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: 811-09102
 
Name of Fund:  iShares, Inc.
 
Fund Address:   c/o BlackRock Fund Advisors, 400 Howard Street, San Francisco, CA 94105
 
Name and address of agent for service:  The Corporation Trust Incorporated, 2405 York Road, Suite 201, Lutherville-Timonium, Maryland 21093
 
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.
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iShares MSCI Taiwan ETF

EWT |NYSE Arca 

Semi-Annual Shareholder Report — February 28, 2026

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This semi-annual shareholder report contains important information about iShares MSCI Taiwan 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 Taiwan ETF
$32
0.55%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Table Summary
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$8,794,419,225
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
88
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........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
69.2%
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
15.7
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
5.2
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.1
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.7
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.3
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.2
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.6
Table Summary
Security
Percent of Total InvestmentsFootnote Reference(a)
Taiwan Semiconductor Manufacturing Co. Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
22.0%
MediaTek, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.6
Hon Hai Precision Industry Co. Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.6
Delta Electronics, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.5
ASE Technology Holding Co. Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.4
CTBC Financial Holding Co. Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.8
Elite Material Co. Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.8
Accton Technology Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.7
Unimicron Technology Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.7
Fubon Financial Holding Co. Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.6
FootnoteDescription
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.

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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 Taiwan ETF

Semi-Annual Shareholder Report — February 28, 2026

EWT-02/26-SAR

 

iShares Core MSCI Emerging Markets ETF

IEMG |NYSE Arca 

Semi-Annual Shareholder Report — February 28, 2026

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This semi-annual shareholder report contains important information about iShares Core MSCI Emerging Markets 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 Core MSCI Emerging Markets ETF
$5
0.09%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Table Summary
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$148,815,240,385
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2,667
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2%

What did the Fund invest in?

(as of February 28, 2026) 

Sector allocation 

Geographic allocation 

Table Summary
Sector
Percent of Total InvestmentsFootnote Reference(a)
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
31.5%
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
19.6
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
10.3
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
8.6
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
7.9
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
7.0
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.8
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.6
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.5
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.3
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.9
Table Summary
Country/Geographic Region
Percent of Total InvestmentsFootnote Reference(a)
China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
22.2%
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
22.1
South Korea........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
17.9
India........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
13.8
Brazil........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.5
South Africa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.0
Saudi Arabia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.6
Mexico........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.9
United Arab Emirates........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.4
Malaysia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.3
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
8.3
FootnoteDescription
Footnote(a)
Excludes money market funds.
Footnote(b)
Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.

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.

Image

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 Core MSCI Emerging Markets ETF

Semi-Annual Shareholder Report — February 28, 2026

IEMG-02/26-SAR

 

iShares Currency Hedged MSCI Emerging Markets ETF

HEEM |Cboe BZX Exchange 

Semi-Annual Shareholder Report — February 28, 2026

Image

This semi-annual shareholder report contains important information about iShares Currency Hedged MSCI Emerging Markets 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 Emerging Markets ETF
$0Footnote Reference(a)
0.00%Footnote Reference(a)Footnote Reference(b)Footnote Reference(c)
FootnoteDescription
Footnote(a)
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
Footnote(b)
Annualized.
Footnote(c)
Rounds to less than 0.01%.

Key Fund statistics

Table Summary
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$240,154,935
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
244
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3%

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........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.2
Forward foreign currency exchange contracts, net cumulative depreciation........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(0.4)
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.3
Table Summary
Sector
Percent of Total InvestmentsFootnote Reference(b)
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
33.2%
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
20.8
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
10.3
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
7.6
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
7.5
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
7.3
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.7
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.3
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.9
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.2
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.2
FootnoteDescription
Footnote(a)
The Underlying Fund is iShares MSCI Emerging Markets 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.

Householding 

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

Image

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 Emerging Markets ETF

Semi-Annual Shareholder Report — February 28, 2026

HEEM-02/26-SAR

 

iShares MSCI Emerging Markets ETF

EEM |NYSE Arca 

Semi-Annual Shareholder Report — February 28, 2026

Image

This semi-annual shareholder report contains important information about iShares MSCI Emerging Markets 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 Emerging Markets ETF
$40
0.71%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Table Summary
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$30,223,755,862
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1,225
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2%

What did the Fund invest in?

(as of February 28, 2026) 

Sector allocation 

Geographic allocation 

Table Summary
Sector
Percent of Total InvestmentsFootnote Reference(a)
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
33.2%
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
20.8
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
10.3
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
7.6
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
7.5
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
7.3
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.7
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.3
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.9
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.2
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.2
Table Summary
Country/Geographic Region
Percent of Total InvestmentsFootnote Reference(a)
China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
23.8%
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
22.1
South Korea........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
18.2
India........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
12.9
Brazil........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.7
South Africa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.0
Saudi Arabia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.6
Mexico........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.0
United Arab Emirates........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.4
Malaysia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.1
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
7.2
FootnoteDescription
Footnote(a)
Excludes money market funds.
Footnote(b)
Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.

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.

Image

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 Emerging Markets ETF

Semi-Annual Shareholder Report — February 28, 2026

EEM-02/26-SAR

 

iShares MSCI Australia ETF

EWA |NYSE Arca 

Semi-Annual Shareholder Report — February 28, 2026

Image

This semi-annual shareholder report contains important information about iShares MSCI Australia 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 Australia ETF
$26
0.49%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Table Summary
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$1,437,775,611
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
48
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3%

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........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
42.4%
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
24.0
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
6.2
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
5.6
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
5.3
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.8
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.7
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.4
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.9
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.6
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.1
Table Summary
Security
Percent of Total InvestmentsFootnote Reference(a)
Commonwealth Bank of Australia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
14.0%
BHP Group Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
13.9
National Australia Bank Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
7.2
Westpac Banking Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
7.0
ANZ Group Holdings Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
5.8
Wesfarmers Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.3
Macquarie Group Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.7
CSL Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.4
Rio Tinto Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.0
Goodman Group........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.8
FootnoteDescription
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.

Image

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 Australia ETF

Semi-Annual Shareholder Report — February 28, 2026

EWA-02/26-SAR

 

iShares MSCI Japan ETF

EWJ |NYSE Arca 

Semi-Annual Shareholder Report — February 28, 2026

Image

This semi-annual shareholder report contains important information about iShares 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 MSCI Japan ETF
$27
0.49%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Table Summary
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$20,311,573,641
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
182
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2%

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........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
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
Table Summary
Security
Percent of Total InvestmentsFootnote Reference(a)
Toyota Motor Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.4%
Mitsubishi UFJ Financial Group, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.0
Hitachi Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.9
Sony Group Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.7
Sumitomo Mitsui Financial Group, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.7
Advantest Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.6
Tokyo Electron Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.4
Mizuho Financial Group, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.1
Mitsubishi Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.1
Mitsubishi Heavy Industries Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.0
FootnoteDescription
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.

Image

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 Japan ETF

Semi-Annual Shareholder Report — February 28, 2026

EWJ-02/26-SAR

 

iShares MSCI Mexico ETF

EWW |NYSE Arca 

Semi-Annual Shareholder Report — February 28, 2026

Image

This semi-annual shareholder report contains important information about iShares MSCI Mexico 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 Mexico ETF
$28
0.49%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Table Summary
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$2,653,392,681
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
43
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
5%

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)
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
25.9%
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
24.6
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
17.6
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
12.8
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
9.8
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
7.8
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.0
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.5
Table Summary
Security
Percent of Total InvestmentsFootnote Reference(a)
Grupo Mexico SAB de CV, Series B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
14.2%
Grupo Financiero Banorte SAB de CV, Class O........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
10.2
America Movil SAB de CV, Series B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
8.1
Fomento Economico Mexicano SAB de CV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
6.5
Wal-Mart de Mexico SAB de CV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
5.6
Industrias Penoles SAB de CV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.9
Cemex SAB de CV, CPO, NVS........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.5
Grupo Aeroportuario del Pacifico SAB de CV, Class B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.0
Grupo Aeroportuario del Sureste SAB de CV, Class B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.8
Arca Continental SAB de CV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.7
FootnoteDescription
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.

Image

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 Mexico ETF

Semi-Annual Shareholder Report — February 28, 2026

EWW-02/26-SAR

 

iShares MSCI Israel ETF

EIS |NYSE Arca 

Semi-Annual Shareholder Report — February 28, 2026

Image

This semi-annual shareholder report contains important information about iShares MSCI Israel 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 Israel ETF
$31
0.55%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Table Summary
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$848,657,447
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
117
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)
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
35.2%
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
19.4
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
10.3
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
10.0
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
8.8
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
5.5
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.7
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.6
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.1
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.9
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.5
Table Summary
Security
Percent of Total InvestmentsFootnote Reference(a)
Teva Pharmaceutical Industries Ltd., ADR........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
9.8%
Bank Leumi Le-Israel BM........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
9.1
Bank Hapoalim BM........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
8.0
Elbit Systems Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
5.5
Israel Discount Bank Ltd., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.7
Tower Semiconductor Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.6
Check Point Software Technologies Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.3
Nova Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.3
Mizrahi Tefahot Bank Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.0
Phoenix Financial Ltd.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.0
FootnoteDescription
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.

Image

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 Israel ETF

Semi-Annual Shareholder Report — February 28, 2026

EIS-02/26-SAR

 

iShares MSCI Turkey ETF

TUR |NASDAQ 

Semi-Annual Shareholder Report — February 28, 2026

Image

This semi-annual shareholder report contains important information about iShares MSCI Turkey 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 Turkey ETF
$30
0.55%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Table Summary
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$346,331,563
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
80
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
5%

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........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
30.0%
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
22.6
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
12.2
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
10.8
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
6.6
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
5.0
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.4
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.5
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.3
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.6
Table Summary
Security
Percent of Total InvestmentsFootnote Reference(a)
Aselsan Elektronik Sanayi Ve Ticaret A.S.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
10.5%
BIM Birlesik Magazalar A.S.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
7.2
Akbank TAS........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
6.7
Turkiye Petrol Rafinerileri A.S.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
5.0
Turk Hava Yollari AO........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.7
KOC Holding A.S.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.6
Turkiye Is Bankasi A.S., Class C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.5
Yapi ve Kredi Bankasi A.S.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.5
Turkcell Iletisim Hizmetleri A.S.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.5
Destek Finans Faktoring A.S.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.0
FootnoteDescription
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.

Image

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 Turkey ETF

Semi-Annual Shareholder Report — February 28, 2026

TUR-02/26-SAR

 

iShares MSCI USA Equal Weighted ETF

EUSA |NYSE Arca 

Semi-Annual Shareholder Report — February 28, 2026

Image

This semi-annual shareholder report contains important information about iShares MSCI USA Equal Weighted 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 USA Equal Weighted ETF
$5
0.09%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Table Summary
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$1,578,318,908
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
540
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........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
16.6%
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
16.5
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
15.5
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
11.2
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
9.1
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
5.9
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
5.7
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
5.6
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
5.0
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.6
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.3
Table Summary
Security
Percent of Total InvestmentsFootnote Reference(a)
Keysight Technologies, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.2%
Dell Technologies, Inc., Class C........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.2
Block, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.2
Omnicom Group, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.2
Axon Enterprise, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.2
Netflix, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.2
Texas Pacific Land Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.2
Verisk Analytics, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.2
Coherent Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.2
Occidental Petroleum Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.2
FootnoteDescription
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.

