%** | **Brazil — 2.9%** | **Brazil — 2.9%** |
| Cia Energetica de Minas Gerais, Preference Shares, ADR | &nbsp;&nbsp; 138500 | 243760 |
| **Total Preferred Stocks — 2.9%** <br>**(Cost: $217,221)** | **Total Preferred Stocks — 2.9%** <br>**(Cost: $217,221)** | 243760 |
| **Total Long-Term Investments — 99.6%** <br>**(Cost: $8,432,482)** | **Total Long-Term Investments — 99.6%** <br>**(Cost: $8,432,482)** | 8426363 |
| **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: Treasury, SL Agency Shares, <br> 4.31%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 30000 | 30000 |
| **Total Short-Term Securities — 0.3%** <br>**(Cost: $30,000)** | **Total Short-Term Securities — 0.3%** <br>**(Cost: $30,000)** | 30000 |
| **Total Investments — 99.9%** <br>**(Cost: $8,462,482)** | **Total Investments — 99.9%** <br>**(Cost: $8,462,482)** | 8456363 |
| **Other Assets Less Liabilities — 0.1%** | **Other Assets Less Liabilities — 0.1%** | 5305 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $8461668 |

---

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

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

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

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

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

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/24*<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>*03/31/25*<br>| *Shares* <br>*Held at* <br>*03/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<sup>(a)</sup><br>| $1658194 | $— | &nbsp;&nbsp; $(1658400 )<sup>(b)</sup><br>| &nbsp;&nbsp; $(27)<br>| $233 | $— |  | $6349 <br><sup>(c)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 30000 | 0 <br><sup>(b)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 30000 | 30000 | 1157 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $(27)<br>| $233 | $30000 |  | $7506 | &nbsp;&nbsp; $— |

---

&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 fees and collateral investment expenses, and other payments to and from borrowers of securities. 

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Emerging Markets Infrastructure ETF**

**Derivative Financial Instruments Categorized by Risk Exposure**

For the period ended March 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14192 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14192 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(67)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(67)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $124355 |

---

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; $4882919 | &nbsp;&nbsp; $3299684 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8182603 |
| Preferred Stocks | &nbsp;&nbsp; 243760 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 243760 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 30000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 30000 |
|  | &nbsp;&nbsp; $5156679 | &nbsp;&nbsp; $3299684 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8456363 |

---

*See notes to financial statements.*

Schedule of Investments

------

Schedule of Investments

March 31, 2025

**iShares® Europe 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** |
| **Austria — 0.3%** | **Austria — 0.3%** | **Austria — 0.3%** |
| Erste Group Bank AG | &nbsp;&nbsp; 57423 | $3972010 |
| OMV AG | &nbsp;&nbsp; 24408 | 1256923 |
| Verbund AG | &nbsp;&nbsp; 15133 | 1070978 |
|  |  | 6299911 |
| **Belgium — 1.4%** | **Belgium — 1.4%** | **Belgium — 1.4%** |
| Ageas SA | &nbsp;&nbsp; 30349 | 1819219 |
| Anheuser-Busch InBev SA | &nbsp;&nbsp; 156915 | 9647356 |
| Argenx SE<sup>(a)</sup> | &nbsp;&nbsp; 10588 | 6247933 |
| Groupe Bruxelles Lambert NV | &nbsp;&nbsp; 14238 | 1062420 |
| KBC Group NV | &nbsp;&nbsp; 46085 | 4200350 |
| Syensqo SA | &nbsp;&nbsp; 13084 | 892885 |
| UCB SA | &nbsp;&nbsp; 20876 | 3675524 |
|  |  | 27545687 |
| **Denmark — 3.5%** | **Denmark — 3.5%** | **Denmark — 3.5%** |
| AP Moller - Maersk A/S, Class A | &nbsp;&nbsp; 453 | 775993 |
| AP Moller - Maersk A/S, Class B, NVS | &nbsp;&nbsp; 745 | 1296619 |
| Carlsberg A/S, Class B | &nbsp;&nbsp; 16312 | 2064736 |
| Coloplast A/S, Class B | &nbsp;&nbsp; 21658 | 2271568 |
| Danske Bank A/S | &nbsp;&nbsp; 119494 | 3911205 |
| DSV A/S | &nbsp;&nbsp; 34446 | 6661204 |
| Genmab A/S<sup>(a)</sup> | &nbsp;&nbsp; 11483 | 2237121 |
| GN Store Nord A/S<sup>(a)</sup> | &nbsp;&nbsp; 25392 | 397180 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp; 549923 | 37602798 |
| Novonesis (Novozymes) B, Class B | &nbsp;&nbsp; 60755 | 3537549 |
| Orsted A/S<sup>(a)(b)</sup> | &nbsp;&nbsp; 32803 | 1432543 |
| Pandora A/S | &nbsp;&nbsp; 14134 | 2166194 |
| Tryg A/S | &nbsp;&nbsp; 60764 | 1445482 |
| Vestas Wind Systems A/S<sup>(a)</sup> | &nbsp;&nbsp; 175551 | 2428659 |
| Zealand Pharma A/S<sup>(a)</sup> | &nbsp;&nbsp; 11107 | 834074 |
|  |  | 69062925 |
| **Finland — 1.6%** | **Finland — 1.6%** | **Finland — 1.6%** |
| Elisa OYJ | &nbsp;&nbsp; 25969 | 1265859 |
| Fortum OYJ | &nbsp;&nbsp; 75499 | 1236333 |
| Kesko OYJ, Class B | &nbsp;&nbsp; 46380 | 948027 |
| Kone OYJ, Class B | &nbsp;&nbsp; 68814 | 3796856 |
| Metso OYJ | &nbsp;&nbsp; 126612 | 1312741 |
| Neste OYJ | &nbsp;&nbsp; 74320 | 687403 |
| Nokia OYJ | &nbsp;&nbsp; 920968 | 4850545 |
| Nordea Bank Abp | &nbsp;&nbsp; 611973 | 7805698 |
| Sampo OYJ, Class A | &nbsp;&nbsp; 451046 | 4322449 |
| Stora Enso OYJ, Class R | &nbsp;&nbsp; 106241 | 1006768 |
| UPM-Kymmene OYJ | &nbsp;&nbsp; 92082 | 2470403 |
| Wartsila OYJ Abp | &nbsp;&nbsp; 83487 | 1489695 |
|  |  | 31192777 |
| **France — 16.8%** | **France — 16.8%** | **France — 16.8%** |
| Accor SA | &nbsp;&nbsp; 31848 | 1452436 |
| Air Liquide SA | &nbsp;&nbsp; 100644 | 19116831 |
| Airbus SE | &nbsp;&nbsp; 107630 | 18952093 |
| Alstom SA<sup>(a)</sup> | &nbsp;&nbsp; 59110 | 1309326 |
| ArcelorMittal SA | &nbsp;&nbsp; 77689 | 2244168 |
| Arkema SA | &nbsp;&nbsp; 10814 | 828040 |
| AXA SA | &nbsp;&nbsp; 301621 | 12886979 |
| BNP Paribas SA | &nbsp;&nbsp; 174529 | 14587015 |
| Bouygues SA | &nbsp;&nbsp; 31607 | 1245958 |
| Bureau Veritas SA | &nbsp;&nbsp; 50178 | 1522404 |
| Capgemini SE | &nbsp;&nbsp; 27115 | 4074246 |
| Carrefour SA | &nbsp;&nbsp; 84748 | 1212057 |
| Cie de Saint-Gobain SA | &nbsp;&nbsp; 88064 | 8772649 |
| Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp; 122647 | 4310619 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **France (continued)** | **France (continued)** | **France (continued)** |
| Credit Agricole SA | &nbsp;&nbsp; 172216 | $3135544 |
| Danone SA | &nbsp;&nbsp; 110311 | 8437160 |
| Dassault Systemes SE | &nbsp;&nbsp; 114298 | 4351633 |
| Edenred SE | &nbsp;&nbsp; 43329 | 1408039 |
| Eiffage SA | &nbsp;&nbsp; 12435 | 1447791 |
| Engie SA | &nbsp;&nbsp; 305092 | 5944966 |
| EssilorLuxottica SA | &nbsp;&nbsp; 50329 | 14503231 |
| Eurofins Scientific SE | &nbsp;&nbsp; 22864 | 1219628 |
| Euronext NV<sup>(b)</sup> | &nbsp;&nbsp; 16824 | 2441701 |
| Gecina SA | &nbsp;&nbsp; 9106 | 854448 |
| Getlink SE | &nbsp;&nbsp; 56020 | 967514 |
| Hermes International SCA | &nbsp;&nbsp; 5886 | 15486760 |
| Kering SA | &nbsp;&nbsp; 12297 | 2558270 |
| Legrand SA | &nbsp;&nbsp; 45813 | 4851756 |
| L'Oreal SA | &nbsp;&nbsp; 40117 | 14911195 |
| LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp; 44454 | 27529391 |
| Orange SA | &nbsp;&nbsp; 320164 | 4147447 |
| Pernod Ricard SA | &nbsp;&nbsp; 34097 | 3368531 |
| Publicis Groupe SA | &nbsp;&nbsp; 40141 | 3787247 |
| Renault SA | &nbsp;&nbsp; 31786 | 1610167 |
| Safran SA | &nbsp;&nbsp; 58821 | 15486587 |
| Sanofi SA | &nbsp;&nbsp; 191844 | 21241318 |
| Sartorius Stedim Biotech | &nbsp;&nbsp; 4758 | 942640 |
| Schneider Electric SE | &nbsp;&nbsp; 94385 | 21788330 |
| Societe Generale SA | &nbsp;&nbsp; 126202 | 5693462 |
| Sodexo SA | &nbsp;&nbsp; 13919 | 894006 |
| Teleperformance SE | &nbsp;&nbsp; 9868 | 992238 |
| Thales SA | &nbsp;&nbsp; 15255 | 4055105 |
| TotalEnergies SE | &nbsp;&nbsp; 389326 | 25085413 |
| Unibail-Rodamco-Westfield, New | &nbsp;&nbsp; 18254 | 1539002 |
| Veolia Environnement SA | &nbsp;&nbsp; 111718 | 3842182 |
| Vinci SA | &nbsp;&nbsp; 88428 | 11147243 |
|  |  | 328184766 |
| **Germany — 14.4%** | **Germany — 14.4%** | **Germany — 14.4%** |
| adidas AG | &nbsp;&nbsp; 28974 | 6833819 |
| Allianz SE, Registered | &nbsp;&nbsp; 67393 | 25791947 |
| BASF SE | &nbsp;&nbsp; 155697 | 7804906 |
| Bayer AG, Registered | &nbsp;&nbsp; 170912 | 4097091 |
| Bayerische Motoren Werke AG | &nbsp;&nbsp; 48584 | 3917681 |
| Beiersdorf AG | &nbsp;&nbsp; 16977 | 2193155 |
| Brenntag SE | &nbsp;&nbsp; 22872 | 1482507 |
| Commerzbank AG | &nbsp;&nbsp; 171023 | 3913854 |
| Continental AG | &nbsp;&nbsp; 19205 | 1354332 |
| Covestro AG<sup>(a)(b)</sup> | &nbsp;&nbsp; 33578 | 2138938 |
| Daimler Truck Holding AG | &nbsp;&nbsp; 86754 | 3514366 |
| Delivery Hero SE, Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 36593 | 877413 |
| Deutsche Bank AG, Registered | &nbsp;&nbsp; 340174 | 8108776 |
| Deutsche Boerse AG | &nbsp;&nbsp; 32849 | 9692412 |
| Deutsche Post AG, Registered | &nbsp;&nbsp; 160112 | 6874129 |
| Deutsche Telekom AG, Registered | &nbsp;&nbsp; 599343 | 22127724 |
| E.ON SE | &nbsp;&nbsp; 393032 | 5932713 |
| Fresenius Medical Care AG | &nbsp;&nbsp; 35481 | 1765534 |
| Fresenius SE & Co. KGaA<sup>(a)</sup> | &nbsp;&nbsp; 73318 | 3130211 |
| GEA Group AG | &nbsp;&nbsp; 27274 | 1657956 |
| Hannover Rueck SE | &nbsp;&nbsp; 10511 | 3132882 |
| Heidelberg Materials AG | &nbsp;&nbsp; 23293 | 4015189 |
| Henkel AG & Co. KGaA | &nbsp;&nbsp; 17134 | 1234433 |
| Infineon Technologies AG | &nbsp;&nbsp; 228543 | 7618452 |
| LEG Immobilien SE | &nbsp;&nbsp; 12922 | 913400 |
| Mercedes-Benz Group AG | &nbsp;&nbsp; 121327 | 7166987 |
| Merck KGaA | &nbsp;&nbsp; 22359 | 3076819 |
| MTU Aero Engines AG | &nbsp;&nbsp; 9435 | 3278403 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Europe ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Muenchener Rueckversicherungs-Gesellschaft AG in <br> Muenchen, Registered<br>| &nbsp;&nbsp; 23391 | $14776578 |
| Puma SE | &nbsp;&nbsp; 18150 | 442719 |
| Qiagen NV | &nbsp;&nbsp; 37394 | 1485573 |
| Rheinmetall AG | &nbsp;&nbsp; 7595 | 10867855 |
| RWE AG | &nbsp;&nbsp; 117089 | 4180606 |
| SAP SE | &nbsp;&nbsp; 178002 | 47695564 |
| Siemens AG, Registered | &nbsp;&nbsp; 131189 | 30297603 |
| Siemens Energy AG<sup>(a)</sup> | &nbsp;&nbsp; 99166 | 5878755 |
| Siemens Healthineers AG<sup>(b)</sup> | &nbsp;&nbsp; 52939 | 2856077 |
| Symrise AG, Class A | &nbsp;&nbsp; 23303 | 2415915 |
| Volkswagen AG | &nbsp;&nbsp; 5054 | 527970 |
| Vonovia SE | &nbsp;&nbsp; 142470 | 3833910 |
| Zalando SE<sup>(a)(b)</sup> | &nbsp;&nbsp; 37115 | 1287345 |
|  |  | 280192499 |
| **Ireland — 0.6%** | **Ireland — 0.6%** | **Ireland — 0.6%** |
| AIB Group PLC | &nbsp;&nbsp; 288406 | 1862875 |
| Bank of Ireland Group PLC | &nbsp;&nbsp; 179125 | 2116418 |
| Kerry Group PLC, Class A | &nbsp;&nbsp; 26327 | 2756824 |
| Kingspan Group PLC | &nbsp;&nbsp; 26889 | 2172045 |
| Ryanair Holdings PLC | &nbsp;&nbsp; 98825 | 1997040 |
|  |  | 10905202 |
| **Italy — 4.5%** | **Italy — 4.5%** | **Italy — 4.5%** |
| Banco BPM SpA | &nbsp;&nbsp; 258954 | 2635124 |
| Enel SpA | &nbsp;&nbsp; 1345774 | 10909522 |
| Eni SpA | &nbsp;&nbsp; 378170 | 5848972 |
| Ferrari NV | &nbsp;&nbsp; 21206 | 9056240 |
| FinecoBank Banca Fineco SpA | &nbsp;&nbsp; 105337 | 2086365 |
| Generali | &nbsp;&nbsp; 188915 | 6636409 |
| Intesa Sanpaolo SpA | &nbsp;&nbsp; 2723314 | 14035047 |
| Leonardo SpA | &nbsp;&nbsp; 70580 | 3437162 |
| Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp; 103201 | 1935810 |
| Moncler SpA | &nbsp;&nbsp; 40308 | 2482854 |
| Nexi SpA<sup>(a)(b)</sup> | &nbsp;&nbsp; 143842 | 767180 |
| Prysmian SpA | &nbsp;&nbsp; 51886 | 2856168 |
| Snam SpA | &nbsp;&nbsp; 353770 | 1834238 |
| Stellantis NV | &nbsp;&nbsp; 369296 | 4142050 |
| Telecom Italia SpA/Milano<sup>(a)</sup> | &nbsp;&nbsp; 1903854 | 643120 |
| Tenaris SA, NVS | &nbsp;&nbsp; 78946 | 1544873 |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 244092 | 2205926 |
| UniCredit SpA | &nbsp;&nbsp; 271078 | 15216173 |
|  |  | 88273233 |
| **Netherlands — 6.4%** | **Netherlands — 6.4%** | **Netherlands — 6.4%** |
| ABN AMRO Bank NV, CVA<sup>(b)</sup> | &nbsp;&nbsp; 74051 | 1560356 |
| Adyen NV<sup>(a)(b)</sup> | &nbsp;&nbsp; 5457 | 8364463 |
| Aegon Ltd. | &nbsp;&nbsp; 199103 | 1307674 |
| Akzo Nobel NV | &nbsp;&nbsp; 29289 | 1803783 |
| ASM International NV | &nbsp;&nbsp; 8109 | 3695214 |
| ASML Holding NV | &nbsp;&nbsp; 68730 | 45483665 |
| ASR Nederland NV | &nbsp;&nbsp; 26515 | 1524284 |
| BE Semiconductor Industries NV | &nbsp;&nbsp; 13158 | 1375095 |
| DSM-Firmenich AG | &nbsp;&nbsp; 36336 | 3597193 |
| EXOR NV, NVS | &nbsp;&nbsp; 15504 | 1407966 |
| Heineken Holding NV | &nbsp;&nbsp; 19094 | 1381903 |
| Heineken NV | &nbsp;&nbsp; 47846 | 3901378 |
| IMCD NV | &nbsp;&nbsp; 10395 | 1383382 |
| ING Groep NV | &nbsp;&nbsp; 549757 | 10770453 |
| Koninklijke Ahold Delhaize NV | &nbsp;&nbsp; 161537 | 6034219 |
| Koninklijke KPN NV | &nbsp;&nbsp; 578039 | 2448373 |
| Koninklijke Philips NV<sup>(a)</sup> | &nbsp;&nbsp; 139634 | 3554817 |
| NN Group NV | &nbsp;&nbsp; 49494 | 2754130 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| Prosus NV | &nbsp;&nbsp; 243314 | $11304157 |
| Randstad NV | &nbsp;&nbsp; 21250 | 883283 |
| Universal Music Group NV | &nbsp;&nbsp; 137175 | 3787813 |
| Wolters Kluwer NV | &nbsp;&nbsp; 41387 | 6443797 |
|  |  | 124767398 |
| **Norway — 0.9%** | **Norway — 0.9%** | **Norway — 0.9%** |
| Aker BP ASA | &nbsp;&nbsp; 55656 | 1319551 |
| DNB Bank ASA | &nbsp;&nbsp; 151013 | 3973554 |
| Equinor ASA | &nbsp;&nbsp; 134801 | 3559923 |
| Kongsberg Gruppen ASA | &nbsp;&nbsp; 15011 | 2200840 |
| Mowi ASA | &nbsp;&nbsp; 78149 | 1448678 |
| Norsk Hydro ASA | &nbsp;&nbsp; 236859 | 1369279 |
| Orkla ASA | &nbsp;&nbsp; 126085 | 1382709 |
| Telenor ASA | &nbsp;&nbsp; 108463 | 1549824 |
| Yara International ASA | &nbsp;&nbsp; 29447 | 888284 |
|  |  | 17692642 |
| **Portugal — 0.2%** | **Portugal — 0.2%** | **Portugal — 0.2%** |
| EDP SA | &nbsp;&nbsp; 533326 | 1794645 |
| Galp Energia SGPS SA | &nbsp;&nbsp; 74865 | 1311634 |
| Jeronimo Martins SGPS SA | &nbsp;&nbsp; 48804 | 1034326 |
|  |  | 4140605 |
| **Singapore — 0.1%** | **Singapore — 0.1%** | **Singapore — 0.1%** |
| STMicroelectronics NV, New<sup>(c)</sup> | &nbsp;&nbsp; 113661 | 2491183 |
| **Spain — 4.9%** | **Spain — 4.9%** | **Spain — 4.9%** |
| ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp; 33052 | 1891673 |
| Aena SME SA<sup>(b)</sup> | &nbsp;&nbsp; 12979 | 3044924 |
| Amadeus IT Group SA | &nbsp;&nbsp; 78695 | 6026697 |
| Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp; 1005855 | 13727475 |
| Banco de Sabadell SA | &nbsp;&nbsp; 957099 | 2687203 |
| Banco Santander SA | &nbsp;&nbsp; 2645039 | 17819387 |
| CaixaBank SA | &nbsp;&nbsp; 680932 | 5304277 |
| Cellnex Telecom SA<sup>(b)</sup> | &nbsp;&nbsp; 102339 | 3638022 |
| Enagas SA | &nbsp;&nbsp; 38721 | 557441 |
| Endesa SA | &nbsp;&nbsp; 55624 | 1473582 |
| Ferrovial SE | &nbsp;&nbsp; 85893 | 3841798 |
| Grifols SA<sup>(a)</sup> | &nbsp;&nbsp; 41950 | 373478 |
| Iberdrola SA | &nbsp;&nbsp; 1022203 | 16506610 |
| Industria de Diseno Textil SA | &nbsp;&nbsp; 195718 | 9745164 |
| Naturgy Energy Group SA | &nbsp;&nbsp; 22671 | 630504 |
| Redeia Corp. SA | &nbsp;&nbsp; 58427 | 1172704 |
| Repsol SA | &nbsp;&nbsp; 203891 | 2707167 |
| Telefonica SA | &nbsp;&nbsp; 842019 | 3968755 |
|  |  | 95116861 |
| **Sweden — 4.8%** | **Sweden — 4.8%** | **Sweden — 4.8%** |
| AddTech AB, Class B | &nbsp;&nbsp; 45305 | 1326872 |
| Alfa Laval AB | &nbsp;&nbsp; 50517 | 2165922 |
| Assa Abloy AB, Class B | &nbsp;&nbsp; 171683 | 5154136 |
| Atlas Copco AB, Class A | &nbsp;&nbsp; 444324 | 7097378 |
| Atlas Copco AB, Class B | &nbsp;&nbsp; 271831 | 3822519 |
| Boliden AB | &nbsp;&nbsp; 47717 | 1565721 |
| Epiroc AB, Class A | &nbsp;&nbsp; 109547 | 2205655 |
| Epiroc AB, Class B | &nbsp;&nbsp; 67615 | 1190921 |
| EQT AB | &nbsp;&nbsp; 63464 | 1935209 |
| Essity AB, Class B | &nbsp;&nbsp; 105128 | 2986814 |
| Evolution AB<sup>(b)</sup> | &nbsp;&nbsp; 33005 | 2459175 |
| Getinge AB, Class B | &nbsp;&nbsp; 39500 | 851374 |
| H & M Hennes & Mauritz AB, Class B | &nbsp;&nbsp; 99100 | 1307136 |
| Hexagon AB, Class B | &nbsp;&nbsp; 355688 | 3802221 |
| Industrivarden AB, Class A | &nbsp;&nbsp; 25312 | 930013 |
| Industrivarden AB, Class C | &nbsp;&nbsp; 27957 | 1027060 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Europe ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| Investor AB, Class A | &nbsp;&nbsp; 97960 | $2918366 |
| Investor AB, Class B | &nbsp;&nbsp; 318212 | 9490379 |
| Lifco AB, Class B | &nbsp;&nbsp; 35986 | 1276560 |
| Nibe Industrier AB, Class B | &nbsp;&nbsp; 261714 | 995431 |
| Saab AB, Class B | &nbsp;&nbsp; 56493 | 2221272 |
| Sandvik AB | &nbsp;&nbsp; 186639 | 3925295 |
| Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp; 288652 | 4748689 |
| Skanska AB, Class B | &nbsp;&nbsp; 62375 | 1376681 |
| SKF AB, Class B | &nbsp;&nbsp; 64350 | 1303638 |
| SSAB AB, Class B | &nbsp;&nbsp; 106661 | 649900 |
| Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp; 103064 | 1359846 |
| Svenska Handelsbanken AB, Class A | &nbsp;&nbsp; 273634 | 3092479 |
| Swedbank AB, Class A | &nbsp;&nbsp; 158019 | 3598799 |
| Tele2 AB, Class B | &nbsp;&nbsp; 97082 | 1309165 |
| Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp; 533839 | 4153668 |
| Telia Co. AB | &nbsp;&nbsp; 417204 | 1506231 |
| Trelleborg AB, Class B | &nbsp;&nbsp; 33721 | 1254138 |
| Volvo AB, Class B | &nbsp;&nbsp; 276332 | 8107124 |
|  |  | 93115787 |
| **Switzerland — 15.0%** | **Switzerland — 15.0%** | **Switzerland — 15.0%** |
| ABB Ltd., Registered | &nbsp;&nbsp; 278922 | 14391797 |
| Adecco Group AG, Registered | &nbsp;&nbsp; 28787 | 865644 |
| Alcon AG | &nbsp;&nbsp; 87185 | 8272549 |
| Baloise Holding AG, Registered | &nbsp;&nbsp; 8162 | 1713001 |
| Barry Callebaut AG, Registered | &nbsp;&nbsp; 701 | 928413 |
| Chocoladefabriken Lindt & Spruengli AG, <br> Participation Certificates, NVS<br>| &nbsp;&nbsp; 181 | 2447018 |
| Chocoladefabriken Lindt & Spruengli AG, Registered | &nbsp;&nbsp; 18 | 2362066 |
| Cie Financiere Richemont SA, Class A, Registered | &nbsp;&nbsp; 93677 | 16352800 |
| Geberit AG, Registered | &nbsp;&nbsp; 5842 | 3659934 |
| Givaudan SA, Registered | &nbsp;&nbsp; 1374 | 5898555 |
| Holcim AG | &nbsp;&nbsp; 91597 | 9857041 |
| Julius Baer Group Ltd. | &nbsp;&nbsp; 36173 | 2507368 |
| Kuehne + Nagel International AG, Registered | &nbsp;&nbsp; 9392 | 2168902 |
| Logitech International SA, Registered | &nbsp;&nbsp; 26950 | 2283613 |
| Lonza Group AG, Registered | &nbsp;&nbsp; 12589 | 7777103 |
| Nestle SA, Registered | &nbsp;&nbsp; 457123 | 46195295 |
| Novartis AG, Registered | &nbsp;&nbsp; 344117 | 38221006 |
| Partners Group Holding AG | &nbsp;&nbsp; 3808 | 5419553 |
| Roche Holding AG, Bearer | &nbsp;&nbsp; 5035 | 1747700 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 122601 | 40351373 |
| Sandoz Group AG | &nbsp;&nbsp; 76942 | 3226489 |
| Schindler Holding AG, Participation Certificates, NVS | &nbsp;&nbsp; 7051 | 2209865 |
| Schindler Holding AG, Registered | &nbsp;&nbsp; 3498 | 1060077 |
| SGS SA | &nbsp;&nbsp; 26692 | 2659556 |
| SIG Group AG | &nbsp;&nbsp; 60052 | 1110323 |
| Sika AG, Registered | &nbsp;&nbsp; 27918 | 6800383 |
| Sonova Holding AG, Registered | &nbsp;&nbsp; 8590 | 2508111 |
| Straumann Holding AG | &nbsp;&nbsp; 20314 | 2459293 |
| Swatch Group AG (The), Bearer | &nbsp;&nbsp; 4891 | 843436 |
| Swatch Group AG (The), Registered | &nbsp;&nbsp; 9483 | 327313 |
| Swiss Life Holding AG, Registered | &nbsp;&nbsp; 4947 | 4513195 |
| Swiss Prime Site AG, Registered | &nbsp;&nbsp; 13211 | 1621229 |
| Swiss Re AG | &nbsp;&nbsp; 51135 | 8702097 |
| Swisscom AG, Registered | &nbsp;&nbsp; 4458 | 2568930 |
| Temenos AG, Registered | &nbsp;&nbsp; 11381 | 883645 |
| UBS Group AG, Registered | &nbsp;&nbsp; 560853 | 17226372 |
| VAT Group AG<sup>(b)</sup> | &nbsp;&nbsp; 4758 | 1715077 |
| Zurich Insurance Group AG | &nbsp;&nbsp; 25530 | 17820143 |
|  |  | 291676265 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom — 23.6%** | **United Kingdom — 23.6%** | **United Kingdom — 23.6%** |
| 3i Group PLC | &nbsp;&nbsp; 168406 | $7918552 |
| Aberdeen Group PLC | &nbsp;&nbsp; 328760 | 659318 |
| Admiral Group PLC | &nbsp;&nbsp; 46202 | 1705781 |
| Anglo American PLC | &nbsp;&nbsp; 233409 | 6542070 |
| Antofagasta PLC | &nbsp;&nbsp; 59546 | 1296408 |
| Ashtead Group PLC | &nbsp;&nbsp; 75778 | 4097070 |
| Associated British Foods PLC | &nbsp;&nbsp; 55141 | 1367020 |
| AstraZeneca PLC | &nbsp;&nbsp; 270522 | 39724708 |
| Auto Trader Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 154577 | 1494699 |
| Aviva PLC | &nbsp;&nbsp; 393924 | 2839046 |
| BAE Systems PLC | &nbsp;&nbsp; 528426 | 10670228 |
| Barclays PLC | &nbsp;&nbsp; 2544718 | 9568220 |
| Barratt Redrow PLC | &nbsp;&nbsp; 237981 | 1309097 |
| Berkeley Group Holdings PLC | &nbsp;&nbsp; 17618 | 819978 |
| BP PLC | &nbsp;&nbsp; 2821676 | 15833692 |
| British American Tobacco PLC | &nbsp;&nbsp; 346143 | 14200288 |
| British Land Co. PLC (The) | &nbsp;&nbsp; 167736 | 803105 |
| BT Group PLC | &nbsp;&nbsp; 1000730 | 2146523 |
| Bunzl PLC | &nbsp;&nbsp; 57938 | 2228665 |
| Burberry Group PLC | &nbsp;&nbsp; 61342 | 617889 |
| Centrica PLC | &nbsp;&nbsp; 918640 | 1778716 |
| Coca-Cola HBC AG, Class DI<sup>(a)</sup> | &nbsp;&nbsp; 33827 | 1532016 |
| Compass Group PLC | &nbsp;&nbsp; 294750 | 9749231 |
| Croda International PLC | &nbsp;&nbsp; 24233 | 920652 |
| DCC PLC | &nbsp;&nbsp; 17218 | 1150710 |
| Diageo PLC | &nbsp;&nbsp; 388632 | 10155974 |
| Diploma PLC | &nbsp;&nbsp; 23236 | 1163177 |
| Entain PLC | &nbsp;&nbsp; 107806 | 814520 |
| Experian PLC | &nbsp;&nbsp; 159007 | 7367633 |
| Glencore PLC | &nbsp;&nbsp; 1714616 | 6275712 |
| GSK PLC | &nbsp;&nbsp; 723415 | 13824595 |
| Haleon PLC | &nbsp;&nbsp; 1571268 | 7935220 |
| Halma PLC | &nbsp;&nbsp; 64943 | 2178939 |
| HSBC Holdings PLC | &nbsp;&nbsp; 3113012 | 35290574 |
| IMI PLC | &nbsp;&nbsp; 45362 | 1115858 |
| Imperial Brands PLC | &nbsp;&nbsp; 135820 | 5025591 |
| Informa PLC | &nbsp;&nbsp; 232551 | 2331765 |
| InterContinental Hotels Group PLC | &nbsp;&nbsp; 27698 | 2982248 |
| Intermediate Capital Group PLC | &nbsp;&nbsp; 50137 | 1276952 |
| Intertek Group PLC | &nbsp;&nbsp; 27607 | 1795125 |
| J Sainsbury PLC | &nbsp;&nbsp; 289135 | 881307 |
| Johnson Matthey PLC | &nbsp;&nbsp; 30958 | 532151 |
| Kingfisher PLC | &nbsp;&nbsp; 331974 | 1093524 |
| Land Securities Group PLC | &nbsp;&nbsp; 132250 | 942604 |
| Legal & General Group PLC | &nbsp;&nbsp; 1014607 | 3199701 |
| Lloyds Banking Group PLC | &nbsp;&nbsp; 10550281 | 9895277 |
| London Stock Exchange Group PLC | &nbsp;&nbsp; 80701 | 11986288 |
| M&G PLC | &nbsp;&nbsp; 386102 | 994578 |
| Marks & Spencer Group PLC | &nbsp;&nbsp; 360566 | 1664678 |
| Melrose Industries PLC | &nbsp;&nbsp; 215905 | 1332741 |
| Mondi PLC, NVS | &nbsp;&nbsp; 74959 | 1118179 |
| National Grid PLC | &nbsp;&nbsp; 847486 | 11054788 |
| NatWest Group PLC, NVS | &nbsp;&nbsp; 1154630 | 6817377 |
| Next PLC | &nbsp;&nbsp; 20287 | 2922853 |
| Pearson PLC | &nbsp;&nbsp; 117614 | 1860588 |
| Persimmon PLC | &nbsp;&nbsp; 54911 | 849309 |
| Phoenix Group Holdings PLC | &nbsp;&nbsp; 144525 | 1072845 |
| Prudential PLC | &nbsp;&nbsp; 462035 | 4985826 |
| Reckitt Benckiser Group PLC | &nbsp;&nbsp; 119795 | 8100591 |
| RELX PLC | &nbsp;&nbsp; 323691 | 16259200 |
| Rentokil Initial PLC | &nbsp;&nbsp; 438491 | 1989932 |
| Rightmove PLC | &nbsp;&nbsp; 139178 | 1239121 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Europe ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Rio Tinto PLC | &nbsp;&nbsp; 185827 | $11151512 |
| Rolls-Royce Holdings PLC<sup>(a)</sup> | &nbsp;&nbsp; 1483705 | 14420663 |
| Sage Group PLC (The) | &nbsp;&nbsp; 177254 | 2782944 |
| Schroders PLC | &nbsp;&nbsp; 158658 | 718320 |
| Segro PLC | &nbsp;&nbsp; 232562 | 2079995 |
| Severn Trent PLC | &nbsp;&nbsp; 46596 | 1525450 |
| Shell PLC | &nbsp;&nbsp; 1061755 | 38648187 |
| Smith & Nephew PLC | &nbsp;&nbsp; 151673 | 2132906 |
| Smiths Group PLC | &nbsp;&nbsp; 59392 | 1490321 |
| Spirax Group PLC | &nbsp;&nbsp; 12914 | 1041046 |
| SSE PLC | &nbsp;&nbsp; 194987 | 4016410 |
| St. James's Place PLC | &nbsp;&nbsp; 95591 | 1215141 |
| Standard Chartered PLC | &nbsp;&nbsp; 348188 | 5166886 |
| Taylor Wimpey PLC | &nbsp;&nbsp; 632362 | 888463 |
| Tesco PLC | &nbsp;&nbsp; 1189812 | 5118907 |
| Unilever PLC | &nbsp;&nbsp; 440307 | 26271805 |
| United Utilities Group PLC | &nbsp;&nbsp; 116276 | 1517164 |
| Vodafone Group PLC | &nbsp;&nbsp; 3920952 | 3684204 |
| Weir Group PLC (The) | &nbsp;&nbsp; 45422 | 1372166 |
| Whitbread PLC | &nbsp;&nbsp; 31268 | 996073 |
| Wise PLC, Class A<sup>(a)</sup> | &nbsp;&nbsp; 115830 | 1421800 |
| WPP PLC | &nbsp;&nbsp; 188048 | 1428981 |
|  |  | 460390367 |
| **Total Common Stocks — 99.0%** <br>**(Cost: $1,793,893,183)** | **Total Common Stocks — 99.0%** <br>**(Cost: $1,793,893,183)** | 1931048108 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Germany — 0.5%** | **Germany — 0.5%** | **Germany — 0.5%** |
| Bayerische Motoren Werke AG, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 10273 | 774978 |
| Dr Ing hc F Porsche AG, Preference Shares, NVS<sup>(b)</sup> | &nbsp;&nbsp; 15471 | 774831 |
| Henkel AG & Co. KGaA, Preference Shares, NVS | &nbsp;&nbsp; 28034 | 2230585 |
| Porsche Automobil Holding SE, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 25864 | 974001 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| Sartorius AG, Preference Shares, NVS | &nbsp;&nbsp; 4292 | $1000551 |
| Volkswagen AG, Preference Shares, NVS | &nbsp;&nbsp; 31993 | 3264506 |
|  |  | 9019452 |
| **Italy — 0.0%** | **Italy — 0.0%** | **Italy — 0.0%** |
| Telecom Italia SpA, Preference Shares, NVS | &nbsp;&nbsp; 995692 | 388164 |
| **Total Preferred Stocks — 0.5%** <br>**(Cost: $17,443,850)** | **Total Preferred Stocks — 0.5%** <br>**(Cost: $17,443,850)** | 9407616 |
| **Total Long-Term Investments — 99.5%** <br>**(Cost: $1,811,337,033)** | **Total Long-Term Investments — 99.5%** <br>**(Cost: $1,811,337,033)** | 1940455724 |
| **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 <br> Shares, 4.50%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 191913 | 192009 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.31%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 1970000 | 1970000 |
| **Total Short-Term Securities — 0.1%** <br>**(Cost: $2,162,012)** | **Total Short-Term Securities — 0.1%** <br>**(Cost: $2,162,012)** | 2162009 |
| **Total Investments — 99.6%** <br>**(Cost: $1,813,499,045)** | **Total Investments — 99.6%** <br>**(Cost: $1,813,499,045)** | 1942617733 |
| **Other Assets Less Liabilities — 0.4%** | **Other Assets Less Liabilities — 0.4%** | 7371271 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1949989004 |

---

&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 year ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/24*<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>*03/31/25*<br>| *Shares* <br>*Held at* <br>*03/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $4329442 | $— | &nbsp;&nbsp; $(4136280 )<sup>(a)</sup><br>| &nbsp;&nbsp; $(1923)<br>| $770 | $192009 | 191913 | $14150 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 1700000 | 270000 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |  | 1970000 | 1970000 | 138081 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $(1923)<br>| $770 | $2162009 |  | $152231 | &nbsp;&nbsp; $— |

---

&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 fees and collateral investment expenses, and other payments to and from borrowers of securities. 

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Europe ETF**

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Euro STOXX 50 Index | &nbsp;&nbsp; 101 | &nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp; $5699 | &nbsp;&nbsp; $(145263)<br>|
| FTSE 100 Index | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp; 3456 | &nbsp;&nbsp; (15944)<br>|
|  |  |  |  | &nbsp;&nbsp; $(161207)<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* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $161207 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $161207 |

---

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

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

For the period ended March 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $340000 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $340000 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(289197)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(289197)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $4551777 |

---

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; $33802217 | &nbsp;&nbsp; $1897245891 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1931048108 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 9407616 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9407616 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 2162009 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2162009 |
|  | &nbsp;&nbsp; $35964226 | &nbsp;&nbsp; $1906653507 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1942617733 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Europe 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; $(161207)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(161207)<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

March 31, 2025

**iShares® Future AI & 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** |
| **Canada — 2.7%** | **Canada — 2.7%** | **Canada — 2.7%** |
| CGI Inc. | &nbsp;&nbsp; 204641 | $20429260 |
| **France — 2.8%** | **France — 2.8%** | **France — 2.8%** |
| Capgemini SE | &nbsp;&nbsp; 2453 | 368583 |
| Dassault Systemes SE | &nbsp;&nbsp; 558920 | 21279589 |
|  |  | 21648172 |
| **Israel — 1.7%** | **Israel — 1.7%** | **Israel — 1.7%** |
| Camtek Ltd./Israel<sup>(a)</sup> | &nbsp;&nbsp; 225988 | 13238301 |
| **Japan — 4.4%** | **Japan — 4.4%** | **Japan — 4.4%** |
| Advantest Corp. | &nbsp;&nbsp; 472000 | 21040087 |
| Appier Group Inc. | &nbsp;&nbsp; 1395200 | 12626468 |
|  |  | 33666555 |
| **South Korea — 0.2%** | **South Korea — 0.2%** | **South Korea — 0.2%** |
| NAVER Corp. | &nbsp;&nbsp; 2128 | 278095 |
| SK Hynix Inc. | &nbsp;&nbsp; 7893 | 1052184 |
|  |  | 1330279 |
| **Taiwan — 3.5%** | **Taiwan — 3.5%** | **Taiwan — 3.5%** |
| Alchip Technologies Ltd. | &nbsp;&nbsp; 193000 | 16269404 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | &nbsp;&nbsp; 392000 | 11039889 |
|  |  | 27309293 |
| **United States — 84.5%** | **United States — 84.5%** | **United States — 84.5%** |
| Accenture PLC, Class A | &nbsp;&nbsp; 74149 | 23137454 |
| Adobe Inc.<sup>(b)</sup> | &nbsp;&nbsp; 6674 | 2559679 |
| Advanced Micro Devices Inc.<sup>(b)</sup> | &nbsp;&nbsp; 366258 | 37629347 |
| Alphabet Inc., Class A | &nbsp;&nbsp; 144045 | 22275119 |
| Amazon.com Inc.<sup>(b)</sup> | &nbsp;&nbsp; 123725 | 23539918 |
| Amkor Technology Inc. | &nbsp;&nbsp; 762033 | 13762316 |
| Ansys Inc.<sup>(b)</sup> | &nbsp;&nbsp; 75747 | 23978470 |
| Arista Networks Inc.<sup>(b)</sup> | &nbsp;&nbsp; 459936 | 35635841 |
| Autodesk Inc.<sup>(b)</sup> | &nbsp;&nbsp; 95411 | 24978600 |
| Bentley Systems Inc., Class B | &nbsp;&nbsp; 391899 | 15417307 |
| Broadcom Inc. | &nbsp;&nbsp; 190093 | 31827271 |
| C3.ai Inc., Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 686585 | 14452614 |
| Cloudflare Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 5736 | 646390 |
| Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp; 302454 | 23137731 |
| Constellation Energy Corp. | &nbsp;&nbsp; 111644 | 22510780 |
| Crowdstrike Holdings Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 4042 | 1425128 |
| EPAM Systems Inc.<sup>(b)</sup> | &nbsp;&nbsp; 94905 | 16023760 |
| Fortinet Inc.<sup>(b)</sup> | &nbsp;&nbsp; 11002 | 1059053 |
| Intel Corp. | &nbsp;&nbsp; 75930 | 1724370 |
| International Business Machines Corp. | &nbsp;&nbsp; 96352 | 23958888 |
| Marvell Technology Inc. | &nbsp;&nbsp; 344153 | 21189500 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| Meta Platforms Inc., Class A | &nbsp;&nbsp; 36188 | $20857316 |
| Micron Technology Inc. | &nbsp;&nbsp; 16638 | 1445676 |
| Microsoft Corp. | &nbsp;&nbsp; 62976 | 23640561 |
| MongoDB Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 107937 | 18932150 |
| Nvidia Corp. | &nbsp;&nbsp; 319045 | 34578097 |
| Okta Inc.<sup>(b)</sup> | &nbsp;&nbsp; 2056 | 216332 |
| Onto Innovation Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 122665 | 14884171 |
| Oracle Corp. | &nbsp;&nbsp; 27369 | 3826460 |
| Palantir Technologies Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 287462 | 24261793 |
| Palo Alto Networks Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 10641 | 1815780 |
| PTC Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 132000 | 20453400 |
| Qualcomm Inc. | &nbsp;&nbsp; 17475 | 2684335 |
| SentinelOne Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 5756 | 104644 |
| ServiceNow Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 3458 | 2753052 |
| Snowflake Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 157578 | 23031600 |
| Super Micro Computer Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 869273 | 29763907 |
| UiPath Inc., Class A<sup>(b)</sup> | &nbsp;&nbsp; 1338649 | 13788085 |
| Vertiv Holdings Co., Class A | &nbsp;&nbsp; 432298 | 31211916 |
| Zscaler Inc.<sup>(b)</sup> | &nbsp;&nbsp; 1466 | 290884 |
|  |  | 649409695 |
| **Total Long-Term Investments — 99.8%** <br>**(Cost: $836,283,430)** | **Total Long-Term Investments — 99.8%** <br>**(Cost: $836,283,430)** | 767031555 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 7.8%** | **Money Market Funds — 7.8%** | **Money Market Funds — 7.8%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.50%<sup>(c)(d)(e)</sup><br>| &nbsp;&nbsp; 58775973 | 58805361 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.31%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 1020000 | 1020000 |
| **Total Short-Term Securities — 7.8%** <br>**(Cost: $59,827,359)** | **Total Short-Term Securities — 7.8%** <br>**(Cost: $59,827,359)** | 59825361 |
| **Total Investments — 107.6%** <br>**(Cost: $896,110,789)** | **Total Investments — 107.6%** <br>**(Cost: $896,110,789)** | 826856916 |
| **Liabilities in Excess of Other Assets — (7.6)%** | **Liabilities in Excess of Other Assets — (7.6)%** | (58265451)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $768591465 |

---

&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. 

