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: (415) 670-2000

Date of fiscal year end: 08/31/2026

Date of reporting period: 02/28/2026

Item 1 – Reports to Stockholders

(a)    The Reports to Shareholders are attached herewith.

iShares Currency Hedged MSCI Eurozone ETF

HEZU |NYSE Arca 

Semi-Annual Shareholder Report — February 28, 2026

This semi-annual shareholder report contains important information about iShares Currency Hedged MSCI Eurozone ETF (the “Fund”) for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Currency Hedged MSCI Eurozone ETF	$2Footnote Reference(a)	0.03%Footnote Reference(a)Footnote Reference(b)

Footnote	Description
Footnote(a)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
Footnote(b)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$661,269,117
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4%

What did the Fund invest in?

(as of February 28, 2026) 

Portfolio composition 

Sector allocation (of the underlying fund) ^{Footnote Reference(a)}

Table Summary

Asset Type	Percent of Net Assets
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	100.1%
Forward foreign currency exchange contracts, net cumulative appreciation........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.8
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	(0.9)

Table Summary

Sector	Percent of Total InvestmentsFootnote Reference(c)
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	24.4%
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	21.3
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.2
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.4
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.0
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.3
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.1
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.1
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.5
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.8

Footnote	Description
Footnote(a)	The Underlying Fund is iShares MSCI Eurozone ETF.
Footnote(b)	Rounds to less than 0.1%.
Footnote(c)	Excludes money market funds.

Additional information 

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

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

©2026 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares Currency Hedged MSCI Eurozone ETF

Semi-Annual Shareholder Report — February 28, 2026

HEZU-02/26-SAR

iShares Currency Hedged MSCI Japan ETF

HEWJ |NYSE Arca 

Semi-Annual Shareholder Report — February 28, 2026

This semi-annual shareholder report contains important information about iShares Currency Hedged MSCI Japan ETF (the “Fund”) for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Currency Hedged MSCI Japan ETF	$0Footnote Reference(a)Footnote Reference(b)	0.00%Footnote Reference(a)Footnote Reference(c)Footnote Reference(d)

Footnote	Description
Footnote(a)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
Footnote(b)	Rounds to less than $1.
Footnote(c)	Annualized.
Footnote(d)	Rounds to less than 0.01%.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$627,334,988
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	19
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6%

What did the Fund invest in?

(as of February 28, 2026) 

Portfolio composition 

Sector allocation (of the underlying fund) ^{Footnote Reference(a)}

Table Summary

Asset Type	Percent of Net Assets
Investment Companies........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	99.9%
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.4
Forward foreign currency exchange contracts, net cumulative appreciation........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	(6.7)

Table Summary

Sector	Percent of Total InvestmentsFootnote Reference(b)
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	26.8%
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	17.5
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.0
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.5
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.4
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.1
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.3
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.7
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.5
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1

Footnote	Description
Footnote(a)	The Underlying Fund is iShares MSCI Japan ETF.
Footnote(b)	Excludes money market funds.

Additional information 

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

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

©2026 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares Currency Hedged MSCI Japan ETF

Semi-Annual Shareholder Report — February 28, 2026

HEWJ-02/26-SAR

iShares MSCI United Kingdom Small-Cap ETF

EWUS |Cboe BZX Exchange 

Semi-Annual Shareholder Report — February 28, 2026

This semi-annual shareholder report contains important information about iShares MSCI United Kingdom Small-Cap ETF (the “Fund”) for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares MSCI United Kingdom Small-Cap ETF	$31	0.59%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$44,559,745
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	199
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12%

What did the Fund invest in?

(as of February 28, 2026) 

Sector allocation 

Ten largest holdings

Table Summary

Sector	Percent of Total InvestmentsFootnote Reference(a)
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	23.2%
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	22.2
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	16.1
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.8
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.6
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.9
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.3
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.8
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.7
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.0

Table Summary

Security	Percent of Total InvestmentsFootnote Reference(a)
Weir Group PLC (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.6%
Diploma PLC........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.2
Beazley PLC........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.2
IMI PLC........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1
St. James's Place PLC........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.0
Games Workshop Group PLC........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.7
Howden Joinery Group PLC........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.5
Hiscox Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
ICG PLC........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
Persimmon PLC........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information 

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

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

©2026 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares MSCI United Kingdom Small-Cap ETF

Semi-Annual Shareholder Report — February 28, 2026

EWUS-02/26-SAR

iShares MSCI Saudi Arabia ETF

KSA |NYSE Arca 

Semi-Annual Shareholder Report — February 28, 2026

This semi-annual shareholder report contains important information about iShares MSCI Saudi Arabia ETF (the “Fund”) for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares MSCI Saudi Arabia ETF	$37	0.74%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$661,600,415
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	126
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20%

What did the Fund invest in?

(as of February 28, 2026) 

Sector allocation 

Ten largest holdings

Table Summary

Sector	Percent of Total InvestmentsFootnote Reference(a)
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	42.1%
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.9
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.7
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.3
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.3
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.8
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.7
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.6
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.6
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.6

Table Summary

Security	Percent of Total InvestmentsFootnote Reference(a)
Al Rajhi Bank........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.5%
Saudi Arabian Oil Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.8
Saudi National Bank (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.8
Saudi Arabian Mining Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.1
Saudi Telecom Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.3
Riyad Bank........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.3
Saudi Basic Industries Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.3
Saudi Awwal Bank........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.8
Alinma Bank........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.8
ACWA Power Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information 

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

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

©2026 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares MSCI Saudi Arabia ETF

Semi-Annual Shareholder Report — February 28, 2026

KSA-02/26-SAR

iShares MSCI UAE ETF

UAE |NASDAQ 

Semi-Annual Shareholder Report — February 28, 2026

This semi-annual shareholder report contains important information about iShares MSCI UAE ETF (the “Fund”) for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares MSCI UAE ETF	$29	0.55%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$223,993,942
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	58
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	25%

What did the Fund invest in?

(as of February 28, 2026) 

Sector allocation 

Ten largest holdings

Table Summary

Sector	Percent of Total InvestmentsFootnote Reference(a)
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	37.3%
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	22.4
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.3
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.7
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.8
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.1
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.3
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.6
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.0Footnote Reference(b)

Table Summary

Security	Percent of Total InvestmentsFootnote Reference(a)
Emaar Properties PJSC........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.4%
First Abu Dhabi Bank PJSC........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.5
Emirates Telecommunications Group Co. PJSC........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.2
Emirates NBD Bank PJSC........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.1
Abu Dhabi Commercial Bank PJSC........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.5
Abu Dhabi Islamic Bank PJSC........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.5
Aldar Properties PJSC........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.1
Dubai Islamic Bank PJSC........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.7
Adnoc Gas PLC........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.2
Dubai Electricity & Water Authority PJSC........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.8

Footnote	Description
Footnote(a)	Excludes money market funds.
Footnote(b)	Rounds to less than 0.1%.

Additional information 

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

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

©2026 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares MSCI UAE ETF

Semi-Annual Shareholder Report — February 28, 2026

UAE-02/26-SAR

iShares MSCI Finland ETF

EFNL |Cboe BZX Exchange 

Semi-Annual Shareholder Report — February 28, 2026

This semi-annual shareholder report contains important information about iShares MSCI Finland ETF (the “Fund”) for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares MSCI Finland ETF	$30	0.54%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$41,000,905
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	39
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9%

What did the Fund invest in?

(as of February 28, 2026) 

Sector allocation 

Ten largest holdings

Table Summary

Sector	Percent of Total InvestmentsFootnote Reference(a)
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	27.8%
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	24.0
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.4
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.0
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.8
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.8
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.6
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.8
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.6
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.3

Table Summary

Security	Percent of Total InvestmentsFootnote Reference(a)
Nordea Bank Abp........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.8%
Nokia OYJ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.2
Sampo OYJ, Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.6
Kone OYJ, Class B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.7
Metso OYJ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.7
Wartsila OYJ Abp........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.6
UPM-Kymmene OYJ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.4
Neste OYJ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9
Fortum OYJ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.8
Orion OYJ, Class B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.3

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information 

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

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

©2026 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares MSCI Finland ETF

Semi-Annual Shareholder Report — February 28, 2026

EFNL-02/26-SAR

iShares MSCI Ireland ETF

EIRL |NYSE Arca 

Semi-Annual Shareholder Report — February 28, 2026

This semi-annual shareholder report contains important information about iShares MSCI Ireland ETF (the “Fund”) for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares MSCI Ireland ETF	$26	0.49%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$85,471,844
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	27
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	22%

What did the Fund invest in?

(as of February 28, 2026) 

Sector allocation 

Ten largest holdings

Table Summary

Sector	Percent of Total InvestmentsFootnote Reference(a)
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	30.2%
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	28.5
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.8
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.4
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.5
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.9
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.3
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1

Table Summary

Security	Percent of Total InvestmentsFootnote Reference(a)
Ryanair Holdings PLC........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.9%
AIB Group PLC........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.4
Bank of Ireland Group PLC........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.6
ICON PLC........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.1
Kingspan Group PLC........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.8
Glanbia PLC........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.7
Kerry Group PLC, Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.6
DCC PLC........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.4
Grafton Group PLC, CDI........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.2
Cairn Homes PLC........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.9

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information 

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

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

©2026 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares MSCI Ireland ETF

Semi-Annual Shareholder Report — February 28, 2026

EIRL-02/26-SAR

iShares Climate Conscious & Transition MSCI USA ETF

USCL |NASDAQ 

Semi-Annual Shareholder Report — February 28, 2026

This semi-annual shareholder report contains important information about iShares Climate Conscious & Transition MSCI USA ETF (the “Fund”) for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Climate Conscious & Transition MSCI USA ETF	$4	0.08%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$2,206,266,046
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	273
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10%

What did the Fund invest in?

(as of February 28, 2026) 

Sector allocation 

Ten largest holdings

Table Summary

Sector	Percent of Total InvestmentsFootnote Reference(a)
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	25.8%
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.2
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.4
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.1
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.7
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.9
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.2
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.5
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.5
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.4
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.3

Table Summary

Security	Percent of Total InvestmentsFootnote Reference(a)
NVIDIA Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.4%
Broadcom, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.7
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.6
Amazon.com, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.2
Meta Platforms, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.7
Tesla, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.0
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.9
Alphabet, Inc., Class C, NVS........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.4
Eli Lilly & Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.2
JPMorgan Chase & Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.2

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information 

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

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

©2026 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares Climate Conscious & Transition MSCI USA ETF

Semi-Annual Shareholder Report — February 28, 2026

USCL-02/26-SAR

iShares ESG Advanced MSCI USA ETF

USXF |NASDAQ 

Semi-Annual Shareholder Report — February 28, 2026

This semi-annual shareholder report contains important information about iShares ESG Advanced MSCI USA ETF (the “Fund”) for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares ESG Advanced MSCI USA ETF	$5	0.10%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,226,201,571
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	295
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9%

What did the Fund invest in?

(as of February 28, 2026) 

Sector allocation 

Ten largest holdings

Table Summary

Sector	Percent of Total InvestmentsFootnote Reference(a)
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	48.1%
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	17.0
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.2
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.7
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.9
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.2
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.8
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.7
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.3
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.1

Table Summary

Security	Percent of Total InvestmentsFootnote Reference(a)
NVIDIA Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.7%
Broadcom, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.3
Visa, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.3
Micron Technology, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.0
Mastercard, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.9
Home Depot, Inc. (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.6
Advanced Micro Devices, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
Applied Materials, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.3
Lam Research Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.3
Oracle Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information 

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

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

©2026 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares ESG Advanced MSCI USA ETF

Semi-Annual Shareholder Report — February 28, 2026

USXF-02/26-SAR

iShares ESG Aware MSCI USA ETF

ESGU |NASDAQ 

Semi-Annual Shareholder Report — February 28, 2026

This semi-annual shareholder report contains important information about iShares ESG Aware MSCI USA ETF (the “Fund”) for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares ESG Aware MSCI USA ETF	$8	0.15%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$15,716,082,399
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	290
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15%

What did the Fund invest in?

(as of February 28, 2026) 

Sector allocation 

Ten largest holdings

Table Summary

Sector	Percent of Total InvestmentsFootnote Reference(a)
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	33.1%
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.5
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	10.1
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.9
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.7
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.4
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.0
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.7
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.3
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.2
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.1

Table Summary

Security	Percent of Total InvestmentsFootnote Reference(a)
NVIDIA Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.2%
Apple, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.4
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.6
Alphabet, Inc., Class C, NVS........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.3
Amazon.com, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.3
Broadcom, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.4
Meta Platforms, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.2
Tesla, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.9
Eli Lilly & Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
JPMorgan Chase & Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.3

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information 

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

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

©2026 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares ESG Aware MSCI USA ETF

Semi-Annual Shareholder Report — February 28, 2026

ESGU-02/26-SAR

iShares ESG Aware MSCI USA Growth ETF

EGUS |Cboe BZX Exchange 

Semi-Annual Shareholder Report — February 28, 2026

This semi-annual shareholder report contains important information about iShares ESG Aware MSCI USA Growth ETF (the “Fund”) for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares ESG Aware MSCI USA Growth ETF	$9	0.18%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$21,957,182
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	98
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14%

What did the Fund invest in?

(as of February 28, 2026) 

Sector allocation 

Ten largest holdings

Table Summary

Sector	Percent of Total InvestmentsFootnote Reference(a)
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	57.3%
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.9
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.6
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.2
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.8
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.7
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.9
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.2

Table Summary

Security	Percent of Total InvestmentsFootnote Reference(a)
NVIDIA Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	15.4%
Apple, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.5
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.4
Amazon.com, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.7
Alphabet, Inc., Class C, NVS........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.1
Broadcom, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.8
Tesla, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.0
Eli Lilly & Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.8
Visa, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.2
Lam Research Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.5

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information 

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

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

©2026 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares ESG Aware MSCI USA Growth ETF

Semi-Annual Shareholder Report — February 28, 2026

EGUS-02/26-SAR

iShares ESG Aware MSCI USA Small-Cap ETF

ESML |Cboe BZX Exchange 

Semi-Annual Shareholder Report — February 28, 2026

This semi-annual shareholder report contains important information about iShares ESG Aware MSCI USA Small-Cap ETF (the “Fund”) for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares ESG Aware MSCI USA Small-Cap ETF	$9	0.17%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$2,347,362,965
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	917
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18%

What did the Fund invest in?

(as of February 28, 2026) 

Sector allocation 

Ten largest holdings

Table Summary

Sector	Percent of Total InvestmentsFootnote Reference(a)
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	20.9%
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.3
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	14.2
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.5
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.7
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.2
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.2
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.1
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.7
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.9
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.3

Table Summary

Security	Percent of Total InvestmentsFootnote Reference(a)
Sandisk Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4%
TechnipFMC PLC........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
U.S. Foods Holding Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6
Royal Gold, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.5
Assurant, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
XPO, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
Ovintiv, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
Janus Henderson Group PLC........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
ATI, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4
Exact Sciences Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.4

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information 

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

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

©2026 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares ESG Aware MSCI USA Small-Cap ETF

Semi-Annual Shareholder Report — February 28, 2026

ESML-02/26-SAR

iShares ESG Aware MSCI USA Value ETF

EVUS |Cboe BZX Exchange 

Semi-Annual Shareholder Report — February 28, 2026

This semi-annual shareholder report contains important information about iShares ESG Aware MSCI USA Value ETF (the “Fund”) for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares ESG Aware MSCI USA Value ETF	$9	0.18%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$277,729,058
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	234
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	21%

What did the Fund invest in?

(as of February 28, 2026) 

Sector allocation 

Ten largest holdings

Table Summary

Sector	Percent of Total InvestmentsFootnote Reference(a)
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	18.9%
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.4
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.7
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.6
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.3
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.9
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.4
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.0
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.8
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.6
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4

Table Summary

Security	Percent of Total InvestmentsFootnote Reference(a)
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.6%
Meta Platforms, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.2
JPMorgan Chase & Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.5
Exxon Mobil Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.6
Berkshire Hathaway, Inc., Class B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.5
Johnson & Johnson........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.5
AbbVie, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.5
Home Depot, Inc. (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
Micron Technology, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
Procter & Gamble Co. (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information 

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

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

©2026 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares ESG Aware MSCI USA Value ETF

Semi-Annual Shareholder Report — February 28, 2026

EVUS-02/26-SAR

iShares ESG MSCI USA Leaders ETF

SUSL |NASDAQ 

Semi-Annual Shareholder Report — February 28, 2026

This semi-annual shareholder report contains important information about iShares ESG MSCI USA Leaders ETF (the “Fund”) for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares ESG MSCI USA Leaders ETF	$5	0.10%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$1,038,491,251
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	262
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1%

What did the Fund invest in?

(as of February 28, 2026) 

Sector allocation 

Ten largest holdings

Table Summary

Sector	Percent of Total InvestmentsFootnote Reference(a)
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	33.5%
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.9
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.2
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	11.2
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.6
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.0
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.9
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.5
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.2
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.9
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.1

Table Summary

Security	Percent of Total InvestmentsFootnote Reference(a)
NVIDIA Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	13.9%
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.9
Alphabet, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	5.8
Alphabet, Inc., Class C, NVS........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.9
Tesla, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.7
Eli Lilly & Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.7
Johnson & Johnson........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.9
Visa, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.7
Mastercard, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.4
Procter & Gamble Co. (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	1.3

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information 

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

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

©2026 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares ESG MSCI USA Leaders ETF

Semi-Annual Shareholder Report — February 28, 2026

SUSL-02/26-SAR

iShares Paris-Aligned Climate Optimized MSCI USA ETF

PABU |NASDAQ 

Semi-Annual Shareholder Report — February 28, 2026

This semi-annual shareholder report contains important information about iShares Paris-Aligned Climate Optimized MSCI USA ETF (the “Fund”) for the period of September 1, 2025 to February 28, 2026. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary

Fund name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
iShares Paris-Aligned Climate Optimized MSCI USA ETF	$5	0.10%Footnote Reference(a)

Footnote	Description
Footnote(a)	Annualized.

Key Fund statistics

Table Summary

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	$2,284,521,128
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	134
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12%

What did the Fund invest in?

(as of February 28, 2026) 

Sector allocation 

Ten largest holdings

Table Summary

Sector	Percent of Total InvestmentsFootnote Reference(a)
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	41.1%
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.8
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	12.5
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.6
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.0
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	8.7
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.7
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.0
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	0.6

Table Summary

Security	Percent of Total InvestmentsFootnote Reference(a)
NVIDIA Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	9.7%
Apple, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	7.4
Microsoft Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	6.5
Alphabet, Inc., Class C, NVS........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.1
Tesla, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	4.1
Eli Lilly & Co.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	3.4
Amazon.com, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.8
Equinix, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.7
Broadcom, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.7
Prologis, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................	2.7

Footnote	Description
Footnote(a)	Excludes money market funds.

Additional information 

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

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

©2026 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares Paris-Aligned Climate Optimized MSCI USA ETF

Semi-Annual Shareholder Report — February 28, 2026

PABU-02/26-SAR

(b)     Not Applicable

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

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

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

Item 5 –  Audit Committee of Listed Registrant – Not Applicable

Item 6 – Investments

              (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.

(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

              (a) The registrant’s Financial Statements are attached herewith.

(b) The registrant’s Financial Highlights are attached herewith.

February

28,

2026

2026

Semi-Annual

Financial

Statements

and

Additional

Information

(Unaudited)

iShares

Trust

iShares

Currency

Hedged

MSCI

Eurozone

ETF

|

HEZU

|

NYSE

Arca

iShares

Currency

Hedged

MSCI

Japan

ETF

|

HEWJ

|

NYSE

Arca

Table

of

Contents

Page

2

Schedules

of

Investments

.................................................................................................

3

Statements

of

Assets

and

Liabilities

...........................................................................................

9

Statements

of

Operations

.................................................................................................

10

Statements

of

Changes

in

Net

Assets

..........................................................................................

11

Financial

Highlights

.....................................................................................................

12

Notes

to

Financial

Statements

...............................................................................................

14

Additional

Information

...................................................................................................

21

Glossary

of

Terms

Used

in

these

Financial

Statements

................................................................................

22

iShares

®

Currency

Hedged

MSCI

Eurozone

ETF

Schedule

of

Investments

(unaudited)

February

28,

2026

(Percentages

shown

are

based

on

Net

Assets)

3

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Security

Shares

Value

a

Investment

Companies

(a)

Exchange-Traded

Funds

 — 

100

.1

%

iShares

MSCI

Eurozone

ETF

.................

9,649,030

$

661,730,477

a

Total

Long-Term

Investments — 100.1%

(Cost:

$

513,771,890

)

................................

661,730,477

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.0

%

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

3.64

%

(a)

(b)

............................

238,931

238,931

a

Total

Short-Term

Securities — 0.0%

(Cost:

$

238,931

)

...................................

238,931

Total

Investments

—

100.1%

(Cost:

$

514,010,821

)

................................

661,969,408

Liabilities

in

Excess

of

Other

Assets

—

(

0

.1

)

%

...............

(

700,291

)

Net

Assets

—

100.0%

.................................

$

661,269,117

(a)

Affiliate

of

the

Fund.

(b)

Annualized

7-day

yield

as

of

period

end.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

February

28,

2026

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

08/31/25

Purchases

at

Cost

Proceeds

from

Sale

s

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

02/28/26

  Shares

Held

at

02/28/26

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

(a)

$

37,474,940

$

—

$

(

37,475,003

)

(b)

$

1,707

$

(

1,644

)

$

—

—

$

8,762

(c)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

..

370,000

—

(

131,069

)

(b)

—

—

238,931

238,931

11,864

—

iShares

MSCI

Eurozone

ETF

...

725,375,201

64,166,116

(

216,477,962

)

41,669,614

46,997,508

661,730,477

9,649,030

5,986,868

—

$

—

$

41,671,321

$

46,995,864

$

661,969,408

$

6,007,494

$

—

(a)

As

of

period

end,

the

entity

is

no

longer

held.

(b)

Represents

net

amount

purchased

(sold).

(c)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

EUR

533,493,345

USD

629,605,906

BNP

Paribas

SA

03/04/26

$

800,339

USD

6,156,473

EUR

5,168,000

Morgan

Stanley

&

Co.

International

PLC

03/04/26

49,668

USD

632,278,025

EUR

530,733,345

Societe

Generale

03/04/26

5,133,154

USD

3,861,030

EUR

3,247,000

UBS

AG

03/04/26

24,190

6,007,351

EUR

5,655,000

USD

6,718,822

State

Street

Bank

&

Trust

Company

03/04/26

(

36,551

)

EUR

1,007,000

USD

1,192,174

UBS

AG

04/02/26

(

581

)

USD

630,478,701

EUR

533,493,345

BNP

Paribas

SA

04/02/26

(

809,115

)

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

iShares

®

Currency

Hedged

MSCI

Eurozone

ETF

4

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

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: 

For

the period

ended

February

28,

2026,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Derivative

Financial

Instruments

–

Offsetting

as

of

Period

End

The

Fund’s

derivative

assets

and

liabilities

(by

type)

were

as

follows: 

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

USD

31,153,625

EUR

26,348,000

Morgan

Stanley

&

Co.

International

PLC

04/02/26

$

(

24,218

)

(

870,465

)

$

5,136,886

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

...............................

$

—

$

—

$

—

$

6,007,351

$

—

$

—

$

6,007,351

Liabilities

—

Derivative

Financial

Instruments

Forward

foreign

currency

exchange

contracts

(870,464.77)

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

...............................

$

—

$

—

$

—

$

870,465

$

—

$

—

$

870,465

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Forward

foreign

currency

exchange

contracts

...............

$

—

$

—

$

—

$

(

18,720,939

)

$

—

$

—

$

(

18,720,939

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Forward

foreign

currency

exchange

contracts

...............

$

—

$

—

$

—

$

19,681,224

$

—

$

—

$

19,681,224

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

—

in

USD

.....................................................................................

$

672,105,414

Average

amounts

sold

—

in

USD

.........................................................................................

$

1,322,994,095

a

Assets

Liabilities

Derivative

Financial

Instruments:

Forward

foreign

currency

exchange

contracts

............................................................

$

6,007,351

‌

$

870,465

‌

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

.......................................

$

6,007,351

‌

$

870,465

‌

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

(“MNA”)

....................................

—

‌

—

‌

Total

derivative

assets

and

liabilities

subject

to

an

MNA

.......................................................

$

6,007,351

‌

$

870,465

‌

The

following

table

presents

the

Fund’s

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

a

a

a

a

a

a

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-Cash

Collateral

Received

(b)

Cash

Collateral

Received

(b)

Net

Amount

of

Derivative

Assets

(c)

(d)

BNP

Paribas

SA

.....................................

$

800,339

$

(

800,339

)

$

—

$

—

$

—

Morgan

Stanley

&

Co.

International

PLC

.....................

49,668

(

24,218

)

—

—

25,450

Societe

Generale

.....................................

5,133,154

—

—

—

5,133,154

iShares

®

Currency

Hedged

MSCI

Eurozone

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

5

Schedule

of

Investments

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.

See

notes

to

financial

statements.

a

a

a

a

a

a

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-Cash

Collateral

Received

(b)

Cash

Collateral

Received

(b)

Net

Amount

of

Derivative

Assets

(c)(d)

UBS

AG

...........................................

$

24,190

$

(

581

)

$

—

$

—

$

23,609

$

6,007,351

$

(

825,138

)

$

—

$

—

$

5,182,213

a

a

a

a

a

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-Cash

Collateral

Pledged

(b)

Cash

Collateral

Pledged

(b)

Net

Amount

of

Derivative

Liabilities

(d)

(e)

BNP

Paribas

SA

.....................................

$

809,115

$

(

800,339

)

$

—

$

—

$

8,776

Morgan

Stanley

&

Co.

International

PLC

.....................

24,218

(

24,218

)

—

—

—

State

Street

Bank

&

Trust

Company

........................

36,551

—

—

—

36,551

UBS

AG

...........................................

581

(

581

)

—

—

—

$

870,465

$

(

825,138

)

$

—

$

—

$

45,327

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Excess

of

collateral

received/pledged,

if

any,

from

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(c)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

(d)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

to

be

collateralized.

(e)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Investment

Companies

.....................................

$

661,730,477

‌

$

—

‌

$

—

‌

$

661,730,477

‌

Short-Term

Securities

Money

Market

Funds

......................................

238,931

‌

—

‌

—

‌

238,931

‌

$

661,969,408

‌

$

—

‌

$

—

‌

$

661,969,408

‌

Derivative

Financial

Instruments

(a)

Assets

Foreign

Currency

Exchange

Contracts

............................

$

—

‌

$

6,007,351

‌

$

—

‌

$

6,007,351

‌

Liabilities

Foreign

Currency

Exchange

Contracts

............................

—

‌

(

870,465

)

—

‌

(

870,465

)

$

—

‌

$

5,136,886

‌

$

—

‌

$

5,136,886

‌

(a)

Derivative

financial

instruments

are

forward

foreign

currency

exchange

contracts.

Forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Derivative

Financial

Instruments

–

Offsetting

as

of

Period

End

(continued)

Schedule

of

Investments

(unaudited)

February

28,

2026

iShares

®

Currency

Hedged

MSCI

Japan

ETF

(Percentages

shown

are

based

on

Net

Assets)

6

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Security

Shares

Value

a

Investment

Companies

(a)

Exchange-Traded

Funds

 — 

99

.9

%

iShares

MSCI

Japan

ETF

(b)

..................

6,786,094

$

626,831,503

a

Total

Long-Term

Investments — 99.9%

(Cost:

$

520,412,905

)

................................

626,831,503

a

Short-Term

Securities

Money

Market

Funds

 — 

5

.5

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

3.84

%

(a)

(c)

(d)

......................

33,398,856

33,415,555

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

3.64

%

(a)

(c)

............................

669,930

669,930

a

Total

Short-Term

Securities — 5.5%

(Cost:

$

34,085,485

)

.................................

34,085,485

Total

Investments

—

105.4%

(Cost:

$

554,498,390

)

................................

660,916,988

Liabilities

in

Excess

of

Other

Assets

—

(

5

.4

)

%

...............

(

33,582,000

)

Net

Assets

—

100.0%

.................................

$

627,334,988

(a)

Affiliate

of

the

Fund.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Annualized

7-day

yield

as

of

period

end.

(d)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

February

28,

2026

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

08/31/25

Purchases

at

Cost

Proceeds

from

Sale

s

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

02/28/26

  Shares

Held

at

02/28/26

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

83,803,873

$

—

$

(

50,392,596

)

(a)

$

8,834

$

(

4,556

)

$

33,415,555

33,398,856

$

169,312

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

220,000

449,930

(a)

—

—

—

669,930

669,930

15,454

—

iShares

MSCI

Japan

ETF

........

380,563,622

277,978,050

(

112,043,722

)

18,522,265

61,811,288

626,831,503

6,786,094

18,531,220

—

$

—

$

18,531,099

$

61,806,732

$

660,916,988

$

18,715,986

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Forward

Foreign

Currency

Exchange

Contracts

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

USD

509,104,509

JPY

78,345,329,238

Bank

of

America

N.A.

03/04/26

$

7,378,984

USD

13,514,134

JPY

2,109,622,000

BNP

Paribas

SA

03/04/26

4,060

USD

78,110,199

JPY

11,923,059,000

JPMorgan

Chase

Bank

N.A.

03/04/26

1,754,619

USD

6,677,048

JPY

1,027,461,000

Morgan

Stanley

&

Co.

International

PLC

03/04/26

97,161

USD

8,188,589

JPY

1,266,474,000

State

Street

Bank

&

Trust

Company

03/04/26

78,056

iShares

®

Currency

Hedged

MSCI

Japan

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

7

Schedule

of

Investments

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: 

For

the period

ended

February

28,

2026,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Derivative

Financial

Instruments

–

Offsetting

as

of

Period

End

The

Fund’s

derivative

assets

and

liabilities

(by

type)

were

as

follows: 

Forward

Foreign

Currency

Exchange

Contracts

(continued)

Currency

Purchased

Currency

Sold

Counterparty

Settlement

Date

Unrealized

Appreciation

(Depreciation)

USD

628,768,170

JPY

97,912,969,238

Barclays

Bank

PLC

04/02/26

$

159,858

9,472,738

JPY

87,807,011,238

USD

562,465,297

Barclays

Bank

PLC

03/04/26

(

146,914

)

JPY

8,021,512,000

USD

51,811,155

JPMorgan

Chase

Bank

N.A.

03/04/26

(

441,184

)

JPY

109,195,000

USD

715,158

Morgan

Stanley

&

Co.

International

PLC

03/04/26

(

15,870

)

USD

8,094,509

JPY

1,265,773,000

JPMorgan

Chase

Bank

N.A.

03/04/26

(

11,534

)

JPY

247,271,000

USD

1,590,159

UBS

AG

04/02/26

(

2,661

)

(

618,163

)

$

8,854,575

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Forward

foreign

currency

exchange

contracts

Unrealized

appreciation

on

forward

foreign

currency

exchange

contracts

...............................

$

—

$

—

$

—

$

9,472,738

$

—

$

—

$

9,472,738

Liabilities

—

Derivative

Financial

Instruments

Forward

foreign

currency

exchange

contracts

(618,162.82)

Unrealized

depreciation

on

forward

foreign

currency

exchange

contracts

...............................

$

—

$

—

$

—

$

618,163

$

—

$

—

$

618,163

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Forward

foreign

currency

exchange

contracts

...............

$

—

$

—

$

—

$

20,663,850

$

—

$

—

$

20,663,850

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Forward

foreign

currency

exchange

contracts

...............

$

—

$

—

$

—

$

16,400,374

$

—

$

—

$

16,400,374

Forward

foreign

currency

exchange

contracts:

Average

amounts

purchased

—

in

USD

.....................................................................................

$

557,031,279

Average

amounts

sold

—

in

USD

.........................................................................................

$

1,136,669,185

a

Assets

Liabilities

Derivative

Financial

Instruments:

Forward

foreign

currency

exchange

contracts

............................................................

$

9,472,738

‌

$

618,163

‌

Total

derivative

assets

and

liabilities

in

the

Statements

of

Assets

and

Liabilities

.......................................

$

9,472,738

‌

$

618,163

‌

Derivatives

not

subject

to

a

Master

Netting

Agreement

or

similar

agreement

(“MNA”)

....................................

—

‌

—

‌

Total

derivative

assets

and

liabilities

subject

to

an

MNA

.......................................................

$

9,472,738

‌

$

618,163

‌

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

iShares

®

Currency

Hedged

MSCI

Japan

ETF

8

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

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.

See

notes

to

financial

statements.

The

following

table

presents

the

Fund’s

derivative

assets

and

liabilities

by

counterparty

net

of

amounts

available

for

offset

under

an

MNA

and

net

of

the

related

collateral

received

and

pledged

by

the

Fund:

a

a

a

a

a

a

Counterparty

Derivative

Assets

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-Cash

Collateral

Received

(b)

Cash

Collateral

Received

(b)

Net

Amount

of

Derivative

Assets

(c)

(d)

Bank

of

America

N.A.

..................................

$

7,378,984

$

—

$

—

$

—

$

7,378,984

Barclays

Bank

PLC

...................................

159,858

(

146,914

)

—

—

12,944

BNP

Paribas

SA

.....................................

4,060

—

—

—

4,060

JPMorgan

Chase

Bank

N.A.

.............................

1,754,619

(

452,718

)

—

—

1,301,901

Morgan

Stanley

&

Co.

International

PLC

.....................

97,161

(

15,870

)

—

—

81,291

State

Street

Bank

&

Trust

Company

........................

78,056

—

—

—

78,056

$

9,472,738

$

(

615,502

)

$

—

$

—

$

8,857,236

a

a

a

a

a

Counterparty

Derivative

Liabilities

Subject

to

an

MNA

by

Counterparty

Derivatives

Available

for

Offset

(a)

Non-Cash

Collateral

Pledged

(b)

Cash

Collateral

Pledged

(b)

Net

Amount

of

Derivative

Liabilities

(d)

(e)

Barclays

Bank

PLC

...................................

$

146,914

$

(

146,914

)

$

—

$

—

$

—

JPMorgan

Chase

Bank

N.A.

.............................

452,718

(

452,718

)

—

—

—

Morgan

Stanley

&

Co.

International

PLC

.....................

15,870

(

15,870

)

—

—

—

UBS

AG

...........................................

2,661

—

—

—

2,661

$

618,163

$

(

615,502

)

$

—

$

—

$

2,661

(a)

The

amount

of

derivatives

available

for

offset

is

limited

to

the

amount

of

derivative

assets

and/or

liabilities

that

are

subject

to

an

MNA.

(b)

Excess

of

collateral

received/pledged,

if

any,

from

the

individual

counterparty

is

not

shown

for

financial

reporting

purposes.

(c)

Net

amount

represents

the

net

amount

receivable

from

the

counterparty

in

the

event

of

default.

(d)

Net

amount

may

also

include

forward

foreign

currency

exchange

contracts

that

are

not

required

to

be

collateralized.

(e)

Net

amount

represents

the

net

amount

payable

due

to

the

counterparty

in

the

event

of

default.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Investment

Companies

.....................................

$

626,831,503

‌

$

—

‌

$

—

‌

$

626,831,503

‌

Short-Term

Securities

Money

Market

Funds

......................................

34,085,485

‌

—

‌

—

‌

34,085,485

‌

$

660,916,988

‌

$

—

‌

$

—

‌

$

660,916,988

‌

Derivative

Financial

Instruments

(a)

Assets

Foreign

Currency

Exchange

Contracts

............................

$

—

‌

$

9,472,738

‌

$

—

‌

$

9,472,738

‌

Liabilities

Foreign

Currency

Exchange

Contracts

............................

—

‌

(

618,163

)

—

‌

(

618,163

)

$

—

‌

$

8,854,575

‌

$

—

‌

$

8,854,575

‌

(a)

Derivative

financial

instruments

are

forward

foreign

currency

exchange

contracts.

Forward

foreign

currency

exchange

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Derivative

Financial

Instruments

–

Offsetting

as

of

Period

End

(continued)

9

Statements

of

Assets

and

Liabilities

Statements

of

Assets

and

Liabilities

(unaudited)

February

28,

2026

See

notes

to

financial

statements.

iShares

Currency

Hedged

MSCI

Eurozone

ETF

iShares

Currency

Hedged

MSCI

Japan

ETF

ASSETS

Investments,

at

value

—

affiliated

(a)

(b)

.......................................................................

$

661,969,408

‌

$

660,916,988

‌

Receivables:

Securities

lending

income

—

affiliated

....................................................................

—

‌

49,415

‌

Dividends

—

affiliated

...............................................................................

1,550

‌

1,496

‌

Unrealized

appreciation

on:

Forward

foreign

currency

exchange

contracts

...............................................................

6,007,351

‌

9,472,738

‌

Total

assets

.......................................................................................

667,978,309

‌

670,440,637

‌

LIABILITIES

Collateral

on

securities

loaned

...........................................................................

—

‌

33,415,555

‌

Payables:

Investments

purchased

..............................................................................

5,823,637

‌

9,070,741

‌

Investment

advisory

fees

.............................................................................

15,090

‌

1,190

‌

Unrealized

depreciation

on:

Forward

foreign

currency

exchange

contracts

...............................................................

870,465

‌

618,163

‌

Total

liabilities

......................................................................................

6,709,192

‌

43,105,649

‌

Commitments

and

contingent

liabilities

NET

ASSETS

......................................................................................

$

661,269,117

‌

$

627,334,988

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

......................................................................................

$

559,272,026

‌

$

489,003,305

‌

Accumulated

earnings

................................................................................

101,997,091

‌

138,331,683

‌

NET

ASSETS

......................................................................................

$

661,269,117

‌

$

627,334,988

‌

NET

ASSET

VALUE

Shares

outstanding

..................................................................................

14,150,000

‌

10,400,000

‌

Net

asset

value

.....................................................................................

$

46.73

‌

$

60.32

‌

Shares

authorized

...................................................................................

Unlimited

Unlimited

Par

value

.........................................................................................

None

None

(a)

Securities

loaned,

at

value

...........................................................................

$

—

‌

$

32,708,217

‌

(b)

Investments,

at

cost

—

affiliated

........................................................................

$

514,010,821

‌

$

554,498,390

‌

10

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Statements

of

Operations

(unaudited)

Six

Months

Ended

February

28,

2026

See

notes

to

financial

statements.

iShares

Currency

Hedged

MSCI

Eurozone

ETF

iShares

Currency

Hedged

MSCI

Japan

ETF

INVESTMENT

INCOME

Dividends

—

affiliated

..............................................................................

$

5,998,732

‌

$

18,546,674

‌

Interest

—

unaffiliated

..............................................................................

53

‌

185

‌

Securities

lending

income

—

affiliated

—

net

...............................................................

8,762

‌

169,312

‌

Total

investment

income

..............................................................................

6,007,547

‌

18,716,171

‌

EXPENSES

Investment

advisory

...............................................................................

2,017,626

‌

1,297,436

‌

Commitment

costs

................................................................................

1,848

‌

2,122

‌

Total

expenses

....................................................................................

2,019,474

‌

1,299,558

‌

Less:

(

1,921,847

)

(

1,296,605

)

Investment

advisory

fees

waived

.......................................................................

(

1,921,847

)

(

1,296,605

)

Total

expenses

after

fees

waived

........................................................................

97,627

‌

2,953

‌

Net

investment

income

...............................................................................

5,909,920

‌

18,713,218

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

affiliated

...........................................................................

359,117

‌

(

400,193

)

Forward

foreign

currency

exchange

contracts

............................................................

(

18,720,939

)

20,663,850

‌

In-kind

redemptions

—

affiliated

(a)

....................................................................

41,312,204

‌

18,931,292

‌

22,950,382

‌

39,194,949

‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

affiliated

...........................................................................

46,995,864

‌

61,806,732

‌

Forward

foreign

currency

exchange

contracts

............................................................

19,681,224

‌

16,400,374

‌

66,677,088

‌

78,207,106

‌

Net

realized

and

unrealized

gain

........................................................................

89,627,470

‌

117,402,055

‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...............................................

$

95,537,390

‌

$

136,115,273

‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

11

Statements

of

Changes

in

Net

Assets

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

iShares

Currency

Hedged

MSCI

Eurozone

ETF

iShares

Currency

Hedged

MSCI

Japan

ETF

Six

Months

Ended

02/28/26

(unaudited)

Year

Ended

08/31/25

Six

Months

Ended

02/28/26

(unaudited)

Year

Ended

08/31/25

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.......................................

$

5,909,920

‌

$

17,133,599

‌

$

18,713,218

‌

$

8,853,099

‌

Net

realized

gain

(loss)

.......................................

22,950,382

‌

(

23,380,001

)

39,194,949

‌

18,783,695

‌

Net

change

in

unrealized

appreciation

(depreciation)

...................

66,677,088

‌

70,271,872

‌

78,207,106

‌

24,450,773

‌

Net

increase

in

net

assets

resulting

from

operations

......................

95,537,390

‌

64,025,470

‌

136,115,273

‌

52,087,567

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

............

(

5,953,932

)

(b)

(

17,008,056

)

(

21,231,419

)

(b)

(

8,867,653

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

....

(

154,005,136

)

258,276,582

‌

131,386,076

‌

(

64,376,742

)

Capital

contribution

from

affiliate

...................................

—

‌

—

‌

—

‌

104,238

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

..............................

(

64,421,678

)

305,293,996

‌

246,269,930

‌

(

21,052,590

)

Beginning

of

period

...........................................

725,690,795

‌

420,396,799

‌

381,065,058

‌

402,117,648

‌

End

of

period

...............................................

$

661,269,117

‌

$

725,690,795

‌

$

627,334,988

‌

$

381,065,058

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(b)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

12

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

Currency

Hedged

MSCI

Eurozone

ETF

Six

Months

Ended

02/28/26

(unaudited)

Year

Ended

08/31/25

Year

Ended

08/31/24

Year

Ended

08/31/23

Year

Ended

08/31/22

Year

Ended

08/31/21

Net

asset

value,

beginning

of

period

.......

$

40.77

‌

$

36.40

‌

$

31.74

‌

$

30.98

‌

$

37.33

‌

$

28.36

‌

Net

investment

income

(a)

...............

0

.39

‌

1

.26

‌

1

.05

‌

0

.75

‌

1

.18

‌

0

.83

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.....

5

.99

‌

4

.21

‌

4

.61

‌

6

.16

‌

(

6

.17

)

9

.00

‌

Net

increase

(decrease)

from

investment

operations

.........................

6

.38

‌

5

.47

‌

5

.66

‌

6

.91

‌

(

4

.99

)

9

.83

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

............

(

0

.42

)

(d)

(

1

.10

)

(

1

.00

)

(

0

.71

)

(

1

.36

)

(

0

.86

)

From

net

realized

gains

................

—

‌

—

‌

—

‌

(

5

.44

)

(

0

.00

)

(e)

—

‌

Total

distributions

.....................

(

0

.42

)

(

1

.10

)

(

1

.00

)

(

6

.15

)

(

1

.36

)

(

0

.86

)

Net

asset

value,

end

of

period

............

$

46.73

‌

$

40.77

‌

$

36.40

‌

$

31.74

‌

$

30.98

‌

$

37.33

‌

Total

Return

(f)

–

–

–

–

–

–

Based

on

net

asset

value

................

15.74

%

(g)

15.18

%

17.97

%

24.30

%

(

13.50

)

%

35.04

%

Ratios

to

Average

Net

Assets

(h)

–

–

–

–

–

–

Total

expenses

.......................

0

.62

%

(i)

0

.62

%

0

.62

%

0

.62

%

0

.62

%

0

.62

%

Total

expenses

after

fees

waived

...........

0

.03

%

(i)

0

.03

%

0

.03

%

0

.03

%

0

.03

%

0

.03

%

Net

investment

income

..................

1

.82

%

(i)

3

.24

%

3

.06

%

2

.40

%

3

.32

%

2

.52

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

661,269

‌

$

725,691

‌

$

420,397

‌

$

331,693

‌

$

353,138

‌

$

744,670

‌

Portfolio

turnover

rate

(j)

..................

4

%

13

%

11

%

14

%

6

%

14

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(e)

Rounds

to

less

than

$0.01.

(f)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(g)

Not

annualized.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Annualized.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

13

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

Currency

Hedged

MSCI

Japan

ETF

Six

Months

Ended

02/28/26

(unaudited)

Year

Ended

08/31/25

Year

Ended

08/31/24

Year

Ended

08/31/23

Year

Ended

08/31/22

Year

Ended

08/31/21

Net

asset

value,

beginning

of

period

.....

$

47.63

‌

$

41.89

‌

$

33.94

‌

$

38.73

‌

$

38.66

‌

$

31.50

‌

Net

investment

income

(a)

.............

2

.03

‌

1

.05

‌

0

.75

‌

0

.25

‌

1

.02

‌

0

.51

‌

Net

realized

and

unrealized

gain

(loss)

(b)

...

12.92

‌

5

.76

‌

8

.01

‌

7

.27

‌

(

0

.09

)

7

.06

‌

Net

increase

from

investment

operations

....

14.95

‌

6

.81

‌

8

.76

‌

7

.52

‌

0

.93

‌

7

.57

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

..........

(

1

.98

)

(d)

(

1

.08

)

(

0

.81

)

(

0

.27

)

(

0

.86

)

(

0

.41

)

From

net

realized

gains

..............

(

0

.28

)

—

‌

—

‌

(

12.04

)

(

0

.00

)

(e)

—

‌

Total

distributions

...................

(

2

.26

)

(

1

.08

)

(

0

.81

)

(

12.31

)

(

0

.86

)

(

0

.41

)

Capital

contribution

(f)

..................

—

‌

0

.01

‌

—

‌

—

‌

—

‌

—

‌

Net

asset

value,

end

of

period

..........

$

60.32

‌

$

47.63

‌

$

41.89

‌

$

33.94

‌

$

38.73

‌

$

38.66

‌

Total

Return

(g)

–

–

–

–

–

–

Based

on

net

asset

value

..............

32.10

%

(h)

16.58

%

(i)

26.11

%

27.07

%

2

.43

%

24.08

%

Ratios

to

Average

Net

Assets

(j)

–

–

–

–

–

–

Total

expenses

.....................

0

.53

%

(k)

0

.53

%

0

.53

%

0

.53

%

0

.53

%

0

.53

%

Total

expenses

after

fees

waived

.........

0.00

%

(k)

,(l)

0.00

%

(l)

0.00

%

(l)

0.00

%

(l)

0

.01

%

0.00

%

(l)

Net

investment

income

................

7

.64

%

(k)

2

.47

%

1

.91

%

0

.74

%

2

.62

%

1

.38

%

Supplemental

Data

Net

assets,

end

of

period

(000)

..........

$

627,335

‌

$

381,065

‌

$

402,118

‌

$

215,493

‌

$

464,751

‌

$

535,398

‌

Portfolio

turnover

rate

(m)

...............

6

%

15

%

20

%

29

%

6

%

7

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(e)

Rounds

to

less

than

$0.01.

(f)

Payment

received

related

to

certain

shareholder

transactions.

(g)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(h)

Not

annualized.

(i)

Includes

capital

contributions

from

affiliate,

which

impacted

the

Fund's

total

return.

Excluding

the

capital

contributions

from

affiliate,

the

Fund's

total

return

is

16.54%.

(j)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(k)

Annualized.

(l)

Rounds

to

less

than

0.01%.

(m)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

Notes

to

Financial

Statements

(unaudited)

14

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

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”):

Currently

each

Fund

seeks

to

achieve

its

investment

objective

by

investing

a

substantial

portion

of

its

assets

in

an

iShares

fund

(an

“underlying

fund”).

The

financial

statements,

including

the

accounting

policies,

and

schedules

of

investments

for

the

underlying

funds

are

available

on

iShares.com

and

should

be

read

in

conjunction

with

the

Funds’

financial

statements. 

2.

Significant

Accounting

Policies

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies:

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions

from

the

underlying

funds,

if

any,

are

recorded

on

the

ex-dividend

date.

Interest

income

is

recognized

daily

on

an

accrual

basis.

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.

However,

each Fund

has

elected

to

treat

realized

gains

(losses)

from

certain

foreign

currency

contracts

as

capital

gain

(loss)

for

U.S.

federal

income

tax

purposes.

Cash:

 The

Funds

may

maintain

cash

at

their

custodian

which,

at

times

may

exceed

United

States

federally

insured

limits.

The

Funds

may,

at

times,

have

outstanding

cash

disbursements

that

exceed

deposited

cash

amounts

at

the

custodian

during

the

reporting

period.

The

Funds

are

obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

if

any,

are

included

in

interest

expense

in

the

Statements

of

Operations. 

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the

Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments. 

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Funds.

Because

such

gains

or

losses

are

not

taxable

to

the

Funds

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Funds’

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

by

each

Fund

are

recorded

on

the

ex-dividend

dates.

Distributions

are

determined

on

a

tax

basis

and

may

differ

from

net

investment

income,

and net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

in

U.S.

dollars

and

cannot

be

automatically

reinvested

in

additional

shares

of

the

Funds. 

Indemnifications:

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Funds,

which

cannot

be

predicted

with

any

certainty.

Segment

Reporting:

The

Chief

Financial

Officer

acts

as

the

Funds’

Chief

Operating

Decision

Maker

(“CODM”)

and

is

responsible

for

assessing

performance

and

allocating

resources

with

respect

to

each

Fund.

The

CODM

has

concluded

that

each

Fund

operates

as

a

single

operating

segment

since each

Fund

has

a

single

investment

strategy

as

disclosed

in its

prospectus,

against

which

the

CODM

assesses

performance.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

presented

within each

Fund’s

financial

statements.

iShares

ETF

Diversification

Classification

Currency

Hedged

MSCI

Eurozone

...............................................................................................

Diversified

Currency

Hedged

MSCI

Japan

..................................................................................................

Diversified

Notes

to

Financial

Statements

(unaudited)

(

continued)

15

Notes

to

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:

Exchange-traded

funds

and

closed-end

funds

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s

official

closing

price,

as

applicable,

on

the

exchange

where

the

fund

is

primarily

traded.

Funds

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

may

be

valued

at

the

last

traded

price.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

at

that

day’s

NAV.

Forward

foreign

currency

exchange

contracts

are

valued

at

the

mean

between

the

bid

and

ask

prices

and

are

determined

as

of

the

close

of

trading

on

the

NYSE

based

on

that

day’s

prevailing

forward

exchange

rate

for

the

underlying

currencies.

If

events

(e.g.,

market

volatility,

company

announcement

or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that

application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Valuation

Committee

in

accordance

with BFA’s

policies

and

procedures

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

to

determine

the

price

that each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement

as

of

the

measurement

date.

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

that each

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities;

Level

2

–

Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly;

and

Level

3

– Inputs

that

are

unobservable

and

significant

to

the

entire

fair

value

measurement

for

the

asset

or

liability (including

the

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

Securities

and

Other

Investments

Securities

Lending:

Each

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

an

approved

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

Government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

or

excess

collateral

is

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

each

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by

BFA,

or

its

affiliates

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

each

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

Notes

to

Financial

Statements

(unaudited)

(continued)

16

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

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: 

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

Forward

Foreign

Currency

Exchange

Contracts:

Forward

foreign

currency

exchange

contracts

are

entered

into

to

gain

or

reduce

exposure

to

foreign

currencies

(foreign

currency

exchange

rate

risk). 

A

forward

foreign

currency

exchange

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

currency

at

a

set

exchange

rate

on

a

specified

date.

These

contracts

help

to

manage

the

overall

exposure

to

the

currencies

in

which

some

of

the

investments

held

by

the Funds

are

denominated

and

in

some

cases,

may

be

used

to

obtain

exposure

to

a

particular

market.

The

contracts

are

traded

over-the-counter

(“OTC”)

and

not

on

an

organized

exchange.

The

contract

is

marked-to-market

daily

and

the

change

in

market

value

is

recorded

as

unrealized

appreciation

or

depreciation

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

value

at

the

time

it

was

opened

and

the

value

at

the

time

it

was

closed.

Non-deliverable

forward

foreign

currency

exchange

contracts

are

settled

with

the

counterparty

in

cash

without

the

delivery

of

foreign

currency.

The

use

of

forward

foreign

currency

exchange

contracts

involves

the

risk

that

the

value

of

a

contract

changes

unfavorably

due

to

movements

in

the

value

of

the

referenced

foreign

currencies,

and

such

value

may

exceed

the

amount(s)

reflected

in

the

Statements

of

Assets

and

Liabilities.

Cash

amounts

pledged

for

forward

foreign

currency

exchange

contracts

are

considered

restricted

and

are

included

in

cash

pledged

as

collateral

for

OTC

derivatives

in

the

Statements

of

Assets

and

Liabilities.

A

fund’s

risk

of

loss

from

counterparty

credit

risk

on

OTC

derivatives

is

generally

limited

to

the

aggregate

unrealized

gain

netted

against

any

collateral

held

by

the

Fund. 

Master

Netting

Arrangements:

In

order

to

define

its

contractual

rights

and

to

secure

rights

that

will

help

mitigate

its

counterparty

risk,

a

Fund

may

enter

into

an

International

Swaps

and

Derivatives

Association,

Inc.

Master

Agreement

(“ISDA

Master

Agreement”)

or

similar

agreement

with

its

derivative

contract

counterparties.

An

ISDA

Master

Agreement

is

a

bilateral

agreement

between

a

Fund

and

a

counterparty

that

governs

certain

OTC

derivatives

and

typically

contains,

among

other

things,

collateral

posting

terms

and

netting

provisions

in

the

event

of

a

default

and/or

termination

event.

Under

an

ISDA

Master

Agreement,

a

Fund

may,

under

certain

circumstances,

offset

with

the

counterparty

certain

derivative

financial

instruments’

payables

and/or

receivables

with

collateral

held

and/or

posted

and

create

one

single

net

payment.

The

provisions

of

the

ISDA

Master

Agreement

typically

permit

a

single

net

payment

in

the

event

of

default

including

the

bankruptcy

or

insolvency

of

the

counterparty.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

the

right

of

offset

in

bankruptcy,

insolvency,

or

other

events.

For

derivatives

traded

under

an

ISDA

Master

Agreement,

the

collateral

requirements

are

typically

calculated

by

netting

the

mark-to-market

amount

for

each

transaction

under

such

agreement,

and

comparing

that

amount

to

the

value

of

any

collateral

currently

pledged

by

a

fund

and

the

counterparty.

Cash

collateral

that

has

been

pledged

to

cover

obligations

of

the

Funds

and

cash

collateral

received

from

the

counterparty,

if

any,

is

reported

separately

in

the

Statements

of

Assets

and

Liabilities

as

cash

pledged

as

collateral

and

cash

received

as

collateral,

respectively.

Non-cash

collateral

pledged

by

the

Funds,

if

any,

is

noted

in

the

Schedules

of

Investments.

Generally,

the

amount

of

collateral

due

from

or

to

a

counterparty

is

subject

to

a

certain

minimum

transfer

amount

threshold

before

a

transfer

is

required,

which

is

determined

at

the

close

of

business

of

the

Funds.

Any

additional

required

collateral

is

delivered

to/pledged

by

the

Funds

on

the

next

business

day.

Typically,

the

counterparty

is

not

permitted

to

sell,

re-pledge

or

use

cash

and

non-cash

collateral

it

receives.

A

fund

generally

agrees

not

to

use

non-cash

collateral

that

it

receives

but

may,

absent

default

or

certain

other

circumstances

defined

in

the

underlying

ISDA

Master

Agreement,

be

permitted

to

use

cash

collateral

received.

In

such

cases,

interest

may

be

paid

pursuant

to

the

collateral

arrangement

with

the

counterparty.

To

the

extent

amounts

due

to

the

Funds

from

the

counterparty

are

not

fully

collateralized,

each

Fund

bears

the

risk

of

loss

from

counterparty

non-performance.

Likewise,

to

the

extent

the

Funds

have

delivered

collateral

to

a

counterparty

and

stand

ready

to

perform

under

the

terms

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

Currency

Hedged

MSCI

Japan

Goldman

Sachs

&

Co.

LLC

.........................................

$

11,490,828‌

$

(11,490,828‌)

$

—‌

$

—‌

Morgan

Stanley

.................................................

21,217,389‌

(21,217,389‌)

—‌

—‌

$

32,708,217‌

$

(32,708,217‌)

$

—‌

$

—‌

a

(a)

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.

Notes

to

Financial

Statements

(unaudited)

(

continued)

17

Notes

to

Financial

Statements

of

their

agreement

with

such

counterparty,

each

Fund

bears

the

risk

of

loss

from

a

counterparty

in

the

amount

of

the

value

of

the

collateral

in

the

event

the

counterparty

fails

to

return

such

collateral.

Based

on

the

terms

of

agreements,

collateral

may

not

be

required

for

all

derivative

contracts.

For

financial

reporting

purposes, each

Fund

does

not

offset

derivative

assets

and

derivative

liabilities

that

are

subject

to

netting

arrangements,

if

any,

in

the

Statements

of

Assets

and

Liabilities. 

6.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates 

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the

Trust, BFA manages

the

investment

of

each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly

owned

by BlackRock,

Inc.

(“BlackRock”).

Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Funds,

except

(i)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees).

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:

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

Currency

Hedged

MSCI

Eurozone

ETF,

BFA

has

contractually

agreed

to

waive

a

portion

of

its

investment

advisory

fee

for

the

Fund

through

December

31,

2030

so

that

the

Fund’s

total

annual

operating

expenses

after

fee

waiver

is

equal

to

the

acquired

fund

fees

and

expenses

attributable

to

the

Fund’s

investment

in

the

iShares

MSCI

Eurozone

ETF

(“EZU”),

after

taking

into

account

any

fee

waivers

by

EZU,

plus

0.03%.

For

the

iShares

Currency

Hedged

MSCI

Japan

ETF,

BFA

has

contractually

agreed

to

waive

a

portion

of

its

investment

advisory

fee

for

the

Fund

through

December

31,

2030

in

an

amount

equal

to

the

acquired

fund

fees

and

expenses,

if

any,

attributable

to

the

Fund’s

investments

in

other

iShares

funds,

provided

that

the

waiver

be

no

greater

than

the

Fund’s

investment

advisory

fee

of

0.53%.

BFA

has

also

contractually

agreed

to

waive

an

additional

portion

of

its

investment

advisory

fee

for

the

Fund

through

December

31,

2030

such

that

the

Fund’s

total

annual

operating

expenses

after

fee

waiver

will

be

equal

to

the

greater

of

the

acquired

fund

fees

and

expenses

or

0.48%.

These

amounts

are included

in

investment

advisory

fees

waived

in

the

Statements

of

Operations.

For

the six

months

ended

February

28,

2026,

the

amounts

waived

in

investment

advisory

fees

pursuant

to

this

arrangement

were

as

follows:

Distributor:

 BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

is

the

distributor

for

each

Fund.

Pursuant

to

the

distribution

agreement,

BFA

is

responsible

for

any

fees

or

expenses

for

distribution

services

provided

to

the

Funds.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided. The

Funds

do

not

pay

BRIL

for

ETF

Services.

Prior

to

November

10,

2025,

ETF

Services

were

performed

by

State

Street

Bank

and

Trust

Company.

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.

iShares

ETF

Investment

Advisory

Fees

Currency

Hedged

MSCI

Eurozone

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.62%

Currency

Hedged

MSCI

Japan

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.53

iShares

ETF

Amounts

Waived

Currency

Hedged

MSCI

Eurozone

.......................................................................................................................................

$

1,921,847‌

Currency

Hedged

MSCI

Japan

...........................................................................................................................................

1,296,605‌

Notes

to

Financial

Statements

(unaudited)

(continued)

18

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Securities

lending

income

is

generally

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral

(and

excludes

collateral

investment

fees),

and

any

fees

or

other

payments

to

and

from

borrowers

of

securities. Each

Fund

retains

a

portion

of

the

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent. 

Pursuant

to

the

current

securities

lending

agreement,

each

Fund

retains

82%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

the

iShares

ETF

Complex

in

that

calendar

year

exceeds

a

specific

threshold,

each

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

85%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

The

share

of

securities

lending

income

earned

by

each

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its Statements

of

Operations.

For

the six

months

ended February

28,

2026,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Trustees and

Officers:

Certain

trustees

and/or

officers

of

the

Trust

are

directors

and/or

officers

of

BlackRock

or

its

affiliates.

Other

Transactions:

Each

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statements

of

Operations.

7.

Purchases

and

Sales

For

the six

months

ended

February

28,

2026,

purchases

and

sales

of

investments,

excluding

short-term

securities

and

in-kind

transactions,

were

as

follows:

For

the six

months ended

February

28,

2026,

in-kind

transactions

were

as

follows:

8.

Income

Tax

Information

Each

Fund

is

treated

as

an

entity

separate

from

the

Trust’s

other

funds

for

federal

income

tax

purposes.

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Funds

as

of

February

28,

2026,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

Management’s

analysis

is

based

on

the

tax

laws

and

judicial

and

administrative

interpretations

thereof

in

effect

as

of

the

date

of

these

financial

statements,

all

of

which

are

subject

to

change,

possibly

with

retroactive

effect,

which

may

impact

the

Funds’

NAV.

As

of August

31,

2025,

the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains as

follows:

iShares

ETF

Amounts

Currency

Hedged

MSCI

Eurozone

..............................................................................................

$

2,717

‌

Currency

Hedged

MSCI

Japan

.................................................................................................

54,819

‌

iShares

ETF

Purchases

Sales

Currency

Hedged

MSCI

Eurozone

...........................................................................

$

24,861,060

$

23,484,531

Currency

Hedged

MSCI

Japan

..............................................................................

64,567,386

29,877,279

iShares

ETF

In-kind

Purchases

In-kind

Sales

Currency

Hedged

MSCI

Eurozone

.............................................................................

$

39,305,056‌

$

192,993,431‌

Currency

Hedged

MSCI

Japan

................................................................................

213,410,664‌

82,166,443‌

iShares

ETF

Non-Expiring

Capital

Loss

Carryforwards

(a)

Currency

Hedged

MSCI

Eurozone

...............................................................................................

$

(87,783,954‌)

Currency

Hedged

MSCI

Japan

..................................................................................................

(20,594,277‌)

(a)

Amounts

available

to

offset

future

realized

capital

gains.

Notes

to

Financial

Statements

(unaudited)

(

continued)

19

Notes

to

Financial

Statements

As

of

February

28,

2026,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

9.

Line

of

Credit

The

iShares

Currency

Hedged

MSCI

Japan

ETF,

along

with

certain

other

iShares

funds

(“Participating

Funds”),

is

a

party

to

a

$900

million

credit

agreement

(“Syndicated

Credit

Agreement”)

with

a

group

of

lenders that

expires

on

October

14,

2026.

The

line

of

credit

may

be

used

for

temporary

or

emergency

purposes,

including

redemptions,

settlement

of

trades

and

rebalancing

of

portfolio

holdings

in

certain

target

markets.

The

Participating

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 the

Participating

Fund’s

relative

exposure

to

certain

target

markets

or the

Participating

Fund’s

maximum

borrowing

amount

as

set

forth

by

the

terms

of

the

Syndicated

Credit

Agreement.

During

the

six

months

ended

February

28,

2026,

iShares

Currency

Hedged

MSCI

Japan

ETF

did

not

borrow

under

the

Syndicated

Credit

Agreement.

The

iShares

Currency

Hedged

MSCI

Eurozone

ETF

and

iShares

Currency

Hedged

MSCI

Japan

ETF,

along

with

certain

other

Participating

Funds,

were

each

a

party

to

a

similar

$800

million

syndicated

credit

agreement

that

expired

on

October

15,

2025.

During

the

six

months

ended

February

28,

2026,

neither

Fund

borrowed

under

the

$800

million

syndicated

credit

agreement.

10.

Principal

Risks

In

the

normal

course

of

business,

each

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject each

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation,

tariffs or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which each

Fund

is

subject.

BFA

uses

an

indexing

approach

to

try

to

achieve

each

Fund’s

investment

objective.

The

Funds are

not

actively

managed,

and

BFA

generally

does

not

attempt

to

take

defensive

positions

under

any

market

conditions,

including

declining

markets.

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.

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.

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.

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Currency

Hedged

MSCI

Eurozone

.........................................

$

514,901,500‌

$

153,945,724‌

$

(1,740,930‌)

$

152,204,794‌

Currency

Hedged

MSCI

Japan

............................................

555,068,150‌

115,891,336‌

(1,187,923‌)

114,703,413‌

Notes

to

Financial

Statements

(unaudited)

(continued)

20

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

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:

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the

Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the

Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars.

Authorized

Participants

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Authorized

Participants

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

To

the

extent

applicable,

to

facilitate

the

timely

settlement

of

orders

for

the

Funds

using

a

clearing

facility

outside

of

the

continuous

net

settlement

process,

the

Funds,

at

their

sole

discretion,

may

permit

an

Authorized

Participant

to

post

cash

as

collateral

in

anticipation

of

the

delivery

of

all

or

a

portion

of

the

applicable

Deposit

Securities

or

Fund

Securities,

as

further

described

in

the

applicable

Authorized

Participant

Agreement.

The

collateral

process

is

subject

to

a

Control

Agreement

among

the

Authorized

Participant,

each

Fund’s

custodian,

and

the

Funds.

In

the

event

that

the

Authorized

Participant

fails

to

deliver

all

or

a

portion

of

the

applicable

Deposit

Securities

or

Fund

Securities,

the

Funds

may

exercise

control

over

such

collateral

pursuant

to

the

terms

of

the

Control

Agreement

in

order

to

purchase

the

applicable

Deposit

Securities

or

Fund

Securities.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statements

of

Assets

and

Liabilities.