Image

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 USA Equal Weighted ETF

Semi-Annual Shareholder Report — February 28, 2026

EUSA-02/26-SAR

 

iShares Emerging Markets Equity Factor ETF

EMGF |Cboe BZX Exchange 

Semi-Annual Shareholder Report — February 28, 2026

Image

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

 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
iShares Emerging Markets Equity Factor ETF
$14
0.25%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Table Summary
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$1,695,734,926
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
572
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
9%

What did the Fund invest in?

(as of February 28, 2026) 

Sector allocation 

Geographic allocation 

Table Summary
Sector
Percent of Total InvestmentsFootnote Reference(a)
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
31.3%
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
20.2
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
11.7
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
8.1
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
8.1
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
5.7
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.4
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.0
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.6
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.5
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.4
Table Summary
Country/Geographic Region
Percent of Total InvestmentsFootnote Reference(a)
China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
22.6%
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
21.3
South Korea........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
20.7
India........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
13.5
Brazil........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.1
South Africa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.2
United Arab Emirates........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.5
Saudi Arabia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.9
Mexico........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.7
Indonesia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.1
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
7.4
FootnoteDescription
Footnote(a)
Excludes money market funds.
Footnote(b)
Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.

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.

Image

©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 Emerging Markets Equity Factor ETF

Semi-Annual Shareholder Report — February 28, 2026

EMGF-02/26-SAR

 

iShares MSCI Emerging Markets ex China ETF

EMXC |NASDAQ 

Semi-Annual Shareholder Report — February 28, 2026

Image

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

 

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
iShares MSCI Emerging Markets ex China ETF
$15
0.25%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Table Summary
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$18,126,854,800
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
644
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
8%

What did the Fund invest in?

(as of February 28, 2026) 

Sector allocation 

Geographic allocation 

Table Summary
Sector
Percent of Total InvestmentsFootnote Reference(a)
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
40.7%
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
21.6
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
8.0
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
7.9
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
5.0
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.9
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.7
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.4
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.3
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.3
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.2
Table Summary
Country/Geographic Region
Percent of Total InvestmentsFootnote Reference(a)
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
29.0%
South Korea........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
23.9
India........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
17.0
Brazil........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
6.1
South Africa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
5.2
Saudi Arabia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.4
Mexico........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.6
United Arab Emirates........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.9
Malaysia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.6
Thailand........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.3
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
8.0
FootnoteDescription
Footnote(a)
Excludes money market funds.
Footnote(b)
Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.

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.

Image

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 Emerging Markets ex China ETF

Semi-Annual Shareholder Report — February 28, 2026

EMXC-02/26-SAR

 

iShares MSCI Austria ETF

EWO |NYSE Arca 

Semi-Annual Shareholder Report — February 28, 2026

Image

This semi-annual shareholder report contains important information about iShares MSCI Austria 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 Austria ETF
$27
0.49%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Table Summary
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$142,690,926
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
23
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
7%

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........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
47.2%
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
16.8
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
11.2
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
10.0
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
7.3
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.4
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.1
Table Summary
Security
Percent of Total InvestmentsFootnote Reference(a)
Erste Group Bank AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
21.7%
BAWAG Group AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
12.3
OMV AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
10.0
voestalpine AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.9
Verbund AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.7
ANDRITZ AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.6
Raiffeisen Bank International AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.6
Vienna Insurance Group AG Wiener Versicherung Gruppe........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.5
Wienerberger AG, Bearer........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.2
UNIQA Insurance Group AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.0
FootnoteDescription
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.

Image

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 Austria ETF

Semi-Annual Shareholder Report — February 28, 2026

EWO-02/26-SAR

 

iShares MSCI Netherlands ETF

EWN |NYSE Arca 

Semi-Annual Shareholder Report — February 28, 2026

Image

This semi-annual shareholder report contains important information about iShares MSCI Netherlands 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 Netherlands ETF
$27
0.49%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Table Summary
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$327,114,258
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
58
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
13%

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........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
30.7%
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
21.4
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
13.3
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
13.0
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
6.9
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
5.3
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.8
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.1
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.7
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.8
Table Summary
Security
Percent of Total InvestmentsFootnote Reference(a)
ASML Holding N.V.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
22.7%
ING Groep N.V.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
8.0
Prosus N.V., Class N........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
6.3
Koninklijke Ahold Delhaize N.V.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.2
ASM International N.V.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.9
Adyen N.V.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.9
AerCap Holdings N.V.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.8
Heineken N.V.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.7
Koninklijke Philips N.V.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.6
Universal Music Group N.V.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.5
FootnoteDescription
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.

Image

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 Netherlands ETF

Semi-Annual Shareholder Report — February 28, 2026

EWN-02/26-SAR

 

iShares MSCI Eurozone ETF

EZU |Cboe BZX Exchange 

Semi-Annual Shareholder Report — February 28, 2026

Image

This semi-annual shareholder report contains important information about iShares 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 MSCI Eurozone ETF
$26
0.49%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Table Summary
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$10,175,878,892
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
228
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2%

What did the Fund invest in?

(as of February 28, 2026) 

Sector allocation 

Geographic allocation 

Table Summary
Sector
Percent of Total InvestmentsFootnote Reference(a)
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
Table Summary
Country/Geographic Region
Percent of Total InvestmentsFootnote Reference(a)
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
29.5%
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
26.5
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
14.6
Spain........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
10.8
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
9.1
Belgium........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.2
Finland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.4
Ireland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.2
Austria........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.0
Sweden........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.8
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.9
FootnoteDescription
Footnote(a)
Excludes money market funds.
Footnote(b)
Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.

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.

Image

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 Eurozone ETF

Semi-Annual Shareholder Report — February 28, 2026

EZU-02/26-SAR

 

iShares MSCI Italy ETF

EWI |NYSE Arca 

Semi-Annual Shareholder Report — February 28, 2026

Image

This semi-annual shareholder report contains important information about iShares MSCI Italy 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 Italy ETF
$26
0.49%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Table Summary
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$676,738,576
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
28
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
8%

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........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
50.1%
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
19.6
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
9.8
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
8.7
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
6.7
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.2
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.3
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.0
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.6
Table Summary
Security
Percent of Total InvestmentsFootnote Reference(a)
UniCredit SpA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
16.4%
Enel SpA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
13.4
Intesa Sanpaolo SpA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
13.1
Eni SpA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.8
Prysmian SpA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.5
Generali........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.4
Ferrari N.V.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.4
Leonardo SpA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.2
BPER Banca SpA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
3.3
Banca Monte dei Paschi di Siena SpA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.8
FootnoteDescription
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.

Image

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 Italy ETF

Semi-Annual Shareholder Report — February 28, 2026

EWI-02/26-SAR

 

iShares MSCI Switzerland ETF

EWL |NYSE Arca 

Semi-Annual Shareholder Report — February 28, 2026

Image

This semi-annual shareholder report contains important information about iShares MSCI Switzerland 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 Switzerland ETF
$26
0.49%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Table Summary
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$1,751,258,328
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
42
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
6%

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)
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
40.4%
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
17.5
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
15.3
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
11.4
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
6.5
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
5.4
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1.4
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.9
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.8
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.4
Table Summary
Security
Percent of Total InvestmentsFootnote Reference(a)
Roche Holding AG, NVS........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
15.4%
Novartis AG, Registered........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
14.7
Nestle SA, Registered........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
12.9
Zurich Insurance Group AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.6
ABB Ltd., Registered........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.6
Cie Financiere Richemont SA, Class A, Registered........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.4
UBS Group AG, Registered........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.4
Swiss Re AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.6
Lonza Group AG, Registered........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.5
Holcim AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.4
FootnoteDescription
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.

Image

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 Switzerland ETF

Semi-Annual Shareholder Report — February 28, 2026

EWL-02/26-SAR

 

iShares MSCI Global Metals & Mining Producers ETF

PICK |Cboe BZX Exchange 

Semi-Annual Shareholder Report — February 28, 2026

Image

This semi-annual shareholder report contains important information about iShares MSCI Global Metals & Mining Producers 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 Global Metals & Mining Producers ETF
$26
0.39%Footnote Reference(a)
FootnoteDescription
Footnote(a)
Annualized.

Key Fund statistics

Table Summary
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$2,074,799,761
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
248
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
5%

What did the Fund invest in?

(as of February 28, 2026) 

Industry allocation 

Geographic allocation 

Table Summary
Industry
Percent of Total InvestmentsFootnote Reference(a)
Diversified Metals & Mining........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
50.4%
Steel........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
25.2
Copper........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
14.4
Aluminum........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
5.7
Precious Metals & Minerals........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.3
Table Summary
Country/Geographic Region
Percent of Total InvestmentsFootnote Reference(a)
Australia........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
21.4%
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
15.7
United States........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
14.4
Canada........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
7.7
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
6.2
India........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.7
South Africa........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.5
Brazil........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.3
China........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.2
Mexico........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.3
OtherFootnote Reference(b)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
14.6
FootnoteDescription
Footnote(a)
Excludes money market funds.
Footnote(b)
Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other.

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.