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Future AI & Tech ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the period August 1, 2024 through March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*07/31/24*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*03/31/25*<br>| *Shares* <br>*Held at* <br>*03/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $55007989<br> $3783850 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $14170 | $(648)<br>| $58805361 | 58775973 | $638561 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| 730000<br> 290000 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |  |  | 1020000 | 1020000 | 39813 | &nbsp;&nbsp; — |
|  |  |  | $14170 | $(648)<br>| $59825361 |  | $678374 | &nbsp;&nbsp; $— |

---

&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 fees and collateral investment expenses, and other payments to and from borrowers of securities. 

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| E-Mini NASDAQ 100 Index | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp; $1166 | &nbsp;&nbsp; $(28091)<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* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28091 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $28091 |

---

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

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

For the period August 1, 2024 through March 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $39050 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $39050 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2426 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2426 |

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $985718 |

---

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 (continued)

March 31, 2025

**iShares® Future AI & Tech 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; $669838955 | &nbsp;&nbsp; $97192600 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $767031555 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 59825361 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 59825361 |
|  | &nbsp;&nbsp; $729664316 | &nbsp;&nbsp; $97192600 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $826856916 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(28091)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(28091)<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.*

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments

March 31, 2025

**iShares® Future Metaverse Tech and Communications ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Electronic Equipment, Instruments & Components — 3.4%** | **Electronic Equipment, Instruments & Components — 3.4%** | **Electronic Equipment, Instruments & Components — 3.4%** |
| GoerTek Inc., Class A | &nbsp;&nbsp; 60400 | $217971 |
| Luxshare Precision Industry Co. Ltd., Class A | &nbsp;&nbsp; 200 | 1130 |
| Sunny Optical Technology Group Co. Ltd. | &nbsp;&nbsp; 100 | 923 |
|  |  | 220024 |
| **Entertainment — 27.4%** | **Entertainment — 27.4%** | **Entertainment — 27.4%** |
| Cover Corp.<sup>(a)</sup> | &nbsp;&nbsp; 16300 | 263123 |
| Electronic Arts Inc. | &nbsp;&nbsp; 2216 | 320256 |
| Kakao Games Corp.<sup>(a)</sup> | &nbsp;&nbsp; 7 | 69 |
| Kingnet Network Co. Ltd., Class A | &nbsp;&nbsp; 33600 | 74382 |
| Krafton Inc.<sup>(a)</sup> | &nbsp;&nbsp; 979 | 223887 |
| NetEase Inc. | &nbsp;&nbsp; 400 | 8217 |
| Nintendo Co. Ltd. | &nbsp;&nbsp; 200 | 13596 |
| ROBLOX Corp., Class A<sup>(a)</sup> | &nbsp;&nbsp; 5310 | 309520 |
| Take-Two Interactive Software Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1470 | 304657 |
| Ubisoft Entertainment SA<sup>(a)</sup> | &nbsp;&nbsp; 21642 | 261728 |
|  |  | 1779435 |
| **Household Durables — 7.7%** | **Household Durables — 7.7%** | **Household Durables — 7.7%** |
| Garmin Ltd. | &nbsp;&nbsp; 1099 | 238626 |
| Sony Group Corp. | &nbsp;&nbsp; 10500 | 265681 |
|  |  | 504307 |
| **Interactive Media & Services — 13.6%** | **Interactive Media & Services — 13.6%** | **Interactive Media & Services — 13.6%** |
| Kuaishou Technology<sup>(a)(b)</sup> | &nbsp;&nbsp; 35500 | 248946 |
| Meta Platforms Inc., Class A | &nbsp;&nbsp; 648 | 373482 |
| Snap Inc., Class A, NVS<sup>(a)(c)</sup> | &nbsp;&nbsp; 165 | 1437 |
| Tencent Holdings Ltd. | &nbsp;&nbsp; 4100 | 261973 |
|  |  | 885838 |
| **Semiconductors & Semiconductor Equipment — 4.0%** | **Semiconductors & Semiconductor Equipment — 4.0%** | **Semiconductors & Semiconductor Equipment — 4.0%** |
| Advanced Micro Devices Inc.<sup>(a)</sup> | &nbsp;&nbsp; 352 | 36164 |
| Intel Corp. | &nbsp;&nbsp; 1087 | 24686 |
| Nvidia Corp. | &nbsp;&nbsp; 1467 | 158993 |
| Qualcomm Inc. | &nbsp;&nbsp; 250 | 38403 |
|  |  | 258246 |
| **Software — 40.6%** | **Software — 40.6%** | **Software — 40.6%** |
| Ansys Inc.<sup>(a)</sup> | &nbsp;&nbsp; 950 | 300732 |
| Autodesk Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1206 | 315731 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| Bentley Systems Inc., Class B | &nbsp;&nbsp; 7353 | $289267 |
| Cadence Design Systems Inc.<sup>(a)</sup> | &nbsp;&nbsp; 999 | 254076 |
| Dassault Systemes SE | &nbsp;&nbsp; 7160 | 272601 |
| Microsoft Corp. | &nbsp;&nbsp; 441 | 165547 |
| PTC Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1916 | 296884 |
| Synopsys Inc.<sup>(a)</sup> | &nbsp;&nbsp; 553 | 237154 |
| Unity Software Inc.<sup>(a)</sup> | &nbsp;&nbsp; 13949 | 273261 |
| Zoom Video Communications Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp; 3168 | 233703 |
|  |  | 2638956 |
| **Technology Hardware, Storage & Peripherals — 3.2%** | **Technology Hardware, Storage & Peripherals — 3.2%** | **Technology Hardware, Storage & Peripherals — 3.2%** |
| Apple Inc. | &nbsp;&nbsp; 932 | 207025 |
| **Total Long-Term Investments — 99.9%** <br>**(Cost: $5,551,247)** | **Total Long-Term Investments — 99.9%** <br>**(Cost: $5,551,247)** | 6493831 |
| **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 Shares, <br> 4.50%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 1507 | 1508 |
| **Total Short-Term Securities — 0.0%** <br>**(Cost: $1,508)** | **Total Short-Term Securities — 0.0%** <br>**(Cost: $1,508)** | 1508 |
| **Total Investments — 99.9%** <br>**(Cost: $5,552,755)** | **Total Investments — 99.9%** <br>**(Cost: $5,552,755)** | 6495339 |
| **Other Assets Less Liabilities — 0.1%** | **Other Assets Less Liabilities — 0.1%** | 6395 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $6501734 |

---

&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 year ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/24*<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>*03/31/25*<br>| *Shares* <br>*Held at* <br>*03/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $448266 | $— | $(446842 )<sup>(a)</sup><br>| &nbsp;&nbsp; $53 | $31 | $1508 | 1507 | $1136 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares<sup>(c)</sup> |  |  |  | &nbsp;&nbsp; — |  |  |  | 121 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $53 | $31 | $1508 |  | $1257 | &nbsp;&nbsp; $— |

---

&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 fees and collateral investment expenses, and other payments to and from borrowers of securities. 

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

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Future Metaverse Tech and Communications ETF**

**Derivative Financial Instruments Categorized by Risk Exposure**

For the period ended March 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $26 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $26 |

---

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

---

| | |
|:---|:---|
| Average notional value of contracts — long | &nbsp;&nbsp; $0 <br><sup>(a)</sup><br>|

---

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

<sup>(a)</sup> Derivative financial instrument not held at any quarter-end. The risk exposure table serves as an indicator of activity during the period.

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; $4379604 | &nbsp;&nbsp; $2114227 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6493831 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 1508 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1508 |
|  | &nbsp;&nbsp; $4381112 | &nbsp;&nbsp; $2114227 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6495339 |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments

March 31, 2025

**iShares® India 50 ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Aerospace & Defense — 1.0%** | **Aerospace & Defense — 1.0%** | **Aerospace & Defense — 1.0%** |
| Bharat Electronics Ltd. | &nbsp;&nbsp; 1856547 | $6494100 |
| **Automobiles — 6.9%** | **Automobiles — 6.9%** | **Automobiles — 6.9%** |
| Bajaj Auto Ltd. | &nbsp;&nbsp; 57488 | 5277243 |
| Eicher Motors Ltd. | &nbsp;&nbsp; 71241 | 4444272 |
| Hero MotoCorp Ltd. | &nbsp;&nbsp; 67731 | 2939295 |
| Mahindra & Mahindra Ltd. | &nbsp;&nbsp; 459354 | 14257985 |
| Maruti Suzuki India Ltd. | &nbsp;&nbsp; 68034 | 9139431 |
| Tata Motors Ltd. | &nbsp;&nbsp; 1081788 | 8481928 |
|  |  | 44540154 |
| **Banks — 31.0%** | **Banks — 31.0%** | **Banks — 31.0%** |
| Axis Bank Ltd. | &nbsp;&nbsp; 1481274 | 19000985 |
| HDFC Bank Ltd. | &nbsp;&nbsp; 3943452 | 84059434 |
| ICICI Bank Ltd. | &nbsp;&nbsp; 3658885 | 57510416 |
| IndusInd Bank Ltd. | &nbsp;&nbsp; 341375 | 2583148 |
| Kotak Mahindra Bank Ltd. | &nbsp;&nbsp; 762211 | 19295886 |
| State Bank of India | &nbsp;&nbsp; 1991564 | 17905563 |
|  |  | 200355432 |
| **Chemicals — 1.0%** | **Chemicals — 1.0%** | **Chemicals — 1.0%** |
| Asian Paints Ltd. | &nbsp;&nbsp; 234478 | 6406398 |
| **Construction & Engineering — 3.8%** | **Construction & Engineering — 3.8%** | **Construction & Engineering — 3.8%** |
| Larsen & Toubro Ltd. | &nbsp;&nbsp; 608535 | 24746849 |
| **Construction Materials — 2.2%** | **Construction Materials — 2.2%** | **Construction Materials — 2.2%** |
| Grasim Industries Ltd. | &nbsp;&nbsp; 198968 | 6059536 |
| UltraTech Cement Ltd. | &nbsp;&nbsp; 60309 | 8089316 |
|  |  | 14148852 |
| **Consumer Finance — 3.0%** | **Consumer Finance — 3.0%** | **Consumer Finance — 3.0%** |
| Bajaj Finance Ltd. | &nbsp;&nbsp; 135556 | 14123411 |
| Shriram Finance Ltd. | &nbsp;&nbsp; 725527 | 5540727 |
|  |  | 19664138 |
| **Electric Utilities — 1.2%** | **Electric Utilities — 1.2%** | **Electric Utilities — 1.2%** |
| Power Grid Corp. of India Ltd. | &nbsp;&nbsp; 2349417 | 7950799 |
| **Financial Services — 1.7%** | **Financial Services — 1.7%** | **Financial Services — 1.7%** |
| Bajaj Finserv Ltd. | &nbsp;&nbsp; 282021 | 6595148 |
| Jio Financial Services Ltd., NVS<sup>(a)</sup> | &nbsp;&nbsp; 1698005 | 4496766 |
|  |  | 11091914 |
| **Food Products — 1.4%** | **Food Products — 1.4%** | **Food Products — 1.4%** |
| Nestle India Ltd., NVS | &nbsp;&nbsp; 185866 | 4883838 |
| Tata Consumer Products Ltd. | &nbsp;&nbsp; 337563 | 3940039 |
|  |  | 8823877 |
| **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** |
| Apollo Hospitals Enterprise Ltd. | &nbsp;&nbsp; 52370 | 4044722 |
| **Hotels, Restaurants & Leisure — 1.3%** | **Hotels, Restaurants & Leisure — 1.3%** | **Hotels, Restaurants & Leisure — 1.3%** |
| Zomato Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 3601357 | 8459906 |
| **Independent Power and Renewable Electricity Producers — 1.6%** | **Independent Power and Renewable Electricity Producers — 1.6%** | **Independent Power and Renewable Electricity Producers — 1.6%** |
| NTPC Ltd. | &nbsp;&nbsp; 2457979 | 10219156 |
| **Insurance — 1.3%** | **Insurance — 1.3%** | **Insurance — 1.3%** |
| HDFC Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 554963 | 4435266 |
| SBI Life Insurance Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 232329 | 4190683 |
|  |  | 8625949 |
| **IT Services — 11.9%** | **IT Services — 11.9%** | **IT Services — 11.9%** |
| HCL Technologies Ltd. | &nbsp;&nbsp; 549838 | 10185924 |
| Infosys Ltd. | &nbsp;&nbsp; 1866088 | 34193354 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp; 529426 | 22271127 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** |
| Tech Mahindra Ltd. | &nbsp;&nbsp; 328797 | $5423307 |
| Wipro Ltd. | &nbsp;&nbsp; 1472383 | 4490828 |
|  |  | 76564540 |
| **Metals & Mining — 3.0%** | **Metals & Mining — 3.0%** | **Metals & Mining — 3.0%** |
| Hindalco Industries Ltd. | &nbsp;&nbsp; 750517 | 5955460 |
| JSW Steel Ltd. | &nbsp;&nbsp; 491820 | 6065871 |
| Tata Steel Ltd. | &nbsp;&nbsp; 4286472 | 7657367 |
|  |  | 19678698 |
| **Oil, Gas & Consumable Fuels — 9.8%** | **Oil, Gas & Consumable Fuels — 9.8%** | **Oil, Gas & Consumable Fuels — 9.8%** |
| Coal India Ltd. | &nbsp;&nbsp; 1177411 | 5458630 |
| Oil & Natural Gas Corp. Ltd. | &nbsp;&nbsp; 2013461 | 5786339 |
| Reliance Industries Ltd. | &nbsp;&nbsp; 3512170 | 52216547 |
|  |  | 63461516 |
| **Personal Care Products — 1.9%** | **Personal Care Products — 1.9%** | **Personal Care Products — 1.9%** |
| Hindustan Unilever Ltd. | &nbsp;&nbsp; 460060 | 12148938 |
| **Pharmaceuticals — 3.2%** | **Pharmaceuticals — 3.2%** | **Pharmaceuticals — 3.2%** |
| Cipla Ltd. | &nbsp;&nbsp; 291622 | 4900672 |
| Dr Reddy's Laboratories Ltd. | &nbsp;&nbsp; 316213 | 4225093 |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp; 558888 | 11325714 |
|  |  | 20451479 |
| **Specialty Retail — 1.1%** | **Specialty Retail — 1.1%** | **Specialty Retail — 1.1%** |
| Trent Ltd. | &nbsp;&nbsp; 115201 | 7141222 |
| **Textiles, Apparel & Luxury Goods — 1.2%** | **Textiles, Apparel & Luxury Goods — 1.2%** | **Textiles, Apparel & Luxury Goods — 1.2%** |
| Titan Co. Ltd. | &nbsp;&nbsp; 213797 | 7629889 |
| **Tobacco — 3.6%** | **Tobacco — 3.6%** | **Tobacco — 3.6%** |
| ITC Ltd. | &nbsp;&nbsp; 4825375 | 23056612 |
| **Trading Companies & Distributors — 0.6%** | **Trading Companies & Distributors — 0.6%** | **Trading Companies & Distributors — 0.6%** |
| Adani Enterprises Ltd. | &nbsp;&nbsp; 135016 | 3641152 |
| **Transportation Infrastructure — 0.8%** | **Transportation Infrastructure — 0.8%** | **Transportation Infrastructure — 0.8%** |
| Adani Ports & Special Economic Zone Ltd. | &nbsp;&nbsp; 382542 | 5267390 |
| **Wireless Telecommunication Services — 4.4%** | **Wireless Telecommunication Services — 4.4%** | **Wireless Telecommunication Services — 4.4%** |
| Bharti Airtel Ltd. | &nbsp;&nbsp; 1390670 | 28114180 |
| **Total Long-Term Investments — 99.5%** <br>**(Cost: $496,296,073)** | **Total Long-Term Investments — 99.5%** <br>**(Cost: $496,296,073)** | 642727862 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 1.6%** | **Money Market Funds — 1.6%** | **Money Market Funds — 1.6%** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.31%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 10220000 | 10220000 |
| **Total Short-Term Securities — 1.6%** <br>**(Cost: $10,220,000)** | **Total Short-Term Securities — 1.6%** <br>**(Cost: $10,220,000)** | 10220000 |
| **Total Investments — 101.1%** <br>**(Cost: $506,516,073)** | **Total Investments — 101.1%** <br>**(Cost: $506,516,073)** | 652947862 |
| **Liabilities in Excess of Other Assets — (1.1)%** | **Liabilities in Excess of Other Assets — (1.1)%** | (7196716)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $645751146 |

---

&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 (continued)

March 31, 2025

**iShares® India 50 ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*03/31/25*<br>| *Shares* <br>*Held at* <br>*03/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares<br>| $16250000 | $—<br> $(6030000 )<sup>(a)</sup><br>| &nbsp;&nbsp; $— | $— | $10220000 | 10220000 | $1553604 | $— |

---

&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* | *Number of* <br>*Contracts*<br>| *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| IFSC Nifty 50 Index | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 04/24/25 | &nbsp;&nbsp; $2467 | &nbsp;&nbsp; $(45483)<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* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $45483 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $45483 |

---

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

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

For the period ended March 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(207758)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(207758)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(87998)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(87998)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $2740344 |

---

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

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2025

**iShares® India 50 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; $— | &nbsp;&nbsp; $642727862 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $642727862 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 10220000 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10220000 |
|  | &nbsp;&nbsp; $10220000 | &nbsp;&nbsp; $642727862 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $652947862 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(45483)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(45483)<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

March 31, 2025

**iShares® International Developed Small Cap Value Factor ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 6.5%** | **Australia — 6.5%** | **Australia — 6.5%** |
| Amotiv Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 6503 | $36416 |
| Arena REIT | &nbsp;&nbsp; 16396 | 35491 |
| Austal Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 14827 | 38938 |
| Brickworks Ltd. | &nbsp;&nbsp; 2758 | 42023 |
| Centuria Capital Group | &nbsp;&nbsp; 37271 | 37399 |
| Centuria Industrial REIT | &nbsp;&nbsp; 24398 | 44089 |
| Champion Iron Ltd. | &nbsp;&nbsp; 21344 | 65243 |
| Charter Hall Retail REIT | &nbsp;&nbsp; 22794 | 51304 |
| Charter Hall Social Infrastructure REIT | &nbsp;&nbsp; 15729 | 26830 |
| Data#3 Ltd. | &nbsp;&nbsp; 6666 | 30386 |
| HealthCo REIT | &nbsp;&nbsp; 21372 | 11859 |
| Helia Group Ltd. | &nbsp;&nbsp; 13630 | 34289 |
| HomeCo Daily Needs REIT | &nbsp;&nbsp; 80776 | 59965 |
| Ingenia Communities Group | &nbsp;&nbsp; 17059 | 58228 |
| Karoon Energy Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 37061 | 36878 |
| National Storage REIT | &nbsp;&nbsp; 62818 | 87700 |
| NRW Holdings Ltd. | &nbsp;&nbsp; 20134 | 34979 |
| OFX Group Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp; 11313 | 7991 |
| Perenti Ltd. | &nbsp;&nbsp; 42847 | 35921 |
| Perseus Mining Ltd. | &nbsp;&nbsp; 63294 | 133140 |
| Premier Investments Ltd. | &nbsp;&nbsp; 3760 | 47319 |
| Ramelius Resources Ltd. | &nbsp;&nbsp; 52671 | 78944 |
| Regis Healthcare Ltd. | &nbsp;&nbsp; 6177 | 26291 |
| Regis Resources Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 32224 | 79701 |
| Reliance Worldwide Corp. Ltd. | &nbsp;&nbsp; 36472 | 103130 |
| Sandfire Resources Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 20959 | 136919 |
| Service Stream Ltd. | &nbsp;&nbsp; 26327 | 28841 |
| Stanmore Resources Ltd. | &nbsp;&nbsp; 15087 | 20108 |
| Super Retail Group Ltd. | &nbsp;&nbsp; 7531 | 61264 |
| Ventia Services Group Pty. Ltd. | &nbsp;&nbsp; 37054 | 93653 |
| Viva Energy Group Ltd.<sup>(c)</sup> | &nbsp;&nbsp; 51678 | 55540 |
| Waypoint REIT Ltd. | &nbsp;&nbsp; 31223 | 46515 |
|  |  | 1687294 |
| **Austria — 0.3%** | **Austria — 0.3%** | **Austria — 0.3%** |
| Vienna Insurance Group AG Wiener Versicherung Gruppe | &nbsp;&nbsp; 1785 | 78733 |
| **Belgium — 0.7%** | **Belgium — 0.7%** | **Belgium — 0.7%** |
| Colruyt Group NV | &nbsp;&nbsp; 2212 | 90890 |
| Ontex Group NV<sup>(b)</sup> | &nbsp;&nbsp; 3011 | 27680 |
| Proximus SADP | &nbsp;&nbsp; 6958 | 51413 |
|  |  | 169983 |
| **Canada — 17.7%** | **Canada — 17.7%** | **Canada — 17.7%** |
| Allied Properties REIT | &nbsp;&nbsp; 5863 | 66776 |
| AltaGas Ltd. | &nbsp;&nbsp; 13600 | 373018 |
| ARC Resources Ltd. | &nbsp;&nbsp; 27635 | 555562 |
| B2Gold Corp. | &nbsp;&nbsp; 59782 | 169910 |
| Baytex Energy Corp. | &nbsp;&nbsp; 33065 | 73297 |
| Brookfield Renewable Corp. | &nbsp;&nbsp; 6246 | 174352 |
| Centerra Gold Inc. | &nbsp;&nbsp; 9956 | 63165 |
| CI Financial Corp. | &nbsp;&nbsp; 6203 | 134358 |
| Dream Industrial REIT | &nbsp;&nbsp; 12647 | 99309 |
| Eldorado Gold Corp.<sup>(b)</sup> | &nbsp;&nbsp; 9404 | 158078 |
| Granite Real Estate Investment Trust | &nbsp;&nbsp; 2925 | 136285 |
| H&R Real Estate Investment Trust | &nbsp;&nbsp; 11918 | 83233 |
| iA Financial Corp. Inc. | &nbsp;&nbsp; 4579 | 434847 |
| IGM Financial Inc. | &nbsp;&nbsp; 3747 | 115244 |
| Kinross Gold Corp. | &nbsp;&nbsp; 56651 | 713723 |
| Lundin Mining Corp. | &nbsp;&nbsp; 30241 | 245030 |
| MEG Energy Corp. | &nbsp;&nbsp; 12572 | 220417 |
| North West Co. Inc. (The) | &nbsp;&nbsp; 2170 | 76664 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Onex Corp. | &nbsp;&nbsp; 2992 | $200243 |
| Paramount Resources Ltd., Class A | &nbsp;&nbsp; 3654 | 47356 |
| Parex Resources Inc. | &nbsp;&nbsp; 4700 | 43830 |
| Russel Metals Inc. | &nbsp;&nbsp; 2775 | 75804 |
| Transcontinental Inc., Class A | &nbsp;&nbsp; 3388 | 43932 |
| Veren Inc. | &nbsp;&nbsp; 28564 | 188964 |
| Vermilion Energy Inc. | &nbsp;&nbsp; 7384 | 59778 |
| Westshore Terminals Investment Corp. | &nbsp;&nbsp; 1640 | 28104 |
|  |  | 4581279 |
| **Denmark — 1.6%** | **Denmark — 1.6%** | **Denmark — 1.6%** |
| D/S Norden A/S | &nbsp;&nbsp; 985 | 24849 |
| NKT A/S<sup>(b)</sup> | &nbsp;&nbsp; 2486 | 169387 |
| Scandinavian Tobacco Group A/S, Class A<sup>(c)</sup> | &nbsp;&nbsp; 2451 | 35737 |
| Schouw & Co. A/S | &nbsp;&nbsp; 574 | 51118 |
| Spar Nord Bank A/S<sup>(a)(b)</sup> | &nbsp;&nbsp; 3398 | 102684 |
| TORM PLC, Class A | &nbsp;&nbsp; 1873 | 30671 |
|  |  | 414446 |
| **Finland — 2.3%** | **Finland — 2.3%** | **Finland — 2.3%** |
| Cargotec OYJ, Class B | &nbsp;&nbsp; 2010 | 91591 |
| Huhtamaki OYJ | &nbsp;&nbsp; 4318 | 153734 |
| Kemira OYJ | &nbsp;&nbsp; 5284 | 114934 |
| Konecranes OYJ | &nbsp;&nbsp; 3290 | 210553 |
| Metsa Board OYJ, Class B | &nbsp;&nbsp; 6459 | 24133 |
|  |  | 594945 |
| **France — 2.0%** | **France — 2.0%** | **France — 2.0%** |
| Altarea SCA | &nbsp;&nbsp; 291 | 31529 |
| Carmila SA | &nbsp;&nbsp; 2597 | 49142 |
| Fnac Darty SA | &nbsp;&nbsp; 506 | 15283 |
| Imerys SA | &nbsp;&nbsp; 1795 | 58581 |
| Mersen SA | &nbsp;&nbsp; 787 | 15710 |
| Quadient SA | &nbsp;&nbsp; 1564 | 26423 |
| Rubis SCA | &nbsp;&nbsp; 4356 | 123066 |
| Television Francaise 1 SA | &nbsp;&nbsp; 4844 | 47131 |
| Vallourec SACA<sup>(b)</sup> | &nbsp;&nbsp; 7575 | 142620 |
|  |  | 509485 |
| **Germany — 3.8%** | **Germany — 3.8%** | **Germany — 3.8%** |
| 1&1 AG | &nbsp;&nbsp; 2132 | 35169 |
| Aurubis AG<sup>(a)</sup> | &nbsp;&nbsp; 1398 | 132629 |
| Bilfinger SE | &nbsp;&nbsp; 1205 | 86865 |
| CANCOM SE | &nbsp;&nbsp; 1540 | 37539 |
| Deutz AG | &nbsp;&nbsp; 5855 | 43050 |
| Duerr AG | &nbsp;&nbsp; 2275 | 57470 |
| flatexDEGIRO AG | &nbsp;&nbsp; 3893 | 89990 |
| Freenet AG | &nbsp;&nbsp; 5513 | 210073 |
| Hornbach Holding AG & Co. KGaA | &nbsp;&nbsp; 412 | 39971 |
| Lanxess AG | &nbsp;&nbsp; 4005 | 121828 |
| SGL Carbon SE<sup>(b)</sup> | &nbsp;&nbsp; 2283 | 8373 |
| Siltronic AG | &nbsp;&nbsp; 961 | 41710 |
| United Internet AG, Registered<sup>(d)</sup> | &nbsp;&nbsp; 3717 | 76760 |
|  |  | 981427 |
| **Hong Kong — 0.3%** | **Hong Kong — 0.3%** | **Hong Kong — 0.3%** |
| Chow Sang Sang Holdings International Ltd. | &nbsp;&nbsp; 11000 | 9986 |
| CITIC Telecom International Holdings Ltd. | &nbsp;&nbsp; 67000 | 19644 |
| Pacific Basin Shipping Ltd. | &nbsp;&nbsp; 217000 | 48367 |
|  |  | 77997 |
| **Ireland — 0.2%** | **Ireland — 0.2%** | **Ireland — 0.2%** |
| Dalata Hotel Group PLC | &nbsp;&nbsp; 10228 | 57522 |
| **Israel — 0.4%** | **Israel — 0.4%** | **Israel — 0.4%** |
| FIBI Holdings Ltd. | &nbsp;&nbsp; 786 | 41462 |
| Formula Systems 1985 Ltd. | &nbsp;&nbsp; 443 | 38411 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2025

**iShares® International Developed Small Cap Value Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Israel (continued)** | **Israel (continued)** | **Israel (continued)** |
| Migdal Insurance & Financial Holdings Ltd. | &nbsp;&nbsp; 17332 | $31468 |
|  |  | 111341 |
| **Italy — 3.1%** | **Italy — 3.1%** | **Italy — 3.1%** |
| Anima Holding SpA<sup>(c)</sup> | &nbsp;&nbsp; 9866 | 74702 |
| Arnoldo Mondadori Editore SpA | &nbsp;&nbsp; 5574 | 12838 |
| Azimut Holding SpA | &nbsp;&nbsp; 5005 | 140136 |
| Banca IFIS SpA | &nbsp;&nbsp; 1101 | 25631 |
| Cementir Holding NV | &nbsp;&nbsp; 2066 | 29856 |
| Credito Emiliano SpA | &nbsp;&nbsp; 3325 | 45280 |
| De' Longhi SpA | &nbsp;&nbsp; 3204 | 106281 |
| Enav SpA<sup>(c)</sup> | &nbsp;&nbsp; 11649 | 46083 |
| Italmobiliare SpA | &nbsp;&nbsp; 652 | 16568 |
| Iveco Group NV | &nbsp;&nbsp; 8961 | 147299 |
| Maire SpA | &nbsp;&nbsp; 7290 | 69821 |
| Webuild SpA<sup>(a)</sup> | &nbsp;&nbsp; 20170 | 69456 |
| Zignago Vetro SpA | &nbsp;&nbsp; 1444 | 13645 |
|  |  | 797596 |
| **Japan — 26.7%** | **Japan — 26.7%** | **Japan — 26.7%** |
| 77 Bank Ltd. (The) | &nbsp;&nbsp; 3600 | 115495 |
| Adastria Co. Ltd. | &nbsp;&nbsp; 1000 | 19080 |
| ADEKA Corp. | &nbsp;&nbsp; 4900 | 88482 |
| Aichi Financial Group Inc., NVS | &nbsp;&nbsp; 2100 | 40400 |
| Aida Engineering Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2800 | 16776 |
| Ain Holdings Inc. | &nbsp;&nbsp; 1000 | 33729 |
| Aisan Industry Co. Ltd. | &nbsp;&nbsp; 1400 | 19752 |
| Alconix Corp. | &nbsp;&nbsp; 1000 | 10371 |
| Alpen Co. Ltd. | &nbsp;&nbsp; 700 | 11155 |
| Anest Iwata Corp. | &nbsp;&nbsp; 1400 | 10737 |
| AOKI Holdings Inc. | &nbsp;&nbsp; 2100 | 18304 |
| Aoyama Trading Co. Ltd. | &nbsp;&nbsp; 2400 | 32680 |
| Arata Corp. | &nbsp;&nbsp; 1400 | 29394 |
| Arcs Co. Ltd. | &nbsp;&nbsp; 2100 | 40734 |
| Arisawa Manufacturing Co. Ltd. | &nbsp;&nbsp; 1000 | 9285 |
| Artience Co. Ltd. | &nbsp;&nbsp; 1500 | 31056 |
| Asahi Diamond Industrial Co. Ltd. | &nbsp;&nbsp; 2100 | 11732 |
| Asahi Yukizai Corp. | &nbsp;&nbsp; 500 | 12148 |
| Aska Pharmaceutical Holdings Co. Ltd. | &nbsp;&nbsp; 700 | 10780 |
| Autobacs Seven Co. Ltd. | &nbsp;&nbsp; 2800 | 28225 |
| Bando Chemical Industries Ltd. | &nbsp;&nbsp; 1400 | 15486 |
| Bank of Nagoya Ltd. (The) | &nbsp;&nbsp; 700 | 37232 |
| Bank of the Ryukyus Ltd. | &nbsp;&nbsp; 2100 | 16278 |
| Belc Co. Ltd. | &nbsp;&nbsp; 700 | 31833 |
| Bell System24 Holdings Inc.<sup>(a)</sup> | &nbsp;&nbsp; 1400 | 11811 |
| Belluna Co. Ltd. | &nbsp;&nbsp; 2100 | 13313 |
| BML Inc. | &nbsp;&nbsp; 800 | 16165 |
| Bunka Shutter Co. Ltd. | &nbsp;&nbsp; 2800 | 35208 |
| Canon Electronics Inc. | &nbsp;&nbsp; 700 | 11670 |
| Central Glass Co. Ltd. | &nbsp;&nbsp; 1400 | 30393 |
| Chiyoda Corp.<sup>(a)(b)</sup> | &nbsp;&nbsp; 7000 | 15814 |
| Chubu Shiryo Co. Ltd. | &nbsp;&nbsp; 900 | 8121 |
| Chubu Steel Plate Co. Ltd. | &nbsp;&nbsp; 700 | 9917 |
| Chudenko Corp. | &nbsp;&nbsp; 900 | 19917 |
| Chugoku Marine Paints Ltd. | &nbsp;&nbsp; 1700 | 24176 |
| Citizen Watch Co. Ltd. | &nbsp;&nbsp; 9800 | 58643 |
| Cosel Co. Ltd. | &nbsp;&nbsp; 1400 | 9911 |
| Daiki Aluminium Industry Co. Ltd. | &nbsp;&nbsp; 1400 | 9321 |
| Dainichiseika Color & Chemicals Manufacturing Co. Ltd. | &nbsp;&nbsp; 700 | 14108 |
| Daishi Hokuetsu Financial Group Inc. | &nbsp;&nbsp; 3500 | 74592 |
| Daito Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 600 | 8774 |
| Doutor Nichires Holdings Co. Ltd. | &nbsp;&nbsp; 900 | 14601 |
| DyDo Group Holdings Inc. | &nbsp;&nbsp; 700 | 13370 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Eagle Industry Co. Ltd. | &nbsp;&nbsp; 1400 | $18432 |
| EDION Corp. | &nbsp;&nbsp; 3500 | 43850 |
| Eizo Corp. | &nbsp;&nbsp; 2200 | 30639 |
| Exedy Corp. | &nbsp;&nbsp; 1400 | 41118 |
| FCC Co. Ltd. | &nbsp;&nbsp; 1500 | 31343 |
| Ferrotec Holdings Corp. | &nbsp;&nbsp; 2100 | 37845 |
| Fibergate Inc./Japan | &nbsp;&nbsp; 700 | 4267 |
| Fudo Tetra Corp. | &nbsp;&nbsp; 300 | 4478 |
| Fuji Co. Ltd./Ehime | &nbsp;&nbsp; 1400 | 20320 |
| Fuji Pharma Co. Ltd. | &nbsp;&nbsp; 700 | 6309 |
| Fuji Seal International Inc. | &nbsp;&nbsp; 2100 | 36826 |
| Fujibo Holdings Inc. | &nbsp;&nbsp; 400 | 13216 |
| Fukushima Galilei Co. Ltd. | &nbsp;&nbsp; 900 | 16596 |
| Furukawa Battery Co. Ltd. (The)<sup>(a)(b)</sup> | &nbsp;&nbsp; 700 | 6460 |
| Furukawa Co. Ltd. | &nbsp;&nbsp; 1400 | 19716 |
| Futaba Industrial Co. Ltd. | &nbsp;&nbsp; 2800 | 14663 |
| GLOBERIDE Inc. | &nbsp;&nbsp; 1400 | 18002 |
| Glory Ltd. | &nbsp;&nbsp; 2100 | 36999 |
| Godo Steel Ltd. | &nbsp;&nbsp; 300 | 7773 |
| GungHo Online Entertainment Inc. | &nbsp;&nbsp; 2100 | 41065 |
| Gunze Ltd. | &nbsp;&nbsp; 1400 | 24661 |
| H.U. Group Holdings Inc. | &nbsp;&nbsp; 2200 | 40376 |
| H2O Retailing Corp. | &nbsp;&nbsp; 4200 | 63786 |
| Hamakyorex Co. Ltd. | &nbsp;&nbsp; 2800 | 24101 |
| Hanwa Co. Ltd. | &nbsp;&nbsp; 1500 | 49159 |
| Happinet Corp. | &nbsp;&nbsp; 700 | 24129 |
| Heiwado Co. Ltd. | &nbsp;&nbsp; 1400 | 23754 |
| Hodogaya Chemical Co. Ltd. | &nbsp;&nbsp; 200 | 2099 |
| Hogy Medical Co. Ltd. | &nbsp;&nbsp; 700 | 22479 |
| Hokkaido Gas Co. Ltd. | &nbsp;&nbsp; 2800 | 9483 |
| Hosiden Corp. | &nbsp;&nbsp; 2100 | 28011 |
| Hosokawa Micron Corp. | &nbsp;&nbsp; 500 | 13652 |
| Inaba Seisakusho Co. Ltd. | &nbsp;&nbsp; 200 | 2248 |
| Inabata & Co. Ltd. | &nbsp;&nbsp; 2100 | 44530 |
| Integrated Design & Engineering Holdings Co. Ltd., NVS | &nbsp;&nbsp; 100 | 4335 |
| Ishihara Sangyo Kaisha Ltd. | &nbsp;&nbsp; 1400 | 16772 |
| Itochu Enex Co. Ltd. | &nbsp;&nbsp; 2100 | 22515 |
| J Trust Co. Ltd. | &nbsp;&nbsp; 4200 | 12311 |
| Japan Petroleum Exploration Co. Ltd. | &nbsp;&nbsp; 7000 | 54525 |
| Japan Pulp & Paper Co. Ltd. | &nbsp;&nbsp; 4200 | 16949 |
| Japan Wool Textile Co. Ltd. (The) | &nbsp;&nbsp; 2800 | 29100 |
| Joshin Denki Co. Ltd. | &nbsp;&nbsp; 700 | 9994 |
| Joyful Honda Co. Ltd. | &nbsp;&nbsp; 2900 | 38824 |
| Juroku Financial Group Inc. | &nbsp;&nbsp; 1400 | 45580 |
| Kanamoto Co. Ltd. | &nbsp;&nbsp; 1400 | 30399 |
| Kanematsu Corp. | &nbsp;&nbsp; 4200 | 70942 |
| Kanto Denka Kogyo Co. Ltd. | &nbsp;&nbsp; 2100 | 12279 |
| Kato Sangyo Co. Ltd. | &nbsp;&nbsp; 1100 | 36293 |
| Kawada Technologies Inc. | &nbsp;&nbsp; 300 | 5859 |
| KH Neochem Co. Ltd. | &nbsp;&nbsp; 1500 | 25310 |
| Kissei Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 1500 | 38721 |
| Kitz Corp. | &nbsp;&nbsp; 4200 | 32726 |
| Kiyo Bank Ltd. (The) | &nbsp;&nbsp; 2800 | 43446 |
| Koa Corp. | &nbsp;&nbsp; 1400 | 8796 |
| Komeri Co. Ltd. | &nbsp;&nbsp; 1600 | 31663 |
| Konishi Co. Ltd. | &nbsp;&nbsp; 2800 | 22037 |
| Konoike Transport Co. Ltd. | &nbsp;&nbsp; 1000 | 17999 |
| Koshidaka Holdings Co. Ltd. | &nbsp;&nbsp; 2100 | 14899 |
| KPP Group Holdings Co. Ltd. | &nbsp;&nbsp; 2100 | 9222 |
| Krosaki Harima Corp. | &nbsp;&nbsp; 700 | 12083 |
| Kumiai Chemical Industry Co. Ltd. | &nbsp;&nbsp; 4200 | 23290 |
| Kurabo Industries Ltd. | &nbsp;&nbsp; 700 | 27985 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2025