12.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Six

Months

Ended

02/28/26

Year

Ended

08/31/25

iShares

ETF

Shares

Amount

Shares

Amount

Currency

Hedged

MSCI

Eurozone

Shares

sold

.........................................................

900,000

‌

$

39,519,049

‌

10,250,000

‌

$

409,255,096

‌

Shares

redeemed

.....................................................

(4,550,000

)

(193,524,185

)

(4,000,000

)

(150,978,514

)

(3,650,000

)

$

(154,005,136

)

6,250,000

‌

$

258,276,582

‌

Currency

Hedged

MSCI

Japan

Shares

sold

.........................................................

3,850,000

‌

$

213,979,959

‌

2,350,000

‌

$

100,480,632

‌

Shares

redeemed

.....................................................

(1,450,000

)

(82,593,883

)

(3,950,000

)

(164,857,374

)

2,400,000

‌

$

131,386,076

‌

(1,600,000

)

$

(64,376,742

)

Additional

Information

21

Additional

Information

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

notifications

announcing

that

the

shareholder

report

or

prospectus

has

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posted

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website

at

iShares.com

.

Once

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have

enrolled,

you

will

no

longer

receive

prospectuses

and

shareholder

reports

in

the

mail.

To

enroll

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electronic

delivery:

Go

to

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If

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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

Funds’

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

.

Glossary

of

Terms

Used

in

these

Financial

Statements

22

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Currency

Abbreviation

EUR

Euro

JPY

Japanese

Yen

USD

United

States

Dollar

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

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by

the

current

prospectus.

Investing

involves

risk,

including

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loss

of

principal.

The

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Funds

are

distributed

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Investments,

LLC

(together

with

its

affiliates,

“BlackRock”).

The

iShares

Funds

are

not

sponsored,

endorsed,

issued,

sold

or

promoted

by

MSCI

Inc.,

nor

does

this

company

make

any

representation

regarding

the

advisability

of

investing

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the

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Funds.

BlackRock

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the

company

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above.

©2026

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

February

28,

2026

2026

Semi-Annual

Financial

Statements

and

Additional

Information

(Unaudited)

iShares

Trust

iShares

MSCI

United

Kingdom

Small-Cap

ETF

|

EWUS

|

Cboe

BZX

Exchange

Table

of

Contents

Page

2

Schedule

of

Investments

..................................................................................................

3

Statement

of

Assets

and

Liabilities

............................................................................................

8

Statement

of

Operations

..................................................................................................

9

Statements

of

Changes

in

Net

Assets

..........................................................................................

10

Financial

Highlights

.....................................................................................................

11

Notes

to

Financial

Statements

...............................................................................................

12

Additional

Information

...................................................................................................

19

Glossary

of

Terms

Used

in

these

Financial

Statements

................................................................................

20

iShares

®

MSCI

United

Kingdom

Small-Cap

ETF

Schedule

of

Investments

(unaudited)

February

28,

2026

(Percentages

shown

are

based

on

Net

Assets)

3

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

2

.7

%

Avon

Technologies

PLC

...................

2,870

$

71,089

Babcock

International

Group

PLC

.............

23,686

432,684

Chemring

Group

PLC

.....................

25,807

185,469

Cohort

PLC

(a)

..........................

3,339

58,692

QinetiQ

Group

PLC

......................

45,336

309,958

Senior

PLC

............................

39,776

164,594

1,222,486

a

Automobiles

 — 

0

.0

%

Aston

Martin

Lagonda

Global

Holdings

PLC

(a)

(b)

(c)

...

23,819

14,885

a

Banks

 — 

2

.2

%

Close

Brothers

Group

PLC

(c)

................

14,276

95,392

Lion

Finance

Group

PLC

...................

3,294

514,335

Metro

Bank

Holdings

PLC

(c)

.................

31,457

52,737

Shawbrook

Group

PLC

(b)

(c)

..................

12,321

65,421

TBC

Bank

Group

PLC

....................

3,983

257,606

985,491

a

Beverages

 — 

0

.6

%

AG

Barr

PLC

...........................

10,624

99,511

C&C

Group

PLC

........................

34,858

55,244

Fevertree

Drinks

PLC

.....................

9,336

119,904

274,659

a

Biotechnology

 — 

0

.7

%

Genus

PLC

............................

6,310

247,169

OXB

(c)

...............................

8,016

70,888

318,057

a

Broadline

Retail

 — 

0

.6

%

B&M

European

Value

Retail

PLC

.............

95,314

244,960

THG

PLC

(c)

............................

60,856

28,537

273,497

a

Building

Products

 — 

0

.7

%

Genuit

Group

PLC

.......................

23,630

121,730

Volution

Group

PLC

......................

18,816

180,545

302,275

a

Capital

Markets

 — 

13

.7

%

Aberdeen

Group

PLC

.....................

174,568

517,272

AJ

Bell

PLC

...........................

32,299

189,085

Ashmore

Group

PLC

.....................

40,556

130,080

Bridgepoint

Group

PLC

(b)

...................

23,478

79,132

CMC

Markets

PLC

(b)

......................

9,133

40,001

Foresight

Group

Holdings

Ltd.

...............

7,823

43,200

Georgia

Capital

PLC

(c)

....................

2,806

140,828

ICG

PLC

.............................

27,563

620,450

IG

Group

Holdings

PLC

...................

32,137

563,697

IntegraFin

Holdings

PLC

...................

28,279

120,917

Investec

PLC

..........................

55,066

476,427

IP

Group

PLC

(c)

.........................

83,780

63,380

JTC

PLC

(b)

............................

14,714

258,574

Jupiter

Fund

Management

PLC

..............

42,613

107,636

Man

Group

PLC

........................

109,181

393,371

Molten

Ventures

PLC

(c)

....................

15,164

94,933

Ninety

One

PLC

........................

26,753

90,514

Plus500

Ltd.

...........................

6,671

359,228

Polar

Capital

Holdings

PLC

.................

8,627

73,935

Quilter

PLC

(b)

..........................

133,159

351,726

Rathbones

Group

PLC

....................

6,162

187,478

St.

James's

Place

PLC

....................

49,989

905,168

TP

ICAP

Group

PLC

.....................

70,614

241,067

Security

Shares

Value

a

Capital

Markets

(continued)

XPS

Pensions

Group

PLC

..................

18,772

$

78,677

6,126,776

a

Chemicals

 — 

2

.6

%

Croda

International

PLC

...................

12,580

525,126

Elementis

PLC

.........................

53,981

120,761

Johnson

Matthey

PLC

....................

15,938

432,608

Victrex

PLC

...........................

7,845

74,746

1,153,241

a

Commercial

Services

&

Supplies

 — 

1

.7

%

Johnson

Service

Group

PLC

................

35,915

70,762

Mitie

Group

PLC

........................

119,043

289,734

Serco

Group

PLC

.......................

95,096

386,006

746,502

a

Construction

&

Engineering

 — 

2

.6

%

Balfour

Beatty

PLC

......................

46,693

478,339

Keller

Group

PLC

.......................

6,653

181,310

Kier

Group

PLC

.........................

39,812

127,448

Morgan

Sindall

Group

PLC

.................

4,327

288,649

Renew

Holdings

PLC

.....................

7,508

94,853

1,170,599

a

Construction

Materials

 — 

1

.2

%

Breedon

Group

PLC

......................

26,299

126,811

Ibstock

PLC

(b)

..........................

37,430

66,922

Marshalls

PLC

..........................

21,408

51,873

RHI

Magnesita

N.V.

......................

2,019

90,517

SigmaRoc

PLC

(c)

........................

95,155

190,311

526,434

a

Consumer

Staples

Distribution

&

Retail

 — 

0

.3

%

Ocado

Group

PLC

(c)

......................

51,759

147,155

a

Distributors

 — 

0

.8

%

Inchcape

PLC

..........................

31,164

373,154

a

Diversified

Consumer

Services

 — 

0

.1

%

ME

GROUP

INTERNATIONAL

PLC

...........

21,088

38,880

a

Diversified

REITs

 — 

1

.8

%

British

Land

Co.

PLC

(The)

.................

94,821

521,297

Shaftesbury

Capital

PLC

...................

138,923

288,509

809,806

a

Diversified

Telecommunication

Services

 — 

1

.6

%

Gamma

Communications

PLC

...............

8,738

105,747

Helios

Towers

PLC

(c)

......................

75,074

201,949

Zegona

Communications

PLC

...............

17,752

403,111

710,807

a

Electrical

Equipment

 — 

0

.4

%

DiscoverIE

Group

PLC

....................

9,198

81,316

Volex

PLC

............................

13,165

85,693

167,009

a

Electronic

Equipment,

Instruments

&

Components

 — 

0

.9

%

Oxford

Instruments

PLC

...................

5,320

189,275

Renishaw

PLC

.........................

3,451

199,617

388,892

a

Energy

Equipment

&

Services

 — 

0

.2

%

Hunting

PLC

...........................

11,908

82,925

a

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

iShares

®

MSCI

United

Kingdom

Small-Cap

ETF

(Percentages

shown

are

based

on

Net

Assets)

4

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Financial

Services

 — 

1

.2

%

OSB

Group

PLC

........................

33,714

$

277,000

Paragon

Banking

Group

PLC

................

18,207

209,911

WAG

Payment

Solutions

PLC

...............

19,700

29,867

516,778

a

Food

Products

 — 

2

.3

%

Cranswick

PLC

.........................

4,890

357,838

Greencore

Group

PLC

....................

53,437

194,439

Hilton

Food

Group

PLC

....................

7,544

53,782

MP

Evans

Group

PLC

....................

3,717

74,509

Premier

Foods

PLC

......................

61,795

164,391

Tate

&

Lyle

PLC

.........................

35,908

182,049

1,027,008

a

Ground

Transportation

 — 

0

.6

%

Firstgroup

PLC

.........................

53,348

132,142

Zigup

PLC

............................

21,702

120,058

252,200

a

Health

Care

Equipment

&

Supplies

 — 

1

.3

%

Advanced

Medical

Solutions

Group

PLC

........

21,110

60,976

Convatec

Group

PLC

(b)

....................

151,944

524,237

585,213

a

Health

Care

Providers

&

Services

 — 

0

.4

%

CVS

Group

PLC

........................

6,682

119,835

Spire

Healthcare

Group

PLC

(b)

...............

24,827

68,106

187,941

a

Health

Care

REITs

 — 

1

.0

%

Primary

Health

Properties

PLC

...............

246,107

359,195

Target

Healthcare

REIT

PLC

................

58,739

85,210

444,405

a

Health

Care

Technology

 — 

0

.1

%

Craneware

PLC

.........................

2,730

55,738

a

Hotels,

Restaurants

&

Leisure

 — 

3

.3

%

Carnival

PLC

..........................

13,118

414,446

Domino's

Pizza

Group

PLC

.................

34,674

93,655

Greggs

PLC

...........................

9,697

207,469

Hollywood

Bowl

Group

PLC

.................

15,623

55,899

J

D

Wetherspoon

PLC

....................

6,813

66,429

Mitchells

&

Butlers

PLC

(c)

..................

25,585

103,784

Playtech

PLC

..........................

24,932

118,419

PPHE

Hotel

Group

Ltd.

....................

2,183

58,955

Rank

Group

PLC

........................

17,711

22,579

SSP

Group

PLC

........................

75,068

208,008

Trainline

PLC

(b)

(c)

........................

37,660

99,280

Young

&

Co's

Brewery

PLC

,

Class

A

(a)

..........

3,211

38,253

1,487,176

a

Household

Durables

 — 

5

.4

%

Bellway

PLC

...........................

11,144

416,627

Berkeley

Group

Holdings

PLC

...............

9,017

524,333

Crest

Nicholson

Holdings

PLC

...............

21,734

44,607

Persimmon

PLC

........................

30,412

616,823

Taylor

Wimpey

PLC

......................

336,183

510,314

Vistry

Group

PLC

(c)

.......................

30,314

284,098

2,396,802

a

Independent

Power

and

Renewable

Electricity

Producers

 — 

0

.9

%

Drax

Group

PLC

........................

32,242

385,410

a

Industrial

Conglomerates

 — 

0

.9

%

Metlen

Energy

&

Metals

PLC

(c)

...............

9,495

398,214

a

Security

Shares

Value

a

Industrial

REITs

 — 

2

.5

%

LondonMetric

Property

PLC

.................

211,217

$

609,603

Tritax

Big

Box

REIT

PLC

...................

211,731

490,541

1,100,144

a

Insurance

 — 

5

.0

%

Beazley

PLC

...........................

56,855

968,741

Chesnara

PLC

.........................

21,898

95,996

Conduit

Holdings

Ltd.

.....................

13,064

76,620

Hiscox

Ltd.

............................

30,808

641,875

Just

Group

PLC

.........................

88,656

259,124

Lancashire

Holdings

Ltd.

...................

20,827

188,052

2,230,408

a

Interactive

Media

&

Services

 — 

1

.6

%

Baltic

Classifieds

Group

PLC

................

42,700

106,688

MONY

Group

PLC

.......................

47,446

109,999

Rightmove

PLC

.........................

72,315

435,741

Trustpilot

Group

PLC

(b)

(c)

...................

33,635

66,632

719,060

a

IT

Services

 — 

1

.3

%

Computacenter

PLC

......................

6,045

257,733

Kainos

Group

PLC

.......................

7,926

80,143

NCC

Group

PLC

........................

25,040

44,244

Softcat

PLC

...........................

12,325

189,669

571,789

a

Leisure

Products

 — 

1

.7

%

Games

Workshop

Group

PLC

...............

3,134

753,837

a

Life

Sciences

Tools

&

Services

 — 

0

.2

%

Oxford

Nanopore

Technologies

PLC

(a)

(c)

.........

40,934

73,366

a

Machinery

 — 

6

.4

%

Bodycote

PLC

..........................

16,423

172,633

IMI

PLC

..............................

23,425

908,881

Morgan

Advanced

Materials

PLC

.............

26,244

85,413

Rotork

PLC

............................

78,501

406,404

Vesuvius

PLC

..........................

18,828

126,716

Weir

Group

PLC

(The)

....................

24,620

1,167,735

2,867,782

a

Marine

Transportation

 — 

0

.4

%

Clarkson

PLC

..........................

2,785

159,222

a

Media

 — 

2

.7

%

4imprint

Group

PLC

......................

2,672

141,904

Canal+

SA

(c)

...........................

65,094

270,346

Future

PLC

............................

9,013

50,480

ITV

PLC

..............................

320,770

343,366

WPP

PLC

.............................

102,309

378,321

1,184,417

a

Metals

&

Mining

 — 

2

.7

%

ATALAYA

MINING

COPPER

SA

..............

9,344

128,776

Hill

&

Smith

PLC

........................

7,560

242,882

Hochschild

Mining

PLC

....................

31,713

344,916

Pan

African

Resources

PLC

................

192,262

464,508

1,181,082

a

Multi-Utilities

 — 

0

.3

%

Telecom

Plus

PLC

.......................

6,835

126,595

a

Office

REITs

 — 

1

.1

%

Derwent

London

PLC

.....................

10,117

246,436

Great

Portland

Estates

PLC

.................

32,743

152,998

iShares

®

MSCI

United

Kingdom

Small-Cap

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

(Percentages

shown

are

based

on

Net

Assets)

5

Schedule

of

Investments

Security

Shares

Value

a

Office

REITs

(continued)

Workspace

Group

PLC

....................

13,679

$

79,268

478,702

a

Oil,

Gas

&

Consumable

Fuels

 — 

2

.6

%

DCC

PLC

.............................

8,101

564,899

Energean

PLC

.........................

13,107

157,255

Harbour

Energy

PLC

.....................

53,293

182,791

Serica

Energy

PLC

......................

24,091

78,406

Yellow

Cake

PLC

(b)

(c)

......................

22,745

194,644

1,177,995

a

Paper

&

Forest

Products

 — 

1

.1

%

Mondi

PLC

............................

41,862

500,438

a

Passenger

Airlines

 — 

0

.8

%

easyJet

PLC

...........................

28,755

179,764

JET2

PLC

.............................

9,184

155,187

334,951

a

Pharmaceuticals

 — 

0

.6

%

Hikma

Pharmaceuticals

PLC

................

15,782

279,894

a

Professional

Services

 — 

0

.4

%

GlobalData

PLC

(a)

.......................

25,068

28,597

Hays

PLC

.............................

151,656

82,410

Pagegroup

PLC

.........................

27,906

70,477

181,484

a

Real

Estate

Management

&

Development

 — 

1

.4

%

International

Workplace

Group

PLC

...........

70,586

211,872

Savills

PLC

............................

13,158

179,806

Sirius

Real

Estate

Ltd.

....................

143,503

216,406

608,084

a

Residential

REITs

 — 

1

.0

%

Grainger

PLC

..........................

66,814

172,880

Home

REIT

PLC

(c)

(d)

......................

103,572

12,730

UNITE

Group

PLC

(The)

...................

41,407

280,673

466,283

a

Retail

REITs

 — 

0

.9

%

Hammerson

PLC

........................

50,417

249,595

Supermarket

Income

REIT

PLC

..............

118,188

141,119

390,714

a

Software

 — 

0

.5

%

Alfa

Financial

Software

Holdings

PLC

(b)

.........

12,527

32,273

Bytes

Technology

Group

PLC

...............

21,293

86,677

Cerillion

PLC

...........................

2,064

43,253

GB

Group

PLC

.........................

22,523

61,884

224,087

a

Specialized

REITs

 — 

1

.1

%

Big

Yellow

Group

PLC

....................

17,732

247,554

Safestore

Holdings

PLC

...................

20,721

221,443

468,997

a

Specialty

Retail

 — 

2

.2

%

AO

World

PLC

(c)

........................

29,950

39,837

Currys

PLC

............................

94,896

206,206

Dunelm

Group

PLC

......................

12,432

168,880

Frasers

Group

PLC

(c)

.....................

10,657

100,805

Moonpig

Group

PLC

......................

28,204

84,000

Pets

at

Home

Group

PLC

..................

42,708

119,978

Security

Shares

Value

a

Specialty

Retail

(continued)

Watches

of

Switzerland

Group

PLC

(b)

(c)

.........

21,019

$

144,604

WH

Smith

PLC

.........................

11,992

111,653

975,963

a

Technology

Hardware,

Storage

&

Peripherals

 — 

0

.1

%

Raspberry

PI

Holdings

PLC

(a)

(c)

...............

6,425

32,314

a

Textiles,

Apparel

&

Luxury

Goods

 — 

1

.8

%

Burberry

Group

PLC

(c)

....................

34,235

535,223

Coats

Group

PLC

.......................

181,835

228,381

Dr

Martens

PLC

.........................

54,543

50,640

814,244

a

Trading

Companies

&

Distributors

 — 

5

.5

%

Diploma

PLC

..........................

12,738

972,996

Grafton

Group

PLC

,

CDI

...................

16,330

218,037

Howden

Joinery

Group

PLC

................

51,120

666,124

RS

GROUP

PLC

........................

44,957

422,379

Travis

Perkins

PLC

......................

20,153

188,910

2,468,446

a

Water

Utilities

 — 

0

.8

%

Pennon

Group

PLC

......................

44,760

361,650

a

a

Total

Common

Stocks — 99.5%

(Cost:

$

44,172,028

)

................................

44,302,363

a

Rights

Food

Products

 — 

0

.0

%

Greencore

Group

CVR

(c)

(d)

..................

21,565

581

a

a

Total

Rights — 0.0%

(Cost:

$

608

)

.....................................

581

Total

Long-Term

Investments — 99.5%

(Cost:

$

44,172,636

)

................................

44,302,944

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.3

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

3.84

%

(e)

(f)

(g)

.....................

137,315

137,384

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

3.64

%

(e)

(f)

............................

18,305

18,305

a

Total

Short-Term

Securities — 0.3%

(Cost:

$

155,689

)

..................................

155,689

Total

Investments

—

99.8%

(Cost:

$

44,328,325

)

................................

44,458,633

Other

Assets

Less

Liabilities

—

0

.2

%

....................

101,112

Net

Assets

—

100.0%

................................

$

44,559,745

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(c)

Non-income

producing

security.

(d)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(e)

Affiliate

of

the

Fund.

(f)

Annualized

7-day

yield

as

of

period

end.

(g)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

iShares

®

MSCI

United

Kingdom

Small-Cap

ETF

6

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

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: 

For

the

period

ended

February

28,

2026,

the

effect

of

derivative

financial

instruments

in

the

Statement

of

Operations

was

as

follows:

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

February

28,

2026

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

08/31/25

Purchases

at

Cost

Proceeds

from

Sale

s

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

02/28/26

  Shares

Held

at

02/28/26

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

6,067

$

131,321

(a)

$

—

$

(

4

)

$

—

$

137,384

137,315

$

9,956

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

22,123

—

(

3,818

)

(a)

—

—

18,305

18,305

456

—

$

—

$

(

4

)

$

—

$

155,689

$

10,412

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

FTSE

250

Index

......................................................................

4

03/20/26

$

256

$

9,338

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

9,338

$

—

$

—

$

—

$

9,338

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Futures

contracts

..................................

$

—

$

—

$

(

4,958

)

$

—

$

—

$

—

$

(

4,958

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

..................................

$

—

$

—

$

11,262

$

—

$

—

$

—

$

11,262

iShares

®

MSCI

United

Kingdom

Small-Cap

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

7

Schedule

of

Investments

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

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.

See

notes

to

financial

statements.

Futures

contracts:

Average

notional

value

of

contracts

—

long

...................................................................................

$

216,045

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

9,466,075

‌

$

34,823,558

‌

$

12,730

‌

$

44,302,363

‌

Rights

................................................

—

‌

—

‌

581

‌

581

‌

Short-Term

Securities

Money

Market

Funds

......................................

155,689

‌

—

‌

—

‌

155,689

‌

$

9,621,764

‌

$

34,823,558

‌

$

13,311

‌

$

44,458,633

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

9,338

‌

$

—

‌

$

—

‌

$

9,338

‌

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

8

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Statement

of

Assets

and

Liabilities

(unaudited)

February

28,

2026

See

notes

to

financial

statements.

iShares

MSCI

United

Kingdom

Small-Cap

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

....................................................................................

$

44,302,944

‌

Investments,

at

value

—

affiliated

(c)

.......................................................................................

155,689

‌

Foreign

currency

collateral

pledged:

(d)

Futures

contracts

.................................................................................................

8,086

‌

Foreign

currency,

at

value

(e)

............................................................................................

98,417

‌

Receivables:

Investments

sold

.................................................................................................

1,525,554

‌

Securities

lending

income

—

affiliated

...................................................................................

403

‌

Dividends

—

unaffiliated

............................................................................................

39,908

‌

Dividends

—

affiliated

..............................................................................................

85

‌

Tax

reclaims

....................................................................................................

12,053

‌

Variation

margin

on

futures

contracts

....................................................................................

927

‌

Total

assets

......................................................................................................

46,144,066

‌

LIABILITIES

Collateral

on

securities

loaned

..........................................................................................

138,240

‌

Payables:

Investments

purchased

.............................................................................................

1,426,018

‌

Investment

advisory

fees

............................................................................................

20,063

‌

Total

liabilities

.....................................................................................................

1,584,321

‌

Commitments

and

contingent

liabilities

NET

ASSETS

.....................................................................................................

$

44,559,745

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.....................................................................................................

$

66,396,398

‌

Accumulated

loss

..................................................................................................

(

21,836,653

)

NET

ASSETS

.....................................................................................................

$

44,559,745

‌

NET

ASSET

VALUE

Shares

outstanding

.................................................................................................

1,000,000

‌

Net

asset

value

....................................................................................................

$

44.56

‌

Shares

authorized

..................................................................................................

Unlimited

Par

value

........................................................................................................

None

(a)

Securities

loaned,

at

value

..........................................................................................

$

128,086

‌

(b)

Investments,

at

cost

—

unaffiliated

.....................................................................................

$

44,172,636

‌

(c)

Investments,

at

cost

—

affiliated

.......................................................................................

$

155,689

‌

(d)

Foreign

currency

collateral

pledged,

at

cost

...............................................................................

$

7,914

‌

(e)

  Foreign

currency,

at

cost

............................................................................................

$

98,187

‌

9

Statement

of

Operations

Statement

of

Operations

(unaudited)

Six

Months

Ended

February

28,

2026

See

notes

to

financial

statements.

iShares

MSCI

United

Kingdom

Small-Cap

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................................................................

$

464,581

‌

Dividends

—

affiliated

..............................................................................................

456

‌

Interest

—

unaffiliated

..............................................................................................

269

‌

Securities

lending

income

—

affiliated

—

net

...............................................................................

9,956

‌

Foreign

taxes

withheld

.............................................................................................

(

17,107

)

Total

investment

income

..............................................................................................

458,155

‌

EXPENSES

Investment

advisory

...............................................................................................

124,232

‌

Commitment

costs

................................................................................................

210

‌

Interest

expense

.................................................................................................

21

‌

Total

expenses

....................................................................................................

124,463

‌

Net

investment

income

...............................................................................................

333,692

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................................................................

(

611,416

)

Investments

—

affiliated

...........................................................................................

(

4

)

Foreign

currency

transactions

.......................................................................................

(

1,619

)

Futures

contracts

...............................................................................................

(

4,958

)

In-kind

redemptions

—

unaffiliated

(a)

...................................................................................

1,112,403

‌

494,406

‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................................................................

4,503,893

‌

Foreign

currency

translations

.......................................................................................

(

255

)

Futures

contracts

...............................................................................................

11,262

‌

4,514,900

‌

Net

realized

and

unrealized

gain

........................................................................................

5,009,306

‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...............................................................

$

5,342,998

‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

10

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

iShares

MSCI

United

Kingdom

Small-Cap

ETF

Six

Months

Ended

02/28/26

(unaudited)

Year

Ended

08/31/25

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

...........................................................................

$

333,692

‌

$

1,355,798

‌

Net

realized

gain

(loss)

...........................................................................

494,406

‌

(

2,953,407

)

Net

change

in

unrealized

appreciation

(depreciation)

.......................................................

4,514,900

‌

2,733,932

‌

Net

increase

in

net

assets

resulting

from

operations

..........................................................

5,342,998

‌

1,136,323

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

................................................

(

823,974

)

(b)

(

1,781,720

)

CAPITAL

SHARE

TRANSACTIONS

Net

decrease

in

net

assets

derived

from

capital

share

transactions

................................................

(

208,043

)

(

21,444,045

)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

..................................................................

4,310,981

‌

(

22,089,442

)

Beginning

of

period

...............................................................................

40,248,764

‌

62,338,206

‌

End

of

period

...................................................................................

$

44,559,745

‌

$

40,248,764

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(b)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

11

Financial

Highlights

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

MSCI

United

Kingdom

Small-Cap

ETF

Six

Months

Ended

02/28/26

(unaudited)

Year

Ended

08/31/25

Year

Ended

08/31/24

Year

Ended

08/31/23

Year

Ended

08/31/22

Year

Ended

08/31/21

Net

asset

value,

beginning

of

period

.......

$

40.25

‌

$

38.96

‌

$

32.83

‌

$

30.48

‌

$

50.22

‌

$

35.68

‌

Net

investment

income

(a)

...............

0

.33

‌

1

.14

‌

0

.98

‌

0

.90

‌

0

.92

‌

0

.86

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.....

4

.80

‌

1

.68

‌

6

.21

‌

2

.00

‌

(

18.83

)

14.32

‌

Net

increase

(decrease)

from

investment

operations

.........................

5

.13

‌

2

.82

‌

7

.19

‌

2

.90

‌

(

17.91

)

15.18

‌

Distributions

from

net

investment

income

(c)

.....

(

0

.82

)

(d)

(

1

.53

)

(

1

.06

)

(

0

.55

)

(

1

.83

)

(

0

.64

)

Net

asset

value,

end

of

period

............

$

44.56

‌

$

40.25

‌

$

38.96

‌

$

32.83

‌

$

30.48

‌

$

50.22

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

................

12.96

%

(f)

7

.54

%

22.34

%

9

.55

%

(

36.56

)

%

42.88

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

.......................

0

.59

%

(h)

0

.59

%

0

.59

%

0

.59

%

0

.59

%

0

.59

%

Net

investment

income

..................

1

.58

%

(h)

3

.04

%

2

.86

%

2

.84

%

2

.23

%

1

.94

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

44,560

‌

$

40,249

‌

$

62,338

‌

$

44,315

‌

$

47,240

‌

$

130,560

‌

Portfolio

turnover

rate

(i)

..................

12

%

26

%

13

%

22

%

17

%

15

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

Notes

to

Financial

Statements

(unaudited)

12

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

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”):

2.

Significant

Accounting

Policies

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. The

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies:

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method. Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value. Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Fund

is

informed

of

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers

or

as

estimated

by

management,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain. Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis.

Foreign

Currency

Translation:

The

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

as

of

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”).

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value.

The

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Statement

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

The

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

The

Fund

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

the

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

the

Fund

and

are

reflected

in

its

Statement

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Foreign

taxes

withheld”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

February

28,

2026,

if

any,

are

disclosed

in

the

Statement

of

Assets

and

Liabilities.

The

Fund

files

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Fund

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statement

of

Operations

includes

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

Cash:

The

Fund

may

maintain

cash

at

its

custodian

which,

at

times

may

exceed

United

States

federally

insured

limits.

The

Fund

may,

at

times,

have

outstanding

cash

disbursements

that

exceed

deposited

cash

amounts

at

the

custodian

during

the

reporting

period.

The

Fund

is

obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

if

any,

are

included

in

interest

expense

in

the

Statement

of

Operations. 

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the

Fund

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments.

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Fund.

Because

such

gains

or

losses

are

not

taxable

to

the

Fund

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the Fund’s

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

by the

Fund

are

recorded

on

the

ex-dividend

dates.

Distributions

are

determined

on

a

tax

basis

and

may

differ

from

net

investment

income,

and net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

in

U.S.

dollars

and

cannot

be

automatically

reinvested

in

additional

shares

of

the

Fund.

Indemnifications:

In

the

normal

course

of

business,

the

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Fund’s

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Fund,

which

cannot

be

predicted

with

any

certainty.

iShares

ETF

Diversification

Classification

MSCI

United

Kingdom

Small-Cap

................................................................................................

Diversified

Notes

to

Financial

Statements

(unaudited)

(

continued)

13

Notes

to

Financial

Statements

Segment

Reporting:

The

Chief

Financial

Officer

acts

as

the

Fund’s

Chief

Operating

Decision

Maker

(“CODM”)

and

is

responsible

for

assessing

performance

and

allocating

resources

with

respect

to

the

Fund.

The

CODM

has

concluded

that

the

Fund

operates

as

a

single

operating

segment

since

the

Fund

has

a

single

investment

strategy

as

disclosed

in

its

prospectus,

against

which

the

CODM

assesses

performance.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

presented

within

the

Fund’s

financial

statements.

3.

Investment

Valuation

and

Fair

Value

Measurements

Investment

Valuation

Policies:

The

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund’s

listing

exchange

is

open

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

of

Trustees of

the

Trust (the

“Board”) of

the

Fund

has

approved

the

designation

of

BlackRock

Fund

Advisors

(“BFA”),

the

Fund’s

investment

adviser, as

the

valuation

designee

for

the

Fund.

The

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

BFA’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

BFA’s

policies

and

procedures

as

reflecting

fair

value.

BFA

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of

the

Fund’s

assets

and

liabilities:

Equity

investments

(except

ETF

options,

equity

index

options

or

those

that

are

customized)

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s

official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

are

valued

at

the

last

traded

price.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

at

that

day’s

NAV. 

Futures

contracts

are

valued

based

on

that

day’s

last

reported

settlement

or

trade

price

on

the

exchange

where

the

contract

is

traded. 

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

NYSE.

Each

business

day,

the

Fund

uses

current

market

factors

supplied

by

independent

pricing

services

to

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

occurs

after

the

close

of

the

local

markets.

If

events

(e.g.,

market

volatility,

company

announcement

or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that

application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Valuation

Committee

in

accordance

with BFA’s

policies

and

procedures

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

to

determine

the

price

that the

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement

as

of

the

measurement

date.

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

that the

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities;

Level

2

– Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly;

and

Level

3

– Inputs

that

are

unobservable

and

significant

to

the

entire

fair

value

measurement

for

the

asset

or

liability (including

the

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

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

Notes

to

Financial

Statements

(unaudited)

(continued)

14

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

market value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

or

excess

collateral

is

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

the

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by BFA,

or

its

affiliates

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

the

Fund’s Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the

Statement

of

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

by

the

Fund

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”)

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency)

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Fund,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the Fund

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

As

of

period

end,

the

following

table

is

a

summary

of

the

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA: 

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

the

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BlackRock

Finance,

Inc.

BlackRock

Finance,

Inc.’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent

the

collateral

received

does

not

cover

the

value

of

the

securities

loaned

in

the

event

of

borrower

default.

The

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

the

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

the

Fund.

5.

Derivative

Financial

Instruments

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets. 

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

MSCI

United

Kingdom

Small-Cap

BofA

Securities,

Inc.

..............................................

$

30,403‌

$

(30,403‌)

$

—‌

$

—‌

Jefferies

LLC

...................................................

27,285‌

(27,285‌)

—‌

—‌

Morgan

Stanley

.................................................

56,284‌

(55,815‌)

—‌

469‌

UBS

AG

......................................................

14,114‌

(14,114‌)

—‌

—‌

$

128,086‌

$

(127,617‌)

$

—‌

$

469‌

a

(a)

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

Statement

of

Assets

and

Liabilities.

(b)

The

market

value

of

the

loaned

securities

is

determined

as

of

February

28,

2026.

Additional

collateral

is

delivered

to

the

Fund

on

the

next

business

day

in

accordance

with

the

MSLA.

The

net

amount

would

be

subject

to

the

borrower

default

indemnity

in

the

event

of

default

by

the

counterparty.

Notes

to

Financial

Statements

(unaudited)

(

continued)

15

Notes

to

Financial

Statements

6.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates 

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the

Trust, BFA

manages

the

investment

of

the

Fund’s

assets.

BFA

is

a

California

corporation

indirectly

owned

by

BlackRock,

Inc.

(“BlackRock”).

Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Fund,

except

(i)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees).

For

its

investment

advisory

services

to

the

iShares

MSCI

United

Kingdom

Small-Cap

ETF,

BFA

is

entitled

to

an

annual

investment

advisory

fee

of

0.59%,

accrued

daily

and

paid

monthly

by

the

Fund,

based

on

the

average

daily

net

assets

of

the

Fund.

Distributor:

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

is

the

distributor

for

the

Fund.

Pursuant

to

the

distribution

agreement,

BFA

is

responsible

for

any

fees

or

expenses

for

distribution

services

provided

to

the

Fund. 

ETF

Servicing

Fees:

The

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided.

The

Fund

does

not

pay

BRIL

for

ETF

Services. 

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(“SEC”)

has

issued

an

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

an

affiliate

of

BFA,

to

serve

as

securities

lending

agent

for

the

Fund,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs.

The

Fund

is

responsible

for

fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional

or

BlackRock

Cash

Funds:

Treasury,

managed

by

BFA,

or

its

affiliates.

However,

BTC

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees

the

Fund

bears

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

distribution

fee

or

service

fee.

BlackRock

Cash

Funds:

Institutional

may

impose

a

discretionary

liquidity

fee

of

up

to

2%

on

all

redemptions.

Discretionary

liquidity

fees

may

be

imposed

or

terminated

at

any

time

at

the

discretion

of

the

board

of

directors

of

the

money

market

fund,

or

its

delegate,

if

it

is

determined

that

such

fee

would

be,

or

would

not

be,

respectively,

in

the

best

interest

of

the

money

market

fund.

Additionally,

BlackRock

Cash

Funds:

Institutional

will

impose

a

mandatory

liquidity

fee

if

the

money

market

fund's

total

net

redemptions

on

a

single

day

exceed

5%

of

the

money

market

fund's

net

assets,

unless

the

amount

of

the

fee

is

less

than

0.01%

of

the

value

of

the

shares

redeemed.

BlackRock

Cash

Funds:

Institutional

will

determine

the

size

of

the

mandatory

liquidity

fee

by

making

a

good

faith

estimate

of

certain

costs

the

money

market

fund

would

incur

if

it

were

to

sell

a

pro

rata

amount

of

each

security

in

the

portfolio

to

satisfy

the

amount

of

net

redemptions

on

that

day.

There

is

no

limit

to

the

size

of

a

mandatory

liquidity

fee.

If

BlackRock

Cash

Funds:

Institutional

cannot

estimate

the

costs

of

selling

a

pro

rata

amount

of

each

portfolio

security

in

good

faith

and

supported

by

data,

it

is

required

to

apply

a

default

liquidity

fee

of

1%

on

the

value

of

shares

redeemed

on

that

day.

Securities

lending

income

is

generally

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral

(and

excludes

collateral

investment

fees),

and

any

fees

or

other

payments

to

and

from

borrowers

of

securities.

The

Fund

retains

a

portion

of

the

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent. 

Pursuant

to

the

current

securities

lending

agreement,

the

Fund

retains

82%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

the

iShares

ETF

Complex

in

that

calendar

year

exceeds

a

specific

threshold, the

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

85%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

The

share

of

securities

lending

income

earned

by

the

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its

Statement

of

Operations.

For

the six

months

ended

February

28,

2026,

the

Fund

paid

BTC

$1,864 for

securities

lending

agent

services.

Trustees and

Officers:

Certain

trustees

and/or

officers

of

the

Trust

are

directors

and/or

officers of

BlackRock

or

its

affiliates.

Other

Transactions:

Cross

trading

is

the

buying

or

selling

of

portfolio

securities

between

funds

to

which

BFA

(or

an

affiliate)

serves

as

investment

adviser.

At

its

regularly

scheduled

quarterly

meetings,

the

Board

reviews

such

transactions

as

of

the

most

recent

calendar

quarter

for

compliance

with

the

requirements

and

restrictions

set

forth

by

Rule

17a-7.

For

the

six

months

ended

February

28,

2026,

transactions

executed

by

the

Fund

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

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.

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

MSCI

United

Kingdom

Small-Cap

............................................................

$

1,772,347‌

$

995,153‌

$

424,316‌

Notes

to

Financial

Statements

(unaudited)

(continued)

16

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

7.

Purchases

and

Sales

For

the six

months

ended

February

28,

2026,

purchases

and

sales

of

investments,

excluding

short-term

securities

and

in-kind

transactions,

were

as

follows:

For

the six

months ended

February

28,

2026,

in-kind

transactions

were

as

follows:

8.

Income

Tax

Information

The

Fund

is

treated

as

an

entity

separate

from

the

Trust’s

other

funds

for

federal

income

tax

purposes.

It

is

the

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required.  

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Fund

as

of

February

28,

2026,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Fund’s

financial

statements.

Management’s

analysis

is

based

on

the

tax

laws

and

judicial

and

administrative

interpretations

thereof

in

effect

as

of

the

date

of

these

financial

statements,

all

of

which

are

subject

to

change,

possibly

with

retroactive

effect,

which

may

impact

the

Fund’s

NAV.

As

of August

31,

2025,

the

Fund

had

non-expiring

capital

loss

carryforwards

of

$21,321,845 available

to

offset

future

realized

capital

gains.

As

of

February

28,

2026,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

9.

Line

of

Credit

The

Fund,

along

with

certain

other

iShares

funds

(“Participating

Funds”),

is

a

party

to

a

$900

million

credit

agreement

(“Syndicated

Credit

Agreement”)

with

a

group

of

lenders,

which

expires

on

October

14,

2026.

The

line

of

credit

may

be

used

for

temporary

or

emergency

purposes,

including

redemptions,

settlement

of

trades

and

rebalancing

of

portfolio

holdings

in

certain

target

markets.

The

Funds

may

borrow

up

to

the

aggregate

commitment

amount

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

Syndicated

Credit

Agreement.

The

Syndicated

Credit

Agreement

has

the

following

terms:

a

commitment

fee

of

0.15%

per

annum

on

the

unused

portion

of

the

credit

agreement

and

interest

at

a

rate

equal

to

the

higher

of

(a)

Daily

Simple

Secured

Overnight

Financing

Rate

(“SOFR”)

plus

0.10%

and

1.00%

per

annum

or

(b)

the

U.S.

Federal

Funds

rate

plus

1.00%

per

annum

on

amounts

borrowed.

The

commitment

fee

is

generally

allocated

to

each

Participating

Fund

based

on

the

lesser

of

a

Participating

Fund’s

relative

exposure

to

certain

target

markets

or

a

Participating

Fund’s

maximum

borrowing

amount

as

set

forth

by

the

terms

of

the

Syndicated

Credit

Agreement.

During

the

six

months

ended

February

28,

2026,

the Fund

did

not

borrow

under

the

Syndicated

Credit

Agreement.

10.

Principal

Risks

In

the

normal

course

of

business,

the

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation,

tariffs or international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Fund

and

its

investments. The

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject.

BFA

uses

an

indexing

approach

to

try

to

achieve

the

Fund’s

investment

objective.

The

Fund

is

not

actively

managed,

and

BFA

generally

does

not

attempt

to

take

defensive

positions

under

any

market

conditions,

including

declining

markets.

The

Fund

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

mandatory

and

discretionary

liquidity

fees

under

certain

circumstances.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries. The

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that the

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment. The

Fund

may

experience

difficulty

iShares

ETF

Purchases

Sales

MSCI

United

Kingdom

Small-Cap

............................................................................

$

5,271,732

‌

$

5,727,357

‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

MSCI

United

Kingdom

Small-Cap

............................................................................

$

4,135,651

‌

$

4,350,688

‌

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

MSCI

United

Kingdom

Small-Cap

.....................................

$

45,325,260

‌

$

7,814,399

‌

$

(8,671,688

)

$

(857,289

)

Notes

to

Financial

Statements

(unaudited)

(

continued)

17

Notes

to

Financial

Statements

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that

it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause the

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of the

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which

the

Fund

invests. The

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/or

errors

by

pricing

services

or

other

third-party

service

providers.

The

price

the

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from

the

Fund's

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore

the

Fund's

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by

the

Fund,

and

the

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment.

Counterparty

Credit

Risk:

The

Fund

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Fund

manages

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

BFA

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Fund

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Fund’s

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statement

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Fund.

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures, there

is

less

counterparty

credit

risk

to

the

Fund

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, the

Fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in

exchange-traded

futures

with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Fund.

Geographic/Asset

Class

Risk:

A

diversified

portfolio,

where

this

is

appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

the

Fund’s

portfolio

are

disclosed

in

its

Schedule

of

Investments.

The

Fund

invests

a

significant

portion

of

its

assets

in

issuers

located

in

a

single

country

or

a

limited

number

of

countries.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

in

that

country

or

those

countries

may

have

a

significant

impact

on

the

fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

Fund’s

portfolio.

Unanticipated

or

sudden

political

or

social

developments

may

cause

uncertainty

in

the

markets

and

as

a

result

adversely

affect

the

Fund’s

investments.

Foreign

issuers

may

not

be

subject

to

the

same

uniform

accounting,

auditing

and

financial

reporting

standards

and

practices

as

used

in

the

United

States.

Foreign

securities

markets

may

also

be

more

volatile

and

less

liquid

than

U.S.

securities

and

may

be

less

subject

to

governmental

supervision

not

typically

associated

with

investing

in

U.S.

securities.

The

Fund

invests

a

significant

portion

of

its

assets

in

securities

of

issuers

located

in

Europe

or

with

significant

exposure

to

European

issuers

or

countries.

The

European

financial

markets

have

recently

experienced

volatility

and

adverse

trends

due

to

concerns

about

economic

downturns

in,

or

rising

government

debt

levels

of,

several

European

countries

as

well

as

acts

of

war

in

the

region.

These

events

may

spread

to

other

countries

in

Europe

and

may

affect

the

value

and

liquidity

of

certain

of

the

Fund’s

investments.

Responses

to

the

financial

problems

by

European

governments,

central

banks

and

others,

including

austerity

measures

and

reforms,

may

not

work,

may

result

in

social

unrest

and

may

limit

future

growth

and

economic

recovery

or

have

other

unintended

consequences.

Further

defaults

or

restructurings

by

governments

and

others

of

their

debt

could

have

additional

adverse

effects

on

economies,

financial

markets

and

asset

valuations

around

the

world.

The

United

Kingdom

has

withdrawn

from

the

European

Union,

and

one

or

more

other

countries

may

withdraw

from

the

European

Union

and/or

abandon

the

Euro,

the

common

currency

of

the

European

Union.

These

events

and

actions

have

adversely

affected,

and

may

in

the

future

adversely

affect,

the

value

and

exchange

rate

of

the

Euro

and

may

continue

to

significantly

affect

the

economies

of

every

country

in

Europe,

including

countries

that

do

not

use

the

Euro

and

non-European

Union

member

states.

The

impact

of

these

actions,

especially

if

they

occur

in

a

disorderly

fashion,

is

not

clear

but

could

be

significant

and

far

reaching. In

addition,

Russia

launched

a

large-scale

invasion

of

Ukraine

on

February

24,

2022.

The

extent

and

duration

of

the

military

action,

resulting

sanctions

and

resulting

future

market

disruptions

in

the

region

are

impossible

to

predict,

but have

been,

and

may

continue

to

be, significant

and

have

a

severe

adverse

effect

on

the

region,

including

significant

negative

impacts

on

the

economy

and

the

markets

for

certain

securities

and

commodities,

such

as

oil

and

natural

gas,

as

well

as

other

sectors.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

11.

Capital

Share

Transactions 

Capital

shares

are

issued

and

redeemed

by the

Fund

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”)

at

NAV.

Except

when

aggregated

in

Creation

Units,

shares

of

the

Fund

are

not

redeemable.

Notes

to

Financial

Statements

(unaudited)

(continued)

18

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Transactions

in

capital

shares

were

as

follows:

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the

Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the

Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars.

Authorized

Participants

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Authorized

Participants

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

To

the

extent

applicable,

to

facilitate

the

timely

settlement

of

orders

for

the

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.

Six

Months

Ended

02/28/26

Year

Ended

08/31/25

iShares

ETF

Shares

Amount

Shares

Amount

MSCI

United

Kingdom

Small-Cap

Shares

sold

.........................................................

100,000

‌

$

4,167,712

‌

—

‌

$

—

‌

Shares

redeemed

.....................................................

(100,000

)

(4,375,755

)

(600,000

)

(21,444,045

)

—

‌

$

(208,043

)

(600,000

)

$

(21,444,045

)

Additional

Information

19

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Changes

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and

Disagreements

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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

.

Glossary

of

Terms

Used

in

these

Financial

Statements

20

2026

iShares

Semi-Annual

Financial

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and

Additional

Information

Portfolio

Abbreviation

CVR

Contingent

Value

Rights

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Real

Estate

Investment

Trust

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the

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Investing

involves

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including

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The

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iSHARES

and

BLACKROCK

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Inc.

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All

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marks

are

the

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of

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owners.

February

28,

2026

2026

Semi-Annual

Financial

Statements

and

Additional

Information

(Unaudited)

iShares

Trust

iShares

MSCI

Saudi

Arabia

ETF

|

KSA

|

NYSE

Arca

iShares

MSCI

UAE

ETF

|

UAE

|

NASDAQ

Table

of

Contents

Page

2

Schedules

of

Investments

.................................................................................................

3

Statements

of

Assets

and

Liabilities

...........................................................................................

10

Statements

of

Operations

.................................................................................................

11

Statements

of

Changes

in

Net

Assets

..........................................................................................

12

Financial

Highlights

.....................................................................................................

13

Notes

to

Financial

Statements

...............................................................................................

15

Additional

Information

...................................................................................................

21

Glossary

of

Terms

Used

in

these

Financial

Statements

................................................................................

22

iShares

®

MSCI

Saudi

Arabia

ETF

Schedule

of

Investments

(unaudited)

February

28,

2026

(Percentages

shown

are

based

on

Net

Assets)

3

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Air

Freight

&

Logistics

 — 

0

.5

%

SAL

Saudi

Logistics

Services

.................

73,634

$

3,174,428

a

Banks

 — 

38

.3

%

Al

Rajhi

Bank

...........................

3,557,656

95,409,622

Alinma

Bank

............................

2,465,540

18,313,434

Arab

National

Bank

.......................

1,814,098

9,951,756

Bank

AlBilad

............................

1,481,467

10,069,559

Bank

Al-Jazira

...........................

1,265,562

3,889,727

Banque

Saudi

Fransi

......................

2,468,520

13,037,875

Riyad

Bank

.............................

2,959,402

21,837,682

Saudi

Awwal

Bank

........................

2,026,559

18,450,540

Saudi

Investment

Bank

(The)

.................

1,234,678

4,443,774

Saudi

National

Bank

(The)

...................

5,240,308

58,230,301

253,634,270

a

Building

Products

 — 

0

.3

%

Bawan

Co.

(a)

............................

79,787

941,420

Saudi

Ceramic

Co.

........................

133,088

924,131

1,865,551

a

Capital

Markets

 — 

0

.7

%

Derayah

Financial

Co.

.....................

138,728

849,229

Saudi

Tadawul

Group

Holding

Co.

.............

96,756

3,528,812

4,378,041

a

Chemicals

 — 

6

.5

%

Advanced

Petrochemical

Co.

(a)

................

281,966

1,778,591

National

Industrialization

Co.

(a)

................

695,343

1,552,729

SABIC

Agri-Nutrients

Co.

...................

355,191

11,707,223

Sahara

International

Petrochemical

Co.

..........

744,862

2,752,187

Saudi

Basic

Industries

Corp.

.................

1,499,369

21,665,680

Saudi

Industrial

Investment

Group

.............

705,753

2,430,006

Saudi

Kayan

Petrochemical

Co.

(a)

..............

236,224

302,767

Yanbu

National

Petrochemical

Co.

.............

156,766

1,053,805

43,242,988

a

Commercial

Services

&

Supplies

 — 

0

.3

%

Catrion

Catering

Holding

Co.

.................

85,673

1,741,338

a

Construction

&

Engineering

 — 

0

.2

%

Al

Babtain

Power

&

Telecommunication

Co.

.......

75,418

1,259,300

a

Construction

Materials

 — 

1

.3

%

Arabian

Cement

Co.

.......................

141,279

841,068

City

Cement

Co.

.........................

16,445

50,419

Eastern

Province

Cement

Co.

................

125,445

777,452

Qassim

Cement

Co.

(The)

...................

127,438

1,435,674

Riyadh

Cement

Co.

.......................

155,776

974,026

Saudi

Cement

Co.

........................

164,141

1,441,473

Southern

Province

Cement

Co.

...............

180,380

1,033,980

Yamama

Cement

Co.

......................

222,219

1,449,810

Yanbu

Cement

Co.

........................

219,381

839,297

8,843,199

a

Consumer

Finance

 — 

0

.1

%

United

International

Holding

Co.

(a)

..............

21,759

781,145

a

Consumer

Staples

Distribution

&

Retail

 — 

0

.9

%

Abdullah

Al

Othaim

Markets

Co.

...............

1,001,185

1,638,774

Al-Dawaa

Medical

Services

Co.

...............

78,576

1,024,159

Almunajem

Foods

Co.

.....................

55,571

752,130

BinDawood

Holding

Co.

....................

769,617

901,263

Security

Shares

Value

a

Consumer

Staples

Distribution

&

Retail

(continued)

Nahdi

Medical

Co.

........................

72,162

$

1,909,920

6,226,246

a

Diversified

Consumer

Services

 — 

0

.3

%

Ataa

Educational

Co.

......................

54,233

808,988

National

Co.

for

Learning

&

Education

...........

41,237

1,242,310

2,051,298

a

Diversified

REITs

 — 

0

.4

%

Al

Rajhi

REIT

...........................

631,155

1,364,650

Jadwa

REIT

Saudi

Fund

....................

431,381

1,344,839

2,709,489

a

Diversified

Telecommunication

Services

 — 

4

.5

%

Etihad

GO

Telecom

Co.

....................

43,513

999,685

Saudi

Telecom

Co.

........................

2,550,148

28,408,686

29,408,371

a

Electric

Utilities

 — 

0

.9

%

Saudi

Energy

Co.

........................

1,679,650

6,050,844

a

Electrical

Equipment

 — 

0

.7

%

Electrical

Industries

Co.

....................

1,111,279

4,363,040

a

Energy

Equipment

&

Services

 — 

0

.7

%

Ades

Holding

Co.

.........................

695,824

3,313,851

Arabian

Drilling

Co.

.......................

62,197

1,484,630

4,798,481

a

Food

Products

 — 

2

.6

%

Almarai

Co.

JSC

.........................

987,673

10,500,940

First

Milling

Co.

..........................

54,212

674,958

Modern

Mills

Co.

.........................

88,395

609,023

National

Agriculture

Development

Co.

(The)

(a)

......

339,973

1,556,013

Saudia

Dairy

&

Foodstuff

Co.

.................

35,020

1,859,775

Savola

Group

(The)

(a)

......................

324,528

1,948,452

17,149,161

a

Gas

Utilities

 — 

0

.3

%

National

Gas

&

Industrialization

Co.

............

81,513

1,708,059

a

Ground

Transportation

 — 

0

.4

%

Lumi

Rental

Co.

(a)

........................

56,790

586,399

Theeb

Rent

A

Car

Co.

.....................

93,812

794,619

United

International

Transportation

Co.

..........

121,037

1,303,708

2,684,726

a

Health

Care

Providers

&

Services

 — 

3

.8

%

Al

Hammadi

Holding

.......................

189,602

1,228,177

Almoosa

Health

Co.

.......................

25,248

994,166

Dallah

Healthcare

Co.

......................

76,476

2,022,316

Dr

Soliman

Abdel

Kader

Fakeeh

Hospital

Co.

......

142,544

1,131,159

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

..

176,368

10,861,662

Middle

East

Healthcare

Co.

..................

110,186

927,092

Mouwasat

Medical

Services

Co.

...............

197,545

3,351,522

National

Medical

Care

Co.

...................

48,228

1,594,030

Saudi

Chemical

Co.

Holding

.................

912,337

1,788,920

Specialized

Medical

Co.

....................

192,377

954,821

24,853,865

a

Hotels,

Restaurants

&

Leisure

 — 

1

.3

%

Jabal

Omar

Development

Co.

(a)

...............

1,147,774

4,549,806

Jahez

International

Co.

(a)

....................

283,718

894,456

Leejam

Sports

Co.

JSC

....................

59,531

1,303,011

Seera

Group

Holding

(a)

.....................

319,837

1,956,692

8,703,965

a

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

iShares

®

MSCI

Saudi

Arabia

ETF

(Percentages

shown

are

based

on

Net

Assets)

4

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Independent

Power

and

Renewable

Electricity

Producers

 — 

2

.1

%

ACWA

Power

Co.

(a)

.......................

308,986

$

13,627,134

a

Industrial

Conglomerates

 — 

0

.4

%

Astra

Industrial

Group

Co.

...................

81,573

2,778,728

a

Insurance

 — 

2

.8

%

Al

Rajhi

Co.

for

Co-operative

Insurance

(a)

.........

81,282

1,611,070

Bupa

Arabia

for

Cooperative

Insurance

Co.

.......

166,280

7,874,604

Co.

for

Cooperative

Insurance

(The)

............

148,153

5,351,934

Rasan

Information

Technology

Co.

(a)

............

78,813

2,725,653

Saudi

Reinsurance

Co.

(a)

....................

180,649

1,127,553

18,690,814

a

IT

Services

 — 

1

.6

%

Al

Moammar

Information

Systems

Co.

...........

34,350

1,412,179

Arabian

Internet

&

Communications

Services

Co.

...

5,950

296,187

Elm

Co.

...............................

48,369

8,245,623

Perfect

Presentation

For

Commercial

Services

Co.

(a)

.

339,532

613,703

10,567,692

a

Media

 — 

0

.5

%

Arabian

Contracting

Services

Co.

(a)

.............

45,674

1,288,874

Saudi

Research

&

Media

Group

(a)

..............

78,445

1,711,782

3,000,656

a

Metals

&

Mining

 — 

6

.8

%

Advanced

Building

Industries

Co.

(a)

.............

84,497

823,033

Al

Masane

Al

Kobra

Mining

Co.

...............

79,001

2,056,924

East

Pipes

Integrated

Co.

for

Industry

...........

36,463

1,363,368

Saudi

Arabian

Mining

Co.

(a)

..................

2,154,848

40,236,198

Saudi

Steel

Pipe

Co.

......................

67,679

693,499

45,173,022

a

Multi-Utilities

 — 

0

.2

%

Power

&

Water

Utility

Co.

for

Jubail

&

Yanbu

(a)

.....

176,738

1,466,455

a

Oil,

Gas

&

Consumable

Fuels

 — 

11

.0

%

Rabigh

Refining

&

Petrochemical

Co.

(a)

..........

726,918

1,408,167

Saudi

Arabian

Oil

Co.

(b)

.....................

10,682,126

71,191,359

72,599,526

a

Paper

&

Forest

Products

 — 

0

.1

%

Saudi

Paper

Manufacturing

Co.

(a)

..............

54,354

743,740

a

Passenger

Airlines

 — 

0

.3

%

flynas

Co.

SJSC

(a)

........................

114,393

1,779,708

a

Personal

Care

Products

 — 

0

.2

%

Al

Majed

for

Oud

Co.

......................

25,726

1,137,609

a

Pharmaceuticals

 — 

0

.5

%

Jamjoom

Pharmaceuticals

Factory

Co.

..........

47,764

1,713,613

Middle

East

Pharmaceutical

Co.

...............

23,184

643,705

Saudi

Pharmaceutical

Industries

&

Medical

Appliances

Corp.

(a)

..............................

147,262

1,100,901

3,458,219

a

Professional

Services

 — 

0

.2

%

Maharah

Human

Resources

Co.

...............

611,986

982,206

Saudi

Manpower

Solutions

Co.

...............

422,505

597,767

1,579,973

a

Real

Estate

Management

&

Development

 — 

3

.1

%

Arabian

Centres

Co.

(b)

......................

459,521

2,216,257

Arriyadh

Development

Co.

...................

273,695

1,316,269

Dar

Al

Arkan

Real

Estate

Development

Co.

(a)

......

1,066,757

5,680,069

Emaar

Economic

City

(a)

.....................

450,833

1,027,242

Security

Shares

Value

a

Real

Estate

Management

&

Development

(continued)

Knowledge

Economic

City

Co.

(a)

...............

249,944

$

818,597

Makkah

Construction

&

Development

Co.

........

195,721

4,075,238

Retal

Urban

Development

Co.

,

Class

A

..........

549,711

1,963,364

Saudi

Real

Estate

Co.

(a)

....................

358,270

1,257,562

Taiba

Investments

Co.

.....................

270,564

2,440,604

20,795,202

a

Specialty

Retail

 — 

1

.8

%

Aldrees

Petroleum

and

Transport

Services

Co.

.....

98,781

3,076,526

AlSaif

Stores

For

Development

&

Investment

Co.

(a)

..

402,823

692,272

Fawaz

Abdulaziz

Al

Hokair

&

Co.

(a)

.............

168,624

734,963

Jarir

Marketing

Co.

........................

1,185,259

4,418,977

Saudi

Automotive

Services

Co.

(a)

..............

84,209

1,188,173

United

Electronics

Co.

.....................

86,338

1,902,063

12,012,974

a

Transportation

Infrastructure

 — 

0

.4

%

Saudi

Ground

Services

Co.

..................

205,110

1,772,565

Sustained

Infrastructure

Holding

Co.

............

113,829

812,052

2,584,617

a

Water

Utilities

 — 

0

.3

%

AlKhorayef

Water

&

Power

Technologies

Co.

......

41,092

1,264,491

Miahona

...............................

159,459

660,731

1,925,222

a

Wireless

Telecommunication

Services

 — 

2

.4

%

Etihad

Etisalat

Co.

........................

758,992

12,991,869

Mobile

Telecommunications

Co.

Saudi

Arabia

......

917,298

2,807,868

15,799,737

a

Total

Long-Term

Investments — 99.7%

(Cost:

$

527,700,445

)

................................

659,348,833

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.1

%

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

3.64

%

(c)

(d)

............................

898,543

898,543

a

Total

Short-Term

Securities — 0.1%

(Cost:

$

898,543

)

...................................

898,543

Total

Investments

—

99.8%

(Cost:

$

528,598,988

)

................................

660,247,376

Other

Assets

Less

Liabilities

—

0

.2

%

.....................

1,353,039

Net

Assets

—

100.0%

.................................

$

661,600,415

(a)

Non-income

producing

security.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

iShares

®

MSCI

Saudi

Arabia

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

5

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

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: 

For

the period

ended

February

28,

2026,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

February

28,

2026

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

08/31/25

Purchases

at

Cost

Proceeds

from

Sale

s

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

02/28/26

  Shares

Held

at

02/28/26

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

..........

$

1,850,000

‌

$

—

‌

$

(

951,457

)

(a)

$

—

‌

$

—

‌

$

898,543

‌

898,543

‌

$

31,410

‌

$

—

‌

(a)

Represents

net

amount

purchased

(sold).

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

MSCI

Emerging

Markets

Index

.............................................................

25

03/20/26

$

2,005

$

26,492

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

26,492

$

—

$

—

$

—

$

26,492

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Futures

contracts

..................................

$

—

$

—

$

132,441

$

—

$

—

$

—

$

132,441

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

..................................

$

—

$

—

$

13,828

$

—

$

—

$

—

$

13,828

Futures

contracts:

Average

notional

value

of

contracts

—

long

...................................................................................

$

2,001,073

a

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

iShares

®

MSCI

Saudi

Arabia

ETF

6

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

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.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

112,290,748

‌

$

547,058,085

‌

$

—

‌

$

659,348,833

‌

Short-Term

Securities

Money

Market

Funds

......................................

898,543

‌

—

‌

—

‌

898,543

‌

$

113,189,291

‌

$

547,058,085

‌

$

—

‌

$

660,247,376

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

26,492

‌

$

—

‌

$

—

‌

$

26,492

‌

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

MSCI

UAE

ETF

Schedule

of

Investments

(unaudited)

February

28,

2026

(Percentages

shown

are

based

on

Net

Assets)

7

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Air

Freight

&

Logistics

 — 

1

.0

%

Agility

Global

PLC

........................

6,234,863

$

2,342,498

a

Banks

 — 

34

.2

%

Abu

Dhabi

Commercial

Bank

PJSC

............

2,452,065

10,119,138

Abu

Dhabi

Islamic

Bank

PJSC

................

1,445,135

10,035,068

Ajman

Bank

PJSC

........................

2,742,757

1,187,292

Bank

of

Sharjah

(a)

.........................

2,732,339

967,055

Dubai

Islamic

Bank

PJSC

...................

3,619,402

8,174,658

Emirates

NBD

Bank

PJSC

...................

2,005,592

18,018,959

First

Abu

Dhabi

Bank

PJSC

..................

4,789,029

25,581,125

Sharjah

Islamic

Bank

......................

2,473,107

2,524,918

76,608,213

a

Building

Products

 — 

0

.5

%

Ras

Al

Khaimah

Ceramics

PJSC

..............

1,583,939

1,103,742

a

Capital

Markets

 — 

2

.0

%

Al

Waha

Capital

PJSC

.....................

2,791,551

1,679,504

Dubai

Financial

Market

PJSC

................

3,612,397

1,585,837

Investcorp

Capital

PLC

.....................

2,092,593

827,149

SHUAA

CAPITAL

PSC

(a)

....................

7,234,409

446,800

4,539,290

a

Commercial

Services

&

Supplies

 — 

1

.6

%

Parkin

Co.

PJSC

.........................

1,349,933

2,166,403

Union

Properties

PJSC

(a)

....................

5,892,579

1,453,473

3,619,876

a

Construction

&

Engineering

 — 

0

.5

%

Alec

Holdings

PJSC

(a)

......................

2,360,759

1,034,786

Arabtec

Holding

PJSC

(a)

(b)

...................

2,433,366

7

1,034,793

a

Construction

Materials

 — 

0

.1

%

Apex

Investment

Co.

PSC

(a)

..................

134,915

131,130

a

Consumer

Staples

Distribution

&

Retail

 — 

1

.2

%

Lulu

Retail

Holdings

PLC

...................

5,445,320

1,630,213

Spinneys

1961

Holding

PLC

.................

2,650,297

1,082,328

2,712,541

a

Diversified

Consumer

Services

 — 

0

.8

%

Alef

Education

Holding

PLC

..................

3,942,897

1,073,467

Taaleem

Holdings

PJSC

....................

642,230

694,151

1,767,618

a

Diversified

Telecommunication

Services

 — 

9

.7

%

Emirates

Telecommunications

Group

Co.

PJSC

....

3,701,290

20,435,922

Space42

PLC

(a)

..........................

2,903,659

1,230,749

21,666,671

a

Energy

Equipment

&

Services

 — 

2

.7

%

ADNOC

Drilling

Co.

PJSC

...................

4,291,192

5,981,651

NMDC

Energy

...........................

180,384

131,581

6,113,232

a

Financial

Services

 — 

1

.0

%

Amanat

Holdings

PJSC

....................

3,333,599

1,161,706

Amlak

Finance

PJSC

(a)

.....................

2,248,753

979,569

Gulf

General

Investment

Co.

(a)

(b)

...............

7,295,803

20

2,141,295

a

Food

Products

 — 

0

.4

%

Agthia

Group

PJSC

.......................

891,552

925,769

a

Security

Shares

Value

a

Ground

Transportation

 — 

0

.6

%

Dubai

Taxi

Co.

PJSC

......................

1,693,532

$

1,242,733

a

Health

Care

Providers

&

Services

 — 

0

.0

%

NMC

Health

PLC

(a)

(b)

.......................