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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 Global Metals & Mining Producers ETF

Semi-Annual Shareholder Report — February 28, 2026

PICK-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,
Inc.
iShares
MSCI
Taiwan
ETF
|
EWT
|
NYSE
Arca
Table
of
Contents
Page
2
Schedule
of
Investments
..................................................................................................
3
Statement
of
Assets
and
Liabilities
............................................................................................
6
Statement
of
Operations
..................................................................................................
7
Statements
of
Changes
in
Net
Assets
..........................................................................................
8
Financial
Highlights
.....................................................................................................
9
Notes
to
Financial
Statements
...............................................................................................
10
Additional
Information
....................................................................................................
17
iShares
®
MSCI
Taiwan
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
Banks
 — 
10
.2
%
Chang
Hwa
Commercial
Bank
Ltd.
.............
70,581,970
$
48,742,784
CTBC
Financial
Holding
Co.
Ltd.
..............
89,520,325
159,243,943
E.Sun
Financial
Holding
Co.
Ltd.
(a)
.............
82,149,010
92,385,065
First
Financial
Holding
Co.
Ltd.
................
71,956,865
68,595,822
Hua
Nan
Financial
Holdings
Co.
Ltd.
............
60,287,694
73,214,339
Mega
Financial
Holding
Co.
Ltd.
...............
66,189,297
85,148,882
Shanghai
Commercial
&
Savings
Bank
Ltd.
(The)
...
37,376,218
47,749,644
SinoPac
Financial
Holdings
Co.
Ltd.
............
85,574,488
90,269,039
Taiwan
Business
Bank
.....................
85,100,696
44,590,506
Taiwan
Cooperative
Financial
Holding
Co.
Ltd.
.....
77,689,020
59,307,147
TS
Financial
Holding
Co.
Ltd.
.................
152,226,483
123,922,438
893,169,609
a
Biotechnology
 — 
0
.7
%
PharmaEssentia
Corp.
(a)
....................
2,526,396
58,350,044
a
Chemicals
 — 
2
.5
%
Formosa
Chemicals
&
Fibre
Corp.
(a)
............
35,226,610
56,954,504
Formosa
Plastics
Corp.
(a)
...................
33,890,518
55,592,691
Nan
Ya
Plastics
Corp.
......................
36,161,938
104,915,631
217,462,826
a
Communications
Equipment
 — 
1
.7
%
Accton
Technology
Corp.
...................
3,411,000
150,102,033
a
Construction
Materials
 — 
1
.0
%
Asia
Cement
Corp.
(a)
......................
30,790,136
35,254,540
TCC
Group
Holdings
Co.
Ltd.
(a)
...............
60,774,645
51,175,246
86,429,786
a
Consumer
Staples
Distribution
&
Retail
 — 
0
.5
%
President
Chain
Store
Corp.
(a)
................
6,246,215
44,734,323
a
Diversified
Telecommunication
Services
 — 
1
.0
%
Chunghwa
Telecom
Co.
Ltd.
.................
20,257,648
87,178,160
a
Electrical
Equipment
 — 
1
.8
%
Bizlink
Holding,
Inc.
.......................
1,304,000
57,622,581
Fortune
Electric
Co.
Ltd.
(a)
...................
1,698,980
57,308,708
Teco
Electric
and
Machinery
Co.
Ltd.
(a)
..........
15,755,000
41,135,228
Ya
Hsin
Industrial
Co.
Ltd.
(b)
(c)
.................
6,845,461
2
156,066,519
a
Electronic
Equipment,
Instruments
&
Components
 — 
18
.7
%
Chroma
ATE,
Inc.
.........................
2,233,000
97,031,508
Delta
Electronics,
Inc.
......................
8,721,180
393,271,305
E
Ink
Holdings,
Inc.
(a)
......................
8,042,000
47,599,959
Elite
Material
Co.
Ltd.
(a)
.....................
2,020,000
154,696,984
Gold
Circuit
Electronics
Ltd.
..................
2,461,000
63,929,820
Hon
Hai
Precision
Industry
Co.
Ltd.
.............
52,945,296
404,967,407
Innolux
Corp.
(a)
..........................
82,270,296
69,818,198
Largan
Precision
Co.
Ltd.
(a)
..................
775,794
62,179,251
Lotes
Co.
Ltd.
(a)
..........................
898,000
50,437,019
Pacific
Electric
Wire
&
Cable
Co.
Ltd.
(b)
(c)
.........
197
Unimicron
Technology
Corp.
.................
9,715,617
146,962,970
Yageo
Corp.
(a)
...........................
10,943,836
102,513,231
Zhen
Ding
Technology
Holding
Ltd.
.............
8,050,072
53,221,980
1,646,629,632
a
Entertainment
 — 
0
.5
%
International
Games
System
Co.
Ltd.
(a)
..........
2,195,000
48,564,639
a
Security
Shares
Value
a
Financial
Services
 — 
1
.7
%
Chailease
Holding
Co.
Ltd.
..................
14,322,304
$
47,443,856
Yuanta
Financial
Holding
Co.
Ltd.
..............
66,954,838
104,339,385
151,783,241
a
Food
Products
 — 
0
.8
%
Uni-President
Enterprises
Corp.
(a)
..............
29,538,189
68,296,751
a
Industrial
Conglomerates
 — 
0
.4
%
Far
Eastern
New
Century
Corp.
(a)
..............
42,714,843
39,290,913
a
Insurance
 — 
3
.8
%
Cathay
Financial
Holding
Co.
Ltd.
(a)
.............
48,226,798
122,302,683
Fubon
Financial
Holding
Co.
Ltd.
(a)
.............
45,702,419
137,069,477
KGI
Financial
Holding
Co.
Ltd.
................
105,315,460
73,583,695
332,955,855
a
Machinery
 — 
0
.6
%
Airtac
International
Group
...................
1,285,826
49,197,856
a
Marine
Transportation
 — 
1
.4
%
Evergreen
Marine
Corp.
Taiwan
Ltd.
(a)
...........
8,906,013
55,891,838
Wan
Hai
Lines
Ltd.
(a)
.......................
9,489,000
23,192,482
Yang
Ming
Marine
Transport
Corp.
(a)
............
23,240,000
42,566,276
121,650,596
a
Metals
&
Mining
 — 
0
.6
%
China
Steel
Corp.
(a)
.......................
86,623,977
57,311,572
a
Passenger
Airlines
 — 
0
.8
%
China
Airlines
Ltd.
(a)
.......................
40,538,000
27,090,347
Eva
Airways
Corp.
........................
34,155,000
41,353,626
68,443,973
a
Pharmaceuticals
 — 
0
.6
%
Caliway
Biopharmaceuticals
Co.
Ltd.
(c)
..........
9,546,000
49,204,188
a
Semiconductors
&
Semiconductor
Equipment
 — 
38
.1
%
Alchip
Technologies
Ltd.
(a)
...................
535,279
58,593,940
ASE
Technology
Holding
Co.
Ltd.
..............
17,710,432
213,403,137
ASPEED
Technology,
Inc.
...................
227,000
70,066,514
eMemory
Technology,
Inc.
...................
713,000
56,703,734
Global
Unichip
Corp.
(a)
.....................
820,000
71,805,743
Globalwafers
Co.
Ltd.
(a)
.....................
3,071,000
44,229,173
Hon
Precision,
Inc.
........................
461,000
71,699,673
Jentech
Precision
Industrial
Co.
Ltd.
(a)
...........
731,000
71,284,576
King
Yuan
Electronics
Co.
Ltd.
(a)
...............
7,343,000
75,556,138
MediaTek,
Inc.
...........................
6,592,175
406,075,081
Novatek
Microelectronics
Corp.
(a)
..............
4,509,544
56,308,924
Realtek
Semiconductor
Corp.
(a)
...............
3,694,063
56,537,435
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.....
30,903,467
1,928,319,531
United
Microelectronics
Corp.
................
59,323,501
122,731,763
Vanguard
International
Semiconductor
Corp.
(a)
.....
11,884,539
50,383,292
3,353,698,654
a
Specialty
Retail
 — 
0
.6
%
Hotai
Motor
Co.
Ltd.
(a)
......................
2,775,500
51,850,142
a
Technology
Hardware,
Storage
&
Peripherals
 — 
10
.4
%
Advantech
Co.
Ltd.
(a)
......................
4,807,021
50,980,559
Asia
Vital
Components
Co.
Ltd.
...............
2,205,000
121,245,106
Asustek
Computer,
Inc.
(a)
....................
4,374,857
73,926,712
Catcher
Technology
Co.
Ltd.
(a)
................
6,840,743
41,775,646
Compal
Electronics,
Inc.
(a)
...................
45,758,554
45,905,716
Gigabyte
Technology
Co.
Ltd.
(a)
...............
6,014,000
45,570,829
Inventec
Corp.
(a)
.........................
30,439,868
44,587,302
King
Slide
Works
Co.
Ltd.
(a)
..................
502,000
54,022,784
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
MSCI
Taiwan
ETF
(Percentages
shown
are
based
on
Net
Assets)
4
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Security
Shares
Value
a
Technology
Hardware,
Storage
&
Peripherals
(continued)
Lite-On
Technology
Corp.
...................
13,520,071
$
73,798,619
Pegatron
Corp.
..........................
20,543,037
48,082,253
Quanta
Computer,
Inc.
(a)
....................
14,354,240
131,731,625
Wistron
Corp.
(a)
..........................
17,803,000
76,056,620
Wiwynn
Corp.
(a)
..........................
884,000
111,093,346
918,777,117
a
Transportation
Infrastructure
 — 
0
.3
%
Taiwan
High
Speed
Rail
Corp.
(a)
...............
27,563,000
23,854,257
a
Wireless
Telecommunication
Services
 — 
1
.1
%
Far
EasTone
Telecommunications
Co.
Ltd.
(a)
.......
16,461,259
48,377,857
Taiwan
Mobile
Co.
Ltd.
(a)
....................
14,989,609
51,524,449
99,902,306
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
3,456,268,156
)
...............................
8,774,904,992
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
 — 
9
.9
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
3.84
%
(d)
(e)
(f)
......................
864,615,853
$
865,048,161
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
3.64
%
(d)
(e)
............................
5,417,166
5,417,166
a
Total
Short-Term
Securities — 9.9%
(Cost:
$
870,443,733
)
................................
870,465,327
Total
Investments
109.7%
(Cost:
$
4,326,711,889
)
...............................
9,645,370,319
Liabilities
in
Excess
of
Other
Assets
(
9
.7
)
%
...............
(
850,951,094
)
Net
Assets
100.0%
.................................
$
8,794,419,225
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(c)
Non-income
producing
security.
(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.
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
$
619,294,919
$
245,749,490
(a)
$
$
34,242
$
(
30,490
)
$
865,048,161
864,615,853
$
4,077,478
(b)
$
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..
4,560,000
857,166
(a)
5,417,166
5,417,166
90,460
$
$
34,242
$
(
30,490
)
$
870,465,327
$
4,167,938
$
(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
Taiwan
Index
...................................................................
142
03/30/26
$
15,852
$
(
24,510
)
iShares
®
MSCI
Taiwan
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
5
Schedule
of
Investments
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:
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)
.............
$
$
$
24,510
$
$
$
$
24,510
(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
..................................
$
$
$
3,418,103
$
$
$
$
3,418,103
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Futures
contracts
..................................
$
$
$