**iShares® International Developed Small Cap Value Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Kurimoto Ltd. | &nbsp;&nbsp; 700 | $21386 |
| KYB Corp. | &nbsp;&nbsp; 2100 | 41395 |
| Kyoei Steel Ltd. | &nbsp;&nbsp; 1500 | 18948 |
| Kyorin Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 2200 | 22142 |
| Leopalace21 Corp. | &nbsp;&nbsp; 10500 | 41112 |
| Life Corp. | &nbsp;&nbsp; 2100 | 27146 |
| Lintec Corp. | &nbsp;&nbsp; 2100 | 38917 |
| Makino Milling Machine Co. Ltd. | &nbsp;&nbsp; 800 | 62778 |
| Mandom Corp. | &nbsp;&nbsp; 2100 | 18517 |
| Mars Group Holdings Corp. | &nbsp;&nbsp; 300 | 6340 |
| MARUKA FURUSATO Corp. | &nbsp;&nbsp; 700 | 11143 |
| Marusan Securities Co. Ltd. | &nbsp;&nbsp; 2800 | 16959 |
| Maruzen Showa Unyu Co. Ltd. | &nbsp;&nbsp; 700 | 28169 |
| Matsuda Sangyo Co. Ltd. | &nbsp;&nbsp; 500 | 11640 |
| Maxell Ltd. | &nbsp;&nbsp; 1500 | 18350 |
| MCJ Co. Ltd. | &nbsp;&nbsp; 2800 | 25468 |
| Megachips Corp. | &nbsp;&nbsp; 700 | 20644 |
| Megmilk Snow Brand Co. Ltd. | &nbsp;&nbsp; 2100 | 35932 |
| Meidensha Corp. | &nbsp;&nbsp; 1800 | 52501 |
| Mirait One Corp. | &nbsp;&nbsp; 4200 | 61274 |
| Mitsubishi Pencil Co. Ltd. | &nbsp;&nbsp; 1900 | 32235 |
| Mitsubishi Research Institute Inc. | &nbsp;&nbsp; 100 | 3148 |
| Mitsubishi Shokuhin Co. Ltd. | &nbsp;&nbsp; 700 | 22999 |
| Mitsui DM Sugar Holdings Co. Ltd. | &nbsp;&nbsp; 700 | 15798 |
| Mitsui-Soko Holdings Co. Ltd. | &nbsp;&nbsp; 1400 | 74548 |
| Morita Holdings Corp. | &nbsp;&nbsp; 2100 | 29292 |
| Musashi Seimitsu Industry Co. Ltd. | &nbsp;&nbsp; 1700 | 28472 |
| Musashino Bank Ltd. (The) | &nbsp;&nbsp; 1400 | 30805 |
| Nachi-Fujikoshi Corp. | &nbsp;&nbsp; 700 | 16063 |
| Nakayama Steel Works Ltd. | &nbsp;&nbsp; 700 | 3474 |
| Nichiden Corp. | &nbsp;&nbsp; 800 | 15505 |
| Nihon Parkerizing Co. Ltd. | &nbsp;&nbsp; 4900 | 38955 |
| Nikkiso Co. Ltd. | &nbsp;&nbsp; 2800 | 23985 |
| Nikkon Holdings Co. Ltd. | &nbsp;&nbsp; 5600 | 100666 |
| Nippn Corp., New | &nbsp;&nbsp; 2800 | 40560 |
| Nippon Beet Sugar Manufacturing Co. Ltd. | &nbsp;&nbsp; 300 | 4574 |
| Nippon Carbon Co. Ltd. | &nbsp;&nbsp; 200 | 5582 |
| Nippon Denko Co. Ltd. | &nbsp;&nbsp; 4900 | 9205 |
| Nippon Densetsu Kogyo Co. Ltd. | &nbsp;&nbsp; 1400 | 19690 |
| Nippon Light Metal Holdings Co. Ltd. | &nbsp;&nbsp; 2800 | 28520 |
| Nippon Road Co. Ltd. (The) | &nbsp;&nbsp; 700 | 8866 |
| Nippon Seiki Co. Ltd. | &nbsp;&nbsp; 2100 | 16349 |
| Nippon Soda Co. Ltd. | &nbsp;&nbsp; 2100 | 40805 |
| Nippon Thompson Co. Ltd. | &nbsp;&nbsp; 2800 | 9127 |
| Nippon Yakin Kogyo Co. Ltd. | &nbsp;&nbsp; 600 | 16778 |
| Nishimatsu Construction Co. Ltd. | &nbsp;&nbsp; 1400 | 45099 |
| Nishi-Nippon Financial Holdings Inc. | &nbsp;&nbsp; 6300 | 89036 |
| Nishio Holdings Co. Ltd. | &nbsp;&nbsp; 700 | 19658 |
| Nissha Co. Ltd. | &nbsp;&nbsp; 2100 | 19233 |
| Nisshin Oillio Group Ltd. (The) | &nbsp;&nbsp; 900 | 28999 |
| Nisshinbo Holdings Inc. | &nbsp;&nbsp; 6300 | 38490 |
| Nissin Corp. | &nbsp;&nbsp; 700 | 22282 |
| Nissui Corp. | &nbsp;&nbsp; 12600 | 75963 |
| Nittetsu Mining Co. Ltd. | &nbsp;&nbsp; 500 | 22063 |
| Nojima Corp. | &nbsp;&nbsp; 2800 | 47356 |
| Noritake Co. Ltd. | &nbsp;&nbsp; 1200 | 28242 |
| Noritz Corp. | &nbsp;&nbsp; 1400 | 16492 |
| North Pacific Bank Ltd. | &nbsp;&nbsp; 12600 | 44075 |
| NPR-RIKEN Corp., NVS | &nbsp;&nbsp; 1000 | 16755 |
| NS United Kaiun Kaisha Ltd. | &nbsp;&nbsp; 400 | 10748 |
| Obara Group Inc. | &nbsp;&nbsp; 500 | 10960 |
| Oiles Corp. | &nbsp;&nbsp; 1000 | 15113 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Oki Electric Industry Co. Ltd. | &nbsp;&nbsp; 4200 | $27744 |
| Okinawa Financial Group Inc. | &nbsp;&nbsp; 1400 | 24183 |
| Okura Industrial Co. Ltd. | &nbsp;&nbsp; 200 | 5201 |
| Onward Holdings Co. Ltd. | &nbsp;&nbsp; 4900 | 17768 |
| Osaka Steel Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 300 | 5735 |
| Osaki Electric Co. Ltd. | &nbsp;&nbsp; 2100 | 11342 |
| Oyo Corp. | &nbsp;&nbsp; 700 | 12998 |
| Pacific Industrial Co. Ltd. | &nbsp;&nbsp; 2100 | 19433 |
| Pacific Metals Co. Ltd. | &nbsp;&nbsp; 700 | 8027 |
| Pack Corp. (The) | &nbsp;&nbsp; 300 | 6782 |
| Prima Meat Packers Ltd. | &nbsp;&nbsp; 1400 | 20779 |
| Qol Holdings Co. Ltd. | &nbsp;&nbsp; 900 | 10922 |
| Raito Kogyo Co. Ltd. | &nbsp;&nbsp; 2100 | 34747 |
| Riken Vitamin Co. Ltd. | &nbsp;&nbsp; 800 | 12932 |
| RS Technologies Co. Ltd. | &nbsp;&nbsp; 700 | 13644 |
| Ryobi Ltd. | &nbsp;&nbsp; 1000 | 15022 |
| S Foods Inc. | &nbsp;&nbsp; 700 | 11626 |
| Sakai Chemical Industry Co. Ltd. | &nbsp;&nbsp; 700 | 12742 |
| Sakai Moving Service Co. Ltd. | &nbsp;&nbsp; 700 | 11694 |
| Sakata INX Corp. | &nbsp;&nbsp; 2100 | 27033 |
| San-A Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1400 | 29433 |
| San-Ai Obbli Co. Ltd. | &nbsp;&nbsp; 2800 | 32281 |
| San-In Godo Bank Ltd. (The) | &nbsp;&nbsp; 7000 | 61282 |
| Sanoh Industrial Co. Ltd. | &nbsp;&nbsp; 1400 | 6219 |
| Sanyo Chemical Industries Ltd. | &nbsp;&nbsp; 300 | 7820 |
| Sanyo Denki Co. Ltd. | &nbsp;&nbsp; 600 | 37734 |
| Sato Holdings Corp. | &nbsp;&nbsp; 800 | 11324 |
| Seika Corp. | &nbsp;&nbsp; 400 | 11618 |
| Seikitokyu Kogyo Co. Ltd. | &nbsp;&nbsp; 900 | 9125 |
| Seiko Group Corp. | &nbsp;&nbsp; 1400 | 38969 |
| Seiren Co. Ltd. | &nbsp;&nbsp; 2300 | 37727 |
| Sekisui Jushi Corp. | &nbsp;&nbsp; 1400 | 17934 |
| Senshu Ikeda Holdings Inc. | &nbsp;&nbsp; 12600 | 36998 |
| Shibaura Machine Co. Ltd. | &nbsp;&nbsp; 900 | 21707 |
| Shibuya Corp. | &nbsp;&nbsp; 900 | 19392 |
| Shiga Bank Ltd. (The) | &nbsp;&nbsp; 1600 | 56778 |
| Shikoku Kasei Holdings Corp. | &nbsp;&nbsp; 1400 | 17282 |
| Shin-Etsu Polymer Co. Ltd. | &nbsp;&nbsp; 2100 | 21164 |
| Shinmaywa Industries Ltd. | &nbsp;&nbsp; 2800 | 26469 |
| Shinnihon Corp. | &nbsp;&nbsp; 1400 | 14735 |
| Shizuoka Gas Co. Ltd. | &nbsp;&nbsp; 1400 | 10544 |
| Sinfonia Technology Co. Ltd. | &nbsp;&nbsp; 1400 | 56626 |
| SKY Perfect JSAT Holdings Inc. | &nbsp;&nbsp; 7000 | 55499 |
| Sodick Co. Ltd. | &nbsp;&nbsp; 2100 | 12134 |
| Star Micronics Co. Ltd. | &nbsp;&nbsp; 1400 | 18197 |
| Starts Corp. Inc. | &nbsp;&nbsp; 1400 | 36802 |
| Stella Chemifa Corp. | &nbsp;&nbsp; 200 | 5189 |
| Sumitomo Mitsui Construction Co. Ltd. | &nbsp;&nbsp; 7000 | 19602 |
| Sumitomo Osaka Cement Co. Ltd. | &nbsp;&nbsp; 1400 | 33773 |
| Sumitomo Riko Co. Ltd. | &nbsp;&nbsp; 1500 | 17548 |
| Sumitomo Warehouse Co. Ltd. (The) | &nbsp;&nbsp; 2100 | 38788 |
| Suruga Bank Ltd. | &nbsp;&nbsp; 8400 | 75886 |
| SWCC Corp. | &nbsp;&nbsp; 1400 | 58664 |
| Tachibana Eletech Co. Ltd. | &nbsp;&nbsp; 700 | 11291 |
| Tachi-S Co. Ltd. | &nbsp;&nbsp; 1400 | 16118 |
| Tadano Ltd. | &nbsp;&nbsp; 5600 | 40389 |
| Taihei Dengyo Kaisha Ltd. | &nbsp;&nbsp; 700 | 22425 |
| Taikisha Ltd. | &nbsp;&nbsp; 2800 | 42945 |
| Takara Bio Inc. | &nbsp;&nbsp; 2100 | 11632 |
| Takara Standard Co. Ltd. | &nbsp;&nbsp; 2100 | 24740 |
| Tamura Corp. | &nbsp;&nbsp; 3500 | 11971 |
| Tenma Corp. | &nbsp;&nbsp; 700 | 16779 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2025

**iShares® International Developed Small Cap Value Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Toa Corp./Tokyo | &nbsp;&nbsp; 2800 | $24413 |
| Toagosei Co. Ltd. | &nbsp;&nbsp; 4900 | 46340 |
| Toei Co. Ltd. | &nbsp;&nbsp; 1400 | 47479 |
| Toenec Corp. | &nbsp;&nbsp; 1500 | 9732 |
| Toho Bank Ltd. (The) | &nbsp;&nbsp; 8400 | 20117 |
| Toho Holdings Co. Ltd. | &nbsp;&nbsp; 2800 | 83508 |
| TOKAI Holdings Corp. | &nbsp;&nbsp; 5000 | 32836 |
| Tokuyama Corp. | &nbsp;&nbsp; 3500 | 65635 |
| Tokyo Kiraboshi Financial Group Inc. | &nbsp;&nbsp; 900 | 35451 |
| Tokyo Steel Manufacturing Co. Ltd. | &nbsp;&nbsp; 3500 | 37135 |
| Tokyotokeiba Co. Ltd. | &nbsp;&nbsp; 700 | 20517 |
| Topre Corp. | &nbsp;&nbsp; 2300 | 29086 |
| Topy Industries Ltd. | &nbsp;&nbsp; 700 | 9969 |
| TPR Co. Ltd. | &nbsp;&nbsp; 1400 | 21832 |
| TRE Holdings Corp. | &nbsp;&nbsp; 1400 | 15163 |
| Trusco Nakayama Corp. | &nbsp;&nbsp; 1600 | 21275 |
| TSI Holdings Co. Ltd. | &nbsp;&nbsp; 2800 | 20841 |
| Tsubakimoto Chain Co. | &nbsp;&nbsp; 4200 | 52059 |
| Tsugami Corp. | &nbsp;&nbsp; 1500 | 18411 |
| TV Asahi Holdings Corp. | &nbsp;&nbsp; 800 | 13639 |
| Tv Tokyo Holdings Corp. | &nbsp;&nbsp; 100 | 2379 |
| UACJ Corp. | &nbsp;&nbsp; 1400 | 44760 |
| Uchida Yoko Co. Ltd. | &nbsp;&nbsp; 700 | 36026 |
| Unipres Corp. | &nbsp;&nbsp; 1400 | 10046 |
| United Arrows Ltd. | &nbsp;&nbsp; 900 | 12738 |
| United Super Markets Holdings Inc. | &nbsp;&nbsp; 4266 | 23465 |
| Valor Holdings Co. Ltd. | &nbsp;&nbsp; 1600 | 25541 |
| Vital KSK Holdings Inc. | &nbsp;&nbsp; 2100 | 17708 |
| Wakita & Co. Ltd. | &nbsp;&nbsp; 1600 | 18531 |
| Xebio Holdings Co. Ltd. | &nbsp;&nbsp; 700 | 6065 |
| Yamabiko Corp. | &nbsp;&nbsp; 1400 | 22427 |
| Yamazen Corp. | &nbsp;&nbsp; 2800 | 24732 |
| Yellow Hat Ltd. | &nbsp;&nbsp; 2800 | 25847 |
| Yodogawa Steel Works Ltd. | &nbsp;&nbsp; 1000 | 37305 |
| Yokogawa Bridge Holdings Corp. | &nbsp;&nbsp; 1400 | 23543 |
| Yokowo Co. Ltd. | &nbsp;&nbsp; 800 | 7350 |
| Yuasa Trading Co. Ltd. | &nbsp;&nbsp; 700 | 21282 |
| Yurtec Corp. | &nbsp;&nbsp; 1500 | 17112 |
| Zacros Corp. | &nbsp;&nbsp; 700 | 19072 |
| Zenrin Co. Ltd. | &nbsp;&nbsp; 1500 | 10679 |
|  |  | 6891467 |
| **Netherlands — 0.9%** | **Netherlands — 0.9%** | **Netherlands — 0.9%** |
| Fugro NV | &nbsp;&nbsp; 5195 | 75000 |
| Koninklijke BAM Groep NV | &nbsp;&nbsp; 12449 | 69708 |
| TKH Group NV | &nbsp;&nbsp; 1849 | 72751 |
|  |  | 217459 |
| **New Zealand — 0.4%** | **New Zealand — 0.4%** | **New Zealand — 0.4%** |
| Precinct Properties Group | &nbsp;&nbsp; 61553 | 39140 |
| Summerset Group Holdings Ltd. | &nbsp;&nbsp; 10900 | 69825 |
|  |  | 108965 |
| **Norway — 1.5%** | **Norway — 1.5%** | **Norway — 1.5%** |
| Austevoll Seafood ASA | &nbsp;&nbsp; 4119 | 38564 |
| DNO ASA | &nbsp;&nbsp; 39305 | 52042 |
| Elkem ASA<sup>(b)(c)</sup> | &nbsp;&nbsp; 13475 | 26858 |
| SpareBank 1 SMN | &nbsp;&nbsp; 5839 | 101622 |
| Subsea 7 SA | &nbsp;&nbsp; 10918 | 174568 |
|  |  | 393654 |
| **Poland — 0.6%** | **Poland — 0.6%** | **Poland — 0.6%** |
| Bank Millennium SA<sup>(b)</sup> | &nbsp;&nbsp; 28003 | 102479 |
| Enea SA<sup>(b)</sup> | &nbsp;&nbsp; 11816 | 46740 |
|  |  | 149219 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Portugal — 0.2%** | **Portugal — 0.2%** | **Portugal — 0.2%** |
| Sonae SGPS SA | &nbsp;&nbsp; 42652 | $48979 |
| **Singapore — 1.4%** | **Singapore — 1.4%** | **Singapore — 1.4%** |
| Capitaland India Trust<sup>(a)</sup> | &nbsp;&nbsp; 45000 | 32264 |
| COSCO Shipping International Singapore Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 47600 | 4735 |
| Digital Core REIT Management Pte. Ltd. | &nbsp;&nbsp; 40800 | 21539 |
| First Resources Ltd. | &nbsp;&nbsp; 23200 | 30105 |
| Frasers Centrepoint Trust<sup>(a)</sup> | &nbsp;&nbsp; 50600 | 81903 |
| Hafnia Ltd. | &nbsp;&nbsp; 12075 | 49796 |
| iFAST Corp. Ltd. | &nbsp;&nbsp; 7300 | 40172 |
| Parkway Life REIT<sup>(a)</sup> | &nbsp;&nbsp; 17500 | 53940 |
| Raffles Medical Group Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 42800 | 31697 |
| UMS Integration Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 27500 | 22622 |
|  |  | 368773 |
| **Spain — 4.3%** | **Spain — 4.3%** | **Spain — 4.3%** |
| Acerinox SA | &nbsp;&nbsp; 9036 | 105850 |
| Almirall SA | &nbsp;&nbsp; 4056 | 43002 |
| Atresmedia Corp. de Medios de Comunicacion SA | &nbsp;&nbsp; 4076 | 22859 |
| CIE Automotive SA | &nbsp;&nbsp; 1963 | 47934 |
| Construcciones y Auxiliar de Ferrocarriles SA | &nbsp;&nbsp; 1200 | 52681 |
| Ence Energia y Celulosa SA | &nbsp;&nbsp; 5791 | 19642 |
| Fluidra SA | &nbsp;&nbsp; 6308 | 148512 |
| Indra Sistemas SA | &nbsp;&nbsp; 5623 | 163002 |
| Laboratorios Farmaceuticos Rovi SA | &nbsp;&nbsp; 956 | 53300 |
| Linea Directa Aseguradora SA Cia de Seguros <br> y Reaseguros<br>| &nbsp;&nbsp; 31607 | 41559 |
| Logista Integral SA | &nbsp;&nbsp; 2892 | 91912 |
| Pharma Mar SA | &nbsp;&nbsp; 562 | 49497 |
| Tecnicas Reunidas SA<sup>(b)</sup> | &nbsp;&nbsp; 2051 | 35522 |
| Vidrala SA | &nbsp;&nbsp; 1109 | 111188 |
| Viscofan SA | &nbsp;&nbsp; 1885 | 130244 |
|  |  | 1116704 |
| **Sweden — 6.2%** | **Sweden — 6.2%** | **Sweden — 6.2%** |
| AFRY AB | &nbsp;&nbsp; 4534 | 86335 |
| Alleima AB, NVS | &nbsp;&nbsp; 8627 | 72261 |
| Arjo AB, Class B | &nbsp;&nbsp; 10360 | 38248 |
| Avanza Bank Holding AB | &nbsp;&nbsp; 5811 | 177492 |
| Betsson AB, Class B | &nbsp;&nbsp; 5369 | 83187 |
| Billerud Aktiebolag | &nbsp;&nbsp; 10094 | 104211 |
| Bravida Holding AB<sup>(c)</sup> | &nbsp;&nbsp; 9382 | 84936 |
| Bufab AB | &nbsp;&nbsp; 1375 | 54834 |
| Bure Equity AB | &nbsp;&nbsp; 2534 | 81894 |
| Catena AB | &nbsp;&nbsp; 1701 | 73612 |
| Clas Ohlson AB, Class B | &nbsp;&nbsp; 1661 | 38504 |
| Cloetta AB, Class B | &nbsp;&nbsp; 9175 | 25886 |
| Electrolux Professional AB, Class B | &nbsp;&nbsp; 10503 | 65305 |
| Elekta AB, Class B | &nbsp;&nbsp; 15944 | 83730 |
| Granges AB | &nbsp;&nbsp; 4924 | 56025 |
| Hexpol AB | &nbsp;&nbsp; 11463 | 100241 |
| Hufvudstaden AB, Class A | &nbsp;&nbsp; 4980 | 56173 |
| Lindab International AB | &nbsp;&nbsp; 3185 | 61796 |
| Modern Times Group MTG AB, Class B<sup>(b)</sup> | &nbsp;&nbsp; 4222 | 47718 |
| NCC AB, Class B | &nbsp;&nbsp; 3918 | 74342 |
| Nolato AB, Class B | &nbsp;&nbsp; 8183 | 46362 |
| Peab AB, Class B | &nbsp;&nbsp; 8899 | 68118 |
| Ratos AB, Class B | &nbsp;&nbsp; 9024 | 28962 |
|  |  | 1610172 |
| **Switzerland — 7.0%** | **Switzerland — 7.0%** | **Switzerland — 7.0%** |
| ALSO Holding AG, Registered | &nbsp;&nbsp; 264 | 72123 |
| Arbonia AG<sup>(b)</sup> | &nbsp;&nbsp; 2436 | 30570 |
| Aryzta AG<sup>(b)</sup> | &nbsp;&nbsp; 43167 | 96129 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2025

**iShares® International Developed Small Cap Value Factor ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| Autoneum Holding AG | &nbsp;&nbsp; 163 | $21372 |
| Bossard Holding AG, Class A, Registered | &nbsp;&nbsp; 119 | 25938 |
| Bucher Industries AG, Registered | &nbsp;&nbsp; 300 | 125912 |
| Cembra Money Bank AG | &nbsp;&nbsp; 1358 | 153025 |
| COSMO Pharmaceuticals NV | &nbsp;&nbsp; 447 | 28249 |
| EFG International AG | &nbsp;&nbsp; 4616 | 68856 |
| Galenica AG<sup>(c)</sup> | &nbsp;&nbsp; 2250 | 202461 |
| Huber + Suhner AG, Registered | &nbsp;&nbsp; 736 | 61759 |
| Landis+Gyr Group AG | &nbsp;&nbsp; 989 | 58788 |
| LEM Holding SA, Registered | &nbsp;&nbsp; 22 | 17686 |
| Medmix AG<sup>(c)</sup> | &nbsp;&nbsp; 1128 | 13260 |
| Rieter Holding AG, Registered | &nbsp;&nbsp; 142 | 11755 |
| Schweiter Technologies AG, NVS | &nbsp;&nbsp; 45 | 20371 |
| SFS Group AG | &nbsp;&nbsp; 814 | 102876 |
| Siegfried Holding AG, Registered | &nbsp;&nbsp; 190 | 195232 |
| St. Galler Kantonalbank AG, Class A, Registered | &nbsp;&nbsp; 129 | 70628 |
| Sulzer AG, Registered | &nbsp;&nbsp; 799 | 136281 |
| Swissquote Group Holding SA, Registered | &nbsp;&nbsp; 400 | 172775 |
| u-blox Holding AG | &nbsp;&nbsp; 325 | 28316 |
| Valiant Holding AG, Registered | &nbsp;&nbsp; 735 | 99375 |
|  |  | 1813737 |
| **United Kingdom — 9.8%** | **United Kingdom — 9.8%** | **United Kingdom — 9.8%** |
| Balfour Beatty PLC | &nbsp;&nbsp; 24311 | 136292 |
| Bank of Georgia Group PLC | &nbsp;&nbsp; 1652 | 116515 |
| Bellway PLC | &nbsp;&nbsp; 5434 | 167454 |
| Big Yellow Group PLC | &nbsp;&nbsp; 8672 | 104682 |
| Bodycote PLC | &nbsp;&nbsp; 8628 | 62363 |
| Drax Group PLC | &nbsp;&nbsp; 17826 | 134821 |
| easyJet PLC | &nbsp;&nbsp; 17203 | 98919 |
| Frasers Group PLC<sup>(b)</sup> | &nbsp;&nbsp; 4747 | 38311 |
| Grafton Group PLC | &nbsp;&nbsp; 8239 | 91791 |
| Greencore Group PLC | &nbsp;&nbsp; 21562 | 47420 |
| Harbour Energy PLC | &nbsp;&nbsp; 28444 | 77349 |
| ITV PLC | &nbsp;&nbsp; 185560 | 190678 |
| Keller Group PLC | &nbsp;&nbsp; 3363 | 60027 |
| Lancashire Holdings Ltd. | &nbsp;&nbsp; 11225 | 83809 |
| Marshalls PLC | &nbsp;&nbsp; 11663 | 36911 |
| Mitchells & Butlers PLC<sup>(b)</sup> | &nbsp;&nbsp; 11932 | 32780 |
| Morgan Sindall Group PLC | &nbsp;&nbsp; 1963 | 84194 |
| Petershill Partners PLC<sup>(c)</sup> | &nbsp;&nbsp; 12021 | 36972 |
| Pets at Home Group PLC | &nbsp;&nbsp; 21623 | 60444 |
| Playtech PLC<sup>(b)</sup> | &nbsp;&nbsp; 14299 | 128741 |
| Plus500 Ltd. | &nbsp;&nbsp; 3363 | 119204 |
| Premier Foods PLC | &nbsp;&nbsp; 30176 | 71723 |
| Serco Group PLC | &nbsp;&nbsp; 50300 | 102868 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Shaftesbury Capital PLC | &nbsp;&nbsp; 68770 | $111412 |
| Sirius Real Estate Ltd. | &nbsp;&nbsp; 61551 | 67185 |
| TP ICAP Group PLC | &nbsp;&nbsp; 35734 | 119091 |
| Travis Perkins PLC | &nbsp;&nbsp; 9739 | 69474 |
| Vesuvius PLC | &nbsp;&nbsp; 9655 | 48703 |
| Zigup PLC | &nbsp;&nbsp; 10370 | 39580 |
|  |  | 2539713 |
| **Total Common Stocks — 97.9%** <br>**(Cost: $25,072,893)** | **Total Common Stocks — 97.9%** <br>**(Cost: $25,072,893)** | 25320890 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Italy — 0.1%** | **Italy — 0.1%** | **Italy — 0.1%** |
| Danieli & C Officine Meccaniche SpA, Preference <br> Shares, NVS<br>| &nbsp;&nbsp; 1687 | 43408 |
| **Total Preferred Stocks — 0.1%** <br>**(Cost: $39,340)** | **Total Preferred Stocks — 0.1%** <br>**(Cost: $39,340)** | 43408 |
| **Total Long-Term Investments — 98.0%** <br>**(Cost: $25,112,233)** | **Total Long-Term Investments — 98.0%** <br>**(Cost: $25,112,233)** | 25364298 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.5%** | **Money Market Funds — 2.5%** | **Money Market Funds — 2.5%** |
| BlackRock Cash Funds: Institutional, SL Agency Shares, <br> 4.50%<sup>(e)(f)(g)</sup><br>| &nbsp;&nbsp; 635290 | 635607 |
| **Total Short-Term Securities — 2.5%** <br>**(Cost: $635,637)** | **Total Short-Term Securities — 2.5%** <br>**(Cost: $635,637)** | 635607 |
| **Total Investments — 100.5%** <br>**(Cost: $25,747,870)** | **Total Investments — 100.5%** <br>**(Cost: $25,747,870)** | 25999905 |
| **Liabilities in Excess of Other Assets — (0.5)%** | **Liabilities in Excess of Other Assets — (0.5)%** | (132270)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $25867635 |

---

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

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

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

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

<sup>(d)</sup> This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. 

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

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

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

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2025

**iShares® International Developed Small Cap Value Factor ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/24*<br>| *Purchases* <br>*at Cost*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*03/31/25*<br>| *Shares* <br>*Held at* <br>*03/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $2983718 | $—<br> $(2348773 )<sup>(a)</sup><br>| &nbsp;&nbsp; $683 | $(21)<br>| $635607 | 635290 | $26744 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares<sup>(c)</sup> | 40000 | —<br> (40000 )<sup>(a)</sup><br>| &nbsp;&nbsp; — |  |  |  | 4502 | &nbsp;&nbsp; — |
|  |  |  | &nbsp;&nbsp; $683 | $(21)<br>| $635607 |  | $31246 | &nbsp;&nbsp; $— |

---

&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 fees and collateral investment expenses, 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* | *Number of* <br>*Contracts*<br>| *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Mini TOPIX Index | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 06/12/25 | &nbsp;&nbsp; $144 | &nbsp;&nbsp; $895 |
| Mini S&P/TSX 60 Index | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 06/19/25 | &nbsp;&nbsp; 156 | &nbsp;&nbsp; 1040 |
| STOXX Europe 600 Index | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp; 201 | &nbsp;&nbsp; (4728)<br>|
|  |  |  |  | &nbsp;&nbsp; $(2793)<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; $1935 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1935 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4728 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4728 |

---

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

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

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2025

**iShares® International Developed Small Cap Value Factor ETF**

For the period ended March 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $73882 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $73882 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(21291)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(21291)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $1099308 |

---

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; $6977854 | &nbsp;&nbsp; $18343036 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $25320890 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 43408 | &nbsp;&nbsp; — | &nbsp;&nbsp; 43408 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 635607 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 635607 |
|  | &nbsp;&nbsp; $7613461 | &nbsp;&nbsp; $18386444 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $25999905 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $1040 | &nbsp;&nbsp; $895 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1935 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; (4728)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4728)<br>|
|  | &nbsp;&nbsp; $1040 | &nbsp;&nbsp; $(3833)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2793)<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.*

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments

March 31, 2025

**iShares® International Dividend Growth ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Australia — 1.9%** | **Australia — 1.9%** | **Australia — 1.9%** |
| AUB Group Ltd. | &nbsp;&nbsp; 23342 | $452496 |
| Brickworks Ltd. | &nbsp;&nbsp; 18934 | 288492 |
| CAR Group Ltd. | &nbsp;&nbsp; 65073 | 1296943 |
| Computershare Ltd. | &nbsp;&nbsp; 110355 | 2720142 |
| CSL Ltd. | &nbsp;&nbsp; 63985 | 10070551 |
| HUB24 Ltd. | &nbsp;&nbsp; 3492 | 150545 |
| Johns Lyng Group Ltd. | &nbsp;&nbsp; 52184 | 70354 |
| Netwealth Group Ltd. | &nbsp;&nbsp; 10249 | 166486 |
| Northern Star Resources Ltd. | &nbsp;&nbsp; 230293 | 2658772 |
| Pro Medicus Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 1000 | 126575 |
| Steadfast Group Ltd. | &nbsp;&nbsp; 262058 | 952899 |
| Supply Network Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 2870 | 64475 |
| Technology One Ltd. | &nbsp;&nbsp; 19977 | 351381 |
|  |  | 19370111 |
| **Austria — 0.0%** | **Austria — 0.0%** | **Austria — 0.0%** |
| Telekom Austria AG, Class A | &nbsp;&nbsp; 45862 | 428462 |
| **Belgium — 0.2%** | **Belgium — 0.2%** | **Belgium — 0.2%** |
| Elia Group SA, Class B | &nbsp;&nbsp; 5692 | 493690 |
| Lotus Bakeries NV | &nbsp;&nbsp; 23 | 204471 |
| UCB SA | &nbsp;&nbsp; 7549 | 1329111 |
|  |  | 2027272 |
| **Brazil — 0.3%** | **Brazil — 0.3%** | **Brazil — 0.3%** |
| Localiza Rent a Car SA | &nbsp;&nbsp; 373966 | 2201284 |
| WEG SA | &nbsp;&nbsp; 108006 | 857015 |
|  |  | 3058299 |
| **Canada — 20.4%** | **Canada — 20.4%** | **Canada — 20.4%** |
| Agnico Eagle Mines Ltd. | &nbsp;&nbsp; 58527 | 6340950 |
| Alimentation Couche-Tard Inc. | &nbsp;&nbsp; 55430 | 2733656 |
| Atco Ltd., Class I, NVS | &nbsp;&nbsp; 23059 | 803111 |
| Brookfield Asset Management Ltd., Class A | &nbsp;&nbsp; 94276 | 4563612 |
| Canadian Imperial Bank of Commerce | &nbsp;&nbsp; 325718 | 18322416 |
| Canadian National Railway Co. | &nbsp;&nbsp; 97581 | 9496017 |
| Canadian Natural Resources Ltd. | &nbsp;&nbsp; 777250 | 23916216 |
| Canadian Tire Corp. Ltd., Class A, NVS | &nbsp;&nbsp; 18258 | 1896025 |
| Cargojet Inc. | &nbsp;&nbsp; 1187 | 68166 |
| CCL Industries Inc., Class B, NVS | &nbsp;&nbsp; 18068 | 882526 |
| Cogeco Communications Inc. | &nbsp;&nbsp; 3766 | 183661 |
| Dollarama Inc. | &nbsp;&nbsp; 5284 | 565027 |
| Empire Co. Ltd., NVS | &nbsp;&nbsp; 16580 | 555912 |
| Enghouse Systems Ltd. | &nbsp;&nbsp; 12982 | 231575 |
| EQB Inc. | &nbsp;&nbsp; 3692 | 250247 |
| Finning International Inc. | &nbsp;&nbsp; 29456 | 828792 |
| FirstService Corp. | &nbsp;&nbsp; 1812 | 300462 |
| Fortis Inc./Canada | &nbsp;&nbsp; 139699 | 6363413 |
| Franco-Nevada Corp. | &nbsp;&nbsp; 13506 | 2124188 |
| George Weston Ltd. | &nbsp;&nbsp; 5691 | 970205 |
| Great-West Lifeco Inc. | &nbsp;&nbsp; 89681 | 3513578 |
| Hydro One Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 61819 | 2078747 |
| iA Financial Corp. Inc. | &nbsp;&nbsp; 20142 | 1912794 |
| Imperial Oil Ltd. | &nbsp;&nbsp; 30933 | 2234450 |
| Intact Financial Corp. | &nbsp;&nbsp; 23162 | 4732191 |
| Loblaw Companies Ltd. | &nbsp;&nbsp; 11480 | 1608740 |
| Magna International Inc. | &nbsp;&nbsp; 102490 | 3483399 |
| Manulife Financial Corp. | &nbsp;&nbsp; 495627 | 15443462 |
| Maple Leaf Foods Inc. | &nbsp;&nbsp; 21460 | 373859 |
| Metro Inc./CN | &nbsp;&nbsp; 25138 | 1748070 |
| North West Co. Inc. (The) | &nbsp;&nbsp; 12090 | 427126 |
| Open Text Corp. | &nbsp;&nbsp; 79923 | 2017166 |
| Parkland Corp. | &nbsp;&nbsp; 40677 | 1018162 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Canada (continued)** | **Canada (continued)** | **Canada (continued)** |
| Power Corp. of Canada | &nbsp;&nbsp; 196244 | $6938532 |
| Premium Brands Holdings Corp., Class A | &nbsp;&nbsp; 14644 | 787635 |
| RB Global Inc. | &nbsp;&nbsp; 15686 | 1574323 |
| Royal Bank of Canada | &nbsp;&nbsp; 245158 | 27615518 |
| Saputo Inc. | &nbsp;&nbsp; 55941 | 965231 |
| Savaria Corp. | &nbsp;&nbsp; 10629 | 118473 |
| Stantec Inc. | &nbsp;&nbsp; 5817 | 482160 |
| Stella-Jones Inc. | &nbsp;&nbsp; 6339 | 300596 |
| Sun Life Financial Inc. | &nbsp;&nbsp; 181010 | 10359601 |
| TFI International Inc. | &nbsp;&nbsp; 11552 | 894426 |
| TMX Group Ltd. | &nbsp;&nbsp; 31292 | 1142477 |
| Toromont Industries Ltd. | &nbsp;&nbsp; 10290 | 805367 |
| Toronto-Dominion Bank (The) | &nbsp;&nbsp; 464685 | 27844611 |
| Tourmaline Oil Corp. | &nbsp;&nbsp; 52831 | 2547842 |
| TransAlta Corp. | &nbsp;&nbsp; 35066 | 327255 |
| Waste Connections Inc. | &nbsp;&nbsp; 12339 | 2405035 |
| Wheaton Precious Metals Corp. | &nbsp;&nbsp; 28340 | 2199178 |
|  |  | 209296181 |
| **China — 4.0%** | **China — 4.0%** | **China — 4.0%** |
| Apeloa Pharmaceutical Co. Ltd., Class A | &nbsp;&nbsp; 11100 | 23030 |
| Bank of Chengdu Co. Ltd., Class A | &nbsp;&nbsp; 149600 | 354412 |
| Bank of Communications Co. Ltd., Class A | &nbsp;&nbsp; 1945000 | 1995984 |
| China Coal Energy Co. Ltd., Class A | &nbsp;&nbsp; 167200 | 231154 |
| China Coal Xinji Energy Co. Ltd., Class A | &nbsp;&nbsp; 39700 | 37413 |
| China Communications Services Corp. Ltd., Class H | &nbsp;&nbsp; 980000 | 536374 |
| China Construction Bank Corp., Class A | &nbsp;&nbsp; 428800 | 521131 |
| China Merchants Bank Co. Ltd., Class A | &nbsp;&nbsp; 590400 | 3519855 |
| China Merchants Bank Co. Ltd., Class H | &nbsp;&nbsp; 1452000 | 8608845 |
| China Merchants Energy Shipping Co. Ltd., Class A | &nbsp;&nbsp; 265400 | 238123 |
| China National Nuclear Power Co. Ltd., Class A | &nbsp;&nbsp; 265700 | 337107 |
| China Overseas Property Holdings Ltd. | &nbsp;&nbsp; 300000 | 206433 |
| China Railway Group Ltd., Class A | &nbsp;&nbsp; 471200 | 358887 |
| China Tower Corp. Ltd., Class H<sup>(b)</sup> | &nbsp;&nbsp; 1577100 | 2124432 |
| CSPC Pharmaceutical Group Ltd. | &nbsp;&nbsp; 4454000 | 2830758 |
| ENN Energy Holdings Ltd. | &nbsp;&nbsp; 325300 | 2688694 |
| Flat Glass Group Co. Ltd., Class A | &nbsp;&nbsp; 32500 | 79567 |
| Flat Glass Group Co. Ltd., Class H | &nbsp;&nbsp; 168000 | 229681 |
| Foxconn Industrial Internet Co. Ltd., Class A | &nbsp;&nbsp; 190400 | 530685 |
| Guangdong Construction Engineering Group Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 136400 | 65802 |
| Haier Smart Home Co. Ltd., Class A | &nbsp;&nbsp; 678200 | 2186188 |
| Henan Lingrui Pharmaceutical Co., Class A | &nbsp;&nbsp; 12800 | 37142 |
| Huaxia Bank Co. Ltd., Class A | &nbsp;&nbsp; 677600 | 730993 |
| Inner Mongolia Yili Industrial Group Co. Ltd., Class A | &nbsp;&nbsp; 176100 | 680645 |
| Jiangsu King's Luck Brewery JSC Ltd., Class A | &nbsp;&nbsp; 19400 | 141195 |
| Kweichow Moutai Co. Ltd., Class A | &nbsp;&nbsp; 27800 | 5976588 |
| Lao Feng Xiang Co. Ltd., Class A | &nbsp;&nbsp; 7900 | 55496 |
| Luzhou Laojiao Co. Ltd., Class A | &nbsp;&nbsp; 46000 | 822214 |
| NAURA Technology Group Co. Ltd., Class A | &nbsp;&nbsp; 800 | 46025 |
| Offshore Oil Engineering Co. Ltd., Class A | &nbsp;&nbsp; 71900 | 56460 |
| Oppein Home Group Inc., Class A | &nbsp;&nbsp; 15400 | 132423 |
| Shede Spirits Co. Ltd., Class A | &nbsp;&nbsp; 10300 | 77999 |
| Tian Di Science & Technology Co. Ltd., Class A | &nbsp;&nbsp; 114500 | 101191 |
| Tsingtao Brewery Co. Ltd., Class A | &nbsp;&nbsp; 14600 | 153454 |
| Tsingtao Brewery Co. Ltd., Class H | &nbsp;&nbsp; 206000 | 1483444 |
| Wuliangye Yibin Co. Ltd., Class A | &nbsp;&nbsp; 133500 | 2415361 |
| Xinjiang Xintai Natural Gas Co. Ltd., Class A | &nbsp;&nbsp; 9200 | 36858 |
| Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., <br> Class A<br>| &nbsp;&nbsp; 6600 | 183577 |
|  |  | 40835620 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2025