112,588

2

a

Hotels,

Restaurants

&

Leisure

 — 

2

.1

%

Abu

Dhabi

National

Hotels

...................

15,855,751

2,245,561

Americana

Restaurants

International

PLC

-

Foreign

Co.

4,866,509

2,471,706

4,717,267

a

Industrial

Conglomerates

 — 

1

.7

%

Dubai

Investments

PJSC

...................

3,324,228

3,631,640

Modon

Holding

PSC

(a)

......................

141,919

129,832

Two

Point

Zero

Group

PJSC

(a)

................

240,221

130,080

3,891,552

a

Marine

Transportation

 — 

0

.2

%

Gulf

Navigation

Holding

PJSC

(a)

...............

761,100

422,712

a

Multi-Utilities

 — 

2

.8

%

Dubai

Electricity

&

Water

Authority

PJSC

.........

7,678,977

6,274,904

a

Oil,

Gas

&

Consumable

Fuels

 — 

6

.0

%

Adnoc

Gas

PLC

..........................

7,753,539

7,175,636

ADNOC

Logistics

&

Services

.................

2,526,016

3,765,854

Dana

Gas

PJSC

.........................

9,908,970

2,538,583

13,480,073

a

Passenger

Airlines

 — 

2

.2

%

Air

Arabia

PJSC

..........................

3,401,021

5,010,914

a

Real

Estate

Management

&

Development

 — 

21

.7

%

Aldar

Properties

PJSC

.....................

3,144,607

9,246,514

Deyaar

Development

PJSC

..................

3,162,508

886,833

Emaar

Development

PJSC

..................

751,507

3,959,015

Emaar

Properties

PJSC

....................

7,292,802

32,186,158

Eshraq

Investments

PJSC

(a)

..................

6,206,392

802,958

RAK

Properties

PJSC

(a)

....................

3,717,138

1,416,636

48,498,114

a

Residential

REITs

 — 

0

.6

%

Dubai

Residential

REIT

.....................

3,670,874

1,397,417

a

Software

 — 

0

.4

%

Phoenix

Group

PLC

(a)

......................

3,561,963

875,612

a

Specialty

Retail

 — 

2

.2

%

Abu

Dhabi

National

Oil

Co.

for

Distribution

PJSC

...

4,427,977

4,822,125

a

Transportation

Infrastructure

 — 

1

.9

%

Salik

Co.

PJSC

..........................

2,493,946

4,345,504

a

Water

Utilities

 — 

1

.5

%

Emirates

Central

Cooling

Systems

Corp.

.........

4,121,813

1,997,476

National

Central

Cooling

Co

PJSC

.............

1,547,330

1,284,810

3,282,286

a

Total

Long-Term

Investments — 99.6%

(Cost:

$

180,216,156

)

................................

222,967,883

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

iShares

®

MSCI

UAE

ETF

(Percentages

shown

are

based

on

Net

Assets)

8

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

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: 

For

the period

ended

February

28,

2026,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Security

Shares

Value

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.4

%

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

3.64

%

(c)

(d)

............................

981,933

$

981,933

a

Total

Short-Term

Securities — 0.4%

(Cost:

$

981,933

)

...................................

981,933

Security

Value

Total

Investments

—

100

.0

%

(Cost:

$

181,198,089

)

................................

$

223,949,816

Other

Assets

Less

Liabilities

—

0

.0

%

.....................

44,126

Net

Assets

—

100.0%

.................................

$

223,993,942

(a)

Non-income

producing

security.

(b)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

February

28,

2026

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

08/31/25

Purchases

at

Cost

Proceeds

from

Sale

s

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

02/28/26

  Shares

Held

at

02/28/26

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

..........

$

230,000

‌

$

751,933

(a)

$

—

‌

$

—

‌

$

—

‌

$

981,933

‌

981,933

‌

$

19,259

‌

$

—

‌

(a)

Represents

net

amount

purchased

(sold).

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

MSCI

Emerging

Markets

Index

............................................................

11

03/20/26

$

882

$

(

8,301

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

8,301

$

—

$

—

$

—

$

8,301

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Futures

contracts

..................................

$

—

$

—

$

20,439

$

—

$

—

$

—

$

20,439

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

..................................

$

—

$

—

$

(

7,208

)

$

—

$

—

$

—

$

(

7,208

)

iShares

®

MSCI

UAE

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

9

Schedule

of

Investments

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

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.

See

notes

to

financial

statements.

Futures

contracts:

Average

notional

value

of

contracts

—

long

...................................................................................

$

475,458

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

103,622,277

‌

$

119,345,577

‌

$

29

‌

$

222,967,883

‌

Short-Term

Securities

Money

Market

Funds

......................................

981,933

‌

—

‌

—

‌

981,933

‌

$

104,604,210

‌

$

119,345,577

‌

$

29

‌

$

223,949,816

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

8,301

)

$

—

‌

$

—

‌

$

(

8,301

)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

10

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Statements

of

Assets

and

Liabilities

(unaudited)

February

28,

2026

See

notes

to

financial

statements.

iShares

MSCI

Saudi

Arabia

ETF

iShares

MSCI

UAE

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

.....................................................................

$

659,348,833

‌

$

222,967,883

‌

Investments,

at

value

—

affiliated

(b)

.......................................................................

898,543

‌

981,933

‌

Cash

...........................................................................................

—

‌

36,016

‌

Cash

pledged:

Futures

contracts

.................................................................................

61,000

‌

20,000

‌

Foreign

currency,

at

value

(c)

............................................................................

191,244

‌

378,981

‌

Receivables:

Investments

sold

.................................................................................

19,207,942

‌

8,183,794

‌

Dividends

—

unaffiliated

............................................................................

1,058,123

‌

617,988

‌

Dividends

—

affiliated

..............................................................................

3,276

‌

9,692

‌

Total

assets

......................................................................................

680,768,961

‌

233,196,287

‌

LIABILITIES

Payables:

Investments

purchased

.............................................................................

18,780,363

‌

9,081,555

‌

Capital

shares

redeemed

............................................................................

—

‌

42,453

‌

Investment

advisory

fees

............................................................................

382,933

‌

76,481

‌

Variation

margin

on

futures

contracts

....................................................................

5,250

‌

1,856

‌

Total

liabilities

.....................................................................................

19,168,546

‌

9,202,345

‌

Commitments

and

contingent

liabilities

NET

ASSETS

.....................................................................................

$

661,600,415

‌

$

223,993,942

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.....................................................................................

$

639,016,575

‌

$

229,839,783

‌

Accumulated

earnings

(loss)

...........................................................................

22,583,840

‌

(

5,845,841

)

NET

ASSETS

.....................................................................................

$

661,600,415

‌

$

223,993,942

‌

NET

ASSET

VALUE

Shares

outstanding

.................................................................................

17,700,000

‌

10,600,000

‌

Net

asset

value

....................................................................................

$

37.38

‌

$

21.13

‌

Shares

authorized

..................................................................................

Unlimited

Unlimited

Par

value

........................................................................................

None

None

(a)

Investments,

at

cost

—

unaffiliated

.....................................................................

$

527,700,445

‌

$

180,216,156

‌

(b)

Investments,

at

cost

—

affiliated

.......................................................................

$

898,543

‌

$

981,933

‌

(c)

  Foreign

currency,

at

cost

............................................................................

$

191,262

‌

$

378,970

‌

11

Statements

of

Operations

Statements

of

Operations

(unaudited)

Six

Months

Ended

February

28,

2026

See

notes

to

financial

statements.

iShares

MSCI

Saudi

Arabia

ETF

iShares

MSCI

UAE

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................................................

$

4,931,236

‌

$

1,100,626

‌

Dividends

—

affiliated

..............................................................................

31,410

‌

19,259

‌

Interest

—

unaffiliated

..............................................................................

4,826

‌

654

‌

Foreign

taxes

withheld

.............................................................................

(

199,873

)

—

‌

Total

investment

income

..............................................................................

4,767,599

‌

1,120,539

‌

EXPENSES

Investment

advisory

...............................................................................

2,424,441

‌

436,205

‌

Commitment

costs

................................................................................

3,255

‌

761

‌

Interest

expense

.................................................................................

7,589

‌

53

‌

Total

expenses

....................................................................................

2,435,285

‌

437,019

‌

Net

investment

income

...............................................................................

2,332,314

‌

683,520

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................................................

(

15,234,894

)

283,391

‌

Foreign

currency

transactions

.......................................................................

(

125,295

)

(

40,635

)

Futures

contracts

...............................................................................

132,441

‌

20,439

‌

(

15,227,748

)

263,195

‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................................................

7,598,421

‌

12,397,847

‌

Foreign

currency

translations

.......................................................................

(

9,395

)

(

7,651

)

Futures

contracts

...............................................................................

13,828

‌

(

7,208

)

7,602,854

‌

12,382,988

‌

Net

realized

and

unrealized

gain

(loss)

....................................................................

(

7,624,894

)

12,646,183

‌

NET

INCREASE

(DECREASE)

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.....................................

$

(

5,292,580

)

$

13,329,703

‌

12

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

iShares

MSCI

Saudi

Arabia

ETF

iShares

MSCI

UAE

ETF

Six

Months

Ended

02/28/26

(unaudited)

Year

Ended

08/31/25

Six

Months

Ended

02/28/26

(unaudited)

Year

Ended

08/31/25

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.......................................

$

2,332,314

‌

$

19,298,480

‌

$

683,520

‌

$

4,951,643

‌

Net

realized

gain

(loss)

.......................................

(

15,227,748

)

(

15,982,390

)

263,195

‌

(

3,331,331

)

Net

change

in

unrealized

appreciation

(depreciation)

...................

7,602,854

‌

(

59,948,752

)

12,382,988

‌

25,786,431

‌

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..............

(

5,292,580

)

(

56,632,662

)

13,329,703

‌

27,406,743

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

............

(

7,493,714

)

(b)

(

23,419,533

)

(

1,487,870

)

(b)

(

4,446,152

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

............

104,059,063

‌

37,258,318

‌

44,109,449

‌

109,426,988

‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

..............................

91,272,769

‌

(

42,793,877

)

55,951,282

‌

132,387,579

‌

Beginning

of

period

...........................................

570,327,646

‌

613,121,523

‌

168,042,660

‌

35,655,081

‌

End

of

period

...............................................

$

661,600,415

‌

$

570,327,646

‌

$

223,993,942

‌

$

168,042,660

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(b)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

13

Financial

Highlights

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

MSCI

Saudi

Arabia

ETF

Six

Months

Ended

02/28/26

(unaudited)

Year

Ended

08/31/25

Year

Ended

08/31/24

Year

Ended

08/31/23

Year

Ended

08/31/22

Year

Ended

08/31/21

Net

asset

value,

beginning

of

period

......

$

37.52

‌

$

42.28

‌

$

40.84

‌

$

44.53

‌

$

41.22

‌

$

28.70

‌

Net

investment

income

(a)

..............

0.14

‌

1.20

‌

0.99

‌

0.91

‌

0.69

‌

0.71

‌

Net

realized

and

unrealized

gain

(loss)

(b)

....

0.16

‌

(4.54

)

1.60

‌

(3.71

)

3.23

‌

12.27

‌

Net

increase

(decrease)

from

investment

operations

........................

0.30

‌

(3.34

)

2.59

‌

(2.80

)

3.92

‌

12.98

‌

Distributions

from

net

investment

income

(c)

....

(0.44

)

(d)

(1.42

)

(1.15

)

(0.89

)

(0.61

)

(0.46

)

Net

asset

value,

end

of

period

...........

$

37.38

‌

$

37.52

‌

$

42.28

‌

$

40.84

‌

$

44.53

‌

$

41.22

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

...............

0.83

%

(f)

(8.01

)%

6.48

%

(6.20

)%

9.60

%

45.37

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

......................

0.74

%

(h)

0.75

%

0.75

%

0.74

%

0.74

%

0.74

%

Net

investment

income

.................

0.71

%

(h)

2.97

%

2.38

%

2.26

%

1.56

%

2.06

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

661,600

‌

$

570,328

‌

$

613,122

‌

$

963,787

‌

$

1,135,603

‌

$

898,684

‌

Portfolio

turnover

rate

(

i

)

.................

20

%

24

%

29

%

11

%

36

%

13

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(

i

)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

14

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

MSCI

UAE

ETF

Six

Months

Ended

02/28/26

(unaudited)

Year

Ended

08/31/25

Year

Ended

08/31/24

Year

Ended

08/31/23

Year

Ended

08/31/22

Year

Ended

08/31/21

Net

asset

value,

beginning

of

period

.......

$

19.43

‌

$

14.86

‌

$

15.04

‌

$

16.16

‌

$

14.82

‌

$

10.91

‌

Net

investment

income

(a)

...............

0.08

‌

0.95

‌

0.63

‌

0.49

‌

0.49

‌

0.46

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.....

1.81

‌

4.23

‌

(0.19

)

(1.19

)

1.50

‌

3.96

‌

Net

increase

(decrease)

from

investment

operations

.........................

1.89

‌

5.18

‌

0.44

‌

(0.70

)

1.99

‌

4.42

‌

Distributions

from

net

investment

income

(c)

.....

(0.19

)

(d)

(0.61

)

(0.62

)

(0.42

)

(0.65

)

(0.51

)

Net

asset

value,

end

of

period

............

$

21.13

‌

$

19.43

‌

$

14.86

‌

$

15.04

‌

$

16.16

‌

$

14.82

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

................

9.85

%

(f)

35.38

%

3.34

%

(4.17

)%

13.30

%

40.74

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

.......................

0.55

%

(h)

0.59

%

0.60

%

0.59

%

0.58

%

0.57

%

Net

investment

income

..................

0.86

%

(h)

5.37

%

4.32

%

3.25

%

2.93

%

3.61

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

223,994

‌

$

168,043

‌

$

35,655

‌

$

36,840

‌

$

37,966

‌

$

23,718

‌

Portfolio

turnover

rate

(

i

)

..................

25

%

47

%

43

%

38

%

52

%

112

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(

i

)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

Notes

to

Financial

Statements

(unaudited)

15

Notes

to

Financial

Statements

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”):

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

February

28,

2026,

if

any,

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

The Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

include

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

Cash:

 The

Funds

may

maintain

cash

at

their

custodian

which,

at

times

may

exceed

United

States

federally

insured

limits.

The

Funds

may,

at

times,

have

outstanding

cash

disbursements

that

exceed

deposited

cash

amounts

at

the

custodian

during

the

reporting

period.

The

Funds

are

obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

if

any,

are

included

in

interest

expense

in

the

Statements

of

Operations. 

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the

Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments. 

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Funds.

Because

such

gains

or

losses

are

not

taxable

to

the

Funds

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Funds’

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

(“NAV”)

per

share.

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. 

iShares

ETF

Diversification

Classification

MSCI

Saudi

Arabia

...........................................................................................................

Non-diversified

MSCI

UAE

.................................................................................................................

Non-diversified

Notes

to

Financial

Statements

(unaudited)

(continued)

16

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Indemnifications:

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Funds,

which

cannot

be

predicted

with

any

certainty.

Segment

Reporting:

The

Chief

Financial

Officer

acts

as

the

Funds’

Chief

Operating

Decision

Maker

(“CODM”)

and

is

responsible

for

assessing

performance

and

allocating

resources

with

respect

to

each

Fund.

The

CODM

has

concluded

that

each

Fund

operates

as

a

single

operating

segment

since each

Fund

has

a

single

investment

strategy

as

disclosed

in its

prospectus,

against

which

the

CODM

assesses

performance.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

presented

within each

Fund’s

financial

statements.

3.

Investment

Valuation

and

Fair

Value

Measurements

Investment

Valuation

Policies:

Each

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund’s

listing

exchange

is

open

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

of

Trustees of

the

Trust (the

“Board”)

of

each

Fund

has

approved

the

designation

of

BlackRock

Fund

Advisors

(“BFA”),

the

Funds’

investment

adviser,

as

the

valuation

designee

for each

Fund. Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

BFA’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

BFA’s

policies

and

procedures

as

reflecting

fair

value. BFA

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of each

Fund’s

assets

and

liabilities:

Equity

investments

(except

ETF

options,

equity

index

options

or

those

that

are

customized)

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s

official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

are

valued

at

the

last

traded

price.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

at

that

day’s

NAV.

Futures

contracts

are

valued

based

on

that

day’s

last

reported

settlement

or

trade

price

on

the

exchange

where

the

contract

is

traded.

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

NYSE.

Each

business

day,

the Funds

use

current

market

factors

supplied

by

independent

pricing

services

to

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

occurs

after

the

close

of

the

local

markets.

If

events

(e.g.,

market

volatility,

company

announcement

or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that

application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Valuation

Committee

in

accordance

with BFA’s

policies

and

procedures

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

to

determine

the

price

that each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement

as

of

the

measurement

date.

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

that each

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities;

Level

2

–

Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly;

and

Level

3

– Inputs

that

are

unobservable

and

significant

to

the

entire

fair

value

measurement

for

the

asset

or

liability (including

the

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

Notes

to

Financial

Statements

(unaudited)

(

continued)

17

Notes

to

Financial

Statements

4.

Derivative

Financial

Instruments

Futures

Contracts:

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets. 

5.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates 

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the

Trust, BFA manages

the

investment

of

each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly

owned

by BlackRock,

Inc.

(“BlackRock”).

Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Funds,

except

(i)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees).

For

its

investment

advisory

services

to

the

iShares

MSCI

Saudi

Arabia

ETF,

BFA

is

entitled

to

an

annual

investment

advisory

fee

of

0.74%,

accrued

daily

and

paid

monthly

by

the

Fund,

based

on

the

average

daily

net

assets

of

the

Fund. 

For

its

investment

advisory

services

to

the

iShares

MSCI

UAE

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: 

Distributor:

 BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

is

the

distributor

for

each

Fund.

Pursuant

to

the

distribution

agreement,

BFA

is

responsible

for

any

fees

or

expenses

for

distribution

services

provided

to

the

Funds.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided. The

Funds

do

not

pay

BRIL

for

ETF

Services.

Prior

to

September

8,

2025,

ETF

Services

were

performed

by

State

Street

Bank

and

Trust

Company. 

Trustees and

Officers:

Certain

trustees

and/or

officers

of

the

Trust

are

directors

and/or

officers of

BlackRock

or

its

affiliates.

Other

Transactions:

Each

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statements

of

Operations.

A

fund,

in

order

to

improve

its

portfolio

liquidity

and

its

ability

to

track

its

underlying

index,

may

invest

in

shares

of

other

iShares

funds

that

invest

in

securities

in

the

fund’s

underlying

index.

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$2

billion

.

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.

0.7400%

Over

$2

billion,

up

to

and

including

$4

billion

.

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.

0.6900

Over

$4

billion,

up

to

and

including

$8

billion

.

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.

0.6400

Over

$8

billion,

up

to

and

including

$16

billion

.

.

.

.

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.

0.5700

Over

$16

billion,

up

to

and

including

$24

billion

.

.

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.

0.5100

Over

$24

billion,

up

to

and

including

$32

billion

.

.

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.

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.

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.

0.4800

Over

$32

billion,

up

to

and

including

$40

billion

.

.

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.

0.4500

Over

$40

billion

.

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.

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0.4275

Notes

to

Financial

Statements

(unaudited)

(continued)

18

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

6.

Purchases

and

Sales

For

the six

months

ended

February

28,

2026,

purchases

and

sales

of

investments,

excluding

short-term

securities

and

in-kind

transactions,

were

as

follows:

There

were

no

in-kind

transactions

for

the six

months

ended

February

28,

2026.

7.

Income

Tax

Information

Each

Fund

is

treated

as

an

entity

separate

from

the

Trust’s

other

funds

for

federal

income

tax

purposes.

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Funds

as

of

February

28,

2026,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

Management’s

analysis

is

based

on

the

tax

laws

and

judicial

and

administrative

interpretations

thereof

in

effect

as

of

the

date

of

these

financial

statements,

all

of

which

are

subject

to

change,

possibly

with

retroactive

effect,

which

may

impact

the

Funds’

NAV.

As

of August

31,

2025,

the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains as

follows:

As

of

February

28,

2026,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

8.

Line

of

Credit

The

Funds,

along

with

certain

other

iShares

funds

(“Participating

Funds”),

are

parties

to

a

$900

million

credit

agreement

(“Syndicated

Credit

Agreement”)

with

a

group

of

lenders,

which

expires

on

October

14,

2026.

The

line

of

credit

may

be

used

for

temporary

or

emergency

purposes,

including

redemptions,

settlement

of

trades

and

rebalancing

of

portfolio

holdings

in

certain

target

markets.

The

Funds

may

borrow

up

to

the

aggregate

commitment

amount

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

Syndicated

Credit

Agreement.

The

Syndicated

Credit

Agreement

has

the

following

terms:

a

commitment

fee

of

0.15%

per

annum

on

the

unused

portion

of

the

credit

agreement

and

interest

at

a

rate

equal

to

the

higher

of

(a)

Daily

Simple

Secured

Overnight

Financing

Rate

(“SOFR”)

plus

0.10%

and

1.00%

per

annum

or

(b)

the

U.S.

Federal

Funds

rate

plus

1.00%

per

annum

on

amounts

borrowed.

The

commitment

fee

is

generally

allocated

to

each

Participating

Fund

based

on

the

lesser

of

a

Participating

Fund’s

relative

exposure

to

certain

target

markets

or

a

Participating

Fund’s

maximum

borrowing

amount

as

set

forth

by

the

terms

of

the

Syndicated

Credit

Agreement.

During

the

six

months ended

February

28,

2026,

the Funds did

not

borrow

under

the

Syndicated

Credit

Agreement.

9.

Principal

Risks

In

the

normal

course

of

business,

each

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject each

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation,

tariffs or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which each

Fund

is

subject.

BFA

uses

an

indexing

approach

to

try

to

achieve

each

Fund’s

investment

objective.

The

Funds are

not

actively

managed,

and

BFA

generally

does

not

attempt

to

take

defensive

positions

under

any

market

conditions,

including

declining

markets.

iShares

ETF

Purchases

Sales

MSCI

Saudi

Arabia

.......................................................................................

$

220,799,200

‌

$

133,198,789

‌

MSCI

UAE

.............................................................................................

84,348,991

‌

41,576,872

‌

iShares

ETF

Non-Expiring

Capital

Loss

Carryforwards

(a)

MSCI

Saudi

Arabia

..........................................................................................................

$

(72,599,628

)

MSCI

UAE

................................................................................................................

(39,882,885

)

(a)

Amounts

available

to

offset

future

realized

capital

gains.

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

MSCI

Saudi

Arabia

................................................

$

550,868,554

‌

$

173,590,695

‌

$

(64,185,381

)

$

109,405,314

‌

MSCI

UAE

......................................................

190,844,627

‌

44,178,820

‌

(11,081,932

)

33,096,888

‌

Notes

to

Financial

Statements

(unaudited)

(

continued)

19

Notes

to

Financial

Statements

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

mandatory

and

discretionary

liquidity

fees

under

certain

circumstances.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries.

A

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that

a

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment.

A

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that

it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause each

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of

a

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which

a

Fund

invests. A

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/

or

errors

by

pricing

services

or

other

third-party

service

providers.

The

price

each

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from

each

Fund's

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore

each

Fund's

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by

each

Fund,

and

each

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment.

Counterparty

Credit

Risk:

The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

BFA

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds.

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures,

there

is

less

counterparty

credit

risk

to

the

Funds

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

Fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in

exchange-traded

futures

with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds.

Geographic/Asset

Class

Risk:

A

diversified

portfolio,

where

this

is

appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

each

Fund’s

portfolio

are

disclosed

in

its

Schedule

of

Investments.

The Funds

invest

a

significant

portion

of

their

assets

in

issuers

located

in

a

single

country

or

a

limited

number

of

countries.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

in

that

country

or

those

countries

may

have

a

significant

impact

on

the

fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

Fund’s

portfolio.

Unanticipated

or

sudden

political

or

social

developments

may

cause

uncertainty

in

the

markets

and

as

a

result

adversely

affect

the

Fund’s

investments.

Foreign

issuers

may

not

be

subject

to

the

same

uniform

accounting,

auditing

and

financial

reporting

standards

and

practices

as

used

in

the

United

States.

Foreign

securities

markets

may

also

be

more

volatile

and

less

liquid

than

U.S.

securities

and

may

be

less

subject

to

governmental

supervision

not

typically

associated

with

investing

in

U.S.

securities.

The Funds

invest

a

significant

portion

of

their

assets

in

securities

of

issuers

located

in

Asia

or

with

significant

exposure

to

Asian

issuers

or

countries.

Certain

Asian

countries

have

developed

increasingly

strained

relationships

with

the

U.S.

or

China;

if

these

relations

were

to

worsen,

they

could

adversely

affect

Asian

issuers

that

rely

on

the

U.S.

or

China

for

trade

and

the

region

as

a

whole. The

Asian

financial

markets

have

experienced

volatility

and

adverse

trends

due

to

concerns

in

several

Asian

countries

regarding

monetary

policy,

government

intervention

in

the

markets,

rising

government

debt

levels

or

economic

downturns.

These

events

may

spread

to

other

countries

in

Asia

and

may

affect

the

value

and

liquidity

of

certain

of

the

Funds’

investments.

The Funds

invest

a

significant

portion

of

their

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

Fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

Fund's

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedule

of

Investments. 

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

Notes

to

Financial

Statements

(unaudited)

(continued)

20

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

10.

Capital

Share

Transactions 

Capital

shares

are

issued

and

redeemed

by each

Fund

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”)

at

NAV.

Except

when

aggregated

in

Creation

Units,

shares

of each

Fund

are

not

redeemable.

Transactions

in

capital

shares

were

as

follows:

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the

Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the

Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars.

Authorized

Participants

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Authorized

Participants

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

To

the

extent

applicable,

to

facilitate

the

timely

settlement

of

orders

for

the

Funds

using

a

clearing

facility

outside

of

the

continuous

net

settlement

process,

the

Funds,

at

their

sole

discretion,

may

permit

an

Authorized

Participant

to

post

cash

as

collateral

in

anticipation

of

the

delivery

of

all

or

a

portion

of

the

applicable

Deposit

Securities

or

Fund

Securities,

as

further

described

in

the

applicable

Authorized

Participant

Agreement.

The

collateral

process

is

subject

to

a

Control

Agreement

among

the

Authorized

Participant,

each

Fund’s

custodian,

and

the

Funds.

In

the

event

that

the

Authorized

Participant

fails

to

deliver

all

or

a

portion

of

the

applicable

Deposit

Securities

or

Fund

Securities,

the

Funds

may

exercise

control

over

such

collateral

pursuant

to

the

terms

of

the

Control

Agreement

in

order

to

purchase

the

applicable

Deposit

Securities

or

Fund

Securities.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statements

of

Assets

and

Liabilities.

11.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Six

Months

Ended

02/28/26

Year

Ended

08/31/25

iShares

ETF

Shares

Amount

Shares

Amount

MSCI

Saudi

Arabia

Shares

sold

.........................................................

4,600,000

‌

$

184,401,506

‌

3,600,000

‌

$

147,299,045

‌

Shares

redeemed

.....................................................

(2,100,000

)

(80,342,443

)

(2,900,000

)

(110,040,727

)

2,500,000

‌

$

104,059,063

‌

700,000

‌

$

37,258,318

‌

MSCI

UAE

Shares

sold

.........................................................

3,500,000

‌

$

73,833,136

‌

7,550,000

‌

$

132,403,611

‌

Shares

redeemed

.....................................................

(1,550,000

)

(29,723,687

)

(1,300,000

)

(22,976,623

)

1,950,000

‌

$

44,109,449

‌

6,250,000

‌

$

109,426,988

‌

Additional

Information

21

Additional

Information

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

notifications

announcing

that

the

shareholder

report

or

prospectus

has

been

posted

on

the

iShares

website

at

iShares.com

.

Once

you

have

enrolled,

you

will

no

longer

receive

prospectuses

and

shareholder

reports

in

the

mail.

To

enroll

in

electronic

delivery:

Go

to

icsdelivery.com

If

your

brokerage

firm

is

not

listed,

electronic

delivery

may

not

be

available.

Please

contact

your

broker-dealer

or

financial

advisor.

Changes

in

and

Disagreements

with

Accountants

Not

applicable.

Proxy

Results

Not

applicable.

Remuneration

Paid

to

Trustees,

Officers,

and

Others

Because

BFA

has

agreed in

the

Investment

Advisory

Agreements

to

cover

all

operating

expenses

of

the

Funds,

subject

to

certain

exclusions as

provided

for

therein,

BFA

pays

the

compensation

to

each

Independent Trustee

for

services

to

the

Funds

from

BFA’s

investment

advisory

fees.

Availability

of

Portfolio

Holdings

Information

A

description

of

the

Trust’s policies

and

procedures

with

respect

to

the

disclosure

of

the

Funds’

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

.

Glossary

of

Terms

Used

in

these

Financial

Statements

22

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Portfolio

Abbreviation

JSC

Joint

Stock

Company

PJSC

Public

Joint

Stock

Company

REIT

Real

Estate

Investment

Trust

SJSC

Simplified

Joint

Stock

Company

Want

to

know

more?

iShares.com

|

1-800-474-2737

This

report

is

intended

for

the

Funds’

shareholders.

It

may

not

be

distributed

to

prospective

investors

unless

it

is

preceded

or

accompanied

by

the

current

prospectus.

Investing

involves

risk,

including

possible

loss

of

principal.

The

iShares

Funds

are

distributed

by

BlackRock

Investments,

LLC

(together

with

its

affiliates,

“BlackRock”).

The

iShares

Funds

are

not

sponsored,

endorsed,

issued,

sold

or

promoted

by

MSCI

Inc.,

nor

does

this

company

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

company

listed

above.

©2026

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

February

28,

2026

2026

Semi-Annual

Financial

Statements

and

Additional

Information

(Unaudited)

iShares

Trust

iShares

MSCI

Finland

ETF

|

EFNL

|

Cboe

BZX

Exchange

iShares

MSCI

Ireland

ETF

|

EIRL

|

NYSE

Arca

Table

of

Contents

Page

2

Schedules

of

Investments

.................................................................................................

3

Statements

of

Assets

and

Liabilities

...........................................................................................

9

Statements

of

Operations

.................................................................................................

10

Statements

of

Changes

in

Net

Assets

..........................................................................................

11

Financial

Highlights

.....................................................................................................

12

Notes

to

Financial

Statements

...............................................................................................

14

Additional

Information

...................................................................................................

22

Glossary

of

Terms

Used

in

these

Financial

Statements

................................................................................

23

iShares

®

MSCI

Finland

ETF

Schedule

of

Investments

(unaudited)

February

28,

2026

(Percentages

shown

are

based

on

Net

Assets)

3

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Automobile

Components

 — 

0

.9

%

Nokian

Renkaat

OYJ

......................

28,313

$

356,193

a

Banks

 — 

18

.7

%

Nordea

Bank

Abp

........................

396,973

7,681,640

a

Broadline

Retail

 — 

1

.2

%

Puuilo

OYJ

.............................

20,412

291,838

Tokmanni

Group

Corp.

(a)

....................

20,167

190,839

482,677

a

Chemicals

 — 

1

.3

%

Kemira

OYJ

............................

22,096

535,451

a

Communications

Equipment

 — 

12

.2

%

Nokia

OYJ

.............................

652,729

5,009,707

a

Consumer

Staples

Distribution

&

Retail

 — 

2

.6

%

Kesko

OYJ

,

Class

B

.......................

42,745

1,053,319

a

Containers

&

Packaging

 — 

2

.1

%

Huhtamaki

OYJ

..........................

16,925

632,147

Metsa

Board

OYJ

,

Class

B

(a)

.................

57,896

214,892

847,039

a

Diversified

Telecommunication

Services

 — 

2

.8

%

Elisa

OYJ

..............................

22,142

1,137,304

a

Electric

Utilities

 — 

3

.8

%

Fortum

OYJ

............................

67,272

1,572,926

a

Electrical

Equipment

 — 

0

.5

%

Kempower

OYJ

(a)

(b)

........................

12,183

186,699

a

Health

Care

Equipment

&

Supplies

 — 

0

.5

%

Revenio

Group

OYJ

.......................

9,299

203,850

a

Household

Durables

 — 

0

.5

%

YIT

OYJ

(b)

..............................

59,760

201,122

a

Insurance

 — 

9

.0

%

Mandatum

OYJ

..........................

74,271

598,905

Sampo

OYJ

,

Class

A

......................

280,313

3,106,734

3,705,639

a

IT

Services

 — 

1

.1

%

TietoEVRY

OYJ

..........................

20,617

460,190

a

Leisure

Products

 — 

0

.5

%

Harvia

OYJ

.............................

5,146

224,665

a

Machinery

 — 

23

.1

%

Hiab

OYJ

,

Class

B

........................

7,622

437,939

Kalmar

OYJ

,

Class

B

......................

7,594

436,023

Kone

OYJ

,

Class

B

.......................

36,094

2,721,243

Konecranes

OYJ

.........................

10,407

1,228,602

Metso

OYJ

.............................

93,182

1,937,229

Valmet

OYJ

............................

24,309

813,968

Wartsila

OYJ

Abp

.........................

43,421

1,885,539

9,460,543

a

Metals

&

Mining

 — 

1

.3

%

Outokumpu

OYJ

.........................

76,325

515,353

a

Security

Shares

Value

a

Oil,

Gas

&

Consumable

Fuels

 — 

3

.9

%

Neste

OYJ

.............................

63,649

$

1,590,515

a

Paper

&

Forest

Products

 — 

7

.4

%

Stora

Enso

OYJ

,

Class

R

...................

89,773

1,217,740

UPM-Kymmene

OYJ

......................

56,490

1,798,936

3,016,676

a

Passenger

Airlines

 — 

0

.4

%

Finnair

OYJ

(b)

...........................

43,842

179,907

a

Pharmaceuticals

 — 

3

.2

%

Orion

OYJ

,

Class

B

.......................

16,641

1,333,064

a

Real

Estate

Management

&

Development

 — 

1

.3

%

Citycon

OYJ

(b)

...........................

40,927

183,475

Kojamo

OYJ

(b)

...........................

31,828

370,627

554,102

a

Software

 — 

1

.0

%

Bittium

OYJ

............................

6,906

217,875

QT

Group

OYJ

(b)

.........................

7,246

187,376

405,251

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.5

%

Marimekko

OYJ

..........................

14,521

192,169

a

a

Total

Long-Term

Investments — 99.8%

(Cost:

$

34,111,423

)

.................................

40,906,001

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.6

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

3.84

%

(c)

(d)

(e)

......................

239,047

239,167

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

3.64

%

(c)

(d)

............................

20,295

20,295

a

Total

Short-Term

Securities — 0.6%

(Cost:

$

259,450

)

...................................

259,462

Total

Investments

—

100.4%

(Cost:

$

34,370,873

)

.................................

41,165,463

Liabilities

in

Excess

of

Other

Assets

—

(

0

.4

)

%

...............

(

164,558

)

Net

Assets

—

100.0%

.................................

$

41,000,905

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

iShares

®

MSCI

Finland

ETF

4

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

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: 

For

the period

ended

February

28,

2026,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

February

28,

2026

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

08/31/25

Purchases

at

Cost

Proceeds

from

Sale

s

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

02/28/26

  Shares

Held

at

02/28/26

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

.

$

529,473

‌

$

—

‌

$

(

290,303

)

(a)

$

18

‌

$

(

21

)

$

239,167

‌

239,047

‌

$

665

(b)

$

—

‌

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

11,303

‌

8,992

(a)

—

‌

—

‌

—

‌

20,295

‌

20,295

‌

262

‌

—

‌

$

—

‌

$

18

‌

$

(

21

)

$

259,462

‌

$

927

‌

$

—

‌

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Euro

STOXX

50

Index

..................................................................

1

03/20/26

$

73

$

1,282

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

1,282

$

—

$

—

$

—

$

1,282

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Futures

contracts

..................................

$

—

$

—

$

16,221

$

—

$

—

$

—

$

16,221

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

..................................

$

—

$

—

$

(

1,270

)

$

—

$

—

$

—

$

(

1,270

)

iShares

®

MSCI

Finland

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

5

Schedule

of

Investments

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

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.

See

notes

to

financial

statements.

Futures

contracts:

Average

notional

value

of

contracts

—

long

...................................................................................

$

69,271

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

1,063,815

‌

$

39,842,186

‌

$

—

‌

$

40,906,001

‌

Short-Term

Securities

Money

Market

Funds

......................................

259,462

‌

—

‌

—

‌

259,462

‌

$

1,323,277

‌

$

39,842,186

‌

$

—

‌

$

41,165,463

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

1,282

‌

$

—

‌

$

—

‌

$

1,282

‌

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

February

28,

2026

iShares

®

MSCI

Ireland

ETF

(Percentages

shown

are

based

on

Net

Assets)

6

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Common

Stocks

Banks

 — 

25

.4

%

AIB

Group

PLC

..........................

985,461

$

10,228,887

Bank

of

Ireland

Group

PLC

..................

491,339

9,567,005

Permanent

TSB

Group

Holdings

PLC

(a)

..........

511,797

1,925,304

21,721,196

a

Beverages

 — 

1

.8

%

C&C

Group

PLC

.........................

966,556

1,531,833

a

Building

Products

 — 

4

.7

%

Kingspan

Group

PLC

......................

40,473

4,006,976

a

Containers

&

Packaging

 — 

2

.2

%

Ardagh

Metal

Packaging

SA

.................

383,359

1,859,291

a

Food

Products

 — 

12

.5

%

Dole

PLC

..............................

165,416

2,653,273

Glanbia

PLC

............................

186,766

3,861,948

Kerry

Group

PLC

,

Class

A

...................

42,842

3,806,749

Origin

Enterprises

PLC

.....................

69,949

350,443

10,672,413

a

Health

Care

Providers

&

Services

 — 

3

.2

%

Uniphar

PLC

............................

561,025

2,696,446

a

Household

Durables

 — 

7

.2

%

Cairn

Homes

PLC

........................

1,135,909

3,195,333

Glenveagh

Properties

PLC

(a)

(b)

................

1,117,640

2,977,961

6,173,294

a

Insurance

 — 

3

.8

%

Aviva

PLC

.............................

321,454

2,962,337

FBD

Holdings

PLC

........................

16,026

321,917

3,284,254

a

Life

Sciences

Tools

&

Services

 — 

5

.0

%

ICON

PLC

(a)

............................

39,278

4,247,523

a

Marine

Transportation

 — 

0

.6

%

Irish

Continental

Group

PLC

.................

67,750

534,757

a

Security

Shares

Value

a

Media

 — 

0

.1

%

Gambling.com

Group

Ltd.

(a)

..................

11,605

$

50,598

a

Oil,

Gas

&

Consumable

Fuels

 — 

4

.7

%

Ardmore

Shipping

Corp.

....................

23,842

390,532

DCC

PLC

..............................

52,631

3,670,066

4,060,598

a

Passenger

Airlines

 — 

18

.3

%

Ryanair

Holdings

PLC

.....................

482,968

15,607,147

a

Pharmaceuticals

 — 

1

.0

%

GH

Research

PLC

(a)

.......................

56,627

840,911

a

Residential

REITs

 — 

2

.0

%

Irish

Residential

Properties

REIT

PLC

...........

1,367,914

1,735,936

a

Software

 — 

0

.2

%

Fineos

Corp.

Ltd.

,

CDI

(a)

....................

110,303

202,523

a

Trading

Companies

&

Distributors

 — 

4

.0

%

Grafton

Group

PLC

,

CDI

....................

257,697

3,440,753

a

a

Total

Long-Term

Investments — 96.7%

(Cost:

$

69,738,029

)

.................................

82,666,449

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.1

%

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

3.64

%

(c)

(d)

............................

46,438

46,438

a

Total

Short-Term

Securities — 0.1%

(Cost:

$

46,438

)

....................................

46,438

Total

Investments

—

96.8%

(Cost:

$

69,784,467

)

.................................

82,712,887

Other

Assets

Less

Liabilities

—

3

.2

%

.....................

2,758,957

Net

Assets

—

100.0%

.................................

$

85,471,844

(a)

Non-income

producing

security.

(b)

Security

exempt

from

registration

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933,

as

amended.

These

securities

may

be

resold

in

transactions

exempt

from

registration

to

qualified

institutional

investors.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

February

28,

2026

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

08/31/25

Purchases

at

Cost

Proceeds

from

Sale

s

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

02/28/26

  Shares

Held

at

02/28/26

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

..........

$

24,441

‌

$

21,997

(a)

$

—

‌

$

—

‌

$

—

‌

$

46,438

‌

46,438

‌

$

1,323

‌

$

—

‌

(a)

Represents

net

amount

purchased

(sold).

iShares

®

MSCI

Ireland

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

7

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

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: 

For

the period

ended

February

28,

2026,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

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.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Euro

STOXX

50

Index

..................................................................

38

03/20/26

$

2,763

$

23,818

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

23,818

$

—

$

—

$

—

$

23,818

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Futures

contracts

..................................

$

—

$

—

$

17,888

$

—

$

—

$

—

$

17,888

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

..................................

$

—

$

—

$

27,098

$

—

$

—

$

—

$

27,098

Futures

contracts:

Average

notional

value

of

contracts

—

long

...................................................................................

$

1,480,131

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

21,559,446

‌

$

61,107,003

‌

$

—

‌

$

82,666,449

‌

Short-Term

Securities

Money

Market

Funds

......................................

46,438

‌

—

‌

—

‌

46,438

‌

$

21,605,884

‌

$

61,107,003

‌

$

—

‌

$

82,712,887

‌

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

23,818

‌

$

—

‌

$

—

‌

$

23,818

‌

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

iShares

®

MSCI

Ireland

ETF

8

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

See

notes

to

financial

statements.

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Fair

Value

Hierarchy

as

of

Period

End 

(continued)

9

Statements

of

Assets

and

Liabilities

Statements

of

Assets

and

Liabilities

(unaudited)

February

28,

2026

See

notes

to

financial

statements.

iShares

MSCI

Finland

ETF

iShares

MSCI

Ireland

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

....................................................................

$

40,906,001

‌

$

82,666,449

‌

Investments,

at

value

—

affiliated

(c)

.......................................................................

259,462

‌

46,438

‌

Foreign

currency

collateral

pledged:

(d)

Futures

contracts

.................................................................................

5,908

‌

15,361

‌

Foreign

currency,

at

value

(e)

............................................................................

102,354

‌

162,153

‌

Receivables:

Investments

sold

.................................................................................

1,865,268

‌

3,646,440

‌

Securities

lending

income

—

affiliated

...................................................................

286

‌

—

‌

Capital

shares

sold

................................................................................

—

‌

2,288,878

‌

Dividends

—

unaffiliated

............................................................................

—

‌

26,063

‌

Dividends

—

affiliated

..............................................................................

35

‌

128

‌

Tax

reclaims

....................................................................................

8,621

‌

23,673

‌

Variation

margin

on

futures

contracts

....................................................................

—

‌

14,004

‌

Foreign

withholding

tax

claims

........................................................................

6,120

‌

—

‌

Total

assets

......................................................................................

43,154,055

‌

88,889,587

‌

LIABILITIES

Collateral

on

securities

loaned

..........................................................................

238,842

‌

—

‌

Payables:

Investments

purchased

.............................................................................

1,898,550

‌

3,391,747

‌

Investment

advisory

fees

............................................................................

15,527

‌

25,996

‌

Variation

margin

on

futures

contracts

....................................................................

231

‌

—

‌

Total

liabilities

.....................................................................................

2,153,150

‌

3,417,743

‌

Commitments

and

contingent

liabilities

NET

ASSETS

.....................................................................................

$

41,000,905

‌

$

85,471,844

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.....................................................................................

$

42,462,678

‌

$

77,556,083

‌

Accumulated

earnings

(loss)

...........................................................................

(

1,461,773

)

7,915,761

‌

NET

ASSETS

.....................................................................................

$

41,000,905

‌

$

85,471,844

‌

NET

ASSET

VALUE

Shares

outstanding

.................................................................................

800,000

‌

1,150,000

‌

Net

asset

value

....................................................................................

$

51.25

‌

$

74.32

‌

Shares

authorized

..................................................................................

Unlimited

Unlimited

Par

value

........................................................................................

None

None

(a)

Securities

loaned,

at

value

..........................................................................

$

231,151

‌

$

—

‌

(b)

Investments,

at

cost

—

unaffiliated

.....................................................................

$

34,111,423

‌

$

69,738,029

‌

(c)

Investments,

at

cost

—

affiliated

.......................................................................

$

259,450

‌

$

46,438

‌

(d)

Foreign

currency

collateral

pledged,

at

cost

...............................................................

$

5,776

‌

$

15,075

‌

(e)

  Foreign

currency,

at

cost

............................................................................

$

102,045

‌

$

162,018

‌

10

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Statements

of

Operations

(unaudited)

Six

Months

Ended

February

28,

2026

See

notes

to

financial

statements.

iShares

MSCI

Finland

ETF

iShares

MSCI

Ireland

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................................................

$

277,195

‌

$

434,285

‌

Dividends

—

affiliated

..............................................................................

262

‌

1,323

‌

Interest

—

unaffiliated

..............................................................................

55

‌

156

‌

Securities

lending

income

—

affiliated

—

net

...............................................................

665

‌

—

‌

Foreign

taxes

withheld

.............................................................................

(

5,130

)

(

9,675

)

Total

investment

income

..............................................................................

273,047

‌

426,089

‌

EXPENSES

Investment

advisory

...............................................................................

85,450

‌

156,172

‌

Professional

....................................................................................

2,350

‌

—

‌

Commitment

costs

................................................................................

147

‌

305

‌

Interest

expense

.................................................................................

—

‌

2

‌

Total

expenses

....................................................................................

87,947

‌

156,479

‌

Net

investment

income

...............................................................................

185,100

‌

269,610

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................................................

59,122

‌

523,945

‌

Investments

—

affiliated

...........................................................................

18

‌

—

‌

Foreign

currency

transactions

.......................................................................

7,603

‌

18,894

‌

Futures

contracts

...............................................................................

16,221

‌

17,888

‌

In-kind

redemptions

—

unaffiliated

(a)

...................................................................

474,803

‌

—

‌

557,767

‌

560,727

‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................................................

5,999,933

‌

6,238,042

‌

Investments

—

affiliated

...........................................................................

(

21

)

—

‌

Foreign

currency

translations

.......................................................................

(

7,958

)

(

2,485

)

Futures

contracts

...............................................................................

(

1,270

)

27,098

‌

5,990,684

‌

6,262,655

‌

Net

realized

and

unrealized

gain

........................................................................

6,548,451

‌

6,823,382

‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...............................................

$

6,733,551

‌

$

7,092,992

‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

11

Statements

of

Changes

in

Net

Assets

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

iShares

MSCI

Finland

ETF

iShares

MSCI

Ireland

ETF

Six

Months

Ended

02/28/26

(unaudited)

Year

Ended

08/31/25

Six

Months

Ended

02/28/26

(unaudited)

Year

Ended

08/31/25

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.......................................

$

185,100

‌

$

1,028,698

‌

$

269,610

‌

$

2,067,385

‌

Net

realized

gain

...........................................

557,767

‌

353,066

‌

560,727

‌

6,178,786

‌

Net

change

in

unrealized

appreciation

(depreciation)

...................

5,990,684

‌

2,044,965

‌

6,262,655

‌

(

11,218,588

)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

..............

6,733,551

‌

3,426,729

‌

7,092,992

‌

(

2,972,417

)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

............

(

165,814

)

(b)

(

1,028,861

)

(

668,786

)

(b)

(

1,930,447

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

....

5,180,201

‌

(

1,006,636

)

18,558,716

‌

(

52,511,717

)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

..............................

11,747,938

‌

1,391,232

‌

24,982,922

‌

(

57,414,581

)

Beginning

of

period

...........................................

29,252,967

‌

27,861,735

‌

60,488,922

‌

117,903,503

‌

End

of

period

...............................................

$

41,000,905

‌

$

29,252,967

‌

$

85,471,844

‌

$

60,488,922

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(b)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

12

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

MSCI

Finland

ETF

Six

Months

Ended

02/28/26

(unaudited)

Year

Ended

08/31/25

Year

Ended

08/31/24

Year

Ended

08/31/23

Year

Ended

08/31/22

Year

Ended

08/31/21

Net

asset

value,

beginning

of

period

......

$

41.79

‌

$

37.15

‌

$

34.48

‌

$

34.85

‌

$

52.00

‌

$

41.34

‌

Net

investment

income

(a)

..............

0

.26

‌

1

.70

‌

1

.57

‌

1

.05

‌

1

.73

‌

1

.10

‌

Net

realized

and

unrealized

gain

(loss)

(b)

....

9

.46

‌

4

.72

‌

3

.09

‌

(

0

.47

)

(

16.54

)

10.93

‌

Net

increase

(decrease)

from

investment

operations

........................

9

.72

‌

6

.42

‌

4

.66

‌

0

.58

‌

(

14.81

)

12.03

‌

Distributions

from

net

investment

income

(c)

....

(

0

.26

)

(d)

(

1

.78

)

(

1

.99

)

(

0

.95

)

(

2

.34

)

(

1

.37

)

Net

asset

value,

end

of

period

...........

$

51.25

‌

$

41.79

‌

$

37.15

‌

$

34.48

‌

$

34.85

‌

$

52.00

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

...............

23.31

%

(f)

17.80

%

13.87

%

1

.53

%

(

28.85

)

%

29.37

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

......................

0

.54

%

(h)

(i)

0

.54

%

0

.55

%

0

.56

%

0

.57

%

0

.55

%

Total

expenses

excluding

professional

fees

for

foreign

withholding

tax

claims

...........

0

.53

%

(h)

0

.53

%

0

.53

%

0

.53

%

N/A

‌

0

.53

%

Net

investment

income

.................

1

.15

%

(h)

4

.53

%

4

.51

%

2

.92

%

4

.05

%

2

.39

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

41,001

‌

$

29,253

‌

$

27,862

‌

$

20,691

‌

$

22,652

‌

$

31,198

‌

Portfolio

turnover

rate

(j)

.................

9

%

18

%

29

%

15

%

20

%

12

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Professional

fees

were

not

annualized

in

the

calculation

of

the

expense

ratio.

If

this

expense

was

annualized,

the

total

expense

would

have

been

0.55%.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

13

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

MSCI

Ireland

ETF

Six

Months

Ended

02/28/26

(unaudited)

Year

Ended

08/31/25

Year

Ended

08/31/24

Year

Ended

08/31/23

Year

Ended

08/31/22

Year

Ended

08/31/21

Net

asset

value,

beginning

of

period

......

$

67.21

‌

$

69.36

‌

$

57.97

‌

$

42.16

‌

$

61.21

‌

$

42.50

‌

Net

investment

income

(a)

..............

0

.30

‌

1

.87

‌

1

.09

‌

0

.64

‌

0

.52

‌

0

.32

‌

Net

realized

and

unrealized

gain

(loss)

(b)

....

7

.55

‌

(

2

.09

)

11.28

‌

15.63

‌

(

18.92

)

18.74

‌

Net

increase

(decrease)

from

investment

operations

........................

7

.85

‌

(

0

.22

)

12.37

‌

16.27

‌

(

18.40

)

19.06

‌

Distributions

from

net

investment

income

(c)

....

(

0

.74

)

(d)

(

1

.93

)

(

0

.98

)

(

0

.46

)

(

0

.65

)

(

0

.35

)

Net

asset

value,

end

of

period

...........

$

74.32

‌

$

67.21

‌

$

69.36

‌

$

57.97

‌

$

42.16

‌

$

61.21

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

...............

11.68

%

(f)

(

0

.13

)

%

21.43

%

38.57

%

(

30.16

)

%

44.90

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

......................

0

.49

%

(h)

0

.50

%

0

.50

%

0

.50

%

0

.50

%

0

.50

%

Net

investment

income

.................

0

.84

%

(h)

2

.95

%

1

.73

%

1

.23

%

1

.02

%

0

.62

%

Supplemental

Data

Net

assets,

end

of

period

(000)

...........

$

85,472

‌

$

60,489

‌

$

117,904

‌

$

98,549

‌

$

48,479

‌

$

82,630

‌

Portfolio

turnover

rate

(i)

.................

22

%

46

%

87

%

23

%

33

%

40

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

Notes

to

Financial

Statements

(unaudited)

14

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

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”):

2.

Significant

Accounting

Policies

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies:

Investment

Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method. Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value. Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

of

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest. Upon

notification

from

issuers

or

as

estimated

by

management,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain. Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis.

Foreign

Currency

Translation:

Each

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

exchange

rates

determined

as

of

the

close

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”).

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value.

Each

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Statements

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

Each

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

 The

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its

Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Foreign

taxes

withheld”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

February

28,

2026,

if

any,

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

The Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

include

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

Cash:

 The

Funds

may

maintain

cash

at

their

custodian

which,

at

times

may

exceed

United

States

federally

insured

limits.

The

Funds

may,

at

times,

have

outstanding

cash

disbursements

that

exceed

deposited

cash

amounts

at

the

custodian

during

the

reporting

period.

The

Funds

are

obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

if

any,

are

included

in

interest

expense

in

the

Statements

of

Operations. 

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the

Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments. 

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. 

iShares

ETF

Diversification

Classification

MSCI

Finland

...............................................................................................................

Non-diversified

MSCI

Ireland

...............................................................................................................

Non-diversified

Notes

to

Financial

Statements

(unaudited)

(

continued)

15

Notes

to

Financial

Statements

Indemnifications:

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Funds,

which

cannot

be

predicted

with

any

certainty.

Segment

Reporting:

The

Chief

Financial

Officer

acts

as

the

Funds’

Chief

Operating

Decision

Maker

(“CODM”)

and

is

responsible

for

assessing

performance

and

allocating

resources

with

respect

to

each

Fund.

The

CODM

has

concluded

that

each

Fund

operates

as

a

single

operating

segment

since each

Fund

has

a

single

investment

strategy

as

disclosed

in its

prospectus,

against

which

the

CODM

assesses

performance.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

presented

within each

Fund’s

financial

statements.

3.

Investment

Valuation

and

Fair

Value

Measurements

Investment

Valuation

Policies:

Each

Fund’s

investments

are

valued

at

fair

value

(also

referred

to

as

“market

value”

within

the

financial

statements)

each

day

that

the

Fund’s

listing

exchange

is

open

and,

for

financial

reporting

purposes,

as

of

the

report

date.

U.S.

GAAP

defines

fair

value

as

the

price

a

fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Board

of

Trustees of

the

Trust (the

“Board”)

of

each

Fund

has

approved

the

designation

of

BlackRock

Fund

Advisors

(“BFA”),

the

Funds’

investment

adviser,

as

the

valuation

designee

for each

Fund. Each

Fund

determines

the

fair

values

of

its

financial

instruments

using

various

independent

dealers

or

pricing

services

under

BFA’s

policies.

If

a

security’s

market

price

is

not

readily

available

or

does

not

otherwise

accurately

represent

the

fair

value

of

the

security,

the

security

will

be

valued

in

accordance

with

BFA’s

policies

and

procedures

as

reflecting

fair

value. BFA

has

formed

a

committee

(the

“Valuation

Committee”)

to

develop

pricing

policies

and

procedures

and

to

oversee

the

pricing

function

for

all

financial

instruments,

with

assistance

from

other

BlackRock

pricing

committees.

Fair

Value

Inputs

and

Methodologies:

The

following

methods

and

inputs

are

used

to

establish

the

fair

value

of each

Fund’s

assets

and

liabilities:

Equity

investments

(except

ETF

options,

equity

index

options

or

those

that

are

customized)

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s

official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

are

valued

at

the

last

traded

price.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

at

that

day’s

NAV.

Futures

contracts

are

valued

based

on

that

day’s

last

reported

settlement

or

trade

price

on

the

exchange

where

the

contract

is

traded.

Generally,

trading

in

foreign

instruments

is

substantially

completed

each

day

at

various

times

prior

to

the

close

of

trading

on

the

NYSE.

Each

business

day,

the Funds

use

current

market

factors

supplied

by

independent

pricing

services

to

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

occurs

after

the

close

of

the

local

markets.

If

events

(e.g.,

market

volatility,

company

announcement

or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that

application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Valuation

Committee

in

accordance

with BFA’s

policies

and

procedures

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

to

determine

the

price

that each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement

as

of

the

measurement

date.

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

that each

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities;

Level

2

–

Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly;

and

Level

3

– Inputs

that

are

unobservable

and

significant

to

the

entire

fair

value

measurement

for

the

asset

or

liability (including

the

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

Notes

to

Financial

Statements

(unaudited)(continued)

16

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

4.

Securities

and

Other

Investments

Securities

Lending:

Each

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

an

approved

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

Government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

or

excess

collateral

is

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

each

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by

BFA,

or

its

affiliates

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

each

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

by

the

Funds

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”)

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency)

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Funds

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency.

As

of

period

end,

the

following

table

is

a

summary

of

the

securities

on

loan

by

counterparty

which

are

subject

to

offset

under

an

MSLA: 

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. 

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

MSCI

Finland

BofA

Securities,

Inc.

..............................................

$

12,583‌

$

(12,583‌)

$

—‌

$

—‌

Goldman

Sachs

&

Co.

LLC

.........................................

100,799‌

(100,799‌)

—‌

—‌

Morgan

Stanley

.................................................

56,869‌

(56,869‌)

—‌

—‌

UBS

AG

......................................................

60,900‌

(60,900‌)

—‌

—‌

$

231,151‌

$

(231,151‌)

$

—‌

$

—‌

a

(a)

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.

Notes

to

Financial

Statements

(unaudited)

(

continued)

17

Notes

to

Financial

Statements

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

the

iShares

MSCI Finland

ETF,

BFA

is

entitled

to

an

annual

investment

advisory

fee

of

0.53%,

accrued

daily

and

paid

monthly

by

the

Fund,

based

on

the

average

daily

net

assets

of

the

Fund. 

For

its

investment

advisory

services

to

the

iShares

MSCI

Ireland

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: 

Distributor:

 BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

is

the

distributor

for

each

Fund.

Pursuant

to

the

distribution

agreement,

BFA

is

responsible

for

any

fees

or

expenses

for

distribution

services

provided

to

the

Funds.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided. The

Funds

do

not

pay

BRIL

for

ETF

Services.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(“SEC”)

has

issued

an

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

an

affiliate

of

BFA,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs. Each

Fund

is responsible

for

fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional

or

BlackRock

Cash

Funds:

Treasury,

managed

by BFA,

or

its

affiliates.

However,

BTC

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees each

Fund

bears

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

distribution

fee

or

service

fee.

BlackRock

Cash

Funds:

Institutional

may

impose

a

discretionary

liquidity

fee

of

up

to

2%

on

all

redemptions.

Discretionary

liquidity

fees

may

be

imposed

or

terminated

at

any

time

at

the

discretion

of

the

board

of

directors

of

the

money

market

fund,

or

its

delegate,

if

it

is

determined

that

such

fee

would

be,

or

would

not

be,

respectively,

in

the

best

interest

of

the

money

market

fund.

Additionally,

BlackRock

Cash

Funds:

Institutional

will

impose

a

mandatory

liquidity

fee

if

the

money

market

fund’s

total

net

redemptions

on

a

single

day

exceed

5%

of

the

money

market

fund’s

net

assets,

unless

the

amount

of

the

fee

is

less

than

0.01%

of

the

value

of

the

shares

redeemed.

BlackRock

Cash

Funds:

Institutional

will

determine

the

size

of

the

mandatory

liquidity

fee

by

making

a

good

faith

estimate

of

certain

costs

the

money

market

fund

would

incur

if

it

were

to

sell

a

pro

rata

amount

of

each

security

in

the

portfolio

to

satisfy

the

amount

of

net

redemptions

on

that

day.

There

is

no

limit

to

the

size

of

a

mandatory

liquidity

fee.

If

BlackRock

Cash

Funds:

Institutional

cannot

estimate

the

costs

of

selling

a

pro

rata

amount

of

each

portfolio

security

in

good

faith

and

supported

by

data,

it

is

required

to

apply

a

default

liquidity

fee

of

1%

on

the

value

of

shares

redeemed

on

that

day.

Securities

lending

income

is

generally

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral

(and

excludes

collateral

investment

fees),

and

any

fees

or

other

payments

to

and

from

borrowers

of

securities. Each

Fund

retains

a

portion

of

the

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent. 

Pursuant

to

the

current

securities

lending

agreement,

each

Fund

retains

82%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

the

iShares

ETF

Complex

in

that

calendar

year

exceeds

a

specific

threshold,

each

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

85%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

The

share

of

securities

lending

income

earned

by

each

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its Statements

of

Operations.

For

the six

months

ended February

28,

2026,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Trustees and

Officers:

Certain

trustees

and/or

officers

of

the

Trust

are

directors

and/or

officers

of

BlackRock

or

its

affiliates.

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$7

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.59%

Over

$7

billion,

up

to

and

including

$11

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.54

Over

$11

billion,

up

to

and

including

$24

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.49

Over

$24

billion,

up

to

and

including

$48

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.44

Over

$48

billion,

up

to

and

including

$72

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.40

Over

$72

billion,

up

to

and

including

$96

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.36

Over

$96

billion

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.32

iShares

ETF

Amounts

MSCI

Finland

..............................................................................................................

$

184

‌

Notes

to

Financial

Statements

(unaudited)(continued)

18

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Other

Transactions:

Cross

trading

is

the

buying

or

selling

of

portfolio

securities

between

funds

to

which

BFA

(or

an

affiliate)

serves

as

investment

adviser.

At

its

regularly

scheduled

quarterly

meetings,

the

Board

reviews

such

transactions

as

of

the

most

recent

calendar

quarter

for

compliance

with

the

requirements

and

restrictions

set

forth

by

Rule

17a-7.

For

the

six

months

ended

February

28,

2026,

transactions

executed

by

the

Funds

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

Each

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statements

of

Operations.

A

fund,

in

order

to

improve

its

portfolio

liquidity

and

its

ability

to

track

its

underlying

index,

may

invest

in

shares

of

other

iShares

funds

that

invest

in

securities

in

the

fund’s

underlying

index.

7.

Purchases

and

Sales

For

the six

months

ended

February

28,

2026,

purchases

and

sales

of

investments,

excluding

short-term

securities

and

in-kind

transactions,

were

as

follows:

For

the six

months ended

February

28,

2026,

in-kind

transactions

were

as

follows:

8.

Income

Tax

Information

Each

Fund

is

treated

as

an

entity

separate

from

the

Trust’s

other

funds

for

federal

income

tax

purposes.

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Funds

as

of

February

28,

2026,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

Management’s

analysis

is

based

on

the

tax

laws

and

judicial

and

administrative

interpretations

thereof

in

effect

as

of

the

date

of

these

financial

statements,

all

of

which

are

subject

to

change,

possibly

with

retroactive

effect,

which

may

impact

the

Funds’

NAV.

As

of

August

31,

2025,

the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

and

qualified

late-year

losses

as

follows:

As

of

February

28,

2026,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

MSCI

Finland

...........................................................................

$

929,014‌

$

2,139,822‌

$

107,319‌

MSCI

Ireland

...........................................................................

1,602,107‌

5,528,459‌

(533,790‌)

iShares

ETF

Purchases

Sales

MSCI

Finland

...........................................................................................

$

3,110,524

‌

$

2,965,572

‌

MSCI

Ireland

...........................................................................................

15,016,377

‌

14,859,942

‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

MSCI

Finland

...........................................................................................

$

7,366,070

‌

$

2,199,470

‌

MSCI

Ireland

...........................................................................................

15,683,628

‌

—

‌

iShares

ETF

Non-Expiring

Capital

Loss

Carryforwards

(a)

Qualified

Late-Year

Ordinary

Losses

(b)

MSCI

Finland

.............................................................................................

$

(8,276,210‌)

$

(7,950‌)

MSCI

Ireland

.............................................................................................

(5,513,659‌)

—‌

(a)

Amounts

available

to

offset

future

realized

capital

gains.

(b)

The

Fund

has

elected

to

defer

these

qualified

late-year

losses

and

recognize

such

losses

in

the

next

taxable

year.

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

MSCI

Finland

.........................................................

$

34,919,862‌

$

7,494,624‌

$

(1,247,741‌)

$

6,246,883‌

MSCI

Ireland

.........................................................

70,141,939‌

16,337,795‌

(3,743,029‌)

12,594,766‌

Notes

to

Financial

Statements

(unaudited)

(

continued)

19

Notes

to

Financial

Statements

9.

Line

of

Credit

The

Funds,

along

with

certain

other

iShares

funds

(“Participating

Funds”),

are

parties

to

a

$900

million

credit

agreement

(“Syndicated

Credit

Agreement”)

with

a

group

of

lenders,

which

expires

on

October

14,

2026.

The

line

of

credit

may

be

used

for

temporary

or

emergency

purposes,

including

redemptions,

settlement

of

trades

and

rebalancing

of

portfolio

holdings

in

certain

target

markets.

The

Funds

may

borrow

up

to

the

aggregate

commitment

amount

subject

to

asset

coverage

and

other

limitations

as

specified

in

the

Syndicated

Credit

Agreement.

The

Syndicated

Credit

Agreement

has

the

following

terms:

a

commitment

fee

of

0.15%

per

annum

on

the

unused

portion

of

the

credit

agreement

and

interest

at

a

rate

equal

to

the

higher

of

(a)

Daily

Simple

Secured

Overnight

Financing

Rate

(“SOFR”)

plus

0.10%

and

1.00%

per

annum

or

(b)

the

U.S.

Federal

Funds

rate

plus

1.00%

per

annum

on

amounts

borrowed.