326,525
$
$
$
$
326,525
Futures
contracts:
Average
notional
value
of
contracts
long
...................................................................................
$
9,021,455
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
92,385,065
$
8,682,519,925
$
2
$
8,774,904,992
Short-Term
Securities
Money
Market
Funds
......................................
870,465,327
870,465,327
$
962,850,392
$
8,682,519,925
$
2
$
9,645,370,319
Derivative
Financial
Instruments
(a)
Liabilities
Equity
Contracts
...........................................
$
(
24,510
)
$
$
$
(
24,510
)
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
6
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
Taiwan
ETF
ASSETS
Investments,
at
value
unaffiliated
(a)
(b)
....................................................................................
$
8,774,904,992
Investments,
at
value
affiliated
(c)
.......................................................................................
870,465,327
Cash
...........................................................................................................
299,096
Cash
pledged:
Futures
contracts
.................................................................................................
1,105,000
Foreign
currency,
at
value
(d)
............................................................................................
120,536,537
Receivables:
Investments
sold
.................................................................................................
327,874,129
Securities
lending
income
affiliated
...................................................................................
865,837
Capital
shares
sold
................................................................................................
123,494,646
Dividends
unaffiliated
............................................................................................
223,054
Dividends
affiliated
..............................................................................................
10,934
Total
assets
......................................................................................................
10,219,779,552
LIABILITIES
Collateral
on
securities
loaned
..........................................................................................
865,073,119
Payables:
Investments
purchased
.............................................................................................
555,998,344
Foreign
taxes
....................................................................................................
502,861
Investment
advisory
fees
............................................................................................
3,274,115
Variation
margin
on
futures
contracts
....................................................................................
511,888
Total
liabilities
.....................................................................................................
1,425,360,327
Commitments
and
contingent
liabilities
NET
ASSETS
.....................................................................................................
$
8,794,419,225
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.....................................................................................................
$
3,523,289,009
Accumulated
earnings
...............................................................................................
5,271,130,216
NET
ASSETS
.....................................................................................................
$
8,794,419,225
NET
ASSET
VALUE
Shares
outstanding
.................................................................................................
115,700,000
Net
asset
value
....................................................................................................
$
76.01
Shares
authorized
..................................................................................................
900
million
Par
value
........................................................................................................
$                    0.001
(a)
Securities
loaned,
at
value
..........................................................................................
$
794,309,043
(b)
Investments,
at
cost
unaffiliated
.....................................................................................
$
3,456,268,156
(c)
Investments,
at
cost
affiliated
.......................................................................................
$
870,443,733
(d)
  Foreign
currency,
at
cost
............................................................................................
$
120,474,914
7
Statement
of
Operations
Statement
of
Operations
(unaudited)
Six
Months
Ended
February
28,
2026
See
notes
to
financial
statements.
iShares
MSCI
Taiwan
ETF
INVESTMENT
INCOME
Dividends
unaffiliated
............................................................................................
$
21,412,458
Dividends
affiliated
..............................................................................................
90,460
Interest
unaffiliated
..............................................................................................
26,123
Securities
lending
income
affiliated
net
(a)
..............................................................................
4,077,478
Foreign
taxes
withheld
.............................................................................................
(
5,033,693
)
Total
investment
income
..............................................................................................
20,572,826
EXPENSES
Investment
advisory
...............................................................................................
19,277,522
Commitment
costs
................................................................................................
20,439
Interest
expense
.................................................................................................
4
Total
expenses
....................................................................................................
19,297,965
Net
investment
income
...............................................................................................
1,274,861
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
unaffiliated
.........................................................................................
96,256,984
Investments
affiliated
...........................................................................................
34,242
Foreign
currency
transactions
.......................................................................................
(
345,172
)
Futures
contracts
...............................................................................................
3,418,103
99,364,157
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
unaffiliated
.........................................................................................
2,087,277,162
Investments
affiliated
...........................................................................................
(
30,490
)
Foreign
currency
translations
.......................................................................................
(
41,282
)
Futures
contracts
...............................................................................................
326,525
2,087,531,915
Net
realized
and
unrealized
gain
........................................................................................
2,186,896,072
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...............................................................
$
2,188,170,933
(a)
Net
of
securities
lending
income
tax
paid
of
...............................................................................
$
987,585
8
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
iShares
MSCI
Taiwan
ETF
Six
Months
Ended
02/28/26
(unaudited)
Year
Ended
08/31/25
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
...........................................................................
$
1,274,861
$
131,182,595
Net
realized
gain
...............................................................................
99,364,157
177,753,356
Net
change
in
unrealized
appreciation
(depreciation)
.......................................................
2,087,531,915
308,801,322
Net
increase
in
net
assets
resulting
from
operations
..........................................................
2,188,170,933
617,737,273
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
................................................
(
305,270,570
)
(b)
(
176,076,345
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
................................................
815,939,429
420,414,641
NET
ASSETS
Total
increase
in
net
assets
..........................................................................
2,698,839,792
862,075,569
Beginning
of
period
...............................................................................
6,095,579,433
5,233,503,864
End
of
period
...................................................................................
$
8,794,419,225
$
6,095,579,433
(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.
9
Financial
Highlights
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
MSCI
Taiwan
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
.......
$
58.72
$
53.95
$
45.77
$
50.47
$
64.79
$
44.08
Net
investment
income
(a)
...............
0
.01
1
.31
1
.12
1
.31
1
.60
1
.22
Net
realized
and
unrealized
gain
(loss)
(b)
.....
20.10
5
.18
12.59
1
.55
(
14.16
)
20.46
Net
increase
(decrease)
from
investment
operations
.........................
20.11
6
.49
13.71
2
.86
(
12.56
)
21.68
Distributions
(c)
From
net
investment
income
............
(
1
.02
)
(d)
(
1
.21
)
(
1
.79
)
(
2
.37
)
(
1
.39
)
(
0
.97
)
From
net
realized
gains
................
(
1
.80
)
(
0
.51
)
(
3
.74
)
(
5
.19
)
(
0
.37
)
Total
distributions
.....................
(
2
.82
)
(
1
.72
)
(
5
.53
)
(
7
.56
)
(
1
.76
)
(
0
.97
)
Net
asset
value,
end
of
period
............
$
76.01
$
58.72
$
53.95
$
45.77
$
50.47
$
64.79
Total
Return
(e)
Based
on
net
asset
value
................
35.43
%
(f)
12.39
%
32.85
%
7
.17
%
(
19.96
)
%
49.79
%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
.......................
0
.55
%
(h)
0
.59
%
0
.59
%
0
.59
%
0
.58
%
0
.57
%
Net
investment
income
..................
0
.04
%
(h)
2
.43
%
2
.29
%
2
.89