**iShares® International Dividend Growth ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Colombia — 0.0%** | **Colombia — 0.0%** | **Colombia — 0.0%** |
| Grupo Argos SA | &nbsp;&nbsp; 79983 | $396281 |
| **Denmark — 2.9%** | **Denmark — 2.9%** | **Denmark — 2.9%** |
| DSV A/S | &nbsp;&nbsp; 7606 | 1470856 |
| Novo Nordisk A/S, Class B | &nbsp;&nbsp; 405730 | 27743126 |
|  |  | 29213982 |
| **Finland — 0.3%** | **Finland — 0.3%** | **Finland — 0.3%** |
| Fiskars OYJ Abp | &nbsp;&nbsp; 18815 | 297846 |
| Harvia OYJ | &nbsp;&nbsp; 2181 | 103058 |
| Huhtamaki OYJ | &nbsp;&nbsp; 20894 | 743889 |
| Revenio Group OYJ | &nbsp;&nbsp; 2556 | 70200 |
| Valmet OYJ | &nbsp;&nbsp; 53558 | 1452654 |
|  |  | 2667647 |
| **France — 5.7%** | **France — 5.7%** | **France — 5.7%** |
| Air Liquide SA | &nbsp;&nbsp; 75331 | 14308752 |
| Sanofi SA | &nbsp;&nbsp; 261210 | 28921649 |
| Schneider Electric SE | &nbsp;&nbsp; 67342 | 15545581 |
|  |  | 58775982 |
| **Germany — 4.2%** | **Germany — 4.2%** | **Germany — 4.2%** |
| Atoss Software SE | &nbsp;&nbsp; 862 | 117230 |
| Bechtle AG | &nbsp;&nbsp; 12173 | 454658 |
| Brenntag SE | &nbsp;&nbsp; 32140 | 2083237 |
| Deutsche Boerse AG | &nbsp;&nbsp; 21528 | 6352043 |
| DWS Group GmbH & Co. KGaA<sup>(b)</sup> | &nbsp;&nbsp; 10739 | 588660 |
| E.ON SE | &nbsp;&nbsp; 737976 | 11139550 |
| FUCHS SE | &nbsp;&nbsp; 7765 | 283012 |
| Nemetschek SE | &nbsp;&nbsp; 2675 | 311841 |
| SAP SE | &nbsp;&nbsp; 75583 | 20252434 |
| Symrise AG, Class A | &nbsp;&nbsp; 11679 | 1210808 |
|  |  | 42793473 |
| **Greece — 0.1%** | **Greece — 0.1%** | **Greece — 0.1%** |
| Metlen Energy & Metals SA | &nbsp;&nbsp; 31993 | 1409958 |
| **Hong Kong — 1.9%** | **Hong Kong — 1.9%** | **Hong Kong — 1.9%** |
| AIA Group Ltd. | &nbsp;&nbsp; 2327200 | 17616595 |
| CK Infrastructure Holdings Ltd. | &nbsp;&nbsp; 241000 | 1442973 |
| United Laboratories International Holdings Ltd. (The) | &nbsp;&nbsp; 240000 | 451657 |
|  |  | 19511225 |
| **India — 3.3%** | **India — 3.3%** | **India — 3.3%** |
| Asian Paints Ltd. | &nbsp;&nbsp; 89905 | 2456380 |
| Berger Paints India Ltd. | &nbsp;&nbsp; 18408 | 107304 |
| Bharat Electronics Ltd. | &nbsp;&nbsp; 239652 | 838290 |
| CRISIL Ltd. | &nbsp;&nbsp; 2620 | 128096 |
| Grindwell Norton Ltd. | &nbsp;&nbsp; 3601 | 71230 |
| HDFC Asset Management Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 15961 | 746756 |
| Honeywell Automation India Ltd. | &nbsp;&nbsp; 55 | 21589 |
| Infosys Ltd. | &nbsp;&nbsp; 894649 | 16393145 |
| ITC Ltd. | &nbsp;&nbsp; 861202 | 4114996 |
| KEI Industries Ltd. | &nbsp;&nbsp; 413 | 13907 |
| Kirloskar Pneumatic Co. Ltd., NVS | &nbsp;&nbsp; 3103 | 42706 |
| KPIT Technologies Ltd. | &nbsp;&nbsp; 9005 | 136413 |
| LTIMindtree Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 11294 | 590002 |
| Mphasis Ltd. | &nbsp;&nbsp; 17544 | 510981 |
| NHPC Ltd., NVS | &nbsp;&nbsp; 598140 | 570964 |
| Persistent Systems Ltd., NVS | &nbsp;&nbsp; 5139 | 329798 |
| Pidilite Industries Ltd. | &nbsp;&nbsp; 13972 | 464951 |
| Polycab India Ltd. | &nbsp;&nbsp; 3085 | 184932 |
| Reliance Industries Ltd. | &nbsp;&nbsp; 278201 | 4136103 |
| Schaeffler India Ltd. | &nbsp;&nbsp; 3002 | 118211 |
| Sun Pharmaceutical Industries Ltd. | &nbsp;&nbsp; 89499 | 1813673 |
| Supreme Industries Ltd. | &nbsp;&nbsp; 4868 | 194100 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **India (continued)** | **India (continued)** | **India (continued)** |
| Tata Elxsi Ltd. | &nbsp;&nbsp; 4010 | $243635 |
| ZF Commercial Vehicle Control Systems India Ltd. | &nbsp;&nbsp; 20 | 3030 |
|  |  | 34231192 |
| **Indonesia — 0.7%** | **Indonesia — 0.7%** | **Indonesia — 0.7%** |
| Bank Central Asia Tbk PT | &nbsp;&nbsp; 13989600 | 7180652 |
| Medikaloka Hermina Tbk PT | &nbsp;&nbsp; 481500 | 30821 |
| Sumber Alfaria Trijaya Tbk PT | &nbsp;&nbsp; 1663800 | 205939 |
|  |  | 7417412 |
| **Ireland — 0.2%** | **Ireland — 0.2%** | **Ireland — 0.2%** |
| Glanbia PLC | &nbsp;&nbsp; 56055 | 617700 |
| Kerry Group PLC, Class A | &nbsp;&nbsp; 14883 | 1558469 |
|  |  | 2176169 |
| **Italy — 4.5%** | **Italy — 4.5%** | **Italy — 4.5%** |
| Buzzi SpA | &nbsp;&nbsp; 7886 | 379469 |
| DiaSorin SpA | &nbsp;&nbsp; 2319 | 230304 |
| Enel SpA | &nbsp;&nbsp; 3877938 | 31436519 |
| Interpump Group SpA | &nbsp;&nbsp; 5406 | 193079 |
| Iren SpA | &nbsp;&nbsp; 286784 | 731343 |
| Italgas SpA | &nbsp;&nbsp; 229134 | 1642934 |
| Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp; 18272 | 1035435 |
| Snam SpA | &nbsp;&nbsp; 1089843 | 5650653 |
| Terna - Rete Elettrica Nazionale | &nbsp;&nbsp; 496685 | 4488676 |
|  |  | 45788412 |
| **Japan — 19.8%** | **Japan — 19.8%** | **Japan — 19.8%** |
| Aica Kogyo Co. Ltd. | &nbsp;&nbsp; 15600 | 343433 |
| Air Water Inc. | &nbsp;&nbsp; 57800 | 731049 |
| Alfresa Holdings Corp. | &nbsp;&nbsp; 41300 | 584603 |
| Arata Corp. | &nbsp;&nbsp; 6900 | 144872 |
| ASKUL Corp. | &nbsp;&nbsp; 5700 | 58101 |
| Azbil Corp. | &nbsp;&nbsp; 69200 | 537572 |
| Bandai Namco Holdings Inc. | &nbsp;&nbsp; 20500 | 687723 |
| BayCurrent Inc. | &nbsp;&nbsp; 8300 | 359673 |
| Belc Co. Ltd. | &nbsp;&nbsp; 1400 | 63665 |
| Chiba Bank Ltd. (The) | &nbsp;&nbsp; 137900 | 1305312 |
| Cosmos Pharmaceutical Corp. | &nbsp;&nbsp; 2900 | 145243 |
| CyberAgent Inc. | &nbsp;&nbsp; 46500 | 353846 |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 245600 | 5848686 |
| DCM Holdings Co. Ltd. | &nbsp;&nbsp; 28700 | 266873 |
| Dentsu Soken Inc. | &nbsp;&nbsp; 4100 | 167022 |
| Dexerials Corp. | &nbsp;&nbsp; 26500 | 328253 |
| DTS Corp. | &nbsp;&nbsp; 8300 | 222266 |
| Elecom Co. Ltd. | &nbsp;&nbsp; 11600 | 128276 |
| EXEO Group Inc. | &nbsp;&nbsp; 48500 | 546318 |
| Fuji Soft Inc. | &nbsp;&nbsp; 1600 | 104754 |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp; 160900 | 3082678 |
| Fujimi Inc. | &nbsp;&nbsp; 13900 | 176519 |
| Fujitsu General Ltd. | &nbsp;&nbsp; 7900 | 146115 |
| Fujitsu Ltd. | &nbsp;&nbsp; 123800 | 2463729 |
| Funai Soken Holdings Inc. | &nbsp;&nbsp; 7600 | 117275 |
| Future Corp. | &nbsp;&nbsp; 7400 | 85896 |
| Goldwin Inc. | &nbsp;&nbsp; 6200 | 342340 |
| Heiwa Real Estate Co. Ltd. | &nbsp;&nbsp; 6500 | 204555 |
| Hitachi Ltd. | &nbsp;&nbsp; 386100 | 9065397 |
| Hogy Medical Co. Ltd. | &nbsp;&nbsp; 2300 | 73860 |
| Hokuetsu Corp.<sup>(a)</sup> | &nbsp;&nbsp; 12400 | 101808 |
| Hulic Co. Ltd. | &nbsp;&nbsp; 161500 | 1550272 |
| Inpex Corp. | &nbsp;&nbsp; 296600 | 4114077 |
| Internet Initiative Japan Inc. | &nbsp;&nbsp; 11800 | 205184 |
| Ise Chemicals Corp.<sup>(a)</sup> | &nbsp;&nbsp; 200 | 30402 |
| Japan Elevator Service Holdings Co. Ltd. | &nbsp;&nbsp; 3900 | 71723 |
| JCU Corp. | &nbsp;&nbsp; 3200 | 69467 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2025

**iShares® International Dividend Growth ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| Joyful Honda Co. Ltd. | &nbsp;&nbsp; 9800 | $131198 |
| Kagome Co. Ltd. | &nbsp;&nbsp; 10700 | 209828 |
| Kameda Seika Co. Ltd. | &nbsp;&nbsp; 1100 | 28681 |
| Kandenko Co. Ltd. | &nbsp;&nbsp; 13700 | 246698 |
| Kao Corp. | &nbsp;&nbsp; 82600 | 3575483 |
| Katitas Co. Ltd. | &nbsp;&nbsp; 11100 | 147054 |
| KeePer Technical Laboratory Co. Ltd.<sup>(a)</sup> | &nbsp;&nbsp; 600 | 15168 |
| Kobayashi Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 7800 | 295489 |
| Kohnan Shoji Co. Ltd. | &nbsp;&nbsp; 3900 | 97680 |
| Kokuyo Co. Ltd. | &nbsp;&nbsp; 19500 | 372833 |
| Komeri Co. Ltd. | &nbsp;&nbsp; 4200 | 83114 |
| Konishi Co. Ltd. | &nbsp;&nbsp; 11600 | 91298 |
| Kubota Corp. | &nbsp;&nbsp; 225700 | 2789065 |
| Kurita Water Industries Ltd. | &nbsp;&nbsp; 14800 | 457754 |
| Kusuri no Aoki Holdings Co. Ltd. | &nbsp;&nbsp; 1000 | 22631 |
| Kyowa Kirin Co. Ltd. | &nbsp;&nbsp; 49500 | 722534 |
| Lasertec Corp. | &nbsp;&nbsp; 11300 | 971239 |
| Life Corp. | &nbsp;&nbsp; 10800 | 139609 |
| M3 Inc.<sup>(c)</sup> | &nbsp;&nbsp; 41200 | 470646 |
| Mani Inc. | &nbsp;&nbsp; 15600 | 136749 |
| Maruwa Co. Ltd./Aichi | &nbsp;&nbsp; 200 | 41379 |
| Maruzen Showa Unyu Co. Ltd. | &nbsp;&nbsp; 3300 | 132796 |
| Max Co. Ltd. | &nbsp;&nbsp; 6700 | 190431 |
| MCJ Co. Ltd. | &nbsp;&nbsp; 13800 | 125519 |
| Medipal Holdings Corp. | &nbsp;&nbsp; 42500 | 663110 |
| Mitsubishi Corp. | &nbsp;&nbsp; 991500 | 17504693 |
| Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp; 2072300 | 28253351 |
| Monex Group Inc. | &nbsp;&nbsp; 56200 | 268793 |
| Monogatari Corp. (The) | &nbsp;&nbsp; 2400 | 54334 |
| MonotaRO Co. Ltd. | &nbsp;&nbsp; 12600 | 235377 |
| Morinaga & Co. Ltd./Japan | &nbsp;&nbsp; 13300 | 222387 |
| MS&AD Insurance Group Holdings Inc. | &nbsp;&nbsp; 311100 | 6765753 |
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 295600 | 4559614 |
| NEC Corp. | &nbsp;&nbsp; 83000 | 1767960 |
| Nichias Corp. | &nbsp;&nbsp; 10200 | 316485 |
| Nichirei Corp. | &nbsp;&nbsp; 36600 | 432909 |
| Nippon Gas Co. Ltd. | &nbsp;&nbsp; 28800 | 429609 |
| Nippon Sanso Holdings Corp. | &nbsp;&nbsp; 14600 | 442885 |
| Nippon Shinyaku Co. Ltd. | &nbsp;&nbsp; 13100 | 334209 |
| Nippon Telegraph & Telephone Corp. | &nbsp;&nbsp; 7325100 | 7079499 |
| Nishimatsuya Chain Co. Ltd. | &nbsp;&nbsp; 3900 | 52004 |
| Nishio Holdings Co. Ltd. | &nbsp;&nbsp; 4700 | 131989 |
| Nisshin Seifun Group Inc. | &nbsp;&nbsp; 57900 | 668653 |
| Nissui Corp. | &nbsp;&nbsp; 67700 | 408153 |
| Nitto Denko Corp. | &nbsp;&nbsp; 99800 | 1845957 |
| Nohmi Bosai Ltd. | &nbsp;&nbsp; 3800 | 81281 |
| Nomura Micro Science Co. Ltd. | &nbsp;&nbsp; 7900 | 127661 |
| Nomura Real Estate Holdings Inc. | &nbsp;&nbsp; 144000 | 840321 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 35800 | 1165374 |
| NTT Data Group Corp. | &nbsp;&nbsp; 39100 | 708298 |
| Obic Co. Ltd. | &nbsp;&nbsp; 37000 | 1066821 |
| Okinawa Cellular Telephone Co. | &nbsp;&nbsp; 4300 | 122648 |
| Olympus Corp. | &nbsp;&nbsp; 75500 | 988349 |
| Open House Group Co. Ltd. | &nbsp;&nbsp; 16300 | 607605 |
| Oracle Corp./Japan | &nbsp;&nbsp; 3000 | 315700 |
| Organo Corp. | &nbsp;&nbsp; 3200 | 137698 |
| PALTAC Corp. | &nbsp;&nbsp; 4700 | 125211 |
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp; 24500 | 672975 |
| Pilot Corp. | &nbsp;&nbsp; 7900 | 219219 |
| Raito Kogyo Co. Ltd. | &nbsp;&nbsp; 15600 | 258119 |
| Rinnai Corp. | &nbsp;&nbsp; 16900 | 390394 |
| Rohto Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 22900 | 342898 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| S Foods Inc. | &nbsp;&nbsp; 3500 | $58131 |
| SBS Holdings Inc. | &nbsp;&nbsp; 4600 | 87124 |
| SCSK Corp. | &nbsp;&nbsp; 20500 | 506917 |
| Sekisui House Ltd. | &nbsp;&nbsp; 186200 | 4167551 |
| Senshu Electric Co. Ltd. | &nbsp;&nbsp; 2300 | 66769 |
| Seven & i Holdings Co. Ltd. | &nbsp;&nbsp; 333700 | 4832275 |
| Shimamura Co. Ltd. | &nbsp;&nbsp; 7700 | 441323 |
| Shimano Inc. | &nbsp;&nbsp; 8600 | 1207552 |
| Shin-Etsu Polymer Co. Ltd. | &nbsp;&nbsp; 8200 | 82639 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 162400 | 2451381 |
| Ship Healthcare Holdings Inc. | &nbsp;&nbsp; 15300 | 204772 |
| SHO-BOND Holdings Co. Ltd. | &nbsp;&nbsp; 10100 | 322832 |
| Shoei Co. Ltd. | &nbsp;&nbsp; 14100 | 160466 |
| SMS Co. Ltd. | &nbsp;&nbsp; 7400 | 55741 |
| Sompo Holdings Inc. | &nbsp;&nbsp; 172400 | 5249783 |
| Sony Group Corp. | &nbsp;&nbsp; 247800 | 6270081 |
| Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp; 824800 | 21209411 |
| Sumitomo Realty & Development Co. Ltd. | &nbsp;&nbsp; 44400 | 1668263 |
| Sundrug Co. Ltd. | &nbsp;&nbsp; 16500 | 462503 |
| Takeuchi Manufacturing Co. Ltd. | &nbsp;&nbsp; 8700 | 298916 |
| TDK Corp. | &nbsp;&nbsp; 238000 | 2494022 |
| TechnoPro Holdings Inc. | &nbsp;&nbsp; 21400 | 473903 |
| Terumo Corp. | &nbsp;&nbsp; 99300 | 1868431 |
| TIS Inc. | &nbsp;&nbsp; 30800 | 852325 |
| Toagosei Co. Ltd. | &nbsp;&nbsp; 33700 | 318707 |
| Tokio Marine Holdings Inc. | &nbsp;&nbsp; 387700 | 15082618 |
| Tokyo Steel Manufacturing Co. Ltd. | &nbsp;&nbsp; 14700 | 155969 |
| Tokyo Tatemono Co. Ltd. | &nbsp;&nbsp; 62400 | 1056557 |
| Tsurumi Manufacturing Co. Ltd. | &nbsp;&nbsp; 1900 | 39682 |
| U-Next Holdings Co. Ltd. | &nbsp;&nbsp; 3500 | 41291 |
| Unicharm Corp. | &nbsp;&nbsp; 108100 | 860993 |
| Valor Holdings Co. Ltd. | &nbsp;&nbsp; 9200 | 146860 |
| Welcia Holdings Co. Ltd. | &nbsp;&nbsp; 13000 | 187613 |
| Yakult Honsha Co. Ltd. | &nbsp;&nbsp; 43400 | 825835 |
| Yamaguchi Financial Group Inc. | &nbsp;&nbsp; 51700 | 613851 |
| Yaoko Co. Ltd. | &nbsp;&nbsp; 2500 | 153451 |
| Yokogawa Bridge Holdings Corp. | &nbsp;&nbsp; 9300 | 156395 |
| Zensho Holdings Co. Ltd. | &nbsp;&nbsp; 5700 | 307369 |
| ZOZO Inc. | &nbsp;&nbsp; 73100 | 700137 |
| Zuken Inc. | &nbsp;&nbsp; 2100 | 66538 |
|  |  | 203138986 |
| **Malaysia — 0.1%** | **Malaysia — 0.1%** | **Malaysia — 0.1%** |
| Mega First Corp. Bhd<sup>(a)</sup> | &nbsp;&nbsp; 98700 | 89448 |
| PPB Group Bhd | &nbsp;&nbsp; 213900 | 555159 |
|  |  | 644607 |
| **Mexico — 0.1%** | **Mexico — 0.1%** | **Mexico — 0.1%** |
| Corporativo Fragua SAB de CV | &nbsp;&nbsp; 19803 | 501266 |
| Grupo Comercial Chedraui SA de CV | &nbsp;&nbsp; 36311 | 204901 |
|  |  | 706167 |
| **Netherlands — 1.1%** | **Netherlands — 1.1%** | **Netherlands — 1.1%** |
| Koninklijke KPN NV | &nbsp;&nbsp; 1421397 | 6020546 |
| Koninklijke Vopak NV | &nbsp;&nbsp; 17098 | 742818 |
| Wolters Kluwer NV | &nbsp;&nbsp; 29265 | 4556448 |
|  |  | 11319812 |
| **New Zealand — 0.0%** | **New Zealand — 0.0%** | **New Zealand — 0.0%** |
| Summerset Group Holdings Ltd. | &nbsp;&nbsp; 36221 | 232029 |
| **Norway — 0.3%** | **Norway — 0.3%** | **Norway — 0.3%** |
| Borregaard ASA | &nbsp;&nbsp; 18595 | 302591 |
| Europris ASA<sup>(b)</sup> | &nbsp;&nbsp; 58047 | 464045 |
| Gjensidige Forsikring ASA | &nbsp;&nbsp; 49760 | 1143647 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2025

**iShares® International Dividend Growth ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Norway (continued)** | **Norway (continued)** | **Norway (continued)** |
| Sparebanken Vest | &nbsp;&nbsp; 39443 | $515997 |
| TOMRA Systems ASA | &nbsp;&nbsp; 27130 | 387355 |
|  |  | 2813635 |
| **Philippines — 0.1%** | **Philippines — 0.1%** | **Philippines — 0.1%** |
| International Container Terminal Services Inc. | &nbsp;&nbsp; 174950 | 1085317 |
| **Poland — 0.0%** | **Poland — 0.0%** | **Poland — 0.0%** |
| Asseco South Eastern Europe SA | &nbsp;&nbsp; 6678 | 103113 |
| Dom Development SA | &nbsp;&nbsp; 4108 | 227521 |
| Neuca SA<sup>(a)</sup> | &nbsp;&nbsp; 286 | 54277 |
|  |  | 384911 |
| **Portugal — 0.0%** | **Portugal — 0.0%** | **Portugal — 0.0%** |
| Sonae SGPS SA | &nbsp;&nbsp; 386009 | 443270 |
| **Saudi Arabia — 0.0%** | **Saudi Arabia — 0.0%** | **Saudi Arabia — 0.0%** |
| Mouwasat Medical Services Co. | &nbsp;&nbsp; 15560 | 311248 |
| **South Africa — 0.2%** | **South Africa — 0.2%** | **South Africa — 0.2%** |
| PSG Financial Services Ltd. | &nbsp;&nbsp; 220820 | 217508 |
| Shoprite Holdings Ltd. | &nbsp;&nbsp; 96806 | 1443725 |
|  |  | 1661233 |
| **South Korea — 0.1%** | **South Korea — 0.1%** | **South Korea — 0.1%** |
| CJ Corp. | &nbsp;&nbsp; 3652 | 290483 |
| Hanil Cement Co. Ltd./New | &nbsp;&nbsp; 10917 | 117870 |
| LG Corp. | &nbsp;&nbsp; 151 | 6660 |
| LIG Nex1 Co. Ltd. | &nbsp;&nbsp; 1000 | 170239 |
| NICE Information Service Co. Ltd. | &nbsp;&nbsp; 910 | 7219 |
| SK Gas Ltd. | &nbsp;&nbsp; 159 | 26719 |
| Youngone Holdings Co. Ltd. | &nbsp;&nbsp; 2126 | 129596 |
| Yuhan Corp. | &nbsp;&nbsp; 2122 | 158773 |
|  |  | 907559 |
| **Spain — 3.2%** | **Spain — 3.2%** | **Spain — 3.2%** |
| Iberdrola SA | &nbsp;&nbsp; 1985852 | 32067686 |
| Vidrala SA | &nbsp;&nbsp; 2918 | 292558 |
|  |  | 32360244 |
| **Sweden — 2.3%** | **Sweden — 2.3%** | **Sweden — 2.3%** |
| AAK AB | &nbsp;&nbsp; 19430 | 542309 |
| Assa Abloy AB, Class B | &nbsp;&nbsp; 139180 | 4178356 |
| Atlas Copco AB, Class A | &nbsp;&nbsp; 318565 | 5088575 |
| Axfood AB | &nbsp;&nbsp; 32286 | 725261 |
| Bravida Holding AB<sup>(b)</sup> | &nbsp;&nbsp; 38688 | 350245 |
| Catena AB | &nbsp;&nbsp; 6483 | 280557 |
| Epiroc AB, Class A | &nbsp;&nbsp; 89108 | 1794130 |
| Epiroc AB, Class B | &nbsp;&nbsp; 66920 | 1178680 |
| Essity AB, Class A | &nbsp;&nbsp; 4770 | 135007 |
| Essity AB, Class B | &nbsp;&nbsp; 123613 | 3511995 |
| Evolution AB<sup>(b)</sup> | &nbsp;&nbsp; 57658 | 4296049 |
| Fortnox AB | &nbsp;&nbsp; 10568 | 92077 |
| Getinge AB, Class B | &nbsp;&nbsp; 35777 | 771129 |
| Instalco AB | &nbsp;&nbsp; 32272 | 99119 |
| Lifco AB, Class B | &nbsp;&nbsp; 11659 | 413589 |
| MIPS AB | &nbsp;&nbsp; 2716 | 104246 |
|  |  | 23561324 |
| **Switzerland — 11.4%** | **Switzerland — 11.4%** | **Switzerland — 11.4%** |
| ALSO Holding AG, Registered | &nbsp;&nbsp; 989 | 270187 |
| Bachem Holding AG | &nbsp;&nbsp; 4016 | 237203 |
| BKW AG | &nbsp;&nbsp; 3719 | 650468 |
| Chocoladefabriken Lindt & Spruengli AG, <br> Participation Certificates, NVS<br>| &nbsp;&nbsp; 98 | 1324905 |
| Chocoladefabriken Lindt & Spruengli AG, Registered | &nbsp;&nbsp; 11 | 1443485 |
| DKSH Holding AG | &nbsp;&nbsp; 9345 | 711598 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Switzerland (continued)** | **Switzerland (continued)** | **Switzerland (continued)** |
| Emmi AG, Registered | &nbsp;&nbsp; 355 | $325771 |
| Geberit AG, Registered | &nbsp;&nbsp; 6120 | 3834097 |
| Givaudan SA, Registered | &nbsp;&nbsp; 1281 | 5499308 |
| Logitech International SA, Registered | &nbsp;&nbsp; 18545 | 1571414 |
| Nestle SA, Registered | &nbsp;&nbsp; 301434 | 30461894 |
| Novartis AG, Registered | &nbsp;&nbsp; 278352 | 30916501 |
| PSP Swiss Property AG, Registered | &nbsp;&nbsp; 10950 | 1710625 |
| Roche Holding AG, Bearer | &nbsp;&nbsp; 7120 | 2471425 |
| Roche Holding AG, NVS | &nbsp;&nbsp; 87314 | 28737448 |
| Siegfried Holding AG, Registered | &nbsp;&nbsp; 114 | 117139 |
| SIG Group AG | &nbsp;&nbsp; 64073 | 1184669 |
| Sika AG, Registered | &nbsp;&nbsp; 19047 | 4639548 |
| Tecan Group AG, Registered | &nbsp;&nbsp; 1784 | 339457 |
| Temenos AG, Registered | &nbsp;&nbsp; 8381 | 650718 |
|  |  | 117097860 |
| **Taiwan — 0.7%** | **Taiwan — 0.7%** | **Taiwan — 0.7%** |
| Advantech Co. Ltd. | &nbsp;&nbsp; 104893 | 1198536 |
| Alchip Technologies Ltd. | &nbsp;&nbsp; 5000 | 421487 |
| Allis Electric Co. Ltd. | &nbsp;&nbsp; 29316 | 90325 |
| Asia Vital Components Co. Ltd. | &nbsp;&nbsp; 35000 | 495599 |
| Chicony Power Technology Co. Ltd. | &nbsp;&nbsp; 60000 | 206648 |
| Chief Telecom Inc. | &nbsp;&nbsp; 6000 | 78142 |
| Chung-Hsin Electric & Machinery <br> Manufacturing Corp.<br>| &nbsp;&nbsp; 88000 | 352184 |
| Goldsun Building Materials Co. Ltd. | &nbsp;&nbsp; 399000 | 493519 |
| Kuo Toong International Co. Ltd. | &nbsp;&nbsp; 50000 | 81594 |
| Lotes Co. Ltd. | &nbsp;&nbsp; 14155 | 598920 |
| Sinbon Electronics Co. Ltd. | &nbsp;&nbsp; 60000 | 467223 |
| Taiwan Hon Chuan Enterprise Co. Ltd. | &nbsp;&nbsp; 67000 | 298776 |
| Teco Electric and Machinery Co. Ltd. | &nbsp;&nbsp; 507000 | 754410 |
| Universal Vision Biotechnology Co. Ltd. | &nbsp;&nbsp; 12000 | 72120 |
| Wistron Corp. | &nbsp;&nbsp; 598000 | 1753076 |
|  |  | 7362559 |
| **Thailand — 0.1%** | **Thailand — 0.1%** | **Thailand — 0.1%** |
| Gulf Energy Development PCL, NVDR | &nbsp;&nbsp; 610800 | 900081 |
| **Turkey — 0.2%** | **Turkey — 0.2%** | **Turkey — 0.2%** |
| Aksa Akrilik Kimya Sanayii AS | &nbsp;&nbsp; 456713 | 134435 |
| Anadolu Hayat Emeklilik AS | &nbsp;&nbsp; 13127 | 30390 |
| Enerjisa Enerji AS<sup>(b)</sup> | &nbsp;&nbsp; 98949 | 149151 |
| Ford Otomotiv Sanayi AS | &nbsp;&nbsp; 34366 | 959051 |
| Haci Omer Sabanci Holding AS | &nbsp;&nbsp; 313511 | 693828 |
| Is Yatirim Menkul Degerler AS | &nbsp;&nbsp; 101529 | 107716 |
|  |  | 2074571 |
| **United Kingdom — 8.5%** | **United Kingdom — 8.5%** | **United Kingdom — 8.5%** |
| AJ Bell PLC | &nbsp;&nbsp; 79037 | 414176 |
| Ashtead Group PLC | &nbsp;&nbsp; 80530 | 4353995 |
| BAE Systems PLC | &nbsp;&nbsp; 488182 | 9857602 |
| Bunzl PLC | &nbsp;&nbsp; 63179 | 2430268 |
| Chemring Group PLC | &nbsp;&nbsp; 47831 | 230285 |
| Clarkson PLC | &nbsp;&nbsp; 7115 | 314640 |
| Coca-Cola HBC AG, Class DI<sup>(c)</sup> | &nbsp;&nbsp; 38086 | 1724905 |
| Cranswick PLC | &nbsp;&nbsp; 7996 | 506629 |
| Croda International PLC | &nbsp;&nbsp; 36643 | 1392129 |
| DCC PLC | &nbsp;&nbsp; 30829 | 2060358 |
| Diploma PLC | &nbsp;&nbsp; 16116 | 806755 |
| Drax Group PLC | &nbsp;&nbsp; 135869 | 1027604 |
| Gamma Communications PLC | &nbsp;&nbsp; 11404 | 178541 |
| GlobalData PLC, NVS | &nbsp;&nbsp; 69767 | 132929 |
| Halma PLC | &nbsp;&nbsp; 26222 | 879789 |
| Hikma Pharmaceuticals PLC | &nbsp;&nbsp; 37631 | 950637 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2025

**iShares® International Dividend Growth ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| Hilton Food Group PLC | &nbsp;&nbsp; 23664 | $251880 |
| JTC PLC<sup>(b)</sup> | &nbsp;&nbsp; 14507 | 171125 |
| London Stock Exchange Group PLC | &nbsp;&nbsp; 42509 | 6313740 |
| National Grid PLC | &nbsp;&nbsp; 2328431 | 30372549 |
| Pearson PLC | &nbsp;&nbsp; 101110 | 1599504 |
| RELX PLC | &nbsp;&nbsp; 248144 | 12464427 |
| Sage Group PLC (The) | &nbsp;&nbsp; 136408 | 2141649 |
| Sirius Real Estate Ltd. | &nbsp;&nbsp; 741694 | 809580 |
| Softcat PLC | &nbsp;&nbsp; 18956 | 388546 |
| Spectris PLC | &nbsp;&nbsp; 26614 | 803056 |
| Spirax Group PLC | &nbsp;&nbsp; 13754 | 1108761 |
| United Utilities Group PLC | &nbsp;&nbsp; 281221 | 3669358 |
|  |  | 87355417 |
| **Total Common Stocks — 98.8%** <br>**(Cost: $882,351,406)** | **Total Common Stocks — 98.8%** <br>**(Cost: $882,351,406)** | 1013758508 |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Germany — 0.1%** | **Germany — 0.1%** | **Germany — 0.1%** |
| FUCHS SE, Preference Shares, NVS | &nbsp;&nbsp; 12125 | 584203 |
| **Total Preferred Stocks — 0.1%** <br>**(Cost: $437,918)** | **Total Preferred Stocks — 0.1%** <br>**(Cost: $437,918)** | 584203 |
| **Rights** | **Rights** | **Rights** |
| **Belgium — 0.0%** | **Belgium — 0.0%** | **Belgium — 0.0%** |
| Elia Group SA/NV, (Expires 05/30/25, Strike <br> Price EUR)<sup>(c)</sup><br>| &nbsp;&nbsp; 5612 | 27380 |
| **Total Rights — 0.0%** <br>**(Cost: $—)** | **Total Rights — 0.0%** <br>**(Cost: $—)** | 27380 |
| **Total Long-Term Investments — 98.9%** <br>**(Cost: $882,789,324)** | **Total Long-Term Investments — 98.9%** <br>**(Cost: $882,789,324)** | 1014370091 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 0.3%** | **Money Market Funds — 0.3%** | **Money Market Funds — 0.3%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.50%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 487189 | $487433 |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.31%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 2750000 | 2750000 |
| **Total Short-Term Securities — 0.3%** <br>**(Cost: $3,237,433)** | **Total Short-Term Securities — 0.3%** <br>**(Cost: $3,237,433)** | 3237433 |
| **Total Investments — 99.2%** <br>**(Cost: $886,026,757)** | **Total Investments — 99.2%** <br>**(Cost: $886,026,757)** | 1017607524 |
| **Other Assets Less Liabilities — 0.8%** | **Other Assets Less Liabilities — 0.8%** | 8169189 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1025776713 |

---

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

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

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

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

<sup>(d)</sup> 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 year ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/24*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*03/31/25*<br>| *Shares* <br>*Held at* <br>*03/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares<br>| $130786<br> $356752 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $(124)<br>| $19 | $487433 | 487189 | $11758 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 230000<br> 2520000 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |  |  | 2750000 | 2750000 | 67148 | &nbsp;&nbsp; — |
|  |  |  | $(124)<br>| $19 | $3237433 |  | $78906 | &nbsp;&nbsp; $— |

---

&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 fees and collateral investment expenses, and other payments to and from borrowers of securities. 

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2025

**iShares® International Dividend Growth ETF**

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| S&P/TSX 60 Index | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 06/19/25 | &nbsp;&nbsp; $1665 | &nbsp;&nbsp; $5989 |
| MSCI EAFE Index | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp; 9061 | &nbsp;&nbsp; (198382)<br>|
|  |  |  |  | &nbsp;&nbsp; $(192393)<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; $5989 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5989 |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $198382 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $198382 |

---

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

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

For the period ended March 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $201457 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $201457 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(217869)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(217869)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $5850530 |

---

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; $273393272 | &nbsp;&nbsp; $740365236 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1013758508 |
| Preferred Stocks | &nbsp;&nbsp; — | &nbsp;&nbsp; 584203 | &nbsp;&nbsp; — | &nbsp;&nbsp; 584203 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2025

**iShares® International Dividend Growth ETF**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Level 1* | *Level 2* | *Level 3* | *Total* |
| Long-Term Investments (continued) |  |  |  |  |
| Rights | &nbsp;&nbsp; $27380 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $27380 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 3237433 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3237433 |
|  | &nbsp;&nbsp; $276658085 | &nbsp;&nbsp; $740949439 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1017607524 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Assets  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $5989 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5989 |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; (198382)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (198382)<br>|
|  | &nbsp;&nbsp; $(192393)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(192393)<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

March 31, 2025

**iShares® Latin America 40 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 — 41.1%** | **Brazil — 41.1%** | **Brazil — 41.1%** |
| Ambev SA, ADR | &nbsp;&nbsp; 14143987 | $32955490 |
| B3 SA - Brasil Bolsa Balcao | &nbsp;&nbsp; 17395703 | 37007918 |
| Banco do Brasil SA | &nbsp;&nbsp; 9185652 | 45377341 |
| Centrais Eletricas Brasileiras SA | &nbsp;&nbsp; 2924090 | 20901547 |
| Cia de Saneamento Basico do Estado de Sao <br> Paulo SABESP<br>| &nbsp;&nbsp; 1468053 | 26240729 |
| Localiza Rent a Car SA | &nbsp;&nbsp; 2777221 | 16347616 |
| NU Holdings Ltd./Cayman Islands, Class A<sup>(a)(b)</sup> | &nbsp;&nbsp; 10472878 | 107242271 |
| Petroleo Brasileiro SA, ADR | &nbsp;&nbsp; 5964381 | 85529223 |
| Rede D'Or Sao Luiz SA<sup>(c)</sup> | &nbsp;&nbsp; 3449930 | 17048783 |
| Telefonica Brasil SA, ADR NVS | &nbsp;&nbsp; 1251985 | 10917309 |
| Vale SA, Class B, ADR | &nbsp;&nbsp; 11495033 | 114720429 |
| WEG SA | &nbsp;&nbsp; 4709362 | 37368226 |
|  |  | 551656882 |
| **Chile — 7.4%** | **Chile — 7.4%** | **Chile — 7.4%** |
| Banco de Chile | &nbsp;&nbsp; 142485170 | 18843459 |
| Banco Santander Chile, ADR | &nbsp;&nbsp; 497254 | 11337391 |
| Cencosud SA | &nbsp;&nbsp; 3967195 | 12116251 |
| Empresas CMPC SA | &nbsp;&nbsp; 3530487 | 5800240 |
| Empresas Copec SA | &nbsp;&nbsp; 1166742 | 8047850 |
| Enel Americas SA | &nbsp;&nbsp; 62003711 | 6033598 |
| Falabella SA | &nbsp;&nbsp; 2488880 | 10379726 |
| Latam Airlines Group SA | &nbsp;&nbsp; 599851520 | 9395702 |
| Sociedad Quimica y Minera de Chile SA, ADR<sup>(b)</sup> | &nbsp;&nbsp; 457834 | 18189745 |
|  |  | 100143962 |
| **Colombia — 2.2%** | **Colombia — 2.2%** | **Colombia — 2.2%** |
| Bancolombia SA, ADR | &nbsp;&nbsp; 362514 | 14573063 |
| Ecopetrol SA, ADR | &nbsp;&nbsp; 790846 | 8256432 |
| Interconexion Electrica SA ESP | &nbsp;&nbsp; 1422219 | 6495548 |
|  |  | 29325043 |
| **Mexico — 23.9%** | **Mexico — 23.9%** | **Mexico — 23.9%** |
| America Movil SAB de CV, Series B, Class B<sup>(b)</sup> | &nbsp;&nbsp; 60540187 | 43132054 |
| Arca Continental SAB de CV | &nbsp;&nbsp; 1579247 | 16512853 |
| Cemex SAB de CV, NVS | &nbsp;&nbsp; 48526077 | 27387729 |
| Fibra Uno Administracion SA de CV | &nbsp;&nbsp; 8908738 | 10408655 |
| Fomento Economico Mexicano SAB de CV | &nbsp;&nbsp; 5544377 | 54139259 |
| Grupo Bimbo SAB de CV, Series A, Class A | &nbsp;&nbsp; 4582378 | 12458820 |
| Grupo Carso SAB de CV, Series A1, Class A1 | &nbsp;&nbsp; 1731861 | 10178158 |
| Grupo Financiero Banorte SAB de CV, Class O | &nbsp;&nbsp; 7755586 | 53788283 |
| Grupo Mexico SAB de CV, Series B, Class B | &nbsp;&nbsp; 9982534 | 49911451 |
| Wal-Mart de Mexico SAB de CV | &nbsp;&nbsp; 15659723 | 43127464 |
|  |  | 321044726 |
| **Peru — 5.0%** | **Peru — 5.0%** | **Peru — 5.0%** |
| Credicorp Ltd. | &nbsp;&nbsp; 217843 | 40553653 |
| Southern Copper Corp. | &nbsp;&nbsp; 280754 | 26239269 |
|  |  | 66792922 |
| **Total Common Stocks — 79.6%** <br>**(Cost: $1,189,303,384)** | **Total Common Stocks — 79.6%** <br>**(Cost: $1,189,303,384)** | 1068963535 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Preferred Stocks** | **Preferred Stocks** | **Preferred Stocks** |
| **Brazil — 19.7%** | **Brazil — 19.7%** | **Brazil — 19.7%** |
| Banco Bradesco SA, Preference Shares, ADR | &nbsp;&nbsp; 16952166 | $37803330 |
| Gerdau SA, Preference Shares, ADR | &nbsp;&nbsp; 4282509 | 12162326 |
| Itau Unibanco Holding SA, Preference Shares, ADR | &nbsp;&nbsp; 17087730 | 93982515 |
| Itausa SA, Preference Shares, NVS | &nbsp;&nbsp; 18495359 | 30628699 |
| Petroleo Brasileiro SA, Preference Shares, ADR | &nbsp;&nbsp; 6896630 | 89932055 |
|  |  | 264508925 |
| **Total Preferred Stocks — 19.7%** <br>**(Cost: $336,708,709)** | **Total Preferred Stocks — 19.7%** <br>**(Cost: $336,708,709)** | 264508925 |
| **Rights** | **Rights** | **Rights** |
| **Brazil — 0.0%** | **Brazil — 0.0%** | **Brazil — 0.0%** |
| Itausa SA, (Expires 04/25/25, Strike Price <br> BRL 6.70)<sup>(a)</sup><br>| &nbsp;&nbsp; 241119 | 126339 |
| **Total Rights — 0.0%** <br>**(Cost: $—)** | **Total Rights — 0.0%** <br>**(Cost: $—)** | 126339 |
| **Total Long-Term Investments — 99.3%** <br>**(Cost: $1,526,012,093)** | **Total Long-Term Investments — 99.3%** <br>**(Cost: $1,526,012,093)** | 1333598799 |
| **Short-Term Securities** | **Short-Term Securities** | **Short-Term Securities** |
| **Money Market Funds — 2.4%** | **Money Market Funds — 2.4%** | **Money Market Funds — 2.4%** |
| BlackRock Cash Funds: Institutional, SL Agency <br> Shares, 4.50%<sup>(d)(e)(f)</sup><br>| &nbsp;&nbsp; 28283239 | 28297381 |
| BlackRock Cash Funds: Treasury, SL Agency <br> Shares, 4.31%<sup>(d)(e)</sup><br>| &nbsp;&nbsp; 3220000 | 3220000 |
| **Total Short-Term Securities — 2.4%** <br>**(Cost: $31,517,381)** | **Total Short-Term Securities — 2.4%** <br>**(Cost: $31,517,381)** | 31517381 |
| **Total Investments — 101.7%** <br>**(Cost: $1,557,529,474)** | **Total Investments — 101.7%** <br>**(Cost: $1,557,529,474)** | 1365116180 |
| **Liabilities in Excess of Other Assets — (1.7)%** | **Liabilities in Excess of Other Assets — (1.7)%** | (22706067)<br>|
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $1342410113 |

---

&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. 

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Latin America 40 ETF**

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/24*<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>*03/31/25*<br>| *Shares* <br>*Held at* <br>*03/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL <br> Agency Shares<br>| $3741021 | $24552646 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $3714 | $— | $28297381 | 28283239 | $168630 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL <br> Agency Shares<br>| 11050000 |  | &nbsp;&nbsp; (7830000 )<sup>(a)</sup><br>| &nbsp;&nbsp; — |  | 3220000 | 3220000 | 114336 | &nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp; $3714 | $— | $31517381 |  | $282966 | &nbsp;&nbsp; $— |

---

&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 fees and collateral investment expenses, and other payments to and from borrowers of securities. 