The

commitment

fee

is

generally

allocated

to

each

Participating

Fund

based

on

the

lesser

of

a

Participating

Fund’s

relative

exposure

to

certain

target

markets

or

a

Participating

Fund’s

maximum

borrowing

amount

as

set

forth

by

the

terms

of

the

Syndicated

Credit

Agreement.

During

the

six

months ended

February

28,

2026,

the Funds did

not

borrow

under

the

Syndicated

Credit

Agreement.

10.

Principal

Risks

In

the

normal

course

of

business,

each

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject each

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation,

tariffs or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which each

Fund

is

subject.

BFA

uses

an

indexing

approach

to

try

to

achieve

each

Fund’s

investment

objective.

The

Funds are

not

actively

managed,

and

BFA

generally

does

not

attempt

to

take

defensive

positions

under

any

market

conditions,

including

declining

markets.

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

mandatory

and

discretionary

liquidity

fees

under

certain

circumstances.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries.

A

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that

a

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment.

A

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that

it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause each

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of

a

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which

a

Fund

invests. A

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/

or

errors

by

pricing

services

or

other

third-party

service

providers.

Counterparty

Credit

Risk:

The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

BFA

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds.

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures,

there

is

less

counterparty

credit

risk

to

the

Funds

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

Fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in

exchange-traded

futures

with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds.

Geographic/Asset

Class

Risk:

A

diversified

portfolio,

where

this

is

appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

each

Fund’s

portfolio

are

disclosed

in

its

Schedule

of

Investments.

The Funds

invest

a

significant

portion

of

their

assets

in

issuers

located

in

a

single

country

or

a

limited

number

of

countries.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

in

that

country

or

those

countries

may

have

a

significant

impact

on

the

fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

Fund’s

portfolio.

Unanticipated

or

sudden

political

or

social

developments

may

cause

uncertainty

in

the

markets

and

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.

Notes

to

Financial

Statements

(unaudited)(continued)

20

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

The

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.

The Funds

invest

a

significant

portion

of

their

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

Fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

Fund's

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedule

of

Investments. 

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

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:

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the

Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the

Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars.

Authorized

Participants

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Authorized

Participants

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

To

the

extent

applicable,

to

facilitate

the

timely

settlement

of

orders

for

the

Funds

using

a

clearing

facility

outside

of

the

continuous

net

settlement

process,

the

Funds,

at

their

sole

discretion,

may

permit

an

Authorized

Participant

to

post

cash

as

collateral

in

anticipation

of

the

delivery

of

all

or

a

portion

of

the

applicable

Deposit

Securities

or

Fund

Securities,

as

further

described

in

the

applicable

Authorized

Participant

Agreement.

The

collateral

process

is

subject

to

a

Control

Agreement

among

the

Authorized

Participant,

each

Fund’s

custodian,

and

the

Funds.

In

the

event

that

the

Authorized

Participant

fails

to

deliver

all

or

a

portion

of

the

applicable

Deposit

Securities

or

Fund

Securities,

the

Funds

may

exercise

control

over

such

collateral

pursuant

to

the

terms

of

the

Control

Agreement

in

order

to

purchase

the

applicable

Deposit

Securities

or

Fund

Securities.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statements

of

Assets

and

Liabilities.

Six

Months

Ended

02/28/26

Year

Ended

08/31/25

iShares

ETF

Shares

Amount

Shares

Amount

MSCI

Finland

Shares

sold

.........................................................

150,000

‌

$

7,389,502

‌

500,000

‌

$

18,886,736

‌

Shares

redeemed

.....................................................

(50,000

)

(2,209,301

)

(550,000

)

(19,893,372

)

100,000

‌

$

5,180,201

‌

(50,000

)

$

(1,006,636

)

MSCI

Ireland

Shares

sold

.........................................................

250,000

‌

$

18,558,716

‌

—

‌

$

—

‌

Shares

redeemed

.....................................................

—

‌

—

‌

(800,000

)

(52,511,717

)

250,000

‌

$

18,558,716

‌

(800,000

)

$

(52,511,717

)

Notes

to

Financial

Statements

(unaudited)

(

continued)

21

Notes

to

Financial

Statements

12.

Foreign

Withholding

Tax

Claims

The iShares

MSCI

Finland

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

the

filing

of

these

claims

for

foreign

withholding

taxes

have

been

approved

by

the

Board

as

appropriate

expenses

of

the Fund.

Based

upon

the

Fund’s

evaluation

of

the

facts

and

circumstances

related

to

the

outstanding

ECJ

Claims,

ECJ

Paying

Countries’

tax

claim

receivables

and

related

liabilities

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

The

collection

of

these

receivables,

and

any

payment

of

associated

liabilities,

depends

upon

future

determinations

made

by

the

local

tax

authorities,

the

outcome

of

which

is

uncertain.

If

such

future

determinations

are

unfavorable,

the

potential

negative

impact

to

the

Fund,

as

of February

28,

2026

is

$6,120

or

$0.01

per

share. 

13.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Additional

Information

22

2026

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Additional

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Changes

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Remuneration

Paid

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and

Others

Because

BFA

has

agreed in

the

Investment

Advisory

Agreements

to

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operating

expenses

of

the

Funds,

subject

to

certain

exclusions as

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for

therein,

BFA

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the

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advisory

fees.

Availability

of

Portfolio

Holdings

Information

A

description

of

the

Trust’s policies

and

procedures

with

respect

to

the

disclosure

of

the

Funds’

portfolio

securities

is

available

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the

Fund

Prospectus.

The

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holdings

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top

holdings

in

Fund

fact

sheets,

when

available, at

iShares.com

.

Glossary

of

Terms

Used

in

these

Financial

Statements

23

Glossary

of

Terms

Used

in

these

Financial

Statements

Portfolio

Abbreviation

REIT

Real

Estate

Investment

Trust

Want

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iSHARES

and

BLACKROCK

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Inc.

or

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subsidiaries.

All

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marks

are

the

property

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respective

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February

28,

2026

2026

Semi-Annual

Financial

Statements

and

Additional

Information

(Unaudited)

iShares

Trust

iShares

Climate

Conscious

&

Transition

MSCI

USA

ETF

|

USCL

|

NASDAQ

iShares

ESG

Advanced

MSCI

USA

ETF

|

USXF

|

NASDAQ

Table

of

Contents

Page

2

Schedules

of

Investments

.................................................................................................

3

Statements

of

Assets

and

Liabilities

...........................................................................................

14

Statements

of

Operations

.................................................................................................

15

Statements

of

Changes

in

Net

Assets

..........................................................................................

16

Financial

Highlights

.....................................................................................................

17

Notes

to

Financial

Statements

...............................................................................................

19

Additional

Information

....................................................................................................

26

Glossary

of

Terms

Used

in

these

Financial

Statements

................................................................................

27

iShares

®

Climate

Conscious

&

Transition

MSCI

USA

ETF

Schedule

of

Investments

(unaudited)

February

28,

2026

(Percentages

shown

are

based

on

Net

Assets)

3

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

0

.1

%

Rocket

Lab

Corp.

(a)

.......................

27,934

$

1,930,239

a

Air

Freight

&

Logistics

 — 

0

.4

%

FedEx

Corp.

............................

13,001

5,031,387

United

Parcel

Service,

Inc.

,

Class

B

............

42,930

4,978,163

10,009,550

a

Automobiles

 — 

3

.2

%

General

Motors

Co.

.......................

54,194

4,265,610

Tesla,

Inc.

(a)

.............................

164,217

66,098,984

70,364,594

a

Banks

 — 

4

.5

%

Bank

of

America

Corp.

.....................

398,036

19,834,134

Citigroup,

Inc.

...........................

103,944

11,453,589

JPMorgan

Chase

&

Co.

....................

158,145

47,490,943

U.S.

Bancorp

...........................

90,175

4,928,966

Wells

Fargo

&

Co.

........................

182,349

14,852,326

98,559,958

a

Beverages

 — 

1

.6

%

Coca-Cola

Co.

(The)

......................

237,395

19,361,936

Keurig

Dr

Pepper,

Inc.

.....................

74,437

2,253,952

PepsiCo,

Inc.

...........................

79,425

13,481,600

35,097,488

a

Biotechnology

 — 

2

.7

%

AbbVie,

Inc.

............................

102,675

23,828,814

Amgen,

Inc.

............................

31,289

12,145,138

Biogen,

Inc.

(a)

...........................

8,546

1,639,294

Gilead

Sciences,

Inc.

......................

72,079

10,736,167

Regeneron

Pharmaceuticals,

Inc.

..............

5,993

4,684,548

Vertex

Pharmaceuticals,

Inc.

(a)

................

14,738

7,322,281

60,356,242

a

Broadline

Retail

 — 

4

.5

%

Amazon.com,

Inc.

(a)

.......................

439,303

92,253,630

eBay,

Inc.

..............................

26,252

2,385,257

MercadoLibre,

Inc.

(a)

.......................

2,643

4,645,284

99,284,171

a

Building

Products

 — 

0

.7

%

Carlisle

Companies,

Inc.

....................

2,476

977,450

Carrier

Global

Corp.

.......................

44,267

2,850,795

Johnson

Controls

International

PLC

............

35,546

5,129,288

Lennox

International,

Inc.

...................

1,820

1,037,291

Trane

Technologies

PLC

....................

12,872

5,950,983

15,945,807

a

Capital

Markets

 — 

4

.2

%

Ameriprise

Financial,

Inc.

...................

5,288

2,485,995

Bank

of

New

York

Mellon

Corp.

(The)

...........

39,973

4,760,784

BlackRock,

Inc.

(b)

.........................

8,572

9,114,007

Blackstone,

Inc.

..........................

42,899

4,863,460

Carlyle

Group,

Inc.

(The)

....................

13,618

708,000

Cboe

Global

Markets,

Inc.

...................

6,122

1,834,886

Charles

Schwab

Corp.

(The)

.................

98,071

9,336,359

CME

Group,

Inc.

,

Class

A

...................

20,959

6,696,400

Goldman

Sachs

Group,

Inc.

(The)

.............

17,414

14,968,552

Intercontinental

Exchange,

Inc.

...............

33,122

5,436,314

Moody's

Corp.

...........................

9,322

4,452,094

Morgan

Stanley

..........................

68,970

11,484,195

Nasdaq,

Inc.

............................

26,660

2,334,883

Robinhood

Markets,

Inc.

,

Class

A

(a)

.............

43,540

3,302,509

Security

Shares

Value

a

Capital

Markets

(continued)

S&P

Global,

Inc.

.........................

18,008

$

7,957,375

State

Street

Corp.

........................

16,344

2,102,165

T

Rowe

Price

Group,

Inc.

...................

12,549

1,187,512

93,025,490

a

Chemicals

 — 

1

.4

%

Corteva,

Inc.

............................

39,035

3,127,484

DuPont

de

Nemours,

Inc.

...................

24,025

1,202,211

Ecolab,

Inc.

............................

14,765

4,552,788

International

Flavors

&

Fragrances,

Inc.

..........

15,034

1,236,246

Linde

PLC

.............................

27,148

13,793,356

PPG

Industries,

Inc.

.......................

13,161

1,622,356

Sherwin-Williams

Co.

(The)

..................

13,737

4,980,899

30,515,340

a

Commercial

Services

&

Supplies

 — 

0

.8

%

Cintas

Corp.

............................

20,858

4,195,170

Republic

Services,

Inc.

,

Class

A

...............

12,585

2,881,965

Veralto

Corp.

............................

14,403

1,403,284

Waste

Connections,

Inc.

....................

14,943

2,572,139

Waste

Management,

Inc.

....................

23,410

5,638,064

16,690,622

a

Communications

Equipment

 — 

1

.1

%

Cisco

Systems,

Inc.

.......................

281,218

22,345,582

F5,

Inc.

(a)

..............................

4,143

1,124,245

23,469,827

a

Construction

&

Engineering

 — 

0

.3

%

AECOM

...............................

7,737

758,071

Quanta

Services,

Inc.

(c)

.....................

8,670

4,881,904

5,639,975

a

Construction

Materials

 — 

0

.4

%

CRH

PLC

..............................

38,958

4,674,181

Martin

Marietta

Materials,

Inc.

................

3,505

2,371,378

Vulcan

Materials

Co.

......................

7,666

2,376,460

9,422,019

a

Consumer

Finance

 — 

0

.4

%

American

Express

Co.

.....................

32,006

9,886,653

a

Consumer

Staples

Distribution

&

Retail

 — 

1

.6

%

Target

Corp.

............................

26,241

2,985,963

Walmart,

Inc.

............................

254,646

32,581,956

35,567,919

a

Containers

&

Packaging

 — 

0

.1

%

Amcor

PLC

.............................

26,727

1,294,388

Avery

Dennison

Corp.

......................

4,457

875,132

Ball

Corp.

..............................

14,744

989,765

3,159,285

a

Diversified

Telecommunication

Services

 — 

1

.4

%

AT&T,

Inc.

..............................

411,834

11,535,470

Comcast

Corp.

,

Class

A

....................

211,138

6,536,832

Verizon

Communications,

Inc.

................

244,926

12,280,590

30,352,892

a

Electric

Utilities

 — 

1

.8

%

Constellation

Energy

Corp.

..................

17,896

5,903,532

Duke

Energy

Corp.

.......................

45,177

5,911,410

Eversource

Energy

.......................

21,789

1,660,540

Exelon

Corp.

............................

58,726

2,905,175

NextEra

Energy,

Inc.

......................

119,633

11,217,986

PG&E

Corp.

............................

127,846

2,429,074

Southern

Co.

(The)

.......................

63,975

6,229,886

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

iShares

®

Climate

Conscious

&

Transition

MSCI

USA

ETF

(Percentages

shown

are

based

on

Net

Assets)

4

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Electric

Utilities

(continued)

Xcel

Energy,

Inc.

.........................

34,388

$

2,866,584

39,124,187

a

Electrical

Equipment

 — 

1

.0

%

AMETEK,

Inc.

...........................

13,358

3,195,501

Eaton

Corp.

PLC

.........................

22,564

8,482,259

Emerson

Electric

Co.

......................

32,624

4,918,068

Vertiv

Holdings

Co.

,

Class

A

.................

21,108

5,380,218

21,976,046

a

Energy

Equipment

&

Services

 — 

0

.4

%

Baker

Hughes

Co.

,

Class

A

..................

57,231

3,734,895

SLB

Ltd.

...............................

86,561

4,444,042

8,178,937

a

Entertainment

 — 

1

.6

%

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

C

,

NVS

(a)

...............................

12,278

1,124,542

Netflix,

Inc.

(a)

............................

246,138

23,688,321

Walt

Disney

Co.

(The)

.....................

103,717

10,998,151

35,811,014

a

Financial

Services

 — 

3

.1

%

Apollo

Global

Management,

Inc.

...............

25,247

2,640,836

Block,

Inc.

,

Class

A

(a)

......................

31,655

2,016,423

Fidelity

National

Information

Services,

Inc.

........

30,136

1,535,731

Fiserv,

Inc.

(a)

............................

31,530

1,964,004

Global

Payments,

Inc.

.....................

13,819

1,056,601

Mastercard,

Inc.

,

Class

A

....................

49,175

25,433,802

PayPal

Holdings,

Inc.

......................

51,644

2,386,469

Visa,

Inc.

,

Class

A

........................

97,939

31,354,191

68,388,057

a

Food

Products

 — 

0

.4

%

General

Mills,

Inc.

........................

30,635

1,385,621

Hershey

Co.

(The)

........................

8,616

2,035,789

McCormick

&

Co.,

Inc.

,

NVS

.................

14,783

1,050,184

Mondelez

International,

Inc.

,

Class

A

............

74,850

4,609,263

9,080,857

a

Gas

Utilities

 — 

0

.1

%

Atmos

Energy

Corp.

.......................

9,388

1,753,584

a

Ground

Transportation

 — 

1

.3

%

CSX

Corp.

.............................

108,029

4,611,758

Norfolk

Southern

Corp.

.....................

12,989

4,088,158

Old

Dominion

Freight

Line,

Inc.

...............

10,891

2,211,418

Uber

Technologies,

Inc.

(a)

...................

114,746

8,654,143

Union

Pacific

Corp.

.......................

34,447

9,127,766

28,693,243

a

Health

Care

Equipment

&

Supplies

 — 

1

.2

%

Abbott

Laboratories

.......................

101,007

11,752,164

Becton

Dickinson

&

Co.

....................

16,576

2,925,333

Boston

Scientific

Corp.

(a)

....................

86,114

6,617,861

Edwards

Lifesciences

Corp.

(a)

................

33,898

2,931,160

IDEXX

Laboratories,

Inc.

(a)

...................

4,622

3,035,406

27,261,924

a

Health

Care

Providers

&

Services

 — 

1

.3

%

Elevance

Health,

Inc.

......................

12,901

4,128,320

Labcorp

Holdings,

Inc.

.....................

4,885

1,412,351

McKesson

Corp.

.........................

7,162

7,071,544

UnitedHealth

Group,

Inc.

....................

52,609

15,428,642

28,040,857

a

Security

Shares

Value

a

Health

Care

REITs

 — 

0

.4

%

Healthpeak

Properties,

Inc.

..................

40,372

$

713,777

Welltower,

Inc.

...........................

39,864

8,256,632

8,970,409

a

Health

Care

Technology

 — 

0

.1

%

Veeva

Systems,

Inc.

,

Class

A

(a)

...............

9,006

1,639,182

a

Hotels,

Restaurants

&

Leisure

 — 

2

.5

%

Airbnb,

Inc.

,

Class

A

(a)

......................

24,999

3,377,615

Booking

Holdings,

Inc.

.....................

1,881

7,974,217

Chipotle

Mexican

Grill,

Inc.

,

Class

A

(a)

...........

76,815

2,859,054

Domino's

Pizza,

Inc.

.......................

1,871

753,096

Expedia

Group,

Inc.

.......................

6,842

1,475,751

Flutter

Entertainment

PLC

,

Class

DI

(a)

(c)

..........

9,691

1,028,603

Hilton

Worldwide

Holdings,

Inc.

...............

13,504

4,210,277

Hyatt

Hotels

Corp.

,

Class

A

..................

2,407

388,730

Las

Vegas

Sands

Corp.

....................

17,916

1,016,196

Marriott

International,

Inc.

,

Class

A

.............

13,257

4,530,315

McDonald's

Corp.

........................

41,343

14,100,444

Royal

Caribbean

Cruises

Ltd.

................

15,054

4,681,192

Starbucks

Corp.

..........................

66,047

6,473,927

Yum!

Brands,

Inc.

........................

16,134

2,713,093

55,582,510

a

Household

Products

 — 

1

.4

%

Church

&

Dwight

Co.,

Inc.

...................

13,942

1,461,958

Clorox

Co.

(The)

.........................

6,974

886,814

Colgate-Palmolive

Co.

.....................

44,432

4,404,988

Kimberly-Clark

Corp.

......................

19,164

2,135,636

Procter

&

Gamble

Co.

(The)

.................

135,744

22,696,397

31,585,793

a

Industrial

Conglomerates

 — 

0

.2

%

3M

Co.

................................

30,912

5,110,372

a

Industrial

REITs

 — 

0

.3

%

Prologis,

Inc.

............................

53,966

7,693,933

a

Insurance

 — 

1

.9

%

American

International

Group,

Inc.

.............

31,352

2,523,523

Aon

PLC

,

Class

A

........................

11,850

3,975,320

Arch

Capital

Group

Ltd.

(a)

...................

21,075

2,110,661

Arthur

J

Gallagher

&

Co.

....................

14,876

3,394,703

Chubb

Ltd.

.............................

21,714

7,401,434

Cincinnati

Financial

Corp.

...................

9,064

1,486,315

Hartford

Insurance

Group,

Inc.

(The)

............

16,215

2,283,558

Markel

Group,

Inc.

(a)

.......................

741

1,535,700

Marsh

&

McLennan

Companies,

Inc.

............

28,469

5,316,301

Progressive

Corp.

(The)

....................

34,051

7,275,337

Travelers

Companies,

Inc.

(The)

...............

12,948

3,996,271

Willis

Towers

Watson

PLC

...................

5,619

1,714,750

43,013,873

a

Interactive

Media

&

Services

 — 

9

.0

%

Alphabet,

Inc.

,

Class

A

.....................

202,721

63,200,299

Alphabet,

Inc.

,

Class

C

,

NVS

.................

169,516

52,792,368

Meta

Platforms,

Inc.

,

Class

A

.................

126,540

82,020,697

Pinterest,

Inc.

,

Class

A

(a)

....................

34,315

587,816

Snap,

Inc.

,

Class

A

,

NVS

(a)

..................

61,273

319,232

198,920,412

a

IT

Services

 — 

1

.8

%

Accenture

PLC

,

Class

A

....................

43,803

9,142,562

Cloudflare,

Inc.

,

Class

A

(a)

...................

22,491

3,872,725

Cognizant

Technology

Solutions

Corp.

,

Class

A

.....

34,548

2,225,928

Gartner,

Inc.

(a)

...........................

5,141

808,165

iShares

®

Climate

Conscious

&

Transition

MSCI

USA

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

(Percentages

shown

are

based

on

Net

Assets)

5

Schedule

of

Investments

Security

Shares

Value

a

IT

Services

(continued)

GoDaddy,

Inc.

,

Class

A

(a)

....................

9,608

$

837,433

International

Business

Machines

Corp.

..........

66,537

15,982,853

Okta,

Inc.

,

Class

A

(a)

.......................

11,907

863,258

Snowflake,

Inc.

,

Class

A

(a)

...................

22,867

3,851,031

Twilio,

Inc.

,

Class

A

(a)

......................

10,801

1,306,489

38,890,444

a

Life

Sciences

Tools

&

Services

 — 

1

.3

%

Agilent

Technologies,

Inc.

...................

16,393

1,989,782

Danaher

Corp.

..........................

36,938

7,780,620

Illumina,

Inc.

(a)

...........................

8,898

1,196,425

IQVIA

Holdings,

Inc.

(a)

(c)

.....................

9,860

1,763,067

Mettler-Toledo

International,

Inc.

(a)

.............

1,195

1,633,195

Thermo

Fisher

Scientific,

Inc.

.................

21,819

11,370,099

Waters

Corp.

(a)

..........................

5,708

1,823,021

West

Pharmaceutical

Services,

Inc.

............

4,194

1,066,702

28,622,911

a

Machinery

 — 

2

.5

%

Caterpillar,

Inc.

..........................

27,185

20,193,834

Cummins,

Inc.

...........................

8,028

4,687,308

Deere

&

Co.

............................

14,921

9,395,903

Dover

Corp.

............................

7,943

1,791,146

Fortive

Corp.

............................

19,554

1,157,597

Graco,

Inc.

.............................

9,676

908,770

IDEX

Corp.

.............................

4,313

903,444

Ingersoll

Rand,

Inc.

.......................

22,918

2,157,501

PACCAR,

Inc.

...........................

30,510

3,847,006

Parker-Hannifin

Corp.

......................

7,319

7,386,188

Xylem,

Inc.

.............................

14,223

1,842,732

54,271,429

a

Media

 — 

0

.1

%

Omnicom

Group,

Inc.

......................

18,272

1,558,419

a

Metals

&

Mining

 — 

0

.4

%

Newmont

Corp.

..........................

63,526

8,258,380

a

Multi-Utilities

 — 

0

.6

%

Ameren

Corp.

...........................

15,749

1,784,047

CenterPoint

Energy,

Inc.

....................

37,884

1,647,954

Consolidated

Edison,

Inc.

...................

20,963

2,358,757

Dominion

Energy,

Inc.

......................

49,608

3,132,249

Sempra

...............................

37,850

3,643,819

12,566,826

a

Oil,

Gas

&

Consumable

Fuels

 — 

3

.1

%

ConocoPhillips

..........................

71,774

8,143,478

Diamondback

Energy,

Inc.

...................

10,827

1,884,764

EOG

Resources,

Inc.

......................

31,548

3,914,476

EQT

Corp.

.............................

36,008

2,211,612

Exxon

Mobil

Corp.

........................

244,968

37,357,620

Kinder

Morgan,

Inc.

.......................

116,537

3,877,186

Occidental

Petroleum

Corp.

..................

43,002

2,282,546

ONEOK,

Inc.

............................

36,504

3,021,436

Williams

Companies,

Inc.

(The)

...............

70,839

5,293,090

67,986,208

a

Personal

Care

Products

 — 

0

.2

%

Estee

Lauder

Companies,

Inc.

(The)

,

Class

A

......

14,291

1,564,436

Kenvue,

Inc.

............................

111,555

2,132,931

3,697,367

a

Pharmaceuticals

 — 

5

.5

%

Bristol-Myers

Squibb

Co.

....................

118,248

7,375,128

Eli

Lilly

&

Co.

...........................

46,675

49,101,633

Security

Shares

Value

a

Pharmaceuticals

(continued)

Johnson

&

Johnson

.......................

139,966

$

34,771,754

Merck

&

Co.,

Inc.

.........................

144,173

17,851,501

Pfizer,

Inc.

.............................

330,291

9,132,546

Zoetis,

Inc.

,

Class

A

.......................

25,562

3,351,178

121,583,740

a

Professional

Services

 — 

0

.6

%

Automatic

Data

Processing,

Inc.

...............

23,500

5,037,460

Broadridge

Financial

Solutions,

Inc.

............

6,754

1,255,366

Equifax,

Inc.

............................

7,103

1,484,243

Jacobs

Solutions,

Inc.

......................

6,929

955,232

Paychex,

Inc.

...........................

18,722

1,753,315

TransUnion

.............................

11,273

885,494

Verisk

Analytics,

Inc.

,

Class

A

.................

8,046

1,670,108

13,041,218

a

Real

Estate

Management

&

Development

 — 

0

.1

%

CBRE

Group,

Inc.

,

Class

A

(a)

.................

17,271

2,550,236

Zillow

Group,

Inc.

,

Class

C

,

NVS

(a)

.............

9,550

426,121

2,976,357

a

Residential

REITs

 — 

0

.1

%

AvalonBay

Communities,

Inc.

................

8,298

1,470,654

Equity

Residential

........................

20,956

1,324,629

2,795,283

a

Retail

REITs

 — 

0

.4

%

Kimco

Realty

Corp.

.......................

39,152

922,030

Realty

Income

Corp.

.......................

53,433

3,580,011

Regency

Centers

Corp.

....................

9,956

786,524

Simon

Property

Group,

Inc.

..................

18,970

3,867,034

9,155,599

a

Semiconductors

&

Semiconductor

Equipment

 — 

12

.5

%

Advanced

Micro

Devices,

Inc.

(a)

...............

115,871

23,198,533

Analog

Devices,

Inc.

.......................

34,872

12,407,109

Broadcom,

Inc.

..........................

320,592

102,445,174

Marvell

Technology,

Inc.

....................

60,358

4,930,645

Microchip

Technology,

Inc.

...................

38,468

2,871,251

NVIDIA

Corp.

...........................

676,657

119,896,854

QUALCOMM,

Inc.

........................

75,667

10,771,954

276,521,520

a

Software

 — 

10

.1

%

Adobe,

Inc.

(a)

............................

29,787

7,816,407

Atlassian

Corp.

,

Class

A

(a)

...................

11,917

895,324

Autodesk,

Inc.

(a)

..........................

15,104

3,713,620

Cadence

Design

Systems,

Inc.

(a)

..............

19,372

5,838,721

Crowdstrike

Holdings,

Inc.

,

Class

A

(a)

............

17,947

6,675,925

Datadog,

Inc.

,

Class

A

(a)

....................

22,028

2,466,255

Fortinet,

Inc.

(a)

...........................

44,997

3,556,113

Gen

Digital,

Inc.

..........................

37,112

837,618

HubSpot,

Inc.

(a)

..........................

3,587

948,797

Intuit,

Inc.

..............................

19,792

8,095,522

Microsoft

Corp.

..........................

256,536

100,751,949

Oracle

Corp.

............................

122,692

17,839,417

Palantir

Technologies,

Inc.

,

Class

A

(a)

...........

162,601

22,307,231

Palo

Alto

Networks,

Inc.

(a)

...................

57,521

8,566,027

PTC,

Inc.

(a)

.............................

8,542

1,337,592

Salesforce,

Inc.

..........................

66,695

12,991,519

Samsara,

Inc.

,

Class

A

(a)

....................

24,571

710,102

ServiceNow,

Inc.

(a)

........................

73,858

7,977,403

Synopsys,

Inc.

(a)

.........................

13,617

5,637,438

Trimble,

Inc.

(a)

...........................

16,785

1,122,413

Workday,

Inc.

,

Class

A

(a)

....................

15,152

2,026,731

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

iShares

®

Climate

Conscious

&

Transition

MSCI

USA

ETF

(Percentages

shown

are

based

on

Net

Assets)

6

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Security

Shares

Value

a

Software

(continued)

Zscaler,

Inc.

(a)

...........................

7,408

$

1,088,902

223,201,026

a

Specialized

REITs

 — 

1

.0

%

American

Tower

Corp.

.....................

27,194

5,217,441

Crown

Castle,

Inc.

........................

25,165

2,253,274

Digital

Realty

Trust,

Inc.

....................

19,963

3,537,444

Equinix,

Inc.

............................

5,703

5,556,205

Iron

Mountain,

Inc.

........................

17,163

1,859,268

Public

Storage

...........................

9,158

2,812,055

21,235,687

a

Specialty

Retail

 — 

1

.1

%

Home

Depot,

Inc.

(The)

....................

57,828

22,016,276

Ulta

Beauty,

Inc.

(a)

........................

2,571

1,760,595

Williams-Sonoma,

Inc.

.....................

6,932

1,425,566

25,202,437

a

Technology

Hardware,

Storage

&

Peripherals

 — 

0

.3

%

Dell

Technologies,

Inc.

,

Class

C

...............

22,580

3,343,647

Hewlett

Packard

Enterprise

Co.

...............

94,990

2,039,435

IonQ,

Inc.

(a)

(c)

............................

21,008

806,077

6,189,159

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.3

%

Deckers

Outdoor

Corp.

(a)

....................

8,459

991,987

Lululemon

Athletica,

Inc.

(a)

...................

6,286

1,163,978

NIKE,

Inc.

,

Class

B

.......................

69,211

4,303,540

6,459,505

a

Security

Shares

Value

a

Water

Utilities

 — 

0

.1

%

American

Water

Works

Co.,

Inc.

...............

11,367

$

1,546,253

a

Wireless

Telecommunication

Services

 — 

0

.3

%

T-Mobile

U.S.,

Inc.

........................

29,228

6,345,106

a

a

Total

Long-Term

Investments — 99.8%

(Cost:

$

1,770,577,391

)

...............................

2,202,208,135

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.2

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

3.84

%

(b)

(d)

(e)

.....................

1,931,814

1,932,780

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

3.64

%

(b)

(d)

............................

1,300,023

1,300,023

a

Total

Short-Term

Securities — 0.2%

(Cost:

$

3,232,800

)

..................................

3,232,803

Total

Investments

—

100.0%

(Cost:

$

1,773,810,191

)

...............................

2,205,440,938

Other

Assets

Less

Liabilities

—

0

.0

%

.....................

825,108

Net

Assets

—

100.0%

.................................

$

2,206,266,046

(a)

Non-income

producing

security.

(b)

Affiliate

of

the

Fund.

(c)

All

or

a

portion

of

this

security

is

on

loan.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

February

28,

2026

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

08/31/25

Purchases

at

Cost

Proceeds

from

Sale

s

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

02/28/26

  Shares

Held

at

02/28/26

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

2,495,948

$

—

$

(

563,370

)

(a)

$

395

$

(

193

)

$

1,932,780

1,931,814

$

6,096

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

..

3,651,271

—

(

2,351,248

)

(a)

—

—

1,300,023

1,300,023

53,964

—

BlackRock,

Inc.

....

11,183,483

1,213,160

(

2,706,301

)

803,446

(

1,379,781

)

9,114,007

8,572

103,601

—

$

—

$

803,841

$

(

1,379,974

)

$

12,346,810

$

163,661

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

S&P

500

Index

..................................................................

10

03/20/26

$

3,445

$

(

22,255

)

iShares

®

Climate

Conscious

&

Transition

MSCI

USA

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

7

Schedule

of

Investments

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: 

For

the period

ended

February

28,

2026,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

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.

See

notes

to

financial

statements.

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

22,255

$

—

$

—

$

—

$

22,255

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Futures

contracts

.................................

$

—

$

—

$

368,310

$

—

$

—

$

—

$

368,310

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

.................................

$

—

$

—

$

(

179,839

)

$

—

$

—

$

—

$

(

179,839

)

Futures

contracts:

Average

notional

value

of

contracts

—

long

...................................................................................

$

3,437,125

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

2,202,208,135

‌

$

—

‌

$

—

‌

$

2,202,208,135

‌

Short-Term

Securities

Money

Market

Funds

......................................

3,232,803

‌

—

‌

—

‌

3,232,803

‌

$

2,205,440,938

‌

$

—

‌

$

—

‌

$

2,205,440,938

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

22,255

)

$

—

‌

$

—

‌

$

(

22,255

)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

February

28,

2026

iShares

®

ESG

Advanced

MSCI

USA

ETF

(Percentages

shown

are

based

on

Net

Assets)

8

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

0

.3

%

Axon

Enterprise,

Inc.

(a)

.....................

3,991

$

2,164,718

Rocket

Lab

Corp.

(a)

.......................

25,595

1,768,615

3,933,333

a

Air

Freight

&

Logistics

 — 

0

.1

%

CH

Robinson

Worldwide,

Inc.

................

6,335

1,173,559

a

Banks

 — 

1

.9

%

Citizens

Financial

Group,

Inc.

................

22,933

1,380,337

Fifth

Third

Bancorp

.......................

47,847

2,366,991

Huntington

Bancshares,

Inc.

.................

107,666

1,808,789

KeyCorp

...............................

49,143

1,019,226

M&T

Bank

Corp.

.........................

8,183

1,775,547

Pinnacle

Financial

Partners,

Inc.

...............

8,093

734,521

PNC

Financial

Services

Group,

Inc.

(The)

........

20,764

4,409,235

Regions

Financial

Corp.

....................

46,686

1,299,271

Truist

Financial

Corp.

......................

68,109

3,358,455

U.S.

Bancorp

...........................

82,736

4,522,350

22,674,722

a

Beverages

 — 

0

.2

%

Keurig

Dr

Pepper,

Inc.

.....................

68,689

2,079,903

a

Biotechnology

 — 

1

.6

%

Alnylam

Pharmaceuticals,

Inc.

(a)

...............

7,034

2,341,759

Biogen,

Inc.

(a)

...........................

7,812

1,498,498

Incyte

Corp.

(a)

...........................

8,903

901,607

Insmed,

Inc.

(a)

...........................

11,355

1,695,642

Neurocrine

Biosciences,

Inc.

(a)

................

5,351

707,670

Regeneron

Pharmaceuticals,

Inc.

..............

5,499

4,298,403

United

Therapeutics

Corp.

(a)

..................

2,178

1,097,494

Vertex

Pharmaceuticals,

Inc.

(a)

................

13,508

6,711,180

19,252,253

a

Broadline

Retail

 — 

0

.5

%

eBay,

Inc.

..............................

24,065

2,186,546

MercadoLibre,

Inc.

(a)

.......................

2,427

4,265,647

6,452,193

a

Building

Products

 — 

0

.8

%

Allegion

PLC

............................

4,599

741,129

Builders

FirstSource,

Inc.

(a)

..................

5,924

617,814

Carlisle

Companies,

Inc.

....................

2,225

878,363

Lennox

International,

Inc.

...................

1,700

968,898

Masco

Corp.

............................

11,218

803,433

Trane

Technologies

PLC

....................

11,814

5,461,849

9,471,486

a

Capital

Markets

 — 

4

.8

%

Ameriprise

Financial,

Inc.

...................

4,948

2,326,154

Ares

Management

Corp.

,

Class

A

..............

11,586

1,297,748

Bank

of

New

York

Mellon

Corp.

(The)

...........

36,643

4,364,181

BlackRock,

Inc.

(b)

.........................

7,847

8,343,166

Cboe

Global

Markets,

Inc.

...................

5,561

1,666,743

Charles

Schwab

Corp.

(The)

.................

89,877

8,556,290

CME

Group,

Inc.

,

Class

A

...................

19,197

6,133,441

Intercontinental

Exchange,

Inc.

...............

30,433

4,994,968

LPL

Financial

Holdings,

Inc.

..................

4,275

1,284,125

Moody's

Corp.

...........................

8,548

4,082,439

Nasdaq,

Inc.

............................

24,405

2,137,390

Northern

Trust

Corp.

.......................

10,069

1,440,773

Raymond

James

Financial,

Inc.

...............

9,988

1,528,963

S&P

Global,

Inc.

.........................

16,503

7,292,346

State

Street

Corp.

........................

14,871

1,912,708

Security

Shares

Value

a

Capital

Markets

(continued)

T

Rowe

Price

Group,

Inc.

...................

11,620

$

1,099,601

Tradeweb

Markets,

Inc.

,

Class

A

...............

6,258

771,330

59,232,366

a

Chemicals

 — 

1

.6

%

Air

Products

and

Chemicals,

Inc.

..............

11,856

3,268,343

CF

Industries

Holdings,

Inc.

..................

8,304

826,580

International

Flavors

&

Fragrances,

Inc.

..........

13,770

1,132,307

Linde

PLC

.............................

24,861

12,631,377

PPG

Industries,

Inc.

.......................

12,000

1,479,240

RPM

International,

Inc.

.....................

6,871

784,119

20,121,966

a

Commercial

Services

&

Supplies

 — 

1

.3

%

Cintas

Corp.

............................

19,162

3,854,053

Copart,

Inc.

(a)

...........................

48,819

1,859,516

Republic

Services,

Inc.

,

Class

A

...............

11,557

2,646,553

Rollins,

Inc.

.............................

15,476

942,334

Veralto

Corp.

............................

13,312

1,296,988

Waste

Management,

Inc.

....................

21,438

5,163,128

15,762,572

a

Communications

Equipment

 — 

1

.4

%

Arista

Networks,

Inc.

(a)

.....................

56,989

7,608,032

Ciena

Corp.

(a)

...........................

7,506

2,617,342

F5,

Inc.

(a)

..............................

3,106

842,844

Lumentum

Holdings,

Inc.

(a)

..................

3,056

2,141,981

Motorola

Solutions,

Inc.

....................

8,880

4,282,469

17,492,668

a

Construction

&

Engineering

 — 

0

.6

%

Comfort

Systems

USA,

Inc.

..................

1,878

2,684,357

Quanta

Services,

Inc.

......................

7,945

4,473,670

7,158,027

a

Construction

Materials

 — 

0

.7

%

CRH

PLC

..............................

35,766

4,291,205

Martin

Marietta

Materials,

Inc.

................

3,212

2,173,143

Vulcan

Materials

Co.

......................

7,023

2,177,130

8,641,478

a

Consumer

Finance

 — 

1

.4

%

American

Express

Co.

.....................

29,340

9,063,126

Capital

One

Financial

Corp.

..................

33,847

6,621,827

Synchrony

Financial

.......................

19,176

1,325,253

17,010,206

a

Consumer

Staples

Distribution

&

Retail

 — 

0

.3

%

Dollar

General

Corp.

......................

11,730

1,832,695

Sysco

Corp.

............................

25,520

2,326,403

4,159,098

a

Containers

&

Packaging

 — 

0

.3

%

Amcor

PLC

.............................

24,758

1,199,030

Avery

Dennison

Corp.

......................

4,144

813,674

Ball

Corp.

..............................

13,555

909,947

International

Paper

Co.

.....................

26,781

1,166,313

4,088,964

a

Distributors

 — 

0

.1

%

Genuine

Parts

Co.

........................

7,467

890,514

a

Diversified

REITs

 — 

0

.1

%

WP

Carey,

Inc.

..........................

11,712

874,301

a

iShares

®

ESG

Advanced

MSCI

USA

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

(Percentages

shown

are

based

on

Net

Assets)

9

Schedule

of

Investments

Security

Shares

Value

a

Diversified

Telecommunication

Services

 — 

2

.3

%

AT&T,

Inc.

..............................

377,454

$

10,572,487

Comcast

Corp.

,

Class

A

....................

193,504

5,990,884

Verizon

Communications,

Inc.

................

224,489

11,255,878

27,819,249

a

Electric

Utilities

 — 

0

.0

%

Oklo,

Inc.

,

Class

A

(a)

(c)

......................

5,891

370,838

a

Electrical

Equipment

 — 

2

.2

%

AMETEK,

Inc.

...........................

12,283

2,938,339

Bloom

Energy

Corp.

,

Class

A

(a)

................

11,963

1,862,280

Eaton

Corp.

PLC

.........................

20,701

7,781,920

GE

Vernova,

Inc.

.........................

14,446

12,620,026

Hubbell,

Inc.

,

Class

B

......................

2,833

1,449,448

26,652,013

a

Electronic

Equipment,

Instruments

&

Components

 — 

1

.6

%

CDW

Corp.

.............................

6,976

855,536

Coherent

Corp.

(a)

.........................

8,295

2,147,824

Corning,

Inc.

............................

43,365

6,521,229

Flex

Ltd.

(a)

(c)

............................

19,688

1,240,738

Jabil,

Inc.

..............................

5,622

1,489,774

Keysight

Technologies,

Inc.

(a)

.................

9,156

2,813,913

TE

Connectivity

PLC

......................

15,692

3,611,514

Zebra

Technologies

Corp.

,

Class

A

(a)

............

2,731

611,635

19,292,163

a

Entertainment

 — 

0

.4

%

Electronic

Arts,

Inc.

.......................

12,631

2,533,400

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

C

,

NVS

(a)

...............................

11,307

1,035,608

Live

Nation

Entertainment,

Inc.

(a)

..............

8,667

1,405,267

4,974,275

a

Financial

Services

 — 

5

.1

%

Apollo

Global

Management,

Inc.

...............

23,177

2,424,314

Fidelity

National

Information

Services,

Inc.

........

27,571

1,405,018

Fiserv,

Inc.

(a)

............................

28,636

1,783,737

Global

Payments,

Inc.

.....................

12,670

968,748

Jack

Henry

&

Associates,

Inc.

................

3,853

625,958

Mastercard,

Inc.

,

Class

A

....................

45,079

23,315,310

PayPal

Holdings,

Inc.

......................

47,325

2,186,888

Rocket

Companies,

Inc.

,

Class

A

..............

49,111

893,329

Toast,

Inc.

,

Class

A

(a)

......................

24,746

675,813

Visa,

Inc.

,

Class

A

........................

89,753

28,733,526

63,012,641

a

Food

Products

 — 

0

.3

%

General

Mills,

Inc.

........................

28,436

1,286,160

Hershey

Co.

(The)

........................

7,924

1,872,283

Hormel

Foods

Corp.

.......................

16,525

423,040

3,581,483

a

Ground

Transportation

 — 

0

.2

%

JB

Hunt

Transport

Services,

Inc.

..............

4,056

946,711

Old

Dominion

Freight

Line,

Inc.

...............

10,038

2,038,216

2,984,927

a

Health

Care

Equipment

&

Supplies

 — 

1

.7

%

Dexcom,

Inc.

(a)

..........................

20,877

1,532,998

Edwards

Lifesciences

Corp.

(a)

................

30,896

2,671,577

GE

HealthCare

Technologies,

Inc.

.............

24,373

2,053,913

Hologic,

Inc.

(a)

...........................

11,881

895,352

IDEXX

Laboratories,

Inc.

(a)

...................

4,250

2,791,103

Insulet

Corp.

(a)

...........................

3,748

924,294

ResMed,

Inc.

...........................

7,771

1,991,396

Security

Shares

Value

a

Health

Care

Equipment

&

Supplies

(continued)

Stryker

Corp.

...........................

18,341

$

7,106,404

Zimmer

Biomet

Holdings,

Inc.

................

10,618

1,045,236

21,012,273

a

Health

Care

Providers

&

Services

 — 

0

.9

%

Elevance

Health,

Inc.

......................

11,833

3,786,560

HCA

Healthcare,

Inc.

......................

8,505

4,505,099

Humana,

Inc.

...........................

6,397

1,218,884

Labcorp

Holdings,

Inc.

.....................

4,419

1,277,621

10,788,164

a

Health

Care

REITs

 — 

0

.8

%

Healthpeak

Properties,

Inc.

..................

37,119

656,264

Ventas,

Inc.

............................

25,009

2,154,775

Welltower,

Inc.

...........................

36,541

7,568,372

10,379,411

a

Health

Care

Technology

 — 

0

.1

%

Veeva

Systems,

Inc.

,

Class

A

(a)

...............

8,346

1,519,055

a

Hotels,

Restaurants

&

Leisure

 — 

1

.6

%

Booking

Holdings,

Inc.

.....................

1,716

7,274,725

Chipotle

Mexican

Grill,

Inc.

,

Class

A

(a)

...........

70,400

2,620,288

Darden

Restaurants,

Inc.

...................

6,130

1,310,900

Domino's

Pizza,

Inc.

.......................

1,708

687,487

Hilton

Worldwide

Holdings,

Inc.

...............

12,375

3,858,278

Royal

Caribbean

Cruises

Ltd.

................

13,794

4,289,382

20,041,060

a

Household

Durables

 — 

0

.6

%

DR

Horton,

Inc.

..........................

13,995

2,244,658

Garmin

Ltd.

.............................

8,707

2,201,391

NVR,

Inc.

(a)

.............................

144

1,082,562

PulteGroup,

Inc.

.........................

10,378

1,423,861

6,952,472

a

Household

Products

 — 

0

.3

%

Church

&

Dwight

Co.,

Inc.

...................

12,785

1,340,635

Clorox

Co.

(The)

.........................

6,485

824,633

Kimberly-Clark

Corp.

......................

17,658

1,967,807

4,133,075

a

Industrial

REITs

 — 

0

.6

%

Prologis,

Inc.

............................

49,454

7,050,657

a

Insurance

 — 

3

.7

%

American

International

Group,

Inc.

.............

28,728

2,312,317

Aon

PLC

,

Class

A

........................

10,887

3,652,262

Arch

Capital

Group

Ltd.

(a)

...................

19,307

1,933,596

Arthur

J

Gallagher

&

Co.

....................

13,672

3,119,950

Brown

&

Brown,

Inc.

.......................

15,608

1,120,966

Chubb

Ltd.

.............................

19,906

6,785,159

Cincinnati

Financial

Corp.

...................

8,352

1,369,561

Everest

Group

Ltd.

........................

2,272

762,233

Hartford

Insurance

Group,

Inc.

(The)

............

14,836

2,089,354

Markel

Group,

Inc.

(a)

.......................

677

1,403,062

Marsh

&

McLennan

Companies,

Inc.

............

26,113

4,876,342

Principal

Financial

Group,

Inc.

................

11,697

1,116,128

Progressive

Corp.

(The)

....................

31,197

6,665,551

Prudential

Financial,

Inc.

....................

18,635

1,833,311

Travelers

Companies,

Inc.

(The)

...............

11,876

3,665,409

W

R

Berkley

Corp.

........................

13,151

942,927

Willis

Towers

Watson

PLC

...................

5,098

1,555,757

45,203,885

a

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

iShares

®

ESG

Advanced

MSCI

USA

ETF

(Percentages

shown

are

based

on

Net

Assets)

10

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Interactive

Media

&

Services

 — 

0

.0

%

Pinterest,

Inc.

,

Class

A

(a)

....................

31,821

$

545,094

a

IT

Services

 — 

1

.5

%

Accenture

PLC

,

Class

A

....................

32,760

6,837,667

Cloudflare,

Inc.

,

Class

A

(a)

...................

16,821

2,896,408

Gartner,

Inc.

(a)

...........................

3,838

603,334

GoDaddy,

Inc.

,

Class

A

(a)

....................

7,195

627,116

MongoDB,

Inc.

,

Class

A

(a)

...................

4,365

1,433,772

Okta,

Inc.

,

Class

A

(a)

.......................

9,117

660,982

Snowflake,

Inc.

,

Class

A

(a)

...................

17,112

2,881,832

Twilio,

Inc.

,

Class

A

(a)

......................

8,153

986,187

VeriSign,

Inc.

...........................

4,496

1,024,818

17,952,116

a

Life

Sciences

Tools

&

Services

 — 

1

.3

%

Agilent

Technologies,

Inc.

...................

15,072

1,829,439

Danaher

Corp.

..........................

33,846

7,129,321

Illumina,

Inc.

(a)

...........................

8,163

1,097,597

IQVIA

Holdings,

Inc.

(a)

......................

9,132

1,632,893

Mettler-Toledo

International,

Inc.

(a)

.............

1,096

1,497,892

Waters

Corp.

(a)

..........................

5,236

1,672,274

West

Pharmaceutical

Services,

Inc.

............

3,875

985,568

15,844,984

a

Machinery

 — 

3

.2

%

CNH

Industrial

N.V.

.......................

46,452

571,360

Cummins,

Inc.

...........................

7,349

4,290,861

Deere

&

Co.

............................

13,685

8,617,581

Fortive

Corp.

............................

18,095

1,071,224

IDEX

Corp.

.............................

4,021

842,279

Illinois

Tool

Works,

Inc.

.....................

14,673

4,264,414

Nordson

Corp.

...........................

2,863

840,119

Otis

Worldwide

Corp.

......................

20,842

1,929,135

PACCAR,

Inc.

...........................

27,929

3,521,568

Parker-Hannifin

Corp.

......................

6,718

6,779,671

Pentair

PLC

............................

8,711

864,044

Snap-on,

Inc.

...........................

2,773

1,068,215

Westinghouse

Air

Brake

Technologies

Corp.

.......

9,098

2,401,417

Xylem,

Inc.

.............................

12,963

1,679,486

38,741,374

a

Metals

&

Mining

 — 

0

.1

%

Steel

Dynamics,

Inc.

.......................

7,386

1,426,458

a

Mortgage

REITs

 — 

0

.1

%

Annaly

Capital

Management,

Inc.

..............

36,388

845,657

a

Passenger

Airlines

 — 

0

.0

%

United

Airlines

Holdings,

Inc.

(a)

................

4,401

467,826

a

Personal

Care

Products

 — 

0

.1

%

Estee

Lauder

Companies,

Inc.

(The)

,

Class

A

......

13,090

1,432,962

a

Pharmaceuticals

 — 

0

.3

%

Royalty

Pharma

PLC

,

Class

A

................

21,876

1,010,890

Zoetis,

Inc.

,

Class

A

.......................

23,463

3,075,999

4,086,889

a

Professional

Services

 — 

1

.0

%

Automatic

Data

Processing,

Inc.

...............

21,558

4,621,173

Broadridge

Financial

Solutions,

Inc.

............

6,215

1,155,182

Equifax,

Inc.

............................

6,516

1,361,583

Jacobs

Solutions,

Inc.

......................

6,367

877,755

Paychex,

Inc.

...........................

17,238

1,614,339

TransUnion

.............................

10,377

815,113

Security

Shares

Value

a

Professional

Services

(continued)

Verisk

Analytics,

Inc.

,

Class

A

.................

7,444

$

1,545,151

11,990,296

a

Real

Estate

Management

&

Development

 — 

0

.3

%

CBRE

Group,

Inc.

,

Class

A

(a)

.................

15,812

2,334,800

CoStar

Group,

Inc.

(a)

.......................

22,594

1,008,370

Zillow

Group,

Inc.

,

Class

C

,

NVS

(a)

.............

8,910

397,564

3,740,734

a

Residential

REITs

 — 

0

.3

%

AvalonBay

Communities,

Inc.

................

7,566

1,340,922

Equity

Residential

........................

19,244

1,216,414

Invitation

Homes,

Inc.

......................

31,062

818,173

3,375,509

a

Retail

REITs

 — 

0

.4

%

Kimco

Realty

Corp.

.......................

36,304

854,959

Realty

Income

Corp.

.......................

48,977

3,281,459

Regency

Centers

Corp.

....................

9,384

741,336

4,877,754

a

Semiconductors

&

Semiconductor

Equipment

 — 

36

.5

%

Advanced

Micro

Devices,

Inc.

(a)

...............

86,680

17,354,203

Analog

Devices,

Inc.

.......................

26,070

9,275,445

Applied

Materials,

Inc.

.....................

42,218

15,717,761

Broadcom,

Inc.

..........................

239,811

76,631,605

Credo

Technology

Group

Holding

Ltd.

(a)

..........

8,655

971,697

Entegris,

Inc.

............................

8,115

1,074,832

First

Solar,

Inc.

(a)

.........................

5,477

1,080,064

Intel

Corp.

(a)

............................

240,618

10,974,587

KLA

Corp.

..............................

6,996

10,665,752

Lam

Research

Corp.

......................

66,873

15,640,926

Marvell

Technology,

Inc.

....................

45,154

3,688,630

Microchip

Technology,

Inc.

...................

28,808

2,150,229

Micron

Technology,

Inc.

.....................

59,924

24,710,860

Monolithic

Power

Systems,

Inc.

...............

2,554

2,918,558

NVIDIA

Corp.

...........................

1,293,771

229,243,284

NXP

Semiconductors

N.V.

...................

13,425

3,047,609

ON

Semiconductor

Corp.

(a)

..................

21,423

1,424,201

QUALCOMM,

Inc.

........................

56,597

8,057,149

Teradyne,

Inc.

...........................

8,338

2,668,410

Texas

Instruments,

Inc.

.....................

48,396

10,265,276

447,561,078

a

Software

 — 

6

.0

%

Adobe,

Inc.

(a)

............................

22,273

5,844,658

AppLovin

Corp.

,

Class

A

(a)

...................

12,265

5,332,454

Atlassian

Corp.

,

Class

A

(a)

...................

9,022

677,823

Autodesk,

Inc.

(a)

..........................

11,287

2,775,135

Cadence

Design

Systems,

Inc.

(a)

..............

14,473

4,362,162

Datadog,

Inc.

,

Class

A

(a)

....................

16,461

1,842,974

Fair

Isaac

Corp.

(a)

.........................

1,262

1,778,612

Fortinet,

Inc.

(a)

...........................

33,654

2,659,676

Gen

Digital,

Inc.

..........................

28,106

634,352

HubSpot,

Inc.

(a)

..........................

2,665

704,919

Intuit,

Inc.

..............................

14,837

6,068,778

Oracle

Corp.

............................

91,782

13,345,103

Palo

Alto

Networks,

Inc.

(a)

...................

43,049

6,410,857

PTC,

Inc.

(a)

.............................

6,370

997,478

Roper

Technologies,

Inc.

....................

5,725

2,002,204

Samsara,

Inc.

,

Class

A

(a)

....................

18,503

534,737

ServiceNow,

Inc.

(a)

........................

55,347

5,978,030

Strategy,

Inc.

,

Class

A

(a)

....................

13,887

1,798,367

Synopsys,

Inc.

(a)

.........................

10,186

4,217,004

Trimble,

Inc.

(a)

...........................

12,711

849,985

Tyler

Technologies,

Inc.

(a)

...................

2,319

822,526

iShares

®

ESG

Advanced

MSCI

USA

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

(Percentages

shown

are

based

on

Net

Assets)

11

Schedule

of

Investments

Security

Shares

Value

a

Software

(continued)

Workday,

Inc.

,

Class

A

(a)

....................

11,340

$

1,516,838

Zoom

Communications,

Inc.

,

Class

A

(a)

..........

13,562

1,002,774

Zscaler,

Inc.

(a)

...........................

5,563

817,705

72,975,151

a

Specialized

REITs

 — 

1

.7

%

American

Tower

Corp.

.....................

24,913

4,779,808

Crown

Castle,

Inc.

........................

23,186

2,076,075

Digital

Realty

Trust,

Inc.

....................

18,289

3,240,811

Equinix,

Inc.

............................

5,228

5,093,431

Iron

Mountain,

Inc.

........................

15,743

1,705,439

Public

Storage

...........................

8,412

2,582,989

SBA

Communications

Corp.

,

Class

A

............

5,718

1,150,233

20,628,786

a

Specialty

Retail

 — 

4

.7

%

AutoZone,

Inc.

(a)

.........................

882

3,312,422

Best

Buy

Co.,

Inc.

........................

10,635

659,051

Burlington

Stores,

Inc.

(a)

....................

3,358

1,030,470

Carvana

Co.

,

Class

A

(a)

.....................

7,170

2,395,927

Dick's

Sporting

Goods,

Inc.

..................

3,529

718,610

Home

Depot,

Inc.

(The)

....................

53,003

20,179,302

Lowe's

Companies,

Inc.

....................

29,883

7,906,145

O'Reilly

Automotive,

Inc.

(a)

...................

45,040

4,228,355

Ross

Stores,

Inc.

.........................

17,221

3,541,327

TJX

Companies,

Inc.

(The)

..................

59,123

9,557,824

Tractor

Supply

Co.

........................

28,196

1,461,681

Ulta

Beauty,

Inc.

(a)

........................

2,362

1,617,474

Williams-Sonoma,

Inc.

.....................

6,356

1,307,111

57,915,699

a

Technology

Hardware,

Storage

&

Peripherals

 — 

1

.1

%

Everpure,

Inc.

,

Class

A

(a)

....................

16,763

1,076,520

Hewlett

Packard

Enterprise

Co.

...............

71,053

1,525,508

NetApp,

Inc.

............................

10,545

1,044,271

Seagate

Technology

Holdings

PLC

.............

11,600

4,730,944

Security

Shares

Value

a

Technology

Hardware,

Storage

&

Peripherals

(continued)

Western

Digital

Corp.

......................

18,203

$

5,091,379

13,468,622

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.2

%

Deckers

Outdoor

Corp.

(a)

....................

7,760

910,015

Lululemon

Athletica,

Inc.

(a)

...................

5,733

1,061,580

1,971,595

a

Trading

Companies

&

Distributors

 — 

0

.5

%

Fastenal

Co.

............................

61,076

2,811,939

Ferguson

Enterprises,

Inc.

...................

10,427

2,718,945

Watsco,

Inc.

............................

1,882

785,415

6,316,299

a

Water

Utilities

 — 

0

.1

%

American

Water

Works

Co.,

Inc.

...............

10,420

1,417,433

a

a

Total

Long-Term

Investments — 99.8%

(Cost:

$

917,057,962

)

................................

1,223,819,566

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.2

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

3.84

%

(b)

(d)

(e)

.....................

1,667,296

1,668,130

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

3.64

%

(b)

(d)

............................

1,256,406

1,256,406

a

Total

Short-Term

Securities — 0.2%

(Cost:

$

2,924,533

)

..................................

2,924,536

Total

Investments

—

100.0%

(Cost:

$

919,982,495

)

................................

1,226,744,102

Liabilities

in

Excess

of

Other

Assets

—

0

.0

%

................

(

542,531

)

Net

Assets

—

100.0%

.................................

$

1,226,201,571

(a)

Non-income

producing

security.

(b)

Affiliate

of

the

Fund.

(c)

All

or

a

portion

of

this

security

is

on

loan.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

February

28,

2026

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

08/31/25

Purchases

at

Cost

Proceeds

from

Sale

s

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

02/28/26

  Shares

Held

at

02/28/26

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

10,188,329

$

—

$

(

8,520,268

)

(a)

$

1,893

$

(

1,824

)

$

1,668,130

1,667,296

$

5,905

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

..

1,973,222

—

(

716,816

)

(a)

—

—

1,256,406

1,256,406

26,951

—

BlackRock,

Inc.

....

9,923,341

333,559

(

1,386,061

)

340,684

(

868,357

)

8,343,166

7,847

86,283

—

$

—

$

342,577

$

(

870,181

)

$

11,267,702

$

119,139

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

iShares

®

ESG

Advanced

MSCI

USA

ETF

12

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

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: 

For

the period

ended

February

28,

2026,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

S&P

500

Index

..................................................................

2

03/20/26

$

689

$

(

10,320

)

E-Mini

Technology

Select

Sector

Index

......................................................

2

03/20/26

560

(

16,103

)

$

(

26,423

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

26,423

$

—

$

—

$

—

$

26,423

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Futures

contracts

.................................

$

—

$

—

$

104,854

$

—

$

—

$

—

$

104,854

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

.................................

$

—

$

—

$

(

77,636

)

$

—

$

—

$

—

$

(

77,636

)

Futures

contracts:

Average

notional

value

of

contracts

—

long

...................................................................................

$

1,400,510

a

iShares

®

ESG

Advanced

MSCI

USA

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

13

Schedule

of

Investments

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.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

1,223,819,566

‌

$

—

‌

$

—

‌

$

1,223,819,566

‌

Short-Term

Securities

Money

Market

Funds

......................................

2,924,536

‌

—

‌

—

‌

2,924,536

‌

$

1,226,744,102

‌

$

—

‌

$

—

‌

$

1,226,744,102

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

26,423

)

$

—

‌

$

—

‌

$

(

26,423

)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

14

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Statements

of

Assets

and

Liabilities

(unaudited)

February

28,

2026

See

notes

to

financial

statements.

iShares

Climate

Conscious

&

Transition

MSCI

USA

ETF

iShares

ESG

Advanced

MSCI

USA

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.....................................................................

$

2,193,094,128

‌

$

1,215,476,400

‌

Investments,

at

value

—

affiliated

(c)

........................................................................

12,346,810

‌

11,267,702

‌

Cash

............................................................................................

10,197

‌

—

‌

Cash

pledged:

Futures

contracts

..................................................................................

215,000

‌

92,000

‌

Receivables:

Investments

sold

..................................................................................

7,442,488

‌

31,559,302

‌

Securities

lending

income

—

affiliated

....................................................................

789

‌

801

‌

Capital

shares

sold

.................................................................................

133,365

‌

—

‌

Dividends

—

unaffiliated

.............................................................................

2,058,176

‌

560,565

‌

Dividends

—

affiliated

...............................................................................

3,667

‌

2,994

‌

Total

assets

.......................................................................................

2,215,304,620

‌

1,258,959,764

‌

LIABILITIES

Collateral

on

securities

loaned

...........................................................................

1,932,853

‌

1,668,325

‌

Payables:

Investments

purchased

..............................................................................

6,960,346

‌

30,982,895

‌

Investment

advisory

fees

.............................................................................

133,269

‌

94,755

‌

Variation

margin

on

futures

contracts

.....................................................................

12,106

‌

12,218

‌

Total

liabilities

......................................................................................

9,038,574

‌

32,758,193

‌

Commitments

and

contingent

liabilities

NET

ASSETS

......................................................................................

$

2,206,266,046

‌

$

1,226,201,571

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

......................................................................................

$

1,557,053,204

‌

$

906,934,980

‌

Accumulated

earnings

................................................................................

649,212,842

‌

319,266,591

‌

NET

ASSETS

......................................................................................

$

2,206,266,046

‌

$

1,226,201,571

‌

NET

ASSET

VALUE

Shares

outstanding

..................................................................................

28,300,000

‌

21,100,000

‌

Net

asset

value

.....................................................................................

$

77.96

‌

$

58.11

‌

Shares

authorized

...................................................................................

Unlimited

Unlimited

Par

value

.........................................................................................

None

None

(a)

Securities

loaned,

at

value

...........................................................................

$

1,877,037

‌

$

1,595,447

‌

(b)

Investments,

at

cost

—

unaffiliated

......................................................................

$

1,763,723,041

‌

$

910,741,905

‌

(c)

Investments,

at

cost

—

affiliated

........................................................................

$

10,087,150

‌

$

9,240,590

‌

15

Statements

of

Operations

Statements

of

Operations

(unaudited)

Six

Months

Ended

February

28,

2026

See

notes

to

financial

statements.

iShares

Climate

Conscious

&

Transition

MSCI

USA

ETF

iShares

ESG

Advanced

MSCI

USA

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................................................

$

15,701,700

‌

$

6,473,030

‌

Dividends

—

affiliated

..............................................................................

157,565

‌

113,234

‌

Interest

—

unaffiliated

..............................................................................

6,558

‌

2,511

‌

Securities

lending

income

—

affiliated

—

net

...............................................................

6,096

‌

5,905

‌

Foreign

taxes

withheld

.............................................................................

(

1,681

)

(

4,241

)

Total

investment

income

..............................................................................

15,870,238

‌

6,590,439

‌

EXPENSES

Investment

advisory

...............................................................................

988,649

‌

604,016

‌

Interest

expense

.................................................................................

—

‌

27

‌

Total

expenses

....................................................................................

988,649

‌

604,043

‌

Net

investment

income

...............................................................................

14,881,589

‌

5,986,396

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................................................

(

20,252,963

)

(

8,064,216

)

Investments

—

affiliated

...........................................................................

(

31,679

)

(

38,695

)

Futures

contracts

...............................................................................

368,310

‌

104,854

‌

In-kind

redemptions

—

unaffiliated

(a)

...................................................................

263,819,397

‌

60,095,063

‌

In-kind

redemptions

—

affiliated

(a)

....................................................................

835,520

‌

381,272

‌

244,738,585

‌

52,478,278

‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................................................

(

166,038,574

)

(

6,813,571

)

Investments

—

affiliated

...........................................................................

(

1,379,974

)

(

870,181

)

Futures

contracts

...............................................................................

(

179,839

)

(

77,636

)

(

167,598,387

)

(

7,761,388

)

Net

realized

and

unrealized

gain

........................................................................

77,140,198

‌

44,716,890

‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...............................................

$

92,021,787

‌

$

50,703,286

‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

16

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

iShares

Climate

Conscious

&

Transition

MSCI

USA

ETF

iShares

ESG

Advanced

MSCI

USA

ETF

Six

Months

Ended

02/28/26

(unaudited)

Year

Ended

08/31/25

Six

Months

Ended

02/28/26

(unaudited)

Year

Ended

08/31/25

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.......................................

$

14,881,589

‌

$

28,954,570

‌

$

5,986,396

‌

$

12,601,184

‌

Net

realized

gain

...........................................

244,738,585

‌

190,812,415

‌

52,478,278

‌

98,553,819

‌

Net

change

in

unrealized

appreciation

(depreciation)

...................