%
2
.65
%
2
.16
%
Supplemental
Data
Net
assets,
end
of
period
(000)
............
$
8,794,419
$
6,095,579
$
5,233,504
$
3,281,992
$
3,750,151
$
7,555,064
Portfolio
turnover
rate
(i)
..................
14
%
36
%
24
%
34
%
12
%
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.
Notes
to
Financial
Statements
(unaudited)
10
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
1.
Organization
iShares,
Inc.
(the
“Company”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Company
is
organized
as
a
Maryland
corporation
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.
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
Taiwan
...............................................................................................................
Non-diversified
Notes
to
Financial
Statements
(unaudited)
(
continued)
11
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
Directors of
the
Company (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)
12
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
MSCI
Taiwan
Citigroup
Global
Markets
Ltd.
....................................
$
83,513,723
$
(83,513,723
)
$
$
Goldman
Sachs
International
....................................
76,051,178
(76,051,178
)
J.P.
Morgan
Securities
PLC
.....................................
144,999,830
(144,999,830
)
Macquarie
Bank
Ltd.
..........................................
6,864,369
(6,864,369
)
Merrill
Lynch
International
......................................
50,176,771
(50,176,771
)
Morgan
Stanley
.............................................
412,067,957
(412,067,957
)
UBS
Europe
SE
.............................................
20,635,215
(20,635,215
)
$
794,309,043
$
(794,309,043
)
$
$
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.
Notes
to
Financial
Statements
(unaudited)
(
continued)
13
Notes
to
Financial
Statements
6.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates 
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the
Company, 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
directors).
For
its
investment
advisory
services
to
the
Fund,
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
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. 
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
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
$1,171,073 for
securities
lending
agent
services.
Directors and
Officers:
Certain
directors
and/or
officers
of
the
Company
are
directors
and/or
officers of
BlackRock
or
its
affiliates.
Other
Transactions:
 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.
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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.
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.
.
.
.
.
.
.
.
0.6900
Over
$4
billion,
up
to
and
including
$8
billion
.
.
.
.
.
.
.
.
.
.
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.
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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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.
.
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.
.
.
.
.
.
0.5100
Over
$24
billion,
up
to
and
including
$32
billion
.
.
.
.
.
.
.
.
.
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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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0.4275
Notes
to
Financial
Statements
(unaudited)
(continued)
14
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
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:
There
were
no
in-kind
transactions
for
the six
months
ended
February
28,
2026.
8.
Income
Tax
Information
The
Fund
is
treated
as
an
entity
separate
from
the
Company’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
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
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
iShares
ETF
Purchases
Sales
MSCI
Taiwan
...........................................................................................
$
1,527,748,588
$
995,769,988
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
MSCI
Taiwan
....................................................
$
4,471,651,620
$
5,267,844,455
$
(94,150,266
)
$
5,173,694,189
Notes
to
Financial
Statements
(unaudited)
(
continued)
15
Notes
to
Financial
Statements
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause the
Fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of the
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
the
Fund
invests. The
Fund’s
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/or
errors
by
pricing
services
or
other
third-party
service
providers.
The
price
the
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from
the
Fund's
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs
may
significantly
impact
the
resulting
fair
value
and
therefore
the
Fund's
results
of
operations.
As
a
result,
the
price
received
upon
the
sale
of
an
investment
may
be
less
than
the
value
ascribed
by
the
Fund,
and
the
Fund
could
realize
a
greater
than
expected
loss
or
lesser
than
expected
gain
upon
the
sale
of
the
investment.
Counterparty
Credit
Risk:
The
Fund
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Fund
manages
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Fund
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Fund’s
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statement
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Fund.
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures, there
is
less
counterparty
credit
risk
to
the
Fund
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, the
Fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in
exchange-traded
futures
with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Fund.
Geographic/Asset
Class
Risk:
A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
the
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
The
Fund
invests
a
significant
portion
of
its
assets
in
issuers
located
in
a
single
country
or
a
limited
number
of
countries.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
in
that
country
or
those
countries
may
have
a
significant
impact
on
the
fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
Fund’s
portfolio.
Unanticipated
or
sudden
political
or
social
developments
may
cause
uncertainty
in
the
markets
and
as
a
result
adversely
affect
the
Fund’s
investments.
Foreign
issuers
may
not
be
subject
to
the
same
uniform
accounting,
auditing
and
financial
reporting
standards
and
practices
as
used
in
the
United
States.
Foreign
securities
markets
may
also
be
more
volatile
and
less
liquid
than
U.S.
securities
and
may
be
less
subject
to
governmental
supervision
not
typically
associated
with
investing
in
U.S.
securities.
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
of
issuers
located
in
Asia
or
with
significant
exposure
to
Asian
issuers
or
countries.
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
Fund’s
investments.
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
Fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
Fund’s
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedule
of
Investments.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
11.
Capital
Share
Transactions 
Capital
shares
are
issued
and
redeemed
by the
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of
the
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
Notes
to
Financial
Statements
(unaudited)
(continued)
16
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the
Company
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the
Company
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.
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
Taiwan
Shares
sold
..........................................................
11,900,000
$
815,939,429
32,700,000
$
1,753,687,518
Shares
redeemed
......................................................
(25,900,000
)
(1,333,272,877
)
11,900,000
$
815,939,429
6,800,000
$
420,414,641
Additional
Information
17
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
Directors,
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 Director
for
services
to
the
Fund
from
BFA’s
investment
advisory
fees.
Availability
of
Portfolio
Holdings
Information
A
description
of
the
Company’s policies
and
procedures
with
respect
to
the
disclosure
of
the
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus.
The
Fund
discloses its
portfolio
holdings
daily
and
provides
information
regarding its
top
holdings
in
Fund
fact
sheets,
when
available, at
iShares.com
.
Want
to
know
more?
iShares.com
|
1-800-474-2737
This
report
is
intended
for
the
Fund’s
shareholders.
It
may
not
be
distributed
to
prospective
investors
unless
it
is
preceded
or
accompanied
by
the
current
prospectus.
Investing
involves
risk,
including
possible
loss
of
principal.
The
iShares
Funds
are
distributed
by
BlackRock
Investments,
LLC
(together
with
its
affiliates,
“BlackRock”).
The
iShares
Funds
are
not
sponsored,
endorsed,
issued,
sold
or
promoted
by
MSCI
Inc.,
nor
does
this
company
make
any
representation
regarding
the
advisability
of
investing
in
the
iShares
Funds.
BlackRock
is
not
affiliated
with
the
company
listed
above.
©2026
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
its
subsidiaries.
All
other
marks
are
the
property
of
their
respective
owners.
February
28,
2026
2026
Semi-Annual
Financial
Statements
and
Additional
Information
(Unaudited)
iShares,
Inc.
iShares
Core
MSCI
Emerging
Markets
ETF
|
IEMG
|
NYSE
Arca
Table
of
Contents
Page
2
Schedule
of
Investments
..................................................................................................
3
Statement
of
Assets
and
Liabilities
............................................................................................
28
Statement
of
Operations
..................................................................................................
29
Statements
of
Changes
in
Net
Assets
..........................................................................................
30
Financial
Highlights
.....................................................................................................
31
Notes
to
Financial
Statements
...............................................................................................
32
Additional
Information
...................................................................................................
40
Glossary
of
Terms