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Bclear MSCI Brazil Index | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp; $4760 | &nbsp;&nbsp; $(109880)<br>|
| Mexican BOLSA Index | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 06/20/25 | &nbsp;&nbsp; 2335 | &nbsp;&nbsp; (40497)<br>|
|  |  |  |  | &nbsp;&nbsp; $(150377)<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* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $150377 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $150377 |

---

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

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

For the period ended March 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2906796)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2906796)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(421081)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(421081)<br>|

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2025

**iShares® Latin America 40 ETF**

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $17531651 |

---

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; $1032676524 | &nbsp;&nbsp; $36287011 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1068963535 |
| Preferred Stocks | &nbsp;&nbsp; 264508925 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 264508925 |
| Rights | &nbsp;&nbsp; 126339 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 126339 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 31517381 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 31517381 |
|  | &nbsp;&nbsp; $1328829169 | &nbsp;&nbsp; $36287011 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1365116180 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $(150377)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(150377)<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.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities

March 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>Asia 50 ETF <br>| &nbsp;&nbsp; iShares <br>Blockchain <br> and Tech <br> ETF <br>| &nbsp;&nbsp; iShares <br>Emerging <br> Markets <br> Infrastructure <br> ETF <br>| &nbsp;&nbsp; iShares <br>Europe ETF <br>|
| **ASSETS** |  |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $731456431 | $28350372 | $8426363 | $1940455724 |
| Investments, at value—affiliated<sup>(c)</sup> | 360000 | 12007477 | 30000 | 2162009 |
| Cash | 1293 | 6493 | 1991 | 3492 |
| Cash pledged for futures contracts | 203000 | 3379 | 2000 |  |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> |  |  |  | 561578 |
| Foreign currency, at value<sup>(e)</sup> | 696615 | 18243 | 5418 | 2963068 |
| Receivables: |  |  |  |  |
| Investments sold | 2621782 |  | 595321 | 863614 |
| Securities lending income—affiliated | 2361 | 10523 | 114 | 53 |
| Dividends—unaffiliated | 1868181 | 2127 | 32520 | 5332594 |
| Dividends—affiliated | 1388 | 158 | 47 | 9899 |
| Tax reclaims |  |  |  | 4066391 |
| Total assets | 737211051 | 40398772 | 9093774 | 1956418422 |
| **LIABILITIES** |  |  |  |  |
| Collateral on securities loaned, at value |  | 11977272 |  | 192264 |
| Payables: |  |  |  |  |
| Investments purchased | 2246292 |  | 627643 | 614204 |
| Investment advisory fees | 319412 | 12847 | 4336 | 957678 |
| IRS compliance fee for foreign withholding tax claims |  |  |  | 4568209 |
| Professional fees |  |  |  | 27124 |
| Variation margin on futures contracts | 36118 | 505 | 127 | 69939 |
| Total liabilities | 2601822 | 11990624 | 632106 | 6429418 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $734609229 | $28408148 | $8461668 | $1949989004 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $584326225 | $33027378 | $45782670 | $2263835977 |
| Accumulated earnings (loss) | 150283004 | (4619230) | (37321002) | (313846973) |
| NET ASSETS | $734609229 | $28408148 | $8461668 | $1949989004 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | 10150000 | 1150000 | 400000 | 33600000 |
| Net asset value | $72.38 | $24.70 | $21.15 | $58.04 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value |  |  |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $577205003 | $29752487 | $8432482 | $1811337033 |
| <sup>(b)</sup> Securities loaned, at value | $— | $10904976 | $— | $180865 |
| <sup>(c)</sup> Investments, at cost—affiliated | $360000 | $12006533 | $30000 | $2162012 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $— | $— | $— | $600578 |
| <sup>(e)</sup> Foreign currency, at cost | $698494 | $18244 | $5424 | $2918965 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Assets and Liabilities (continued)

March 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>Future AI & <br> Tech ETF <br>| &nbsp;&nbsp; iShares <br>Future <br> Metaverse <br> Tech and <br> Communications <br> ETF <br>| &nbsp;&nbsp; iShares <br>India 50 ETF <br>| &nbsp;&nbsp; iShares <br>International <br> Developed <br> Small Cap <br> Value Factor <br> ETF <br>|
| **ASSETS** |  |  |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $767031555 | $6493831 | $642727862 | $25364298 |
| Investments, at value—affiliated<sup>(c)</sup> | 59825361 | 1508 | 10220000 | 635607 |
| Cash | 3385 | 4680 | 6508 | 4881 |
| Cash pledged for futures contracts | 71000 |  | 69000 | 30000 |
| Foreign currency, at value<sup>(d)</sup> | 538327 | 4781 | 14445429 | 81985 |
| Receivables: |  |  |  |  |
| Investments sold |  |  |  | 73 |
| Securities lending income—affiliated | 15405 | 16 |  | 502 |
| Dividends—unaffiliated | 166834 | 741 |  | 158634 |
| Dividends—affiliated | 4732 |  | 84127 |  |
| Tax reclaims | 61426 | 262 |  | 242589 |
| Foreign withholding tax claims |  |  |  | 3825 |
| Other assets |  | 128 |  |  |
| Total assets | 827718025 | 6505947 | 667552926 | 26522394 |
| **LIABILITIES** |  |  |  |  |
| Collateral on securities loaned, at value | 58803891 | 1508 |  | 634031 |
| Payables: |  |  |  |  |
| Deferred foreign capital gain tax |  |  | 21228169 |  |
| Investment advisory fees | 321620 | 2705 | 541062 | 6613 |
| Professional fees |  |  |  | 8791 |
| Variation margin on futures contracts | 1049 |  | 32549 | 5324 |
| Total liabilities | 59126560 | 4213 | 21801780 | 654759 |
| **Commitments and contingent liabilities** |  |  |  |  |
| NET ASSETS | $768591465 | $6501734 | $645751146 | $25867635 |
| **NET ASSETS CONSIST OF** |  |  |  |  |
| Paid-in capital | $909545891 | $5574089 | $229876310 | $31664931 |
| Accumulated earnings (loss) | (140954426) | 927645 | 415874836 | (5797296) |
| NET ASSETS | $768591465 | $6501734 | $645751146 | $25867635 |
| **NET ASSET VALUE** |  |  |  |  |
| Shares outstanding | 24400000 | 200000 | 12700000 | 700000 |
| Net asset value | $31.50 | $32.51 | $50.85 | $36.95 |
| Shares authorized | Unlimited | Unlimited | Unlimited | Unlimited |
| Par value |  |  |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $836283430 | $5551247 | $496296073 | $25112233 |
| <sup>(b)</sup> Securities loaned, at value | $56604262 | $1420 | $— | $596596 |
| <sup>(c)</sup> Investments, at cost—affiliated | $59827359 | $1508 | $10220000 | $635637 |
| <sup>(d)</sup> Foreign currency, at cost | $539642 | $4816 | $14445429 | $81852 |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Assets and Liabilities (continued)

March 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; iShares <br>International <br> Dividend Growth <br> ETF <br>| &nbsp;&nbsp; iShares <br>Latin America 40 <br> ETF <br>|
| **ASSETS** |  |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $1014370091 | $1333598799 |
| Investments, at value—affiliated<sup>(c)</sup> | 3237433 | 31517381 |
| Cash | 208629 | 153454 |
| Cash pledged for futures contracts | 323000 | 283000 |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> | 88948 | 161646 |
| Foreign currency, at value<sup>(e)</sup> | 2098656 | 2421842 |
| Receivables: |  |  |
| Investments sold | 1635054 | 55420 |
| Securities lending income—affiliated | 1991 | 30988 |
| Capital shares sold | 1142701 | 6764489 |
| Dividends—unaffiliated | 3597428 | 4102055 |
| Dividends—affiliated | 5940 | 10222 |
| Tax reclaims | 1542644 |  |
| Foreign withholding tax claims | 28767 |  |
| Total assets | 1028281282 | 1379099296 |
| **LIABILITIES** |  |  |
| Collateral on securities loaned, at value | 487710 | 28297295 |
| Payables: |  |  |
| Investments purchased | 1784893 | 7811065 |
| Interest expense and fees | 3595 |  |
| Investment advisory fees | 128242 | 525277 |
| Professional fees | 19453 |  |
| Variation margin on futures contracts | 80676 | 55546 |
| Total liabilities | 2504569 | 36689183 |
| **Commitments and contingent liabilities** |  |  |
| NET ASSETS | $1025776713 | $1342410113 |
| **NET ASSETS CONSIST OF** |  |  |
| Paid-in capital | $934283401 | $2742452275 |
| Accumulated earnings (loss) | 91493312 | (1400042162) |
| NET ASSETS | $1025776713 | $1342410113 |
| **NET ASSET VALUE** |  |  |
| Shares outstanding | 14200000 | 57000000 |
| Net asset value | $72.24 | $23.55 |
| Shares authorized | Unlimited | Unlimited |
| Par value |  |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $882789324 | $1526012093 |
| <sup>(b)</sup> Securities loaned, at value | $352865 | $26996376 |
| <sup>(c)</sup> Investments, at cost—affiliated | $3237433 | $31517381 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $89313 | $164728 |
| <sup>(e)</sup> Foreign currency, at cost | $2103323 | $2427996 |

---

*See notes to financial statements.*

Statements of Assets and Liabilities

------

Statements of Operations

Year Ended March 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Asia 50 ETF <br>| &nbsp;&nbsp; iShares <br>Blockchain <br> and Tech <br> ETF <br>| &nbsp;&nbsp; iShares <br>Emerging <br> Markets <br> Infrastructure <br> ETF <br>| &nbsp;&nbsp; iShares <br>Europe ETF <br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $35463532 | &nbsp;&nbsp;&nbsp; $53585 | &nbsp;&nbsp;&nbsp; $530455 | &nbsp;&nbsp;&nbsp; $57146085 |
| Dividends—affiliated | &nbsp;&nbsp; 29079 | &nbsp;&nbsp;&nbsp; 1788 | &nbsp;&nbsp;&nbsp; 1157 | &nbsp;&nbsp;&nbsp; 138081 |
| Interest—unaffiliated | &nbsp;&nbsp; 17774 | &nbsp;&nbsp;&nbsp; 348 | &nbsp;&nbsp;&nbsp; 455 | &nbsp;&nbsp;&nbsp; 14414 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 14685 | &nbsp;&nbsp;&nbsp; 70545 | &nbsp;&nbsp;&nbsp; 6349 | &nbsp;&nbsp;&nbsp; 14150 |
| Other income—unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 25368 |
| Foreign taxes withheld | &nbsp;&nbsp; (3796982)<br>| &nbsp;&nbsp;&nbsp; (1643)<br>| &nbsp;&nbsp;&nbsp; (24364)<br>| &nbsp;&nbsp;&nbsp; (5306523)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 245730 |
| IRS compliance fee for foreign withholding tax claims | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (280448)<br>|
| Total investment income | &nbsp;&nbsp; 31728088 | &nbsp;&nbsp;&nbsp; 124623 | &nbsp;&nbsp;&nbsp; 514052 | &nbsp;&nbsp;&nbsp; 51996857 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 5847091 | &nbsp;&nbsp;&nbsp; 132323 | &nbsp;&nbsp;&nbsp; 69433 | &nbsp;&nbsp;&nbsp; 10039007 |
| Commitment costs | &nbsp;&nbsp; 12705 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp; — |
| Interest expense | &nbsp;&nbsp; 732 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 384 | &nbsp;&nbsp;&nbsp; — |
| Professional | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 68349 |
| Total expenses | &nbsp;&nbsp; 5860528 | &nbsp;&nbsp;&nbsp; 132323 | &nbsp;&nbsp;&nbsp; 69935 | &nbsp;&nbsp;&nbsp; 10107356 |
| Net investment income (loss) | &nbsp;&nbsp; 25867560 | &nbsp;&nbsp;&nbsp; (7700)<br>| &nbsp;&nbsp;&nbsp; 444117 | &nbsp;&nbsp;&nbsp; 41889501 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 207696511 | &nbsp;&nbsp;&nbsp; 351399 | &nbsp;&nbsp;&nbsp; (1816240)<br>| &nbsp;&nbsp;&nbsp; (9919356)<br>|
| Investments—affiliated | &nbsp;&nbsp; 232 | &nbsp;&nbsp;&nbsp; (191)<br>| &nbsp;&nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp; (1923)<br>|
| Foreign currency transactions | &nbsp;&nbsp; (609173)<br>| &nbsp;&nbsp;&nbsp; (304)<br>| &nbsp;&nbsp;&nbsp; (403)<br>| &nbsp;&nbsp;&nbsp; 3823 |
| Futures contracts | &nbsp;&nbsp; 180961 | &nbsp;&nbsp;&nbsp; (5593)<br>| &nbsp;&nbsp;&nbsp; 14192 | &nbsp;&nbsp;&nbsp; 340000 |
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; (66009545)<br>| &nbsp;&nbsp;&nbsp; 1580607 | &nbsp;&nbsp;&nbsp; 3427855 | &nbsp;&nbsp;&nbsp; 37123177 |
|  | &nbsp;&nbsp; 141258986 | &nbsp;&nbsp;&nbsp; 1925918 | &nbsp;&nbsp;&nbsp; 1625377 | &nbsp;&nbsp;&nbsp; 27545721 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments—unaffiliated | &nbsp;&nbsp; 96535013 | &nbsp;&nbsp;&nbsp; (10388329)<br>| &nbsp;&nbsp;&nbsp; (1985732)<br>| &nbsp;&nbsp;&nbsp; 40224414 |
| Investments—affiliated | &nbsp;&nbsp; (582)<br>| &nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp;&nbsp; 233 | &nbsp;&nbsp;&nbsp; 770 |
| Foreign currency translations | &nbsp;&nbsp; 44865 | &nbsp;&nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp; 388 | &nbsp;&nbsp;&nbsp; 73526 |
| Futures contracts | &nbsp;&nbsp; (92363)<br>| &nbsp;&nbsp;&nbsp; (509)<br>| &nbsp;&nbsp;&nbsp; (67)<br>| &nbsp;&nbsp;&nbsp; (289197)<br>|
|  | &nbsp;&nbsp; 96486933 | &nbsp;&nbsp;&nbsp; (10388289)<br>| &nbsp;&nbsp;&nbsp; (1985178)<br>| &nbsp;&nbsp;&nbsp; 40009513 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 237745919 | &nbsp;&nbsp;&nbsp; (8462371)<br>| &nbsp;&nbsp;&nbsp; (359801)<br>| &nbsp;&nbsp;&nbsp; 67555234 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $263613479 | &nbsp;&nbsp;&nbsp; $(8470071)<br>| &nbsp;&nbsp;&nbsp; $84316 | &nbsp;&nbsp;&nbsp; $109444735 |
| <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(a)</sup> See Note 2 of the Notes to Financial Statements. |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Operations (continued)

Year Ended March 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | *iShares* <br>*Future AI & Tech ETF* | *iShares* <br>*Future AI & Tech ETF* |
|  | Period From <br>08/01/24 <br>to 03/31/25<sup>(a)</sup> <br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>|
| **INVESTMENT INCOME** |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $2045366 | &nbsp;&nbsp;&nbsp; $5317794 |
| Dividends—affiliated | &nbsp;&nbsp; 39813 | &nbsp;&nbsp;&nbsp; 43064 |
| Interest—unaffiliated | &nbsp;&nbsp; 6293 | &nbsp;&nbsp;&nbsp; 9584 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 638561 | &nbsp;&nbsp;&nbsp; 2277067 |
| Foreign taxes withheld | &nbsp;&nbsp; (53519)<br>| &nbsp;&nbsp;&nbsp; (479816)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 17754 |
| Total investment income | &nbsp;&nbsp; 2676514 | &nbsp;&nbsp;&nbsp; 7185447 |
| EXPENSES |  |  |
| Investment advisory | &nbsp;&nbsp; 2205767 | &nbsp;&nbsp;&nbsp; 2734104 |
| Interest expense | &nbsp;&nbsp; 5352 | &nbsp;&nbsp;&nbsp; 417 |
| Commitment fees | &nbsp;&nbsp; 819 | &nbsp;&nbsp;&nbsp; 3234 |
| Professional fees | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1775 |
| Total expenses | &nbsp;&nbsp; 2211938 | &nbsp;&nbsp;&nbsp; 2739530 |
| Net investment income | &nbsp;&nbsp; 464576 | &nbsp;&nbsp;&nbsp; 4445917 |
| **NET REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from: |  |  |
| Investments—unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; 13310483 | &nbsp;&nbsp;&nbsp; (15141868)<br>|
| Investments—affiliated | &nbsp;&nbsp; 14170 | &nbsp;&nbsp;&nbsp; (4843)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 95551 | &nbsp;&nbsp;&nbsp; (77172)<br>|
| Futures contracts | &nbsp;&nbsp; 39050 | &nbsp;&nbsp;&nbsp; 133174 |
| In-kind redemptions—unaffiliated<sup>(c)</sup> | &nbsp;&nbsp; 9439595 | &nbsp;&nbsp;&nbsp; 7464772 |
|  | &nbsp;&nbsp; 22898849 | &nbsp;&nbsp;&nbsp; (7625937)<br>|
| Net change in net unrealized appreciation (depreciation) on: |  |  |
| Investments—unaffiliated<sup>(d)</sup> | &nbsp;&nbsp; (103184693)<br>| &nbsp;&nbsp;&nbsp; (3632618)<br>|
| Investments—affiliated | &nbsp;&nbsp; (648)<br>| &nbsp;&nbsp;&nbsp; 1376 |
| Foreign currency translations | &nbsp;&nbsp; (13722)<br>| &nbsp;&nbsp;&nbsp; 10682 |
| Futures contracts | &nbsp;&nbsp; 2426 | &nbsp;&nbsp;&nbsp; (41077)<br>|
|  | &nbsp;&nbsp; (103196637)<br>| &nbsp;&nbsp;&nbsp; (3661637)<br>|
| Net realized and unrealized loss | &nbsp;&nbsp; (80297788)<br>| &nbsp;&nbsp;&nbsp; (11287574)<br>|
| NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $(79833212)<br>| &nbsp;&nbsp;&nbsp; $(6841657)<br>|
| <sup>(a)</sup> The Fund's fiscal year-end changed from July 31 to March 31. | <sup>(a)</sup> The Fund's fiscal year-end changed from July 31 to March 31. | <sup>(a)</sup> The Fund's fiscal year-end changed from July 31 to March 31. |
| <sup>(b)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | &nbsp;&nbsp; $(465739)<br>| &nbsp;&nbsp;&nbsp; $(340779)<br>|
| <sup>(c)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(c)</sup> See Note 2 of the Notes to Financial Statements. | <sup>(c)</sup> See Note 2 of the Notes to Financial Statements. |
| <sup>(d)</sup> Net of reduction/increase in deferred foreign capital gain tax of | &nbsp;&nbsp; $606718 | &nbsp;&nbsp;&nbsp; $(364795)<br>|

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Operations (continued)

Year Ended March 31, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Future <br> Metaverse <br> Tech and <br> Communications <br> ETF <br>| &nbsp;&nbsp; iShares <br>India 50 ETF <br>| &nbsp;&nbsp; iShares <br>International <br> Developed <br> Small Cap <br> Value Factor <br> ETF <br>| &nbsp;&nbsp; iShares <br>International <br> Dividend <br> Growth ETF <br>|
| **INVESTMENT INCOME** |  |  |  |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $21899 | &nbsp;&nbsp;&nbsp; $12445160 | &nbsp;&nbsp;&nbsp; $5570185 | &nbsp;&nbsp;&nbsp; $24675647 |
| Dividends—affiliated | &nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp; 1553604 | &nbsp;&nbsp;&nbsp; 4502 | &nbsp;&nbsp;&nbsp; 67148 |
| Interest—unaffiliated | &nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp; 39045 | &nbsp;&nbsp;&nbsp; 2811 | &nbsp;&nbsp;&nbsp; 19557 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 1136 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 26744 | &nbsp;&nbsp;&nbsp; 11758 |
| Non-cash dividends—unaffiliated | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1300296 |
| Other income—unaffiliated | &nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 666 | &nbsp;&nbsp;&nbsp; 7040 |
| Foreign taxes withheld | &nbsp;&nbsp; (505)<br>| &nbsp;&nbsp;&nbsp; (2951340)<br>| &nbsp;&nbsp;&nbsp; (541843)<br>| &nbsp;&nbsp;&nbsp; (2909426)<br>|
| Foreign withholding tax claims | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 35041 | &nbsp;&nbsp;&nbsp; 217484 |
| Total investment income | &nbsp;&nbsp; 22918 | &nbsp;&nbsp;&nbsp; 11086469 | &nbsp;&nbsp;&nbsp; 5098106 | &nbsp;&nbsp;&nbsp; 23389504 |
| EXPENSES |  |  |  |  |
| Investment advisory | &nbsp;&nbsp; 31387 | &nbsp;&nbsp;&nbsp; 8055677 | &nbsp;&nbsp;&nbsp; 478115 | &nbsp;&nbsp;&nbsp; 1239911 |
| Commitment costs | &nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 9198 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3501 |
| Professional | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10193 | &nbsp;&nbsp;&nbsp; 20754 |
| Mauritius income taxes | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Interest expense | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2347 | &nbsp;&nbsp;&nbsp; 10535 |
| Total expenses | &nbsp;&nbsp; 31418 | &nbsp;&nbsp;&nbsp; 8064990 | &nbsp;&nbsp;&nbsp; 490655 | &nbsp;&nbsp;&nbsp; 1274701 |
| Net investment income (loss) | &nbsp;&nbsp; (8500)<br>| &nbsp;&nbsp;&nbsp; 3021479 | &nbsp;&nbsp;&nbsp; 4607451 | &nbsp;&nbsp;&nbsp; 22114803 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 48199 | &nbsp;&nbsp;&nbsp; 4624177 | &nbsp;&nbsp;&nbsp; 5502642 | &nbsp;&nbsp;&nbsp; (7290619)<br>|
| Investments—affiliated | &nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 683 | &nbsp;&nbsp;&nbsp; (124)<br>|
| Foreign currency transactions | &nbsp;&nbsp; 213 | &nbsp;&nbsp;&nbsp; 142001 | &nbsp;&nbsp;&nbsp; (82047)<br>| &nbsp;&nbsp;&nbsp; (247773)<br>|
| Futures contracts | &nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; (207758)<br>| &nbsp;&nbsp;&nbsp; 73882 | &nbsp;&nbsp;&nbsp; 201457 |
| In-kind redemptions—unaffiliated<sup>(b)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13996121 | &nbsp;&nbsp;&nbsp; 2000429 |
|  | &nbsp;&nbsp; 48491 | &nbsp;&nbsp;&nbsp; 4558420 | &nbsp;&nbsp;&nbsp; 19491281 | &nbsp;&nbsp;&nbsp; (5336630)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments—unaffiliated<sup>(c)</sup> | &nbsp;&nbsp; 313104 | &nbsp;&nbsp;&nbsp; (12732781)<br>| &nbsp;&nbsp;&nbsp; (17744750)<br>| &nbsp;&nbsp;&nbsp; 60307894 |
| Investments—affiliated | &nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (21)<br>| &nbsp;&nbsp;&nbsp; 19 |
| Foreign currency translations | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp; 3545 | &nbsp;&nbsp;&nbsp; 15754 |
| Futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (87998)<br>| &nbsp;&nbsp;&nbsp; (21291)<br>| &nbsp;&nbsp;&nbsp; (217869)<br>|
|  | &nbsp;&nbsp; 313133 | &nbsp;&nbsp;&nbsp; (12820727)<br>| &nbsp;&nbsp;&nbsp; (17762517)<br>| &nbsp;&nbsp;&nbsp; 60105798 |
| Net realized and unrealized gain (loss) | &nbsp;&nbsp; 361624 | &nbsp;&nbsp;&nbsp; (8262307)<br>| &nbsp;&nbsp;&nbsp; 1728764 | &nbsp;&nbsp;&nbsp; 54769168 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $353124 | &nbsp;&nbsp;&nbsp; $(5240828)<br>| &nbsp;&nbsp;&nbsp; $6336215 | &nbsp;&nbsp;&nbsp; $76883971 |
| <sup>(a)</sup> Net of foreign capital gain tax and capital gain tax refund, if applicable of | &nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(9982232)<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(579322)<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>(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; $527337 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $243737 |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Operations (continued)

Year Ended March 31, 2025

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

---

| | |
|:---|:---|
|  | iShares <br>Latin America <br> 40 ETF <br>|
| **INVESTMENT INCOME** |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $93736412 |
| Dividends—affiliated | &nbsp;&nbsp; 114336 |
| Interest—unaffiliated | &nbsp;&nbsp; 70953 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 168630 |
| Foreign taxes withheld | &nbsp;&nbsp; (5742657)<br>|
| Total investment income | &nbsp;&nbsp; 88347674 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp; 6405159 |
| Commitment costs | &nbsp;&nbsp; 13606 |
| Interest expense | &nbsp;&nbsp; 3874 |
| Total expenses | &nbsp;&nbsp; 6422639 |
| Net investment income | &nbsp;&nbsp; 81925035 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| Investments—unaffiliated | &nbsp;&nbsp; (79500200)<br>|
| Investments—affiliated | &nbsp;&nbsp; 3714 |
| Foreign currency transactions | &nbsp;&nbsp; (690294)<br>|
| Futures contracts | &nbsp;&nbsp; (2906796)<br>|
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 31966259 |
|  | &nbsp;&nbsp; (51127317)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments—unaffiliated | &nbsp;&nbsp; (238651008)<br>|
| Foreign currency translations | &nbsp;&nbsp; (1802)<br>|
| Futures contracts | &nbsp;&nbsp; (421081)<br>|
|  | &nbsp;&nbsp; (239073891)<br>|
| Net realized and unrealized loss | &nbsp;&nbsp; (290201208)<br>|
| NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $(208276173)<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. |

---

*See notes to financial statements.*

Statements of Operations

------

Statements of Changes in Net Assets

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Asia 50 ETF  | iShares <br>Asia 50 ETF  | iShares <br>Blockchain and Tech ETF  | iShares <br>Blockchain and Tech ETF  |
|  | Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $25867560 | &nbsp;&nbsp;&nbsp; $30963243 | &nbsp;&nbsp;&nbsp; $(7700)<br>| &nbsp;&nbsp;&nbsp; $101889 |
| Net realized gain (loss) | &nbsp;&nbsp; 141258986 | &nbsp;&nbsp;&nbsp; (105376713)<br>| &nbsp;&nbsp;&nbsp; 1925918 | &nbsp;&nbsp;&nbsp; 119762 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 96486933 | &nbsp;&nbsp;&nbsp; 79963795 | &nbsp;&nbsp;&nbsp; (10388289)<br>| &nbsp;&nbsp;&nbsp; 8314343 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 263613479 | &nbsp;&nbsp;&nbsp; 5550325 | &nbsp;&nbsp;&nbsp; (8470071)<br>| &nbsp;&nbsp;&nbsp; 8535994 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (25121289)<br>| &nbsp;&nbsp;&nbsp; (38351614)<br>| &nbsp;&nbsp;&nbsp; (523032)<br>| &nbsp;&nbsp;&nbsp; (259294)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (985486408)<br>| &nbsp;&nbsp;&nbsp; (161119817)<br>| &nbsp;&nbsp;&nbsp; 13780263 | &nbsp;&nbsp;&nbsp; 8814903 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (746994218)<br>| &nbsp;&nbsp;&nbsp; (193921106)<br>| &nbsp;&nbsp;&nbsp; 4787160 | &nbsp;&nbsp;&nbsp; 17091603 |
| Beginning of year | &nbsp;&nbsp; 1481603447 | &nbsp;&nbsp;&nbsp; 1675524553 | &nbsp;&nbsp;&nbsp; 23620988 | &nbsp;&nbsp;&nbsp; 6529385 |
| End of year | &nbsp;&nbsp; $734609229 | &nbsp;&nbsp;&nbsp; $1481603447 | &nbsp;&nbsp;&nbsp; $28408148 | &nbsp;&nbsp;&nbsp; $23620988 |

---

&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.

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets(continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Emerging Markets Infrastructure ETF  | iShares <br>Emerging Markets Infrastructure ETF  | iShares <br>Europe ETF  | iShares <br>Europe ETF  |
|  | Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $444117 | &nbsp;&nbsp;&nbsp; $665726 | &nbsp;&nbsp;&nbsp; $41889501 | &nbsp;&nbsp;&nbsp; $46840315 |
| Net realized gain (loss) | &nbsp;&nbsp; 1625377 | &nbsp;&nbsp;&nbsp; (411751)<br>| &nbsp;&nbsp;&nbsp; 27545721 | &nbsp;&nbsp;&nbsp; 39272989 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (1985178)<br>| &nbsp;&nbsp;&nbsp; 789401 | &nbsp;&nbsp;&nbsp; 40009513 | &nbsp;&nbsp;&nbsp; 132307014 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 84316 | &nbsp;&nbsp;&nbsp; 1043376 | &nbsp;&nbsp;&nbsp; 109444735 | &nbsp;&nbsp;&nbsp; 218420318 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (541548)<br>| &nbsp;&nbsp;&nbsp; (577244)<br>| &nbsp;&nbsp;&nbsp; (48450589)<br>| &nbsp;&nbsp;&nbsp; (51798895)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (13087933)<br>| &nbsp;&nbsp;&nbsp; (1072183)<br>| &nbsp;&nbsp;&nbsp; 193010909 | &nbsp;&nbsp;&nbsp; (303570869)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (13545165)<br>| &nbsp;&nbsp;&nbsp; (606051)<br>| &nbsp;&nbsp;&nbsp; 254005055 | &nbsp;&nbsp;&nbsp; (136949446)<br>|
| Beginning of year | &nbsp;&nbsp; 22006833 | &nbsp;&nbsp;&nbsp; 22612884 | &nbsp;&nbsp;&nbsp; 1695983949 | &nbsp;&nbsp;&nbsp; 1832933395 |
| End of year | &nbsp;&nbsp; $8461668 | &nbsp;&nbsp;&nbsp; $22006833 | &nbsp;&nbsp;&nbsp; $1949989004 | &nbsp;&nbsp;&nbsp; $1695983949 |

---

&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.

*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>Future AI & Tech ETF | iShares <br>Future AI & Tech ETF | iShares <br>Future AI & Tech ETF |
|  | Period From <br>08/01/24 <br>to 03/31/25<sup>(a)</sup> <br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |
| **OPERATIONS** |  |  |  |
| Net investment income | &nbsp;&nbsp; $464576 | &nbsp;&nbsp;&nbsp; $4445917 | &nbsp;&nbsp;&nbsp; $2947690 |
| Net realized gain (loss) | &nbsp;&nbsp; 22898849 | &nbsp;&nbsp;&nbsp; (7625937)<br>| &nbsp;&nbsp;&nbsp; (23400784)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (103196637)<br>| &nbsp;&nbsp;&nbsp; (3661637)<br>| &nbsp;&nbsp;&nbsp; 90466793 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (79833212)<br>| &nbsp;&nbsp;&nbsp; (6841657)<br>| &nbsp;&nbsp;&nbsp; 70013699 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(b)</sup> <br>|  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (1280254)<br>| &nbsp;&nbsp;&nbsp; (4879653)<br>| &nbsp;&nbsp;&nbsp; (2261595)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 211504213 | &nbsp;&nbsp;&nbsp; 138902356 | &nbsp;&nbsp;&nbsp; 182260510 |
| *NET ASSETS* |  |  |  |
| Total increase in net assets | &nbsp;&nbsp; 130390747 | &nbsp;&nbsp;&nbsp; 127181046 | &nbsp;&nbsp;&nbsp; 250012614 |
| Beginning of period | &nbsp;&nbsp; 638200718 | &nbsp;&nbsp;&nbsp; 511019672 | &nbsp;&nbsp;&nbsp; 261007058 |
| End of period | &nbsp;&nbsp; $768591465 | &nbsp;&nbsp;&nbsp; $638200718 | &nbsp;&nbsp;&nbsp; $511019672 |

---

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

<sup>(a)</sup> The Fund's fiscal year-end changed from July 31 to March 31. <br> <sup>(b)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets(continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>Future Metaverse Tech and <br> Communications ETF  | iShares <br>Future Metaverse Tech and <br> Communications ETF  | iShares <br>India 50 ETF  | iShares <br>India 50 ETF  |
|  | Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income (loss) | &nbsp;&nbsp; $(8500)<br>| &nbsp;&nbsp;&nbsp; $5432 | &nbsp;&nbsp;&nbsp; $3021479 | &nbsp;&nbsp;&nbsp; $1713797 |
| Net realized gain (loss) | &nbsp;&nbsp; 48491 | &nbsp;&nbsp;&nbsp; 868117 | &nbsp;&nbsp;&nbsp; 4558420 | &nbsp;&nbsp;&nbsp; (4252688)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 313133 | &nbsp;&nbsp;&nbsp; 395279 | &nbsp;&nbsp;&nbsp; (12820727)<br>| &nbsp;&nbsp;&nbsp; 141264400 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; 353124 | &nbsp;&nbsp;&nbsp; 1268828 | &nbsp;&nbsp;&nbsp; (5240828)<br>| &nbsp;&nbsp;&nbsp; 138725509 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (437769)<br>| &nbsp;&nbsp;&nbsp; (18538)<br>| &nbsp;&nbsp;&nbsp; (2149665)<br>| &nbsp;&nbsp;&nbsp; (2801756)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (14332)<br>| &nbsp;&nbsp;&nbsp; (214151738)<br>| &nbsp;&nbsp;&nbsp; 154597664 |
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (84645)<br>| &nbsp;&nbsp;&nbsp; 1235958 | &nbsp;&nbsp;&nbsp; (221542231)<br>| &nbsp;&nbsp;&nbsp; 290521417 |
| Beginning of period | &nbsp;&nbsp; 6586379 | &nbsp;&nbsp;&nbsp; 5350421 | &nbsp;&nbsp;&nbsp; 867293377 | &nbsp;&nbsp;&nbsp; 576771960 |
| End of period | &nbsp;&nbsp; $6501734 | &nbsp;&nbsp;&nbsp; $6586379 | &nbsp;&nbsp;&nbsp; $645751146 | &nbsp;&nbsp;&nbsp; $867293377 |

---

&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.

*See notes to financial statements.*

Statements of Changes in Net Assets

------

Statements of Changes in Net Assets(continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | iShares <br>International Developed Small Cap Value <br> Factor ETF  | iShares <br>International Developed Small Cap Value <br> Factor ETF  | iShares <br>International Dividend Growth ETF  | iShares <br>International Dividend Growth ETF  |
|  | Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |  |  |
| **OPERATIONS** |  |  |  |  |
| Net investment income | &nbsp;&nbsp; $4607451 | &nbsp;&nbsp;&nbsp; $5685058 | &nbsp;&nbsp;&nbsp; $22114803 | &nbsp;&nbsp;&nbsp; $17872535 |
| Net realized gain (loss) | &nbsp;&nbsp; 19491281 | &nbsp;&nbsp;&nbsp; (8472982)<br>| &nbsp;&nbsp;&nbsp; (5336630)<br>| &nbsp;&nbsp;&nbsp; 5534730 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (17762517)<br>| &nbsp;&nbsp;&nbsp; 28515860 | &nbsp;&nbsp;&nbsp; 60105798 | &nbsp;&nbsp;&nbsp; 58991720 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 6336215 | &nbsp;&nbsp;&nbsp; 25727936 | &nbsp;&nbsp;&nbsp; 76883971 | &nbsp;&nbsp;&nbsp; 82398985 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (7116405)<br>| &nbsp;&nbsp;&nbsp; (6703298)<br>| &nbsp;&nbsp;&nbsp; (19112487)<br>| &nbsp;&nbsp;&nbsp; (18517342)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (156854473)<br>| &nbsp;&nbsp;&nbsp; 6476894 | &nbsp;&nbsp;&nbsp; 309967685 | &nbsp;&nbsp;&nbsp; (1263770)<br>|
| *NET ASSETS* |  |  |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (157634663)<br>| &nbsp;&nbsp;&nbsp; 25501532 | &nbsp;&nbsp;&nbsp; 367739169 | &nbsp;&nbsp;&nbsp; 62617873 |
| Beginning of year | &nbsp;&nbsp; 183502298 | &nbsp;&nbsp;&nbsp; 158000766 | &nbsp;&nbsp;&nbsp; 658037544 | &nbsp;&nbsp;&nbsp; 595419671 |
| End of year | &nbsp;&nbsp; $25867635 | &nbsp;&nbsp;&nbsp; $183502298 | &nbsp;&nbsp;&nbsp; $1025776713 | &nbsp;&nbsp;&nbsp; $658037544 |

---

&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.

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statements of Changes in Net Assets(continued)

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

---

| | | |
|:---|:---|:---|
|  | iShares <br>Latin America 40 ETF  | iShares <br>Latin America 40 ETF  |
|  | Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $81925035 | &nbsp;&nbsp;&nbsp; $87986652 |
| Net realized gain (loss) | &nbsp;&nbsp; (51127317)<br>| &nbsp;&nbsp;&nbsp; 4972154 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (239073891)<br>| &nbsp;&nbsp;&nbsp; 185086957 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp; (208276173)<br>| &nbsp;&nbsp;&nbsp; 278045763 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (86187509)<br>| &nbsp;&nbsp;&nbsp; (72678562)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase (decrease) in net assets derived from capital share transactions | &nbsp;&nbsp; (90257347)<br>| &nbsp;&nbsp;&nbsp; 518630934 |
| *NET ASSETS* |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (384721029)<br>| &nbsp;&nbsp;&nbsp; 723998135 |
| Beginning of year | &nbsp;&nbsp; 1727131142 | &nbsp;&nbsp;&nbsp; 1003133007 |
| End of year | &nbsp;&nbsp; $1342410113 | &nbsp;&nbsp;&nbsp; $1727131142 |

---

&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.

*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 Asia 50 ETF  | iShares Asia 50 ETF  | iShares Asia 50 ETF  | iShares Asia 50 ETF  | iShares Asia 50 ETF  |
|  | Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>| &nbsp;&nbsp; Year Ended <br>03/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $61.35 | &nbsp;&nbsp;&nbsp; $61.83 | &nbsp;&nbsp;&nbsp; $68.67 | &nbsp;&nbsp;&nbsp; $90.91 | &nbsp;&nbsp;&nbsp; $56.05 |
| Net investment income<sup>(a)</sup> | 1.51 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | 11.41 | &nbsp;&nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp;&nbsp; (6.54)<br>| &nbsp;&nbsp;&nbsp; (21.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp;34.52 |
| Net increase (decrease) from investment operations | 12.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp; (5.37)<br>| &nbsp;&nbsp;&nbsp; (21.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;35.83 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (1.89)<br>| &nbsp;&nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp;&nbsp; (0.97)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $72.38 | &nbsp;&nbsp;&nbsp; $61.35 <br><sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; $61.83 | &nbsp;&nbsp;&nbsp; $68.67 | &nbsp;&nbsp;&nbsp; $90.91 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 21.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.87 %<sup>(d)</sup><br>| &nbsp;&nbsp;&nbsp; (7.77)%<br>| &nbsp;&nbsp;&nbsp; (23.36)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 64.22<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 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 | 2.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.66<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $734609 | &nbsp;&nbsp;&nbsp; $1481603 | &nbsp;&nbsp;&nbsp; $1675525 | &nbsp;&nbsp;&nbsp; $1885125 | &nbsp;&nbsp;&nbsp; $3172670 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 25<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp;&nbsp; 46<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(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>(d)</sup> For financial reporting purposes, the market values of certain investments were adjusted as of the report date. Accordingly, the NAV per share and total return presented herein <br> is different than the information previously published as of March 28, 2024. | <sup>(d)</sup> For financial reporting purposes, the market values of certain investments were adjusted as of the report date. Accordingly, the NAV per share and total return presented herein <br> is different than the information previously published as of March 28, 2024. | <sup>(d)</sup> For financial reporting purposes, the market values of certain investments were adjusted as of the report date. Accordingly, the NAV per share and total return presented herein <br> is different than the information previously published as of March 28, 2024. | <sup>(d)</sup> For financial reporting purposes, the market values of certain investments were adjusted as of the report date. Accordingly, the NAV per share and total return presented herein <br> is different than the information previously published as of March 28, 2024. | <sup>(d)</sup> For financial reporting purposes, the market values of certain investments were adjusted as of the report date. Accordingly, the NAV per share and total return presented herein <br> is different than the information previously published as of March 28, 2024. | <sup>(d)</sup> For financial reporting purposes, the market values of certain investments were adjusted as of the report date. Accordingly, the NAV per share and total return presented herein <br> is different than the information previously published as of March 28, 2024. |
| <sup>(e)</sup> 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> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares 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 Blockchain and Tech ETF  | iShares Blockchain and Tech ETF  | iShares Blockchain and Tech ETF  |
|  | Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Period From <br>04/25/22<sup>(a)</sup> <br>to 03/31/23<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $31.49 | &nbsp;&nbsp;&nbsp; $16.32 | &nbsp;&nbsp;&nbsp; $25.56 |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | &nbsp;&nbsp; (6.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.49 | &nbsp;&nbsp;&nbsp; (9.38)<br>|
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (6.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;15.69 | &nbsp;&nbsp;&nbsp; (9.16)<br>|
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp; (0.08)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $24.70 | &nbsp;&nbsp;&nbsp; $31.49 | &nbsp;&nbsp;&nbsp; $16.32 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |
| Based on net asset value | &nbsp;&nbsp; (20.50)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 97.46<br> %<br>| &nbsp;&nbsp;&nbsp; (35.71 )%<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |
| Total expenses | 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47 %<sup>(h)</sup><br>|
| Net investment income (loss) | &nbsp;&nbsp; (0.03)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.56 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $28408 | &nbsp;&nbsp;&nbsp; $23621 | &nbsp;&nbsp;&nbsp; $6529 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp;&nbsp; 81<br> %<br>| &nbsp;&nbsp;&nbsp; 87<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(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> 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>(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>(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 Emerging Markets Infrastructure ETF  | iShares Emerging Markets Infrastructure ETF  | iShares Emerging Markets Infrastructure ETF  | iShares Emerging Markets Infrastructure ETF  | iShares Emerging Markets Infrastructure ETF  |
|  | Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>| &nbsp;&nbsp; Year Ended <br>03/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $22.01 | &nbsp;&nbsp;&nbsp; $21.54 | &nbsp;&nbsp;&nbsp; $22.88 | &nbsp;&nbsp;&nbsp; $24.74 | &nbsp;&nbsp;&nbsp; $19.80 |
| Net investment income<sup>(a)</sup> | 0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp;&nbsp; (1.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.91 |
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.56 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp;&nbsp; (0.62)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $21.15 | &nbsp;&nbsp;&nbsp; $22.01 | &nbsp;&nbsp;&nbsp; $21.54 | &nbsp;&nbsp;&nbsp; $22.88 | &nbsp;&nbsp;&nbsp; $24.74 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (0.11)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.95<br> %<br>| &nbsp;&nbsp;&nbsp; (3.11)%<br>| &nbsp;&nbsp;&nbsp; (3.83)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28.33<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| Net investment income | 3.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.90<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $8462 | &nbsp;&nbsp;&nbsp; $22007 | &nbsp;&nbsp;&nbsp; $22613 | &nbsp;&nbsp;&nbsp; $20595 | &nbsp;&nbsp;&nbsp; $16083 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp;&nbsp; 27<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(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>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares 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 Europe ETF  | iShares Europe ETF  | iShares Europe ETF  | iShares Europe ETF  | iShares Europe ETF  |
|  | Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>| &nbsp;&nbsp; Year Ended <br>03/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $55.61 | &nbsp;&nbsp;&nbsp; $50.08 | &nbsp;&nbsp;&nbsp; $50.17 | &nbsp;&nbsp;&nbsp; $50.25 | &nbsp;&nbsp;&nbsp; $35.42 |
| Net investment income<sup>(a)</sup> | 1.39 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.40 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.24 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 2.66 | &nbsp;&nbsp;&nbsp;&nbsp;5.59 | &nbsp;&nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;14.82 |
| Net increase from investment operations | 4.05 | &nbsp;&nbsp;&nbsp;&nbsp;6.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;15.67 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp;&nbsp; (1.53)<br>| &nbsp;&nbsp;&nbsp; (0.84)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $58.04 | &nbsp;&nbsp;&nbsp; $55.61 | &nbsp;&nbsp;&nbsp; $50.08 | &nbsp;&nbsp;&nbsp; $50.17 | &nbsp;&nbsp;&nbsp; $50.25 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 7.44 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.32 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.87 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.69 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 44.70<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 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; 0.59<br> %<br>|
| Net investment income | 2.48 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.75 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.21 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.34 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.94<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $1949989 | &nbsp;&nbsp;&nbsp; $1695984 | &nbsp;&nbsp;&nbsp; $1832933 | &nbsp;&nbsp;&nbsp; $1943979 | &nbsp;&nbsp;&nbsp; $1665944 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp;&nbsp; 5<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.04, $0.27 and $0.18.<br> • Total return by 0.01%, 0.10%, 0.56% and 0.36%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.08%, 0.60% and 0.34%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.04, $0.27 and $0.18.<br> • Total return by 0.01%, 0.10%, 0.56% and 0.36%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.08%, 0.60% and 0.34%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.04, $0.27 and $0.18.<br> • Total return by 0.01%, 0.10%, 0.56% and 0.36%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.08%, 0.60% and 0.34%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.04, $0.27 and $0.18.<br> • Total return by 0.01%, 0.10%, 0.56% and 0.36%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.08%, 0.60% and 0.34%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.04, $0.27 and $0.18.<br> • Total return by 0.01%, 0.10%, 0.56% and 0.36%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.08%, 0.60% and 0.34%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025, <br> March 31, 2024, March 31, 2023 and March 31, 2022 respectively:<br> • Net investment income per share by $0.01, $0.04, $0.27 and $0.18.<br> • Total return by 0.01%, 0.10%, 0.56% and 0.36%.<br> • Ratio of net investment income to average net assets by 0.01%, 0.08%, 0.60% and 0.34%. |
| <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> 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> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | iShares Future AI & Tech ETF  | iShares Future AI & Tech ETF  | iShares Future AI & Tech ETF  | iShares Future AI & Tech ETF  | iShares Future AI & Tech ETF  | iShares Future AI & Tech ETF  |
|  | Period From <br>08/01/24<sup>(a)</sup> <br>to 03/31/25<br>| &nbsp;&nbsp; Year Ended <br>07/31/24<br>| &nbsp;&nbsp; Year Ended <br>07/31/23<br>| &nbsp;&nbsp; Year Ended <br>07/31/22<br>| &nbsp;&nbsp; Year Ended <br>07/31/21<br>| &nbsp;&nbsp; Year Ended <br>07/31/20<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $33.59 | &nbsp;&nbsp;&nbsp; $34.53 | &nbsp;&nbsp;&nbsp; $28.37 | &nbsp;&nbsp;&nbsp; $43.34 | &nbsp;&nbsp;&nbsp; $31.43 | &nbsp;&nbsp;&nbsp; $24.99 |
| Net investment income<sup>(b)</sup> | 0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | &nbsp;&nbsp; (2.04)<br>| &nbsp;&nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.07 | &nbsp;&nbsp;&nbsp; (14.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.00 | &nbsp;&nbsp;&nbsp;&nbsp;6.44 |
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;6.37 | &nbsp;&nbsp;&nbsp; (13.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.17 | &nbsp;&nbsp;&nbsp;&nbsp;6.55 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp; (0.11)<br>|
| **Net asset value, end of period** | &nbsp;&nbsp; $31.50 | &nbsp;&nbsp;&nbsp; $33.59 | &nbsp;&nbsp;&nbsp; $34.53 | &nbsp;&nbsp;&nbsp; $28.37 | &nbsp;&nbsp;&nbsp; $43.34 | &nbsp;&nbsp;&nbsp; $31.43 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (6.04)%<br>| &nbsp;&nbsp;&nbsp; (1.95 )%<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.55 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp; (32.79)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 26.27<br> %<br>|
| **Ratios to Average Net Assets** <sup>(g)</sup> <br>|  |  |  |  |  |  |
| Total expenses | 0.47 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>|
| Net investment income | 0.10 %<sup>(h)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.76 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.02 %<sup>(f)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $768591 | &nbsp;&nbsp;&nbsp; $638201 | &nbsp;&nbsp;&nbsp; $511020 | &nbsp;&nbsp;&nbsp; $261007 | &nbsp;&nbsp;&nbsp; $433445 | &nbsp;&nbsp;&nbsp; $157172 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 119<br> %<br>| &nbsp;&nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 58<br> %<br>| &nbsp;&nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp;&nbsp; 34<br> %<br>|
| <sup>(a)</sup> The Fund's fiscal year-end changed from July 31 to March 31. | <sup>(a)</sup> The Fund's fiscal year-end changed from July 31 to March 31. | <sup>(a)</sup> The Fund's fiscal year-end changed from July 31 to March 31. | <sup>(a)</sup> The Fund's fiscal year-end changed from July 31 to March 31. | <sup>(a)</sup> The Fund's fiscal year-end changed from July 31 to March 31. | <sup>(a)</sup> The Fund's fiscal year-end changed from July 31 to March 31. | <sup>(a)</sup> The Fund's fiscal year-end changed from July 31 to March 31. |
| <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> 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> 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 July 31, 2024 and <br> July 31, 2023 respectively: <br> • Total return by 0.00% and 0.01%. <br> • Ratio of net investment income to average net assets by 0.01% and 0.01%. | <sup>(f)</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 July 31, 2024 and <br> July 31, 2023 respectively: <br> • Total return by 0.00% and 0.01%. <br> • Ratio of net investment income to average net assets by 0.01% and 0.01%. | <sup>(f)</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 July 31, 2024 and <br> July 31, 2023 respectively: <br> • Total return by 0.00% and 0.01%. <br> • Ratio of net investment income to average net assets by 0.01% and 0.01%. | <sup>(f)</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 July 31, 2024 and <br> July 31, 2023 respectively: <br> • Total return by 0.00% and 0.01%. <br> • Ratio of net investment income to average net assets by 0.01% and 0.01%. | <sup>(f)</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 July 31, 2024 and <br> July 31, 2023 respectively: <br> • Total return by 0.00% and 0.01%. <br> • Ratio of net investment income to average net assets by 0.01% and 0.01%. | <sup>(f)</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 July 31, 2024 and <br> July 31, 2023 respectively: <br> • Total return by 0.00% and 0.01%. <br> • Ratio of net investment income to average net assets by 0.01% and 0.01%. | <sup>(f)</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 July 31, 2024 and <br> July 31, 2023 respectively: <br> • Total return by 0.00% and 0.01%. <br> • Ratio of net investment income to average net assets by 0.01% and 0.01%. |
| <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.*