(

167,598,387

)

125,604,534

‌

(

7,761,388

)

75,273,129

‌

Net

increase

in

net

assets

resulting

from

operations

......................

92,021,787

‌

345,371,519

‌

50,703,286

‌

186,428,132

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

............

(

16,061,109

)

(b)

(

29,387,183

)

(

6,568,133

)

(b)

(

13,211,795

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

....

(

391,473,652

)

53,817,016

‌

(

89,670,328

)

(

38,445,357

)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

..............................

(

315,512,974

)

369,801,352

‌

(

45,535,175

)

134,770,980

‌

Beginning

of

period

...........................................

2,521,779,020

‌

2,151,977,668

‌

1,271,736,746

‌

1,136,965,766

‌

End

of

period

...............................................

$

2,206,266,046

‌

$

2,521,779,020

‌

$

1,226,201,571

‌

$

1,271,736,746

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(b)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

17

Financial

Highlights

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

Climate

Conscious

&

Transition

MSCI

USA

ETF

Six

Months

Ended

02/28/26

(unaudited)

Year

Ended

08/31/25

Year

Ended

08/31/24

Period

From

06/06/23

(a)

to

08/31/23

Net

asset

value,

beginning

of

period

......................................

$

76.13

‌

$

67.14

‌

$

53.28

‌

$

50.07

‌

Net

investment

income

(b)

..............................................

0

.47

‌

0

.87

‌

0

.79

‌

0

.18

‌

Net

realized

and

unrealized

gain

(c)

........................................

1

.85

‌

9

.01

‌

13.88

‌

3

.03

‌

Net

increase

from

investment

operations

.....................................

2

.32

‌

9

.88

‌

14.67

‌

3

.21

‌

Distributions

from

net

investment

income

(d)

....................................

(

0

.49

)

(e)

(

0

.89

)

(

0

.81

)

—

‌

Net

asset

value,

end

of

period

...........................................

$

77.96

‌

$

76.13

‌

$

67.14

‌

$

53.28

‌

Total

Return

(f)

–

–

–

–

Based

on

net

asset

value

...............................................

3

.04

%

(g)

14.83

%

27.83

%

6

.41

%

(g)

Ratios

to

Average

Net

Assets

(h)

–

–

–

–

Total

expenses

......................................................

0

.08

%

(i)

0

.08

%

0

.08

%

0

.08

%

(i)

Net

investment

income

.................................................

1

.20

%

(i)

1

.24

%

1

.36

%

1

.48

%

(i)

Supplemental

Data

Net

assets,

end

of

period

(000)

...........................................

$

2,206,266

‌

$

2,521,779

‌

$

2,151,978

‌

$

2,299,046

‌

Portfolio

turnover

rate

(j)

.................................................

10

%

12

%

21

%

1

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(f)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(g)

Not

annualized.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Annualized.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

18

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

ESG

Advanced

MSCI

USA

ETF

Six

Months

Ended

02/28/26

(unaudited)

Year

Ended

08/31/25

Year

Ended

08/31/24

Year

Ended

08/31/23

Year

Ended

08/31/22

Year

Ended

08/31/21

Net

asset

value,

beginning

of

period

.......

$

56.02

‌

$

48.28

‌

$

36.79

‌

$

30.93

‌

$

38.10

‌

$

29.04

‌

Net

investment

income

(a)

...............

0

.28

‌

0

.51

‌

0

.48

‌

0

.45

‌

0

.42

‌

0

.38

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.....

2

.11

‌

7

.76

‌

11.50

‌

5

.85

‌

(

7

.20

)

8

.99

‌

Net

increase

(decrease)

from

investment

operations

.........................

2

.39

‌

8

.27

‌

11.98

‌

6

.30

‌

(

6

.78

)

9

.37

‌

Distributions

(c)

–

–

–

–

–

–

From

net

investment

income

............

(

0

.30

)

(d)

(

0

.53

)

(

0

.49

)

(

0

.44

)

(

0

.39

)

(

0

.30

)

From

net

realized

gains

................

—

‌

—

‌

—

‌

—

‌

—

‌

(

0

.01

)

Total

distributions

.....................

(

0

.30

)

(

0

.53

)

(

0

.49

)

(

0

.44

)

(

0

.39

)

(

0

.31

)

Net

asset

value,

end

of

period

............

$

58.11

‌

$

56.02

‌

$

48.28

‌

$

36.79

‌

$

30.93

‌

$

38.10

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

................

4

.29

%

(f)

17.29

%

32.83

%

20.65

%

(

17.95

)

%

32.53

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

.......................

0

.10

%

(h)

0

.10

%

0

.10

%

0

.10

%

0

.10

%

0

.10

%

Net

investment

income

..................

0

.99

%

(h)

1

.01

%

1

.15

%

1

.39

%

1

.23

%

1

.09

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

1,226,202

‌

$

1,271,737

‌

$

1,136,966

‌

$

722,994

‌

$

589,182

‌

$

419,105

‌

Portfolio

turnover

rate

(i)

..................

9

%

9

%

19

%

12

%

24

%

29

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

Notes

to

Financial

Statements

(unaudited)

19

Notes

to

Financial

Statements

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”):

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

Taxes:

 The

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its

Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Foreign

taxes

withheld”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of

February

28,

2026,

if

any,

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

The Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

include

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

Cash:

 The

Funds

may

maintain

cash

at

their

custodian

which,

at

times

may

exceed

United

States

federally

insured

limits.

The

Funds

may,

at

times,

have

outstanding

cash

disbursements

that

exceed

deposited

cash

amounts

at

the

custodian

during

the

reporting

period.

The

Funds

are

obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

if

any,

are

included

in

interest

expense

in

the

Statements

of

Operations. 

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the

Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments. 

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Funds.

Because

such

gains

or

losses

are

not

taxable

to

the

Funds

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Funds’

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

by

each

Fund

are

recorded

on

the

ex-dividend

dates.

Distributions

are

determined

on

a

tax

basis

and

may

differ

from

net

investment

income,

and net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

in

U.S.

dollars

and

cannot

be

automatically

reinvested

in

additional

shares

of

the

Funds. 

Indemnifications:

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Funds,

which

cannot

be

predicted

with

any

certainty.

Segment

Reporting:

The

Chief

Financial

Officer

acts

as

the

Funds’

Chief

Operating

Decision

Maker

(“CODM”)

and

is

responsible

for

assessing

performance

and

allocating

resources

with

respect

to

each

Fund.

The

CODM

has

concluded

that

each

Fund

operates

as

a

single

operating

segment

since each

Fund

has

a

single

investment

strategy

as

disclosed

in its

prospectus,

against

which

the

CODM

assesses

performance.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

presented

within each

Fund’s

financial

statements.

iShares

ETF

Diversification

Classification

Climate

Conscious

&

Transition

MSCI

USA

.........................................................................................

Non-diversified

ESG

Advanced

MSCI

USA

.....................................................................................................

Non-diversified

Notes

to

Financial

Statements

(unaudited)

(continued)

20

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

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:

Equity

investments

(except

ETF

options,

equity

index

options

or

those

that

are

customized)

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s

official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

are

valued

at

the

last

traded

price.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

at

that

day’s

NAV.

Futures

contracts

are

valued

based

on

that

day’s

last

reported

settlement

or

trade

price

on

the

exchange

where

the

contract

is

traded.

If

events

(e.g.,

market

volatility,

company

announcement

or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that

application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Valuation

Committee

in

accordance

with BFA’s

policies

and

procedures

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

to

determine

the

price

that each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement

as

of

the

measurement

date.

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

that each

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities;

Level

2

–

Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly;

and

Level

3

– Inputs

that

are

unobservable

and

significant

to

the

entire

fair

value

measurement

for

the

asset

or

liability (including

the

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

Securities

and

Other

Investments

Securities

Lending:

Each

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

an

approved

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

Government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

or

excess

collateral

is

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

each

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by

BFA,

or

its

affiliates

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

each

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

Notes

to

Financial

Statements

(unaudited)

(

continued)

21

Notes

to

Financial

Statements

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: 

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. 

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

Climate

Conscious

&

Transition

MSCI

USA

Citigroup

Global

Markets,

Inc.

....................................

$

15,778

‌

$

(15,778

)

$

—

‌

$

—

‌

Jefferies

LLC

...............................................

1,086,185

‌

(1,072,378

)

—

‌

13,807

‌

UBS

AG

..................................................

775,074

‌

(775,074

)

—

‌

—

‌

$

1,877,037

‌

$

(1,863,230

)

$

—

‌

$

13,807

‌

a

ESG

Advanced

MSCI

USA

Citigroup

Global

Markets,

Inc.

....................................

1,228,323

‌

(1,228,323

)

—

‌

—

‌

J.P.

Morgan

Securities

LLC

.....................................

365,361

‌

(365,361

)

—

‌

—

‌

Wells

Fargo

Bank

NA

.........................................

1,763

‌

(1,763

)

—

‌

—

‌

$

1,595,447

‌

$

(1,595,447

)

$

—

‌

$

—

‌

a

(a)

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

Funds’

Statements

of

Assets

and

Liabilities.

(b)

The

market

value

of

the

loaned

securities

is

determined

as

of

February

28,

2026.

Additional

collateral

is

delivered

to

the

Fund

on

the

next

business

day

in

accordance

with

the

MSLA.

The

net

amount

would

be

subject

to

the

borrower

default

indemnity

in

the

event

of

default

by

the

counterparty.

Notes

to

Financial

Statements

(unaudited)

(continued)

22

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

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:

Distributor:

 BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

is

the

distributor

for

each

Fund.

Pursuant

to

the

distribution

agreement,

BFA

is

responsible

for

any

fees

or

expenses

for

distribution

services

provided

to

the

Funds.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided. The

Funds

do

not

pay

BRIL

for

ETF

Services.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(“SEC”)

has

issued

an

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

an

affiliate

of

BFA,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs. Each

Fund

is responsible

for

fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional

or

BlackRock

Cash

Funds:

Treasury,

managed

by BFA,

or

its

affiliates.

However,

BTC

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees each

Fund

bears

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

distribution

fee

or

service

fee.

BlackRock

Cash

Funds:

Institutional

may

impose

a

discretionary

liquidity

fee

of

up

to

2%

on

all

redemptions.

Discretionary

liquidity

fees

may

be

imposed

or

terminated

at

any

time

at

the

discretion

of

the

board

of

directors

of

the

money

market

fund,

or

its

delegate,

if

it

is

determined

that

such

fee

would

be,

or

would

not

be,

respectively,

in

the

best

interest

of

the

money

market

fund.

Additionally,

BlackRock

Cash

Funds:

Institutional

will

impose

a

mandatory

liquidity

fee

if

the

money

market

fund’s

total

net

redemptions

on

a

single

day

exceed

5%

of

the

money

market

fund’s

net

assets,

unless

the

amount

of

the

fee

is

less

than

0.01%

of

the

value

of

the

shares

redeemed.

BlackRock

Cash

Funds:

Institutional

will

determine

the

size

of

the

mandatory

liquidity

fee

by

making

a

good

faith

estimate

of

certain

costs

the

money

market

fund

would

incur

if

it

were

to

sell

a

pro

rata

amount

of

each

security

in

the

portfolio

to

satisfy

the

amount

of

net

redemptions

on

that

day.

There

is

no

limit

to

the

size

of

a

mandatory

liquidity

fee.

If

BlackRock

Cash

Funds:

Institutional

cannot

estimate

the

costs

of

selling

a

pro

rata

amount

of

each

portfolio

security

in

good

faith

and

supported

by

data,

it

is

required

to

apply

a

default

liquidity

fee

of

1%

on

the

value

of

shares

redeemed

on

that

day.

Securities

lending

income

is

generally

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral

(and

excludes

collateral

investment

fees),

and

any

fees

or

other

payments

to

and

from

borrowers

of

securities. Each

Fund

retains

a

portion

of

the

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent. 

Pursuant

to

the

current

securities

lending

agreement,

each

Fund

retains

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.

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

the

iShares

ETF

Complex in

that

calendar

year

exceeds

a

specific

threshold,

each

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

84%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

The

share

of

securities

lending

income

earned

by

each

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its Statements

of

Operations.

For

the six

months

ended February

28,

2026,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Trustees and

Officers:

Certain

trustees

and/or

officers

of

the

Trust

are

directors

and/or

officers

of

BlackRock

or

its

affiliates.

Other

Transactions:

Cross

trading

is

the

buying

or

selling

of

portfolio

securities

between

funds

to

which

BFA

(or

an

affiliate)

serves

as

investment

adviser.

At

its

regularly

scheduled

quarterly

meetings,

the

Board

reviews

such

transactions

as

of

the

most

recent

calendar

quarter

for

compliance

with

the

requirements

and

restrictions

set

forth

by

Rule

17a-7.

For

the

six

months

ended

February

28,

2026,

transactions

executed

by

the

Funds

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

iShares

ETF

Investment

Advisory

Fees

Climate

Conscious

&

Transition

MSCI

USA

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.08%

ESG

Advanced

MSCI

USA

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

0.10

iShares

ETF

Amounts

Climate

Conscious

&

Transition

MSCI

USA

........................................................................................

$

2,252

‌

ESG

Advanced

MSCI

USA

....................................................................................................

2,306

‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Climate

Conscious

&

Transition

MSCI

USA

.....................................................

$

138,956,710‌

$

124,141,198‌

$

(11,725,811‌)

Notes

to

Financial

Statements

(unaudited)

(

continued)

23

Notes

to

Financial

Statements

Each

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statements

of

Operations.

A

fund,

in

order

to

improve

its

portfolio

liquidity

and

its

ability

to

track

its

underlying

index,

may

invest

in

shares

of

other

iShares

funds

that

invest

in

securities

in

the

fund’s

underlying

index.

7.

Purchases

and

Sales

For

the six

months

ended

February

28,

2026,

purchases

and

sales

of

investments,

excluding

short-term

securities

and

in-kind

transactions,

were

as

follows:

For

the six

months ended

February

28,

2026,

in-kind

transactions

were

as

follows:

8.

Income

Tax

Information

Each

Fund

is

treated

as

an

entity

separate

from

the

Trust’s

other

funds

for

federal

income

tax

purposes.

It

is

each

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Funds

as

of

February

28,

2026,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

Management’s

analysis

is

based

on

the

tax

laws

and

judicial

and

administrative

interpretations

thereof

in

effect

as

of

the

date

of

these

financial

statements,

all

of

which

are

subject

to

change,

possibly

with

retroactive

effect,

which

may

impact

the

Funds’

NAV.

As

of August

31,

2025,

the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains as

follows:

As

of

February

28,

2026,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

9.

Principal

Risks

In

the

normal

course

of

business,

each

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject each

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation,

tariffs or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which each

Fund

is

subject.

BFA

uses

an

indexing

approach

to

try

to

achieve

each

Fund’s

investment

objective.

The

Funds are

not

actively

managed,

and

BFA

generally

does

not

attempt

to

take

defensive

positions

under

any

market

conditions,

including

declining

markets.

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

ESG

Advanced

MSCI

USA

.................................................................

$

67,212,927‌

$

32,344,935‌

$

(4,470,475‌)

iShares

ETF

Purchases

Sales

Climate

Conscious

&

Transition

MSCI

USA

.....................................................................

$

238,957,814

‌

$

232,710,895

‌

ESG

Advanced

MSCI

USA

.................................................................................

110,252,181

‌

111,336,937

‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

Climate

Conscious

&

Transition

MSCI

USA

.....................................................................

$

254,742,994

‌

$

651,348,142

‌

ESG

Advanced

MSCI

USA

.................................................................................

43,652,458

‌

132,861,551

‌

iShares

ETF

Non-Expiring

Capital

Loss

Carryforwards

(a)

Climate

Conscious

&

Transition

MSCI

USA

.........................................................................................

$

(30,810,493‌)

ESG

Advanced

MSCI

USA

.....................................................................................................

(38,953,968‌)

(a)

Amounts

available

to

offset

future

realized

capital

gains.

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Climate

Conscious

&

Transition

MSCI

USA

..............................

$

1,774,681,212

‌

$

523,175,351

‌

$

(92,437,880

)

$

430,737,471

‌

ESG

Advanced

MSCI

USA

..........................................

922,643,199

‌

382,772,936

‌

(78,698,456

)

304,074,480

‌

Notes

to

Financial

Statements

(unaudited)

(continued)

24

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

mandatory

and

discretionary

liquidity

fees

under

certain

circumstances.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries.

A

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that

a

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment.

A

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that

it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause each

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of

a

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which

a

Fund

invests. A

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/

or

errors

by

pricing

services

or

other

third-party

service

providers.

Counterparty

Credit

Risk:

The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

BFA

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds.

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures,

there

is

less

counterparty

credit

risk

to

the

Funds

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

Fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in

exchange-traded

futures

with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds.

Geographic/Asset

Class

Risk:

A

diversified

portfolio,

where

this

is

appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

each

Fund’s

portfolio

are

disclosed

in

its

Schedule

of

Investments.

The Funds

invest

a

significant

portion

of

their

assets

in 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.

The Funds

invest

a

significant

portion

of

their

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

Fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

Fund's

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedule

of

Investments. 

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

10.

Capital

Share

Transactions 

Capital

shares

are

issued

and

redeemed

by each

Fund

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”)

at

NAV.

Except

when

aggregated

in

Creation

Units,

shares

of each

Fund

are

not

redeemable.

Transactions

in

capital

shares

were

as

follows:

Notes

to

Financial

Statements

(unaudited)

(

continued)

25

Notes

to

Financial

Statements

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the

Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the

Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars.

Authorized

Participants

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Authorized

Participants

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

To

the

extent

applicable,

to

facilitate

the

timely

settlement

of

orders

for

the

Funds

using

a

clearing

facility

outside

of

the

continuous

net

settlement

process,

the

Funds,

at

their

sole

discretion,

may

permit

an

Authorized

Participant

to

post

cash

as

collateral

in

anticipation

of

the

delivery

of

all

or

a

portion

of

the

applicable

Deposit

Securities

or

Fund

Securities,

as

further

described

in

the

applicable

Authorized

Participant

Agreement.

The

collateral

process

is

subject

to

a

Control

Agreement

among

the

Authorized

Participant,

each

Fund’s

custodian,

and

the

Funds.

In

the

event

that

the

Authorized

Participant

fails

to

deliver

all

or

a

portion

of

the

applicable

Deposit

Securities

or

Fund

Securities,

the

Funds

may

exercise

control

over

such

collateral

pursuant

to

the

terms

of

the

Control

Agreement

in

order

to

purchase

the

applicable

Deposit

Securities

or

Fund

Securities.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statements

of

Assets

and

Liabilities.

11.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Six

Months

Ended

02/28/26

Year

Ended

08/31/25

iShares

ETF

Shares

Amount

Shares

Amount

Climate

Conscious

&

Transition

MSCI

USA

Shares

sold

..............................................................

3,300,000‌

$

255,222,965‌

11,300,000‌

$

786,739,855‌

Shares

redeemed

..........................................................

(8,125,000‌)

(646,696,617‌)

(10,225,000‌)

(732,922,839‌)

(4,825,000‌)

$

(391,473,652‌)

1,075,000‌

$

53,817,016‌

ESG

Advanced

MSCI

USA

Shares

sold

..............................................................

750,000‌

$

43,830,460‌

4,600,000‌

$

236,803,717‌

Shares

redeemed

..........................................................

(2,350,000‌)

(133,500,788‌)

(5,450,000‌)

(275,249,074‌)

(1,600,000‌)

$

(89,670,328‌)

(850,000‌)

$

(38,445,357‌)

Additional

Information

26

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

notifications

announcing

that

the

shareholder

report

or

prospectus

has

been

posted

on

the

iShares

website

at

iShares.com

.

Once

you

have

enrolled,

you

will

no

longer

receive

prospectuses

and

shareholder

reports

in

the

mail.

To

enroll

in

electronic

delivery:

Go

to

icsdelivery.com

If

your

brokerage

firm

is

not

listed,

electronic

delivery

may

not

be

available.

Please

contact

your

broker-dealer

or

financial

advisor.

Changes

in

and

Disagreements

with

Accountants

Not

applicable.

Proxy

Results

Not

applicable.

Remuneration

Paid

to

Trustees,

Officers,

and

Others

Because

BFA

has

agreed in

the

Investment

Advisory

Agreements

to

cover

all

operating

expenses

of

the

Funds,

subject

to

certain

exclusions as

provided

for

therein,

BFA

pays

the

compensation

to

each

Independent Trustee

for

services

to

the

Funds

from

BFA’s

investment

advisory

fees.

Availability

of

Portfolio

Holdings

Information

A

description

of

the

Trust’s policies

and

procedures

with

respect

to

the

disclosure

of

the

Funds’

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

.

Glossary

of

Terms

Used

in

these

Financial

Statements

27

Glossary

of

Terms

Used

in

these

Financial

Statements

Portfolio

Abbreviation

NVS

Non-Voting

Shares

REIT

Real

Estate

Investment

Trust

Want

to

know

more?

iShares.com

|

1-800-474-2737

This

report

is

intended

for

the

Funds’

shareholders.

It

may

not

be

distributed

to

prospective

investors

unless

it

is

preceded

or

accompanied

by

the

current

prospectus.

Investing

involves

risk,

including

possible

loss

of

principal.

The

iShares

Funds

are

distributed

by

BlackRock

Investments,

LLC

(together

with

its

affiliates,

“BlackRock”).

The

iShares

Funds

are

not

sponsored,

endorsed,

issued,

sold

or

promoted

by

MSCI

Inc.,

nor

does

this

company

make

any

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regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

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not

affiliated

with

the

company

listed

above.

©2026

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

February

28,

2026

2026

Semi-Annual

Financial

Statements

and

Additional

Information

(Unaudited)

iShares

Trust

iShares

ESG

Aware

MSCI

USA

ETF

|

ESGU

|

NASDAQ

iShares

ESG

Aware

MSCI

USA

Growth

ETF

|

EGUS

|

Cboe

BZX

Exchange

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

|

ESML

|

Cboe

BZX

Exchange

iShares

ESG

Aware

MSCI

USA

Value

ETF

|

EVUS

|

Cboe

BZX

Exchange

iShares

ESG

MSCI

USA

Leaders

ETF

|

SUSL

|

NASDAQ

iShares

Paris-Aligned

Climate

Optimized

MSCI

USA

ETF

|

PABU

|

NASDAQ

Table

of

Contents

Page

2

Schedules

of

Investments

.................................................................................................

3

Statements

of

Assets

and

Liabilities

...........................................................................................

38

Statements

of

Operations

.................................................................................................

40

Statements

of

Changes

in

Net

Assets

..........................................................................................

42

Financial

Highlights

.....................................................................................................

45

Notes

to

Financial

Statements

...............................................................................................

51

Additional

Information

....................................................................................................

59

Glossary

of

Terms

Used

in

these

Financial

Statements

................................................................................

60

iShares

®

ESG

Aware

MSCI

USA

ETF

Schedule

of

Investments

(unaudited)

February

28,

2026

(Percentages

shown

are

based

on

Net

Assets)

3

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

1

.9

%

Axon

Enterprise,

Inc.

(a)

.....................

37,601

$

20,394,782

General

Electric

Co.

.......................

246,684

84,430,066

Howmet

Aerospace,

Inc.

(b)

...................

95,371

25,037,749

L3Harris

Technologies,

Inc.

..................

148,814

54,248,655

Northrop

Grumman

Corp.

...................

52,394

37,953,166

Rocket

Lab

Corp.

(a)

.......................

222,996

15,409,024

RTX

Corp.

.............................

338,805

68,648,669

306,122,111

a

Air

Freight

&

Logistics

 — 

0

.3

%

CH

Robinson

Worldwide,

Inc.

................

99,540

18,439,785

Expeditors

International

of

Washington,

Inc.

.......

157,930

22,904,588

41,344,373

a

Automobiles

 — 

2

.1

%

General

Motors

Co.

.......................

270,002

21,251,857

Rivian

Automotive,

Inc.

,

Class

A

(a)

..............

946,259

14,506,150

Tesla,

Inc.

(a)

.............................

737,499

296,850,722

332,608,729

a

Banks

 — 

3

.1

%

Bank

of

America

Corp.

.....................

1,538,479

76,662,409

Citigroup,

Inc.

...........................

422,829

46,591,527

Citizens

Financial

Group,

Inc.

................

242,119

14,573,143

JPMorgan

Chase

&

Co.

....................

679,922

204,180,577

PNC

Financial

Services

Group,

Inc.

(The)

........

211,438

44,898,859

U.S.

Bancorp

...........................

677,042

37,007,116

Wells

Fargo

&

Co.

........................

709,801

57,813,291

481,726,922

a

Beverages

 — 

0

.9

%

Coca-Cola

Co.

(The)

......................

1,065,083

86,868,169

Keurig

Dr

Pepper,

Inc.

.....................

672,400

20,360,272

PepsiCo,

Inc.

...........................

158,277

26,865,938

134,094,379

a

Biotechnology

 — 

2

.2

%

AbbVie,

Inc.

............................

520,250

120,739,620

Alnylam

Pharmaceuticals,

Inc.

(a)

(b)

..............

46,857

15,599,632

Amgen,

Inc.

............................

119,486

46,379,686

Biogen,

Inc.

(a)

...........................

79,678

15,283,834

Gilead

Sciences,

Inc.

......................

471,701

70,259,864

Incyte

Corp.

(a)

...........................

154,067

15,602,365

Regeneron

Pharmaceuticals,

Inc.

..............

23,138

18,086,280

Vertex

Pharmaceuticals,

Inc.

(a)

................

87,325

43,385,680

345,336,961

a

Broadline

Retail

 — 

3

.5

%

Amazon.com,

Inc.

(a)

.......................

2,449,631

514,422,510

eBay,

Inc.

..............................

194,950

17,713,157

MercadoLibre,

Inc.

(a)

.......................

14,912

26,209,033

558,344,700

a

Building

Products

 — 

0

.7

%

Carrier

Global

Corp.

.......................

234,668

15,112,619

Johnson

Controls

International

PLC

............

194,476

28,062,887

Lennox

International,

Inc.

...................

27,601

15,730,914

Trane

Technologies

PLC

....................

115,846

53,557,923

112,464,343

a

Capital

Markets

 — 

3

.8

%

Bank

of

New

York

Mellon

Corp.

(The)

...........

377,730

44,987,643

BlackRock,

Inc.

(c)

.........................

39,158

41,633,961

Cboe

Global

Markets,

Inc.

...................

69,172

20,732,232

Security

Shares

Value

a

Capital

Markets

(continued)

Charles

Schwab

Corp.

(The)

.................

190,479

$

18,133,601

CME

Group,

Inc.

,

Class

A

...................

72,493

23,161,513

Goldman

Sachs

Group,

Inc.

(The)

.............

112,462

96,668,961

Intercontinental

Exchange,

Inc.

...............

272,039

44,649,761

Moody's

Corp.

...........................

106,026

50,636,957

Morgan

Stanley

..........................

424,539

70,689,989

Nasdaq,

Inc.

............................

350,646

30,709,577

Raymond

James

Financial,

Inc.

...............

98,686

15,106,853

Robinhood

Markets,

Inc.

,

Class

A

(a)

.............

206,593

15,670,079

S&P

Global,

Inc.

.........................

157,660

69,666,801

State

Street

Corp.

........................

288,397

37,093,622

T

Rowe

Price

Group,

Inc.

...................

166,233

15,730,629

595,272,179

a

Chemicals

 — 

0

.9

%

Ecolab,

Inc.

............................

199,824

61,615,730

Linde

PLC

.............................

98,284

49,936,135

PPG

Industries,

Inc.

.......................

152,891

18,846,874

Sherwin-Williams

Co.

(The)

..................

49,345

17,892,003

148,290,742

a

Commercial

Services

&

Supplies

 — 

0

.3

%

Veralto

Corp.

............................

439,649

42,835,002

a

Communications

Equipment

 — 

1

.3

%

Arista

Networks,

Inc.

(a)

.....................

304,162

40,605,627

Ciena

Corp.

(a)

...........................

51,569

17,982,110

Cisco

Systems,

Inc.

.......................

1,081,076

85,902,299

F5,

Inc.

(a)

(b)

.............................

59,753

16,214,574

Lumentum

Holdings,

Inc.

(a)

..................

21,012

14,727,521

Motorola

Solutions,

Inc.

....................

58,796

28,354,959

203,787,090

a

Construction

&

Engineering

 — 

0

.3

%

Comfort

Systems

USA,

Inc.

..................

12,568

17,964,322

EMCOR

Group,

Inc.

.......................

19,644

14,234,435

Quanta

Services,

Inc.

......................

29,699

16,722,913

48,921,670

a

Construction

Materials

 — 

0

.4

%

CRH

PLC

..............................

446,781

53,604,785

Martin

Marietta

Materials,

Inc.

................

23,388

15,823,619

69,428,404

a

Consumer

Finance

 — 

0

.7

%

American

Express

Co.

.....................

172,858

53,395,836

Capital

One

Financial

Corp.

..................

251,886

49,278,977

102,674,813

a

Consumer

Staples

Distribution

&

Retail

 — 

1

.5

%

Casey's

General

Stores,

Inc.

.................

62,714

42,996,091

Costco

Wholesale

Corp.

....................

110,588

111,781,245

Dollar

General

Corp.

......................

124,735

19,488,596

Dollar

Tree,

Inc.

(a)

.........................

142,775

18,058,182

Sysco

Corp.

............................

208,894

19,042,777

Target

Corp.

............................

191,063

21,741,059

233,107,950

a

Containers

&

Packaging

 — 

0

.2

%

Ball

Corp.

..............................

236,931

15,905,178

International

Paper

Co.

.....................

317,760

13,838,448

29,743,626

a

Distributors

 — 

0

.1

%

Genuine

Parts

Co.

........................

126,285

15,060,749

a

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

iShares

®

ESG

Aware

MSCI

USA

ETF

(Percentages

shown

are

based

on

Net

Assets)

4

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Diversified

Telecommunication

Services

 — 

0

.8

%

AT&T,

Inc.

..............................

1,419,053

$

39,747,675

Comcast

Corp.

,

Class

A

....................

495,357

15,336,253

Verizon

Communications,

Inc.

................

1,385,560

69,471,978

124,555,906

a

Electric

Utilities

 — 

1

.3

%

Constellation

Energy

Corp.

..................

65,439

21,587,017

Edison

International

.......................

218,235

16,310,884

Eversource

Energy

.......................

466,790

35,574,066

Exelon

Corp.

............................

1,283,780

63,508,597

NextEra

Energy,

Inc.

......................

679,542

63,720,653

200,701,217

a

Electrical

Equipment

 — 

0

.8

%

Bloom

Energy

Corp.

,

Class

A

(a)

................

107,245

16,694,829

Eaton

Corp.

PLC

.........................

81,924

30,796,870

GE

Vernova,

Inc.

.........................

78,179

68,297,175

Rockwell

Automation,

Inc.

...................

40,171

16,367,674

132,156,548

a

Electronic

Equipment,

Instruments

&

Components

 — 

0

.6

%

Amphenol

Corp.

,

Class

A

...................

115,028

16,800,990

Corning,

Inc.

............................

137,391

20,660,858

Keysight

Technologies,

Inc.

(a)

.................

115,515

35,501,225

TE

Connectivity

PLC

......................

75,859

17,458,949

90,422,022

a

Energy

Equipment

&

Services

 — 

0

.3

%

Baker

Hughes

Co.

,

Class

A

..................

511,704

33,393,803

SLB

Ltd.

...............................

312,766

16,057,407

49,451,210

a

Entertainment

 — 

1

.0

%

Electronic

Arts,

Inc.

.......................

84,138

16,875,559

Netflix,

Inc.

(a)

............................

891,203

85,769,377

Walt

Disney

Co.

(The)

.....................

347,549

36,854,096

Warner

Bros

Discovery,

Inc.

(a)

................

777,960

21,915,133

161,414,165

a

Financial

Services

 — 

2

.7

%

Berkshire

Hathaway,

Inc.

,

Class

B

(a)

............

231,227

116,758,074

Fiserv,

Inc.

(a)

............................

244,961

15,258,621

Mastercard,

Inc.

,

Class

A

....................

220,054

113,814,129

PayPal

Holdings,

Inc.

......................

381,911

17,648,107

Visa,

Inc.

,

Class

A

........................

506,116

162,027,976

425,506,907

a

Food

Products

 — 

1

.1

%

Archer-Daniels-Midland

Co.

..................

267,800

18,488,912

Bunge

Global

SA

.........................

152,698

18,423,014

General

Mills,

Inc.

........................

977,185

44,198,077

Hershey

Co.

(The)

........................

71,048

16,787,221

Hormel

Foods

Corp.

.......................

665,036

17,024,922

Kraft

Heinz

Co.

(The)

......................

1,196,028

29,434,249

McCormick

&

Co.,

Inc.

,

NVS

.................

225,681

16,032,378

Mondelez

International,

Inc.

,

Class

A

............

260,396

16,035,186

176,423,959

a

Gas

Utilities

 — 

0

.2

%

Atmos

Energy

Corp.

.......................

164,755

30,774,586

a

Ground

Transportation

 — 

1

.0

%

CSX

Corp.

.............................

667,063

28,476,919

JB

Hunt

Transport

Services,

Inc.

..............

69,736

16,277,080

Uber

Technologies,

Inc.

(a)

...................

660,109

49,785,421

Security

Shares

Value

a

Ground

Transportation

(continued)

Union

Pacific

Corp.

.......................

209,051

$

55,394,334

149,933,754

a

Health

Care

Equipment

&

Supplies

 — 

1

.7

%

Abbott

Laboratories

.......................

285,968

33,272,377

Cooper

Companies,

Inc.

(The)

(a)

...............

330,186

27,626,663

Edwards

Lifesciences

Corp.

(a)

................

374,506

32,383,534

Hologic,

Inc.

(a)

...........................

209,793

15,810,000

IDEXX

Laboratories,

Inc.

(a)

...................

63,513

41,710,893

Intuitive

Surgical,

Inc.

(a)

.....................

64,940

32,697,939

STERIS

PLC

............................

182,543

46,064,726

Stryker

Corp.

...........................

82,788

32,077,038

261,643,170

a

Health

Care

Providers

&

Services

 — 

1

.8

%

Cardinal

Health,

Inc.

.......................

183,408

42,042,616

Cencora,

Inc.

...........................

105,145

39,128,660

Cigna

Group

(The)

........................

86,141

24,965,385

CVS

Health

Corp.

........................

199,722

15,957,788

Elevance

Health,

Inc.

......................

97,142

31,085,440

Humana,

Inc.

...........................

84,249

16,052,804

Labcorp

Holdings,

Inc.

.....................

56,338

16,288,443

McKesson

Corp.

.........................

45,517

44,942,120

UnitedHealth

Group,

Inc.

....................

196,474

57,619,930

288,083,186

a

Health

Care

REITs

 — 

0

.4

%

Welltower,

Inc.

...........................

289,899

60,043,881

a

Health

Care

Technology

 — 

0

.1

%

Veeva

Systems,

Inc.

,

Class

A

(a)

...............

109,069

19,851,649

a

Hotels,

Restaurants

&

Leisure

 — 

1

.4

%

Booking

Holdings,

Inc.

.....................

9,266

39,281,817

Chipotle

Mexican

Grill,

Inc.

,

Class

A

(a)

...........

432,436

16,095,268

DoorDash,

Inc.

,

Class

A

(a)

...................

96,006

16,942,179

Flutter

Entertainment

PLC

,

Class

DI

(a)

(b)

..........

125,803

13,352,730

Hilton

Worldwide

Holdings,

Inc.

...............

49,096

15,307,151

Las

Vegas

Sands

Corp.

....................

270,956

15,368,624

McDonald's

Corp.

........................

155,619

53,075,416

Royal

Caribbean

Cruises

Ltd.

................

56,284

17,502,073

Starbucks

Corp.

..........................

233,434

22,881,201

Yum!

Brands,

Inc.

........................

96,702

16,261,408

226,067,867

a

Household

Durables

 — 

0

.1

%

DR

Horton,

Inc.

..........................

93,726

15,032,713

a

Household

Products

 — 

1

.5

%

Church

&

Dwight

Co.,

Inc.

...................

282,198

29,591,282

Clorox

Co.

(The)

.........................

183,803

23,372,390

Colgate-Palmolive

Co.

.....................

348,441

34,544,441

Kimberly-Clark

Corp.

......................

332,273

37,028,503

Procter

&

Gamble

Co.

(The)

.................

624,722

104,453,518

228,990,134

a

Industrial

Conglomerates

 — 

0

.8

%

3M

Co.

................................

305,599

50,521,627

Honeywell

International,

Inc.

.................

341,949

83,295,357

133,816,984

a

Industrial

REITs

 — 

0

.3

%

Prologis,

Inc.

............................

311,434

44,401,145

a

Insurance

 — 

2

.2

%

Aflac,

Inc.

..............................

166,566

18,810,298

Arch

Capital

Group

Ltd.

(a)

...................

157,760

15,799,664

iShares

®

ESG

Aware

MSCI

USA

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

(Percentages

shown

are

based

on

Net

Assets)

5

Schedule

of

Investments

Security

Shares

Value

a

Insurance

(continued)

Hartford

Insurance

Group,

Inc.

(The)

............

584,046

$

82,251,198

Marsh

&

McLennan

Companies,

Inc.

............

143,279

26,755,920

MetLife,

Inc.

............................

275,865

19,881,591

Principal

Financial

Group,

Inc.

................

169,471

16,170,923

Progressive

Corp.

(The)

....................

349,824

74,743,396

Prudential

Financial,

Inc.

....................

390,481

38,415,521

Travelers

Companies,

Inc.

(The)

...............

116,548

35,971,375

Willis

Towers

Watson

PLC

...................

64,365

19,642,267

348,442,153

a

Interactive

Media

&

Services

 — 

7

.7

%

Alphabet,

Inc.

,

Class

A

.....................

608,148

189,596,220

Alphabet,

Inc.

,

Class

C

,

NVS

.................

2,176,992

677,980,619

Meta

Platforms,

Inc.

,

Class

A

.................

533,053

345,514,294

1,213,091,133

a

IT

Services

 — 

1

.4

%

Accenture

PLC

,

Class

A

....................

198,198

41,367,887

Cloudflare,

Inc.

,

Class

A

(a)

...................

81,540

14,040,373

Gartner,

Inc.

(a)

...........................

99,727

15,677,084

International

Business

Machines

Corp.

..........

287,529

69,067,341

MongoDB,

Inc.

,

Class

A

(a)

...................

43,282

14,216,838

Okta,

Inc.

,

Class

A

(a)

.......................

186,134

13,494,715

Snowflake,

Inc.

,

Class

A

(a)

...................

88,376

14,883,402

Twilio,

Inc.

,

Class

A

(a)

......................

143,656

17,376,630

VeriSign,

Inc.

...........................

72,082

16,430,371

216,554,641

a

Life

Sciences

Tools

&

Services

 — 

1

.0

%

Agilent

Technologies,

Inc.

...................

125,864

15,277,373

Danaher

Corp.

..........................

194,305

40,928,405

IQVIA

Holdings,

Inc.

(a)

......................

160,489

28,697,038

Mettler-Toledo

International,

Inc.

(a)

.............

20,693

28,280,916

Thermo

Fisher

Scientific,

Inc.

.................

31,339

16,331,066

Waters

Corp.

(a)

..........................

73,321

23,417,261

152,932,059

a

Machinery

 — 

2

.3

%

Caterpillar,

Inc.

..........................

137,589

102,205,237

CNH

Industrial

N.V.

.......................

1,408,635

17,326,211

Cummins,

Inc.

...........................

100,436

58,641,567

Deere

&

Co.

............................

92,259

58,096,415

Fortive

Corp.

............................

274,387

16,243,710

Parker-Hannifin

Corp.

......................

35,717

36,044,882

Pentair

PLC

............................

394,800

39,160,212

Xylem,

Inc.

.............................

285,616

37,004,409

364,722,643

a

Metals

&

Mining

 — 

0

.6

%

Freeport-McMoRan,

Inc.

....................

255,127

17,369,046

Newmont

Corp.

..........................

303,191

39,414,830

Nucor

Corp.

............................

84,875

15,012,690

Steel

Dynamics,

Inc.

.......................

81,223

15,686,598

87,483,164

a

Multi-Utilities

 — 

0

.8

%

NiSource,

Inc.

...........................

1,254,683

59,346,506

Public

Service

Enterprise

Group,

Inc.

...........

382,758

32,943,981

Sempra

...............................

301,516

29,026,945

121,317,432

a

Oil,

Gas

&

Consumable

Fuels

 — 

3

.4

%

Cheniere

Energy,

Inc.

......................

157,490

37,125,118

Chevron

Corp.

...........................

189,304

35,354,415

ConocoPhillips

..........................

375,030

42,550,904

Diamondback

Energy,

Inc.

...................

157,592

27,433,615

Security

Shares

Value

a

Oil,

Gas

&

Consumable

Fuels

(continued)

EOG

Resources,

Inc.

......................

196,113

$

24,333,701

EQT

Corp.

.............................

362,346

22,255,291

Exxon

Mobil

Corp.

........................

827,233

126,153,032

Kinder

Morgan,

Inc.

.......................

1,734,202

57,696,901

Occidental

Petroleum

Corp.

..................

384,902

20,430,598

ONEOK,

Inc.

............................

307,981

25,491,587

Phillips

66

..............................

98,573

15,212,771

Targa

Resources

Corp.

.....................

101,407

23,911,771

Texas

Pacific

Land

Corp.

....................

36,551

19,163,324

Valero

Energy

Corp.

.......................

78,989

16,164,309

Williams

Companies,

Inc.

(The)

...............

515,379

38,509,119

531,786,456

a

Passenger

Airlines

 — 

0

.1

%

Delta

Air

Lines,

Inc.

.......................

220,047

14,457,088

a

Personal

Care

Products

 — 

0

.1

%

Kenvue,

Inc.

............................

846,738

16,189,631

a

Pharmaceuticals

 — 

3

.3

%

Bristol-Myers

Squibb

Co.

....................

444,033

27,694,338

Eli

Lilly

&

Co.

...........................

209,617

220,514,988

Johnson

&

Johnson

.......................

467,754

116,204,126

Merck

&

Co.,

Inc.

.........................

650,772

80,578,589

Pfizer,

Inc.

.............................

569,545

15,747,919

Royalty

Pharma

PLC

,

Class

A

................

343,255

15,861,814

Zoetis,

Inc.

,

Class

A

.......................

278,311

36,486,572

513,088,346

a

Professional

Services

 — 

0

.8

%

Automatic

Data

Processing,

Inc.

...............

284,125

60,905,035

Broadridge

Financial

Solutions,

Inc.

............

109,490

20,350,906

Jacobs

Solutions,

Inc.

......................

209,545

28,887,874

Paychex,

Inc.

...........................

167,164

15,654,909

125,798,724

a

Real

Estate

Management

&

Development

 — 

0

.2

%

CBRE

Group,

Inc.

,

Class

A

(a)

.................

241,264

35,625,042

a

Semiconductors

&

Semiconductor

Equipment

 — 

14

.2

%

Advanced

Micro

Devices,

Inc.

(a)

...............

448,253

89,744,733

Analog

Devices,

Inc.

.......................

165,715

58,959,740

Applied

Materials,

Inc.

.....................

279,523

104,066,413

Broadcom,

Inc.

..........................

1,193,525

381,390,914

Intel

Corp.

(a)

............................

1,289,345

58,807,025

KLA

Corp.

..............................

26,868

40,961,609

Lam

Research

Corp.

......................

389,301

91,053,611

Marvell

Technology,

Inc.

....................

264,208

21,583,151

Micron

Technology,

Inc.

.....................

296,903

122,433,890

Monolithic

Power

Systems,

Inc.

...............

13,286

15,182,444

NVIDIA

Corp.

...........................

6,395,330

1,133,188,523

NXP

Semiconductors

N.V.

...................

127,999

29,057,053

QUALCOMM,

Inc.

........................

234,563

33,392,389

Texas

Instruments,

Inc.

.....................

253,769

53,826,943

2,233,648,438

a

Software

 — 

8

.4

%

Adobe,

Inc.

(a)

............................

157,495

41,328,263

AppLovin

Corp.

,

Class

A

(a)

...................

50,529

21,968,493

Autodesk,

Inc.

(a)

..........................

146,746

36,080,439

Cadence

Design

Systems,

Inc.

(a)

..............

117,203

35,324,984

Crowdstrike

Holdings,

Inc.

,

Class

A

(a)

............

58,127

21,622,082

Datadog,

Inc.

,

Class

A

(a)

....................

127,165

14,237,393

Fair

Isaac

Corp.

(a)

.........................

11,531

16,251,330

Fortinet,

Inc.

(a)

...........................

221,584

17,511,784

HubSpot,

Inc.

(a)

..........................

63,021

16,669,685

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

iShares

®

ESG

Aware

MSCI

USA

ETF

(Percentages

shown

are

based

on

Net

Assets)

6

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Software

(continued)

Intuit,

Inc.

..............................

111,989

$

45,806,861

Microsoft

Corp.

..........................

1,824,603

716,594,582

Oracle

Corp.

............................

448,230

65,172,642

Palantir

Technologies,

Inc.

,

Class

A

(a)

...........

522,243

71,646,517

Palo

Alto

Networks,

Inc.

(a)

...................

331,045

49,299,221

Salesforce,

Inc.

..........................

278,917

54,330,242

ServiceNow,

Inc.

(a)

........................

448,585

48,451,666

Synopsys,

Inc.

(a)

.........................

83,584

34,603,776

Tyler

Technologies,

Inc.

(a)

...................

49,879

17,691,583

1,324,591,543

a

Specialized

REITs

 — 

1

.3

%

American

Tower

Corp.

.....................

270,327

51,864,938

Crown

Castle,

Inc.

........................

370,516

33,176,003

Digital

Realty

Trust,

Inc.

....................

202,364

35,858,901

Equinix,

Inc.

............................

59,960

58,416,630

Iron

Mountain,

Inc.

........................

143,269

15,520,331

SBA

Communications

Corp.

,

Class

A

............

86,959

17,492,672

212,329,475

a

Specialty

Retail

 — 

1

.9

%

Best

Buy

Co.,

Inc.

........................

235,796

14,612,278

Carvana

Co.

,

Class

A

(a)

.....................

44,410

14,840,046

Home

Depot,

Inc.

(The)

....................

306,772

116,794,236

Lowe's

Companies,

Inc.

....................

192,609

50,958,563

O'Reilly

Automotive,

Inc.

(a)

...................

168,408

15,810,143

TJX

Companies,

Inc.

(The)

..................

172,197

27,837,367

Tractor

Supply

Co.

........................

504,471

26,151,777

Ulta

Beauty,

Inc.

(a)

........................

22,052

15,100,989

Williams-Sonoma,

Inc.

.....................

89,070

18,317,245

300,422,644

a

Technology

Hardware,

Storage

&

Peripherals

 — 

7

.1

%

Apple,

Inc.

.............................

3,803,102

1,004,703,487

Hewlett

Packard

Enterprise

Co.

...............

897,853

19,276,904

NetApp,

Inc.

............................

200,571

19,862,546

Seagate

Technology

Holdings

PLC

.............

69,598

28,384,848

Security

Shares

Value

a

Technology

Hardware,

Storage

&

Peripherals

(continued)

Western

Digital

Corp.

(b)

.....................

139,364

$

38,980,111

1,111,207,896

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.2

%

Deckers

Outdoor

Corp.

(a)

....................

132,816

15,575,332

Tapestry,

Inc.

............................

101,330

15,753,775

31,329,107

a

Trading

Companies

&

Distributors

 — 

0

.5

%

Ferguson

Enterprises,

Inc.

...................

61,153

15,946,256

United

Rentals,

Inc.

.......................

18,335

15,401,400

WW

Grainger,

Inc.

........................

43,155

49,400,823

80,748,479

a

Wireless

Telecommunication

Services

 — 

0

.1

%

T-Mobile

U.S.,

Inc.

........................

70,973

15,407,529

a

a

Total

Long-Term

Investments — 99.7%

(Cost:

$

11,857,684,458

)

..............................

15,671,609,369

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.4

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

3.84

%

(c)

(d)

(e)

......................

39,347,312

39,366,985

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

3.64

%

(c)

(d)

............................

18,992,806

18,992,806

a

Total

Short-Term

Securities — 0.4%

(Cost:

$

58,357,352

)

.................................

58,359,791

Total

Investments

—

100.1%

(Cost:

$

11,916,041,810

)

..............................

15,729,969,160

Liabilities

in

Excess

of

Other

Assets

—

(

0

.1

)

%

...............

(

13,886,761

)

Net

Assets

—

100.0%

.................................

$

15,716,082,399

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

February

28,

2026

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

08/31/25

Purchases

at

Cost

Proceeds

from

Sale

s

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

02/28/26

  Shares

Held

at

02/28/26

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

66,040,594

$

—

$

(

26,666,985

)

(a)

$

4,362

$

(

10,986

)

$

39,366,985

39,347,312

$

57,337

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

..

23,405,195

—

(

4,412,389

)

(a)

—

—

18,992,806

18,992,806

508,129

—

BlackRock,

Inc.

....

20,595,102

26,090,468

(

3,612,730

)

272,709

(

1,711,588

)

41,633,961

39,158

179,438

—

$

—

$

277,071

$

(

1,722,574

)

$

99,993,752

$

744,904

$

—

iShares

®

ESG

Aware

MSCI

USA

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

7

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

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: 

For

the period

ended

February

28,

2026,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

S&P

500

Index

..................................................................

110

03/20/26

$

37,890

$

(

231,387

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

231,387

$

—

$

—

$

—

$

231,387

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Futures

contracts

.................................

$

—

$

—

$

2,749,596

$

—

$

—

$

—

$

2,749,596

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

.................................

$

—

$

—

$

(

1,308,517

)

$

—

$

—

$

—

$

(

1,308,517

)

Futures

contracts:

Average

notional

value

of

contracts

—

long

...................................................................................

$

33,864,163

a

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

iShares

®

ESG

Aware

MSCI

USA

ETF

8

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

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.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

15,671,609,369

‌

$

—

‌

$

—

‌

$

15,671,609,369

‌

Short-Term

Securities

Money

Market

Funds

......................................

58,359,791

‌

—

‌

—

‌

58,359,791

‌

$

15,729,969,160

‌

$

—

‌

$

—

‌

$

15,729,969,160

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

231,387

)

$

—

‌

$

—

‌

$

(

231,387

)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

ESG

Aware

MSCI

USA

Growth

ETF

Schedule

of

Investments

(unaudited)

February

28,

2026

(Percentages

shown

are

based

on

Net

Assets)

9

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

1

.6

%

Axon

Enterprise,

Inc.

(a)

.....................

135

$

73,224

General

Electric

Co.

.......................

567

194,062

Howmet

Aerospace,

Inc.

....................

197

51,718

Rocket

Lab

Corp.

(a)

.......................

582

40,216

359,220

a

Automobiles

 — 

4

.1

%

Rivian

Automotive,

Inc.

,

Class

A

(a)

..............

1,484

22,749

Tesla,

Inc.

(a)

.............................

2,176

875,862

898,611

a

Biotechnology

 — 

1

.4

%

Alnylam

Pharmaceuticals,

Inc.

(a)

...............

122

40,616

Gilead

Sciences,

Inc.

......................

887

132,119

Incyte

Corp.

(a)

...........................

217

21,976

Vertex

Pharmaceuticals,

Inc.

(a)

................

234

116,258

310,969

a

Broadline

Retail

 — 

7

.1

%

Amazon.com,

Inc.

(a)

.......................

7,006

1,471,260

MercadoLibre,

Inc.

(a)

.......................

44

77,334

1,548,594

a

Building

Products

 — 

1

.0

%

Trane

Technologies

PLC

....................

488

225,612

a

Capital

Markets

 — 

1

.1

%

Ares

Management

Corp.

,

Class

A

..............

168

18,818

Moody's

Corp.

...........................

404

192,946

Robinhood

Markets,

Inc.

,

Class

A

(a)

.............

326

24,727

236,491

a

Chemicals

 — 

0

.9

%

Ecolab,

Inc.

............................

607

187,168

a

Commercial

Services

&

Supplies

 — 

0

.6

%

Veralto

Corp.

............................

1,357

132,213

a

Communications

Equipment

 — 

1

.4

%

Arista

Networks,

Inc.

(a)

.....................

1,025

136,838

Ciena

Corp.

(a)

...........................

224

78,109

Lumentum

Holdings,

Inc.

(a)

..................

41

28,737

Motorola

Solutions,

Inc.

....................

147

70,892

314,576

a

Construction

&

Engineering

 — 

0

.8

%

Comfort

Systems

USA,

Inc.

..................

56

80,045

EMCOR

Group,

Inc.

.......................

102

73,911

Quanta

Services,

Inc.

......................

47

26,465

180,421

a

Consumer

Staples

Distribution

&

Retail

 — 

0

.9

%

Casey's

General

Stores,

Inc.

.................

238

163,170

Costco

Wholesale

Corp.

....................

43

43,464

206,634

a

Electric

Utilities

 — 

0

.2

%

Constellation

Energy

Corp.

..................

113

37,276

a

Electrical

Equipment

 — 

1

.1

%

Bloom

Energy

Corp.

,

Class

A

(a)

................

199

30,979

GE

Vernova,

Inc.

.........................

237

207,043

238,022

a

Security

Shares

Value

a

Electronic

Equipment,

Instruments

&

Components

 — 

0

.1

%

Coherent

Corp.

(a)

.........................

101

$

26,152

a

Entertainment

 — 

0

.7

%

Electronic

Arts,

Inc.

.......................

132

26,475

Netflix,

Inc.

(a)

............................

1,431

137,720

164,195

a

Financial

Services

 — 

3

.6

%

Equitable

Holdings,

Inc.

....................

734

29,521

Mastercard,

Inc.

,

Class

A

....................

532

275,156

Visa,

Inc.

,

Class

A

........................

1,492

477,649

782,326

a

Ground

Transportation

 — 

0

.7

%

Uber

Technologies,

Inc.

(a)

...................

1,964

148,125

a

Health

Care

Equipment

&

Supplies

 — 

1

.0

%

IDEXX

Laboratories,

Inc.

(a)

...................

284

186,511

Intuitive

Surgical,

Inc.

(a)

.....................

59

29,707

216,218

a

Health

Care

Providers

&

Services

 — 

0

.6

%

McKesson

Corp.

.........................

127

125,396

a

Health

Care

REITs

 — 

0

.8

%

Welltower,

Inc.

...........................

841

174,188

a

Health

Care

Technology

 — 

0

.4

%

Veeva

Systems,

Inc.

,

Class

A

(a)

...............

448

81,540

a

Hotels,

Restaurants

&

Leisure

 — 

1

.1

%

Booking

Holdings,

Inc.

.....................

25

105,984

Chipotle

Mexican

Grill,

Inc.

,

Class

A

(a)

...........

1,197

44,552

Flutter

Entertainment

PLC

,

Class

DI

(a)

...........

401

42,562

Las

Vegas

Sands

Corp.

....................

393

22,291

Royal

Caribbean

Cruises

Ltd.

................

110

34,206

249,595

a

Interactive

Media

&

Services

 — 

5

.0

%

Alphabet,

Inc.

,

Class

C

,

NVS

.................

3,544

1,103,708

a

IT

Services

 — 

0

.9

%

Cloudflare,

Inc.

,

Class

A

(a)

...................

206

35,471

Gartner,

Inc.

(a)

...........................

371

58,321

MongoDB,

Inc.

,

Class

A

(a)

...................

152

49,928

Snowflake,

Inc.

,

Class

A

(a)

...................

126

21,220

VeriSign,

Inc.

...........................

177

40,345

205,285

a

Life

Sciences

Tools

&

Services

 — 

1

.0

%

Mettler-Toledo

International,

Inc.

(a)

.............

101

138,035

Waters

Corp.

(a)

..........................

273

87,191

225,226

a

Machinery

 — 

0

.7

%

Caterpillar,

Inc.

..........................

199

147,823

a

Oil,

Gas

&

Consumable

Fuels

 — 

1

.1

%

Cheniere

Energy,

Inc.

......................

547

128,944

EQT

Corp.

.............................

460

28,253

Targa

Resources

Corp.

.....................

223

52,584

Texas

Pacific

Land

Corp.

....................

59

30,933

240,714

a

Pharmaceuticals

 — 

2

.8

%

Eli

Lilly

&

Co.

...........................

591

621,726

a

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

iShares

®

ESG

Aware

MSCI

USA

Growth

ETF

(Percentages

shown

are

based

on

Net

Assets)

10

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Real

Estate

Management

&

Development

 — 

0

.6

%

CBRE

Group,

Inc.

,

Class

A

(a)

.................

939

$

138,653

a

Semiconductors

&

Semiconductor

Equipment

 — 

24

.2

%

Advanced

Micro

Devices,

Inc.

(a)

...............

1,377

275,689

Broadcom,

Inc.

..........................

3,311

1,058,030

Credo

Technology

Group

Holding

Ltd.

(a)

..........

176

19,759

First

Solar,

Inc.

(a)

.........................

97

19,128

KLA

Corp.

..............................

73

111,292

Lam

Research

Corp.

......................

1,419

331,890

Marvell

Technology,

Inc.

....................

995

81,282

Monolithic

Power

Systems,

Inc.

...............

35

39,996

NVIDIA

Corp.

...........................

19,035

3,372,812

5,309,878

a

Software

 — 

16

.8

%

AppLovin

Corp.

,

Class

A

(a)

...................

131

56,955

Atlassian

Corp.

,

Class

A

(a)

...................

267

20,060

Autodesk,

Inc.

(a)

..........................

733

180,223

Cadence

Design

Systems,

Inc.

(a)

..............

477

143,768

Crowdstrike

Holdings,

Inc.

,

Class

A

(a)

............

156

58,029

Datadog,

Inc.

,

Class

A

(a)

....................

179

20,041

Fair

Isaac

Corp.

(a)

.........................

21

29,597

Fortinet,

Inc.

(a)

...........................

874

69,072

HubSpot,

Inc.

(a)

..........................

225

59,515

Microsoft

Corp.

..........................

5,242

2,058,743

Oracle

Corp.

............................

1,270

184,658

Palantir

Technologies,

Inc.

,

Class

A

(a)

...........

1,358

186,304

Palo

Alto

Networks,

Inc.

(a)

...................

1,299

193,447

PTC,

Inc.

(a)

.............................

205

32,101

ServiceNow,

Inc.

(a)

........................

1,718

185,561

Synopsys,

Inc.

(a)

.........................

335

138,690

Tyler

Technologies,

Inc.

(a)

...................

70

24,828

Workday,

Inc.

,

Class

A

(a)

....................

153

20,465

Security

Shares

Value

a

Software

(continued)

Zscaler,

Inc.

(a)

...........................

169

$

24,841

3,686,898

a

Specialty

Retail

 — 

0

.5

%

Burlington

Stores,

Inc.

(a)

....................

97

29,766

Carvana

Co.

,

Class

A

(a)

.....................

80

26,733

Ulta

Beauty,

Inc.

(a)

........................

76

52,044

108,543

a

Technology

Hardware,

Storage

&

Peripherals

 — 

13

.5

%

Apple,

Inc.

.............................

11,136

2,941,909

Everpure,

Inc.

,

Class

A

(a)

....................

343

22,027

2,963,936

a

Trading

Companies

&

Distributors

 — 

1

.1

%

WW

Grainger,

Inc.

........................

205

234,670

a

a

Total

Long-Term

Investments — 99.4%

(Cost:

$

20,339,366

)

.................................

21,830,602

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.1

%

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

3.64

%

(b)

(c)

............................

16,282

16,282

a

Total

Short-Term

Securities — 0.1%

(Cost:

$

16,282

)

....................................

16,282

Total

Investments

—

99.5%

(Cost:

$

20,355,648

)

.................................

21,846,884

Other

Assets

Less

Liabilities

—

0

.5

%

.....................

110,298

Net

Assets

—

100.0%

.................................

$

21,957,182

(a)

Non-income

producing

security.

(b)

Affiliate

of

the

Fund.

(c)

Annualized

7-day

yield

as

of

period

end.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

February

28,

2026

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

08/31/25

Purchases

at

Cost

Proceeds

from

Sale

s

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

02/28/26

  Shares

Held

at

02/28/26

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

(a)

$

46,700

$

—

$

(

46,709

)

(b)

$

11

$

(

2

)

$

—

—

$

212

(c)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

..

17,225

—

(

943

)

(b)

—

—

16,282

16,282

334

—

$

—

$

11

$

(

2

)

$

16,282

$

546

$

—

(a)

As

of

period

end,

the

entity

is

no

longer

held.

(b)

Represents

net

amount

purchased

(sold).

(c)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

iShares

®

ESG

Aware

MSCI

USA

Growth

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

11

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

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: 

For

the period

ended

February

28,

2026,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements. 

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Micro

E-Mini

Russell

2000

Index

...........................................................

7

03/20/26

$

92

$

(

13

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

13

$

—

$

—

$

—

$

13

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Futures

contracts

.................................

$

—

$

—

$

(

6,514

)

$

—

$

—

$

—

$

(

6,514

)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

.................................

$

—

$

—

$

125

$

—

$

—

$

—

$

125

Futures

contracts:

Average

notional

value

of

contracts

—

long

...................................................................................

$

227,727

a

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

iShares

®

ESG

Aware

MSCI

USA

Growth

ETF

12

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

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.

See

notes

to

financial

statements.

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

21,830,602

‌

$

—

‌

$

—

‌

$

21,830,602

‌

Short-Term

Securities

Money

Market

Funds

......................................

16,282

‌

—

‌

—

‌

16,282

‌

$

21,846,884

‌

$

—

‌

$

—

‌

$

21,846,884

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

13

)

$

—

‌

$

—

‌

$

(

13

)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

Schedule

of

Investments

(unaudited)

February

28,

2026

(Percentages

shown

are

based

on

Net

Assets)

13

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

3

.1

%

AAR

Corp.

(a)

............................

16,242

$

1,903,075

AeroVironment,

Inc.

(a)

......................

13,948

3,518,383

Archer

Aviation,

Inc.

,

Class

A

(a)

(b)

...............

236,739

1,685,582

Astronics

Corp.

(a)

(b)

........................

16,418

1,323,619

ATI,

Inc.

(a)

..............................

56,691

9,274,081

Carpenter

Technology

Corp.

.................

20,501

8,160,833

Ducommun,

Inc.

(a)

........................

17,232

2,129,703

Hexcel

Corp.

............................

36,799

3,410,899

Huntington

Ingalls

Industries,

Inc.

..............

18,208

8,093,820

Karman

Holdings,

Inc.

(a)

(b)

...................

28,842

2,541,268

Kratos

Defense

&

Security

Solutions,

Inc.

(a)

.......

73,371

6,323,113

Leonardo

DRS,

Inc.

.......................

73,234

3,177,623

Mercury

Systems,

Inc.

(a)

....................

38,536

3,430,860

Moog,

Inc.

,

Class

A

.......................

12,951

4,370,056

V2X,

Inc.

(a)

.............................

20,377

1,421,296

VSE

Corp.

(b)

............................

11,012

2,500,495

Woodward,

Inc.

..........................

22,651

8,760,501

72,025,207

a

Air

Freight

&

Logistics

 — 

0

.1

%

GXO

Logistics,

Inc.

(a)

......................

48,112

3,022,877

a

Automobile

Components

 — 

1

.0

%

BorgWarner,

Inc.

.........................

103,542

5,960,913

Dana,

Inc.

..............................

43,370

1,484,989

Dorman

Products,

Inc.

(a)

....................

9,024

1,063,568

Garrett

Motion,

Inc.

.......................

63,680

1,296,525

Gentherm,

Inc.

(a)

.........................

37,132

1,216,815

Goodyear

Tire

&

Rubber

Co.

(The)

(a)

............

140,947

1,162,813

LCI

Industries

...........................

15,365

2,046,618

Lear

Corp.

.............................

30,811

4,043,944

Mobileye

Global,

Inc.

,

Class

A

(a)

(b)

..............

127,271

1,076,713

QuantumScape

Corp.

,

Class

A

(a)

(b)

.............

162,403

1,123,829

Standard

Motor

Products,

Inc.

................

27,883

1,106,397

Visteon

Corp.

...........................

20,225

1,934,926

XPEL,

Inc.

(a)

(b)

...........................

24,870

1,059,959

24,578,009

a

Automobiles

 — 

0

.3

%

Harley-Davidson,

Inc.

......................

145,638

2,621,484

Lucid

Group,

Inc.

,

Class

A

(a)

(b)

.................

117,672

1,176,720

Thor

Industries,

Inc.

.......................

15,273

1,468,193

Winnebago

Industries,

Inc.

..................

31,031

1,237,827

6,504,224

a

Banks

 — 

5

.9

%

Amalgamated

Financial

Corp.

................

44,922

1,729,048

Ameris

Bancorp

..........................

26,367

2,047,661

Associated

Banc-Corp.

.....................

110,528

2,919,044

Atlantic

Union

Bankshares

Corp.

..............

42,494

1,574,828

Banc

of

California,

Inc.

.....................

95,152

1,757,457

Bancorp,

Inc.

(The)

(a)

......................

26,389

1,385,159

Bank

of

Hawaii

Corp.

......................

20,699

1,568,363

Bank

OZK

.............................

42,357

1,972,142

BankUnited,

Inc.

.........................

38,015

1,775,300

Banner

Corp.

...........................

47,352

2,786,665

Beacon

Financial

Corp.

.....................

145,244

4,319,557

Camden

National

Corp.

....................