Used
in
these
Financial
Statements
................................................................................
41
iShares
®
Core
MSCI
Emerging
Markets
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
Belgium
 — 
0
.0
%
Viohalco
SA
............................
565,990
$
10,574,157
a
Brazil
 — 
3
.4
%
Allos
SA
...............................
4,651,453
29,660,782
Alupar
Investimento
SA
.....................
2,248,305
15,656,781
Ambev
SA
.............................
52,048,189
165,185,611
Aura
Minerals,
Inc.
........................
380,145
32,103,245
Auren
Energia
SA
,
Class
ON
.................
5,192,033
12,011,609
Axia
Energia
............................
13,163,582
157,326,181
Azzas
2154
SA
..........................
1,713,263
8,745,946
B3
SA
-
Brasil
Bolsa
Balcao
..................
58,560,676
204,474,027
Banco
ABC
Brasil
SA
(a)
.....................
151,757
796,602
Banco
Bradesco
SA
.......................
17,636,539
63,197,741
Banco
BTG
Pactual
SA
.....................
13,941,714
166,598,927
Banco
do
Brasil
SA
.......................
18,638,593
97,983,045
BB
Seguridade
Participacoes
SA
..............
7,407,748
50,112,299
Brava
Energia
(a)
..........................
4,276,219
15,548,371
Caixa
Seguridade
Participacoes
SA
............
5,974,326
20,732,129
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
SABESP
.............................
5,507,379
165,323,428
Cia
de
Saneamento
de
Minas
Gerais
Copasa
MG
...
2,583,376
27,564,745
Cia
De
Sanena
Do
Parana
..................
2,040,157
17,948,128
Cia
Paranaense
de
Energia
-
Copel
............
21,357,264
61,074,318
Cia
Siderurgica
Nacional
SA
(a)
................
7,305,316
12,283,590
Cogna
Educacao
SA
......................
24,469,864
16,706,237
Cosan
SA
(a)
.............................
14,505,457
17,797,586
CPFL
Energia
SA
.........................
1,766,835
17,352,998
Cury
Construtora
e
Incorporadora
SA
...........
2,324,255
17,618,365
Cyrela
Brazil
Realty
SA
Empreendimentos
e
Participacoes
..........................
3,435,861
20,582,325
Dexco
SA
..............................
6,601,812
6,979,776
Direcional
Engenharia
SA
...................
4,639,327
14,769,105
EcoRodovias
Infraestrutura
e
Logistica
SA
........
4,127,656
8,623,270
Embraer
SA
............................
7,910,545
142,610,469
Energisa
SA
............................
3,277,152
34,424,000
Eneva
SA
(a)
.............................
10,344,436
43,181,689
Engie
Brasil
Energia
SA
....................
2,345,888
15,411,979
Equatorial
SA
...........................
12,941,919
106,307,268
Fleury
SA
..............................
4,077,279
13,377,515
GPS
Participacoes
e
Empreendimentos
SA
(b)
......
4,500,176
16,160,780
Grendene
SA
...........................
5,896,036
5,865,558
Grupo
Mateus
SA
........................
7,353,094
8,204,369
Hapvida
Participacoes
e
Investimentos
SA
(a)
(b)
.....
3,867,106
7,912,990
Hypera
SA
.............................
3,226,722
14,527,015
Iguatemi
SA
............................
3,222,806
18,369,334
Intelbras
SA
Industria
de
Telecomunicacao
Eletronica
Brasileira
............................
1,382,663
3,781,320
Inter
&
Co.,
Inc.
,
Class
A
....................
2,805,465
24,435,600
IRB-Brasil
Resseguros
SA
(a)
.................
723,477
8,735,634
JBS
N.V.
,
Class
A
(a)
.......................
4,516,896
76,290,373
Klabin
SA
..............................
8,486,269
34,034,466
Localiza
Rent
a
Car
SA
.....................
10,285,924
101,845,997
Lojas
Renner
SA
.........................
12,005,233
36,485,230
M
Dias
Branco
SA
........................
1,099,805
5,020,079
Magazine
Luiza
SA
.......................
4,266,147
7,780,840
MBRF
Global
Foods
Co.
SA
.................
7,662,311
30,909,313
Minerva
SA
.............................
7,242,034
7,374,118
Motiva
Infraestrutura
de
Mobilidade
SA
..........
11,215,423
36,425,786
MRV
Engenharia
e
Participacoes
SA
(a)
..........
4,690,964
9,370,032
Multiplan
Empreendimentos
Imobiliarios
SA
.......
2,908,952
19,973,688
Natura
Cosmeticos
SA
(a)
....................
9,841,511
17,488,767
NU
Holdings
Ltd.
,
Class
A
(a)
..................
37,615,921
563,486,497
Security
Shares
Value
a
Brazil
(continued)
Odontoprev
SA
..........................
4,364,534
$
12,464,016
Pagseguro
Digital
Ltd.
,
Class
A
...............
2,109,198
22,378,591
Petroleo
Brasileiro
SA
-
Petrobras
..............
41,763,248
348,101,743
Petroreconcavo
SA
.......................
1,894,773
4,553,517
Porto
Seguro
SA
.........................
2,142,837
21,873,532
PRIO
SA
(a)
.............................
9,161,356
97,376,824
Raia
Drogasil
SA
.........................
14,527,074
71,069,739
Rede
D'Or
Sao
Luiz
SA
(b)
...................
9,102,394
71,554,955
Rumo
SA
..............................
14,360,899
44,736,869
Sao
Martinho
SA
.........................
1,919,090
6,723,273
Sendas
Distribuidora
SA
....................
14,587,616
26,577,262
SIMPAR
SA
............................
2,399,619
5,921,229
SLC
Agricola
SA
.........................
3,118,867
10,026,125
Smartfit
Escola
de
Ginastica
e
Danca
SA
.........
4,128,192
16,266,357
StoneCo
Ltd.
,
Class
A
(a)
(c)
...................
2,570,020
43,176,336
Suzano
SA
.............................
7,287,320
82,447,003
Telefonica
Brasil
SA
.......................
8,581,643
72,282,326
TIM
SA
...............................
8,743,925
47,587,147
TOTVS
SA
.............................
6,129,635
45,244,395
Transmissora
Alianca
de
Energia
Eletrica
SA
......
1,668,916
14,382,660
Ultrapar
Participacoes
SA
...................
8,021,445
40,369,313
Vale
SA
...............................
39,700,953
685,134,753
Vamos
Locacao
de
Caminhoes
Maquinas
e
Equipamentos
SA
.......................
5,437,195
4,666,665
Vibra
Energia
SA
.........................
12,063,799
70,408,440
Vivara
Participacoes
SA
....................
1,655,013
10,056,306
WEG
SA
..............................
18,409,740
178,477,339
XP,
Inc.
,
Class
A
.........................
4,377,717
94,252,247
5,002,656,835
a
Canada
 — 
0
.0
%
Sigma
Lithium
Corp.
(a)
(c)
....................
765,547
11,031,532
a
Cayman
Islands
 — 
0
.0
%
Patria
Investments
Ltd.
,
Class
A
...............
863,140
11,324,397
Polaris
Group
(a)
..........................
3,624,025
3,840,510
15,164,907
a
Chile
 — 
0
.5
%
Aguas
Andinas
SA
,
Class
A
..................
29,120,979
12,312,817
Banco
de
Chile
..........................
498,327,036
102,780,808
Banco
de
Credito
e
Inversiones
SA
.............
908,894
62,270,362
Banco
Itau
Chile
SA
.......................
1,013,159
24,263,249
Banco
Santander
Chile
.....................
734,420,427
63,114,781
CAP
SA
(a)
..............................
1,018,747
8,298,835
Cencosud
SA
...........................
14,087,679
44,026,418
Cia
Cervecerias
Unidas
SA
..................
1,706,852
11,517,613
Cia
Sud
Americana
de
Vapores
SA
.............
167,639,346
9,104,988
Colbun
SA
.............................
97,215,998
16,191,156
Empresa
Nacional
de
Telecomunicaciones
SA
.....
2,080,877
9,286,836
Empresas
CMPC
SA
......................
11,571,711
17,149,945
Empresas
Copec
SA
......................
4,179,398
34,499,402
Enel
Chile
SA
...........................
308,930,342
25,858,651
Engie
Energia
Chile
SA
.....................
5,298,224
9,082,914
Falabella
SA
............................
7,369,354
54,717,909
Inversiones
Aguas
Metropolitanas
SA
...........
7,158,466
8,541,240
Inversiones
La
Construccion
SA
...............
413,468
9,593,830
Latam
Airlines
Group
SA
....................
3,405,452,316
95,697,707
Parque
Arauco
SA
........................
7,955,928
37,771,185
Plaza
SA
..............................
8,526,679
39,862,557
SMU
SA
...............................
40,540,465
7,153,763
Vina
Concha
y
Toro
SA
.....................
7,251,538
7,767,686
710,864,652
a
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
Core
MSCI
Emerging
Markets
ETF
(Percentages
shown
are
based
on
Net
Assets)
4
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
China
 — 
22
.2
%
360
Security
Technology,
Inc.
,
Class
A
...........
5,570,488
$
10,065,228
361
Degrees
International
Ltd.
................
11,933,000
8,603,134
37
Interactive
Entertainment
Network
Technology
Group
Co.
Ltd.
,
Class
A
...................
2,249,737
8,020,604
3SBio,
Inc.
(a)
(b)
...........................
20,308,000
57,247,598
AAC
Technologies
Holdings,
Inc.
..............
8,528,500
40,539,185
Abbisko
Cayman
Ltd.
(a)
.....................
6,208,000
10,060,325
Accelink
Technologies
Co.
Ltd.
,
Class
A
..........
817,000
9,005,351
ACM
Research
Shanghai,
Inc.
,
Class
A
..........
227,114
5,686,157
Advanced
Micro-Fabrication
Equipment,
Inc.
China
,
Class
A
..............................
419,233
21,508,514
AECC
Aviation
Power
Co.
Ltd.
,
Class
A
..........
1,715,367
14,267,515
Agricultural
Bank
of
China
Ltd.
,
Class
A
..........
56,547,835
52,749,462
Agricultural
Bank
of
China
Ltd.
,
Class
H
..........
304,733,000
206,333,473
Aier
Eye
Hospital
Group
Co.
Ltd.
,
Class
A
........
7,163,093
11,053,153
Air
China
Ltd.
,
Class
A
(a)
....................
9,506,100
11,658,374
AK
Medical
Holdings
Ltd.
(b)
(c)
.................
7,178,000
5,898,568
Akeso,
Inc.
(a)
(b)
(c)
..........................
7,218,000
98,335,597
Alibaba
Group
Holding
Ltd.
..................
189,961,004
3,437,674,812
Alibaba
Health
Information
Technology
Ltd.
(a)
......
63,308,000
44,998,190
Aluminum
Corp.
of
China
Ltd.
,
Class
A
..........
7,085,600
14,155,232
Aluminum
Corp.
of
China
Ltd.
,
Class
H
..........
44,692,000
80,590,784
Amlogic
Shanghai
Co.
Ltd.
,
Class
A
(a)
...........
367,586
5,075,488
Angelalign
Technology,
Inc.
(b)
.................
852,000
8,194,050
Anhui
Conch
Cement
Co.
Ltd.
,
Class
A
..........
1,403,529
5,230,453
Anhui
Conch
Cement
Co.
Ltd.
,
Class
H
..........
13,612,500
42,656,436
Anhui
Expressway
Co.
Ltd.
,
Class
H
............
4,626,000
8,172,013
Anhui
Gujing
Distillery
Co.
Ltd.
,
Class
A
..........
342,955
6,054,828
Anhui
Gujing
Distillery
Co.
Ltd.
,
Class
B
..........
9,607
85,187
Anhui
Jianghuai
Automobile
Group
Corp.
Ltd.
,
Class
A
(a)
.................................
1,924,800
15,349,957
Anker
Innovations
Technology
Co.
Ltd.
,
Class
A
....
527,908
7,429,034
ANTA
Sports
Products
Ltd.
..................
13,885,000
150,248,480
Ascentage
Pharma
Group
International
(a)
(b)
........
3,424,600
20,494,440
AsiaInfo
Technologies
Ltd.
(b)
(c)
................
4,906,400
4,543,439
Atour
Lifestyle
Holdings
Ltd.