2025 iShares 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 Future Metaverse Tech and Communications ETF  | iShares Future Metaverse Tech and Communications ETF  | iShares Future Metaverse Tech and Communications ETF  |
|  | Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Period From <br>02/14/23<sup>(a)</sup> <br>to 03/31/23<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $32.93 | &nbsp;&nbsp;&nbsp; $26.75 | &nbsp;&nbsp;&nbsp; $25.52 |
| Net investment income (loss)<sup>(b)</sup> | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.03 |
| Net realized and unrealized gain<sup>(c)</sup> | 1.81 | &nbsp;&nbsp;&nbsp;&nbsp;6.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 |
| Net increase from investment operations | 1.77 | &nbsp;&nbsp;&nbsp;&nbsp;6.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 |
| **Distributions**<sup>(d)</sup> <br>|  |  |  |
| From net investment income | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; — |
| From net realized gain | &nbsp;&nbsp; (2.16)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (2.19)<br>| &nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp; — |
| **Net asset value, end of period** | &nbsp;&nbsp; $32.51 | &nbsp;&nbsp;&nbsp; $32.93 | &nbsp;&nbsp;&nbsp; $26.75 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |
| Based on net asset value | 5.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 23.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.82 %<sup>(f)</sup><br>|
| **Ratios to Average Net Assets**<sup>(g)</sup> <br>|  |  |  |
| Total expenses | 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47 %<sup>(h)</sup><br>|
| Net investment income (loss) | &nbsp;&nbsp; (0.13)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.84 %<sup>(h)</sup><br>|
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $6502 | &nbsp;&nbsp;&nbsp; $6586 | &nbsp;&nbsp;&nbsp; $5350 |
| Portfolio turnover rate<sup>(i)</sup> | &nbsp;&nbsp; 39<br> %<br>| &nbsp;&nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(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> 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>(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>(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 India 50 ETF  | iShares India 50 ETF  | iShares India 50 ETF  | iShares India 50 ETF  | iShares India 50 ETF  |
|  | Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<sup>(a)</sup> <br>| &nbsp;&nbsp; Year Ended <br>03/31/22<sup>(a)</sup> <br>| &nbsp;&nbsp; Year Ended <br>03/31/21<sup>(a)</sup> <br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $50.42 | &nbsp;&nbsp;&nbsp; $41.20 | &nbsp;&nbsp;&nbsp; $46.38 | &nbsp;&nbsp;&nbsp; $44.60 | &nbsp;&nbsp;&nbsp; $25.87 |
| Net investment income<sup>(b)</sup> | 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.02 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;9.30 | &nbsp;&nbsp;&nbsp; (3.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp;&nbsp;&nbsp;18.74 |
| Net increase (decrease) from investment operations | 0.55 | &nbsp;&nbsp;&nbsp;&nbsp;9.41 | &nbsp;&nbsp;&nbsp; (3.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.15 | &nbsp;&nbsp;&nbsp;&nbsp;18.76 |
| **Distributions**<sup>(d)</sup> <br>|  |  |  |  |  |
| From net investment income | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3.37)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>|
| From net realized gain | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp;&nbsp; (3.37)<br>| &nbsp;&nbsp;&nbsp; (0.03)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $50.85 | &nbsp;&nbsp;&nbsp; $50.42 | &nbsp;&nbsp;&nbsp; $41.20 | &nbsp;&nbsp;&nbsp; $46.38 | &nbsp;&nbsp;&nbsp; $44.60 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.90<br> %<br>| &nbsp;&nbsp;&nbsp; (7.92)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 72.59<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.93 %<sup>(g)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>|
| Net investment income | 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $645751 | &nbsp;&nbsp;&nbsp; $867293 | &nbsp;&nbsp;&nbsp; $576772 | &nbsp;&nbsp;&nbsp; $663228 | &nbsp;&nbsp;&nbsp; $691284 |
| Portfolio turnover rate<sup>(h)</sup> | &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp;&nbsp; 108<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 8<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>(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> 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> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Includes non-recurring expense of Interest expense. Without this cost, total expenses would have been 0.89%. | <sup>(g)</sup> Includes non-recurring expense of Interest expense. Without this cost, total expenses would have been 0.89%. | <sup>(g)</sup> Includes non-recurring expense of Interest expense. Without this cost, total expenses would have been 0.89%. | <sup>(g)</sup> Includes non-recurring expense of Interest expense. Without this cost, total expenses would have been 0.89%. | <sup>(g)</sup> Includes non-recurring expense of Interest expense. Without this cost, total expenses would have been 0.89%. | <sup>(g)</sup> Includes non-recurring expense of Interest expense. Without this cost, total expenses would have been 0.89%. |
| <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights(continued)

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares International Developed Small Cap Value Factor ETF  | iShares International Developed Small Cap Value Factor ETF  | iShares International Developed Small Cap Value Factor ETF  | iShares International Developed Small Cap Value Factor ETF  | iShares International Developed Small Cap Value Factor ETF  |
|  | Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>| &nbsp;&nbsp; Period From <br>03/23/21<sup>(a)</sup> <br>to 03/31/21<br>|
| **Net asset value, beginning of period** | &nbsp;&nbsp; $35.29 | &nbsp;&nbsp;&nbsp; $31.60 | &nbsp;&nbsp;&nbsp; $34.20 | &nbsp;&nbsp;&nbsp; $34.37 | &nbsp;&nbsp;&nbsp; $34.52 |
| Net investment income<sup>(b)</sup> | 1.03 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Net realized and unrealized gain (loss)<sup>(d)</sup> | 1.97 | &nbsp;&nbsp;&nbsp;&nbsp;3.88 | &nbsp;&nbsp;&nbsp; (2.68)<br>| &nbsp;&nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp; (0.31)<br>|
| Net increase (decrease) from investment operations | 3.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.99 | &nbsp;&nbsp;&nbsp; (1.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp; (0.15)<br>|
| Distributions from net investment income<sup>(e)</sup> | &nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp;&nbsp; — |
| **Net asset value, end of period** | &nbsp;&nbsp; $36.95 | &nbsp;&nbsp;&nbsp; $35.29 | &nbsp;&nbsp;&nbsp; $31.60 | &nbsp;&nbsp;&nbsp; $34.20 | &nbsp;&nbsp;&nbsp; $34.37 |
| **Total Return**<sup>(f)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 8.81 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 16.26 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; (4.56)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.42<br> %<br>| &nbsp;&nbsp;&nbsp; (0.43 )%<sup>(g)</sup><br>|
| **Ratios to Average Net Assets**<sup>(h)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40 %<sup>(i)</sup><br>|
| Total expenses after fees waived | 0.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30 %<sup>(i)</sup><br>|
| Total expenses excluding professional fees for foreign withholding tax claims | 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A |
| Net investment income | 2.89 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.45 %<sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17.96 %<sup>(i)</sup><br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000) | &nbsp;&nbsp; $25868 | &nbsp;&nbsp;&nbsp; $183502 | &nbsp;&nbsp;&nbsp; $158001 | &nbsp;&nbsp;&nbsp; $164181 | &nbsp;&nbsp;&nbsp; $6875 |
| Portfolio turnover rate<sup>(j)</sup> | &nbsp;&nbsp; 63<br> %<br>| &nbsp;&nbsp;&nbsp; 77<br> %<br>| &nbsp;&nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp;&nbsp; 0<br> %<br>|
| <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. | <sup>(a)</sup> Commencement of operations. |
| <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. | <sup>(b)</sup> Based on average shares outstanding. |
| <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025 and <br> March 31, 2024:<br> • Net investment income per share by $0.01 and $0.00.<br> • Total return by 0.11% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.02% and 0.01%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025 and <br> March 31, 2024:<br> • Net investment income per share by $0.01 and $0.00.<br> • Total return by 0.11% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.02% and 0.01%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025 and <br> March 31, 2024:<br> • Net investment income per share by $0.01 and $0.00.<br> • Total return by 0.11% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.02% and 0.01%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025 and <br> March 31, 2024:<br> • Net investment income per share by $0.01 and $0.00.<br> • Total return by 0.11% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.02% and 0.01%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025 and <br> March 31, 2024:<br> • Net investment income per share by $0.01 and $0.00.<br> • Total return by 0.11% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.02% and 0.01%. | <sup>(c)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025 and <br> March 31, 2024:<br> • Net investment income per share by $0.01 and $0.00.<br> • Total return by 0.11% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.02% and 0.01%. |
| <sup>(d)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(d)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. | <sup>(e)</sup> Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| <sup>(f)</sup> 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 International Dividend Growth ETF  | iShares International Dividend Growth ETF  | iShares International Dividend Growth ETF  | iShares International Dividend Growth ETF  | iShares International Dividend Growth ETF  |
|  | Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>| &nbsp;&nbsp; Year Ended <br>03/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $67.15 | &nbsp;&nbsp;&nbsp; $60.45 | &nbsp;&nbsp;&nbsp; $65.02 | &nbsp;&nbsp;&nbsp; $64.36 | &nbsp;&nbsp;&nbsp; $45.51 |
| Net investment income<sup>(a)</sup> | 1.87 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.80 <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 |
| Net realized and unrealized gain (loss)<sup>(c)</sup> | 4.85 | &nbsp;&nbsp;&nbsp;&nbsp;6.76 | &nbsp;&nbsp;&nbsp; (4.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;18.87 |
| Net increase (decrease) from investment operations | 6.72 | &nbsp;&nbsp;&nbsp;&nbsp;8.56 | &nbsp;&nbsp;&nbsp; (3.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;20.40 |
| Distributions from net investment income<sup>(d)</sup> | &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp;&nbsp; (1.86)<br>| &nbsp;&nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp;&nbsp; (1.55)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $72.24 | &nbsp;&nbsp;&nbsp; $67.15 | &nbsp;&nbsp;&nbsp; $60.45 | &nbsp;&nbsp;&nbsp; $65.02 | &nbsp;&nbsp;&nbsp; $64.36 |
| **Total Return**<sup>(e)</sup> <br>|  |  |  |  |  |
| Based on net asset value | 10.11 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 14.46 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; (4.60)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45.29<br> %<br>|
| **Ratios to Average Net Assets**<sup>(f)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> %<br>|
| Net investment income | 2.68 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.88 %<sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.66<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $1025777 | &nbsp;&nbsp;&nbsp; $658038 | &nbsp;&nbsp;&nbsp; $595420 | &nbsp;&nbsp;&nbsp; $321871 | &nbsp;&nbsp;&nbsp; $189855 |
| Portfolio turnover rate<sup>(g)</sup> | &nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp;&nbsp; 38<br> %<br>| &nbsp;&nbsp;&nbsp; 37<br> %<br>| &nbsp;&nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp;&nbsp; 66<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025 and <br> March 31, 2024:<br> • Net investment income per share by $0.02 and $0.01<br> • Total return by 0.02% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.02% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025 and <br> March 31, 2024:<br> • Net investment income per share by $0.02 and $0.01<br> • Total return by 0.02% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.02% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025 and <br> March 31, 2024:<br> • Net investment income per share by $0.02 and $0.01<br> • Total return by 0.02% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.02% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025 and <br> March 31, 2024:<br> • Net investment income per share by $0.02 and $0.01<br> • Total return by 0.02% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.02% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025 and <br> March 31, 2024:<br> • Net investment income per share by $0.02 and $0.01<br> • Total return by 0.02% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.02% and 0.01%. | <sup>(b)</sup> Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2025 and <br> March 31, 2024:<br> • Net investment income per share by $0.02 and $0.01<br> • Total return by 0.02% and 0.01%.<br> • Ratio of net investment income to average net assets by 0.02% and 0.01%. |
| <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. | <sup>(c)</sup> The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share <br> transactions in relation to the fluctuating market values of the Fund's underlying securities. |
| <sup>(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> 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> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(f)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

2025 iShares 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 Latin America 40 ETF  | iShares Latin America 40 ETF  | iShares Latin America 40 ETF  | iShares Latin America 40 ETF  | iShares Latin America 40 ETF  |
|  | Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>| &nbsp;&nbsp; Year Ended <br>03/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $28.43 | &nbsp;&nbsp;&nbsp; $23.88 | &nbsp;&nbsp;&nbsp; $30.36 | &nbsp;&nbsp;&nbsp; $27.56 | &nbsp;&nbsp;&nbsp; $18.34 |
| Net investment income<sup>(a)</sup> | 1.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp; (4.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.26 | &nbsp;&nbsp;&nbsp; (6.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;3.09 | &nbsp;&nbsp;&nbsp;&nbsp;9.09 |
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (3.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;5.89 | &nbsp;&nbsp;&nbsp; (3.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;4.79 | &nbsp;&nbsp;&nbsp;&nbsp;9.77 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp; (2.91)<br>| &nbsp;&nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp;&nbsp; (0.55)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $23.55 | &nbsp;&nbsp;&nbsp; $28.43 | &nbsp;&nbsp;&nbsp; $23.88 | &nbsp;&nbsp;&nbsp; $30.36 | &nbsp;&nbsp;&nbsp; $27.56 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (11.48)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 24.91<br> %<br>| &nbsp;&nbsp;&nbsp; (11.29)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 53.62<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>|
| Net investment income | 6.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.78<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $1342410 | &nbsp;&nbsp;&nbsp; $1727131 | &nbsp;&nbsp;&nbsp; $1003133 | &nbsp;&nbsp;&nbsp; $1738190 | &nbsp;&nbsp;&nbsp; $1770590 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp;&nbsp; 27<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>(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>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

*Notes to Financial Statements* 

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

***1. ORGANIZATION***

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

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

---

| | |
|:---|:---|
| *iShares ETF* | *Diversification* <br>*Classification* <br>|
| Asia 50 | &nbsp;&nbsp; Non-diversified |
| Blockchain and Tech | &nbsp;&nbsp; Non-diversified |
| Emerging Markets Infrastructure | &nbsp;&nbsp; Non-diversified |
| Europe | &nbsp;&nbsp; Diversified |
| Future AI & Tech<sup>(a)(b)</sup> | &nbsp;&nbsp; Diversified |
| Future Metaverse Tech and Communications | &nbsp;&nbsp; Non-diversified |
| India 50 | &nbsp;&nbsp; Non-diversified |
| International Developed Small Cap Value Factor | &nbsp;&nbsp; Diversified |
| International Dividend Growth | &nbsp;&nbsp; Diversified |
| Latin America 40 | &nbsp;&nbsp; Non-diversified |

---

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

<sup>(a)</sup> The Fund's fiscal year-end changed from July 31 to March 31 during the reporting period. <br> <sup>(b)</sup> Formerly the iShares Robotics and Artificial Intelligence Multisector ETF.

On June 5, 2024, the Board of Trustees approved a proposal to change the fund name of iShares Robotics and Artificial Intelligence Multisector ETF to iShares Future AI & Tech ETF, the ticker from IRBO to ARTY, the fiscal year-end from July 31 to March 31, and the underlying index from NYSE FactSet Global Robotics and Artificial Intelligence Index to Morningstar Global Artificial Intelligence Select Index and to make related changes to the Fund's investment objective, investment strategy, and investment risks. The Fund's revised investment objective is to seek to track the investment results of an index composed of U.S. and non U.S. companies that provide products and services that are expected to contribute to artificial intelligence ("AI") technologies in areas including generative AI, AI data and infrastructure, AI software, and AI services. These changes became effective on August 12, 2024.

***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

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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 March 31, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

**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 Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Funds' adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or results of operations.

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 Funds have a single investment strategy as disclosed in their prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

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

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

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

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

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

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

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

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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 entire fair value measurement for the asset or liability (including the Valuation Committee's assumptions used in determining the fair value of financial instruments).

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

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

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

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

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

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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*<br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<br>| *Net Amount* |
| Blockchain and Tech |  |  |  |  |
| BNP Paribas SA | &nbsp;&nbsp; $1546409 | &nbsp;&nbsp;&nbsp; $(1546409) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 506204 | &nbsp;&nbsp;&nbsp; (506204) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 2502008 | &nbsp;&nbsp;&nbsp; (2502008) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Jefferies LLC | &nbsp;&nbsp; 270250 | &nbsp;&nbsp;&nbsp; (270250) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 1822249 | &nbsp;&nbsp;&nbsp; (1822249) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS AG | &nbsp;&nbsp; 4177767 | &nbsp;&nbsp;&nbsp; (4177767) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 77865 | &nbsp;&nbsp;&nbsp; (77865) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 2224 | &nbsp;&nbsp;&nbsp; (2224) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $10904976 | &nbsp;&nbsp;&nbsp; $(10904976) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Europe |  |  |  |  |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; $180865 | &nbsp;&nbsp;&nbsp; $(180865) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Future AI & Tech |  |  |  |  |
| BofA Securities, Inc. | &nbsp;&nbsp; $4369590 | &nbsp;&nbsp;&nbsp; $(4369590) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 9926676 | &nbsp;&nbsp;&nbsp; (9926676) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 36366027 | &nbsp;&nbsp;&nbsp; (36366027) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 2686402 | &nbsp;&nbsp;&nbsp; (2686402) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| National Financial Services LLC | &nbsp;&nbsp; 1237668 | &nbsp;&nbsp;&nbsp; (1237668) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| UBS Securities LLC | &nbsp;&nbsp; 79614 | &nbsp;&nbsp;&nbsp; (79614) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Bank N.A. | &nbsp;&nbsp; 1501461 | &nbsp;&nbsp;&nbsp; (1501461) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 436824 | &nbsp;&nbsp;&nbsp; (436824) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $56604262 | &nbsp;&nbsp;&nbsp; $(56604262) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Future Metaverse Tech and Communications |  |  |  |  |
| BofA Securities, Inc. | &nbsp;&nbsp; $1420 | &nbsp;&nbsp;&nbsp; $(1420) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| International Developed Small Cap Value Factor |  |  |  |  |
| BNP Paribas SA | &nbsp;&nbsp; $106160 | &nbsp;&nbsp;&nbsp; $(106160) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BofA Securities, Inc. | &nbsp;&nbsp; 49625 | &nbsp;&nbsp;&nbsp; (49625) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; 261690 | &nbsp;&nbsp;&nbsp; (261690) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC Bank PLC | &nbsp;&nbsp; 168561 | &nbsp;&nbsp;&nbsp; (168561) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 7681 | &nbsp;&nbsp;&nbsp; (7681) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 2879 | &nbsp;&nbsp;&nbsp; (2879) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $596596 | &nbsp;&nbsp;&nbsp; $(596596) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| International Dividend Growth |  |  |  |  |
| Goldman Sachs & Co. LLC | &nbsp;&nbsp; $263800 | &nbsp;&nbsp;&nbsp; $(263800) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Macquarie Bank Limited | &nbsp;&nbsp; 44135 | &nbsp;&nbsp;&nbsp; (44135) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 44930 | &nbsp;&nbsp;&nbsp; (44930) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $352865 | &nbsp;&nbsp;&nbsp; $(352865) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Latin America 40 |  |  |  |  |
| Barclays Bank PLC | &nbsp;&nbsp; $5959500 | &nbsp;&nbsp;&nbsp; $(5959500) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| BNP Paribas SA | &nbsp;&nbsp; 591977 | &nbsp;&nbsp;&nbsp; (591977) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| BofA Securities, Inc. | &nbsp;&nbsp; 12566428 | &nbsp;&nbsp;&nbsp; (12566428) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Citigroup Global Markets, Inc. | &nbsp;&nbsp; 2280303 | &nbsp;&nbsp;&nbsp; (2280303) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Goldman Sachs & Co. | &nbsp;&nbsp; 2309120 | &nbsp;&nbsp;&nbsp; (2309120) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan Stanley | &nbsp;&nbsp; 1255468 | &nbsp;&nbsp;&nbsp; (1255468) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Wells Fargo Securities LLC | &nbsp;&nbsp; 2033580 | &nbsp;&nbsp;&nbsp; (2033580) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $26996376 | &nbsp;&nbsp;&nbsp; $(26996376) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

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.

Notes to Financial Statements

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*Notes to Financial Statements* (continued)

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

***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* |
| Asia 50 | 0.50% |
| Blockchain and Tech | 0.47 |
| Emerging Markets Infrastructure | 0.60 |
| Future AI & Tech | 0.47 |
| Future Metaverse Tech and Communications | 0.47 |
| India 50 | 0.89 |
| International Developed Small Cap Value Factor | 0.30 |
| International Dividend Growth | 0.15 |

---

For its investment advisory services to the iShares Europe 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 $12 billion | 0.6000% |
| Over $12 billion, up to and including $18 billion | 0.570000 |
| Over $18 billion, up to and including $24 billion | 0.541500 |
| Over $24 billion, up to and including $30 billion | 0.514425 |
| Over $30 billion | 0.488703 |

---

For its investment advisory services to the iShares Latin America 40 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 $46 billion | 0.5000% |
| Over $46 billion, up to and including $81 billion | 0.475000 |
| Over $81 billion, up to and including $111 billion | 0.451250 |
| Over $111 billion, up to and including $141 billion | 0.428687 |
| Over $141 billion, up to and including $171 billion | 0.407253 |
| Over $171 billion | 0.386890 |

---

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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

For the iShares Emerging Markets Infrastructure ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through July 31, 2027 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund's investments in other iShares funds.

For the year ended March 31, 2025, there were no fees waived by BFA pursuant to this arrangement.

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

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

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

Pursuant to the current securities lending agreement, the iShares Blockchain and Tech ETF and iShares Future AI & Tech ETF (the "Group 1 Funds"), retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Pursuant to the current securities lending agreement, each of iShares Asia 50 ETF, iShares Emerging Markets Infrastructure ETF, iShares Europe ETF, iShares Future Metaverse Tech and Communications ETF, iShares India 50 ETF, iShares International Developed Small Cap Value Factor ETF, iShares International Dividend Growth ETF and iShares Latin America 40 ETF (the "Group 2 Funds"), retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in a given calendar year exceeds a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 84% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2025, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in a calendar year exceeded a specified threshold: each Group 1 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained could 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 year ended March 31, 2025, the Funds paid BTC the following amounts for securities lending agent services:

---

| | |
|:---|:---|
| *iShares ETF* | *Amounts* |
| Asia 50 | &nbsp;&nbsp; $4517 |
| Blockchain and Tech | &nbsp;&nbsp; 20331 |
| Emerging Markets Infrastructure | &nbsp;&nbsp; 1763 |
| Europe | &nbsp;&nbsp; 4343 |
| Future Metaverse Tech and Communications | &nbsp;&nbsp; 355 |
| International Developed Small Cap Value Factor | &nbsp;&nbsp; 6601 |
| International Dividend Growth | &nbsp;&nbsp; 2909 |
| Latin America 40 | &nbsp;&nbsp; 41120 |

---

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

For the period August 1, 2024 through March 31, 2025 and year ended July 31, 2024, the iShares Future AI & Tech ETF paid BTC $148,612 and $512,531, respectively, for securities lending agent services.

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

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

For the year ended March 31, 2025, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| Asia 50 | &nbsp;&nbsp; $47163832 | &nbsp;&nbsp;&nbsp; $19454923 | &nbsp;&nbsp;&nbsp; $(23008999) |
| Blockchain and Tech | &nbsp;&nbsp; 2085690 | &nbsp;&nbsp;&nbsp; 4407977 | &nbsp;&nbsp;&nbsp; (64081) |
| Emerging Markets Infrastructure | &nbsp;&nbsp; 8928 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Europe | &nbsp;&nbsp; 11187432 | &nbsp;&nbsp;&nbsp; 4465146 | &nbsp;&nbsp;&nbsp; (1515413) |
| International Developed Small Cap Value Factor | &nbsp;&nbsp; 64648 | &nbsp;&nbsp;&nbsp; 986554 | &nbsp;&nbsp;&nbsp; 145784 |
| International Dividend Growth | &nbsp;&nbsp; 22593558 | &nbsp;&nbsp;&nbsp; 32474732 | &nbsp;&nbsp;&nbsp; (718926) |
| Latin America 40 | &nbsp;&nbsp; 1357919 | &nbsp;&nbsp;&nbsp; 2364072 | &nbsp;&nbsp;&nbsp; (623216) |

---

For the period August 1, 2024 through March 31, 2025, transactions executed by the iShares Future AI & Tech ETF pursuant to Rule 17a-7 under the 1940 Act were $99,592,184, $193,729,178 and $33,292,060 for purchases, sales and net realized gain, respectively.

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 year ended March 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| Asia 50 | &nbsp;&nbsp; $284883799 | &nbsp;&nbsp;&nbsp; $795961839 |
| Blockchain and Tech | &nbsp;&nbsp; 14243208 | &nbsp;&nbsp;&nbsp; 14686371 |
| Emerging Markets Infrastructure | &nbsp;&nbsp; 1944272 | &nbsp;&nbsp;&nbsp; 3778152 |
| Europe | &nbsp;&nbsp; 95720939 | &nbsp;&nbsp;&nbsp; 72736023 |
| Future Metaverse Tech and Communications | &nbsp;&nbsp; 2566172 | &nbsp;&nbsp;&nbsp; 3010484 |
| India 50 | &nbsp;&nbsp; 150515977 | &nbsp;&nbsp;&nbsp; 372521946 |
| International Developed Small Cap Value Factor | &nbsp;&nbsp; 94403442 | &nbsp;&nbsp;&nbsp; 95905447 |
| International Dividend Growth | &nbsp;&nbsp; 326809089 | &nbsp;&nbsp;&nbsp; 278600460 |
| Latin America 40 | &nbsp;&nbsp; 252655220 | &nbsp;&nbsp;&nbsp; 245852366 |

---

For the period August 1, 2024 through March 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, for iShares Future AI & Tech ETF were $846,467,051 and $839,154,174, respectively.

For the year ended March 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| Asia 50 | &nbsp;&nbsp; $3011324 | &nbsp;&nbsp;&nbsp; $473739404 |
| Blockchain and Tech | &nbsp;&nbsp; 16524767 | &nbsp;&nbsp;&nbsp; 2846372 |
| Emerging Markets Infrastructure | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11307577 |
| Europe | &nbsp;&nbsp; 305687997 | &nbsp;&nbsp;&nbsp; 144764054 |
| International Developed Small Cap Value Factor | &nbsp;&nbsp; 12532996 | &nbsp;&nbsp;&nbsp; 169353567 |
| International Dividend Growth | &nbsp;&nbsp; 266430059 | &nbsp;&nbsp;&nbsp; 8648457 |
| Latin America 40 | &nbsp;&nbsp; 330254061 | &nbsp;&nbsp;&nbsp; 421063105 |

---

For the period August 1, 2024 through March 31, 2025, in-kind purchases and in-kind sales for iShares Future AI & Tech ETF were $245,204,591 and $41,384,224, respectively.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (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 March 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds' financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds' NAV.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2025, permanent differences attributable to certain deemed distributionss and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in Capital* | &nbsp;&nbsp; *Accumulated* <br>*Earnings (Loss)*<br>|
| Asia 50 | &nbsp;&nbsp; $(83693699) | &nbsp;&nbsp;&nbsp; $83693699 |
| Blockchain and Tech | &nbsp;&nbsp; 1448242 | &nbsp;&nbsp;&nbsp; (1448242) |
| Emerging Markets Infrastructure | &nbsp;&nbsp; 3039656 | &nbsp;&nbsp;&nbsp; (3039656) |
| Europe | &nbsp;&nbsp; 36062801 | &nbsp;&nbsp;&nbsp; (36062801) |
| Future AI & Tech | &nbsp;&nbsp; 9176457 | &nbsp;&nbsp;&nbsp; (9176457) |
| International Developed Small Cap Value Factor | &nbsp;&nbsp; 11754596 | &nbsp;&nbsp;&nbsp; (11754596) |
| International Dividend Growth | &nbsp;&nbsp; 1992758 | &nbsp;&nbsp;&nbsp; (1992758) |
| Latin America 40 | &nbsp;&nbsp; 15911345 | &nbsp;&nbsp;&nbsp; (15911345) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*03/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*03/31/24*<br>|
| Asia 50 |  |  |
| Ordinary income | &nbsp;&nbsp; $25121289 | &nbsp;&nbsp;&nbsp; $38351614 |
| Blockchain and Tech |  |  |
| Ordinary income | &nbsp;&nbsp; $523032 | &nbsp;&nbsp;&nbsp; $259294 |
| Emerging Markets Infrastructure |  |  |
| Ordinary income | &nbsp;&nbsp; $541548 | &nbsp;&nbsp;&nbsp; $577244 |
| Europe |  |  |
| Ordinary income | &nbsp;&nbsp; $48450589 | &nbsp;&nbsp;&nbsp; $51798895 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*03/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*07/31/24*<br>| &nbsp;&nbsp; *Year Ended* <br>*07/31/23*<br>|
| Future AI & Tech |  |  |  |
| Ordinary income | &nbsp;&nbsp; $1280254 | &nbsp;&nbsp;&nbsp; $4879653 | &nbsp;&nbsp;&nbsp; $2261595 |

---

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

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*03/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*03/31/24*<br>|
| Future Metaverse Tech and Communications |  |  |
| Ordinary income | &nbsp;&nbsp; $350349 | &nbsp;&nbsp;&nbsp; $18538 |
| Long-term capital gains | &nbsp;&nbsp; 87420 | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $437769 | &nbsp;&nbsp;&nbsp; $18538 |
| India 50 |  |  |
| Long-term capital gains | &nbsp;&nbsp; $2149665 | &nbsp;&nbsp;&nbsp; $2801756 |
| International Developed Small Cap Value Factor |  |  |
| Ordinary income | &nbsp;&nbsp; $7116405 | &nbsp;&nbsp;&nbsp; $6703298 |
| International Dividend Growth |  |  |
| Ordinary income | &nbsp;&nbsp; $19112487 | &nbsp;&nbsp;&nbsp; $18517342 |
| Latin America 40 |  |  |
| Ordinary income | &nbsp;&nbsp; $86187509 | &nbsp;&nbsp;&nbsp; $72678562 |

---

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

As of March 31, 2025, the tax components of accumulated earnings (losses) were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed* <br>*Ordinary Income*<br>| &nbsp;&nbsp; *Undistributed* <br>*Long-Term Capital Gains*<br>| &nbsp;&nbsp; *Non-expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| &nbsp;&nbsp; *Qualified* <br>*Late-Year* <br>*Capital Losses*<sup>(c)</sup> <br>| &nbsp;&nbsp; *Qualified* <br>*Late-Year* <br>*Ordinary Losses*<sup>(c)</sup> <br>| *Total* |
| Asia 50 | &nbsp;&nbsp; $14436025 | &nbsp;&nbsp;&nbsp; $2258784 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $133588195 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $150283004 |
| Blockchain <br> and Tech<br>| &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2628225) | &nbsp;&nbsp;&nbsp; (1744746) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (246259) | &nbsp;&nbsp;&nbsp; (4619230) |
| Emerging <br> Markets <br> Infrastructure<br>| &nbsp;&nbsp; 12629 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (36937588) | &nbsp;&nbsp;&nbsp; (396043) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (37321002) |
| Europe | &nbsp;&nbsp; 10880897 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (430463010) | &nbsp;&nbsp;&nbsp; 105735140 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (313846973) |
| Future AI & <br> Tech<br>| &nbsp;&nbsp; 4207 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (70716455) | &nbsp;&nbsp;&nbsp; (70242178) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (140954426) |
| Future <br> Metaverse <br> Tech and <br> Communications<br>| &nbsp;&nbsp; 20365 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 909611 | &nbsp;&nbsp;&nbsp; (2331) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 927645 |
| India 50 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 38573511 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 378401287 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1099962) | &nbsp;&nbsp;&nbsp; 415874836 |
| International <br> Developed <br> Small Cap <br> Value <br> Factor<br>| &nbsp;&nbsp; 38778 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5804008) | &nbsp;&nbsp;&nbsp; (32066) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5797296) |
| International <br> Dividend <br> Growth<br>| &nbsp;&nbsp; 4146490 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (42199515) | &nbsp;&nbsp;&nbsp; 129546337 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 91493312 |
| Latin America <br> 40<br>| &nbsp;&nbsp; 10894483 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1138514823) | &nbsp;&nbsp;&nbsp; (272421822) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1400042162) |

---

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

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

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the characterization of corporate actions, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies and the timing and recognition of realized gains/losses for tax purposes. 

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

For the year ended March 31, 2025, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:

---

| | |
|:---|:---|
| *iShares ETF* | *Utilized*  |
| Asia 50 | &nbsp;&nbsp; $185619438 |
| Blockchain and Tech | &nbsp;&nbsp; 403398 |
| Future AI & Tech | &nbsp;&nbsp; 6944744 |
| International Developed Small Cap Value Factor | &nbsp;&nbsp; 6253869 |

---

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as "passive foreign investment companies." Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of March 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| Asia 50 | &nbsp;&nbsp; $598148111 | &nbsp;&nbsp;&nbsp; $233789970 | &nbsp;&nbsp;&nbsp; $(100181352) | &nbsp;&nbsp;&nbsp; $133608618 |
| Blockchain and Tech | &nbsp;&nbsp; 42102598 | &nbsp;&nbsp;&nbsp; 2439975 | &nbsp;&nbsp;&nbsp; (4184724) | &nbsp;&nbsp;&nbsp; (1744749) |
| Emerging Markets Infrastructure | &nbsp;&nbsp; 8852436 | &nbsp;&nbsp;&nbsp; 1046448 | &nbsp;&nbsp;&nbsp; (1442521) | &nbsp;&nbsp;&nbsp; (396073) |
| Europe | &nbsp;&nbsp; 1836894951 | &nbsp;&nbsp;&nbsp; 353048850 | &nbsp;&nbsp;&nbsp; (247326068) | &nbsp;&nbsp;&nbsp; 105722782 |
| Future AI & Tech | &nbsp;&nbsp; 897097573 | &nbsp;&nbsp;&nbsp; 41819985 | &nbsp;&nbsp;&nbsp; (112060642) | &nbsp;&nbsp;&nbsp; (70240657) |
| Future Metaverse Tech and Communications | &nbsp;&nbsp; 5585660 | &nbsp;&nbsp;&nbsp; 1283290 | &nbsp;&nbsp;&nbsp; (373611) | &nbsp;&nbsp;&nbsp; 909679 |
| India 50 | &nbsp;&nbsp; 253272923 | &nbsp;&nbsp;&nbsp; 408610422 | &nbsp;&nbsp;&nbsp; (8980966) | &nbsp;&nbsp;&nbsp; 399629456 |
| International Developed Small Cap Value Factor | &nbsp;&nbsp; 26035260 | &nbsp;&nbsp;&nbsp; 1657862 | &nbsp;&nbsp;&nbsp; (1692322) | &nbsp;&nbsp;&nbsp; (34460) |
| International Dividend Growth | &nbsp;&nbsp; 888076812 | &nbsp;&nbsp;&nbsp; 161153885 | &nbsp;&nbsp;&nbsp; (31623173) | &nbsp;&nbsp;&nbsp; 129530712 |
| Latin America 40 | &nbsp;&nbsp; 1637490967 | &nbsp;&nbsp;&nbsp; 68716930 | &nbsp;&nbsp;&nbsp; (341132214) | &nbsp;&nbsp;&nbsp; (272415284) |

---

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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

***9. LINE OF CREDIT***

The iShares Asia 50 ETF, iShares Emerging Markets Infrastructure ETF, iShares Future AI & Tech ETF, iShares Future Metaverse Tech and Communications ETF, iShares India 50 ETF, iShares International Dividend Growth ETF and iShares Latin America 40 ETF, along with certain other iShares funds ("Participating Funds"), are parties to a $800 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 15, 2025. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate ("SOFR") plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund's relative exposure to certain target markets or a Participating Fund's maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the year ended March 31, 2025, the iShares Asia 50 ETF, iShares Emerging Markets Infrastructure ETF, iShares Future AI & Tech ETF, iShares Future Metaverse Tech and Communications ETF, iShares India 50 ETF and iShares Latin America 40 ETF did not borrow under the Syndicated Credit Agreement.

For the year ended March 31, 2025, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Maximum* <br>*Amount* <br>*Borrowed*<br>| &nbsp;&nbsp; *Average* <br>*Borrowing*<br>| &nbsp;&nbsp; *Weighted* <br>*Average* <br>*Interest Rates* <br>|
| International Dividend Growth | &nbsp;&nbsp; $6995000 | &nbsp;&nbsp;&nbsp; $176384 | &nbsp;&nbsp;&nbsp;&nbsp;5.78% |

---

***10. PRINCIPAL RISKS***

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation, 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 Fund is 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 a fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests. Each 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.

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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

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

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

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

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 certain Funds invest.