57,580

2,657,893

Central

Pacific

Financial

Corp.

................

90,346

2,877,520

Coastal

Financial

Corp.

(a)

(b)

..................

13,700

1,016,403

Columbia

Banking

System,

Inc.

...............

127,085

3,615,568

Commerce

Bancshares,

Inc.

.................

31,141

1,587,880

Community

Financial

System,

Inc.

.............

23,555

1,426,255

Security

Shares

Value

a

Banks

(continued)

Cullen/Frost

Bankers,

Inc.

...................

10,335

$

1,428,504

Customers

Bancorp,

Inc.

(a)

...................

15,763

1,063,057

CVB

Financial

Corp.

.......................

94,247

1,812,370

East

West

Bancorp,

Inc.

....................

64,555

7,065,545

Eastern

Bankshares,

Inc.

...................

55,130

1,078,343

Enterprise

Financial

Services

Corp.

............

28,233

1,612,104

First

BanCorp

...........................

126,204

2,666,691

First

Busey

Corp.

.........................

49,604

1,257,957

First

Financial

Bancorp

.....................

45,254

1,270,280

First

Horizon

Corp.

........................

190,320

4,527,713

First

Interstate

BancSystem,

Inc.

,

Class

A

........

73,884

2,557,125

Flagstar

Bank

NA

.........................

99,897

1,267,693

Fulton

Financial

Corp.

......................

138,192

2,826,026

Glacier

Bancorp,

Inc.

......................

89,788

4,084,456

Hancock

Whitney

Corp.

....................

22,135

1,456,704

Hanmi

Financial

Corp.

.....................

42,717

1,115,341

Heritage

Commerce

Corp.

...................

107,787

1,339,792

Horizon

Bancorp,

Inc.

......................

77,452

1,304,292

Independent

Bank

Corp.

....................

87,111

3,962,646

Old

National

Bancorp

......................

187,627

4,334,184

Pathward

Financial,

Inc.

....................

14,680

1,332,797

Popular,

Inc.

............................

32,324

4,375,377

Provident

Financial

Services,

Inc.

..............

93,057

1,957,919

Renasant

Corp.

..........................

48,712

1,834,007

S&T

Bancorp,

Inc.

........................

28,027

1,171,809

SOUTHSTATE

BANK

CORP.

.................

50,283

4,961,424

Texas

Capital

Bancshares,

Inc.

(a)

..............

15,158

1,444,557

UMB

Financial

Corp.

......................

31,169

3,611,864

United

Bankshares,

Inc.

....................

157,054

6,486,330

United

Community

Banks,

Inc.

................

69,153

2,224,652

Valley

National

Bancorp

....................

284,716

3,590,269

Washington

Trust

Bancorp,

Inc.

...............

38,783

1,306,599

Webster

Financial

Corp.

....................

77,038

5,556,751

Western

Alliance

Bancorp

...................

51,166

4,109,653

Wintrust

Financial

Corp.

....................

14,154

2,039,025

WSFS

Financial

Corp.

.....................

20,810

1,321,643

Zions

Bancorp

NA

........................

97,627

5,592,075

137,964,317

a

Beverages

 — 

0

.7

%

Brown-Forman

Corp.

,

Class

A

................

82,073

2,409,663

Celsius

Holdings,

Inc.

(a)

.....................

50,681

2,717,009

Coca-Cola

Consolidated,

Inc.

.................

8,220

1,663,728

Molson

Coors

Beverage

Co.

,

Class

B

...........

104,798

5,134,054

Primo

Brands

Corp.

,

Class

A

.................

109,246

2,477,699

Vita

Coco

Co.,

Inc.

(The)

(a)

...................

20,750

1,204,745

15,606,898

a

Biotechnology

 — 

5

.3

%

ADMA

Biologics,

Inc.

(a)

.....................

73,178

1,139,381

Alkermes

PLC

(a)

..........................

90,026

2,709,783

Amicus

Therapeutics,

Inc.

(a)

..................

81,653

1,173,354

Apogee

Therapeutics,

Inc.

(a)

..................

16,798

1,175,860

Arbutus

Biopharma

Corp.

(a)

(b)

.................

279,047

1,300,359

Arcellx,

Inc.

(a)

...........................

16,638

1,893,238

Arcutis

Biotherapeutics,

Inc.

(a)

................

51,028

1,376,225

Arrowhead

Pharmaceuticals,

Inc.

(a)

.............

48,403

3,062,458

Atrium

Therapeutics,

Inc.

(a)

..................

3,943

58,153

Avidity

Biosciences,

Inc.

(a)

...................

39,426

2,838,672

Beam

Therapeutics,

Inc.

(a)

...................

42,450

1,208,127

Biohaven

Ltd.

(a)

..........................

101,779

1,172,494

BioMarin

Pharmaceutical,

Inc.

(a)

...............

48,102

2,969,336

Bridgebio

Pharma,

Inc.

(a)

....................

50,026

3,325,728

CareDx,

Inc.

(a)

...........................

60,464

1,134,305

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

(Percentages

shown

are

based

on

Net

Assets)

14

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Biotechnology

(continued)

Catalyst

Pharmaceuticals,

Inc.

(a)

...............

65,431

$

1,510,148

Celldex

Therapeutics,

Inc.

(a)

(b)

.................

50,849

1,530,046

CG

Oncology,

Inc.

(a)

(b)

......................

21,725

1,277,430

Cogent

Biosciences,

Inc.

(a)

...................

32,555

1,264,762

CRISPR

Therapeutics

AG

(a)

(b)

.................

28,928

1,739,730

Cytokinetics,

Inc.

(a)

........................

60,333

3,753,919

Denali

Therapeutics,

Inc.

(a)

(b)

.................

60,865

1,289,121

Disc

Medicine,

Inc.

,

Class

A

(a)

(b)

...............

17,763

1,183,371

Dyne

Therapeutics,

Inc.

(a)

...................

76,398

1,193,337

Erasca,

Inc.

(a)

...........................

94,007

1,284,136

Exact

Sciences

Corp.

(a)

.....................

85,552

8,844,366

Exelixis,

Inc.

(a)

...........................

76,220

3,358,253

Geron

Corp.

(a)

...........................

649,291

1,090,809

GRAIL,

Inc.

(a)

(b)

..........................

12,785

680,546

Halozyme

Therapeutics,

Inc.

(a)

................

47,296

3,288,491

Ideaya

Biosciences,

Inc.

(a)

(b)

..................

41,718

1,343,320

Immunome,

Inc.

(a)

........................

53,776

1,175,543

Ionis

Pharmaceuticals,

Inc.

(a)

.................

68,387

5,549,605

KalVista

Pharmaceuticals,

Inc.

(a)

(b)

..............

77,746

1,265,705

Krystal

Biotech,

Inc.

(a)

......................

5,335

1,470,539

Kymera

Therapeutics,

Inc.

(a)

(b)

................

18,577

1,697,009

Madrigal

Pharmaceuticals,

Inc.

(a)

..............

4,974

2,148,768

MannKind

Corp.

(a)

........................

213,274

699,539

Mineralys

Therapeutics,

Inc.

(a)

................

41,764

1,222,015

Mirum

Pharmaceuticals,

Inc.

(a)

................

11,319

1,044,631

Moderna,

Inc.

(a)

..........................

143,989

7,713,491

MoonLake

Immunotherapeutics

,

Class

A

(a)

(b)

.......

66,756

1,168,898

Myriad

Genetics,

Inc.

(a)

.....................

259,558

1,196,562

Newamsterdam

Pharma

Co.

N.V.

(a)

(b)

............

33,111

1,174,116

Nurix

Therapeutics,

Inc.

(a)

...................

74,735

1,193,518

Praxis

Precision

Medicines,

Inc.

(a)

..............

8,635

2,907,836

Protagonist

Therapeutics,

Inc.

(a)

(b)

..............

21,477

1,977,602

PTC

Therapeutics,

Inc.

(a)

....................

19,976

1,362,163

Recursion

Pharmaceuticals,

Inc.

,

Class

A

(a)

(b)

......

337,144

1,237,318

Rhythm

Pharmaceuticals,

Inc.

(a)

...............

15,840

1,468,843

Roivant

Sciences

Ltd.

(a)

.....................

125,537

3,633,041

Sarepta

Therapeutics,

Inc.

(a)

.................

65,494

1,097,679

Scholar

Rock

Holding

Corp.

(a)

................

25,151

1,113,435

Soleno

Therapeutics,

Inc.

(a)

..................

30,299

1,183,782

Spyre

Therapeutics,

Inc.

(a)

...................

32,502

1,397,911

TG

Therapeutics,

Inc.

(a)

.....................

40,182

1,209,076

Travere

Therapeutics,

Inc.

(a)

..................

40,648

1,210,904

Twist

Bioscience

Corp.

(a)

....................

22,184

1,040,873

Ultragenyx

Pharmaceutical,

Inc.

(a)

..............

57,536

1,345,767

Vaxcyte,

Inc.

(a)

...........................

55,417

3,421,446

Vera

Therapeutics,

Inc.

,

Class

A

(a)

..............

27,282

1,112,833

Veracyte,

Inc.

(a)

..........................

56,707

2,074,909

Viking

Therapeutics,

Inc.

(a)

(b)

..................

41,804

1,414,647

Viridian

Therapeutics,

Inc.

(a)

(b)

.................

41,164

1,209,398

Xenon

Pharmaceuticals,

Inc.

(a)

................

50,228

2,171,356

Zymeworks,

Inc.

(a)

........................

50,800

1,183,132

124,663,148

a

Broadline

Retail

 — 

0

.3

%

Etsy,

Inc.

(a)

.............................

35,012

1,921,458

Kohl's

Corp.

............................

59,387

972,165

Macy's,

Inc.

............................

134,629

2,662,962

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)

...........

23,709

2,539,234

8,095,819

a

Building

Products

 — 

2

.0

%

AAON,

Inc.

.............................

34,820

3,523,784

Advanced

Drainage

Systems,

Inc.

.............

36,142

6,192,570

Armstrong

World

Industries,

Inc.

...............

24,717

4,288,399

AZZ,

Inc.

..............................

22,554

3,066,893

Security

Shares

Value

a

Building

Products

(continued)

CSW

Industrials,

Inc.

......................

3,939

$

1,159,366

Fortune

Brands

Innovations,

Inc.

..............

71,733

3,897,971

Gibraltar

Industries,

Inc.

(a)

...................

22,141

1,006,973

Griffon

Corp.

............................

15,229

1,298,120

Hayward

Holdings,

Inc.

(a)

....................

91,083

1,457,328

Modine

Manufacturing

Co.

(a)

.................

21,476

4,880,421

Owens

Corning

..........................

36,472

4,452,137

Resideo

Technologies,

Inc.

(a)

.................

96,870

3,748,869

Simpson

Manufacturing

Co.,

Inc.

..............

9,297

1,799,620

Zurn

Elkay

Water

Solutions

Corp.

..............

141,117

7,194,145

47,966,596

a

Capital

Markets

 — 

2

.9

%

Affiliated

Managers

Group,

Inc.

...............

14,816

4,536,363

Artisan

Partners

Asset

Management,

Inc.

,

Class

A

...

65,337

2,631,774

DigitalBridge

Group,

Inc.

....................

76,399

1,180,364

Donnelley

Financial

Solutions,

Inc.

(a)

............

26,806

1,333,867

Evercore,

Inc.

,

Class

A

.....................

13,247

4,091,203

FactSet

Research

Systems,

Inc.

...............

26,739

5,797,283

Franklin

Resources,

Inc.

....................

100,643

2,671,065

Freedom

Holding

Corp.

N.V.

(a)

(b)

...............

10,329

1,241,236

Galaxy

Digital,

Inc.

,

Class

A

(a)

(b)

...............

81,244

1,672,814

Invesco

Ltd.

............................

231,158

6,070,209

Janus

Henderson

Group

PLC

................

183,345

9,552,274

Jefferies

Financial

Group,

Inc.

................

66,019

2,931,244

Lazard,

Inc.

,

Class

A

.......................

70,876

3,586,326

MarketAxess

Holdings,

Inc.

..................

19,050

3,657,600

Morningstar,

Inc.

.........................

8,719

1,596,798

Piper

Sandler

Companies

...................

6,551

1,936,148

PJT

Partners,

Inc.

,

Class

A

..................

12,880

1,902,118

Stifel

Financial

Corp.

......................

64,578

4,781,964

StoneX

Group,

Inc.

(a)

(b)

.....................

13,166

1,678,665

TPG,

Inc.

,

Class

A

........................

24,847

1,078,857

Victory

Capital

Holdings,

Inc.

,

Class

A

...........

27,422

1,897,054

Virtu

Financial,

Inc.

,

Class

A

..................

30,451

1,260,976

WisdomTree,

Inc.

.........................

104,435

1,786,883

68,873,085

a

Chemicals

 — 

1

.8

%

Albemarle

Corp.

.........................

47,684

8,519,700

Avient

Corp.

............................

41,139

1,689,579

Axalta

Coating

Systems

Ltd.

(a)

................

122,770

4,101,746

Balchem

Corp.

..........................

14,558

2,641,258

Cabot

Corp.

............................

19,185

1,460,746

Celanese

Corp.

,

Class

A

....................

41,280

2,061,523

Chemours

Co.

(The)

.......................

76,558

1,396,418

Element

Solutions,

Inc.

.....................

70,482

2,473,213

FMC

Corp.

.............................

80,710

1,189,665

Hawkins,

Inc.

...........................

11,505

1,715,396

HB

Fuller

Co.

...........................

35,142

2,309,532

Ingevity

Corp.

(a)

..........................

15,340

1,104,940

Koppers

Holdings,

Inc.

.....................

33,988

1,284,746

Minerals

Technologies,

Inc.

..................

28,577

2,018,108

Mosaic

Co.

(The)

.........................

126,187

3,513,046

Perimeter

Solutions,

Inc.

(a)

...................

44,215

1,038,168

Sensient

Technologies

Corp.

.................

24,140

2,450,934

Stepan

Co.

.............................

25,050

1,274,795

Tronox

Holdings

PLC

......................

154,391

1,154,845

43,398,358

a

Commercial

Services

&

Supplies

 — 

0

.6

%

ABM

Industries,

Inc.

.......................

28,153

1,252,809

Clean

Harbors,

Inc.

(a)

......................

8,006

2,347,359

HNI

Corp.

..............................

68,067

3,060,292

Interface,

Inc.

,

Class

A

.....................

48,215

1,518,290

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

(Percentages

shown

are

based

on

Net

Assets)

15

Schedule

of

Investments

Security

Shares

Value

a

Commercial

Services

&

Supplies

(continued)

MillerKnoll,

Inc.

..........................

68,283

$

1,375,220

OPENLANE,

Inc.

(a)

........................

63,383

1,807,049

Pitney

Bowes,

Inc.

........................

77,970

836,618

Tetra

Tech,

Inc.

..........................

84,206

3,017,943

15,215,580

a

Communications

Equipment

 — 

0

.6

%

Applied

Optoelectronics,

Inc.

(a)

................

26,673

2,246,667

Calix,

Inc.

(a)

.............................

32,381

1,676,364

Digi

International,

Inc.

(a)

.....................

27,323

1,333,909

Extreme

Networks,

Inc.

(a)

....................

83,029

1,160,746

Harmonic,

Inc.

(a)

..........................

119,543

1,270,742

NETGEAR,

Inc.

(a)

.........................

55,127

1,136,719

Viasat,

Inc.

(a)

............................

42,831

1,960,803

Viavi

Solutions,

Inc.

(a)

......................

71,555

2,125,899

Vistance

Networks,

Inc.

(a)

...................

95,316

1,674,702

14,586,551

a

Construction

&

Engineering

 — 

2

.3

%

API

Group

Corp.

(a)

........................

100,087

4,449,868

Arcosa,

Inc.

............................

34,139

3,669,260

Argan,

Inc.

.............................

5,643

2,546,404

Dycom

Industries,

Inc.

(a)

....................

11,822

4,965,476

Everus

Construction

Group,

Inc.

(a)

..............

22,849

2,761,758

Fluor

Corp.

(a)

............................

47,748

2,497,698

Granite

Construction,

Inc.

(b)

..................

30,183

4,058,406

IES

Holdings,

Inc.

(a)

.......................

3,805

1,884,807

MasTec,

Inc.

(a)

...........................

22,791

6,792,174

MYR

Group,

Inc.

(a)

........................

10,874

2,935,545

Primoris

Services

Corp.

....................

27,072

4,080,292

Sterling

Infrastructure,

Inc.

(a)

.................

12,762

5,463,795

Tutor

Perini

Corp.

........................

18,659

1,406,329

Valmont

Industries,

Inc.

.....................

10,282

4,729,000

WillScot

Holdings

Corp.

,

Class

A

..............

94,610

2,044,522

54,285,334

a

Construction

Materials

 — 

0

.1

%

Eagle

Materials,

Inc.

.......................

5,260

1,177,188

Knife

River

Corp.

(a)

(b)

.......................

27,135

2,414,472

3,591,660

a

Consumer

Finance

 — 

0

.8

%

Ally

Financial,

Inc.

........................

102,648

4,048,437

Dave,

Inc.

,

Class

A

(a)

(b)

.....................

6,853

1,324,479

Encore

Capital

Group,

Inc.

(a)

.................

37,930

2,590,240

LendingClub

Corp.

(a)

.......................

80,796

1,204,668

OneMain

Holdings,

Inc.

,

Class

A

...............

65,422

3,599,518

PRA

Group,

Inc.

(a)

........................

110,186

1,735,430

SLM

Corp.

.............................

134,468

2,519,930

Upstart

Holdings,

Inc.

(a)

(b)

....................

37,759

1,028,178

18,050,880

a

Consumer

Staples

Distribution

&

Retail

 — 

1

.3

%

Andersons,

Inc.

(The)

......................

51,043

3,332,597

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

............

63,702

6,293,121

Chefs'

Warehouse,

Inc.

(The)

(a)

...............

17,613

1,257,392

Maplebear,

Inc.

(a)

.........................

47,552

1,783,675

Sprouts

Farmers

Market,

Inc.

(a)

(b)

..............

53,812

3,975,092

U.S.

Foods

Holding

Corp.

(a)

..................

135,119

13,053,847

United

Natural

Foods,

Inc.

(a)

..................

34,285

1,310,030

31,005,754

a

Containers

&

Packaging

 — 

0

.8

%

AptarGroup,

Inc.

.........................

29,508

4,240,595

Crown

Holdings,

Inc.

......................

56,762

6,504,925

Graphic

Packaging

Holding

Co.

...............

95,779

1,171,377

Security

Shares

Value

a

Containers

&

Packaging

(continued)

Greif,

Inc.

,

Class

A

,

NVS

....................

18,307

$

1,330,370

Greif,

Inc.

,

Class

B

........................

24,554

2,145,528

O-I

Glass,

Inc.

(a)

..........................

84,292

1,129,513

Sealed

Air

Corp.

.........................

31,521

1,320,099

Sonoco

Products

Co.

......................

32,646

1,843,520

19,685,927

a

Distributors

 — 

0

.4

%

LKQ

Corp.

.............................

163,629

5,417,756

Pool

Corp.

.............................

13,442

3,053,754

8,471,510

a

Diversified

Consumer

Services

 — 

1

.3

%

ADT,

Inc.

..............................

591,705

4,745,474

Bright

Horizons

Family

Solutions,

Inc.

(a)

..........

49,205

3,666,757

Coursera,

Inc.

(a)

..........................

191,354

1,226,579

Covista,

Inc.

(a)

...........................

12,351

1,210,398

Duolingo,

Inc.

,

Class

A

(a)

....................

13,631

1,376,731

Frontdoor,

Inc.

(a)

..........................

57,450

3,939,347

H&R

Block,

Inc.

..........................

42,344

1,296,573

Laureate

Education,

Inc.

,

Class

A

(a)

.............

36,276

1,173,166

Liberty

Live

Holdings,

Inc.

,

Class

A

(a)

............

13,033

1,264,722

Service

Corp.

International

..................

76,912

6,474,452

Stride,

Inc.

(a)

............................

23,241

1,961,076

Universal

Technical

Institute,

Inc.

(a)

(b)

............

37,836

1,369,663

29,704,938

a

Diversified

REITs

 — 

0

.3

%

Alexander

&

Baldwin,

Inc.

...................

87,197

1,812,826

Broadstone

Net

Lease,

Inc.

,

Class

A

............

73,007

1,415,606

Essential

Properties

Realty

Trust,

Inc.

...........

84,843

2,879,571

6,108,003

a

Diversified

Telecommunication

Services

 — 

0

.4

%

Cogent

Communications

Holdings,

Inc.

..........

43,790

821,500

Globalstar,

Inc.

(a)

.........................

22,566

1,405,185

Iridium

Communications,

Inc.

.................

68,611

1,643,233

Liberty

Latin

America

Ltd.

,

Class

A

(a)

............

148,482

1,164,099

Lumen

Technologies,

Inc.

(a)

..................

395,163

2,809,609

Shenandoah

Telecommunications

Co.

...........

90,078

1,227,763

Uniti

Group,

Inc.

(a)

........................

161,893

1,185,057

10,256,446

a

Electric

Utilities

 — 

0

.1

%

TXNM

Energy,

Inc.

........................

26,393

1,557,715

a

Electrical

Equipment

 — 

1

.9

%

Acuity,

Inc.

.............................

16,393

4,943,965

American

Superconductor

Corp.

(a)

(b)

............

32,045

1,044,026

Amprius

Technologies,

Inc.

(a)

.................

119,821

1,285,679

Array

Technologies,

Inc.

(a)

(b)

..................

103,918

787,698

Atkore,

Inc.

.............................

17,727

1,147,114

Enovix

Corp.

(a)

(b)

..........................

197,187

1,039,175

Eos

Energy

Enterprises,

Inc.

,

Class

A

(a)

(b)

.........

108,539

618,130

Fluence

Energy,

Inc.

,

Class

A

(a)

...............

65,974

1,025,236

Generac

Holdings,

Inc.

(a)

....................

23,292

5,249,318

Nextpower,

Inc.

,

Class

A

(a)

...................

58,296

6,126,910

NuScale

Power

Corp.

,

Class

A

(a)

(b)

..............

81,778

1,050,847

nVent

Electric

PLC

........................

63,677

7,536,810

Plug

Power,

Inc.

(a)

(b)

.......................

643,358

1,151,611

Powell

Industries,

Inc.

......................

4,343

2,273,995

Regal

Rexnord

Corp.

......................

15,499

3,424,969

Sensata

Technologies

Holding

PLC

............

65,823

2,457,831

Shoals

Technologies

Group,

Inc.

,

Class

A

(a)

.......

109,923

651,843

Sunrun,

Inc.

(a)

...........................

98,459

1,304,582

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

(Percentages

shown

are

based

on

Net

Assets)

16

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Electrical

Equipment

(continued)

Vicor

Corp.

(a)

............................

7,447

$

1,499,826

44,619,565

a

Electronic

Equipment,

Instruments

&

Components

 — 

3

.2

%

Advanced

Energy

Industries,

Inc.

..............

20,403

6,846,635

Arlo

Technologies,

Inc.

(a)

....................

100,480

1,576,531

Arrow

Electronics,

Inc.

(a)

....................

24,749

3,765,808

Avnet,

Inc.

.............................

68,087

4,482,848

Badger

Meter,

Inc.

........................

23,519

3,585,001

Belden,

Inc.

............................

29,423

4,216,316

Benchmark

Electronics,

Inc.

.................

37,469

2,166,083

Cognex

Corp.

...........................

46,977

2,555,549

ePlus,

Inc.

.............................

15,627

1,260,474

Fabrinet

(a)

..............................

13,976

7,625,725

Insight

Enterprises,

Inc.

(a)

...................

14,766

1,233,847

Itron,

Inc.

(a)

.............................

29,894

2,808,541

Knowles

Corp.

(a)

.........................

57,266

1,555,917

Littelfuse,

Inc.

...........................

8,835

3,113,984

Mirion

Technologies,

Inc.

,

Class

A

(a)

............

108,986

2,355,187

Novanta,

Inc.

(a)

..........................

20,613

2,771,006

OSI

Systems,

Inc.

(a)

.......................

4,598

1,311,350

Plexus

Corp.

(a)

...........................

18,802

3,650,032

Ralliant

Corp.

...........................

49,887

2,289,314

Rogers

Corp.

(a)

..........................

21,731

2,343,254

Sanmina

Corp.

(a)

.........................

17,492

2,715,808

TD

SYNNEX

Corp.

........................

30,891

4,844,018

TTM

Technologies,

Inc.

(a)

....................

37,670

3,926,721

Vontier

Corp.

(b)

..........................

54,820

2,243,234

75,243,183

a

Energy

Equipment

&

Services

 — 

1

.7

%

Archrock,

Inc.

...........................

83,598

2,953,517

Cactus,

Inc.

,

Class

A

......................

26,165

1,412,910

Core

Laboratories,

Inc.

(b)

....................

74,024

1,302,082

Expro

Group

Holdings

N.V.

(a)

.................

126,588

2,260,862

Innovex

International,

Inc.

(a)

..................

79,850

2,104,048

Kodiak

Gas

Services,

Inc.

...................

31,921

1,741,929

Liberty

Energy,

Inc.

,

Class

A

.................

44,060

1,237,645

NOV,

Inc.

..............................

206,947

4,192,746

Solaris

Energy

Infrastructure,

Inc.

,

Class

A

........

22,271

1,105,310

TechnipFMC

PLC

........................

202,404

13,421,409

Tidewater,

Inc.

(a)

.........................

16,809

1,334,971

Transocean

Ltd.

(a)

........................

189,936

1,230,785

Valaris

Ltd.

(a)

............................

13,184

1,263,686

Weatherford

International

PLC

................

37,256

3,929,018

39,490,918

a

Entertainment

 — 

0

.7

%

Cinemark

Holdings,

Inc.

....................

70,745

1,997,839

IMAX

Corp.

(a)

...........................

40,093

1,717,183

Lionsgate

Studios

Corp.

(a)

...................

141,254

1,271,286

Roku,

Inc.

,

Class

A

(a)

......................

41,612

4,095,037

Sphere

Entertainment

Co.

,

Class

A

(a)

............

12,402

1,475,962

TKO

Group

Holdings,

Inc.

,

Class

A

.............

22,779

5,099,535

15,656,842

a

Financial

Services

 — 

1

.1

%

Burford

Capital

Ltd.

.......................

217,578

1,836,358

Essent

Group

Ltd.

........................

19,287

1,173,421

Flywire

Corp.

(a)

..........................

110,167

1,356,156

HA

Sustainable

Infrastructure

Capital,

Inc.

........

76,098

2,779,099

Jackson

Financial,

Inc.

,

Class

A

...............

24,683

2,702,295

MGIC

Investment

Corp.

....................

118,142

3,134,307

NMI

Holdings,

Inc.

,

Class

A

(a)

.................

48,927

1,923,320

Payoneer

Global,

Inc.

(a)

.....................

172,274

744,224

Security

Shares

Value

a

Financial

Services

(continued)

PennyMac

Financial

Services,

Inc.

.............

16,279

$

1,496,528

Radian

Group,

Inc.

........................

49,707

1,715,886

Voya

Financial,

Inc.

.......................

35,920

2,402,330

Walker

&

Dunlop,

Inc.

......................

20,126

925,997

Western

Union

Co.

(The)

...................

105,487

1,015,840

WEX,

Inc.

(a)

.............................

19,192

2,863,254

26,069,015

a

Food

Products

 — 

1

.4

%

Cal-Maine

Foods,

Inc.

......................

14,582

1,270,238

Campbell's

Company

(The)

..................

123,973

3,341,072

Conagra

Brands,

Inc.

......................

265,991

5,120,327

Darling

Ingredients,

Inc.

(a)

...................

79,699

4,236,799

Flowers

Foods,

Inc.

.......................

121,686

1,202,258

Freshpet,

Inc.

(a)

..........................

34,964

2,952,710

Ingredion,

Inc.

...........................

50,460

5,927,032

J

M

Smucker

Co.

(The)

.....................

44,614

5,172,993

Lamb

Weston

Holdings,

Inc.

.................

68,584

3,305,063

Vital

Farms,

Inc.

(a)

(b)

.......................

41,360

872,282

33,400,774

a

Gas

Utilities

 — 

1

.9

%

Chesapeake

Utilities

Corp.

..................

28,816

3,918,112

National

Fuel

Gas

Co.

.....................

59,916

5,454,153

New

Jersey

Resources

Corp.

.................

100,837

5,469,399

Northwest

Natural

Holding

Co.

................

50,446

2,675,656

ONE

Gas,

Inc.

...........................

91,513

8,001,897

Southwest

Gas

Holdings,

Inc.

................

49,753

4,386,722

Spire,

Inc.

..............................

70,833

6,489,011

UGI

Corp.

..............................

191,884

7,178,380

43,573,330

a

Ground

Transportation

 — 

1

.6

%

ArcBest

Corp.

...........................

15,907

1,633,013

Avis

Budget

Group,

Inc.

(a)

(b)

..................

9,599

935,039

Knight-Swift

Transportation

Holdings,

Inc.

,

Class

A

..

36,411

2,290,980

Landstar

System,

Inc.

......................

23,466

3,823,785

Lyft,

Inc.

,

Class

A

(a)

(b)

.......................

130,974

1,812,680

RXO,

Inc.

(a)

.............................

79,224

1,264,415

Ryder

System,

Inc.

........................

30,220

6,695,543

Saia,

Inc.

(a)

.............................

9,793

3,969,984

Schneider

National,

Inc.

,

Class

B

..............

109,453

3,106,276

Werner

Enterprises,

Inc.

....................

43,867

1,539,293

XPO,

Inc.

(a)

.............................

47,775

10,055,204

37,126,212

a

Health

Care

Equipment

&

Supplies

 — 

2

.3

%

Align

Technology,

Inc.

(a)

.....................

22,459

4,269,456

Alphatec

Holdings,

Inc.

(a)

(b)

...................

86,571

1,179,097

Artivion,

Inc.

(a)

...........................

32,038

1,233,463

AtriCure,

Inc.

(a)

(b)

.........................

35,395

1,106,448

Baxter

International,

Inc.

....................

113,537

2,312,749

DENTSPLY

SIRONA,

Inc.

...................

94,508

1,387,377

Embecta

Corp.

..........................

114,256

1,172,266

Enovis

Corp.

(a)

...........................

54,143

1,379,022

Envista

Holdings

Corp.

(a)

....................

65,632

1,917,111

Establishment

Labs

Holdings,

Inc.

(a)

(b)

...........

15,747

1,239,289

Glaukos

Corp.

(a)

..........................

34,189

4,116,356

Haemonetics

Corp.

(a)

......................

21,674

1,372,398

ICU

Medical,

Inc.

(a)

........................

12,817

1,929,984

Inspire

Medical

Systems,

Inc.

(a)

...............

19,401

1,251,558

Integer

Holdings

Corp.

(a)

....................

15,891

1,377,432

IRhythm

Holdings,

Inc.

(a)

....................

11,486

1,536,252

Lantheus

Holdings,

Inc.

(a)

...................

24,096

1,805,031

LivaNova

PLC

(a)

..........................

22,280

1,572,968

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

(Percentages

shown

are

based

on

Net

Assets)

17

Schedule

of

Investments

Security

Shares

Value

a

Health

Care

Equipment

&

Supplies

(continued)

Masimo

Corp.

(a)

..........................

12,300

$

2,156,805

Merit

Medical

Systems,

Inc.

(a)

.................

28,291

2,183,499

Neogen

Corp.

(a)

..........................

106,443

1,195,355

Novocure

Ltd.

(a)

..........................

105,092

1,436,608

Omnicell,

Inc.

(a)

..........................

32,469

1,334,476

Penumbra,

Inc.

(a)

.........................

13,155

4,530,450

PROCEPT

BioRobotics

Corp.

(a)

...............

41,514

941,953

QuidelOrtho

Corp.

(a)

.......................

50,603

1,150,712

STAAR

Surgical

Co.

(a)

......................

72,210

1,436,979

Tandem

Diabetes

Care,

Inc.

(a)

................

62,136

1,572,041

Teleflex,

Inc.

............................

19,631

2,396,160

TransMedics

Group,

Inc.

(a)

(b)

..................

11,462

1,664,970

UFP

Technologies,

Inc.

(a)

....................

4,751

1,000,466

55,158,731

a

Health

Care

Providers

&

Services

 — 

2

.6

%

Acadia

Healthcare

Co.,

Inc.

(a)

(b)

................

71,612

1,678,585

Addus

HomeCare

Corp.

(a)

(b)

..................

10,326

1,069,051

Alignment

Healthcare,

Inc.

(a)

.................

73,884

1,420,050

AMN

Healthcare

Services,

Inc.

(a)

...............

71,418

1,391,223

BrightSpring

Health

Services,

Inc.

(a)

............

38,655

1,601,477

Brookdale

Senior

Living,

Inc.

(a)

(b)

...............

104,539

1,599,447

Castle

Biosciences,

Inc.

(a)

(b)

..................

35,051

1,036,458

Chemed

Corp.

...........................

4,179

1,713,432

CorVel

Corp.

(a)

...........................

23,539

1,214,142

DaVita,

Inc.

(a)

............................

13,127

2,051,750

Encompass

Health

Corp.

...................

50,439

5,441,359

Ensign

Group,

Inc.

(The)

....................

22,841

4,891,857

Fulgent

Genetics,

Inc.

(a)

....................

49,558

759,724

GeneDx

Holdings

Corp.

,

Class

A

(a)

.............

12,862

1,025,230

Guardant

Health,

Inc.

(a)

.....................

46,655

4,380,905

HealthEquity,

Inc.

(a)

........................

32,329

2,472,845

Henry

Schein,

Inc.

(a)

(b)

......................

51,033

4,204,609

Hims

&

Hers

Health,

Inc.

,

Class

A

(a)

(b)

...........

78,607

1,141,374

Molina

Healthcare,

Inc.

(a)

....................

20,048

3,088,394

NeoGenomics,

Inc.

(a)

......................

102,542

1,007,988

Option

Care

Health,

Inc.

(a)

...................

103,583

3,362,304

Pediatrix

Medical

Group,

Inc.

(a)

................

54,131

1,074,500

Pennant

Group,

Inc.

(The)

(a)

..................

43,024

1,450,339

Privia

Health

Group,

Inc.

(a)

...................

108,634

2,580,057

Progyny,

Inc.

(a)

...........................

57,567

1,018,360

RadNet,

Inc.

(a)

...........................

24,883

1,737,082

Tenet

Healthcare

Corp.

(a)

....................

26,981

6,458,982

60,871,524

a

Health

Care

REITs

 — 

0

.8

%

Alexandria

Real

Estate

Equities,

Inc.

............

51,514

2,783,817

American

Healthcare

REIT,

Inc.

...............

44,067

2,302,060

CareTrust

REIT,

Inc.

.......................

112,660

4,576,249

Medical

Properties

Trust,

Inc.

.................

219,679

1,265,351

Omega

Healthcare

Investors,

Inc.

..............

110,655

5,341,317

Sabra

Health

Care

REIT,

Inc.

.................

141,501

2,907,845

19,176,639

a

Health

Care

Technology

 — 

0

.1

%

Doximity,

Inc.

,

Class

A

(a)

....................

47,816

1,172,927

Waystar

Holding

Corp.

(a)

....................

48,534

1,244,897

2,417,824

a

Hotel

&

Resort

REITs

 — 

0

.5

%

Host

Hotels

&

Resorts,

Inc.

..................

249,043

4,878,753

Park

Hotels

&

Resorts,

Inc.

..................

111,259

1,258,339

Ryman

Hospitality

Properties,

Inc.

.............

36,327

3,587,291

Xenia

Hotels

&

Resorts,

Inc.

.................

81,161

1,240,140

10,964,523

a

Security

Shares

Value

a

Hotels,

Restaurants

&

Leisure

 — 

2

.5

%

Aramark

...............................

115,773

$

4,845,100

Boyd

Gaming

Corp.

.......................

19,173

1,595,769

Brinker

International,

Inc.

(a)

..................

20,959

3,106,124

Caesars

Entertainment,

Inc.

(a)

................

104,571

2,619,504

Cava

Group,

Inc.

(a)

........................

27,442

2,263,142

Choice

Hotels

International,

Inc.

(b)

..............

23,426

2,467,929

Churchill

Downs,

Inc.

......................

16,641

1,529,807

Dutch

Bros,

Inc.

,

Class

A

(a)

(b)

.................

35,254

1,889,967

Global

Business

Travel

Group

I

,

Class

C

(a)

(b)

.......

373,202

2,041,415

Hilton

Grand

Vacations,

Inc.

(a)

(b)

...............

50,802

2,284,058

Life

Time

Group

Holdings,

Inc.

(a)

...............

63,518

1,714,986

Marriott

Vacations

Worldwide

Corp.

.............

20,666

1,343,497

MGM

Resorts

International

(a)

.................

58,876

2,170,169

Norwegian

Cruise

Line

Holdings

Ltd.

(a)

...........

188,311

4,668,230

Penn

Entertainment,

Inc.

(a)

...................

96,916

1,515,766

Planet

Fitness,

Inc.

,

Class

A

(a)

................

45,063

3,701,925

Pursuit

Attractions

and

Hospitality,

Inc.

(a)

.........

34,552

1,201,027

Shake

Shack,

Inc.

,

Class

A

(a)

.................

14,410

1,383,504

Texas

Roadhouse,

Inc.

,

Class

A

...............

9,969

1,823,031

Travel

+

Leisure

Co.

.......................

55,028

4,055,564

United

Parks

&

Resorts,

Inc.

(a)

................

33,841

1,177,328

Wendy's

Co.

(The)

........................

168,560

1,291,170

Wingstop,

Inc.

...........................

10,132

2,629,355

Wyndham

Hotels

&

Resorts,

Inc.

..............

24,796

2,028,313

Wynn

Resorts

Ltd.

........................

22,301

2,412,745

57,759,425

a

Household

Durables

 — 

1

.7

%

Beazer

Homes

USA,

Inc.

(a)

..................

42,488

1,086,843

Cavco

Industries,

Inc.

(a)

.....................

1,990

1,148,748

Century

Communities,

Inc.

..................

16,143

1,085,294

Champion

Homes,

Inc.

(a)

....................

14,151

1,322,836

Installed

Building

Products,

Inc.

...............

9,453

3,098,315

KB

Home

..............................

34,323

2,182,256

La-Z-Boy,

Inc.

...........................

35,345

1,262,523

M/I

Homes,

Inc.

(a)

.........................

8,269

1,175,521

Meritage

Homes

Corp.

.....................

32,426

2,445,569

Mohawk

Industries,

Inc.

(a)

...................

9,865

1,235,789

Newell

Brands,

Inc.

.......................

251,218

1,143,042

Somnigroup

International,

Inc.

................

57,925

5,184,867

Sonos,

Inc.

(a)

............................

75,356

1,160,482

Taylor

Morrison

Home

Corp.

,

Class

A

(a)

..........

39,239

2,585,458

Toll

Brothers,

Inc.

.........................

28,150

4,426,306

TopBuild

Corp.

(a)

(b)

........................

12,217

5,476,881

Tri

Pointe

Homes,

Inc.

(a)

....................

39,731

1,839,545

Whirlpool

Corp.

..........................

33,935

2,322,172

40,182,447

a

Household

Products

 — 

0

.1

%

WD-40

Co.

.............................

7,420

1,767,444

a

Independent

Power

and

Renewable

Electricity

Producers

 — 

0

.3

%

Clearway

Energy,

Inc.

,

Class

A

................

43,792

1,577,388

Clearway

Energy,

Inc.

,

Class

C

...............

41,571

1,592,585

Ormat

Technologies,

Inc.

....................

32,666

3,387,464

6,557,437

a

Industrial

REITs

 — 

0

.8

%

Americold

Realty

Trust,

Inc.

..................

95,617

1,280,312

EastGroup

Properties,

Inc.

..................

19,711

3,869,466

First

Industrial

Realty

Trust,

Inc.

...............

21,663

1,367,802

LXP

Industrial

Trust

.......................

62,810

3,112,864

Rexford

Industrial

Realty,

Inc.

................

156,373

5,859,296

Terreno

Realty

Corp.

......................

35,035

2,314,412

17,804,152

a

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

(Percentages

shown

are

based

on

Net

Assets)

18

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Insurance

 — 

3

.2

%

American

Financial

Group,

Inc.

...............

25,404

$

3,378,224

Assurant,

Inc.

...........................

44,214

10,151,092

Axis

Capital

Holdings

Ltd.

...................

58,865

6,223,208

Baldwin

Insurance

Group,

Inc.

(The)

,

Class

A

(a)

(b)

....

67,459

1,567,073

Brighthouse

Financial,

Inc.

(a)

(b)

................

18,476

1,108,190

CNO

Financial

Group,

Inc.

...................

97,129

4,060,963

First

American

Financial

Corp.

................

27,270

1,911,900

Globe

Life,

Inc.

..........................

30,201

4,386,997

Hanover

Insurance

Group,

Inc.

(The)

...........

7,551

1,363,937

Kinsale

Capital

Group,

Inc.

..................

9,067

3,533,138

Lemonade,

Inc.

(a)

.........................

18,158

939,495

Lincoln

National

Corp.

.....................

46,766

1,604,074

Old

Republic

International

Corp.

...............

34,581

1,482,487

Oscar

Health,

Inc.

,

Class

A

(a)

.................

87,661

1,195,696

Palomar

Holdings,

Inc.

(a)

....................

17,164

2,123,358

Primerica,

Inc.

...........................

9,533

2,418,141

Reinsurance

Group

of

America,

Inc.

............

28,594

6,168,584

RenaissanceRe

Holdings

Ltd.

................

17,373

5,254,638

RLI

Corp.

..............................

30,977

1,930,487

Ryan

Specialty

Holdings,

Inc.

,

Class

A

...........

38,918

1,531,423

Selective

Insurance

Group,

Inc.

...............

54,270

4,560,851

Stewart

Information

Services

Corp.

.............

34,039

2,416,429

Unum

Group

............................

84,461

6,058,387

75,368,772

a

Interactive

Media

&

Services

 — 

0

.3

%

Match

Group,

Inc.

........................

40,624

1,283,719

Trump

Media

&

Technology

Group

Corp.

(a)

(b)

.......

118,192

1,265,836

Yelp,

Inc.

,

Class

A

(a)

.......................

57,376

1,278,911

Ziff

Davis,

Inc.

(a)

..........................

39,330

1,065,056

ZoomInfo

Technologies,

Inc.

,

Class

A

(a)

..........

185,651

1,152,893

6,046,415

a

IT

Services

 — 

0

.8

%

Akamai

Technologies,

Inc.

(a)

..................

75,133

7,392,336

Applied

Digital

Corp.

(a)

(b)

....................

96,869

2,641,618

DigitalOcean

Holdings,

Inc.

(a)

.................

22,568

1,265,162

DXC

Technology

Co.

(a)

.....................

98,644

1,241,928

EPAM

Systems,

Inc.

(a)

......................

20,767

2,928,147

Fastly,

Inc.

,

Class

A

(a)

......................

67,056

1,282,111

Kyndryl

Holdings,

Inc.

(a)

.....................

90,371

1,114,274

17,865,576

a

Leisure

Products

 — 

0

.5

%

Brunswick

Corp.

.........................

16,727

1,331,804

Callaway

Golf

Co.

(a)

.......................

97,780

1,374,787

Hasbro,

Inc.

............................

55,257

5,503,044

Mattel,

Inc.

(a)

............................

102,624

1,739,477

YETI

Holdings,

Inc.

(a)

(b)

.....................

63,335

2,768,373

12,717,485

a

Life

Sciences

Tools

&

Services

 — 

1

.5

%

Adaptive

Biotechnologies

Corp.

(a)

..............

74,053

1,186,329

Avantor,

Inc.

(a)

(b)

..........................

326,454

2,954,409

Azenta,

Inc.

(a)

...........................

40,703

1,098,167

BioLife

Solutions,

Inc.

(a)

.....................

52,290

1,265,418

Bio-Rad

Laboratories,

Inc.

,

Class

A

(a)

............

5,058

1,408,349

Bio-Techne

Corp.

.........................

66,766

3,939,194

Bruker

Corp.

............................

40,728

1,633,600

Charles

River

Laboratories

International,

Inc.

(a)

.....

21,116

3,768,995

Medpace

Holdings,

Inc.

(a)

...................

8,817

3,983,168

Repligen

Corp.

(a)

.........................

24,094

3,101,621

Revvity,

Inc.

............................

67,019

6,588,638

Sotera

Health

Co.

(a)

.......................

77,433

1,258,286

Security

Shares

Value

a

Life

Sciences

Tools

&

Services

(continued)

Tempus

AI,

Inc.

,

Class

A

(a)

(b)

..................

37,564

$

2,000,283

34,186,457

a

Machinery

 — 

4

.9

%

Aebi

Schmidt

Holding

AG

(b)

..................

76,830

1,107,889

AGCO

Corp.

............................

24,683

3,369,229

Alamo

Group,

Inc.

........................

13,146

2,807,065

Allison

Transmission

Holdings,

Inc.

.............

37,842

4,741,603

Astec

Industries,

Inc.

......................

24,533

1,523,254

CECO

Environmental

Corp.

(a)

.................

18,291

1,105,691

Chart

Industries,

Inc.

(a)

.....................

16,468

3,413,816

Crane

Co.

..............................

21,427

4,296,756

Donaldson

Co.,

Inc.

.......................

52,452

4,865,448

Douglas

Dynamics,

Inc.

....................

35,351

1,623,318

Energy

Recovery,

Inc.

(a)

....................

122,885

1,281,691

Enerpac

Tool

Group

Corp.

,

Class

A

.............

54,252

2,213,482

Enpro,

Inc.

.............................

9,570

2,475,280

ESCO

Technologies,

Inc.

...................

15,449

4,283,853

Federal

Signal

Corp.

......................

21,770

2,534,681

Flowserve

Corp.

.........................

67,616

5,985,368

Franklin

Electric

Co.,

Inc.

...................

20,595

2,051,674

Gates

Industrial

Corp.

PLC

(a)

.................

146,954

4,051,522

Greenbrier

Companies,

Inc.

(The)

..............

26,064

1,470,531

ITT,

Inc.

...............................

36,277

7,342,828

JBT

Marel

Corp.

.........................

19,225

2,960,650

Kennametal,

Inc.

.........................

39,987

1,610,676

Lincoln

Electric

Holdings,

Inc.

................

18,897

5,424,384

Lindsay

Corp.

...........................

9,989

1,345,518

Middleby

Corp.

(The)

(a)

.....................

9,769

1,649,593

Mueller

Water

Products,

Inc.

,

Series

A

...........

160,134

4,792,811

Oshkosh

Corp.

..........................

38,540

6,552,571

SPX

Technologies,

Inc.

(a)

....................

21,656

4,914,613

Stanley

Black

&

Decker,

Inc.

.................

53,363

4,615,366

Symbotic,

Inc.

,

Class

A

(a)

....................

21,157

1,158,980

Terex

Corp.

.............................

57,869

3,980,809

Toro

Co.

(The)

...........................

29,888

2,954,728

Trinity

Industries,

Inc.

......................

75,073

2,565,995

Watts

Water

Technologies,

Inc.

,

Class

A

..........

18,941

6,226,664

Worthington

Enterprises,

Inc.

.................

20,228

1,132,970

114,431,307

a

Media

 — 

0

.8

%

Clear

Channel

Outdoor

Holdings,

Inc.

,

Class

A

(a)

....

496,144

1,190,746

DoubleVerify

Holdings,

Inc.

(a)

.................

142,237

1,499,178

Liberty

Broadband

Corp.

,

Series

A

(a)

............

23,275

1,270,350

Liberty

Broadband

Corp.

,

Series

C

,

NVS

(a)

........

21,240

1,159,916

Magnite,

Inc.

(a)

...........................

101,572

1,383,411

New

York

Times

Co.

(The)

,

Class

A

.............

55,245

4,407,998

Nexstar

Media

Group,

Inc.

,

Class

A

.............

5,975

1,499,844

Paramount

Skydance

Corp.

,

Class

B

,

NVS

........

134,228

1,813,420

Sirius

XM

Holdings,

Inc.

....................

66,152

1,452,698

TEGNA,

Inc.

............................

149,122

3,124,106

18,801,667

a

Metals

&

Mining

 — 

2

.3

%

Alcoa

Corp.

.............................

100,711

6,252,139

Century

Aluminum

Co.

(a)

....................

24,003

1,237,595

Cleveland-Cliffs,

Inc.

(a)

.....................

212,127

2,261,274

Coeur

Mining,

Inc.

(a)

(b)

......................

248,470

6,745,960

Commercial

Metals

Co.

.....................

65,802

4,823,287

Compass

Minerals

International,

Inc.

(a)

...........

51,381

1,294,801

Constellium

SE

,

Class

A

(a)

...................

92,262

2,296,401

Hecla

Mining

Co.

.........................

280,335

6,983,145

Kaiser

Aluminum

Corp.

.....................

10,957

1,425,944

Materion

Corp.

..........................

12,367

2,016,563

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

(Percentages

shown

are

based

on

Net

Assets)

19

Schedule

of

Investments

Security

Shares

Value

a

Metals

&

Mining

(continued)

Metallus,

Inc.

(a)

..........................

56,862

$

966,654

MP

Materials

Corp.

,

Class

A

(a)

(b)

...............

53,626

3,156,963

Perpetua

Resources

Corp.

(a)

.................

42,247

1,557,224

Royal

Gold,

Inc.

..........................

36,085

10,817,922

Warrior

Met

Coal,

Inc.

......................

18,999

1,581,477

53,417,349

a

Mortgage

REITs

 — 

0

.3

%

AGNC

Investment

Corp.

....................

533,024

5,975,199

KKR

Real

Estate

Finance

Trust,

Inc.

............

167,420

1,163,569

Starwood

Property

Trust,

Inc.

.................

64,577

1,150,116

8,288,884

a

Multi-Utilities

 — 

0

.3

%

Avista

Corp.

............................

138,808

5,638,381

Unitil

Corp.

.............................

23,071

1,206,844

6,845,225

a

Office

REITs

 — 

0

.8

%

Brandywine

Realty

Trust

....................

381,349

1,216,503

BXP,

Inc.

..............................

75,613

4,353,797

COPT

Defense

Properties

...................

121,132

3,849,575

Cousins

Properties,

Inc.

....................

57,703

1,336,401

Easterly

Government

Properties,

Inc.

,

Class

A

.....

72,765

1,693,969

Empire

State

Realty

Trust,

Inc.

,

Class

A

..........

267,494

1,572,865

Highwoods

Properties,

Inc.

..................

51,968

1,168,760

JBG

SMITH

Properties

.....................

75,862

1,153,861

Kilroy

Realty

Corp.

........................

37,586

1,120,815

Piedmont

Realty

Trust,

Inc.

,

Class

A

............

158,693

1,204,480

SL

Green

Realty

Corp.

.....................

35,008

1,290,045

19,961,071

a

Oil,

Gas

&

Consumable

Fuels

 — 

3

.4

%

Antero

Midstream

Corp.

....................

143,872

3,234,242

Antero

Resources

Corp.

(a)

...................

122,334

4,503,114

APA

Corp.

.............................

138,692

4,212,076

BKV

Corp.

(a)

............................

38,999

1,221,839

California

Resources

Corp.

..................

33,970

1,998,795

Centrus

Energy

Corp.

,

Class

A

(a)

(b)

.............

6,025

1,220,605

CNX

Resources

Corp.

(a)

....................

73,878

3,086,623

Delek

U.S.

Holdings,

Inc.

...................

38,147

1,453,782

Diversified

Energy

Co.

.....................

88,670

1,220,099

DT

Midstream,

Inc.

........................

45,132

6,266,127

Excelerate

Energy,

Inc.

,

Class

A

...............

40,439

1,627,670

Hess

Midstream

LP

,

Class

A

.................

89,247

3,452,074

HF

Sinclair

Corp.

.........................

82,006

4,101,120

Kinetik

Holdings,

Inc.

,

Class

A

................

55,030

2,503,315

Kosmos

Energy

Ltd.

(a)

(b)

.....................

747,872

1,742,542

Murphy

Oil

Corp.

.........................

101,393

3,361,178

Ovintiv,

Inc.

.............................

191,478

9,686,872

Par

Pacific

Holdings,

Inc.

(a)

..................

27,543

1,175,260

PBF

Energy,

Inc.

,

Class

A

...................

34,609

1,232,080

Permian

Resources

Corp.

,

Class

A

.............

215,947

3,949,671

Range

Resources

Corp.

....................

135,147

5,578,868

SM

Energy

Co.

..........................

74,335

1,719,368

Sunococorp

LLC

.........................

65,007

3,893,269

Talos

Energy,

Inc.

(a)

.......................

131,057

1,605,448

Uranium

Energy

Corp.

(a)

(b)

...................

218,054

3,342,768

Viper

Energy,

Inc.

,

Class

A

..................

35,090

1,633,089

World

Kinect

Corp.

........................

44,563

1,111,847

80,133,741

a

Paper

&

Forest

Products

 — 

0

.1

%

Louisiana-Pacific

Corp.

.....................

25,033

2,121,296

a

Security

Shares

Value

a

Passenger

Airlines

 — 

0

.1

%

Alaska

Air

Group,

Inc.

(a)

(b)

...................

37,146

$

1,916,734

Joby

Aviation,

Inc.

,

Class

A

(a)

(b)

................

116,999

1,177,010

3,093,744

a

Personal

Care

Products

 — 

0

.2

%

Coty,

Inc.

,

Class

A

(a)

.......................

456,816

1,146,608

Edgewell

Personal

Care

Co.

.................

58,302

1,325,788

elf

Beauty,

Inc.

(a)

.........................

20,478

1,885,000

4,357,396

a

Pharmaceuticals

 — 

1

.7

%

Amylyx

Pharmaceuticals,

Inc.

(a)

...............

82,724

1,254,923

Axsome

Therapeutics,

Inc.

(a)

.................

11,248

1,843,435

Corcept

Therapeutics,

Inc.

(a)

.................

30,698

1,095,919

Crinetics

Pharmaceuticals,

Inc.

(a)

(b)

.............

47,745

1,962,320

Definium

Therapeutics,

Inc.

(a)

.................

69,267

1,208,709

Edgewise

Therapeutics,

Inc.

(a)

................

38,818

1,181,620

Elanco

Animal

Health,

Inc.

(a)

..................

241,495

6,375,468

Enliven

Therapeutics,

Inc.

(a)

..................

44,763

1,329,013

EyePoint,

Inc.

(a)

..........................

78,383

1,376,405

Indivior

Pharmaceuticals,

Inc.

(a)

(b)

..............

39,909

1,305,822

Jazz

Pharmaceuticals

PLC

(a)

.................

22,363

4,249,417

Liquidia

Corp.

(a)

..........................

34,534

1,071,245

Nuvation

Bio,

Inc.

,

Class

A

(a)

.................

198,879

1,175,375

Ocular

Therapeutix,

Inc.

(a)

...................

167,027

1,493,221

Organon

&

Co.

..........................

161,420

1,176,752

Phibro

Animal

Health

Corp.

,

Class

A

............

22,716

1,240,066

Tarsus

Pharmaceuticals,

Inc.

(a)

................

18,574

1,402,708

Terns

Pharmaceuticals,

Inc.

(a)

.................

29,563

1,245,194

Trevi

Therapeutics,

Inc.

(a)

...................

115,130

1,372,350

Viatris,

Inc.

.............................

386,921

5,776,731

39,136,693

a

Professional

Services

 — 

2

.3

%

Booz

Allen

Hamilton

Holding

Corp.

,

Class

A

.......

37,621

2,965,663

CACI

International,

Inc.

,

Class

A

(a)

.............

9,482

5,785,632

CBIZ,

Inc.

(a)

(b)

............................

41,787

1,196,780

CSG

Systems

International,

Inc.

...............

22,095

1,765,391

ExlService

Holdings,

Inc.

(a)

..................

120,110

3,753,438

First

Advantage

Corp.

(a)

(b)

...................

119,224

1,372,268

FTI

Consulting,

Inc.

(a)

......................

19,744

3,246,308

Genpact

Ltd.

............................

77,729

3,087,396

Huron

Consulting

Group,

Inc.

(a)

................

12,262

1,733,847

ICF

International,

Inc.

......................

15,500

1,288,515

KBR,

Inc.

..............................

110,166

4,652,310

Korn

Ferry

.............................

19,871

1,245,316

Maximus,

Inc.

...........................

16,268

1,230,023

Parsons

Corp.

(a)

..........................

25,132

1,658,712

Paycom

Software,

Inc.

.....................

19,650

2,472,560

Paylocity

Holding

Corp.

(a)

...................

18,074

1,924,700

Planet

Labs

PBC

,

Class

A

(a)

..................

108,268

2,613,590

Robert

Half,

Inc.

.........................

92,227

2,252,183

Science

Applications

International

Corp.

.........

14,217

1,311,660

TIC

Solutions,

Inc.

(a)

(b)

......................

125,411

1,187,642

TriNet

Group,

Inc.

........................

28,093

1,069,781

UL

Solutions,

Inc.

,

Class

A

...................

29,079

2,441,764

Upwork,

Inc.

(a)

...........................

91,944

1,233,888

Verra

Mobility

Corp.

,

Class

A

(a)

(b)

...............

66,370

1,109,043

Willdan

Group,

Inc.

(a)

......................

11,737

1,046,236

53,644,646

a

Real

Estate

Management

&

Development

 — 

0

.8

%

Compass,

Inc.

,

Class

A

(a)

....................

256,920

2,504,970

Cushman

&

Wakefield

Ltd.

(a)

.................

92,390

1,238,950

eXp

World

Holdings,

Inc.

....................

157,651

1,098,827

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

(Percentages

shown

are

based

on

Net

Assets)

20

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Real

Estate

Management

&

Development

(continued)

Howard

Hughes

Holdings,

Inc.

(a)

(b)

..............

37,694

$

2,727,915

Jones

Lang

LaSalle,

Inc.

(a)

...................

24,391

7,696,580

Kennedy-Wilson

Holdings,

Inc.

................

113,115

1,230,691

Marcus

&

Millichap,

Inc.

....................

47,755

1,261,210

Opendoor

Technologies,

Inc.

,

Class

A

(a)

..........

336,513

1,823,900

19,583,043

a

Residential

REITs

 — 

0

.4

%

American

Homes

4

Rent

,

Class

A

..............

59,123

1,773,690

Camden

Property

Trust

.....................

19,978

2,164,417

Equity

LifeStyle

Properties,

Inc.

...............

38,233

2,567,728

Veris

Residential,

Inc.

......................

127,706

2,407,258

8,913,093

a

Retail

REITs

 — 

1

.3

%

Acadia

Realty

Trust

.......................

74,329

1,554,963

Agree

Realty

Corp.

.......................

26,311

2,117,509

Brixmor

Property

Group,

Inc.

.................

242,071

7,327,489

Federal

Realty

Investment

Trust

...............

71,550

7,782,494

Macerich

Co.

(The)

.......................

159,125

3,257,289

NETSTREIT

Corp.

........................

74,265

1,542,484

Phillips

Edison

&

Co.,

Inc.

...................

118,058

4,637,318

Tanger,

Inc.

.............................

33,970

1,258,928

29,478,474

a

Semiconductors

&

Semiconductor

Equipment

 — 

3

.0

%

ACM

Research,

Inc.

,

Class

A

(a)

................

18,005

1,002,518

Allegro

MicroSystems,

Inc.

(a)

.................

40,985

1,494,723

Ambarella,

Inc.

(a)

.........................

17,809

1,074,595

Amkor

Technology,

Inc.

.....................

29,975

1,433,404

Cirrus

Logic,

Inc.

(a)

(b)

.......................

27,906

3,938,095

Enphase

Energy,

Inc.

(a)

.....................

58,467

2,471,400

FormFactor,

Inc.

(a)

........................

21,412

2,117,219

Ichor

Holdings

Ltd.

(a)

.......................

25,050

1,191,127

Impinj,

Inc.

(a)

............................

9,318

1,142,946

Kulicke

&

Soffa

Industries,

Inc.

................

39,096

2,725,773

Lattice

Semiconductor

Corp.

(a)

................

61,560

5,886,367

MACOM

Technology

Solutions

Holdings,

Inc.

(a)

(b)

....

25,014

6,206,474

MKS,

Inc.

..............................

23,131

5,654,604

Onto

Innovation,

Inc.

(a)

.....................

24,576

5,305,713

PDF

Solutions,

Inc.

(a)

......................

41,695

1,408,457

Power

Integrations,

Inc.

....................

30,772

1,474,594

Qorvo,

Inc.

(a)

............................

32,793

2,718,540

Rambus,

Inc.

(a)

..........................

47,754

4,759,164

Rigetti

Computing,

Inc.

(a)

(b)

...................

118,037

2,056,205

Semtech

Corp.

(a)

.........................

32,458

2,928,361

Silicon

Laboratories,

Inc.

(a)

...................

16,174

3,308,068

SiTime

Corp.

(a)

...........................

7,706

3,066,063

Skyworks

Solutions,

Inc.

....................

49,474

2,947,661

SolarEdge

Technologies,

Inc.

(a)

................

31,578

1,117,861

Universal

Display

Corp.

....................

9,839

1,049,723

Veeco

Instruments,

Inc.

(a)

...................

74,611

2,280,112

70,759,767

a

Software

 — 

5

.1

%

ACI

Worldwide,

Inc.

(a)

(b)

.....................

93,695

3,717,818

Adeia,

Inc.

.............................

65,522

1,355,650

Agilysys,

Inc.

(a)

..........................

14,649

1,057,218

Alkami

Technology,

Inc.

(a)

(b)

..................

72,003

1,191,290

Appfolio,

Inc.

,

Class

A

(a)

....................

9,260

1,646,058

Aurora

Innovation,

Inc.

,

Class

A

(a)

(b)

.............

420,614

1,968,473

AvePoint,

Inc.

,

Class

A

(a)

....................

113,051

1,218,690

Bentley

Systems,

Inc.

,

Class

B

................

81,517

2,979,446

BILL

Holdings,

Inc.

(a)

.......................

34,853

1,551,307

Blackbaud,

Inc.

(a)

.........................

32,504

1,577,744

Security

Shares

Value

a

Software

(continued)

BlackLine,

Inc.

(a)

.........................

31,496

$

1,110,234

Box,

Inc.

,

Class

A

(a)

.......................

87,723

2,065,877

Braze,

Inc.

,

Class

A

(a)

......................

69,238

1,314,830

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)

(b)

........

232,695

1,356,612

Cipher

Digital,

Inc.

(a)

(b)

......................

109,949

1,715,204

Cleanspark,

Inc.

(a)

(b)

.......................

127,107

1,264,715

Clear

Secure,

Inc.

,

Class

A

..................

36,131

1,757,412

Clearwater

Analytics

Holdings,

Inc.

,

Class

A

(a)

......

107,196

2,507,314

Commvault

Systems,

Inc.

(a)

..................

26,349

2,241,773

Confluent,

Inc.

,

Class

A

(a)

(b)

..................

129,842

3,982,254

Core

Scientific,

Inc.

(a)

(b)

.....................

81,342

1,380,374

Docusign,

Inc.

,

Class

A

(a)

....................

84,905

3,826,668

Dolby

Laboratories,

Inc.

,

Class

A

..............

25,560

1,701,529

Dropbox,

Inc.

,

Class

A

(a)

....................

51,734

1,292,833

D-Wave

Quantum,

Inc.

(a)

(b)

...................

136,493

2,563,338

Dynatrace,

Inc.

(a)

.........................

143,542

5,156,029

Elastic

N.V.

(a)

............................

43,969

2,289,466

Gitlab,

Inc.

,

Class

A

(a)

......................

63,541

1,671,128

Guidewire

Software,

Inc.

(a)

...................

38,005

5,522,887

Hut

8

Corp.

(a)

............................

39,505

2,102,851

Intapp,

Inc.

(a)

(b)

...........................

48,951

1,097,971

InterDigital,

Inc.

..........................

14,782

5,418,046

JFrog

Ltd.

(a)

.............................

42,750

1,716,412

Klaviyo,

Inc.

,

Series

A

(a)

(b)

...................

65,960

1,148,364

Life360,

Inc.

(a)

(b)

..........................

24,129

1,270,392

Manhattan

Associates,

Inc.

(a)

.................

26,198

3,547,995

MARA

Holdings,

Inc.

(a)

(b)

....................

158,102

1,413,432

N-able,

Inc.

,

Class

A

(a)

......................

227,691

1,001,840

NCR

Voyix

Corp.

(a)

(b)

.......................

130,541

997,333

NextNav,

Inc.

(a)

(b)

.........................

77,895

1,253,331

Nutanix,

Inc.

,

Class

A

(a)

.....................

106,615

4,081,222

Pegasystems,

Inc.

........................

46,157

2,018,446

Procore

Technologies,

Inc.

(a)

.................

55,739

3,067,875

Progress

Software

Corp.

(a)

...................

56,672

2,373,423

Q2

Holdings,

Inc.

(a)

........................

30,614

1,473,146

RingCentral,

Inc.

,

Class

A

(a)

(b)

.................

41,267

1,504,182

Riot

Platforms,

Inc.

(a)

......................

103,054

1,678,750

Rubrik,

Inc.

,

Class

A

(a)

......................

51,034

2,651,727

SentinelOne,

Inc.

,

Class

A

(a)

..................

87,902

1,153,274

SoundHound

AI,

Inc.

,

Class

A

(a)

(b)

..............

161,071

1,385,211

SPS

Commerce,

Inc.

(a)

.....................

26,388

1,491,186

Tenable

Holdings,

Inc.

(a)

....................

58,962

1,133,839

Teradata

Corp.