,
ADR
.............
425,383
16,704,790
Autohome,
Inc.
,
ADR
......................
702,240
13,468,963
Avary
Holding
Shenzhen
Co.
Ltd.
,
Class
A
........
1,710,575
14,664,901
AviChina
Industry
&
Technology
Co.
Ltd.
,
Class
H
...
31,246,000
16,967,097
BAIC
BluePark
New
Energy
Technology
Co.
Ltd.
,
Class
A
(a)
.................................
7,650,900
8,898,296
Baidu,
Inc.
,
Class
A
(a)
......................
24,700,462
383,680,568
Bank
of
Beijing
Co.
Ltd.
,
Class
A
..............
13,445,106
10,562,703
Bank
of
Chengdu
Co.
Ltd.
,
Class
A
.............
3,490,508
8,224,657
Bank
of
China
Ltd.
,
Class
A
..................
24,503,000
18,853,401
Bank
of
China
Ltd.
,
Class
H
..................
779,361,000
461,186,219
Bank
of
Communications
Co.
Ltd.
,
Class
A
........
33,698,243
32,164,340
Bank
of
Communications
Co.
Ltd.
,
Class
H
.......
94,671,000
82,853,424
Bank
of
Hangzhou
Co.
Ltd.
,
Class
A
............
4,997,897
11,837,575
Bank
of
Jiangsu
Co.
Ltd.
,
Class
A
..............
11,886,208
17,931,051
Bank
of
Nanjing
Co.
Ltd.
,
Class
A
..............
8,356,781
13,702,936
Bank
of
Ningbo
Co.
Ltd.
,
Class
A
..............
4,174,331
19,037,702
Bank
of
Shanghai
Co.
Ltd.
,
Class
A
.............
9,118,165
12,864,855
Baoshan
Iron
&
Steel
Co.
Ltd.
,
Class
A
..........
11,128,230
11,677,253
Beijing
Capital
International
Airport
Co.
Ltd.
,
Class
H
(a)
(c)
22,262,000
6,646,865
Beijing
Enlight
Media
Co.
Ltd.
,
Class
A
..........
2,158,800
6,171,321
Beijing
Enterprises
Holdings
Ltd.
..............
5,094,000
22,909,877
Beijing
Enterprises
Water
Group
Ltd.
............
47,570,000
17,180,904
Beijing
Kingsoft
Office
Software,
Inc.
,
Class
A
......
372,758
16,370,589
Beijing
New
Building
Materials
PLC
,
Class
A
......
1,396,719
5,696,494
Beijing
Roborock
Technology
Co.
Ltd.
,
Class
A
.....
314,156
6,541,029
Beijing
Tong
Ren
Tang
Chinese
Medicine
Co.
Ltd.
...
4,323,000
4,785,985
Beijing
Tong
Ren
Tang
Co.
Ltd.
,
Class
A
.........
1,085,131
4,866,668
Security
Shares
Value
a
China
(continued)
Beijing
Wantai
Biological
Pharmacy
Enterprise
Co.
Ltd.
,
Class
A
(a)
.............................
820,851
$
4,909,350
Beijing-Shanghai
High
Speed
Railway
Co.
Ltd.
,
Class
A
27,648,501
19,932,577
BeOne
Medicines
Ltd.
,
Class
H
(a)
..............
9,558,064
235,954,098
Bestechnic
Shanghai
Co.
Ltd.
,
Class
A
..........
146,449
4,408,181
Bilibili,
Inc.
,
Class
Z
(a)
......................
2,802,377
78,227,362
Black
Sesame
International
Holding
Ltd.
(a)
(c)
.......
3,207,200
7,784,424
BOC
Aviation
Ltd.
(b)
.......................
2,150,700
23,884,959
BOC
International
China
Co.
Ltd.
,
Class
A
........
2,981,800
6,213,659
BOE
Technology
Group
Co.
Ltd.
,
Class
A
.........
24,384,900
15,905,822
Bosideng
International
Holdings
Ltd.
............
50,862,000
31,529,861
Brilliance
China
Automotive
Holdings
Ltd.
........
34,204,000
18,184,692
BYD
Co.
Ltd.
,
Class
A
......................
3,535,773
45,919,187
BYD
Co.
Ltd.
,
Class
H
.....................
40,859,300
492,562,800
BYD
Electronic
International
Co.
Ltd.
............
8,723,000
35,792,375
C&D
International
Investment
Group
Ltd.
.........
9,239,000
17,865,164
Caitong
Securities
Co.
Ltd.
,
Class
A
............
7,286,350
9,217,617
Cambricon
Technologies
Corp.
Ltd.
,
Class
A
(a)
.....
286,780
49,123,933
CanSino
Biologics,
Inc.
,
Class
H
(a)
(b)
............
1,104,600
4,992,468
CGN
Mining
Co.
Ltd.
(c)
.....................
38,200,000
23,952,023
CGN
New
Energy
Holdings
Co.
Ltd.
............
20,186,000
6,936,602
CGN
Power
Co.
Ltd.
,
Class
H
(b)
...............
124,029,000
49,775,902
Changchun
High-Tech
Industry
Group
Co.
Ltd.
,
Class
A
405,142
5,647,825
Changjiang
Securities
Co.
Ltd.
,
Class
A
..........
8,246,728
9,539,391
Changzhou
Xingyu
Automotive
Lighting
Systems
Co.
Ltd.
,
Class
A
..........................
222,669
4,946,898
Chaozhou
Three-Circle
Group
Co.
Ltd.
,
Class
A
....
1,828,271
16,801,679
Chervon
Holdings
Ltd.
(c)
....................
2,113,100
6,595,841
China
Animal
Healthcare
Ltd.
,
NVS
(a)
(c)
(d)
.........
1,237,000
2
China
BlueChemical
Ltd.
,
Class
H
.............
21,690,000
8,083,319
China
CITIC
Bank
Corp.
Ltd.
,
Class
A
...........
6,890,900
7,228,476
China
CITIC
Bank
Corp.
Ltd.
,
Class
H
...........
90,721,000
83,472,084
China
CITIC
Financial
Asset
Management
Co.
Ltd.
,
Class
H
(a)
(b)
...........................
156,205,000
16,940,215
China
Coal
Energy
Co.
Ltd.
,
Class
H
............
20,691,000
34,361,328
China
Communications
Services
Corp.
Ltd.
,
Class
H
.
27,580,000
15,656,415
China
Conch
Venture
Holdings
Ltd.
.............
15,522,000
26,319,321
China
Construction
Bank
Corp.
,
Class
A
.........
11,825,592
14,802,312
China
Construction
Bank
Corp.
,
Class
H
.........
1,061,717,000
1,080,184,231
China
CSSC
Holdings
Ltd.
,
Class
A
............
5,146,546
28,301,046
China
Datang
Corp.
Renewable
Power
Co.
Ltd.
,
Class
H
..................................
29,933,000
7,295,890
China
East
Education
Holdings
Ltd.
(b)
...........
5,978,500
4,959,895
China
Eastern
Airlines
Corp.
Ltd.
,
Class
A
(a)
.......
13,517,075
11,292,659
China
Education
Group
Holdings
Ltd.
(a)
(c)
.........
13,334,000
4,916,962
China
Energy
Engineering
Corp.
Ltd.
,
Class
A
.....
36,442,644
13,479,122
China
Everbright
Bank
Co.
Ltd.
,
Class
A
.........
28,138,282
13,281,935
China
Everbright
Environment
Group
Ltd.
........
39,380,148
25,771,830
China
Everbright
Ltd.
(c)
.....................
11,120,000
12,482,125
China
Feihe
Ltd.
(b)
........................
40,705,000
19,743,153
China
Fiber
Optic
Network
System
Group
Ltd.
,
NVS
(a)
(d)
10,394,800
13
China
Foods
Ltd.
.........................
14,406,000
7,420,837
China
Galaxy
Securities
Co.
Ltd.
,
Class
A
........
3,665,400
7,793,977
China
Galaxy
Securities
Co.
Ltd.
,
Class
H
........
40,039,500
50,562,989
China
Gas
Holdings
Ltd.
(c)
...................
26,350,800
27,261,874
China
Gold
International
Resources
Corp.
Ltd.
.....
2,685,100
70,297,647
China
Great
Wall
Securities
Co.
Ltd.
,
Class
A
......
4,236,500
6,113,516
China
Greatwall
Technology
Group
Co.
Ltd.
,
Class
A
(a)
2,644,500
6,386,216
China
Hongqiao
Group
Ltd.
..................
31,356,500
141,432,806
China
Huiyuan
Juice
Group
Ltd.
,
NVS
(a)
(d)
.........
10,877,000
14
China
International
Capital
Corp.
Ltd.
,
Class
A
.....
2,971,512
14,985,833
China
International
Capital
Corp.
Ltd.
,
Class
H
(b)
....
19,981,600
51,495,808
China
Jinmao
Holdings
Group
Ltd.
.............
67,356,000
13,670,330
China
Jushi
Co.
Ltd.
,
Class
A
.................
3,347,805
13,149,108
iShares
®
Core
MSCI
Emerging
Markets
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
(Percentages
shown
are
based
on
Net
Assets)
5
Schedule
of
Investments
Security
Shares
Value
a
China
(continued)
China
Lesso
Group
Holdings
Ltd.
..............
13,890,000
$
12,121,284
China
Life
Insurance
Co.
Ltd.
,
Class
A
...........
1,328,166
8,600,425
China
Life
Insurance
Co.
Ltd.
,
Class
H
..........
82,494,000
330,934,706
China
Literature
Ltd.
(a)
(b)
....................
4,436,400
17,873,566
China
Longyuan
Power
Group
Corp.
Ltd.
,
Class
H
..
28,142,000
27,185,741
China
Medical
System
Holdings
Ltd.
(c)
...........
14,511,000
26,970,780
China
Mengniu
Dairy
Co.
Ltd.
................
34,437,000
70,962,220
China
Merchants
Bank
Co.
Ltd.
,
Class
A
.........
12,931,492
72,979,580
China
Merchants
Bank
Co.
Ltd.
,
Class
H
.........
43,475,464
270,447,732
China
Merchants
Energy
Shipping
Co.
Ltd.
,
Class
A
.
6,338,800
15,004,280
China
Merchants
Expressway
Network
&
Technology
Holdings
Co.
Ltd.
,
Class
A
.................
4,265,939
6,023,951
China
Merchants
Port
Holdings
Co.
Ltd.
.........
13,492,270
30,146,085
China
Merchants
Securities
Co.
Ltd.
,
Class
A
......
4,940,441
11,941,007
China
Merchants
Shekou
Industrial
Zone
Holdings
Co.
Ltd.
,
Class
A
..........................
5,615,922
8,105,197
China
Minsheng
Banking
Corp.
Ltd.
,
Class
A
......
22,261,117
12,586,960
China
Minsheng
Banking
Corp.
Ltd.
,
Class
H
......
72,567,220
37,497,800
China
Modern
Dairy
Holdings
Ltd.
(c)
............
42,978,000
7,783,745
China
National
Building
Material
Co.
Ltd.
,
Class
H
...
41,920,850
36,346,962
China
National
Chemical
Engineering
Co.
Ltd.
,
Class
A
5,440,322
7,407,797
China
National
Nuclear
Power
Co.
Ltd.
,
Class
A
....
13,662,009
16,966,417
China
National
Software
&
Service
Co.
Ltd.
,
Class
A
(a)
1,092,080
7,087,553
China
Nonferrous
Mining
Corp.
Ltd.
............
18,542,000
35,441,157
China
Northern
Rare
Earth
Group
High-Tech
Co.
Ltd.
,
Class
A
..............................
2,474,300
22,502,073
China
Oilfield
Services
Ltd.
,
Class
H
............
17,928,000
23,151,013
China
Overseas
Grand
Oceans
Group
Ltd.
.......
21,712,500
8,099,314
China
Overseas
Land
&
Investment
Ltd.
.........
41,107,000
75,096,654
China
Overseas
Property
Holdings
Ltd.
(c)
.........
14,685,000
7,980,904
China
Pacific
Insurance
Group
Co.
Ltd.
,
Class
A
....
4,026,242
23,918,289
China
Pacific
Insurance
Group
Co.
Ltd.
,
Class
H
....
29,622,400
135,580,512
China
Petroleum
&
Chemical
Corp.
,
Class
A
.......
17,730,600
16,703,625
China
Petroleum
&
Chemical
Corp.
,
Class
H
......
252,038,200
175,385,505
China
Power
International
Development
Ltd.
......
43,438,000
18,194,209
China
Railway
Group
Ltd.
,
Class
A
.............
8,325,066
7,641,395
China
Railway
Group
Ltd.
,
Class
H
.............
47,070,000
31,148,446
China
Rare
Earth
Resources
And
Technology
Co.
Ltd.
,
Class
A
(a)
.............................
1,011,359
9,580,226
China
Renewable
Energy
Investment
Ltd.
(a)
(d)
......
8,046
China
Resources
Beer
Holdings
Co.
Ltd.
.........
17,932,000
63,016,956
China
Resources
Building
Materials
Technology
Holdings
Ltd.
..........................
27,594,000
6,616,991
China
Resources
Gas
Group
Ltd.
..............
9,319,300
24,970,985
China
Resources
Land
Ltd.
..................
34,973,777
141,352,489
China
Resources
Medical
Holdings
Co.
Ltd.
(c)
......
13,774,500
5,397,011
China
Resources
Microelectronics
Ltd.
,
Class
A
....
889,212
7,385,541
China
Resources
Mixc
Lifestyle
Services
Ltd.
(b)
.....
7,642,800
46,333,351
China
Resources
Pharmaceutical
Group
Ltd.
(b)
(c)
....
18,732,500
10,887,799
China
Resources
Power
Holdings
Co.
Ltd.
(c)
.......
22,578,000
53,826,719
China
Resources
Sanjiu
Medical
&
Pharmaceutical
Co.
Ltd.
,
Class
A
..........................
1,356,831
5,711,900
China
Risun
Group
Ltd.
(c)
...................
20,098,000
6,499,468
China
Ruyi
Holdings
Ltd.
(a)
(c)
.................
125,287,200