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

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

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

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds' investments.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>03/31/25 | Year Ended <br>03/31/25 | Year Ended <br>03/31/24 | Year Ended <br>03/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| Asia 50 |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; $58427942 | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; $25427942 |
| Shares redeemed | &nbsp;&nbsp; (14900000)<br>| &nbsp;&nbsp;&nbsp; (1043914350)<br>| &nbsp;&nbsp;&nbsp; (3350000)<br>| &nbsp;&nbsp;&nbsp; (186547759)<br>|
|  | &nbsp;&nbsp; (14000000)<br>| &nbsp;&nbsp;&nbsp; $(985486408)<br>| &nbsp;&nbsp;&nbsp; (2950000)<br>| &nbsp;&nbsp;&nbsp; $(161119817)<br>|
| Blockchain and Tech |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; $16644016 | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; $8814903 |
| Shares redeemed | &nbsp;&nbsp; (100000)<br>| &nbsp;&nbsp;&nbsp; (2863753)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; $13780263 | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; $8814903 |
| Emerging Markets Infrastructure |  |  |  |  |
| Shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $5714 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $780 |
| Shares redeemed | &nbsp;&nbsp; (600000)<br>| &nbsp;&nbsp;&nbsp; (13093647)<br>| &nbsp;&nbsp;&nbsp; (50000)<br>| &nbsp;&nbsp;&nbsp; (1072963)<br>|
|  | &nbsp;&nbsp; (600000)<br>| &nbsp;&nbsp;&nbsp; $(13087933)<br>| &nbsp;&nbsp;&nbsp; (50000)<br>| &nbsp;&nbsp;&nbsp; $(1072183)<br>|
| Europe |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 5850000 | &nbsp;&nbsp;&nbsp; $343299228 | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; $24586557 |
| Shares redeemed | &nbsp;&nbsp; (2750000)<br>| &nbsp;&nbsp;&nbsp; (150288319)<br>| &nbsp;&nbsp;&nbsp; (6600000)<br>| &nbsp;&nbsp;&nbsp; (328157426)<br>|
|  | &nbsp;&nbsp; 3100000 | &nbsp;&nbsp;&nbsp; $193010909 | &nbsp;&nbsp;&nbsp; (6100000)<br>| &nbsp;&nbsp;&nbsp; $(303570869)<br>|

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Period From <br>08/01/24 <br>to 03/31/25<sup>(a)</sup>  | Period From <br>08/01/24 <br>to 03/31/25<sup>(a)</sup>  | Year Ended <br>07/31/24 | Year Ended <br>07/31/24 | Year Ended <br>07/31/23 | Year Ended <br>07/31/23 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* | *Shares* | *Amount* |
| Future AI & Tech |  |  |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 6800000 | &nbsp;&nbsp;&nbsp; $256563491 | &nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; $165766335 | &nbsp;&nbsp;&nbsp; 6200000 | &nbsp;&nbsp;&nbsp; $197528251 |
| Shares redeemed | &nbsp;&nbsp; (1400000)<br>| &nbsp;&nbsp;&nbsp; (45059278)<br>| &nbsp;&nbsp;&nbsp; (800000)<br>| &nbsp;&nbsp;&nbsp; (26863979)<br>| &nbsp;&nbsp;&nbsp; (600000)<br>| &nbsp;&nbsp;&nbsp; (15267741)<br>|
| Net increase | &nbsp;&nbsp; 5400000 | &nbsp;&nbsp;&nbsp; $211504213 | &nbsp;&nbsp;&nbsp; 4200000 | &nbsp;&nbsp;&nbsp; $138902356 | &nbsp;&nbsp;&nbsp; 5600000 | &nbsp;&nbsp;&nbsp; $182260510 |

---

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>03/31/25 | Year Ended <br>03/31/25 | Year Ended <br>03/31/24 | Year Ended <br>03/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| Future Metaverse Tech and Communications |  |  |  |  |
| Shares sold | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp; $1603382 |
| Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (50000)<br>| &nbsp;&nbsp;&nbsp; (1617714)<br>|
|  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $(14332)<br>|
| India 50 |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; $50951567 | &nbsp;&nbsp;&nbsp; 3550000 | &nbsp;&nbsp;&nbsp; $169379144 |
| Shares redeemed | &nbsp;&nbsp; (5450000)<br>| &nbsp;&nbsp;&nbsp; (265103305)<br>| &nbsp;&nbsp;&nbsp; (350000)<br>| &nbsp;&nbsp;&nbsp; (14781480)<br>|
|  | &nbsp;&nbsp; (4500000)<br>| &nbsp;&nbsp;&nbsp; $(214151738)<br>| &nbsp;&nbsp;&nbsp; 3200000 | &nbsp;&nbsp;&nbsp; $154597664 |
| International Developed Small Cap Value Factor |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; $13945504 | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; $6476894 |
| Shares redeemed | &nbsp;&nbsp; (4900000)<br>| &nbsp;&nbsp;&nbsp; (170799977)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; (4500000)<br>| &nbsp;&nbsp;&nbsp; $(156854473)<br>| &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; $6476894 |
| International Dividend Growth |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 4550000 | &nbsp;&nbsp;&nbsp; $319949290 | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; $50444647 |
| Shares redeemed | &nbsp;&nbsp; (150000)<br>| &nbsp;&nbsp;&nbsp; (9981605)<br>| &nbsp;&nbsp;&nbsp; (850000)<br>| &nbsp;&nbsp;&nbsp; (51708417)<br>|
|  | &nbsp;&nbsp; 4400000 | &nbsp;&nbsp;&nbsp; $309967685 | &nbsp;&nbsp;&nbsp; (50000)<br>| &nbsp;&nbsp;&nbsp; $(1263770)<br>|
| Latin America 40 |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 18250000 | &nbsp;&nbsp;&nbsp; $449963074 | &nbsp;&nbsp;&nbsp; 29250000 | &nbsp;&nbsp;&nbsp; $798802712 |
| Shares redeemed | &nbsp;&nbsp; (22000000)<br>| &nbsp;&nbsp;&nbsp; (540220421)<br>| &nbsp;&nbsp;&nbsp; (10500000)<br>| &nbsp;&nbsp;&nbsp; (280171778)<br>|
|  | &nbsp;&nbsp; (3750000)<br>| &nbsp;&nbsp;&nbsp; $(90257347)<br>| &nbsp;&nbsp;&nbsp; 18750000 | &nbsp;&nbsp;&nbsp; $518630934 |

---

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

<sup>(a)</sup> The Fund's fiscal year-end was changed from July 31 to March 31.

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

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

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

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

The iShares International Developed Small Cap Value Factor ETF and iShares International Dividend Growth ETF have filed European Union Discrimination Claims ("ECJ Claims") to recover taxes withheld by either Finland or Poland (the "ECJ Paying Countries") on dividend income based upon certain provisions in the Treaty on the Functioning of the European Union. The Funds have recorded receivables for all recoverable taxes withheld by the ECJ Paying Countries based upon previous determinations made by the local tax authorities. Professional and other fees associated with the filing of these claims for foreign withholding taxes have been approved by the Board as appropriate expenses of the Funds. Based upon the Fund's evaluation of the facts and circumstances related to the outstanding ECJ Claims, ECJ Paying Countries' tax claim receivables and related liabilities are disclosed in the Statements of Assets and Liabilities. The collection of these receivables, and any payment of associated liabilities, depends upon future determinations made by the local tax authorities, the outcome of which is uncertain. If such future determinations are unfavorable, the potential negative impact to the Funds, as of March 31, 2025, are $3,825 or $0.01 per share and $28,493 or $0.00 per share, respectively.

The Internal Revenue Service ("IRS") has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which iShares Europe ETF and iShares International Dividend Growth ETF are able to pass through to shareholders as a

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

foreign tax credit in the current year, iShares Europe ETF and iShares International Dividend Growth ETF will be able to offset the prior years' withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Funds.

***13. SUBSEQUENT EVENTS***

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

On May 7, 2025, the iShares Europe ETF completed a closing agreement with the IRS related to the recovery of foreign taxes received in fiscal year 2023, and the related tax compliance fee, including interest, was paid to the IRS.

Notes to Financial Statements

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the ten funds listed in the table below

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (ten of the funds constituting iShares Trust, hereafter collectively referred to as the "Funds") as of March 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of March 31, 2025, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| iShares Asia 50 ETF<sup>(1)</sup> <br>|
| iShares Blockchain and Tech ETF<sup>(2)</sup> <br>|
| iShares Emerging Markets Infrastructure ETF<sup>(1)</sup> <br>|
| iShares Europe ETF<sup>(1)</sup> <br>|
| iShares Future AI & Tech ETF<sup>(3)</sup> <br>|
| iShares Future Metaverse Tech and Communications ETF<sup>(4)</sup> <br>|
| iShares India 50 ETF<sup>(5)</sup> <br>|
| iShares International Developed Small Cap Value Factor ETF<sup>(6)</sup> <br>|
| iShares International Dividend Growth ETF<sup>(1)</sup> <br>|
| iShares Latin America 40 ETF<sup>(1)</sup> <br>|

---

<sup>(1)</sup> Statement of operations for the year ended March 31, 2025, statement of changes in net assets for each of the two years in the period ended March 31, 2025 and the financial highlights for each of the five years in the period ended March 31, 2025

<sup>(2)</sup> Statement of operations for the year ended March 31, 2025, statement of changes in net assets for each of the two years in the period ended March 31, 2025 and the financial highlights for each of the two years in the period ended March 31, 2025 and the period April 25, 2022 (commencement of operations) through March 31, 2023

<sup>(3)</sup> Statement of operations for the period August 1, 2024 through March 31, 2025 and for the year ended July 31, 2024, statement of changes in net assets for the period August 1, 2024 through March 31, 2025 and for each of the two years in the period ended July 31, 2024 and the financial highlights for the period August 1, 2024 through March 31, 2025 and for each of the five years in the period ended July 31, 2024

<sup>(4)</sup> Statement of operations for the year ended March 31, 2025, statement of changes in net assets for each of the two years in the period ended March 31, 2025 and the financial highlights for each of the two years in the period ended March 31, 2025 and the period February 14, 2023 (commencement of operations) through March 31, 2023

<sup>(5)</sup> Statement of operations for the year ended March 31, 2025, statement of changes in net assets for each of the two years in the period ended March 31, 2025, the financial highlights for each of the two years in the period ended March 31, 2025 and the consolidated financial highlights for each of the three years in the period ended March 31, 2023

<sup>(6)</sup> Statement of operations for the year ended March 31, 2025, statement of changes in net assets for each of the two years in the period ended March 31, 2025 and the financial highlights for each of the four years in the period ended March 31, 2025 and the period March 23, 2021 (commencement of operations) through March 31, 2021

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 22, 2025

We have served as the auditor of one or more BlackRock investment companies since 2000.

2025 iShares Annual Financial Statements and Additional Information

------

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Dividend* <br>*Income*<br>|
| Asia 50 | &nbsp;&nbsp; $14846756 |
| Blockchain and Tech | &nbsp;&nbsp; 52954 |
| Emerging Markets Infrastructure | &nbsp;&nbsp; 296225 |
| Europe | &nbsp;&nbsp; 56493716 |
| Future AI & Tech | &nbsp;&nbsp; 1695746 |
| Future Metaverse Tech and Communications | &nbsp;&nbsp; 15009 |
| India 50 | &nbsp;&nbsp; 14239288 |
| International Developed Small Cap Value Factor | &nbsp;&nbsp; 4798075 |
| International Dividend Growth | &nbsp;&nbsp; 24927828 |
| Latin America 40 | &nbsp;&nbsp; 79081048 |

---

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended March 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *20% Rate Long-Term* <br>*Capital Gain Dividends*<br>|
| Asia 50 | &nbsp;&nbsp; $664416 |
| Future Metaverse Tech and Communications | &nbsp;&nbsp; 87420 |
| India 50 | &nbsp;&nbsp; 2149665 |

---

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended March 31, 2025:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Foreign Source* <br>*Income Earned*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Foreign* <br>*Taxes Paid*<br>|
| Asia 50 | &nbsp;&nbsp; $35463532 | &nbsp;&nbsp;&nbsp;&nbsp; $4380986 |
| Emerging Markets Infrastructure | &nbsp;&nbsp; 530455 | &nbsp;&nbsp;&nbsp;&nbsp; 33515 |
| Europe | &nbsp;&nbsp; 57151829 | &nbsp;&nbsp;&nbsp;&nbsp; 2703477 |
| India 50 | &nbsp;&nbsp; 14523905 | &nbsp;&nbsp;&nbsp;&nbsp; 12934570 |
| International Developed Small Cap Value Factor | &nbsp;&nbsp; 5574014 | &nbsp;&nbsp;&nbsp;&nbsp; 573708 |
| International Dividend Growth | &nbsp;&nbsp; 26011750 | &nbsp;&nbsp;&nbsp;&nbsp; 3074108 |
| Latin America 40 | &nbsp;&nbsp; 93208772 | &nbsp;&nbsp;&nbsp;&nbsp; 5766757 |

---

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2025 qualified for the dividends-received deduction for corporate shareholders:

---

| | |
|:---|:---|
| *iShares ETF* | *Dividends-Received* <br>*Deduction*<br>|
| Blockchain and Tech | 21.36<br> %<br>|
| Future AI & Tech | 100.00<br> %<br>|
| Future Metaverse Tech and Communications | 35.26<br> %<br>|
| Latin America 40 | 0.61<br> %<br>|

---

The Fund hereby designates the following amount, or maximum amount allowable by law, as qualified short-term capital gains eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended March 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Short-Term* <br>*Capital Gains*<br>|
| Future Metaverse Tech and Communications | &nbsp;&nbsp; $344707 |

---

Important Tax Information

------

Additional Information

**Premium/Discount Information**

Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com**.

**Regulation under the Alternative Investment Fund Managers Directive**

The Alternative Investment Fund Managers Directive, and its United Kingdom ("UK") equivalent, (the "AIFMD") impose detailed and prescriptive obligations on fund managers established in the European Union (the "EU") and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the "Company"). However, the Company is required to comply with certain disclosure, reporting and transparency obligations of the AIFMD because it has registered the iShares India 50 ETF (the "Fund") to be marketed to investors in the EU and/or UK.

**Report on Remuneration**

BlackRock has a clear and well-defined pay-for-performance philosophy, and compensation programs which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Fund, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock's full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock's independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, Finance, Human Resources and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock's independent remuneration committee.

The Company is required under the AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock's interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Remuneration information at an individual Fund level is not readily available. Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; (c) staff who have the ability to materially affect the risk profile of the Fund; and (d) staff of companies to which portfolio management and risk management has been formally delegated.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock's remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals' services attributable to the Fund is included in the aggregate figures disclosed.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company. Therefore, the figures disclosed are a sum of individuals' portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual's actual remuneration or their remuneration structure.

The amount of the total remuneration awarded to the Company's staff in respect of the Company's financial year ending December 31, 2024, was USD 81.43 million. This figure is comprised of fixed remuneration of USD 16.72 million and variable remuneration of USD 64.71 million. There was a total of 332 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company in respect of the Company's financial year ending December 31, 2024, to its senior management was USD 16.84 million, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company, or its funds was USD 3.09 million.

2025 iShares Annual Financial Statements and Additional Information

------

Additional Information (continued)

**Disclosures Under the EU Sustainable Finance Disclosure Regulation** 

The iShares India 50 ETF (the "Fund") is registered under the Alternative Investment Fund Managers Directive to be marketed to European Union ("EU") investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation ("SFDR").

The Fund has not been categorized under the SFDR as an "Article 8" or "Article 9" product. In addition, the Fund's investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts ("PAIs") on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.

**Electronic Delivery**

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

To enroll in electronic delivery:

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

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

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

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

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

**Availability of Portfolio Holdings Information**

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

Additional Information

------

2025 iShares 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 |
| 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

------

2025 iShares Annual Financial Statements and Additional Information

------

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Want to know more?

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

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

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

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

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

iS-AR-310-0325

------

March 31, 2025

![](g12537imgccc62c031.jpg)

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

&nbsp;&nbsp;&nbsp;&nbsp; 2025 Annual Financial Statements <br> and Additional Information <br>

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

---

| |
|:---|
| **iShares Trust** |
| • iShares JPX-Nikkei 400 ETF \| JPXN \| NYSE Arca |

---

------

**Table of Contents**

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

---

| | |
|:---|:---|
|  | Page |
| [Schedule of Investments](#xx_31f7935c-2e03-40dd-8c15-34e32dfed4b1_SOIs-Footer-iSharesReport_1)  | &nbsp;&nbsp; 3 |
| [Statement of Assets and Liabilities](#xx_31f7935c-2e03-40dd-8c15-34e32dfed4b1_FS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 9 |
| [Statement of Operations](#xx_31f7935c-2e03-40dd-8c15-34e32dfed4b1_FS-Footer-iSharesReport_2)  | &nbsp;&nbsp; 10 |
| [Statements of Changes in Net Assets](#xx_31f7935c-2e03-40dd-8c15-34e32dfed4b1_FS-Footer-iSharesReport_3)  | &nbsp;&nbsp; 11 |
| [Financial Highlights](#xx_31f7935c-2e03-40dd-8c15-34e32dfed4b1_FS-Footer-iSharesReport_4)  | &nbsp;&nbsp; 12 |
| [Notes to Financial Statements](#xx_31f7935c-2e03-40dd-8c15-34e32dfed4b1_NTFS-Footer-iSharesReport_1)  | &nbsp;&nbsp; 13 |
| [Report of Independent Registered Public Accounting Firm](#xx_31f7935c-2e03-40dd-8c15-34e32dfed4b1_opinion-Footer-iSharesReport_1)  | &nbsp;&nbsp; 20 |
| [Important Tax Information](#xx_31f7935c-2e03-40dd-8c15-34e32dfed4b1_Tax-annual-Footer-iSharesReport-89_1)  | &nbsp;&nbsp; 21 |
| [Additional Information](#xx_31f7935c-2e03-40dd-8c15-34e32dfed4b1_SAI-Footer-iSharesReport-89_1)  | &nbsp;&nbsp; 22 |

---

------

Schedule of Investments

March 31, 2025

**iShares® JPX-Nikkei 400 ETF**

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

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Common Stocks** | **Common Stocks** | **Common Stocks** |
| **Air Freight & Logistics — 0.4%** | **Air Freight & Logistics — 0.4%** | **Air Freight & Logistics — 0.4%** |
| AZ-COM MARUWA Holdings Inc. | &nbsp;&nbsp; 1600 | $13226 |
| Mitsui-Soko Holdings Co. Ltd. | &nbsp;&nbsp; 800 | 42599 |
| Nippon Express Holdings Inc. | &nbsp;&nbsp; 4800 | 87431 |
| Sankyu Inc. | &nbsp;&nbsp; 800 | 32877 |
| Senko Group Holdings Co. Ltd. | &nbsp;&nbsp; 3200 | 32249 |
| SG Holdings Co. Ltd. | &nbsp;&nbsp; 8800 | 87761 |
| Yamato Holdings Co. Ltd. | &nbsp;&nbsp; 5600 | 73387 |
|  |  | 369530 |
| **Automobile Components — 2.4%** | **Automobile Components — 2.4%** | **Automobile Components — 2.4%** |
| Aisin Corp. | &nbsp;&nbsp; 10400 | 113598 |
| Bridgestone Corp. | &nbsp;&nbsp; 14400 | 578489 |
| Denso Corp. | &nbsp;&nbsp; 48000 | 595515 |
| Koito Manufacturing Co. Ltd. | &nbsp;&nbsp; 5600 | 69071 |
| KYB Corp. | &nbsp;&nbsp; 1600 | 31539 |
| NHK Spring Co. Ltd. | &nbsp;&nbsp; 4800 | 51954 |
| Nifco Inc./Japan | &nbsp;&nbsp; 1600 | 38451 |
| Niterra Co. Ltd. | &nbsp;&nbsp; 4000 | 122022 |
| Sumitomo Electric Industries Ltd. | &nbsp;&nbsp; 17600 | 293743 |
| Sumitomo Rubber Industries Ltd. | &nbsp;&nbsp; 4800 | 60691 |
| Toyo Tire Corp. | &nbsp;&nbsp; 3200 | 58768 |
| Toyoda Gosei Co. Ltd. | &nbsp;&nbsp; 1600 | 28935 |
| Toyota Boshoku Corp. | &nbsp;&nbsp; 2400 | 32004 |
| Yokohama Rubber Co. Ltd. (The) | &nbsp;&nbsp; 2400 | 55340 |
|  |  | 2130120 |
| **Automobiles — 3.9%** | **Automobiles — 3.9%** | **Automobiles — 3.9%** |
| Honda Motor Co. Ltd. | &nbsp;&nbsp; 116000 | 1049751 |
| Isuzu Motors Ltd. | &nbsp;&nbsp; 15200 | 206683 |
| Mazda Motor Corp. | &nbsp;&nbsp; 14400 | 92136 |
| Mitsubishi Motors Corp. | &nbsp;&nbsp; 18400 | 50735 |
| Subaru Corp. | &nbsp;&nbsp; 14400 | 257892 |
| Suzuki Motor Corp. | &nbsp;&nbsp; 39200 | 481185 |
| Toyota Motor Corp. | &nbsp;&nbsp; 60820 | 1075133 |
| Yamaha Motor Co. Ltd. | &nbsp;&nbsp; 20000 | 160126 |
|  |  | 3373641 |
| **Banks — 7.1%** | **Banks — 7.1%** | **Banks — 7.1%** |
| Chiba Bank Ltd. (The) | &nbsp;&nbsp; 15200 | 143878 |
| Concordia Financial Group Ltd. | &nbsp;&nbsp; 25600 | 169959 |
| Fukuoka Financial Group Inc. | &nbsp;&nbsp; 4000 | 106445 |
| Mebuki Financial Group Inc. | &nbsp;&nbsp; 24800 | 121724 |
| Mitsubishi UFJ Financial Group Inc. | &nbsp;&nbsp; 123200 | 1679686 |
| Mizuho Financial Group Inc. | &nbsp;&nbsp; 60050 | 1647995 |
| Resona Holdings Inc. | &nbsp;&nbsp; 59200 | 516923 |
| Seven Bank Ltd. | &nbsp;&nbsp; 16800 | 31539 |
| Sumitomo Mitsui Financial Group Inc. | &nbsp;&nbsp; 55200 | 1419446 |
| Sumitomo Mitsui Trust Group Inc. | &nbsp;&nbsp; 16808 | 423079 |
|  |  | 6260674 |
| **Beverages — 1.0%** | **Beverages — 1.0%** | **Beverages — 1.0%** |
| Asahi Group Holdings Ltd. | &nbsp;&nbsp; 36800 | 470178 |
| Kirin Holdings Co. Ltd. | &nbsp;&nbsp; 20000 | 277123 |
| Suntory Beverage & Food Ltd. | &nbsp;&nbsp; 3200 | 105573 |
| Takara Holdings Inc. | &nbsp;&nbsp; 4000 | 30614 |
|  |  | 883488 |
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
| PeptiDream Inc.<sup>(a)</sup> | &nbsp;&nbsp; 2400 | 35126 |
| Takara Bio Inc. | &nbsp;&nbsp; 1600 | 8862 |
|  |  | 43988 |
| **Broadline Retail — 0.6%** | **Broadline Retail — 0.6%** | **Broadline Retail — 0.6%** |
| ASKUL Corp. | &nbsp;&nbsp; 1600 | 16309 |
| Pan Pacific International Holdings Corp. | &nbsp;&nbsp; 10400 | 285671 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Broadline Retail (continued)** | **Broadline Retail (continued)** | **Broadline Retail (continued)** |
| Ryohin Keikaku Co. Ltd. | &nbsp;&nbsp; 6400 | $174838 |
| Seria Co. Ltd. | &nbsp;&nbsp; 1600 | 26556 |
|  |  | 503374 |
| **Building Products — 1.3%** | **Building Products — 1.3%** | **Building Products — 1.3%** |
| AGC Inc. | &nbsp;&nbsp; 4800 | 146125 |
| Daikin Industries Ltd. | &nbsp;&nbsp; 6400 | 694519 |
| Nichias Corp. | &nbsp;&nbsp; 1600 | 49645 |
| Sanwa Holdings Corp. | &nbsp;&nbsp; 4800 | 154029 |
| Takasago Thermal Engineering Co. Ltd. | &nbsp;&nbsp; 800 | 29874 |
| TOTO Ltd. | &nbsp;&nbsp; 4000 | 103956 |
|  |  | 1178148 |
| **Capital Markets — 1.5%** | **Capital Markets — 1.5%** | **Capital Markets — 1.5%** |
| Daiwa Securities Group Inc. | &nbsp;&nbsp; 34400 | 231624 |
| Japan Exchange Group Inc. | &nbsp;&nbsp; 28800 | 296379 |
| Monex Group Inc. | &nbsp;&nbsp; 4800 | 22957 |
| Nihon M&A Center Holdings Inc. | &nbsp;&nbsp; 7200 | 27907 |
| Nomura Holdings Inc. | &nbsp;&nbsp; 80800 | 497883 |
| SBI Holdings Inc. | &nbsp;&nbsp; 8000 | 216023 |
|  |  | 1292773 |
| **Chemicals — 3.2%** | **Chemicals — 3.2%** | **Chemicals — 3.2%** |
| ADEKA Corp. | &nbsp;&nbsp; 1600 | 28892 |
| Air Water Inc. | &nbsp;&nbsp; 4800 | 60710 |
| Daicel Corp. | &nbsp;&nbsp; 5600 | 48790 |
| Fujimi Inc. | &nbsp;&nbsp; 1600 | 20319 |
| Fuso Chemical Co. Ltd. | &nbsp;&nbsp; 800 | 18499 |
| Kansai Paint Co. Ltd. | &nbsp;&nbsp; 4000 | 57182 |
| KH Neochem Co. Ltd. | &nbsp;&nbsp; 800 | 13499 |
| Kuraray Co. Ltd. | &nbsp;&nbsp; 7200 | 88722 |
| Mitsubishi Chemical Group Corp. | &nbsp;&nbsp; 36000 | 177893 |
| Mitsubishi Gas Chemical Co. Inc. | &nbsp;&nbsp; 4000 | 62495 |
| Mitsui Chemicals Inc. | &nbsp;&nbsp; 4000 | 89842 |
| Nippon Paint Holdings Co. Ltd. | &nbsp;&nbsp; 21600 | 162206 |
| Nippon Sanso Holdings Corp. | &nbsp;&nbsp; 4800 | 145606 |
| Nissan Chemical Corp. | &nbsp;&nbsp; 2400 | 71456 |
| Nitto Denko Corp. | &nbsp;&nbsp; 15200 | 281148 |
| NOF Corp. | &nbsp;&nbsp; 5600 | 76105 |
| Shin-Etsu Chemical Co. Ltd. | &nbsp;&nbsp; 32000 | 913125 |
| Sumitomo Bakelite Co. Ltd. | &nbsp;&nbsp; 1600 | 35880 |
| Taiyo Holdings Co. Ltd. | &nbsp;&nbsp; 800 | 25865 |
| Tokai Carbon Co. Ltd. | &nbsp;&nbsp; 4800 | 30604 |
| Tokyo Ohka Kogyo Co. Ltd. | &nbsp;&nbsp; 2400 | 50298 |
| Toray Industries Inc. | &nbsp;&nbsp; 36000 | 246021 |
| Tosoh Corp. | &nbsp;&nbsp; 6400 | 88067 |
|  |  | 2793224 |
| **Commercial Services & Supplies — 0.7%** | **Commercial Services & Supplies — 0.7%** | **Commercial Services & Supplies — 0.7%** |
| Aeon Delight Co. Ltd. | &nbsp;&nbsp; 800 | 28852 |
| Dai Nippon Printing Co. Ltd. | &nbsp;&nbsp; 10400 | 148069 |
| Japan Elevator Service Holdings Co. Ltd. | &nbsp;&nbsp; 1600 | 29425 |
| Pilot Corp. | &nbsp;&nbsp; 800 | 22199 |
| Secom Co. Ltd. | &nbsp;&nbsp; 10400 | 354215 |
| Sohgo Security Services Co. Ltd. | &nbsp;&nbsp; 8800 | 66196 |
|  |  | 648956 |
| **Construction & Engineering — 1.1%** | **Construction & Engineering — 1.1%** | **Construction & Engineering — 1.1%** |
| COMSYS Holdings Corp. | &nbsp;&nbsp; 2400 | 51057 |
| EXEO Group Inc. | &nbsp;&nbsp; 4800 | 54069 |
| Hazama Ando Corp. | &nbsp;&nbsp; 4800 | 43858 |
| Infroneer Holdings Inc. | &nbsp;&nbsp; 4800 | 38775 |
| Kajima Corp. | &nbsp;&nbsp; 11200 | 229101 |
| Kandenko Co. Ltd. | &nbsp;&nbsp; 3200 | 57623 |
| Kyudenko Corp. | &nbsp;&nbsp; 800 | 25813 |
| Obayashi Corp. | &nbsp;&nbsp; 16000 | 213445 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2025

**iShares® JPX-Nikkei 400 ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Construction & Engineering (continued)** | **Construction & Engineering (continued)** | **Construction & Engineering (continued)** |
| SHO-BOND Holdings Co. Ltd. | &nbsp;&nbsp; 800 | $25571 |
| Taisei Corp. | &nbsp;&nbsp; 4000 | 178046 |
|  |  | 917358 |
| **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** |
| Acom Co. Ltd. | &nbsp;&nbsp; 11200 | 28665 |
| AEON Financial Service Co. Ltd. | &nbsp;&nbsp; 3200 | 28482 |
| Credit Saison Co. Ltd. | &nbsp;&nbsp; 3200 | 76058 |
| Jaccs Co. Ltd. | &nbsp;&nbsp; 800 | 21008 |
| Marui Group Co. Ltd. | &nbsp;&nbsp; 3200 | 58186 |
|  |  | 212399 |
| **Consumer Staples Distribution & Retail — 1.6%** | **Consumer Staples Distribution & Retail — 1.6%** | **Consumer Staples Distribution & Retail — 1.6%** |
| Cosmos Pharmaceutical Corp. | &nbsp;&nbsp; 800 | 40067 |
| Create SD Holdings Co. Ltd. | &nbsp;&nbsp; 800 | 15537 |
| Kobe Bussan Co. Ltd. | &nbsp;&nbsp; 4000 | 93130 |
| Kusuri no Aoki Holdings Co. Ltd. | &nbsp;&nbsp; 1600 | 36210 |
| Life Corp. | &nbsp;&nbsp; 1600 | 20683 |
| MatsukiyoCocokara & Co. | &nbsp;&nbsp; 8800 | 137667 |
| Seven & i Holdings Co. Ltd. | &nbsp;&nbsp; 56800 | 822515 |
| Sugi Holdings Co. Ltd. | &nbsp;&nbsp; 3200 | 59986 |
| Sundrug Co. Ltd. | &nbsp;&nbsp; 1600 | 44849 |
| Tsuruha Holdings Inc. | &nbsp;&nbsp; 800 | 49677 |
| Welcia Holdings Co. Ltd. | &nbsp;&nbsp; 2400 | 34636 |
| Yaoko Co. Ltd. | &nbsp;&nbsp; 800 | 49104 |
|  |  | 1404061 |
| **Diversified Telecommunication Services — 1.5%** | **Diversified Telecommunication Services — 1.5%** | **Diversified Telecommunication Services — 1.5%** |
| Internet Initiative Japan Inc. | &nbsp;&nbsp; 2400 | 41732 |
| Nippon Telegraph & Telephone Corp. | &nbsp;&nbsp; 1319200 | 1274969 |
| U-Next Holdings Co. Ltd. | &nbsp;&nbsp; 2400 | 28314 |
|  |  | 1345015 |
| **Electric Utilities — 0.7%** | **Electric Utilities — 0.7%** | **Electric Utilities — 0.7%** |
| Chubu Electric Power Co. Inc. | &nbsp;&nbsp; 17600 | 190823 |
| Kansai Electric Power Co. Inc. (The) | &nbsp;&nbsp; 24000 | 284832 |
| Kyushu Electric Power Co. Inc. | &nbsp;&nbsp; 11200 | 97819 |
|  |  | 573474 |
| **Electrical Equipment — 1.5%** | **Electrical Equipment — 1.5%** | **Electrical Equipment — 1.5%** |
| Fuji Electric Co. Ltd. | &nbsp;&nbsp; 3200 | 136799 |
| Fujikura Ltd. | &nbsp;&nbsp; 5600 | 207396 |
| Mitsubishi Electric Corp. | &nbsp;&nbsp; 50400 | 929490 |
|  |  | 1273685 |
| **Electronic Equipment, Instruments & Components — 4.3%** | **Electronic Equipment, Instruments & Components — 4.3%** | **Electronic Equipment, Instruments & Components — 4.3%** |
| Azbil Corp. | &nbsp;&nbsp; 13600 | 105650 |
| Canon Marketing Japan Inc. | &nbsp;&nbsp; 800 | 27286 |
| Citizen Watch Co. Ltd. | &nbsp;&nbsp; 4800 | 28723 |
| Daiwabo Holdings Co. Ltd. | &nbsp;&nbsp; 2400 | 40723 |
| Dexerials Corp. | &nbsp;&nbsp; 4800 | 59457 |
| Furuya Metal Co. Ltd. | &nbsp;&nbsp; 800 | 14358 |
| Hamamatsu Photonics KK | &nbsp;&nbsp; 8000 | 77988 |
| Hirose Electric Co. Ltd. | &nbsp;&nbsp; 800 | 92667 |
| Horiba Ltd. | &nbsp;&nbsp; 800 | 53701 |
| Ibiden Co. Ltd. | &nbsp;&nbsp; 2400 | 64740 |
| Jeol Ltd. | &nbsp;&nbsp; 800 | 24788 |
| Kaga Electronics Co. Ltd. | &nbsp;&nbsp; 800 | 14423 |
| Keyence Corp. | &nbsp;&nbsp; 2844 | 1118289 |
| Kyocera Corp. | &nbsp;&nbsp; 30400 | 343369 |
| Macnica Holdings Inc. | &nbsp;&nbsp; 4000 | 51777 |
| Maruwa Co. Ltd./Aichi | &nbsp;&nbsp; 200 | 41379 |
| Meiko Electronics Co. Ltd. | &nbsp;&nbsp; 800 | 37028 |
| Murata Manufacturing Co. Ltd. | &nbsp;&nbsp; 44000 | 678698 |
| Omron Corp. | &nbsp;&nbsp; 4800 | 135536 |
| Shimadzu Corp. | &nbsp;&nbsp; 7200 | 179846 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** | **Electronic Equipment, Instruments & Components (continued)** |
| Taiyo Yuden Co. Ltd. | &nbsp;&nbsp; 2400 | $39998 |
| TDK Corp. | &nbsp;&nbsp; 43200 | 452696 |
| Tokyo Electron Device Ltd. | &nbsp;&nbsp; 800 | 16036 |
| Yokogawa Electric Corp. | &nbsp;&nbsp; 4800 | 93677 |
|  |  | 3792833 |
| **Entertainment — 2.9%** | **Entertainment — 2.9%** | **Entertainment — 2.9%** |
| Capcom Co. Ltd. | &nbsp;&nbsp; 9600 | 236943 |
| GungHo Online Entertainment Inc. | &nbsp;&nbsp; 1690 | 33047 |
| Koei Tecmo Holdings Co. Ltd. | &nbsp;&nbsp; 4080 | 53688 |
| Konami Group Corp. | &nbsp;&nbsp; 1800 | 212548 |
| Nexon Co. Ltd. | &nbsp;&nbsp; 10400 | 142442 |
| Nintendo Co. Ltd. | &nbsp;&nbsp; 23200 | 1577083 |
| Square Enix Holdings Co. Ltd. | &nbsp;&nbsp; 2400 | 111484 |
| Toei Animation Co. Ltd. | &nbsp;&nbsp; 1600 | 33350 |
| Toho Co. Ltd./Tokyo | &nbsp;&nbsp; 3200 | 159007 |
|  |  | 2559592 |
| **Financial Services — 1.1%** | **Financial Services — 1.1%** | **Financial Services — 1.1%** |
| Financial Products Group Co. Ltd. | &nbsp;&nbsp; 1600 | 24766 |
| Fuyo General Lease Co. Ltd. | &nbsp;&nbsp; 2400 | 61992 |
| GMO Payment Gateway Inc. | &nbsp;&nbsp; 800 | 42567 |
| Mitsubishi HC Capital Inc. | &nbsp;&nbsp; 24000 | 162634 |
| Mizuho Leasing Co. Ltd. | &nbsp;&nbsp; 3200 | 22351 |
| ORIX Corp. | &nbsp;&nbsp; 27200 | 567906 |
| Tokyo Century Corp. | &nbsp;&nbsp; 4000 | 39179 |
| Zenkoku Hosho Co. Ltd. | &nbsp;&nbsp; 3200 | 63569 |
|  |  | 984964 |
| **Food Products — 1.7%** | **Food Products — 1.7%** | **Food Products — 1.7%** |
| Ajinomoto Co. Inc. | &nbsp;&nbsp; 22400 | 443469 |
| Calbee Inc. | &nbsp;&nbsp; 2400 | 44754 |
| Kikkoman Corp. | &nbsp;&nbsp; 16000 | 154347 |
| Kotobuki Spirits Co. Ltd. | &nbsp;&nbsp; 3200 | 52083 |
| MEIJI Holdings Co. Ltd. | &nbsp;&nbsp; 6400 | 138676 |
| Morinaga & Co. Ltd./Japan | &nbsp;&nbsp; 2400 | 40130 |
| Morinaga Milk Industry Co. Ltd. | &nbsp;&nbsp; 1600 | 33248 |
| NH Foods Ltd. | &nbsp;&nbsp; 2400 | 80219 |
| Nichirei Corp. | &nbsp;&nbsp; 3200 | 37850 |
| Nissin Foods Holdings Co. Ltd. | &nbsp;&nbsp; 6400 | 130626 |
| Nissui Corp. | &nbsp;&nbsp; 7200 | 43408 |
| Toyo Suisan Kaisha Ltd. | &nbsp;&nbsp; 2400 | 142039 |
| Yakult Honsha Co. Ltd. | &nbsp;&nbsp; 7200 | 137005 |
|  |  | 1477854 |
| **Gas Utilities — 0.6%** | **Gas Utilities — 0.6%** | **Gas Utilities — 0.6%** |
| Nippon Gas Co. Ltd. | &nbsp;&nbsp; 2400 | 35801 |
| Osaka Gas Co. Ltd. | &nbsp;&nbsp; 9600 | 217222 |
| Tokyo Gas Co. Ltd. | &nbsp;&nbsp; 8800 | 279933 |
|  |  | 532956 |
| **Ground Transportation — 0.8%** | **Ground Transportation — 0.8%** | **Ground Transportation — 0.8%** |
| Central Japan Railway Co. | &nbsp;&nbsp; 19200 | 366223 |
| Keikyu Corp. | &nbsp;&nbsp; 6400 | 64583 |
| Kintetsu Group Holdings Co. Ltd. | &nbsp;&nbsp; 4800 | 102541 |
| Odakyu Electric Railway Co. Ltd. | &nbsp;&nbsp; 8000 | 79097 |
| Seibu Holdings Inc. | &nbsp;&nbsp; 5600 | 124116 |
|  |  | 736560 |
| **Health Care Equipment & Supplies — 2.8%** | **Health Care Equipment & Supplies — 2.8%** | **Health Care Equipment & Supplies — 2.8%** |
| Asahi Intecc Co. Ltd. | &nbsp;&nbsp; 5600 | 90460 |
| Hoya Corp. | &nbsp;&nbsp; 9600 | 1083441 |
| Nakanishi Inc. | &nbsp;&nbsp; 2400 | 34505 |
| Nihon Kohden Corp. | &nbsp;&nbsp; 4000 | 53836 |
| Olympus Corp. | &nbsp;&nbsp; 27200 | 356068 |
| Sysmex Corp. | &nbsp;&nbsp; 12800 | 244352 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2025