(a)

.........................

56,353

1,774,556

Terawulf,

Inc.

(a)

..........................

100,624

1,632,121

UiPath,

Inc.

,

Class

A

(a)

.....................

179,569

1,926,775

Unity

Software,

Inc.

(a)

......................

122,154

2,226,867

Varonis

Systems,

Inc.

,

Class

B

(a)

...............

46,406

1,071,979

Workiva,

Inc.

,

Class

A

(a)

.....................

40,831

2,514,373

119,111,090

a

Specialized

REITs

 — 

0

.6

%

CubeSmart

.............................

84,506

3,476,577

EPR

Properties

..........................

22,927

1,362,093

Outfront

Media,

Inc.

.......................

163,801

4,719,107

Rayonier,

Inc.

...........................

207,174

4,452,169

14,009,946

a

Specialty

Retail

 — 

2

.7

%

Abercrombie

&

Fitch

Co.

,

Class

A

(a)

.............

22,627

2,212,921

Advance

Auto

Parts,

Inc.

....................

28,117

1,494,981

American

Eagle

Outfitters,

Inc.

................

61,741

1,516,976

Asbury

Automotive

Group,

Inc.

(a)

...............

7,483

1,599,716

AutoNation,

Inc.

(a)

.........................

14,132

2,758,001

Bath

&

Body

Works,

Inc.

....................

99,468

2,263,892

Boot

Barn

Holdings,

Inc.

(a)

...................

11,801

2,232,985

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

(Percentages

shown

are

based

on

Net

Assets)

21

Schedule

of

Investments

Security

Shares

Value

a

Specialty

Retail

(continued)

CarMax,

Inc.

(a)

...........................

66,617

$

2,875,856

Chewy,

Inc.

,

Class

A

(a)

.....................

68,235

1,871,004

Five

Below,

Inc.

(a)

.........................

22,969

5,134,261

Floor

&

Decor

Holdings,

Inc.

,

Class

A

(a)

..........

36,368

2,512,665

GameStop

Corp.

,

Class

A

(a)

(b)

.................

163,144

3,920,350

Gap,

Inc.

(The)

..........................

101,436

2,844,265

Group

1

Automotive,

Inc.

....................

6,795

2,213,403

Lithia

Motors,

Inc.

,

Class

A

..................

14,333

4,007,220

MarineMax,

Inc.

(a)

.........................

47,891

1,460,676

Murphy

USA,

Inc.

........................

10,153

3,967,183

National

Vision

Holdings,

Inc.

(a)

...............

65,227

1,759,172

RealReal,

Inc.

(The)

(a)

......................

107,631

1,319,556

Sally

Beauty

Holdings,

Inc.

(a)

.................

75,693

1,216,387

Signet

Jewelers

Ltd.

.......................

19,539

1,879,456

Urban

Outfitters,

Inc.

(a)

.....................

21,105

1,397,151

Valvoline,

Inc.

(a)

..........................

79,303

2,997,653

Victoria's

Secret

&

Co.

(a)

....................

34,928

2,189,986

Warby

Parker,

Inc.

,

Class

A

(a)

.................

53,265

1,332,158

Wayfair,

Inc.

,

Class

A

(a)

(b)

....................

35,737

2,727,805

Winmark

Corp.

..........................

2,600

1,186,224

62,891,903

a

Technology

Hardware,

Storage

&

Peripherals

 — 

1

.5

%

Diebold

Nixdorf,

Inc.

(a)

......................

14,677

1,174,160

GPGI,

Inc.

,

Class

A

.......................

66,717

1,497,797

Sandisk

Corp.

(a)

..........................

52,373

33,275,709

35,947,666

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.9

%

Capri

Holdings

Ltd.

(a)

......................

65,064

1,334,463

Carter's,

Inc.

............................

31,632

1,061,254

Columbia

Sportswear

Co.

...................

20,818

1,289,467

Crocs,

Inc.

(a)

............................

26,119

2,369,254

Kontoor

Brands,

Inc.

.......................

27,078

1,765,756

Levi

Strauss

&

Co.

,

Class

A

..................

71,568

1,585,947

PVH

Corp.

.............................

18,586

1,275,000

Ralph

Lauren

Corp.

,

Class

A

.................

13,797

5,002,792

Steven

Madden

Ltd.

.......................

52,440

1,893,084

VF

Corp.

..............................

162,962

3,164,722

Wolverine

World

Wide,

Inc.

..................

64,782

1,144,698

21,886,437

a

Trading

Companies

&

Distributors

 — 

1

.9

%

Air

Lease

Corp.

,

Class

A

....................

42,239

2,738,777

Applied

Industrial

Technologies,

Inc.

............

15,545

4,392,706

Boise

Cascade

Co.

.......................

15,810

1,308,119

Core

&

Main,

Inc.

,

Class

A

(a)

..................

86,115

4,663,988

DNOW,

Inc.

(a)

...........................

96,685

1,138,949

GATX

Corp.

............................

20,263

3,731,837

Herc

Holdings,

Inc.

........................

18,704

2,614,632

McGrath

RentCorp

........................

18,927

2,099,951

NPK

International,

Inc.

(a)

....................

80,531

1,162,062

QXO,

Inc.

(a)

(b)

............................

225,081

5,390,690

Rush

Enterprises,

Inc.

,

Class

A

...............

22,472

1,594,838

Rush

Enterprises,

Inc.

,

Class

B

...............

21,077

1,362,628

SiteOne

Landscape

Supply,

Inc.

(a)

..............

23,562

3,366,774

WESCO

International,

Inc.

...................

25,849

7,483,286

Xometry,

Inc.

,

Class

A

(a)

....................

21,235

870,954

43,920,191

a

Water

Utilities

 — 

0

.4

%

American

States

Water

Co.

..................

15,332

1,142,694

California

Water

Service

Group

...............

29,184

1,315,615

Essential

Utilities,

Inc.

......................

157,691

6,302,909

Security

Shares

Value

a

Water

Utilities

(continued)

H2O

America

...........................

23,510

$

1,264,603

10,025,821

a

Wireless

Telecommunication

Services

 — 

0

.1

%

Gogo,

Inc.

(a)

............................

281,603

1,191,181

Telephone

and

Data

Systems,

Inc.

.............

27,616

1,235,816

2,426,997

a

Total

Common

Stocks — 99.8%

(Cost:

$

1,867,723,181

)

...............................

2,342,430,973

a

Rights

Biotechnology

 — 

0

.0

%

89Bio,

Inc.

,

CVR

(Expires

12/31/35)

(a)

(b)

..........

104,338

35,475

Chinook

Therapeutics,

Inc.

,

CVR

(Expires

05/25/32)

(a)

(c)

30,052

5,109

40,584

a

Pharmaceuticals

 — 

0

.0

%

NOVO

Nordisk

CVR

(Expires

06/30/31

)

(a)

(c)

........

18,334

11,917

a

a

Total

Rights — 0.0%

(Cost:

$

–

)

........................................

52,501

Total

Long-Term

Investments — 99.8%

(Cost:

$

1,867,723,181

)

...............................

2,342,483,474

a

Short-Term

Securities

Money

Market

Funds

 — 

4

.6

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

3.84

%

(d)

(e)

(f)

......................

98,563,342

98,612,623

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

3.64

%

(d)

(e)

............................

10,261,520

10,261,520

a

Total

Short-Term

Securities — 4.6%

(Cost:

$

108,817,723

)

................................

108,874,143

Total

Investments

—

104.4%

(Cost:

$

1,976,540,904

)

...............................

2,451,357,617

Liabilities

in

Excess

of

Other

Assets

—

(

4

.4

)

%

...............

(

103,994,652

)

Net

Assets

—

100.0%

.................................

$

2,347,362,965

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Security

is

valued

using

significant

unobservable

inputs

and

is

classified

as

Level

3

in

the

fair

value

hierarchy.

(d)

Affiliate

of

the

Fund.

(e)

Annualized

7-day

yield

as

of

period

end.

(f)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

22

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

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: 

For

the period

ended

February

28,

2026,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

February

28,

2026

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

08/31/25

Purchases

at

Cost

Proceeds

from

Sale

s

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

02/28/26

  Shares

Held

at

02/28/26

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

.

$

173,621,008

$

—

$

(

75,008,981

)

(a)

$

4,691

$

(

4,095

)

$

98,612,623

98,563,342

$

410,451

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

8,477,611

1,783,909

(a)

—

—

—

10,261,520

10,261,520

119,501

—

$

—

$

4,691

$

(

4,095

)

$

108,874,143

$

529,952

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Russell

2000

Index

...............................................................

23

03/20/26

$

3,030

$

(

35,227

)

E-Mini

S&P

MidCap

400

Index

............................................................

11

03/20/26

3,936

(

8,212

)

$

(

43,439

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

43,439

$

—

$

—

$

—

$

43,439

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Futures

contracts

.................................

$

—

$

—

$

944,251

$

—

$

—

$

—

$

944,251

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

.................................

$

—

$

—

$

(

271,825

)

$

—

$

—

$

—

$

(

271,825

)

iShares

®

ESG

Aware

MSCI

USA

Small-Cap

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

23

Schedule

of

Investments

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

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.

See

notes

to

financial

statements.

Futures

contracts:

Average

notional

value

of

contracts

—

long

...................................................................................

$

6,517,803

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

2,339,592,301

‌

$

2,838,672

‌

$

—

‌

$

2,342,430,973

‌

Rights

................................................

—

‌

35,475

‌

17,026

‌

52,501

‌

Short-Term

Securities

Money

Market

Funds

......................................

108,874,143

‌

—

‌

—

‌

108,874,143

‌

$

2,448,466,444

‌

$

2,874,147

‌

$

17,026

‌

$

2,451,357,617

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

43,439

)

$

—

‌

$

—

‌

$

(

43,439

)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

February

28,

2026

iShares

®

ESG

Aware

MSCI

USA

Value

ETF

(Percentages

shown

are

based

on

Net

Assets)

24

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

1

.7

%

L3Harris

Technologies,

Inc.

..................

3,822

$

1,393,272

Northrop

Grumman

Corp.

...................

1,537

1,113,372

RTX

Corp.

.............................

10,867

2,201,871

4,708,515

a

Air

Freight

&

Logistics

 — 

0

.7

%

CH

Robinson

Worldwide,

Inc.

................

3,602

667,270

Expeditors

International

of

Washington,

Inc.

.......

6,925

1,004,333

FedEx

Corp.

............................

732

283,284

1,954,887

a

Automobiles

 — 

0

.3

%

General

Motors

Co.

.......................

7,316

575,842

Rivian

Automotive,

Inc.

,

Class

A

(a)

(b)

.............

16,680

255,705

831,547

a

Banks

 — 

5

.7

%

Bank

of

America

Corp.

.....................

52,820

2,632,021

Citigroup,

Inc.

...........................

13,482

1,485,582

Huntington

Bancshares,

Inc.

.................

23,785

399,588

JPMorgan

Chase

&

Co.

....................

22,883

6,871,765

PNC

Financial

Services

Group,

Inc.

(The)

........

7,449

1,581,795

U.S.

Bancorp

...........................

22,772

1,244,717

Wells

Fargo

&

Co.

........................

21,295

1,734,478

15,949,946

a

Beverages

 — 

1

.9

%

Coca-Cola

Co.

(The)

......................

40,539

3,306,361

Constellation

Brands,

Inc.

,

Class

A

.............

1,799

283,990

Keurig

Dr

Pepper,

Inc.

.....................

19,453

589,037

PepsiCo,

Inc.

...........................

6,907

1,172,394

5,351,782

a

Biotechnology

 — 

3

.2

%

AbbVie,

Inc.

............................

17,573

4,078,342

Amgen,

Inc.

............................

4,300

1,669,088

Biogen,

Inc.

(a)

...........................

2,127

408,001

Gilead

Sciences,

Inc.

......................

11,410

1,699,520

Incyte

Corp.

(a)

...........................

2,716

275,049

Regeneron

Pharmaceuticals,

Inc.

..............

832

650,349

8,780,349

a

Broadline

Retail

 — 

0

.1

%

eBay,

Inc.

..............................

3,437

312,286

a

Building

Products

 — 

0

.9

%

Allegion

PLC

............................

2,119

341,477

Carrier

Global

Corp.

.......................

8,404

541,218

Johnson

Controls

International

PLC

............

7,186

1,036,940

Lennox

International,

Inc.

...................

790

450,252

2,369,887

a

Capital

Markets

 — 

6

.1

%

Bank

of

New

York

Mellon

Corp.

(The)

...........

13,973

1,664,184

BlackRock,

Inc.

(c)

.........................

1,010

1,073,862

Cboe

Global

Markets,

Inc.

...................

3,091

926,435

CME

Group,

Inc.

,

Class

A

...................

2,068

660,726

Goldman

Sachs

Group,

Inc.

(The)

.............

3,367

2,894,172

Intercontinental

Exchange,

Inc.

...............

8,108

1,330,766

Moody's

Corp.

...........................

1,941

927,002

Morgan

Stanley

..........................

13,943

2,321,649

Nasdaq,

Inc.

............................

11,618

1,017,505

Raymond

James

Financial,

Inc.

...............

4,153

635,741

S&P

Global,

Inc.

.........................

4,662

2,060,045

Security

Shares

Value

a

Capital

Markets

(continued)

State

Street

Corp.

........................

7,543

$

970,181

T

Rowe

Price

Group,

Inc.

...................

4,075

385,617

16,867,885

a

Chemicals

 — 

1

.5

%

Ecolab,

Inc.

............................

5,556

1,713,193

Linde

PLC

.............................

3,079

1,564,378

PPG

Industries,

Inc.

.......................

6,864

846,125

4,123,696

a

Commercial

Services

&

Supplies

 — 

0

.4

%

Veralto

Corp.

............................

12,311

1,199,461

a

Communications

Equipment

 — 

1

.5

%

Cisco

Systems,

Inc.

.......................

39,994

3,177,923

F5,

Inc.

(a)

..............................

1,867

506,629

Motorola

Solutions,

Inc.

....................

918

442,715

4,127,267

a

Construction

Materials

 — 

0

.8

%

CRH

PLC

..............................

15,174

1,820,577

Martin

Marietta

Materials,

Inc.

................

643

435,034

2,255,611

a

Consumer

Finance

 — 

1

.2

%

American

Express

Co.

.....................

6,018

1,858,960

Capital

One

Financial

Corp.

..................

6,826

1,335,439

Synchrony

Financial

.......................

3,800

262,618

3,457,017

a

Consumer

Staples

Distribution

&

Retail

 — 

1

.2

%

Costco

Wholesale

Corp.

....................

837

846,031

Dollar

General

Corp.

......................

3,347

522,935

Dollar

Tree,

Inc.

(a)

(b)

.......................

3,663

463,296

Kroger

Co.

(The)

.........................

4,533

309,332

Sysco

Corp.

............................

4,413

402,289

Target

Corp.

............................

6,487

738,156

3,282,039

a

Containers

&

Packaging

 — 

0

.5

%

Avery

Dennison

Corp.

......................

1,476

289,813

Ball

Corp.

..............................

9,973

669,487

International

Paper

Co.

.....................

7,624

332,025

1,291,325

a

Distributors

 — 

0

.1

%

Genuine

Parts

Co.

........................

2,188

260,941

a

Diversified

Telecommunication

Services

 — 

1

.6

%

AT&T,

Inc.

..............................

48,774

1,366,159

Comcast

Corp.

,

Class

A

....................

23,878

739,263

Verizon

Communications,

Inc.

................

46,434

2,328,201

4,433,623

a

Electric

Utilities

 — 

1

.9

%

Edison

International

.......................

4,493

335,807

Eversource

Energy

.......................

13,179

1,004,371

Exelon

Corp.

............................

38,554

1,907,266

NextEra

Energy,

Inc.

......................

23,106

2,166,650

5,414,094

a

Electrical

Equipment

 — 

0

.6

%

Eaton

Corp.

PLC

.........................

2,176

818,002

Hubbell,

Inc.

,

Class

B

......................

524

268,094

Rockwell

Automation,

Inc.

...................

1,326

540,279

1,626,375

a

iShares

®

ESG

Aware

MSCI

USA

Value

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

(Percentages

shown

are

based

on

Net

Assets)

25

Schedule

of

Investments

Security

Shares

Value

a

Electronic

Equipment,

Instruments

&

Components

 — 

0

.6

%

Corning,

Inc.

............................

2,106

$

316,700

Keysight

Technologies,

Inc.

(a)

.................

3,581

1,100,549

TE

Connectivity

PLC

......................

1,165

268,125

1,685,374

a

Energy

Equipment

&

Services

 — 

0

.6

%

Baker

Hughes

Co.

,

Class

A

..................

19,707

1,286,079

SLB

Ltd.

...............................

7,199

369,597

1,655,676

a

Entertainment

 — 

0

.8

%

Electronic

Arts,

Inc.

.......................

2,633

528,101

Walt

Disney

Co.

(The)

.....................

10,760

1,140,990

Warner

Bros

Discovery,

Inc.

(a)

................

20,345

573,119

2,242,210

a

Financial

Services

 — 

1

.8

%

Berkshire

Hathaway,

Inc.

,

Class

B

(a)

............

8,439

4,261,273

Fidelity

National

Information

Services,

Inc.

........

5,781

294,600

PayPal

Holdings,

Inc.

......................

6,732

311,086

4,866,959

a

Food

Products

 — 

1

.8

%

Archer-Daniels-Midland

Co.

..................

10,378

716,497

Bunge

Global

SA

.........................

5,523

666,350

General

Mills,

Inc.

........................

31,511

1,425,242

Hershey

Co.

(The)

........................

1,606

379,466

Hormel

Foods

Corp.

.......................

13,261

339,482

Kraft

Heinz

Co.

(The)

......................

33,949

835,485

McCormick

&

Co.,

Inc.

,

NVS

.................

5,886

418,141

Mondelez

International,

Inc.

,

Class

A

............

4,570

281,421

5,062,084

a

Gas

Utilities

 — 

0

.3

%

Atmos

Energy

Corp.

.......................

4,196

783,771

a

Ground

Transportation

 — 

1

.1

%

CSX

Corp.

.............................

19,062

813,757

JB

Hunt

Transport

Services,

Inc.

..............

1,665

388,628

Union

Pacific

Corp.

.......................

7,479

1,981,785

3,184,170

a

Health

Care

Equipment

&

Supplies

 — 

1

.7

%

Abbott

Laboratories

.......................

9,476

1,102,533

Cooper

Companies,

Inc.

(The)

(a)

(b)

..............

8,799

736,212

Edwards

Lifesciences

Corp.

(a)

................

10,424

901,363

Hologic,

Inc.

(a)

...........................

3,750

282,600

STERIS

PLC

............................

5,516

1,391,963

Stryker

Corp.

...........................

1,111

430,468

4,845,139

a

Health

Care

Providers

&

Services

 — 

3

.2

%

Cardinal

Health,

Inc.

.......................

6,235

1,429,249

Cencora,

Inc.

...........................

3,153

1,173,357

Centene

Corp.

(a)

.........................

6,809

305,588

Cigna

Group

(The)

........................

3,207

929,453

CVS

Health

Corp.

........................

5,937

474,366

Elevance

Health,

Inc.

......................

3,555

1,137,600

HCA

Healthcare,

Inc.

......................

669

354,369

Humana,

Inc.

...........................

1,485

282,952

Labcorp

Holdings,

Inc.

.....................

1,620

468,374

Quest

Diagnostics,

Inc.

.....................

1,338

283,536

UnitedHealth

Group,

Inc.

....................

6,609

1,938,222

8,777,066

a

Security

Shares

Value

a

Hotels,

Restaurants

&

Leisure

 — 

1

.0

%

McDonald's

Corp.

........................

5,555

$

1,894,588

Starbucks

Corp.

..........................

7,374

722,800

Yum!

Brands,

Inc.

........................

1,705

286,713

2,904,101

a

Household

Durables

 — 

0

.2

%

DR

Horton,

Inc.

..........................

1,661

266,408

PulteGroup,

Inc.

.........................

1,941

266,305

532,713

a

Household

Products

 — 

2

.8

%

Church

&

Dwight

Co.,

Inc.

...................

8,651

907,144

Clorox

Co.

(The)

.........................

5,925

753,423

Colgate-Palmolive

Co.

.....................

10,869

1,077,553

Kimberly-Clark

Corp.

......................

10,659

1,187,839

Procter

&

Gamble

Co.

(The)

.................

23,307

3,896,930

7,822,889

a

Industrial

Conglomerates

 — 

1

.5

%

3M

Co.

................................

10,352

1,711,393

Honeywell

International,

Inc.

.................

10,382

2,528,951

4,240,344

a

Industrial

REITs

 — 

0

.5

%

Prologis,

Inc.

............................

9,342

1,331,889

a

Insurance

 — 

4

.1

%

Aflac,

Inc.

..............................

6,003

677,919

Allstate

Corp.

(The)

.......................

2,225

477,307

Arch

Capital

Group

Ltd.

(a)

...................

4,414

442,062

Hartford

Insurance

Group,

Inc.

(The)

............

17,065

2,403,264

Marsh

&

McLennan

Companies,

Inc.

............

4,692

876,184

MetLife,

Inc.

............................

11,239

809,995

Progressive

Corp.

(The)

....................

10,582

2,260,950

Prudential

Financial,

Inc.

....................

14,964

1,472,158

Travelers

Companies,

Inc.

(The)

...............

4,581

1,413,880

Willis

Towers

Watson

PLC

...................

1,608

490,713

11,324,432

a

Interactive

Media

&

Services

 — 

9

.7

%

Alphabet,

Inc.

,

Class

A

.....................

49,745

15,508,501

Meta

Platforms,

Inc.

,

Class

A

.................

17,857

11,574,550

27,083,051

a

IT

Services

 — 

1

.8

%

Accenture

PLC

,

Class

A

....................

6,939

1,448,308

Gartner,

Inc.

(a)

...........................

2,233

351,028

International

Business

Machines

Corp.

..........

10,007

2,403,781

Okta,

Inc.

,

Class

A

(a)

.......................

3,333

241,642

Twilio,

Inc.

,

Class

A

(a)

......................

2,719

328,890

VeriSign,

Inc.

...........................

1,525

347,609

5,121,258

a

Life

Sciences

Tools

&

Services

 — 

1

.7

%

Agilent

Technologies,

Inc.

...................

3,754

455,661

Danaher

Corp.

..........................

6,517

1,372,741

IQVIA

Holdings,

Inc.

(a)

......................

4,231

756,545

Mettler-Toledo

International,

Inc.

(a)

.............

496

677,878

Thermo

Fisher

Scientific,

Inc.

.................

980

510,688

Waters

Corp.

(a)

..........................

1,871

597,560

West

Pharmaceutical

Services,

Inc.

............

1,130

287,404

4,658,477

a

Machinery

 — 

3

.9

%

Caterpillar,

Inc.

..........................

3,170

2,354,771

CNH

Industrial

N.V.

.......................

46,438

571,187

Cummins,

Inc.

...........................

3,430

2,002,674

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

iShares

®

ESG

Aware

MSCI

USA

Value

ETF

(Percentages

shown

are

based

on

Net

Assets)

26

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Machinery

(continued)

Deere

&

Co.

............................

2,894

$

1,822,381

Fortive

Corp.

............................

8,669

513,205

Ingersoll

Rand,

Inc.

.......................

3,383

318,475

Parker-Hannifin

Corp.

......................

993

1,002,116

Pentair

PLC

............................

11,472

1,137,908

Xylem,

Inc.

.............................

8,295

1,074,700

10,797,417

a

Metals

&

Mining

 — 

0

.8

%

Newmont

Corp.

..........................

10,144

1,318,720

Nucor

Corp.

............................

2,648

468,378

Steel

Dynamics,

Inc.

.......................

2,344

452,697

2,239,795

a

Multi-Utilities

 — 

1

.6

%

CMS

Energy

Corp.

........................

5,472

427,199

Consolidated

Edison,

Inc.

...................

2,608

293,452

NiSource,

Inc.

...........................

38,748

1,832,780

Public

Service

Enterprise

Group,

Inc.

...........

12,851

1,106,086

Sempra

...............................

6,833

657,813

4,317,330

a

Oil,

Gas

&

Consumable

Fuels

 — 

5

.8

%

Chevron

Corp.

...........................

5,890

1,100,016

ConocoPhillips

..........................

14,429

1,637,114

Diamondback

Energy,

Inc.

...................

5,622

978,678

EOG

Resources,

Inc.

......................

6,096

756,392

EQT

Corp.

.............................

10,605

651,359

Exxon

Mobil

Corp.

........................

29,475

4,494,938

Kinder

Morgan,

Inc.

.......................

56,709

1,886,708

Occidental

Petroleum

Corp.

..................

8,628

457,974

ONEOK,

Inc.

............................

12,757

1,055,897

Phillips

66

..............................

3,834

591,701

Targa

Resources

Corp.

.....................

1,844

434,815

Valero

Energy

Corp.

.......................

2,945

602,665

Williams

Companies,

Inc.

(The)

...............

20,162

1,506,505

16,154,762

a

Passenger

Airlines

 — 

0

.1

%

Delta

Air

Lines,

Inc.

.......................

5,081

333,822

a

Personal

Care

Products

 — 

0

.2

%

Kenvue,

Inc.

............................

22,517

430,525

a

Pharmaceuticals

 — 

3

.7

%

Bristol-Myers

Squibb

Co.

....................

17,122

1,067,899

Johnson

&

Johnson

.......................

17,049

4,235,483

Merck

&

Co.,

Inc.

.........................

21,330

2,641,081

Pfizer,

Inc.

.............................

21,542

595,636

Royalty

Pharma

PLC

,

Class

A

................

9,162

423,376

Zoetis,

Inc.

,

Class

A

.......................

9,372

1,228,669

10,192,144

a

Professional

Services

 — 

1

.3

%

Automatic

Data

Processing,

Inc.

...............

8,113

1,739,103

Broadridge

Financial

Solutions,

Inc.

............

4,402

818,200

Jacobs

Solutions,

Inc.

......................

6,267

863,968

Paychex,

Inc.

...........................

3,489

326,745

3,748,016

a

Real

Estate

Management

&

Development

 — 

0

.3

%

CBRE

Group,

Inc.

,

Class

A

(a)

.................

5,790

854,951

a

Semiconductors

&

Semiconductor

Equipment

 — 

5

.5

%

Analog

Devices,

Inc.

.......................

5,559

1,977,837

Applied

Materials,

Inc.

.....................

9,202

3,425,905

Security

Shares

Value

a

Semiconductors

&

Semiconductor

Equipment

(continued)

Intel

Corp.

(a)

............................

42,240

$

1,926,566

Micron

Technology,

Inc.

.....................

9,557

3,941,020

NXP

Semiconductors

N.V.

...................

4,340

985,223

QUALCOMM,

Inc.

........................

7,700

1,096,172

Texas

Instruments,

Inc.

.....................

8,569

1,817,571

15,170,294

a

Software

 — 

2

.1

%

Adobe,

Inc.

(a)

............................

5,627

1,476,581

Intuit,

Inc.

..............................

3,837

1,569,448

Salesforce,

Inc.

..........................

10,700

2,084,253

Strategy,

Inc.

,

Class

A

(a)

(b)

...................

2,135

276,482

Tyler

Technologies,

Inc.

(a)

...................

879

311,773

5,718,537

a

Specialized

REITs

 — 

2

.6

%

American

Tower

Corp.

.....................

8,755

1,679,734

Crown

Castle,

Inc.

........................

12,702

1,137,337

Digital

Realty

Trust,

Inc.

....................

7,228

1,280,802

Equinix,

Inc.

............................

1,835

1,787,767

Iron

Mountain,

Inc.

........................

3,218

348,606

SBA

Communications

Corp.

,

Class

A

............

2,838

570,892

Weyerhaeuser

Co.

........................

11,989

294,090

7,099,228

a

Specialty

Retail

 — 

2

.9

%

Best

Buy

Co.,

Inc.

........................

5,914

366,491

Home

Depot,

Inc.

(The)

....................

10,502

3,998,321

Lowe's

Companies,

Inc.

....................

6,788

1,795,901

TJX

Companies,

Inc.

(The)

..................

3,804

614,955

Tractor

Supply

Co.

........................

15,336

795,018

Williams-Sonoma,

Inc.

.....................

2,648

544,561

8,115,247

a

Technology

Hardware,

Storage

&

Peripherals

 — 

1

.1

%

Hewlett

Packard

Enterprise

Co.

...............

26,894

577,414

NetApp,

Inc.

............................

5,977

591,902

Seagate

Technology

Holdings

PLC

.............

1,906

777,343

Western

Digital

Corp.

......................

4,178

1,168,587

3,115,246

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.4

%

Deckers

Outdoor

Corp.

(a)

....................

3,077

360,840

NIKE,

Inc.

,

Class

B

.......................

4,238

263,519

Tapestry,

Inc.

............................

2,629

408,730

1,033,089

a

Trading

Companies

&

Distributors

 — 

0

.4

%

Ferguson

Enterprises,

Inc.

...................

2,121

553,072

United

Rentals,

Inc.

.......................

584

490,560

1,043,632

a

Wireless

Telecommunication

Services

 — 

0

.1

%

T-Mobile

U.S.,

Inc.

........................

1,251

271,580

a

a

Total

Long-Term

Investments — 99.9%

(Cost:

$

254,252,844

)

................................

277,355,751

iShares

®

ESG

Aware

MSCI

USA

Value

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

(Percentages

shown

are

based

on

Net

Assets)

27

Schedule

of

Investments

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

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: 

Security

Shares

Value

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.3

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

3.84

%

(c)

(d)

(e)

......................

758,054

$

758,433

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

3.64

%

(c)

(d)

............................

211,324

211,324

a

Total

Short-Term

Securities — 0.3%

(Cost:

$

969,748

)

...................................

969,757

Total

Investments

—

100.2%

(Cost:

$

255,222,592

)

................................

278,325,508

Liabilities

in

Excess

of

Other

Assets

—

(

0

.2

)

%

...............

(

596,450

)

Net

Assets

—

100.0%

.................................

$

277,729,058

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

February

28,

2026

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

08/31/25

Purchases

at

Cost

Proceeds

from

Sale

s

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

02/28/26

  Shares

Held

at

02/28/26

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

$

198,331

$

559,918

(a)

$

—

$

177

$

7

$

758,433

758,054

$

568

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

9,224

202,100

(a)

—

—

—

211,324

211,324

3,723

—

BlackRock,

Inc.

...

61,993

1,089,027

(

59,933

)

(

3,883

)

(

13,342

)

1,073,862

1,010

3,991

—

$

—

$

(

3,706

)

$

(

13,335

)

$

2,043,619

$

8,282

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Micro

E-Mini

Russell

2000

Index

...........................................................

34

03/20/26

$

448

$

(

2,335

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

2,335

$

—

$

—

$

—

$

2,335

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

iShares

®

ESG

Aware

MSCI

USA

Value

ETF

28

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

For

the period

ended

February

28,

2026,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

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.

See

notes

to

financial

statements.

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Futures

contracts

.................................

$

—

$

—

$

19,916

$

—

$

—

$

—

$

19,916

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

.................................

$

—

$

—

$

(

3,352

)

$

—

$

—

$

—

$

(

3,352

)

Futures

contracts:

Average

notional

value

of

contracts

—

long

...................................................................................

$

443,146

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

277,355,751

‌

$

—

‌

$

—

‌

$

277,355,751

‌

Short-Term

Securities

Money

Market

Funds

......................................

969,757

‌

—

‌

—

‌

969,757

‌

$

278,325,508

‌

$

—

‌

$

—

‌

$

278,325,508

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

2,335

)

$

—

‌

$

—

‌

$

(

2,335

)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

iShares

®

ESG

MSCI

USA

Leaders

ETF

Schedule

of

Investments

(unaudited)

February

28,

2026

(Percentages

shown

are

based

on

Net

Assets)

29

Schedule

of

Investments

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

1

.3

%

Axon

Enterprise,

Inc.

(a)

.....................

2,503

$

1,357,627

General

Electric

Co.

.......................

35,221

12,054,740

13,412,367

a

Air

Freight

&

Logistics

 — 

0

.4

%

CH

Robinson

Worldwide,

Inc.

................

3,954

732,478

Expeditors

International

of

Washington,

Inc.

.......

4,502

652,925

United

Parcel

Service,

Inc.

,

Class

B

............

24,676

2,861,429

4,246,832

a

Automobile

Components

 — 

0

.1

%

Aptiv

PLC

(a)

.............................

7,211

530,297

a

Automobiles

 — 

3

.7

%

Rivian

Automotive,

Inc.

,

Class

A

(a)

..............

26,607

407,885

Tesla,

Inc.

(a)

.............................

94,395

37,994,932

38,402,817

a

Banks

 — 

1

.1

%

Citizens

Financial

Group,

Inc.

................

14,302

860,837

Huntington

Bancshares,

Inc.

.................

67,324

1,131,043

KeyCorp

...............................

31,017

643,293

PNC

Financial

Services

Group,

Inc.

(The)

........

13,022

2,765,222

Regions

Financial

Corp.

....................

29,280

814,862

Truist

Financial

Corp.

......................

42,715

2,106,277

U.S.

Bancorp

...........................

51,809

2,831,880

11,153,414

a

Beverages

 — 

2

.1

%

Coca-Cola

Co.

(The)

......................

136,453

11,129,107

Keurig

Dr

Pepper,

Inc.

.....................

43,131

1,306,007

Monster

Beverage

Corp.

(a)

...................

24,400

2,081,320

PepsiCo,

Inc.

...........................

45,656

7,749,649

22,266,083

a

Biotechnology

 — 

2

.0

%

Alnylam

Pharmaceuticals,

Inc.

(a)

...............

4,411

1,468,510

Amgen,

Inc.

............................

17,980

6,979,117

Biogen,

Inc.

(a)

...........................

4,861

932,437

Gilead

Sciences,

Inc.

......................

41,428

6,170,700

Incyte

Corp.

(a)

...........................

5,525

559,517

Neurocrine

Biosciences,

Inc.

(a)

................

3,327

439,996

Vertex

Pharmaceuticals,

Inc.

(a)

................

8,472

4,209,144

20,759,421

a

Broadline

Retail

 — 

0

.4

%

eBay,

Inc.

..............................

15,148

1,376,347

MercadoLibre,

Inc.

(a)

.......................

1,520

2,671,522

4,047,869

a

Building

Products

 — 

0

.9

%

Allegion

PLC

............................

2,846

458,633

Carrier

Global

Corp.

.......................

25,478

1,640,783

Johnson

Controls

International

PLC

............

20,438

2,949,204

Lennox

International,

Inc.

...................

1,051

599,007

Trane

Technologies

PLC

....................

7,407

3,424,404

9,072,031

a

Capital

Markets

 — 

3

.7

%

Ameriprise

Financial,

Inc.

...................

3,084

1,449,850

Bank

of

New

York

Mellon

Corp.

(The)

...........

22,981

2,737,037

BlackRock,

Inc.

(b)

.........................

4,921

5,232,155

Cboe

Global

Markets,

Inc.

...................

3,488

1,045,423

Charles

Schwab

Corp.

(The)

.................

56,367

5,366,138

Intercontinental

Exchange,

Inc.

...............

19,028

3,123,066

Security

Shares

Value

a

Capital

Markets

(continued)

LPL

Financial

Holdings,

Inc.

..................

2,670

$

802,015

Moody's

Corp.

...........................

5,367

2,563,225

Morgan

Stanley

..........................

39,643

6,600,956

Nasdaq,

Inc.

............................

15,282

1,338,397

Northern

Trust

Corp.

.......................

6,345

907,906

Raymond

James

Financial,

Inc.

...............

6,287

962,414

S&P

Global,

Inc.

.........................

10,350

4,573,458

State

Street

Corp.

........................

9,327

1,199,639

T

Rowe

Price

Group,

Inc.

...................

7,312

691,935

38,593,614

a

Chemicals

 — 

1

.2

%

Ecolab,

Inc.

............................

8,496

2,619,741

International

Flavors

&

Fragrances,

Inc.

..........

8,592

706,520

Linde

PLC

.............................

15,586

7,918,935

LyondellBasell

Industries

N.V.

,

Class

A

..........

8,708

500,884

PPG

Industries,

Inc.

.......................

7,469

920,704

12,666,784

a

Commercial

Services

&

Supplies

 — 

0

.3

%

Cintas

Corp.

............................

12,026

2,418,790

Veralto

Corp.

............................

8,240

802,823

3,221,613

a

Construction

&

Engineering

 — 

0

.4

%

EMCOR

Group,

Inc.

.......................

1,488

1,078,235

Quanta

Services,

Inc.

......................

4,981

2,804,701

3,882,936

a

Construction

Materials

 — 

0

.4

%

CRH

PLC

..............................

22,400

2,687,552

Martin

Marietta

Materials,

Inc.

................

2,002

1,354,493

4,042,045

a

Consumer

Finance

 — 

1

.0

%

American

Express

Co.

.....................

18,401

5,684,069

Capital

One

Financial

Corp.

..................

21,228

4,153,046

Synchrony

Financial

.......................

12,026

831,117

10,668,232

a

Consumer

Staples

Distribution

&

Retail

 — 

0

.5

%

Dollar

General

Corp.

......................

7,320

1,143,677

Kroger

Co.

(The)

.........................

20,075

1,369,918

Sysco

Corp.

............................

15,990

1,457,648

Target

Corp.

............................

15,153

1,724,260

5,695,503

a

Containers

&

Packaging

 — 

0

.3

%

Avery

Dennison

Corp.

......................

2,591

508,743

Ball

Corp.

..............................

8,655

581,010

International

Paper

Co.

.....................

16,844

733,556

Smurfit

Westrock

PLC

.....................

17,436

819,666

2,642,975

a

Distributors

 — 

0

.1

%

Genuine

Parts

Co.

........................

4,650

554,559

a

Diversified

Telecommunication

Services

 — 

1

.0

%

Comcast

Corp.

,

Class

A

....................

121,358

3,757,243

Verizon

Communications,

Inc.

................

140,791

7,059,261

10,816,504

a

Electric

Utilities

 — 

0

.5

%

Edison

International

.......................

12,881

962,726

Eversource

Energy

.......................

12,528

954,759

Exelon

Corp.

............................

33,735

1,668,870

NRG

Energy,

Inc.

.........................

6,413

1,147,671

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

iShares

®

ESG

MSCI

USA

Leaders

ETF

(Percentages

shown

are

based

on

Net

Assets)

30

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Electric

Utilities

(continued)

Oklo,

Inc.

,

Class

A

(a)

.......................

3,683

$

231,845

4,965,871

a

Electrical

Equipment

 — 

0

.7

%

Eaton

Corp.

PLC

.........................

12,954

4,869,668

Hubbell,

Inc.

,

Class

B

......................

1,767

904,050

Rockwell

Automation,

Inc.

...................

3,756

1,530,382

7,304,100

a

Electronic

Equipment,

Instruments

&

Components

 — 

0

.2

%

Keysight

Technologies,

Inc.

(a)

.................

5,740

1,764,074

a

Energy

Equipment

&

Services

 — 

0

.6

%

Baker

Hughes

Co.

,

Class

A

..................

32,949

2,150,252

Halliburton

Co.

..........................

28,333

1,019,988

SLB

Ltd.

...............................

49,760

2,554,678

5,724,918

a

Entertainment

 — 

0

.9

%

Electronic

Arts,

Inc.

.......................

7,959

1,596,337

Take-Two

Interactive

Software,

Inc.

(a)

............

6,142

1,298,910

Walt

Disney

Co.

(The)

.....................

59,613

6,321,362

9,216,609

a

Financial

Services

 — 

3

.5

%

Equitable

Holdings,

Inc.

....................

8,945

359,768

Fidelity

National

Information

Services,

Inc.

........

17,472

890,373

Fiserv,

Inc.

(a)

............................

18,095

1,127,137

Mastercard,

Inc.

,

Class

A

....................

28,272

14,622,561

PayPal

Holdings,

Inc.

......................

29,680

1,371,513

Visa,

Inc.

,

Class

A

........................

56,290

18,020,681

36,392,033

a

Food

Products

 — 

0

.2

%

Bunge

Global

SA

.........................

4,520

545,338

General

Mills,

Inc.

........................

17,756

803,104

Hormel

Foods

Corp.

.......................

10,168

260,301

McCormick

&

Co.,

Inc.

,

NVS

.................

8,362

594,036

2,202,779

a

Gas

Utilities

 — 

0

.1

%

Atmos

Energy

Corp.

.......................

5,401

1,008,853

a

Ground

Transportation

 — 

0

.9

%

CSX

Corp.

.............................

62,186

2,654,720

JB

Hunt

Transport

Services,

Inc.

..............

2,566

598,930

Old

Dominion

Freight

Line,

Inc.

...............

6,287

1,276,576

Union

Pacific

Corp.

.......................

19,806

5,248,194

9,778,420

a

Health

Care

Equipment

&

Supplies

 — 

0

.8

%

Cooper

Companies,

Inc.

(The)

(a)

...............

6,598

552,055

Dexcom,

Inc.

(a)

..........................

13,099

961,860

Edwards

Lifesciences

Corp.

(a)

................

19,471

1,683,657

Hologic,

Inc.

(a)

...........................

7,454

561,733

IDEXX

Laboratories,

Inc.

(a)

...................

2,664

1,749,529

Insulet

Corp.

(a)

...........................

2,332

575,094

Solventum

Corp.

(a)

........................

5,157

382,649

STERIS

PLC

............................

3,296

831,746

Zimmer

Biomet

Holdings,

Inc.

................

6,650

654,626

7,952,949

a

Health

Care

Providers

&

Services

 — 

1

.2

%

Cencora,

Inc.

...........................

6,161

2,292,755

Cigna

Group

(The)

........................

8,925

2,586,643

Elevance

Health,

Inc.

......................

7,421

2,374,720

HCA

Healthcare,

Inc.

......................

5,334

2,825,420

Security

Shares

Value

a

Health

Care

Providers

&

Services

(continued)

Humana,

Inc.

...........................

3,986

$

759,492

Labcorp

Holdings,

Inc.

.....................

2,744

793,345

Quest

Diagnostics,

Inc.

.....................

3,746

793,815

12,426,190

a

Health

Care

REITs

 — 

0

.5

%

Healthpeak

Properties,

Inc.

..................

23,330

412,474

Welltower,

Inc.

...........................

22,917

4,746,569

5,159,043

a

Health

Care

Technology

 — 

0

.1

%

Veeva

Systems,

Inc.

,

Class

A

(a)

...............

5,183

943,358

a

Hotels,

Restaurants

&

Leisure

 — 

1

.7

%

Booking

Holdings,

Inc.

.....................

1,078

4,570,019

Darden

Restaurants,

Inc.

...................

3,847

822,681

Hilton

Worldwide

Holdings,

Inc.

...............

7,761

2,419,725

McDonald's

Corp.

........................

23,780

8,110,407

Yum!

Brands,

Inc.

........................

9,239

1,553,630

17,476,462

a

Household

Durables

 — 

0

.4

%

DR

Horton,

Inc.

..........................

8,777

1,407,743

Garmin

Ltd.

.............................

5,427

1,372,109

NVR,

Inc.

(a)

.............................

91

684,119

PulteGroup,

Inc.

.........................

6,552

898,934

4,362,905

a

Household

Products

 — 

1

.7

%

Church

&

Dwight

Co.,

Inc.

...................

8,018

840,768

Clorox

Co.

(The)

.........................

4,056

515,761

Colgate-Palmolive

Co.

.....................

25,580

2,536,001

Kimberly-Clark

Corp.

......................

11,044

1,230,743

Procter

&

Gamble

Co.

(The)

.................

78,026

13,045,947

18,169,220

a

Industrial

Conglomerates

 — 

0

.3

%

3M

Co.

................................

17,771

2,937,902

a

Industrial

REITs

 — 

0

.4

%

Prologis,

Inc.

............................

31,016

4,421,951

a

Insurance

 — 

1

.8

%

Aflac,

Inc.

..............................

16,626

1,877,574

Allstate

Corp.

(The)

.......................

8,740

1,874,905

Arch

Capital

Group

Ltd.

(a)

...................

12,109

1,212,716

Hartford

Insurance

Group,

Inc.

(The)

............

9,331

1,314,085

Marsh

&

McLennan

Companies,

Inc.

............

16,377

3,058,241

Principal

Financial

Group,

Inc.

................

7,386

704,772

Progressive

Corp.

(The)

....................

19,574

4,182,181

Prudential

Financial,

Inc.

....................

11,643

1,145,438

Travelers

Companies,

Inc.

(The)

...............

7,448

2,298,751

Willis

Towers

Watson

PLC

...................

3,197

975,628

18,644,291

a

Interactive

Media

&

Services

 — 

10

.7

%

Alphabet,

Inc.

,

Class

A

.....................

194,328

60,583,697

Alphabet,

Inc.

,

Class

C

,

NVS

.................

162,491

50,604,572

111,188,269

IT

Services

 — 

1

.2

%

Accenture

PLC

,

Class

A

....................

20,546

4,288,361

Gartner,

Inc.

(a)

...........................

2,407

378,380

International

Business

Machines

Corp.

..........

31,212

7,497,435

Twilio,

Inc.

,

Class

A

(a)

......................

5,137

621,372

12,785,548

a

iShares

®

ESG

MSCI

USA

Leaders

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

(Percentages

shown

are

based

on

Net

Assets)

31

Schedule

of

Investments

Security

Shares

Value

a

Life

Sciences

Tools

&

Services

 — 

0

.9

%

Agilent

Technologies,

Inc.

...................

9,452

$

1,147,284

Danaher

Corp.

..........................

21,227

4,471,255

IQVIA

Holdings,

Inc.

(a)

......................

5,660

1,012,064

Mettler-Toledo

International,

Inc.

(a)

.............

685

936,183

Waters

Corp.

(a)

..........................

3,269

1,044,053

West

Pharmaceutical

Services,

Inc.

............

2,388

607,364

9,218,203

a

Machinery

 — 

2

.7

%

Caterpillar,

Inc.

..........................

15,626

11,607,462

CNH

Industrial

N.V.

.......................

29,145

358,483

Cummins,

Inc.

...........................

4,609

2,691,057

Deere

&

Co.

............................

8,579

5,402,282

Dover

Corp.

............................

4,569

1,030,310

Fortive

Corp.

............................

11,221

664,283

Graco,

Inc.

.............................

5,513

517,781

IDEX

Corp.

.............................

2,486

520,742

Illinois

Tool

Works,

Inc.

.....................

9,195

2,672,343

Ingersoll

Rand,

Inc.

.......................

13,166

1,239,447

Pentair

PLC

............................

5,427

538,304

Xylem,

Inc.

.............................

8,135

1,053,971

28,296,465

a

Media

 — 

0

.2

%

Charter

Communications,

Inc.

,

Class

A

(a)

.........

2,809

659,076

Fox

Corp.

,

Class

A

,

NVS

....................

6,991

393,873

Fox

Corp.

,

Class

B

........................

5,060

261,754

Omnicom

Group,

Inc.

......................

10,505

895,971

2,210,674

a

Metals

&

Mining

 — 

0

.7

%

Newmont

Corp.

..........................

36,438

4,736,940

Nucor

Corp.

............................

7,609

1,345,880

Steel

Dynamics,

Inc.

.......................

4,659

899,793

6,982,613

a

Mortgage

REITs

 — 

0

.1

%

Annaly

Capital

Management,

Inc.

..............

22,807

530,035

a

Multi-Utilities

 — 

0

.5

%

CMS

Energy

Corp.

........................

10,162

793,347

Consolidated

Edison,

Inc.

...................

12,006

1,350,915

NiSource,

Inc.

...........................

15,934

753,678

Sempra

...............................

21,836

2,102,152

5,000,092

a

Oil,

Gas

&

Consumable

Fuels

 — 

1

.4

%

Cheniere

Energy,

Inc.

......................

7,187

1,694,192

Marathon

Petroleum

Corp.

..................

10,037

1,989,434

ONEOK,

Inc.

............................

20,965

1,735,273

Phillips

66

..............................

13,434

2,073,269

Targa

Resources

Corp.

.....................

7,174

1,691,629

Valero

Energy

Corp.

.......................

10,185

2,084,258

Williams

Companies,

Inc.

(The)

...............

40,794

3,048,128

14,316,183

a

Passenger

Airlines

 — 

0

.0

%

Delta

Air

Lines,

Inc.

.......................

5,440

357,408

a

Personal

Care

Products

 — 

0

.2

%

Estee

Lauder

Companies,

Inc.

(The)

,

Class

A

......

8,209

898,639

Kenvue,

Inc.

............................

63,965

1,223,011

2,121,650

a

Pharmaceuticals

 — 

6

.3

%

Bristol-Myers

Squibb

Co.

....................

67,976

4,239,663

Eli

Lilly

&

Co.

...........................

26,832

28,226,996

Security

Shares

Value

a

Pharmaceuticals

(continued)

Johnson

&

Johnson

.......................

80,449

$

19,985,945

Merck

&

Co.,

Inc.

.........................

82,877

10,261,830

Royalty

Pharma

PLC

,

Class

A

................

13,669

631,645

Zoetis,

Inc.

,

Class

A

.......................

14,774

1,936,871

65,282,950

a

Professional

Services

 — 

0

.5

%

Automatic

Data

Processing,

Inc.

...............

13,483

2,890,216

Broadridge

Financial

Solutions,

Inc.

............

3,884

721,919

Paychex,

Inc.

...........................

10,783

1,009,828

TransUnion

.............................

6,439

505,783

5,127,746

a

Real

Estate

Management

&

Development

 — 

0

.1

%

CBRE

Group,

Inc.

,

Class

A

(a)

.................

9,907

1,462,868

a

Semiconductors

&

Semiconductor

Equipment

 — 

19

.1

%

Advanced

Micro

Devices,

Inc.

(a)

...............

54,362

10,883,816

Analog

Devices,

Inc.

.......................

16,377

5,826,773

Applied

Materials,

Inc.

.....................

26,477

9,857,387

First

Solar,

Inc.

(a)

.........................

3,398

670,086

Intel

Corp.

(a)

............................

150,906

6,882,823

Lam

Research

Corp.

......................

41,970

9,816,363

Marvell

Technology,

Inc.

....................

28,319

2,313,379

NVIDIA

Corp.

...........................

811,401

143,772,143

NXP

Semiconductors

N.V.

...................

8,378

1,901,890

Texas

Instruments,

Inc.

.....................

30,340

6,435,417

198,360,077

a

Software

 — 

12

.1

%

Adobe,

Inc.

(a)

............................

13,977

3,667,705

Atlassian

Corp.

,

Class

A

(a)

...................

5,656

424,935

Autodesk,

Inc.

(a)

..........................

7,084

1,741,743

Cadence

Design

Systems,

Inc.

(a)

..............

9,071

2,733,999

Fair

Isaac

Corp.

(a)

.........................

792

1,116,213

HubSpot,

Inc.

(a)

..........................

1,667

440,938

Intuit,

Inc.

..............................

9,283

3,797,026

Microsoft

Corp.

..........................

235,766

92,594,739

Palo

Alto

Networks,

Inc.

(a)

...................

26,982

4,018,159

PTC,

Inc.

(a)

.............................

4,014

628,552

Salesforce,

Inc.

..........................

31,287

6,094,395

ServiceNow,

Inc.

(a)

........................

34,659

3,743,519

Synopsys,

Inc.

(a)

.........................

6,388

2,644,632

Trimble,

Inc.

(a)

...........................

7,902

528,407

Workday,

Inc.

,

Class

A

(a)

....................

7,112

951,301

Zscaler,

Inc.

(a)

...........................

3,426

503,588

125,629,851

a

Specialized

REITs

 — 

1

.1

%

American

Tower

Corp.

.....................

15,648

3,002,225

Crown

Castle,

Inc.

........................

14,495

1,297,882

Digital

Realty

Trust,

Inc.

....................

11,470

2,032,484

Equinix,

Inc.

............................

3,279

3,194,599

Iron

Mountain,

Inc.

........................

9,859

1,068,026

SBA

Communications

Corp.

,

Class

A

............

3,565

717,135

Weyerhaeuser

Co.

........................

23,843

584,869

11,897,220

a

Specialty

Retail

 — 

3

.1

%

AutoZone,

Inc.

(a)

.........................

553

2,076,836

Best

Buy

Co.,

Inc.

........................

6,641

411,543

Burlington

Stores,

Inc.

(a)

....................

2,084

639,517

Dick's

Sporting

Goods,

Inc.

..................

2,215

451,040

Home

Depot,

Inc.

(The)

....................

33,241

12,655,513

Lowe's

Companies,

Inc.

....................

18,731

4,955,661

O'Reilly

Automotive,

Inc.

(a)

...................

28,204

2,647,792

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

iShares

®

ESG

MSCI

USA

Leaders

ETF

(Percentages

shown

are

based

on

Net

Assets)

32

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Security

Shares

Value

a

Specialty

Retail

(continued)

TJX

Companies,

Inc.

(The)

..................

37,080

$

5,994,353

Tractor

Supply

Co.

........................

17,728

919,019

Ulta

Beauty,

Inc.

(a)

........................

1,493

1,022,391

Williams-Sonoma,

Inc.

.....................

3,986

819,721

32,593,386

a

Technology

Hardware,

Storage

&

Peripherals

 — 

0

.8

%

Hewlett

Packard

Enterprise

Co.

...............

44,561

956,725

HP,

Inc.

...............................

31,119

590,950

NetApp,

Inc.

............................

6,641

657,658

Seagate

Technology

Holdings

PLC

.............

7,275

2,967,036

Western

Digital

Corp.

......................

11,416

3,193,055

8,365,424

a

Textiles,

Apparel

&

Luxury

Goods

 — 

0

.1

%

Deckers

Outdoor

Corp.

(a)

....................

4,924

577,438

Lululemon

Athletica,

Inc.

(a)

...................

3,585

663,834

1,241,272

a

Trading

Companies

&

Distributors

 — 

0

.5

%

Ferguson

Enterprises,

Inc.

...................

6,519

1,699,894

United

Rentals,

Inc.

.......................

2,125

1,785,000

Security

Shares

Value

a

Trading

Companies

&

Distributors

(continued)

WW

Grainger,

Inc.

........................

1,509

$

1,727,398

5,212,292

a

Water

Utilities

 — 

0

.1

%

American

Water

Works

Co.,

Inc.

...............

6,523

887,324

a

a

Total

Long-Term

Investments — 99.8%

(Cost:

$

746,813,685

)

................................

1,036,595,374

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.1

%

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

3.64

%

(b)

(c)

............................

587,127

587,127

a

Total

Short-Term

Securities — 0.1%

(Cost:

$

587,127

)

...................................

587,127

Total

Investments

—

99.9%

(Cost:

$

747,400,812

)

................................

1,037,182,501

Other

Assets

Less

Liabilities

—

0

.1

%

.....................

1,308,750

Net

Assets

—

100.0%

.................................

$

1,038,491,251

(a)

Non-income

producing

security.

(b)

Affiliate

of

the

Fund.

(c)

Annualized

7-day

yield

as

of

period

end.

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

February

28,

2026

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

08/31/25

Purchases

at

Cost

Proceeds

from

Sale

s

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

02/28/26

  Shares

Held

at

02/28/26

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

(a)

$

1,046,315

$

—

$

(

1,046,151

)

(b)

$

109

$

(

273

)

$

—

—

$

2,206

(c)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

..

756,728

—

(

169,601

)

(b)

—

—

587,127

587,127

22,072

—

BlackRock,

Inc.

....

5,046,206

713,559

(

215,922

)

55,095

(

366,783

)

5,232,155

4,921

48,401

—

$

—

$

55,204

$

(

367,056

)

$

5,819,282

$

72,679

$

—

(a)

As

of

period

end,

the

entity

is

no

longer

held.

(b)

Represents

net

amount

purchased

(sold).

(c)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

S&P

500

Index

..................................................................

4

03/20/26

$

1,378

$

(

3,871

)

iShares

®

ESG

MSCI

USA

Leaders

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

33

Schedule

of

Investments

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: 

For

the period

ended

February

28,

2026,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

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.

See

notes

to

financial

statements.

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

3,871

$

—

$

—

$

—

$

3,871

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Futures

contracts

.................................

$

—

$

—

$

83,832

$

—

$

—

$

—

$

83,832

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

.................................

$

—

$

—

$

(

21,153

)

$

—

$

—

$

—

$

(

21,153

)

Futures

contracts:

Average

notional

value

of

contracts

—

long

...................................................................................

$

1,374,850

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

1,036,595,374

‌

$

—

‌

$

—

‌

$

1,036,595,374

‌

Short-Term

Securities

Money

Market

Funds

......................................

587,127

‌

—

‌

—

‌

587,127

‌

$

1,037,182,501

‌

$

—

‌

$

—

‌

$

1,037,182,501

‌

Derivative

Financial

Instruments

(a)

Liabilities

Equity

Contracts

...........................................

$

(

3,871

)

$

—

‌

$

—

‌

$

(

3,871

)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

February

28,

2026

iShares

®

Paris-Aligned

Climate

Optimized

MSCI

USA

ETF

(Percentages

shown

are

based

on

Net

Assets)

34

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Security

Shares

Value

a

Common

Stocks

Aerospace

&

Defense

 — 

0

.9

%

Axon

Enterprise,

Inc.

(a)

.....................

36,437

$

19,763,429

a

Automobiles

 — 

4

.5

%

Rivian

Automotive,

Inc.

,

Class

A

(a)

..............

644,589

9,881,550

Tesla,

Inc.

(a)

.............................

229,673

92,445,679

102,327,229

a

Banks

 — 

1

.8

%

JPMorgan

Chase

&

Co.

....................

122,643

36,829,693

Wells

Fargo

&

Co.

........................

63,024

5,133,305

41,962,998

a

Biotechnology

 — 

1

.2

%

AbbVie,

Inc.

............................

75,595

17,544,087

Alnylam

Pharmaceuticals,

Inc.

(a)

...............

11,614

3,866,533

Vertex

Pharmaceuticals,

Inc.

(a)

................

12,653

6,286,390

27,697,010

a

Broadline

Retail

 — 

3

.0

%

Amazon.com,

Inc.

(a)

.......................

306,047

64,269,870

MercadoLibre,

Inc.

(a)

.......................

3,030

5,325,467

69,595,337

a

Capital

Markets

 — 

3

.8

%

Ameriprise

Financial,

Inc.

...................

1,942

912,973

BlackRock,

Inc.

(b)

.........................

11,007

11,702,973

Carlyle

Group,

Inc.

(The)

....................

4,413

229,432

Cboe

Global

Markets,

Inc.

...................

11,787

3,532,800

Charles

Schwab

Corp.

(The)

.................

113,071

10,764,359

CME

Group,

Inc.

,

Class

A

...................

33,490

10,700,055

Coinbase

Global,

Inc.

,

Class

A

(a)

...............

4,004

704,103

Intercontinental

Exchange,

Inc.

...............

38,580

6,332,136

KKR

&

Co.,

Inc.

..........................

57,569

5,047,650

Moody's

Corp.

...........................

22,107

10,558,082

Nasdaq,

Inc.

............................

34,323

3,006,008

Robinhood

Markets,

Inc.

,

Class

A

(a)

.............

16,584

1,257,896

S&P

Global,

Inc.

.........................

33,923

14,989,895

T

Rowe

Price

Group,

Inc.

...................

19,379

1,833,835

Tradeweb

Markets,

Inc.

,

Class

A

...............

35,902

4,425,101

85,997,298

a

Chemicals

 — 

0

.6

%

Sherwin-Williams

Co.

(The)

..................

37,986

13,773,344

a

Commercial

Services

&

Supplies

 — 

0

.8

%

Cintas

Corp.

............................

33,842

6,806,641

Copart,

Inc.

(a)

...........................

56,375

2,147,324

Rollins,

Inc.

.............................

74,586

4,541,542

Veralto

Corp.

............................

55,322

5,390,022

18,885,529

a

Communications

Equipment

 — 

1

.1

%

Arista

Networks,

Inc.

(a)

.....................

37,158

4,960,593

F5,

Inc.

(a)

(c)

.............................

32,155

8,725,581

Motorola

Solutions,

Inc.

....................

23,156

11,167,212

24,853,386

a

Consumer

Finance

 — 

0

.4

%

American

Express

Co.

.....................

31,077

9,599,685

a

Electric

Utilities

 — 

1

.0

%

Edison

International

.......................

315,522

23,582,114

a

Security

Shares

Value

a

Entertainment

 — 

1

.0

%

Liberty

Media

Corp.-Liberty

Formula

One

,

Series

C

,

NVS

(a)

...............................

17,844

$

1,634,332

Netflix,

Inc.

(a)

............................

208,613

20,076,915

Take-Two

Interactive

Software,

Inc.

(a)

............

2,936

620,905

22,332,152

a

Financial

Services

 — 

3

.7

%

Corpay,

Inc.

(a)

...........................

5,912

1,921,991

Fidelity

National

Information

Services,

Inc.

........

12,912

657,995

Fiserv,

Inc.

(a)

............................

33,931

2,113,562

Global

Payments,

Inc.

.....................

13,006

994,439

Jack

Henry

&

Associates,

Inc.

................

1,434

232,968

Mastercard,

Inc.

,

Class

A

....................

75,179

38,883,330

PayPal

Holdings,

Inc.

......................

42,405

1,959,535

Visa,

Inc.

,

Class

A

........................

117,270

37,542,818

84,306,638

a

Health

Care

Equipment

&

Supplies

 — 

1

.2

%

IDEXX

Laboratories,

Inc.

(a)

...................

31,323

20,570,754

Intuitive

Surgical,

Inc.

(a)

.....................

13,693

6,894,562

27,465,316

a

Health

Care

REITs

 — 

0

.4

%

Healthpeak

Properties,

Inc.

..................

569,761

10,073,374

a

Health

Care

Technology

 — 

0

.1

%

Veeva

Systems,

Inc.

,

Class

A

(a)

...............

17,644

3,211,384

a

Hotels,

Restaurants

&

Leisure

 — 

1

.4

%

Airbnb,

Inc.

,

Class

A

(a)

......................

25,810

3,487,189

Chipotle

Mexican

Grill,

Inc.

,

Class

A

(a)

...........

47,327

1,761,511

McDonald's

Corp.

........................

80,626

27,498,304

32,747,004

a

Industrial

REITs

 — 

2

.7

%

Prologis,

Inc.

............................

430,616

61,392,923

a

Insurance

 — 

2

.6

%

Aflac,

Inc.

..............................

115,977

13,097,283

Aon

PLC

,

Class

A

........................

4,486

1,504,918

Arch

Capital

Group

Ltd.

(a)

...................

57,071

5,715,661

Arthur

J

Gallagher

&

Co.

....................

41,303

9,425,345

Brown

&

Brown,

Inc.

.......................

42,718

3,068,007

Chubb

Ltd.

.............................

30,342

10,342,374

Erie

Indemnity

Co.

,

Class

A

,

NVS

..............

5,253

1,415,368

Marsh

&

McLennan

Companies,

Inc.

............

32,384

6,047,388

Progressive

Corp.

(The)

....................

24,366

5,206,039

Willis

Towers

Watson

PLC

...................

9,808

2,993,107

58,815,490

a

Interactive

Media

&

Services

 — 

8

.6

%

Alphabet,

Inc.

,

Class

A

.....................

132,821

41,408,275

Alphabet,

Inc.

,

Class

C

,

NVS

.................

297,478

92,643,574

Meta

Platforms,

Inc.

,

Class

A

.................

94,045

60,958,088

Pinterest,

Inc.

,

Class

A

(a)

....................

15,132

259,211

Reddit,

Inc.

,

Class

A

(a)

......................

4,873

710,532

Snap,

Inc.

,

Class

A

,

NVS

(a)

..................

27,890

145,307

196,124,987

a

IT

Services

 — 

1

.7

%

Gartner,

Inc.

(a)

(c)

..........................

1,112

174,806

International

Business

Machines

Corp.

..........

147,681

35,474,453

Okta,

Inc.

,

Class

A

(a)

(c)

......................

3,568

258,680

Snowflake,

Inc.

,

Class

A

(a)

...................

8,473

1,426,938

iShares

®

Paris-Aligned

Climate

Optimized

MSCI

USA

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

(Percentages

shown

are

based

on

Net

Assets)

35

Schedule

of

Investments

Security

Shares

Value

a

IT

Services

(continued)

VeriSign,

Inc.

...........................

10,292

$

2,345,959

39,680,836

a

Life

Sciences

Tools

&

Services

 — 

0

.5

%

Danaher

Corp.

..........................

30,392

6,401,771

IQVIA

Holdings,

Inc.

(a)

......................

4,328

773,890

Mettler-Toledo

International,

Inc.

(a)

(c)

............

607

829,581

Waters

Corp.

(a)

..........................

1,723

550,292

West

Pharmaceutical

Services,

Inc.

............

12,369

3,145,931

11,701,465

a

Machinery

 — 

1

.3

%

Graco,

Inc.

.............................

28,875

2,711,940

Xylem,

Inc.

.............................

199,569

25,856,160

28,568,100

a

Media

 — 

0

.0

%

Trade

Desk,

Inc.

(The)

,

Class

A

(a)

..............

13,724

326,906

a

Mortgage

REITs

 — 

0

.5

%

Annaly

Capital

Management,

Inc.

..............

495,321

11,511,260

a

Pharmaceuticals

 — 

5

.7

%

Eli

Lilly

&

Co.

...........................

73,284

77,094,035

Merck

&

Co.,

Inc.

.........................

115,741

14,331,051

Royalty

Pharma

PLC

,

Class

A

................

305,395

14,112,303

Zoetis,

Inc.

,

Class

A

.......................

180,439

23,655,553

129,192,942

a

Professional

Services

 — 

0

.7

%

Automatic

Data

Processing,

Inc.