**iShares® JPX-Nikkei 400 ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** | **Health Care Equipment & Supplies (continued)** |
| Terumo Corp. | &nbsp;&nbsp; 32800 | $617165 |
|  |  | 2479827 |
| **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** |
| Amvis Holdings Inc. | &nbsp;&nbsp; 800 | 2453 |
| BML Inc. | &nbsp;&nbsp; 800 | 16165 |
| Medipal Holdings Corp. | &nbsp;&nbsp; 5600 | 87375 |
| Ship Healthcare Holdings Inc. | &nbsp;&nbsp; 1600 | 21414 |
|  |  | 127407 |
| **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** |
| M3 Inc.<sup>(a)</sup> | &nbsp;&nbsp; 10400 | 118804 |
| **Hotels, Restaurants & Leisure — 1.1%** | **Hotels, Restaurants & Leisure — 1.1%** | **Hotels, Restaurants & Leisure — 1.1%** |
| Food & Life Companies Ltd. | &nbsp;&nbsp; 2400 | 71742 |
| McDonald's Holdings Co. Japan Ltd. | &nbsp;&nbsp; 3200 | 122084 |
| Oriental Land Co. Ltd./Japan | &nbsp;&nbsp; 29600 | 583733 |
| Round One Corp. | &nbsp;&nbsp; 4800 | 31567 |
| Zensho Holdings Co. Ltd. | &nbsp;&nbsp; 3200 | 172558 |
|  |  | 981684 |
| **Household Durables — 3.7%** | **Household Durables — 3.7%** | **Household Durables — 3.7%** |
| Haseko Corp. | &nbsp;&nbsp; 4000 | 52661 |
| Iida Group Holdings Co. Ltd. | &nbsp;&nbsp; 4800 | 73227 |
| JVCKenwood Corp. | &nbsp;&nbsp; 4000 | 33727 |
| Open House Group Co. Ltd. | &nbsp;&nbsp; 1600 | 59642 |
| Panasonic Holdings Corp. | &nbsp;&nbsp; 59200 | 706226 |
| Rinnai Corp. | &nbsp;&nbsp; 2400 | 55441 |
| Sekisui House Ltd. | &nbsp;&nbsp; 14400 | 322302 |
| Sony Group Corp. | &nbsp;&nbsp; 72000 | 1821815 |
| Sumitomo Forestry Co. Ltd. | &nbsp;&nbsp; 4000 | 120594 |
| Tama Home Co. Ltd. | &nbsp;&nbsp; 800 | 19335 |
|  |  | 3264970 |
| **Household Products — 0.4%** | **Household Products — 0.4%** | **Household Products — 0.4%** |
| Lion Corp. | &nbsp;&nbsp; 6400 | 75632 |
| Unicharm Corp. | &nbsp;&nbsp; 31200 | 248501 |
|  |  | 324133 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| Electric Power Development Co. Ltd. | &nbsp;&nbsp; 4000 | 67608 |
| **Industrial Conglomerates — 2.0%** | **Industrial Conglomerates — 2.0%** | **Industrial Conglomerates — 2.0%** |
| Hikari Tsushin Inc. | &nbsp;&nbsp; 800 | 206475 |
| Hitachi Ltd. | &nbsp;&nbsp; 58400 | 1371197 |
| Sekisui Chemical Co. Ltd. | &nbsp;&nbsp; 9600 | 163736 |
|  |  | 1741408 |
| **Insurance — 4.0%** | **Insurance — 4.0%** | **Insurance — 4.0%** |
| Dai-ichi Life Holdings Inc. | &nbsp;&nbsp; 89600 | 684143 |
| MS&AD Insurance Group Holdings Inc. | &nbsp;&nbsp; 36000 | 782922 |
| Sompo Holdings Inc. | &nbsp;&nbsp; 24000 | 730828 |
| Tokio Marine Holdings Inc. | &nbsp;&nbsp; 33600 | 1307135 |
|  |  | 3505028 |
| **Interactive Media & Services — 0.4%** | **Interactive Media & Services — 0.4%** | **Interactive Media & Services — 0.4%** |
| Kakaku.com Inc. | &nbsp;&nbsp; 3200 | 45832 |
| LY Corp. | &nbsp;&nbsp; 79200 | 268183 |
|  |  | 314015 |
| **IT Services — 3.6%** | **IT Services — 3.6%** | **IT Services — 3.6%** |
| BIPROGY Inc. | &nbsp;&nbsp; 1600 | 49383 |
| Dentsu Soken Inc. | &nbsp;&nbsp; 800 | 32590 |
| Fujitsu Ltd. | &nbsp;&nbsp; 45600 | 907480 |
| Future Corp. | &nbsp;&nbsp; 1600 | 18572 |
| GMO internet group Inc. | &nbsp;&nbsp; 1600 | 32924 |
| NEC Corp. | &nbsp;&nbsp; 34500 | 734875 |
| Nomura Research Institute Ltd. | &nbsp;&nbsp; 10464 | 340628 |
| NS Solutions Corp. | &nbsp;&nbsp; 1600 | 41089 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **IT Services (continued)** | **IT Services (continued)** | **IT Services (continued)** |
| NSD Co. Ltd. | &nbsp;&nbsp; 1600 | $35841 |
| NTT Data Group Corp. | &nbsp;&nbsp; 12800 | 231873 |
| Obic Co. Ltd. | &nbsp;&nbsp; 9600 | 276797 |
| Otsuka Corp. | &nbsp;&nbsp; 5600 | 121248 |
| SCSK Corp. | &nbsp;&nbsp; 4000 | 98911 |
| SHIFT Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp; 4800 | 37318 |
| TIS Inc. | &nbsp;&nbsp; 5600 | 154968 |
|  |  | 3114497 |
| **Leisure Products — 1.2%** | **Leisure Products — 1.2%** | **Leisure Products — 1.2%** |
| Bandai Namco Holdings Inc. | &nbsp;&nbsp; 12800 | 429407 |
| Sankyo Co. Ltd. | &nbsp;&nbsp; 5600 | 81833 |
| Sega Sammy Holdings Inc. | &nbsp;&nbsp; 4800 | 92682 |
| Shimano Inc. | &nbsp;&nbsp; 2400 | 336991 |
| Yamaha Corp. | &nbsp;&nbsp; 8800 | 68291 |
|  |  | 1009204 |
| **Machinery — 6.4%** | **Machinery — 6.4%** | **Machinery — 6.4%** |
| Amada Co. Ltd. | &nbsp;&nbsp; 7200 | 70125 |
| Daifuku Co. Ltd. | &nbsp;&nbsp; 8000 | 196652 |
| DMG Mori Co. Ltd. | &nbsp;&nbsp; 3200 | 62504 |
| Ebara Corp. | &nbsp;&nbsp; 10400 | 158294 |
| FANUC Corp. | &nbsp;&nbsp; 24000 | 653898 |
| Hitachi Construction Machinery Co. Ltd. | &nbsp;&nbsp; 1600 | 42632 |
| Hoshizaki Corp. | &nbsp;&nbsp; 3200 | 123868 |
| Komatsu Ltd. | &nbsp;&nbsp; 24000 | 702795 |
| Kubota Corp. | &nbsp;&nbsp; 25600 | 316349 |
| Makita Corp. | &nbsp;&nbsp; 5600 | 185547 |
| Minebea Mitsumi Inc. | &nbsp;&nbsp; 8000 | 116932 |
| MISUMI Group Inc. | &nbsp;&nbsp; 8000 | 133158 |
| Mitsubishi Heavy Industries Ltd. | &nbsp;&nbsp; 87200 | 1497536 |
| Mitsubishi Logisnext Co. Ltd. | &nbsp;&nbsp; 800 | 11450 |
| Miura Co. Ltd. | &nbsp;&nbsp; 2400 | 47753 |
| Nabtesco Corp. | &nbsp;&nbsp; 3200 | 49728 |
| NGK Insulators Ltd. | &nbsp;&nbsp; 5600 | 68997 |
| Nomura Micro Science Co. Ltd. | &nbsp;&nbsp; 800 | 12928 |
| Organo Corp. | &nbsp;&nbsp; 800 | 34425 |
| SMC Corp. | &nbsp;&nbsp; 1600 | 572550 |
| Sumitomo Heavy Industries Ltd. | &nbsp;&nbsp; 3200 | 65551 |
| Takeuchi Manufacturing Co. Ltd.<sup>(b)</sup> | &nbsp;&nbsp; 800 | 27487 |
| Toyota Industries Corp. | &nbsp;&nbsp; 4000 | 342109 |
| Tsugami Corp. | &nbsp;&nbsp; 800 | 9819 |
| Yaskawa Electric Corp.<sup>(b)</sup> | &nbsp;&nbsp; 5600 | 140325 |
|  |  | 5643412 |
| **Marine Transportation — 1.0%** | **Marine Transportation — 1.0%** | **Marine Transportation — 1.0%** |
| Iino Kaiun Kaisha Ltd. | &nbsp;&nbsp; 1600 | 10691 |
| Kawasaki Kisen Kaisha Ltd. | &nbsp;&nbsp; 11200 | 152235 |
| Mitsui OSK Lines Ltd. | &nbsp;&nbsp; 9600 | 334245 |
| Nippon Yusen KK | &nbsp;&nbsp; 10400 | 343700 |
|  |  | 840871 |
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
| CyberAgent Inc. | &nbsp;&nbsp; 12000 | 91315 |
| Hakuhodo DY Holdings Inc. | &nbsp;&nbsp; 5600 | 40634 |
|  |  | 131949 |
| **Metals & Mining — 1.4%** | **Metals & Mining — 1.4%** | **Metals & Mining — 1.4%** |
| ARE Holdings Inc. | &nbsp;&nbsp; 2400 | 31813 |
| Daido Steel Co. Ltd. | &nbsp;&nbsp; 3200 | 25528 |
| Dowa Holdings Co. Ltd. | &nbsp;&nbsp; 1600 | 49696 |
| JFE Holdings Inc. | &nbsp;&nbsp; 15200 | 186603 |
| Kobe Steel Ltd. | &nbsp;&nbsp; 10400 | 120712 |
| Maruichi Steel Tube Ltd. | &nbsp;&nbsp; 1600 | 35634 |
| Mitsui Mining & Smelting Co. Ltd. | &nbsp;&nbsp; 800 | 23435 |
| Nippon Steel Corp. | &nbsp;&nbsp; 25600 | 547867 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2025

**iShares® JPX-Nikkei 400 ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Metals & Mining (continued)** | **Metals & Mining (continued)** | **Metals & Mining (continued)** |
| Sumitomo Metal Mining Co. Ltd. | &nbsp;&nbsp; 6400 | $139897 |
| Tokyo Steel Manufacturing Co. Ltd. | &nbsp;&nbsp; 1600 | 16976 |
| Yamato Kogyo Co. Ltd. | &nbsp;&nbsp; 800 | 42416 |
|  |  | 1220577 |
| **Oil, Gas & Consumable Fuels — 1.2%** | **Oil, Gas & Consumable Fuels — 1.2%** | **Oil, Gas & Consumable Fuels — 1.2%** |
| Cosmo Energy Holdings Co. Ltd. | &nbsp;&nbsp; 1600 | 68807 |
| ENEOS Holdings Inc. | &nbsp;&nbsp; 84800 | 447236 |
| Idemitsu Kosan Co. Ltd. | &nbsp;&nbsp; 23200 | 164100 |
| Inpex Corp. | &nbsp;&nbsp; 20800 | 288512 |
| Itochu Enex Co. Ltd. | &nbsp;&nbsp; 800 | 8577 |
| Iwatani Corp. | &nbsp;&nbsp; 4800 | 48178 |
| Japan Petroleum Exploration Co. Ltd. | &nbsp;&nbsp; 4000 | 31157 |
|  |  | 1056567 |
| **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** |
| Oji Holdings Corp. | &nbsp;&nbsp; 20800 | 87192 |
| **Personal Care Products — 0.9%** | **Personal Care Products — 0.9%** | **Personal Care Products — 0.9%** |
| Kao Corp. | &nbsp;&nbsp; 12000 | 519441 |
| Kobayashi Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 800 | 30306 |
| Rohto Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 4800 | 71874 |
| Shiseido Co. Ltd. | &nbsp;&nbsp; 10400 | 197235 |
|  |  | 818856 |
| **Pharmaceuticals — 5.3%** | **Pharmaceuticals — 5.3%** | **Pharmaceuticals — 5.3%** |
| Astellas Pharma Inc. | &nbsp;&nbsp; 43240 | 420920 |
| Chugai Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 15200 | 696336 |
| Daiichi Sankyo Co. Ltd. | &nbsp;&nbsp; 38409 | 914667 |
| Eisai Co. Ltd. | &nbsp;&nbsp; 6400 | 178158 |
| Kyowa Kirin Co. Ltd. | &nbsp;&nbsp; 5600 | 81741 |
| Nippon Shinyaku Co. Ltd. | &nbsp;&nbsp; 1600 | 40820 |
| Ono Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 8800 | 94676 |
| Otsuka Holdings Co. Ltd. | &nbsp;&nbsp; 12000 | 625320 |
| Shionogi & Co. Ltd. | &nbsp;&nbsp; 16000 | 241515 |
| Takeda Pharmaceutical Co. Ltd. | &nbsp;&nbsp; 44000 | 1304106 |
|  |  | 4598259 |
| **Professional Services — 2.0%** | **Professional Services — 2.0%** | **Professional Services — 2.0%** |
| BayCurrent Inc. | &nbsp;&nbsp; 4000 | 173336 |
| Bell System24 Holdings Inc.<sup>(b)</sup> | &nbsp;&nbsp; 800 | 6749 |
| Dip Corp. | &nbsp;&nbsp; 800 | 11994 |
| JAC Recruitment Co. Ltd. | &nbsp;&nbsp; 1600 | 8648 |
| MEITEC Group Holdings Inc. | &nbsp;&nbsp; 1600 | 31235 |
| Pasona Group Inc. | &nbsp;&nbsp; 800 | 11558 |
| Persol Holdings Co. Ltd. | &nbsp;&nbsp; 47200 | 78645 |
| Recruit Holdings Co. Ltd. | &nbsp;&nbsp; 24800 | 1284919 |
| SMS Co. Ltd. | &nbsp;&nbsp; 1600 | 12052 |
| TechnoPro Holdings Inc. | &nbsp;&nbsp; 3200 | 70864 |
| Transcosmos Inc.<sup>(a)</sup> | &nbsp;&nbsp; 800 | 17054 |
| UT Group Co. Ltd. | &nbsp;&nbsp; 800 | 11051 |
| Visional Inc.<sup>(a)</sup> | &nbsp;&nbsp; 800 | 40392 |
|  |  | 1758497 |
| **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; 1600 | 163719 |
| Daiwa House Industry Co. Ltd. | &nbsp;&nbsp; 14400 | 476273 |
| Hulic Co. Ltd. | &nbsp;&nbsp; 11200 | 107511 |
| Katitas Co. Ltd. | &nbsp;&nbsp; 1600 | 21197 |
| Mitsubishi Estate Co. Ltd. | &nbsp;&nbsp; 28000 | 457686 |
| Mitsui Fudosan Co. Ltd. | &nbsp;&nbsp; 67200 | 601781 |
| Nomura Real Estate Holdings Inc. | &nbsp;&nbsp; 16000 | 93369 |
| Starts Corp. Inc. | &nbsp;&nbsp; 800 | 21030 |
| Sumitomo Realty & Development Co. Ltd. | &nbsp;&nbsp; 8000 | 300588 |
| Tokyo Tatemono Co. Ltd. | &nbsp;&nbsp; 4000 | 67728 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** | **Real Estate Management & Development (continued)** |
| Tokyu Fudosan Holdings Corp. | &nbsp;&nbsp; 15200 | $101985 |
|  |  | 2412867 |
| **Semiconductors & Semiconductor Equipment — 3.5%** | **Semiconductors & Semiconductor Equipment — 3.5%** | **Semiconductors & Semiconductor Equipment — 3.5%** |
| Advantest Corp. | &nbsp;&nbsp; 15200 | 677562 |
| Disco Corp. | &nbsp;&nbsp; 2400 | 490132 |
| Ferrotec Holdings Corp. | &nbsp;&nbsp; 1600 | 28834 |
| Japan Material Co. Ltd. | &nbsp;&nbsp; 800 | 6563 |
| Lasertec Corp. | &nbsp;&nbsp; 2400 | 206281 |
| Mitsui High-Tec Inc. | &nbsp;&nbsp; 1600 | 7464 |
| Renesas Electronics Corp. | &nbsp;&nbsp; 37600 | 504316 |
| Rohm Co. Ltd. | &nbsp;&nbsp; 8800 | 85022 |
| Rorze Corp. | &nbsp;&nbsp; 2400 | 22921 |
| SCREEN Holdings Co. Ltd. | &nbsp;&nbsp; 2400 | 156579 |
| SUMCO Corp. | &nbsp;&nbsp; 9600 | 65052 |
| Tokyo Electron Ltd. | &nbsp;&nbsp; 5600 | 767942 |
| Tokyo Seimitsu Co. Ltd. | &nbsp;&nbsp; 800 | 43327 |
| Towa Corp.<sup>(b)</sup> | &nbsp;&nbsp; 1600 | 16182 |
| Ulvac Inc. | &nbsp;&nbsp; 800 | 27598 |
|  |  | 3105775 |
| **Software — 0.4%** | **Software — 0.4%** | **Software — 0.4%** |
| Justsystems Corp. | &nbsp;&nbsp; 800 | 18059 |
| Oracle Corp./Japan | &nbsp;&nbsp; 800 | 84187 |
| Rakus Co. Ltd. | &nbsp;&nbsp; 2400 | 32356 |
| Systena Corp. | &nbsp;&nbsp; 8000 | 19386 |
| Trend Micro Inc./Japan | &nbsp;&nbsp; 2400 | 162019 |
|  |  | 316007 |
| **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** |
| ABC-Mart Inc. | &nbsp;&nbsp; 2400 | 44778 |
| Adastria Co. Ltd. | &nbsp;&nbsp; 800 | 15264 |
| Fast Retailing Co. Ltd. | &nbsp;&nbsp; 2900 | 863305 |
| IDOM Inc. | &nbsp;&nbsp; 1600 | 12873 |
| Nextage Co. Ltd. | &nbsp;&nbsp; 800 | 8108 |
| Nitori Holdings Co. Ltd. | &nbsp;&nbsp; 1900 | 185895 |
| Nojima Corp. | &nbsp;&nbsp; 1600 | 27060 |
| PAL GROUP Holdings Co. Ltd. | &nbsp;&nbsp; 800 | 16212 |
| Sanrio Co. Ltd. | &nbsp;&nbsp; 4000 | 185062 |
| Shimamura Co. Ltd. | &nbsp;&nbsp; 1600 | 91703 |
| USS Co. Ltd. | &nbsp;&nbsp; 10400 | 96669 |
| Workman Co. Ltd. | &nbsp;&nbsp; 800 | 22330 |
| ZOZO Inc. | &nbsp;&nbsp; 12000 | 114934 |
|  |  | 1684193 |
| **Technology Hardware, Storage & Peripherals — 1.8%** | **Technology Hardware, Storage & Peripherals — 1.8%** | **Technology Hardware, Storage & Peripherals — 1.8%** |
| Brother Industries Ltd. | &nbsp;&nbsp; 6400 | 115881 |
| Canon Inc. | &nbsp;&nbsp; 24800 | 773342 |
| FUJIFILM Holdings Corp. | &nbsp;&nbsp; 30400 | 582433 |
| MCJ Co. Ltd. | &nbsp;&nbsp; 2400 | 21829 |
| Seiko Epson Corp. | &nbsp;&nbsp; 6400 | 102532 |
|  |  | 1596017 |
| **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** |
| Asics Corp. | &nbsp;&nbsp; 18400 | 390219 |
| Goldwin Inc. | &nbsp;&nbsp; 800 | 44173 |
|  |  | 434392 |
| **Tobacco — 0.9%** | **Tobacco — 0.9%** | **Tobacco — 0.9%** |
| Japan Tobacco Inc. | &nbsp;&nbsp; 29600 | 813589 |
| **Trading Companies & Distributors — 6.0%** | **Trading Companies & Distributors — 6.0%** | **Trading Companies & Distributors — 6.0%** |
| Hanwa Co. Ltd. | &nbsp;&nbsp; 800 | 26218 |
| Inabata & Co. Ltd. | &nbsp;&nbsp; 1600 | 33927 |
| ITOCHU Corp. | &nbsp;&nbsp; 25600 | 1188428 |
| Kanematsu Corp. | &nbsp;&nbsp; 2400 | 40538 |
| Marubeni Corp. | &nbsp;&nbsp; 42400 | 680172 |

---

Schedule of Investments

------

Schedule of Investments (continued)

March 31, 2025

**iShares® JPX-Nikkei 400 ETF**

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

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** | **Trading Companies & Distributors (continued)** |
| Mitsubishi Corp. | &nbsp;&nbsp; 60800 | $1073409 |
| Mitsui & Co. Ltd. | &nbsp;&nbsp; 53600 | 1010533 |
| MonotaRO Co. Ltd. | &nbsp;&nbsp; 7200 | 134501 |
| Sojitz Corp. | &nbsp;&nbsp; 5620 | 123866 |
| Sumitomo Corp. | &nbsp;&nbsp; 31200 | 711917 |
| Toyota Tsusho Corp. | &nbsp;&nbsp; 16000 | 269566 |
|  |  | 5293075 |
| **Wireless Telecommunication Services — 2.6%** | **Wireless Telecommunication Services — 2.6%** | **Wireless Telecommunication Services — 2.6%** |
| KDDI Corp. | &nbsp;&nbsp; 72000 | 1137287 |
| SoftBank Corp. | &nbsp;&nbsp; 790400 | 1102589 |
|  |  | 2239876 |
| **Total Long-Term Investments — 98.6%** <br>**(Cost: $92,881,024)** | **Total Long-Term Investments — 98.6%** <br>**(Cost: $92,881,024)** | 86389223 |
| **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> 4.50%<sup>(c)(d)(e)</sup><br>| &nbsp;&nbsp; 226504 | 226618 |

---

---

| | | |
|:---|:---|:---|
| *Security* | &nbsp;&nbsp; *Shares* | *Value* |
| **Money Market Funds (continued)** | **Money Market Funds (continued)** | **Money Market Funds (continued)** |
| BlackRock Cash Funds: Treasury, SL Agency Shares, <br> 4.31%<sup>(c)(d)</sup><br>| &nbsp;&nbsp; 40000 | $40000 |
| **Total Short-Term Securities — 0.3%** <br>**(Cost: $266,634)** | **Total Short-Term Securities — 0.3%** <br>**(Cost: $266,634)** | 266618 |
| **Total Investments — 98.9%** <br>**(Cost: $93,147,658)** | **Total Investments — 98.9%** <br>**(Cost: $93,147,658)** | 86655841 |
| **Other Assets Less Liabilities — 1.1%** | **Other Assets Less Liabilities — 1.1%** | 969723 |
| **Net Assets — 100.0%** | **Net Assets — 100.0%** | $87625564 |

---

&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> 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. 

**Affiliates**

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Affiliated Issuer* | *Value at* <br>*03/31/24*<br>| *Proceeds* <br>*from Sales*<br>| *Net Realized* <br>*Gain (Loss)*<br>| *Change in* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>| *Value at* <br>*03/31/25*<br>| *Shares* <br>*Held at* <br>*03/31/25*<br>| *Income* | *Capital* <br>*Gain* <br>*Distributions* <br>*from* <br>*Underlying* <br>*Funds*<br>|
| BlackRock Cash Funds: Institutional, SL Agency Shares | $96952<br> $129718 <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | $(45)<br>| $(7)<br>| $226618 | 226504 | $2567 <br><sup>(b)</sup><br>| &nbsp;&nbsp; $— |
| BlackRock Cash Funds: Treasury, SL Agency Shares | 20000<br> 20000 <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |  |  | 40000 | 40000 | 2280 | &nbsp;&nbsp; — |
|  |  |  | $(45)<br>| $(7)<br>| $266618 |  | $4847 | &nbsp;&nbsp; $— |

---

&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 fees and collateral investment expenses, and other payments to and from borrowers of securities. 

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

**Futures Contracts** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Description* | *Number of* <br>*Contracts*<br>| *Expiration* <br>*Date*<br>| *Notional* <br>*Amount* <br>*(000)*<br>| *Value/* <br>*Unrealized* <br>*Appreciation* <br>*(Depreciation)*<br>|
| Long Contracts |  |  |  |  |
| Mini TOPIX Index | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 06/12/25 | &nbsp;&nbsp; $1167 | &nbsp;&nbsp; $(22854)<br>|

---

2025 iShares Annual Financial Statements and Additional Information

------

Schedule of Investments (continued)

March 31, 2025

**iShares® JPX-Nikkei 400 ETF**

**Derivative Financial Instruments Categorized by Risk Exposure**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Liabilities—Derivative Financial Instruments** |  |  |  |  |  |  |  |
| Futures contracts |  |  |  |  |  |  |  |
| Unrealized depreciation on futures contracts<sup>(a)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22854 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22854 |

---

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

<sup>(a)</sup> Net cumulative unrealized appreciation (depreciation) on futures contracts 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 March 31, 2025, the effect of derivative financial instruments in the Statement of Operations was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | *Commodity* <br>*Contracts*<br>| *Credit* <br>*Contracts*<br>| *Equity* <br>*Contracts*<br>| *Foreign* <br>*Currency* <br>*Exchange* <br>*Contracts*<br>| *Interest* <br>*Rate* <br>*Contracts*<br>| *Other* <br>*Contracts*<br>| *Total* |
| **Net Realized Gain (Loss) from:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(32644)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(32644)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(28213)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(28213)<br>|

---

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

---

| | |
|:---|:---|
| Futures contracts: |  |
| Average notional value of contracts — long | &nbsp;&nbsp; $961454 |

---

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; $214308 | &nbsp;&nbsp; $86174915 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $86389223 |
| Short-Term Securities  |  |  |  |  |
| Money Market Funds | &nbsp;&nbsp; 266618 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 266618 |
|  | &nbsp;&nbsp; $480926 | &nbsp;&nbsp; $86174915 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $86655841 |
| Derivative Financial Instruments<sup>(a)</sup>  |  |  |  |  |
| Liabilities  |  |  |  |  |
| Equity Contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(22854)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(22854)<br>|

---

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

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

*See notes to financial statements.*

Schedule of Investments

------

Statement of Assets and Liabilities

March 31, 2025

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

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; iShares <br>JPX-Nikkei <br> 400 ETF <br>|
| **ASSETS** |  |
| Investments, at value—unaffiliated<sup>(a)(b)</sup> | $86389223 |
| Investments, at value—affiliated<sup>(c)</sup> | 266618 |
| Cash | 376 |
| Foreign currency collateral pledged for futures contracts<sup>(d)</sup> | 66005 |
| Foreign currency, at value<sup>(e)</sup> | 300737 |
| Receivables: |  |
| Securities lending income—affiliated | 433 |
| Dividends—unaffiliated | 913148 |
| Dividends—affiliated | 73 |
| Tax reclaims | 34644 |
| Total assets | 87971257 |
| **LIABILITIES** |  |
| Collateral on securities loaned, at value | 226571 |
| Payables: |  |
| Investments purchased | 36580 |
| Investment advisory fees | 41578 |
| Variation margin on futures contracts | 40964 |
| Total liabilities | 345693 |
| **Commitments and contingent liabilities** |  |
| NET ASSETS | $87625564 |
| **NET ASSETS CONSIST OF** |  |
| Paid-in capital | $122241571 |
| Accumulated loss | (34616007) |
| NET ASSETS | $87625564 |
| **NET ASSET VALUE** |  |
| Shares outstanding | 1200000 |
| Net asset value | $73.02 |
| Shares authorized | Unlimited |
| Par value |  |
| <sup>(a)</sup> Investments, at cost—unaffiliated | $92881024 |
| <sup>(b)</sup> Securities loaned, at value | $209179 |
| <sup>(c)</sup> Investments, at cost—affiliated | $266634 |
| <sup>(d)</sup> Foreign currency collateral pledged, at cost | $65584 |
| <sup>(e)</sup> Foreign currency, at cost | $300038 |

---

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Statement of Operations

Year Ended March 31, 2025

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

---

| | |
|:---|:---|
|  | iShares <br>JPX-Nikkei <br> 400 ETF <br>|
| **INVESTMENT INCOME** |  |
| Dividends—unaffiliated | &nbsp;&nbsp; $3380960 |
| Dividends—affiliated | &nbsp;&nbsp; 2280 |
| Securities lending income—affiliated—net | &nbsp;&nbsp; 2567 |
| Foreign taxes withheld | &nbsp;&nbsp; (358307)<br>|
| Total investment income | &nbsp;&nbsp; 3027500 |
| EXPENSES |  |
| Investment advisory | &nbsp;&nbsp; 667917 |
| Commitment costs | &nbsp;&nbsp; 1319 |
| Interest expense | &nbsp;&nbsp; 104 |
| Total expenses | &nbsp;&nbsp; 669340 |
| Net investment income | &nbsp;&nbsp; 2358160 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| Net realized gain (loss) from: |  |
| Investments—unaffiliated | &nbsp;&nbsp; (1563394)<br>|
| Investments—affiliated | &nbsp;&nbsp; (45)<br>|
| Foreign currency transactions | &nbsp;&nbsp; (108402)<br>|
| Futures contracts | &nbsp;&nbsp; (32644)<br>|
| In-kind redemptions—unaffiliated<sup>(a)</sup> | &nbsp;&nbsp; 14068439 |
|  | &nbsp;&nbsp; 12363954 |
| Net change in unrealized appreciation (depreciation) on: |  |
| Investments—unaffiliated | &nbsp;&nbsp; (14141838)<br>|
| Investments—affiliated | &nbsp;&nbsp; (7)<br>|
| Foreign currency translations | &nbsp;&nbsp; 4501 |
| Futures contracts | &nbsp;&nbsp; (28213)<br>|
|  | &nbsp;&nbsp; (14165557)<br>|
| Net realized and unrealized loss | &nbsp;&nbsp; (1801603)<br>|
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | &nbsp;&nbsp; $556557 |
| <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.*

Statement of Operations

------

Statements of Changes in Net Assets

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

---

| | | |
|:---|:---|:---|
|  | iShares <br>JPX-Nikkei 400 ETF  | iShares <br>JPX-Nikkei 400 ETF  |
|  | Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>|
| *INCREASE (DECREASE) IN NET ASSETS* |  |  |
| **OPERATIONS** |  |  |
| Net investment income | &nbsp;&nbsp; $2358160 | &nbsp;&nbsp;&nbsp; $1726428 |
| Net realized gain | &nbsp;&nbsp; 12363954 | &nbsp;&nbsp;&nbsp; 9433469 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (14165557)<br>| &nbsp;&nbsp;&nbsp; 4238547 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; 556557 | &nbsp;&nbsp;&nbsp; 15398444 |
| **DISTRIBUTIONS TO SHAREHOLDERS**<sup>(a)</sup> <br>|  |  |
| Decrease in net assets resulting from distributions to shareholders | &nbsp;&nbsp; (3181624)<br>| &nbsp;&nbsp;&nbsp; (2031656)<br>|
| **CAPITAL SHARE TRANSACTIONS** |  |  |
| Net increase in net assets derived from capital share transactions | &nbsp;&nbsp; 355457 | &nbsp;&nbsp;&nbsp; 20110420 |
| *NET ASSETS* |  |  |
| Total increase (decrease) in net assets | &nbsp;&nbsp; (2269610)<br>| &nbsp;&nbsp;&nbsp; 33477208 |
| Beginning of year | &nbsp;&nbsp; 89895174 | &nbsp;&nbsp;&nbsp; 56417966 |
| End of year | &nbsp;&nbsp; $87625564 | &nbsp;&nbsp;&nbsp; $89895174 |

---

&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.

*See notes to financial statements.*

2025 iShares Annual Financial Statements and Additional Information

------

Financial Highlights

(For a share outstanding throughout each period)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | iShares JPX-Nikkei 400 ETF  | iShares JPX-Nikkei 400 ETF  | iShares JPX-Nikkei 400 ETF  | iShares JPX-Nikkei 400 ETF  | iShares JPX-Nikkei 400 ETF  |
|  | Year Ended <br>03/31/25<br>| &nbsp;&nbsp; Year Ended <br>03/31/24<br>| &nbsp;&nbsp; Year Ended <br>03/31/23<br>| &nbsp;&nbsp; Year Ended <br>03/31/22<br>| &nbsp;&nbsp; Year Ended <br>03/31/21<br>|
| **Net asset value, beginning of year** | &nbsp;&nbsp; $74.91 | &nbsp;&nbsp;&nbsp; $62.69 | &nbsp;&nbsp;&nbsp; $65.05 | &nbsp;&nbsp;&nbsp; $73.30 | &nbsp;&nbsp;&nbsp; $53.52 |
| Net investment income<sup>(a)</sup> | 1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 |
| Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp; (1.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;12.70 | &nbsp;&nbsp;&nbsp; (2.66)<br>| &nbsp;&nbsp;&nbsp; (7.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;19.82 |
| Net increase (decrease) from investment operations | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;13.97 | &nbsp;&nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp;&nbsp; (6.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;20.70 |
| Distributions from net investment income<sup>(c)</sup> | &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp;&nbsp; (1.75)<br>| &nbsp;&nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp; (1.86)<br>| &nbsp;&nbsp;&nbsp; (0.92)<br>|
| **Net asset value, end of year** | &nbsp;&nbsp; $73.02 | &nbsp;&nbsp;&nbsp; $74.91 | &nbsp;&nbsp;&nbsp; $62.69 | &nbsp;&nbsp;&nbsp; $65.05 | &nbsp;&nbsp;&nbsp; $73.30 |
| **Total Return**<sup>(d)</sup> <br>|  |  |  |  |  |
| Based on net asset value | &nbsp;&nbsp; (0.31)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22.72<br> %<br>| &nbsp;&nbsp;&nbsp; (2.28)%<br>| &nbsp;&nbsp;&nbsp; (8.94)%<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38.91<br> %<br>|
| **Ratios to Average Net Assets**<sup>(e)</sup> <br>|  |  |  |  |  |
| Total expenses | 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> %<br>|
| Net investment income | 1.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>|
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of year (000) | &nbsp;&nbsp; $87626 | &nbsp;&nbsp;&nbsp; $89895 | &nbsp;&nbsp;&nbsp; $56418 | &nbsp;&nbsp;&nbsp; $78055 | &nbsp;&nbsp;&nbsp; $87962 |
| Portfolio turnover rate<sup>(f)</sup> | &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp;&nbsp; 10<br> %<br>|
| <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. | <sup>(a)</sup> Based on average shares outstanding. |
| <sup>(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>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. | <sup>(d)</sup> Where applicable, assumes the reinvestment of distributions. |
| <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | <sup>(e)</sup> Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. | <sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions, if any. |

---

*See notes to financial statements.*

Financial Highlights

------

*Notes to Financial Statements* 

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

***1. ORGANIZATION***

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

These financial statements relate only to the following fund (the "Fund"):

<u> *iShares ETF* </u> <u> *Diversification* *Classification* </u> <br> JPX-Nikkei 400 Diversified

***2. SIGNIFICANT ACCOUNTING POLICIES***

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

**Investment Transactions and Income Recognition:** For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Fund is informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest.

**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 March 31, 2025, if any, are disclosed in the Statement of Assets and Liabilities.

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

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

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

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

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

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

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

**Segment Reporting:** The Fund adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The Fund's adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or results of operations.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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 value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF and Counterparty* | *Securities Loaned* <br>*at Value*<br>| &nbsp;&nbsp; *Cash Collateral* <br>*Received*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Non-Cash Collateral* <br>*Received, at Fair Value*<sup>(a)</sup> <br>| *Net Amount* |
| JPX-Nikkei 400 |  |  |  |  |
| BNP Paribas Securities Corp. | &nbsp;&nbsp; $1011 | &nbsp;&nbsp;&nbsp; $(1011) | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Goldman Sachs & Co. | &nbsp;&nbsp; 8091 | &nbsp;&nbsp;&nbsp; (8091) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| HSBC BANK PLC | &nbsp;&nbsp; 42446 | &nbsp;&nbsp;&nbsp; (42446) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| J.P. Morgan Securities LLC | &nbsp;&nbsp; 19811 | &nbsp;&nbsp;&nbsp; (19811) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| State Street Bank & Trust Co. | &nbsp;&nbsp; 137820 | &nbsp;&nbsp;&nbsp; (137820) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $209179 | &nbsp;&nbsp;&nbsp; $(209179) | &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.

2025 iShares Annual Financial Statements and Additional Information

------

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

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

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

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee of 0.48%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

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

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

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

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

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

The share of securities lending income earned by the Fund is shown as securities lending income – affiliated – net in its Statement of Operations. For the year ended March 31, 2025, the Fund paid BTC $612 for securities lending agent services.

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

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

For the year ended March 31, 2025, transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* | &nbsp;&nbsp; *Net Realized* <br>*Gain (Loss)*<br>|
| JPX-Nikkei 400 | &nbsp;&nbsp; $3083192 | &nbsp;&nbsp;&nbsp; $34151 | &nbsp;&nbsp;&nbsp; $(5407) |

---

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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 year ended March 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Purchases* | *Sales* |
| JPX-Nikkei 400 | &nbsp;&nbsp; $25021152 | &nbsp;&nbsp;&nbsp; $25882435 |

---

For the year ended March 31, 2025, in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *In-kind* <br>*Purchases*<br>| &nbsp;&nbsp; *In-kind* <br>*Sales*<br>|
| JPX-Nikkei 400 | &nbsp;&nbsp; $97231194 | &nbsp;&nbsp;&nbsp; $97318539 |

---

***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 March 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund's financial statements. Management's analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Fund's NAV.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2025, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Paid-in Capital* | &nbsp;&nbsp; *Accumulated* <br>*Earnings (Loss)*<br>|
| JPX-Nikkei 400 | &nbsp;&nbsp; $13181982 | &nbsp;&nbsp;&nbsp; $(13181982) |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Year Ended* <br>*03/31/25*<br>| &nbsp;&nbsp; *Year Ended* <br>*03/31/24*<br>|
| JPX-Nikkei 400 |  |  |
| Ordinary income | &nbsp;&nbsp; $3181624 | &nbsp;&nbsp;&nbsp; $2031656 |

---

As of March 31, 2025, the tax components of accumulated earnings (losses) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Undistributed* <br>*Ordinary Income*<br>| &nbsp;&nbsp; *Non-expiring* <br>*Capital Loss* <br>*Carryforwards*<sup>(a)</sup> <br>| &nbsp;&nbsp; *Net Unrealized* <br>*Gains (Losses)*<sup>(b)</sup> <br>| *Total* |
| JPX-Nikkei 400 | &nbsp;&nbsp; $447650 | &nbsp;&nbsp;&nbsp; $(28042225) | &nbsp;&nbsp;&nbsp; $(7021432) | &nbsp;&nbsp;&nbsp; $(34616007) |

---

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

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

<sup>(b)</sup> The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies. 

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as "passive foreign investment companies." Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

2025 iShares Annual Financial Statements and Additional Information

------

*Notes to Financial Statements* (continued)

As of March 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *iShares ETF* | *Tax Cost* | &nbsp;&nbsp; *Gross Unrealized* <br>*Appreciation*<br>| &nbsp;&nbsp; *Gross Unrealized* <br>*Depreciation*<br>| &nbsp;&nbsp; *Net Unrealized* <br>*Appreciation* <br>&nbsp;&nbsp;&nbsp;&nbsp;*(Depreciation)*<br>|
| JPX-Nikkei 400 | &nbsp;&nbsp; $93658002 | &nbsp;&nbsp;&nbsp; $5591819 | &nbsp;&nbsp;&nbsp; $(12616834) | &nbsp;&nbsp;&nbsp; $(7025015) |

---

***9. LINE OF CREDIT***

The Fund, along with certain other iShares funds ("Participating Funds"), is a party to a $800 million credit agreement ("Syndicated Credit Agreement") with a group of lenders, which expires on October 15, 2025. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate ("SOFR") plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund's relative exposure to certain target markets or a Participating Fund's maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the year ended March 31, 2025, the Fund did not borrow under the Syndicated Credit Agreement.

***10. PRINCIPAL RISKS***

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

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

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. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund's NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests. The 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 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

Notes to Financial Statements

------

*Notes to Financial Statements* (continued)

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

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

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

The Fund invests a significant portion of its assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Fund's investments.

**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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Year Ended <br>03/31/25 | Year Ended <br>03/31/25 | Year Ended <br>03/31/24 | Year Ended <br>03/31/24 |
| *iShares ETF* | *Shares* | *Amount* | *Shares* | *Amount* |
| JPX-Nikkei 400 |  |  |  |  |
| Shares sold | &nbsp;&nbsp; 1350000 | &nbsp;&nbsp;&nbsp; $99366453 | &nbsp;&nbsp;&nbsp; 1050000 | &nbsp;&nbsp;&nbsp; $68286446 |
| Shares redeemed | &nbsp;&nbsp; (1350000)<br>| &nbsp;&nbsp;&nbsp; (99010996)<br>| &nbsp;&nbsp;&nbsp; (750000)<br>| &nbsp;&nbsp;&nbsp; (48176026)<br>|
|  | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $355457 | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; $20110420 |

---

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.

2025 iShares Annual Financial Statements and Additional Information

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of iShares JPX-Nikkei 400 ETF

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of iShares JPX-Nikkei 400 ETF (one of the funds constituting iShares Trust, referred to hereafter as the "Fund") as of March 31, 2025, the related statement of operations for the year ended March 31, 2025, the statement of changes in net assets for each of the two years in the period ended March 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2025 and the financial highlights for each of the five years in the period ended March 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 22, 2025

We have served as the auditor of one or more BlackRock investment companies since 2000.

Report of Independent Registered Public Accounting Firm

------

Important Tax Information (unaudited)

The following amount, or maximum amount allowable by law, is hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2025:

---

| | |
|:---|:---|
| *iShares ETF* | *Qualified Dividend* <br>*Income*<br>|
| JPX-Nikkei 400 | &nbsp;&nbsp; $3173976 |

---

The Fund intends to pass through to its shareholders the following amount, or maximum amount allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended March 31, 2025:

---

| | | |
|:---|:---|:---|
| *iShares ETF* | *Foreign Source* <br>*Income Earned*<br>| &nbsp;&nbsp;&nbsp;&nbsp; *Foreign* <br>*Taxes Paid*<br>|
| JPX-Nikkei 400 | &nbsp;&nbsp; $3380973 | &nbsp;&nbsp;&nbsp;&nbsp; $341546 |

---

2025 iShares Annual Financial Statements and Additional Information

------

Additional Information

**Premium/Discount Information**

Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads can be found at **iShares.com**.

**Electronic Delivery**

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

To enroll in electronic delivery:

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

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

**Changes in and Disagreements with Accountants** 

Not applicable.

**Proxy Results**

Not applicable.

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

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

**Availability of Portfolio Holdings Information**

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

Additional Information

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Want to know more?

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

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

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

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

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

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Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7

Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – Not Applicable

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

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| | |
|:---|:---|
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.  |

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Item 16 – Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

------

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

[(a)(1) Code of Ethics – See Item 2](#item812537_1)

[(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](d12537dex99cert.htm)

(a)(3) Section 302 Certifications are attached

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in registrant's independent public accountant – Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(b) Section 906 Certifications are attached](d12537dex99906cert.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: May 22, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

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

---

Date: May 22, 2025

---

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

---

Date: May 22, 2025

## Ex-99.Cert

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Jessica Tan, President (principal executive officer) of iShares Trust, certify that:

1. I have reviewed this report on Form N-CSR of iShares Trust for the following twenty seven series: iShares Asia 50 ETF, iShares Blockchain and Tech ETF, iShares Copper and Metals Mining ETF, iShares Emerging Markets Infrastructure ETF, iShares Environmental Infrastructure and Industrials ETF, iShares Europe ETF, iShares Future AI & Tech ETF, iShares Future Metaverse Tech and Communications ETF, iShares Global 100 ETF, iShares Global Comm Services ETF, iShares Global Consumer Discretionary ETF, iShares Global Consumer Staples ETF, iShares Global Energy ETF, iShares Global Financials ETF, iShares Global Healthcare ETF, iShares Global Industrials ETF, iShares Global Infrastructure ETF, iShares Global Materials ETF, iShares Global Tech ETF, iShares Global Timber & Forestry ETF, iShares Global Utilities ETF, iShares India 50 ETF, iShares International Developed Small Cap Value Factor ETF, iShares International Dividend Growth ETF, iShares JPX-Nikkei 400 ETF, iShares Latin America 40 ETF and iShares Lithium Miners and Producers ETF;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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;&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: May 22, 2025

<u>/s/ Jessica Tan</u>

Jessica Tan

President (principal executive officer) of

iShares Trust

------

**EX-99. CERT** 

**CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Trent Walker, Treasurer and Chief Financial Officer (principal financial officer) of iShares Trust, certify that:

1. I have reviewed this report on Form N-CSR of iShares Trust for the following twenty seven series: iShares Asia 50 ETF, iShares Blockchain and Tech ETF, iShares Copper and Metals Mining ETF, iShares Emerging Markets Infrastructure ETF, iShares Environmental Infrastructure and Industrials ETF, iShares Europe ETF, iShares Future AI & Tech ETF, iShares Future Metaverse Tech and Communications ETF, iShares Global 100 ETF, iShares Global Comm Services ETF, iShares Global Consumer Discretionary ETF, iShares Global Consumer Staples ETF, iShares Global Energy ETF, iShares Global Financials ETF, iShares Global Healthcare ETF, iShares Global Industrials ETF, iShares Global Infrastructure ETF, iShares Global Materials ETF, iShares Global Tech ETF, iShares Global Timber & Forestry ETF, iShares Global Utilities ETF, iShares India 50 ETF, iShares International Developed Small Cap Value Factor ETF, iShares International Dividend Growth ETF, iShares JPX-Nikkei 400 ETF, iShares Latin America 40 ETF and iShares Lithium Miners and Producers ETF;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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;&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: May 22, 2025

<u>/s/ Trent Walker</u>

Trent Walker

Treasurer and Chief Financial Officer (principal financial officer) of

iShares Trust

## Exhibit 99.906

**Exhibit 99.906CERT** 

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and** 

**Section 906 of the Sarbanes-Oxley Act of 2002** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of iShares Trust (the "Registrant"), hereby certifies, to the best of his knowledge, that the Registrant's Report on Form N-CSR for the period ended March 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: May 22, 2025

<u>/s/ Jessica Tan</u>

Jessica Tan

President (principal executive officer) of

iShares Trust

Pursuant to 18 U.S.C. § 1350, the undersigned officer of iShares Trust (the "Registrant"), hereby certifies, to the best of his knowledge, that the Registrant's Report on Form N-CSR for the period ended March 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: May 22, 2025

<u>/s/ Trent Walker</u>

Trent Walker

Treasurer and Chief Financial Officer (principal financial officer) of

iShares Trust

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission**.**