...............

21,966

4,708,632

Equifax,

Inc.

............................

8,303

1,734,995

Paychex,

Inc.

...........................

37,905

3,549,803

Verisk

Analytics,

Inc.

,

Class

A

.................

31,417

6,521,227

16,514,657

a

Real

Estate

Management

&

Development

 — 

0

.3

%

CoStar

Group,

Inc.

(a)

.......................

39,329

1,755,253

Zillow

Group,

Inc.

,

Class

C

,

NVS

(a)

.............

137,224

6,122,935

7,878,188

a

Residential

REITs

 — 

2

.4

%

AvalonBay

Communities,

Inc.

................

116,739

20,689,653

Equity

Residential

........................

155,977

9,859,306

Essex

Property

Trust,

Inc.

...................

52,804

13,470,828

UDR,

Inc.

..............................

258,085

9,678,188

53,697,975

a

Retail

REITs

 — 

0

.3

%

Realty

Income

Corp.

.......................

32,007

2,144,469

Simon

Property

Group,

Inc.

..................

19,189

3,911,678

6,056,147

a

Semiconductors

&

Semiconductor

Equipment

 — 

18

.9

%

Advanced

Micro

Devices,

Inc.

(a)

...............

183,933

36,825,226

Analog

Devices,

Inc.

.......................

63,564

22,615,436

Broadcom,

Inc.

..........................

195,416

62,445,183

First

Solar,

Inc.

(a)

.........................

83,535

16,473,102

KLA

Corp.

..............................

6,560

10,001,048

Security

Shares

Value

a

Semiconductors

&

Semiconductor

Equipment

(continued)

Marvell

Technology,

Inc.

....................

583,929

$

47,701,160

NVIDIA

Corp.

...........................

1,249,033

221,316,157

Texas

Instruments,

Inc.

.....................

69,957

14,838,579

432,215,891

a

Software

 — 

12

.0

%

Adobe,

Inc.

(a)

............................

22,949

6,022,047

Autodesk,

Inc.

(a)

..........................

70,984

17,452,836

Fortinet,

Inc.

(a)

...........................

31,525

2,491,421

Intuit,

Inc.

..............................

18,630

7,620,229

Microsoft

Corp.

..........................

375,139

147,332,091

Oracle

Corp.

............................

99,384

14,450,434

Palantir

Technologies,

Inc.

,

Class

A

(a)

...........

21,814

2,992,663

Palo

Alto

Networks,

Inc.

(a)

...................

29,131

4,338,189

Roper

Technologies,

Inc.

....................

6,228

2,178,118

Salesforce,

Inc.

..........................

143,331

27,919,446

ServiceNow,

Inc.

(a)

........................

326,217

35,234,698

Trimble,

Inc.

(a)

...........................

41,715

2,789,482

Tyler

Technologies,

Inc.

(a)

...................

1,606

569,632

Workday,

Inc.

,

Class

A

(a)

....................

6,215

831,318

Zoom

Communications,

Inc.

,

Class

A

(a)

..........

10,959

810,308

273,032,912

a

Specialized

REITs

 — 

6

.4

%

American

Tower

Corp.

.....................

137,494

26,379,599

Digital

Realty

Trust,

Inc.

....................

279,624

49,549,373

Equinix,

Inc.

............................

64,271

62,616,664

Extra

Space

Storage,

Inc.

...................

11,100

1,676,433

Public

Storage

...........................

17,060

5,238,444

145,460,513

a

Technology

Hardware,

Storage

&

Peripherals

 — 

7

.4

%

Apple,

Inc.

.............................

640,051

169,088,673

a

Water

Utilities

 — 

1

.0

%

American

Water

Works

Co.,

Inc.

...............

159,960

21,759,359

a

a

Total

Long-Term

Investments — 99.9%

(Cost:

$

1,913,109,310

)

...............................

2,281,192,451

a

Short-Term

Securities

Money

Market

Funds

 — 

0

.1

%

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

,

3.84

%

(b)

(d)

(e)

.....................

1,087,099

1,087,643

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

,

3.64

%

(b)

(d)

............................

2,196,062

2,196,062

a

Total

Short-Term

Securities — 0.1%

(Cost:

$

3,283,705

)

..................................

3,283,705

Total

Investments

—

100.0%

(Cost:

$

1,916,393,015

)

...............................

2,284,476,156

Other

Assets

Less

Liabilities

—

0

.0

%

.....................

44,972

Net

Assets

—

100.0%

.................................

$

2,284,521,128

(a)

Non-income

producing

security.

(b)

Affiliate

of

the

Fund.

(c)

All

or

a

portion

of

this

security

is

on

loan.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

iShares

®

Paris-Aligned

Climate

Optimized

MSCI

USA

ETF

36

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

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: 

For

the period

ended

February

28,

2026,

the

effect

of

derivative

financial

instruments

in

the

Statements

of

Operations

was

as

follows:

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the

six

months

ended

February

28,

2026

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Affiliated

Issuer

Value

at

08/31/25

Purchases

at

Cost

Proceeds

from

Sale

s

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

02/28/26

  Shares

Held

at

02/28/26

Income

  Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

.

$

13,940,633

$

—

$

(

12,853,273

)

(a)

$

3,029

$

(

2,746

)

$

1,087,643

1,087,099

$

12,822

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

2,151,695

44,367

(a)

—

—

—

2,196,062

2,196,062

49,425

—

BlackRock,

Inc.

...

11,757,197

1,419,957

(

821,596

)

254,268

(

906,853

)

11,702,973

11,007

108,597

—

$

—

$

257,297

$

(

909,599

)

$

14,986,678

$

170,844

$

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

collateral

investment

fees,

and

other

payments

to

and

from

borrowers

of

securities.

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

E-Mini

Health

Care

Select

Sector

Index

......................................................

4

03/20/26

$

647

$

19,703

E-Mini

NASDAQ

100

Index

..............................................................

5

03/20/26

2,500

(

23,032

)

$

(

3,329

)

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Assets

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

appreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

19,703

$

—

$

—

$

—

$

19,703

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

–

–

Unrealized

depreciation

on

futures

contracts

(a)

.............

$

—

$

—

$

23,032

$

—

$

—

$

—

$

23,032

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Net

Realized

Gain

(Loss)

from:

Futures

contracts

.................................

$

—

$

—

$

385,114

$

—

$

—

$

—

$

385,114

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on:

Futures

contracts

.................................

$

—

$

—

$

(

108,784

)

$

—

$

—

$

—

$

(

108,784

)

iShares

®

Paris-Aligned

Climate

Optimized

MSCI

USA

ETF

Schedule

of

Investments

(unaudited)

(continued)

February

28,

2026

37

Schedule

of

Investments

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

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.

See

notes

to

financial

statements.

Futures

contracts:

Average

notional

value

of

contracts

—

long

...................................................................................

$

3,914,793

a

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

2,281,192,451

$

—

$

—

$

2,281,192,451

Short-Term

Securities

Money

Market

Funds

......................................

3,283,705

—

—

3,283,705

$

2,284,476,156

$

—

$

—

$

2,284,476,156

Derivative

Financial

Instruments

(a)

Assets

Equity

Contracts

...........................................

$

19,703

$

—

$

—

$

19,703

Liabilities

Equity

Contracts

...........................................

(

23,032

)

—

—

(

23,032

)

$

(

3,329

)

$

—

$

—

$

(

3,329

)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

38

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Statements

of

Assets

and

Liabilities

(unaudited)

February

28,

2026

See

notes

to

financial

statements.

iShares

ESG

Aware

MSCI

USA

ETF

iShares

ESG

Aware

MSCI

USA

Growth

ETF

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

iShares

ESG

Aware

MSCI

USA

Value

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

......................................

$

15,629,975,408

‌

$

21,830,602

‌

$

2,342,483,474

‌

$

276,281,889

‌

Investments,

at

value

—

affiliated

(c)

.........................................

99,993,752

‌

16,282

‌

108,874,143

‌

2,043,619

‌

Cash

.............................................................

—

‌

—

‌

433

‌

2,478

‌

Cash

pledged:

Futures

contracts

...................................................

2,015,000

‌

—

‌

853,000

‌

44,000

‌

Receivables:

Investments

sold

...................................................

766,122,863

‌

1,082,157

‌

146,196,916

‌

13,505,367

‌

Securities

lending

income

—

affiliated

.....................................

7,886

‌

59

‌

44,781

‌

66

‌

Capital

shares

sold

..................................................

—

‌

—

‌

—

‌

2,046

‌

Dividends

—

unaffiliated

..............................................

12,500,256

‌

8,052

‌

1,339,803

‌

333,320

‌

Dividends

—

affiliated

................................................

61,723

‌

38

‌

20,884

‌

497

‌

Total

assets

........................................................

16,510,676,888

‌

22,937,190

‌

2,599,813,434

‌

292,213,282

‌

LIABILITIES

Collateral

on

securities

loaned

............................................

39,358,564

‌

—

‌

98,599,297

‌

758,287

‌

Payables:

Investments

purchased

...............................................

753,321,391

‌

976,824

‌

153,399,998

‌

13,663,351

‌

Capital

shares

redeemed

..............................................

—

‌

—

‌

—

‌

15,952

‌

Investment

advisory

fees

..............................................

1,803,545

‌

3,171

‌

301,548

‌

37,724

‌

Variation

margin

on

futures

contracts

......................................

110,989

‌

13

‌

149,626

‌

8,910

‌

Total

liabilities

.......................................................

794,594,489

‌

980,008

‌

252,450,469

‌

14,484,224

‌

Commitments

and

contingent

liabilities

NET

ASSETS

.......................................................

$

15,716,082,399

‌

$

21,957,182

‌

$

2,347,362,965

‌

$

277,729,058

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

.......................................................

$

13,271,363,979

‌

$

19,741,666

‌

$

1,942,342,191

‌

$

255,587,422

‌

Accumulated

earnings

.................................................

2,444,718,420

‌

2,215,516

‌

405,020,774

‌

22,141,636

‌

NET

ASSETS

.......................................................

$

15,716,082,399

‌

$

21,957,182

‌

$

2,347,362,965

‌

$

277,729,058

‌

NET

ASSET

VALUE

Shares

outstanding

...................................................

105,350,000

‌

440,000

‌

47,200,000

‌

8,200,000

‌

Net

asset

value

......................................................

$

149.18

‌

$

49.90

‌

$

49.73

‌

$

33.87

‌

Shares

authorized

....................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

..........................................................

None

None

None

None

(a)

Securities

loaned,

at

value

............................................

$

37,629,888

‌

$

—

‌

$

93,706,688

‌

$

733,927

‌

(b)

Investments,

at

cost

—

unaffiliated

.......................................

$

11,820,239,836

‌

$

20,339,366

‌

$

1,867,723,181

‌

$

253,171,773

‌

(c)

Investments,

at

cost

—

affiliated

.........................................

$

95,801,974

‌

$

16,282

‌

$

108,817,723

‌

$

2,050,819

‌

39

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

February

28,

2026

Statements

of

Assets

and

Liabilities

See

notes

to

financial

statements.

iShares

ESG

MSCI

USA

Leaders

ETF

iShares

Paris-Aligned

Climate

Optimized

MSCI

USA

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.....................................................................

$

1,031,363,219

‌

$

2,269,489,478

‌

Investments,

at

value

—

affiliated

(c)

........................................................................

5,819,282

‌

14,986,678

‌

Cash

pledged:

Futures

contracts

..................................................................................

98,000

‌

276,000

‌

Receivables:

Investments

sold

..................................................................................

2,997,682

‌

24,065,837

‌

Securities

lending

income

—

affiliated

....................................................................

—

‌

1,149

‌

Dividends

—

unaffiliated

.............................................................................

924,224

‌

1,690,902

‌

Dividends

—

affiliated

...............................................................................

2,228

‌

5,538

‌

Variation

margin

on

futures

contracts

.....................................................................

—

‌

1,688

‌

Total

assets

.......................................................................................

1,041,204,635

‌

2,310,517,270

‌

LIABILITIES

Collateral

on

securities

loaned

...........................................................................

—

‌

1,087,652

‌

Payables:

Investments

purchased

..............................................................................

2,627,712

‌

24,733,732

‌

Investment

advisory

fees

.............................................................................

79,504

‌

174,758

‌

Variation

margin

on

futures

contracts

.....................................................................

6,168

‌

—

‌

Total

liabilities

......................................................................................

2,713,384

‌

25,996,142

‌

Commitments

and

contingent

liabilities

NET

ASSETS

......................................................................................

$

1,038,491,251

‌

$

2,284,521,128

‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

......................................................................................

$

825,187,762

‌

$

1,930,832,134

‌

Accumulated

earnings

................................................................................

213,303,489

‌

353,688,994

‌

NET

ASSETS

......................................................................................

$

1,038,491,251

‌

$

2,284,521,128

‌

NET

ASSET

VALUE

Shares

outstanding

..................................................................................

8,600,000

‌

32,900,000

‌

Net

asset

value

.....................................................................................

$

120.75

‌

$

69.44

‌

Shares

authorized

...................................................................................

Unlimited

Unlimited

Par

value

.........................................................................................

None

None

(a)

Securities

loaned,

at

value

...........................................................................

$

—

‌

$

1,050,545

‌

(b)

Investments,

at

cost

—

unaffiliated

......................................................................

$

742,370,461

‌

$

1,903,510,913

‌

(c)

Investments,

at

cost

—

affiliated

........................................................................

$

5,030,351

‌

$

12,882,102

‌

40

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Statements

of

Operations

(unaudited)

Six

Months

Ended

February

28,

2026

See

notes

to

financial

statements.

iShares

ESG

Aware

MSCI

USA

ETF

iShares

ESG

Aware

MSCI

USA

Growth

ETF

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

iShares

ESG

Aware

MSCI

USA

Value

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................

$

88,880,368

‌

$

45,544

‌

$

13,611,912

‌

$

1,930,604

‌

Dividends

—

affiliated

..............................................

687,567

‌

334

‌

119,501

‌

7,714

‌

Interest

—

unaffiliated

..............................................

47,114

‌

8

‌

17,489

‌

160

‌

Securities

lending

income

—

affiliated

—

net

...............................

57,337

‌

212

‌

410,451

‌

568

‌

Foreign

taxes

withheld

.............................................

(

41,622

)

—

‌

(

12,661

)

(

1,054

)

Total

investment

income

..............................................

89,630,764

‌

46,098

‌

14,146,692

‌

1,937,992

‌

EXPENSES

Investment

advisory

...............................................

11,322,764

‌

22,297

‌

1,764,614

‌

175,937

‌

Interest

expense

.................................................

—

‌

—

‌

2,193

‌

—

‌

Total

expenses

....................................................

11,322,764

‌

22,297

‌

1,766,807

‌

175,937

‌

Net

investment

income

...............................................

78,308,000

‌

23,801

‌

12,379,885

‌

1,762,055

‌

—

‌

—

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................

69,519,232

‌

(

358,306

)

14,396,144

‌

(

1,806,449

)

Investments

—

affiliated

...........................................

(

179,740

)

11

‌

4,691

‌

(

3,706

)

Futures

contracts

...............................................

2,749,596

‌

(

6,514

)

944,251

‌

19,916

‌

In-kind

redemptions

—

unaffiliated

(a)

...................................

340,897,690

‌

1,570,025

‌

100,831,220

‌

626,761

‌

In-kind

redemptions

—

affiliated

(a)

....................................

456,811

‌

—

‌

—

‌

—

‌

413,443,589

‌

1,205,216

‌

116,176,306

‌

(

1,163,478

)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................

414,138,463

‌

(

825,200

)

130,738,927

‌

22,572,052

‌

Investments

—

affiliated

...........................................

(

1,722,574

)

(

2

)

(

4,095

)

(

13,335

)

Futures

contracts

...............................................

(

1,308,517

)

125

‌

(

271,825

)

(

3,352

)

411,107,372

‌

(

825,077

)

130,463,007

‌

22,555,365

‌

Net

realized

and

unrealized

gain

........................................

824,550,961

‌

380,139

‌

246,639,313

‌

21,391,887

‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...............

$

902,858,961

‌

$

403,940

‌

$

259,019,198

‌

$

23,153,942

‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

41

Statements

of

Operations

(unaudited)

(continued)

Six

Months

Ended

February

28,

2026

Statements

of

Operations

See

notes

to

financial

statements.

iShares

ESG

MSCI

USA

Leaders

ETF

iShares

Paris-Aligned

Climate

Optimized

MSCI

USA

ETF

INVESTMENT

INCOME

Dividends

—

unaffiliated

............................................................................

$

5,655,088

‌

$

11,864,196

‌

Dividends

—

affiliated

..............................................................................

70,473

‌

158,022

‌

Interest

—

unaffiliated

..............................................................................

2,097

‌

4,192

‌

Securities

lending

income

—

affiliated

—

net

...............................................................

2,206

‌

12,822

‌

Foreign

taxes

withheld

.............................................................................

(

2,422

)

—

‌

Total

investment

income

..............................................................................

5,727,442

‌

12,039,232

‌

EXPENSES

Investment

advisory

...............................................................................

492,707

‌

1,121,790

‌

Total

expenses

....................................................................................

492,707

‌

1,121,790

‌

Net

investment

income

...............................................................................

5,234,735

‌

10,917,442

‌

—

‌

—

‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.........................................................................

(

2,601,709

)

(

19,813,171

)

Investments

—

affiliated

...........................................................................

109

‌

1,664

‌

Futures

contracts

...............................................................................

83,832

‌

385,114

‌

In-kind

redemptions

—

unaffiliated

(a)

...................................................................

17,871,972

‌

59,604,997

‌

In-kind

redemptions

—

affiliated

(a)

....................................................................

55,095

‌

255,633

‌

15,409,299

‌

40,434,237

‌

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.........................................................................

48,639,266

‌

(

31,244,806

)

Investments

—

affiliated

...........................................................................

(

367,056

)

(

909,599

)

Futures

contracts

...............................................................................

(

21,153

)

(

108,784

)

48,251,057

‌

(

32,263,189

)

Net

realized

and

unrealized

gain

........................................................................

63,660,356

‌

8,171,048

‌

NET

INCREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

...............................................

$

68,895,091

‌

$

19,088,490

‌

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

42

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Statements

of

Changes

in

Net

Assets

See

notes

to

financial

statements.

iShares

ESG

Aware

MSCI

USA

ETF

iShares

ESG

Aware

MSCI

USA

Growth

ETF

Six

Months

Ended

02/28/26

(unaudited)

Year

Ended

08/31/25

Six

Months

Ended

02/28/26

(unaudited)

Year

Ended

08/31/25

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.......................................

$

78,308,000

‌

$

152,146,171

‌

$

23,801

‌

$

45,787

‌

Net

realized

gain

...........................................

413,443,589

‌

794,912,961

‌

1,205,216

‌

2,001,397

‌

Net

change

in

unrealized

appreciation

(depreciation)

...................

411,107,372

‌

964,320,408

‌

(

825,077

)

1,275,831

‌

Net

increase

in

net

assets

resulting

from

operations

......................

902,858,961

‌

1,911,379,540

‌

403,940

‌

3,323,015

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

............

(

83,477,106

)

(b)

(

156,210,658

)

(

30,810

)

(b)

(

39,341

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

....

701,136,205

‌

(

547,332,800

)

(

104,871

)

10,294,499

‌

NET

ASSETS

Total

increase

in

net

assets

......................................

1,520,518,060

‌

1,207,836,082

‌

268,259

‌

13,578,173

‌

Beginning

of

period

...........................................

14,195,564,339

‌

12,987,728,257

‌

21,688,923

‌

8,110,750

‌

End

of

period

...............................................

$

15,716,082,399

‌

$

14,195,564,339

‌

$

21,957,182

‌

$

21,688,923

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(b)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

43

Statements

of

Changes

in

Net

Assets

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

iShares

ESG

Aware

MSCI

USA

Value

ETF

Six

Months

Ended

02/28/26

(unaudited)

Year

Ended

08/31/25

Six

Months

Ended

02/28/26

(unaudited)

Year

Ended

08/31/25

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.......................................

$

12,379,885

‌

$

20,684,158

‌

$

1,762,055

‌

$

322,162

‌

Net

realized

gain

(loss)

.......................................

116,176,306

‌

26,625,861

‌

(

1,163,478

)

686,049

‌

Net

change

in

unrealized

appreciation

(depreciation)

...................

130,463,007

‌

103,657,921

‌

22,555,365

‌

(

12,701

)

Net

increase

in

net

assets

resulting

from

operations

......................

259,019,198

‌

150,967,940

‌

23,153,942

‌

995,510

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

............

(

12,296,213

)

(b)

(

23,987,448

)

(

1,065,126

)

(b)

(

270,188

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

in

net

assets

derived

from

capital

share

transactions

............

115,448,812

‌

46,592,048

‌

236,998,111

‌

12,014,313

‌

NET

ASSETS

Total

increase

in

net

assets

......................................

362,171,797

‌

173,572,540

‌

259,086,927

‌

12,739,635

‌

Beginning

of

period

...........................................

1,985,191,168

‌

1,811,618,628

‌

18,642,131

‌

5,902,496

‌

End

of

period

...............................................

$

2,347,362,965

‌

$

1,985,191,168

‌

$

277,729,058

‌

$

18,642,131

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(b)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

44

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Statements

of

Changes

in

Net

Assets

(continued)

See

notes

to

financial

statements.

iShares

ESG

MSCI

USA

Leaders

ETF

iShares

Paris-Aligned

Climate

Optimized

MSCI

USA

ETF

Six

Months

Ended

02/28/26

(unaudited)

Year

Ended

08/31/25

Six

Months

Ended

02/28/26

(unaudited)

Year

Ended

08/31/25

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

.......................................

$

5,234,735

‌

$

10,883,457

‌

$

10,917,442

‌

$

20,639,434

‌

Net

realized

gain

...........................................

15,409,299

‌

95,587,283

‌

40,434,237

‌

249,145,831

‌

Net

change

in

unrealized

appreciation

(depreciation)

...................

48,251,057

‌

24,750,966

‌

(

32,263,189

)

(

5,321,711

)

Net

increase

in

net

assets

resulting

from

operations

......................

68,895,091

‌

131,221,706

‌

19,088,490

‌

264,463,554

‌

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

............

(

5,441,835

)

(b)

(

11,531,307

)

(

12,796,216

)

(b)

(

21,273,481

)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

....

83,077,969

‌

(

313,129,817

)

91,050,066

‌

(

86,251,742

)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

..............................

146,531,225

‌

(

193,439,418

)

97,342,340

‌

156,938,331

‌

Beginning

of

period

...........................................

891,960,026

‌

1,085,399,444

‌

2,187,178,788

‌

2,030,240,457

‌

End

of

period

...............................................

$

1,038,491,251

‌

$

891,960,026

‌

$

2,284,521,128

‌

$

2,187,178,788

‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(b)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

45

Financial

Highlights

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

ESG

Aware

MSCI

USA

ETF

Six

Months

Ended

02/28/26

(unaudited)

Year

Ended

08/31/25

Year

Ended

08/31/24

Year

Ended

08/31/23

Year

Ended

08/31/22

Year

Ended

08/31/21

Net

asset

value,

beginning

of

period

.......

$

140.97

‌

$

123.87

‌

$

99.22

‌

$

88.13

‌

$

103.69

‌

$

79.74

‌

Net

investment

income

(a)

...............

0

.76

‌

1

.46

‌

1

.42

‌

1

.37

‌

1

.29

‌

1

.18

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.....

8

.27

‌

17.14

‌

24.64

‌

11.23

‌

(

15.62

)

23.87

‌

Net

increase

(decrease)

from

investment

operations

.........................

9

.03

‌

18.60

‌

26.06

‌

12.60

‌

(

14.33

)

25.05

‌

Distributions

from

net

investment

income

(c)

.....

(

0

.82

)

(d)

(

1

.50

)

(

1

.41

)

(

1

.51

)

(

1

.23

)

(

1

.10

)

Net

asset

value,

end

of

period

............

$

149.18

‌

$

140.97

‌

$

123.87

‌

$

99.22

‌

$

88.13

‌

$

103.69

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

................

6

.42

%

(f)

15.14

%

26.51

%

14.57

%

(

13.96

)

%

31.71

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

.......................

0

.15

%

(h)

0

.15

%

0

.15

%

0

.15

%

0

.15

%

0

.15

%

Net

investment

income

..................

1

.04

%

(h)

1

.13

%

1

.31

%

1

.54

%

1

.32

%

1

.30

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

15,716,082

‌

$

14,195,564

‌

$

12,987,728

‌

$

12,824,827

‌

$

22,194,428

‌

$

22,262,630

‌

Portfolio

turnover

rate

(i)

..................

15

%

24

%

22

%

25

%

22

%

21

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

46

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

ESG

Aware

MSCI

USA

Growth

ETF

Six

Months

Ended

02/28/26

(unaudited)

Year

Ended

08/31/25

Year

Ended

08/31/24

Period

From

01/31/23

(a)

to

08/31/23

Net

asset

value,

beginning

of

period

......................................

$

49.29

‌

$

40.55

‌

$

31.38

‌

$

25.42

‌

Net

investment

income

(b)

..............................................

0

.05

‌

0

.12

‌

0

.11

‌

0

.08

‌

Net

realized

and

unrealized

gain

(c)

........................................

0

.63

‌

8

.73

‌

9

.17

‌

5

.93

‌

Net

increase

from

investment

operations

.....................................

0

.68

‌

8

.85

‌

9

.28

‌

6

.01

‌

Distributions

from

net

investment

income

(d)

....................................

(

0

.07

)

(e)

(

0

.11

)

(

0

.11

)

(

0

.05

)

Net

asset

value,

end

of

period

...........................................

$

49.90

‌

$

49.29

‌

$

40.55

‌

$

31.38

‌

Total

Return

(f)

–

–

–

–

Based

on

net

asset

value

...............................................

1

.37

%

(g)

21.87

%

29.66

%

23.72

%

(g)

Ratios

to

Average

Net

Assets

(h)

–

–

–

–

Total

expenses

......................................................

0

.18

%

(i)

0

.18

%

0

.18

%

0

.18

%

(i)

Net

investment

income

.................................................

0

.19

%

(i)

0

.27

%

0

.32

%

0

.50

%

(i)

Supplemental

Data

Net

assets,

end

of

period

(000)

...........................................

$

21,957

‌

$

21,689

‌

$

8,111

‌

$

5,021

‌

Portfolio

turnover

rate

(j)

.................................................

14

%

30

%

36

%

20

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(f)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(g)

Not

annualized.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Annualized.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

47

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

ESG

Aware

MSCI

USA

Small-Cap

ETF

Six

Months

Ended

02/28/26

(unaudited)

Year

Ended

08/31/25

Year

Ended

08/31/24

Year

Ended

08/31/23

Year

Ended

08/31/22

Year

Ended

08/31/21

Net

asset

value,

beginning

of

period

.......

$

44.36

‌

$

41.36

‌

$

35.90

‌

$

33.85

‌

$

40.26

‌

$

27.34

‌

Net

investment

income

(a)

...............

0

.28

‌

0

.46

‌

0

.47

‌

0

.48

‌

0

.42

‌

0

.35

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.....

5

.37

‌

3

.08

‌

5

.46

‌

2

.09

‌

(

6

.43

)

12.95

‌

Net

increase

(decrease)

from

investment

operations

.........................

5

.65

‌

3

.54

‌

5

.93

‌

2

.57

‌

(

6

.01

)

13.30

‌

Distributions

from

net

investment

income

(c)

.....

(

0

.28

)

(d)

(

0

.54

)

(

0

.47

)

(

0

.52

)

(

0

.40

)

(

0

.38

)

Net

asset

value,

end

of

period

............

$

49.73

‌

$

44.36

‌

$

41.36

‌

$

35.90

‌

$

33.85

‌

$

40.26

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

................

12.79

%

(f)

8

.65

%

16.70

%

7

.75

%

(

15.03

)

%

48.95

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

.......................

0

.17

%

(h)

0

.17

%

0

.17

%

0

.17

%

0

.17

%

0

.17

%

Net

investment

income

..................

1

.19

%

(h)

1

.12

%

1

.25

%

1

.41

%

1

.15

%

0

.96

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

2,347,363

‌

$

1,985,191

‌

$

1,811,619

‌

$

1,403,577

‌

$

1,479,097

‌

$

1,099,038

‌

Portfolio

turnover

rate

(i)

..................

18

%

35

%

35

%

37

%

37

%

33

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

48

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

ESG

Aware

MSCI

USA

Value

ETF

Six

Months

Ended

02/28/26

(unaudited)

Year

Ended

08/31/25

Year

Ended

08/31/24

Period

From

01/31/23

(a)

to

08/31/23

Net

asset

value,

beginning

of

period

.....................................

$

31.07

‌

$

29.51

‌

$

24.75

‌

$

25.35

‌

Net

investment

income

(b)

.............................................

0

.29

‌

0

.62

‌

0

.61

‌

0

.39

‌

Net

realized

and

unrealized

gain

(loss)

(c)

...................................

2

.78

‌

1

.50

‌

4

.76

‌

(

0

.76

)

Net

increase

(decrease)

from

investment

operations

............................

3

.07

‌

2

.12

‌

5

.37

‌

(

0

.37

)

Distributions

from

net

investment

income

(d)

...................................

(

0

.27

)

(e)

(

0

.56

)

(

0

.61

)

(

0

.23

)

Net

asset

value,

end

of

period

..........................................

$

33.87

‌

$

31.07

‌

$

29.51

‌

$

24.75

‌

Total

Return

(f)

–

–

–

–

Based

on

net

asset

value

..............................................

9

.96

%

(g)

7

.32

%

22.12

%

(

1

.38

)

%

(g)

Ratios

to

Average

Net

Assets

(h)

–

–

–

–

Total

expenses

.....................................................

0

.18

%

(i)

0

.18

%

0

.18

%

0

.18

%

(i)

Net

investment

income

................................................

1

.80

%

(i)

2

.10

%

2

.33

%

2

.72

%

(i)

Supplemental

Data

Net

assets,

end

of

period

(000)

..........................................

$

277,729

‌

$

18,642

‌

$

5,902

‌

$

3,961

‌

Portfolio

turnover

rate

(j)

................................................

21

%

35

%

38

%

21

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(f)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(g)

Not

annualized.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Annualized.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

49

Financial

Highlights

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

ESG

MSCI

USA

Leaders

ETF

Six

Months

Ended

02/28/26

(unaudited)

Year

Ended

08/31/25

Year

Ended

08/31/24

Year

Ended

08/31/23

Year

Ended

08/31/22

Year

Ended

08/31/21

Net

asset

value,

beginning

of

period

.......

$

112.91

‌

$

99.58

‌

$

79.67

‌

$

68.20

‌

$

79.65

‌

$

60.55

‌

Net

investment

income

(a)

...............

0

.63

‌

1

.16

‌

1

.07

‌

1

.08

‌

1

.00

‌

0

.94

‌

Net

realized

and

unrealized

gain

(loss)

(b)

.....

7

.87

‌

13.35

‌

19.91

‌

11.45

‌

(

11.48

)

19.08

‌

Net

increase

(decrease)

from

investment

operations

.........................

8

.50

‌

14.51

‌

20.98

‌

12.53

‌

(

10.48

)

20.02

‌

Distributions

from

net

investment

income

(c)

.....

(

0

.66

)

(d)

(

1

.18

)

(

1

.07

)

(

1

.06

)

(

0

.97

)

(

0

.92

)

Net

asset

value,

end

of

period

............

$

120.75

‌

$

112.91

‌

$

99.58

‌

$

79.67

‌

$

68.20

‌

$

79.65

‌

Total

Return

(e)

–

–

–

–

–

–

Based

on

net

asset

value

................

7

.56

%

(f)

14.70

%

26.57

%

18.66

%

(

13.29

)

%

33.44

%

Ratios

to

Average

Net

Assets

(g)

–

–

–

–

–

–

Total

expenses

.......................

0

.10

%

(h)

0

.10

%

0

.10

%

0

.10

%

0

.10

%

0

.10

%

Net

investment

income

..................

1

.06

%

(h)

1

.12

%

1

.22

%

1

.55

%

1

.32

%

1

.38

%

Supplemental

Data

Net

assets,

end

of

period

(000)

............

$

1,038,491

‌

$

891,960

‌

$

1,085,399

‌

$

1,139,307

‌

$

3,116,650

‌

$

4,077,962

‌

Portfolio

turnover

rate

(i)

..................

1

%

4

%

8

%

14

%

10

%

12

%

(a)

Based

on

average

shares

outstanding.

(b)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(c)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(d)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(e)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(f)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

50

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

See

notes

to

financial

statements.

iShares

Paris-Aligned

Climate

Optimized

MSCI

USA

ETF

Six

Months

Ended

02/28/26

(unaudited)

Year

Ended

08/31/25

Year

Ended

08/31/24

Year

Ended

08/31/23

Period

From

02/08/22

(a)

to

08/31/22

Net

asset

value,

beginning

of

period

......................

$

69.21

‌

$

62.18

‌

$

49.91

‌

$

43.50

‌

$

50.43

‌

Net

investment

income

(b)

..............................

0

.35

‌

0

.65

‌

0

.60

‌

0

.55

‌

0

.32

‌

Net

realized

and

unrealized

gain

(loss)

(c)

....................

0

.29

‌

7

.04

‌

12.25

‌

6

.38

‌

(

7

.08

)

Net

increase

(decrease)

from

investment

operations

.............

0

.64

‌

7

.69

‌

12.85

‌

6

.93

‌

(

6

.76

)

Distributions

from

net

investment

income

(d)

....................

(

0

.41

)

(e)

(

0

.66

)

(

0

.58

)

(

0

.52

)

(

0

.17

)

Net

asset

value,

end

of

period

...........................

$

69.44

‌

$

69.21

‌

$

62.18

‌

$

49.91

‌

$

43.50

‌

Total

Return

(f)

–

–

–

–

–

Based

on

net

asset

value

...............................

0

.89

%

(g)

12.46

%

25.98

%

16.13

%

(

13.42

)

%

(g)

Ratios

to

Average

Net

Assets

(h)

–

–

–

–

–

Total

expenses

......................................

0

.10

%

(i)

0

.10

%

0

.10

%

0

.10

%

0

.11

%

(i)

Total

expenses

after

fees

waived

..........................

0

.10

%

(i)

0

.10

%

0

.10

%

0

.10

%

0

.10

%

(i)

Net

investment

income

.................................

0

.97

%

(i)

1

.01

%

1

.10

%

1

.23

%

1

.26

%

(i)

Supplemental

Data

Net

assets,

end

of

period

(000)

...........................

$

2,284,521

‌

$

2,187,179

‌

$

2,030,240

‌

$

1,489,774

‌

$

756,882

‌

Portfolio

turnover

rate

(j)

.................................

12

%

15

%

11

%

12

%

6

%

(a)

Commencement

of

operations.

(b)

Based

on

average

shares

outstanding.

(c)

The

amounts

reported

for

a

share

outstanding

may

not

accord

with

the

change

in

aggregate

gains

and

losses

in

securities

for

the

fiscal

period

due

to

the

timing

of

capital

share

transactions

in

relation

to

the

fluctuating

market

values

of

the

Fund’s

underlying

securities.

(d)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(e)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(f)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(g)

Not

annualized.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Annualized.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions,

if

any.

Notes

to

Financial

Statements

(unaudited)

51

Notes

to

Financial

Statements

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”):

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

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

February

28,

2026,

if

any,

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

The Funds

file

withholding

tax

reclaims

in

certain

jurisdictions

to

recover

a

portion

of

amounts

previously

withheld.

The

Funds

may

record

a

reclaim

receivable

based

on

collectability,

which

includes

factors

such

as

the

jurisdiction’s

applicable

laws,

payment

history

and

market

convention.

The

Statements

of

Operations

include

tax

reclaims

recorded

as

well

as

professional

and

other

fees,

if

any,

associated

with

recovery

of

foreign

withholding

taxes.

Cash:

 The

Funds

may

maintain

cash

at

their

custodian

which,

at

times

may

exceed

United

States

federally

insured

limits.

The

Funds

may,

at

times,

have

outstanding

cash

disbursements

that

exceed

deposited

cash

amounts

at

the

custodian

during

the

reporting

period.

The

Funds

are

obligated

to

repay

the

custodian

for

any

overdraft,

including

any

related

costs

or

expenses,

where

applicable.

For

financial

reporting

purposes,

overdraft

fees,

if

any,

are

included

in

interest

expense

in

the

Statements

of

Operations. 

Collateralization:

If

required

by

an

exchange

or

counterparty

agreement,

the

Funds

may

be

required

to

deliver/deposit

cash

and/or

securities

to/with

an

exchange,

or

broker-

dealer

or

custodian

as

collateral

for

certain

investments. 

In-kind

Redemptions:

For

financial

reporting

purposes,

in-kind

redemptions

are

treated

as

sales

of

securities

resulting

in

realized

capital

gains

or

losses

to

the

Funds.

Because

such

gains

or

losses

are

not

taxable

to

the

Funds

and

are

not

distributed

to

existing

Fund

shareholders,

the

gains

or

losses

are

reclassified

from

accumulated

net

realized

gain

(loss)

to

paid-in

capital

at

the

end

of

the

Funds’

tax

year.

These

reclassifications

have

no

effect

on

net

assets

or

net

asset

value

(“NAV”)

per

share.

Distributions:

Dividends

and

distributions

paid

by

each

Fund

are

recorded

on

the

ex-dividend

dates.

Distributions

are

determined

on

a

tax

basis

and

may

differ

from

net

investment

income,

and net

realized

capital

gains

for

financial

reporting

purposes.

Dividends

and

distributions

are

paid

in

U.S.

dollars

and

cannot

be

automatically

reinvested

in

additional

shares

of

the

Funds. 

Indemnifications:

In

the

normal

course

of

business,

each

Fund

enters

into

contracts

that

contain

a

variety

of

representations

that

provide

general

indemnification.

The

Funds’

maximum

exposure

under

these

arrangements

is

unknown

because

it

involves

future

potential

claims

against

the

Funds,

which

cannot

be

predicted

with

any

certainty.

Segment

Reporting:

The

Chief

Financial

Officer

acts

as

the

Funds’

Chief

Operating

Decision

Maker

(“CODM”)

and

is

responsible

for

assessing

performance

and

allocating

resources

with

respect

to

each

Fund.

The

CODM

has

concluded

that

each

Fund

operates

as

a

single

operating

segment

since each

Fund

has

a

single

investment

strategy

as

disclosed

in its

prospectus,

against

which

the

CODM

assesses

performance.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

presented

within each

Fund’s

financial

statements.

iShares

ETF

Diversification

Classification

ESG

Aware

MSCI

USA

........................................................................................................

Diversified

ESG

Aware

MSCI

USA

Growth

..................................................................................................

Non-diversified

ESG

Aware

MSCI

USA

Small-Cap

................................................................................................

Diversified

ESG

Aware

MSCI

USA

Value

...................................................................................................

Non-diversified

ESG

MSCI

USA

Leaders

......................................................................................................

Non-diversified

Paris-Aligned

Climate

Optimized

MSCI

USA

........................................................................................

Non-diversified

Notes

to

Financial

Statements

(unaudited)

(continued)

52

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

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:

Equity

investments

(except

ETF

options,

equity

index

options

or

those

that

are

customized)

traded

on

a

recognized

securities

exchange

are

valued

at

that

day’s

official

closing

price,

as

applicable,

on

the

exchange

where

the

stock

is

primarily

traded.

Equity

investments

traded

on

a

recognized

exchange

for

which

there

were

no

sales

on

that

day

are

valued

at

the

last

traded

price.

Investments

in

open-end

U.S.

mutual

funds

(including

money

market

funds)

are

valued

at

that

day’s

NAV.

Futures

contracts

are

valued

based

on

that

day’s

last

reported

settlement

or

trade

price

on

the

exchange

where

the

contract

is

traded.

If

events

(e.g.,

market

volatility,

company

announcement

or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that

application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the

Valuation

Committee

in

accordance

with BFA’s

policies

and

procedures

as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the

Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the

Valuation

Committee

seeks

to

determine

the

price

that each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the

Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement

as

of

the

measurement

date.

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments

at

the

measurement

date.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

that each

Fund

has

the

ability

to

access

for

identical

assets

or

liabilities;

Level

2

–

Inputs

other

than

quoted

prices

included

within

Level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly;

and

Level

3

– Inputs

that

are

unobservable

and

significant

to

the

entire

fair

value

measurement

for

the

asset

or

liability (including

the

Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the

Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

Securities

and

Other

Investments

Securities

Lending:

Each

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

an

approved

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

Government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

or

excess

collateral

is

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

each

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by

BFA,

or

its

affiliates

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

each

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the Statements

of

Assets

and

Liabilities.

Notes

to

Financial

Statements

(unaudited)

(

continued)

53

Notes

to

Financial

Statements

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: 

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.

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

(b)

ESG

Aware

MSCI

USA

Barclays

Bank

PLC

...............................................

$

11,467,700‌

$

(11,467,700‌)

$

—‌

$

—‌

Citigroup

Global

Markets,

Inc.

........................................

5,918,578‌

(5,918,578‌)

—‌

—‌

Jefferies

LLC

...................................................

565,964‌

(565,964‌)

—‌

—‌

National

Financial

Services

LLC

......................................

2,008,064‌

(2,008,064‌)

—‌

—‌

UBS

AG

......................................................

17,669,582‌

(17,669,582‌)

—‌

—‌

$

37,629,888‌

$

(37,629,888‌)

$

—‌

$

—‌

a

ESG

Aware

MSCI

USA

Small-Cap

Barclays

Capital,

Inc.

.............................................

693,278‌

(693,278‌)

—‌

—‌

BNP

Paribas

SA

.................................................

15,700,738‌

(15,700,738‌)

—‌

—‌

BofA

Securities,

Inc.

..............................................

10,676,316‌

(10,676,316‌)

—‌

—‌

Citigroup

Global

Markets,

Inc.

........................................

8,208,604‌

(8,208,604‌)

—‌

—‌

HSBC

Bank

PLC

................................................

3,065,527‌

(3,065,527‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

18,198,517‌

(18,198,517‌)

—‌

—‌

Jefferies

LLC

...................................................

1,557,735‌

(

1,557,735‌)

—‌

—‌

Morgan

Stanley

.................................................

18,054,834‌

(18,054,834‌)

—‌

—‌

National

Financial

Services

LLC

......................................

4,418,731‌

(4,418,731‌)

—‌

—‌

RBC

Capital

Markets

LLC

..........................................

11,396‌

(11,377‌)

—‌

19‌

Scotia

Capital

(USA),

Inc.

..........................................

149,141‌

(149,141‌)

—‌

—‌

State

Street

Bank

&

Trust

Co.

........................................

3,907,260‌

(3,907,260‌)

—‌

—‌

TD

Securities

(USA)

LLC

...........................................

561,075‌

(561,075‌)

—‌

—‌

UBS

AG

......................................................

4,264,555‌

(

4,264,555‌)

—‌

—‌

UBS

Securities

LLC

..............................................

769,172‌

(769,172‌)

—‌

—‌

Virtu

Americas

LLC

...............................................

3,502‌

(3,502‌)

—‌

—‌

Wells

Fargo

Bank

NA

.............................................

977,674‌

(977,674‌)

—‌

—‌

Wells

Fargo

Securities

LLC

.........................................

2,488,633‌

(2,488,633‌)

—‌

—‌

$

93,706,688‌

$

(93,706,669‌)

$

—‌

$

19‌

a

ESG

Aware

MSCI

USA

Value

Barclays

Bank

PLC

...............................................

526,727‌

(526,727‌)

—‌

—‌

J.P.

Morgan

Securities

LLC

.........................................

207,200‌

(207,200‌)

—‌

—‌

$

733,927‌

$

(733,927‌)

$

—‌

$

—‌

a

Paris-Aligned

Climate

Optimized

MSCI

USA

Citigroup

Global

Markets,

Inc.

........................................

1,039,698‌

(1,039,698‌)

—‌

—‌

Morgan

Stanley

.................................................

10,847‌

(10,847‌)

—‌

—‌

$

1,050,545‌

$

(1,050,545‌)

$

—‌

$

—‌

a

(a)

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

Funds’

Statements

of

Assets

and

Liabilities.

(b)

The

market

value

of

the

loaned

securities

is

determined

as

of

February

28,

2026.

Additional

collateral

is

delivered

to

the

Fund

on

the

next

business

day

in

accordance

with

the

MSLA.

The

net

amount

would

be

subject

to

the

borrower

default

indemnity

in

the

event

of

default

by

the

counterparty.

Notes

to

Financial

Statements

(unaudited)

(continued)

54

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

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:

Distributor:

 BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

is

the

distributor

for

each

Fund.

Pursuant

to

the

distribution

agreement,

BFA

is

responsible

for

any

fees

or

expenses

for

distribution

services

provided

to

the

Funds.

ETF

Servicing

Fees:

Each

Fund

has

entered

into

an

ETF

Services

Agreement

with

BRIL

to

perform

certain

order

processing,

Authorized

Participant

communications,

and

related

services

in

connection

with

the

issuance

and

redemption

of

Creation

Units

(“ETF

Services”).

BRIL

is

entitled

to

a

transaction

fee

from

Authorized

Participants

on

each

creation

or

redemption

order

for

the

ETF

Services

provided. The

Funds

do

not

pay

BRIL

for

ETF

Services.

Securities

Lending:

The

U.S.

Securities

and

Exchange

Commission

(“SEC”)

has

issued

an

exemptive

order

which

permits

BlackRock

Institutional

Trust

Company,

N.A.

(“BTC”),

an

affiliate

of

BFA,

to

serve

as

securities

lending

agent

for

the

Funds,

subject

to

applicable

conditions.

As

securities

lending

agent,

BTC

bears

all

operational

costs

directly

related

to

securities

lending,

including

any

custodial

costs. Each

Fund

is responsible

for

fees

in

connection

with

the

investment

of

cash

collateral

received

for

securities

on

loan

(the

“collateral

investment

fees”).

The

cash

collateral

is

invested

in

a

money

market

fund,

BlackRock

Cash

Funds:

Institutional

or

BlackRock

Cash

Funds:

Treasury,

managed

by BFA,

or

its

affiliates.

However,

BTC

has

agreed

to

reduce

the

amount

of

securities

lending

income

it

receives

in

order

to

effectively

limit

the

collateral

investment

fees each

Fund

bears

to

an

annual

rate

of

0.04%.

The

SL

Agency

Shares

of

such

money

market

fund

will

not

be

subject

to

a

sales

load,

distribution

fee

or

service

fee.

BlackRock

Cash

Funds:

Institutional

may

impose

a

discretionary

liquidity

fee

of

up

to

2%

on

all

redemptions.

Discretionary

liquidity

fees

may

be

imposed

or

terminated

at

any

time

at

the

discretion

of

the

board

of

directors

of

the

money

market

fund,

or

its

delegate,

if

it

is

determined

that

such

fee

would

be,

or

would

not

be,

respectively,

in

the

best

interest

of

the

money

market

fund.

Additionally,

BlackRock

Cash

Funds:

Institutional

will

impose

a

mandatory

liquidity

fee

if

the

money

market

fund’s

total

net

redemptions

on

a

single

day

exceed

5%

of

the

money

market

fund’s

net

assets,

unless

the

amount

of

the

fee

is

less

than

0.01%

of

the

value

of

the

shares

redeemed.

BlackRock

Cash

Funds:

Institutional

will

determine

the

size

of

the

mandatory

liquidity

fee

by

making

a

good

faith

estimate

of

certain

costs

the

money

market

fund

would

incur

if

it

were

to

sell

a

pro

rata

amount

of

each

security

in

the

portfolio

to

satisfy

the

amount

of

net

redemptions

on

that

day.

There

is

no

limit

to

the

size

of

a

mandatory

liquidity

fee.

If

BlackRock

Cash

Funds:

Institutional

cannot

estimate

the

costs

of

selling

a

pro

rata

amount

of

each

portfolio

security

in

good

faith

and

supported

by

data,

it

is

required

to

apply

a

default

liquidity

fee

of

1%

on

the

value

of

shares

redeemed

on

that

day.

Securities

lending

income

is

generally

equal

to

the

total

of

income

earned

from

the

reinvestment

of

cash

collateral

(and

excludes

collateral

investment

fees),

and

any

fees

or

other

payments

to

and

from

borrowers

of

securities. Each

Fund

retains

a

portion

of

the

securities

lending

income

and

remits

the

remaining

portion

to

BTC

as

compensation

for

its

services

as

securities

lending

agent. 

Pursuant

to

the

current

securities

lending

agreement,

each

Fund

retains

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.

iShares

ETF

Investment

Advisory

Fees

ESG

Aware

MSCI

USA

.

.

.

.

.

.

.

.

.

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.

.

.

0.15%

ESG

Aware

MSCI

USA

Growth

.

.

.

.

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.

0.18

ESG

Aware

MSCI

USA

Small-Cap

.

.

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.

0.17

ESG

Aware

MSCI

USA

Value

.

.

.

.

.

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.

.

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.

0.18

ESG

MSCI

USA

Leaders

.

.

.

.

.

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.

0.10

Paris-Aligned

Climate

Optimized

MSCI

USA

.

.

.

.

.

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0.10

Notes

to

Financial

Statements

(unaudited)

(

continued)

55

Notes

to

Financial

Statements

In

addition,

commencing

the

business

day

following

the

date

that

the

aggregate

securities

lending

income

plus

the

collateral

investment

fees

generated

across

the

iShares

ETF

Complex in

that

calendar

year

exceeds

a

specific

threshold,

each

Fund,

pursuant

to

the

securities

lending

agreement,

will

retain

for

the

remainder

of

that

calendar

year

84%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

this

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

The

share

of

securities

lending

income

earned

by

each

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its Statements

of

Operations.

For

the six

months

ended February

28,

2026,

the

Funds

paid

BTC

the

following

amounts

for

securities

lending

agent

services:

Trustees and

Officers:

Certain

trustees

and/or

officers

of

the

Trust

are

directors

and/or

officers

of

BlackRock

or

its

affiliates.

Other

Transactions:

Cross

trading

is

the

buying

or

selling

of

portfolio

securities

between

funds

to

which

BFA

(or

an

affiliate)

serves

as

investment

adviser.

At

its

regularly

scheduled

quarterly

meetings,

the

Board

reviews

such

transactions

as

of

the

most

recent

calendar

quarter

for

compliance

with

the

requirements

and

restrictions

set

forth

by

Rule

17a-7.

For

the

six

months

ended

February

28,

2026,

transactions

executed

by

the

Funds

pursuant

to

Rule

17a-7

under

the

1940

Act

were

as

follows:

Each

Fund

may

invest

its

positive

cash

balances

in

certain

money

market

funds

managed

by

BFA

or

an

affiliate.

The

income

earned

on

these

temporary

cash

investments

is

shown

as

dividends

–

affiliated

in

the

Statements

of

Operations.

A

fund,

in

order

to

improve

its

portfolio

liquidity

and

its

ability

to

track

its

underlying

index,

may

invest

in

shares

of

other

iShares

funds

that

invest

in

securities

in

the

fund’s

underlying

index.

7.

Purchases

and

Sales

For

the six

months

ended

February

28,

2026,

purchases

and

sales

of

investments,

excluding

short-term

securities

and

in-kind

transactions,

were

as

follows:

For

the six

months ended

February

28,

2026,

in-kind

transactions

were

as

follows:

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.

iShares

ETF

Amounts

ESG

Aware

MSCI

USA

.......................................................................................................

$

22,347

‌

ESG

Aware

MSCI

USA

Growth

.................................................................................................

86

‌

ESG

Aware

MSCI

USA

Small-Cap

...............................................................................................

120,993

‌

ESG

Aware

MSCI

USA

Value

..................................................................................................

221

‌

ESG

MSCI

USA

Leaders

.....................................................................................................

925

‌

Paris-Aligned

Climate

Optimized

MSCI

USA

.......................................................................................

4,837

‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

ESG

Aware

MSCI

USA

.................................................................

$

706,573,844

‌

$

700,777,284

‌

$

51,673,309

‌

ESG

Aware

MSCI

USA

Small-Cap

.........................................................

113,473,254

‌

119,811,109

‌

54,375,198

‌

ESG

MSCI

USA

Leaders

...............................................................

3,834,488

‌

2,620,397

‌

(832,022

)

Paris-Aligned

Climate

Optimized

MSCI

USA

.................................................

92,048,852

‌

104,747,766

‌

(2,546,846

)

iShares

ETF

Purchases

Sales

ESG

Aware

MSCI

USA

....................................................................................

$

2,337,634,009

‌

$

2,347,478,762

‌

ESG

Aware

MSCI

USA

Growth

..............................................................................

3,816,881

‌

3,361,750

‌

ESG

Aware

MSCI

USA

Small-Cap

............................................................................

395,284,748

‌

380,946,813

‌

ESG

Aware

MSCI

USA

Value

...............................................................................

41,121,631

‌

40,092,997

‌

ESG

MSCI

USA

Leaders

..................................................................................

11,110,715

‌

11,253,386

‌

Paris-Aligned

Climate

Optimized

MSCI

USA

....................................................................

282,003,008

‌

282,649,073

‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

ESG

Aware

MSCI

USA

....................................................................................

$

1,564,571,458

‌

$

864,063,823

‌

ESG

Aware

MSCI

USA

Growth

..............................................................................

6,146,749

‌

6,393,836

‌

ESG

Aware

MSCI

USA

Small-Cap

............................................................................

304,728,274

‌

196,168,198

‌

ESG

Aware

MSCI

USA

Value

...............................................................................

237,688,458

‌

1,338,836

‌

ESG

MSCI

USA

Leaders

..................................................................................

125,342,676

‌

42,514,904

‌

Paris-Aligned

Climate

Optimized

MSCI

USA

....................................................................

242,097,346

‌

151,167,057

‌

Notes

to

Financial

Statements

(unaudited)

(continued)

56

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Funds

as

of

February

28,

2026,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

Management’s

analysis

is

based

on

the

tax

laws

and

judicial

and

administrative

interpretations

thereof

in

effect

as

of

the

date

of

these

financial

statements,

all

of

which

are

subject

to

change,

possibly

with

retroactive

effect,

which

may

impact

the

Funds’

NAV.

As

of August

31,

2025,

the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains as

follows:

As

of

February

28,

2026,

gross

unrealized

appreciation

and

depreciation

based

on

cost

of

investments

(including

short

positions

and

derivatives,

if

any)

for

U.S.

federal

income

tax

purposes

were

as

follows:

9.

Principal

Risks

In

the

normal

course

of

business,

each

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject each

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation,

tariffs or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Funds

and

their

investments.

Each

Fund’s

prospectus

provides

details

of

the

risks

to

which each

Fund

is

subject.

BFA

uses

an

indexing

approach

to

try

to

achieve

each

Fund’s

investment

objective.

The

Funds are

not

actively

managed,

and

BFA

generally

does

not

attempt

to

take

defensive

positions

under

any

market

conditions,

including

declining

markets.

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

mandatory

and

discretionary

liquidity

fees

under

certain

circumstances.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries.

A

Fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that

a

Fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment.

A

Fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that

it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause each

Fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of

a

Fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which

a

Fund

invests. A

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/

or

errors

by

pricing

services

or

other

third-party

service

providers.

The

price

each

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from

each

Fund's

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore

each

Fund's

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by

each

Fund,

and

each

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment.

Counterparty

Credit

Risk:

The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that

BFA

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

iShares

ETF

Non-Expiring

Capital

Loss

Carryforwards

(a)

ESG

Aware

MSCI

USA

........................................................................................................

$

(1,797,982,697‌)

ESG

Aware

MSCI

USA

Growth

..................................................................................................

(471,922‌)

ESG

Aware

MSCI

USA

Small-Cap

................................................................................................

(182,635,022‌)

ESG

Aware

MSCI

USA

Value

...................................................................................................

(553,537‌)

ESG

MSCI

USA

Leaders

......................................................................................................

(88,129,680‌)

Paris-Aligned

Climate

Optimized

MSCI

USA

........................................................................................

(54,629,266‌)

(a)

Amounts

available

to

offset

future

realized

capital

gains.

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

ESG

Aware

MSCI

USA

.............................................

$

11,926,461,034

‌

$

4,262,064,996

‌

$

(458,788,257

)

$

3,803,276,739

‌

ESG

Aware

MSCI

USA

Growth

.......................................

20,369,533

‌

2,634,387

‌

(1,157,049

)

1,477,338

‌

ESG

Aware

MSCI

USA

Small-Cap

.....................................

1,983,224,508

‌

597,141,172

‌

(129,051,502

)

468,089,670

‌

ESG

Aware

MSCI

USA

Value

........................................

255,243,437

‌

29,968,475

‌

(6,888,739

)

23,079,736

‌

ESG

MSCI

USA

Leaders

...........................................

752,914,747

‌

331,948,212

‌

(47,684,329

)

284,263,883

‌

Paris-Aligned

Climate

Optimized

MSCI

USA

.............................

1,919,749,925

‌

447,683,392

‌

(82,960,490

)

364,722,902

‌

Notes

to

Financial

Statements

(unaudited)

(

continued)

57

Notes

to

Financial

Statements

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

within

a

single

or

limited

number

of

market

sectors.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

Fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

Fund’s

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedule

of

Investments.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

10.

Capital

Share

Transactions 

Capital

shares

are

issued

and

redeemed

by each

Fund

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”)

at

NAV.

Except

when

aggregated

in

Creation

Units,

shares

of each

Fund

are

not

redeemable.

Transactions

in

capital

shares

were

as

follows:

‌

Six

Months

Ended

02/28/26

‌

Year

Ended

08/31/25

‌

iShares

ETF

Shares

‌

Amount

‌

Shares

‌

Amount

‌

ESG

Aware

MSCI

USA

Shares

sold

.........................................................

10,550,000

‌

$

1,567,713,301

‌

17,400,000

‌

$

2,238,178,790

‌

Shares

redeemed

.....................................................

(5,900,000

)

(866,577,096

)

(21,550,000

)

(2,785,511,590

)

4,650,000

‌

$

701,136,205

‌

(4,150,000

)

$

(547,332,800

)

ESG

Aware

MSCI

USA

Growth

Shares

sold

.........................................................

120,000

‌

$

6,153,191

‌

480,000

‌

$

21,130,829

‌

Shares

redeemed

.....................................................

(120,000

)

(6,258,062

)

(240,000

)

(10,836,330

)

—

‌

$

(104,871

)

240,000

‌

$

10,294,499

‌

ESG

Aware

MSCI

USA

Small-Cap

Shares

sold

.........................................................

6,850,000

‌

$

314,033,084

‌

4,000,000

‌

$

170,949,165

‌

Shares

redeemed

.....................................................

(4,400,000

)

(198,584,272

)

(3,050,000

)

(124,357,117

)

2,450,000

‌

$

115,448,812

‌

950,000

‌

$

46,592,048

‌

ESG

Aware

MSCI

USA

Value

Shares

sold

.........................................................

7,640,000

‌

$

238,352,899

‌

680,000

‌

$

20,309,869

‌

Shares

redeemed

.....................................................

(40,000

)

(1,354,788

)

(280,000

)

(8,295,556

)

7,600,000

‌

$

236,998,111

‌

400,000

‌

$

12,014,313

‌

ESG

MSCI

USA

Leaders

Shares

sold

.........................................................

1,050,000

‌

$

125,717,696

‌

300,000

‌

$

30,535,048

‌

Shares

redeemed

.....................................................

(350,000

)

(42,639,727

)

(3,300,000

)

(343,664,865

)

700,000

‌

$

83,077,969

‌

(3,000,000

)

$

(313,129,817

)

Notes

to

Financial

Statements

(unaudited)

(continued)

58

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

The

consideration

for

the

purchase

of

Creation

Units

of

a

fund

in

the

Trust

generally

consists

of

the

in-kind

deposit

of

a

designated

portfolio

of

securities

and

a

specified

amount

of

cash.

Certain

funds

in

the

Trust

may

be

offered

in

Creation

Units

solely

or

partially

for

cash

in

U.S.

dollars.

Authorized

Participants

purchasing

and

redeeming

Creation

Units

may

pay

a

purchase

transaction

fee

and

a

redemption

transaction

fee

directly

to

BRIL,

to

offset

transfer

and

other

transaction

costs

associated

with

the

issuance

and

redemption

of

Creation

Units,

including

Creation

Units

for

cash.

Authorized

Participants

transacting

in

Creation

Units

for

cash

may

also

pay

an

additional

variable

charge

to

compensate

the

relevant

fund

for

certain

transaction

costs

(i.e.,

stamp

taxes,

taxes

on

currency

or

other

financial

transactions,

and

brokerage

costs)

and

market

impact

expenses

relating

to

investing

in

portfolio

securities.

Such

variable

charges,

if

any,

are

included

in

shares

sold

in

the

table

above.

To

the

extent

applicable,

to

facilitate

the

timely

settlement

of

orders

for

the

Funds

using

a

clearing

facility

outside

of

the

continuous

net

settlement

process,

the

Funds,

at

their

sole

discretion,

may

permit

an

Authorized

Participant

to

post

cash

as

collateral

in

anticipation

of

the

delivery

of

all

or

a

portion

of

the

applicable

Deposit

Securities

or

Fund

Securities,

as

further

described

in

the

applicable

Authorized

Participant

Agreement.

The

collateral

process

is

subject

to

a

Control

Agreement

among

the

Authorized

Participant,

each

Fund’s

custodian,

and

the

Funds.

In

the

event

that

the

Authorized

Participant

fails

to

deliver

all

or

a

portion

of

the

applicable

Deposit

Securities

or

Fund

Securities,

the

Funds

may

exercise

control

over

such

collateral

pursuant

to

the

terms

of

the

Control

Agreement

in

order

to

purchase

the

applicable

Deposit

Securities

or

Fund

Securities.

From

time

to

time,

settlement

of

securities

related

to

in-kind

contributions

or

in-kind

redemptions

may

be

delayed.

In

such

cases,

securities

related

to

in-kind

transactions

are

reflected

as

a

receivable

or

a

payable

in

the

Statements

of

Assets

and

Liabilities.

11.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Funds

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Six

Months

Ended

02/28/26

Year

Ended

08/31/25

iShares

ETF

Shares

Amount

Shares

Amount

Paris-Aligned

Climate

Optimized

MSCI

USA

Shares

sold

.........................................................

3,400,000

‌

$

242,482,220

‌

11,550,000

‌

$

719,379,872

‌

Shares

redeemed

.....................................................

(2,100,000

)

(151,432,154

)

(12,600,000

)

(805,631,614

)

1,300,000

‌

$

91,050,066

‌

(1,050,000

)

$

(86,251,742

)

Additional

Information

59

Additional

Information

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

notifications

announcing

that

the

shareholder

report

or

prospectus

has

been

posted

on

the

iShares

website

at

iShares.com

.

Once

you

have

enrolled,

you

will

no

longer

receive

prospectuses

and

shareholder

reports

in

the

mail.

To

enroll

in

electronic

delivery:

Go

to

icsdelivery.com

If

your

brokerage

firm

is

not

listed,

electronic

delivery

may

not

be

available.

Please

contact

your

broker-dealer

or

financial

advisor.

Changes

in

and

Disagreements

with

Accountants

Not

applicable.

Proxy

Results

Not

applicable.

Remuneration

Paid

to

Trustees,

Officers,

and

Others

Because

BFA

has

agreed in

the

Investment

Advisory

Agreements

to

cover

all

operating

expenses

of

the

Funds,

subject

to

certain

exclusions as

provided

for

therein,

BFA

pays

the

compensation

to

each

Independent Trustee

for

services

to

the

Funds

from

BFA’s

investment

advisory

fees.

Availability

of

Portfolio

Holdings

Information

A

description

of

the

Trust’s policies

and

procedures

with

respect

to

the

disclosure

of

the

Funds’

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

.

Glossary

of

Terms

Used

in

these

Financial

Statements

(unaudited)

60

2026

iShares

Semi-Annual

Financial

Statements

and

Additional

Information

Portfolio

Abbreviation

CVR

Contingent

Value

Rights

NVS

Non-Voting

Shares

REIT

Real

Estate

Investment

Trust

Want

to

know

more?

iShares.com

|

1-800-474-2737

This

report

is

intended

for

the

Funds’

shareholders.

It

may

not

be

distributed

to

prospective

investors

unless

it

is

preceded

or

accompanied

by

the

current

prospectus.

Investing

involves

risk,

including

possible

loss

of

principal.

The

iShares

Funds

are

distributed

by

BlackRock

Investments,

LLC

(together

with

its

affiliates,

“BlackRock”).

The

iShares

Funds

are

not

sponsored,

endorsed,

issued,

sold

or

promoted

by

MSCI

Inc.,

nor

does

this

company

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

company

listed

above.

©2026

BlackRock,

Inc.

All

rights

reserved.

iSHARES

and

BLACKROCK

are

registered

trademarks

of

BlackRock,

Inc.

or

its

subsidiaries.

All

other

marks

are

the

property

of

their

respective

owners.

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

Item 15 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 16 – Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable

Item 19 – Exhibits attached hereto

              (a)(1) Code of Ethics – Not Applicable to this semi-annual report

              (a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable

              (a)(3) Section 302 Certifications are attached

(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

(b) Section 906 Certifications are attached

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares Trust

By:     /s/ Jessica Tan____________________

Jessica Tan

President (principal executive officer) of

          iShares Trust

Date: April 21, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:     /s/ Jessica Tan____________________

Jessica Tan

President (principal executive officer) of

          iShares Trust

Date: April 21, 2026

By:     /s/ Trent Walker___________________

          Trent Walker

Treasurer and Chief Financial Officer (principal financial officer) of

iShares Trust

Date: April 21, 2026