32,522,663
China
Shenhua
Energy
Co.
Ltd.
,
Class
A
.........
4,258,029
26,214,611
China
Shenhua
Energy
Co.
Ltd.
,
Class
H
.........
37,291,500
213,810,406
China
Shineway
Pharmaceutical
Group
Ltd.
.......
5,325,000
6,376,091
China
Southern
Airlines
Co.
Ltd.
,
Class
A
(a)
........
9,469,184
10,136,898
China
State
Construction
Engineering
Corp.
Ltd.
,
Class
A
..................................
21,738,419
15,962,781
China
State
Construction
International
Holdings
Ltd.
.
14,750,000
17,518,393
China
Taiping
Insurance
Holdings
Co.
Ltd.
........
16,195,708
47,160,738
China
Three
Gorges
Renewables
Group
Co.
Ltd.
,
Class
A
..................................
20,653,470
12,521,035
Security
Shares
Value
a
China
(continued)
China
Tobacco
International
HK
Co.
Ltd.
.........
3,245,000
$
17,949,579
China
Tourism
Group
Duty
Free
Corp.
Ltd.
,
Class
A
..
1,336,257
15,690,094
China
Tower
Corp.
Ltd.
,
Class
H
(b)
..............
47,081,600
66,993,609
China
Traditional
Chinese
Medicine
Holdings
Co.
Ltd.
32,674,000
8,429,636
China
Travel
International
Investment
Hong
Kong
Ltd.
(a)
(c)
..............................
28,826,000
4,888,789
China
United
Network
Communications
Ltd.
,
Class
A
.
20,865,725
14,950,739
China
Vanke
Co.
Ltd.
,
Class
A
(a)
...............
5,344,468
3,768,614
China
Water
Affairs
Group
Ltd.
(c)
...............
10,456,000
7,005,937
China
XLX
Fertiliser
Ltd.
....................
6,532,000
9,876,382
China
Yangtze
Power
Co.
Ltd.
,
Class
A
..........
15,418,641
58,509,240
China
Youran
Dairy
Group
Ltd.
(a)
(b)
.............
12,772,000
8,236,684
China
Zheshang
Bank
Co.
Ltd.
,
Class
A
..........
18,716,096
8,126,870
China
Zhongwang
Holdings
Ltd.
,
NVS
(a)
(c)
(d)
.......
2,334,641
89,525
Chinasoft
International
Ltd.
(a)
.................
25,040,000
13,645,256
Chongqing
Changan
Automobile
Co.
Ltd.
,
Class
A
...
7,215,964
11,623,247
Chongqing
Hongjiu
Fruit
Co.
Ltd.
,
Class
H
(a)
(c)
(d)
.....
2,296,200
204,279
Chongqing
Rural
Commercial
Bank
Co.
Ltd.
,
Class
A
.
5,856,800
5,540,222
Chongqing
Rural
Commercial
Bank
Co.
Ltd.
,
Class
H
24,488,000
18,436,271
Chongqing
Zhifei
Biological
Products
Co.
Ltd.
,
Class
A
(a)
.................................
2,362,470
5,950,799
Chow
Tai
Fook
Jewellery
Group
Ltd.
(c)
...........
23,348,200
39,000,191
CIMC
Enric
Holdings
Ltd.
...................
9,558,000
15,613,575
CITIC
Ltd.
..............................
43,604,000
69,509,989
CITIC
Securities
Co.
Ltd.
,
Class
A
..............
6,964,489
27,758,609
CITIC
Securities
Co.
Ltd.
,
Class
H
.............
17,893,900
64,050,746
CMOC
Group
Ltd.
,
Class
A
..................
11,368,933
39,694,280
CMOC
Group
Ltd.
,
Class
H
..................
42,147,000
129,662,562
CNGR
Advanced
Material
Co.
Ltd.
,
Class
A
.......
923,155
7,716,967
CNPC
Capital
Co.
Ltd.
,
Class
A
...............
7,212,658
9,547,981
COFCO
Joycome
Foods
Ltd.
(a)
(c)
...............
36,471,000
7,214,572
Consun
Pharmaceutical
Group
Ltd.
.............
5,302,000
12,190,005
Contemporary
Amperex
Technology
Co.
Ltd.
,
Class
A
3,012,051
149,746,712
Contemporary
Amperex
Technology
Co.
Ltd.
,
Class
H
(c)
1,027,535
64,930,402
COSCO
SHIPPING
Energy
Transportation
Co.
Ltd.
,
Class
A
..............................
3,710,200
11,129,221
COSCO
SHIPPING
Holdings
Co.
Ltd.
,
Class
A
.....
6,001,696
13,121,212
COSCO
SHIPPING
Holdings
Co.
Ltd.
,
Class
H
.....
30,729,600
59,631,853
COSCO
SHIPPING
International
Hong
Kong
Co.
Ltd.
13,572,000
13,463,524
COSCO
SHIPPING
Ports
Ltd.
................
17,592,000
14,578,429
Country
Garden
Services
Holdings
Co.
Ltd.
.......
23,577,000
18,997,594
CRRC
Corp.
Ltd.
,
Class
A
...................
12,511,300
11,457,165
CRRC
Corp.
Ltd.
,
Class
H
...................
51,213,000
37,918,087
CSC
Financial
Co.
Ltd.
,
Class
A
...............
3,162,094
10,982,366
CSG
Holding
Co.
Ltd.
,
Class
B
................
3,734,481
821,026
CSI
Solar
Co.
Ltd.
,
Class
A
..................
2,810,806
5,951,012
CSPC
Innovation
Pharmaceutical
Co.
Ltd.
,
Class
A
..
1,345,660
6,474,882
CSPC
Pharmaceutical
Group
Ltd.
..............
89,327,760
112,446,444
CStone
Pharmaceuticals
(a)
(b)
(c)
................
14,356,500
12,233,088
CT
Environmental
Group
Ltd.
,
NVS
(a)
(c)
(d)
.........
33,362,000
43
Damai
Entertainment
Holdings
Ltd.
(a)
(c)
...........
139,930,000
14,587,948
Daqin
Railway
Co.
Ltd.
,
Class
A
...............
11,662,919
8,668,560
Daqo
New
Energy
Corp.
,
ADR
(a)
(c)
..............
529,681
12,775,906
Dongfang
Electric
Corp.
Ltd.
,
Class
A
...........
2,336,024
12,600,741
Dongfeng
Motor
Group
Co.
Ltd.
,
Class
H
(a)
........
24,920,000
31,174,922
Dongxing
Securities
Co.
Ltd.
,
Class
A
...........
5,058,167
10,278,230
Dongyue
Group
Ltd.
.......................
14,935,000
26,727,357
DPC
Dash
Ltd.
(a)
(c)
........................
1,077,500
8,814,582
Duality
Biotherapeutics,
Inc.
(a)
(c)
...............
304,400
12,271,077
East
Buy
Holding
Ltd.
(a)
(b)
(c)
...................
4,912,500
15,945,615
East
Money
Information
Co.
Ltd.
,
Class
A
.........
10,677,468
35,018,898
Eastroc
Beverage
Group
Co.
Ltd.
,
Class
A
........
420,730
14,804,133
Ecovacs
Robotics
Co.
Ltd.
,
Class
A
.............
627,800
6,332,678
Empyrean
Technology
Co.
Ltd.
,
Class
A
..........
485,200
7,128,754
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
Core
MSCI
Emerging
Markets
ETF
(Percentages
shown
are
based
on
Net
Assets)
6
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
China
(continued)
ENN
Energy
Holdings
Ltd.
...................
8,541,500
$
74,938,545
ENN
Natural
Gas
Co.
Ltd.
,
Class
A
.............
2,448,528
7,274,559
Eoptolink
Technology,
Inc.
Ltd.
,
Class
A
..........
700,346
36,560,108
Eve
Energy
Co.
Ltd.
,
Class
A
.................
1,518,777
13,767,759
Everbright
Securities
Co.
Ltd.
,
Class
A
...........
3,879,486
9,400,391
Everdisplay
Optronics
Shanghai
Co.
Ltd.
,
Class
A
(a)
..
16,422,800
6,241,909
Everest
Medicines
Ltd.
(a)
(b)
(c)
..................
3,238,500
15,681,413
Evergrande
Property
Services
Group
Ltd.
(a)
(b)
......
73,591,500
10,883,872
Far
East
Horizon
Ltd.
......................
21,115,000
20,866,385
Fenbi
Ltd.
(a)
(c)
............................
21,166,000
4,072,515
FinVolution
Group
,
Class
A
,
ADR
..............
1,572,530
8,837,619
First
Tractor
Co.
Ltd.
,
Class
H
................
3,122,000
3,970,798
Focus
Media
Information
Technology
Co.
Ltd.
,
Class
A
11,884,418
12,233,520
Foshan
Haitian
Flavouring
&
Food
Co.
Ltd.
,
Class
A
.
3,490,094
18,274,215
Founder
Securities
Co.
Ltd.
,
Class
A
............
10,204,600
11,413,587
Foxconn
Industrial
Internet
Co.
Ltd.
,
Class
A
.......
8,969,925
72,463,787
Fu
Shou
Yuan
International
Group
Ltd.
(c)
.........
14,186,000
4,800,718
Fufeng
Group
Ltd.
........................
18,473,400
19,186,236
Fuyao
Glass
Industry
Group
Co.
Ltd.
,
Class
A
......
1,061,047
9,322,137
Fuyao
Glass
Industry
Group
Co.
Ltd.
,
Class
H
(b)
....
6,937,600
57,570,206
GalaxyCore,
Inc.
,
Class
A
...................
1,935,600
4,753,398
Ganfeng
Lithium
Group
Co.
Ltd.
,
Class
A
.........
1,085,299
11,546,594
Ganfeng
Lithium
Group
Co.
Ltd.
,
Class
H
(b)
(c)
......
5,772,600
50,599,402
GCL
Technology
Holdings
Ltd.
(a)
...............
270,083,000
41,295,544
GD
Power
Development
Co.
Ltd.
,
Class
A
........
13,134,900
9,400,054
GDS
Holdings
Ltd.
,
Class
A
(a)
.................
12,504,476
64,778,598
Geely
Automobile
Holdings
Ltd.
...............
70,171,000
144,855,389
Genertec
Universal
Medical
Group
Co.
Ltd.
(b)
......
14,886,500
11,627,876
Genscript
Biotech
Corp.
(a)
...................
13,506,000
20,582,142
GF
Securities
Co.
Ltd.
,
Class
A
...............
3,188,030
9,676,679
GF
Securities
Co.
Ltd.
,
Class
H
...............
13,502,400
29,651,909
Giant
Biogene
Holding
Co.
Ltd.
(b)
(c)
.............
4,363,000
17,763,293
GigaDevice
Semiconductor,
Inc.
,
Class
A
.........
471,347
20,538,421
Global
New
Material
International
Holdings
Ltd.
(a)
(c)
..
10,007,000
10,771,021
GoerTek,
Inc.
,
Class
A
.....................
2,889,662
11,407,150
Goldwind
Science
&
Technology
Co.
Ltd.
,
Class
A
...
2,828,937
11,703,139
Goneo
Group
Co.
Ltd.
,
Class
A
...............
543,109
3,444,762
Gotion
High-tech
Co.
Ltd.
,
Class
A
.............
1,510,633
8,323,570
Grand
Pharmaceutical
Group
Ltd.
(c)
.............
16,016,000
16,039,770
Great
Wall
Motor
Co.
Ltd.
,
Class
H
.............
26,411,500
43,277,375
Gree
Electric
Appliances,
Inc.
of
Zhuhai
,
Class
A
....
1,647,450
8,986,584
Greentown
China
Holdings
Ltd.
(c)
..............
11,929,500
15,926,708
Greentown
Management
Holdings
Co.
Ltd.
(b)
(c)
.....
10,588,000
3,819,874
Greentown
Service
Group
Co.
Ltd.
.............
16,124,000
8,969,078
Guangdong
Haid
Group
Co.
Ltd.
,
Class
A
........
1,406,820
11,238,812
Guangdong
Investment
Ltd.
..................
32,984,000
32,128,755
Guangzhou
Automobile
Group
Co.
Ltd.
,
Class
A
....
5,576,299
6,533,744
Guangzhou
Baiyunshan
Pharmaceutical
Holdings
Co.
Ltd.
,
Class
A
..........................
760,688
2,800,508
Guangzhou
Tinci
Materials
Technology
Co.
Ltd.
,
Class
A
..................................
1,601,496
9,864,761
Guolian
Minsheng
Securities
Co.
Ltd.
,
Class
A
.....
9,402,800
13,484,853
Guosen
Securities
Co.
Ltd.
,
Class
A
............
6,156,367
11,265,011
Guotai
Haitong
Securities
Co.
Ltd.
,
Class
A
.......
8,484,776
23,399,859
Guotai
Haitong
Securities
Co.
Ltd.
,
Class
H
(b)
......
22,503,592
45,827,083
Guoyuan
Securities
Co.
Ltd.
,
Class
A
...........
8,760,881
10,614,085
Gushengtang
Holdings
Ltd.
(c)
.................
2,239,300
7,899,914
H
World
Group
Ltd.
,
Class
A
,
ADR
.............
2,213,371
121,292,731
Haichang
Ocean
Park
Holdings
Ltd.
(a)
(b)
(c)
.........
40,304,000
2,734,288
Haidilao
International
Holding
Ltd.
(b)
(c)
...........
17,528,000
39,345,453
Haier
Smart
Home
Co.
Ltd.
,
Class
A
............
3,491,037
13,058,032
Haier
Smart
Home
Co.
Ltd.
,
Class
H
............
26,591,800
90,297,946
Hainan
Airlines
Holding
Co.
Ltd.
,
Class
A
(a)
........
31,361,541
7,761,795
Hainan
Airport
Infrastructure
Co.
Ltd.
,
Class
A
......
11,612,403
7,188,059
Security
Shares
Value
a
China
(continued)
Hainan
Meilan
International
Airport
Co.
Ltd.
,
Class
H
(a)
(c)
2,024,000
$
2,247,973
Haitian
International
Holdings
Ltd.
.............
6,992,000
22,594,891
Hangzhou
First
Applied
Material
Co.
Ltd.
,
Class
A
...
2,176,711
5,739,743
Hangzhou
Silan
Microelectronics
Co.
Ltd.
,
Class
A
..
1,400,800
6,565,472
Hangzhou
Tigermed
Consulting
Co.
Ltd.
,
Class
A
...
432,274
3,755,646
Hansoh
Pharmaceutical
Group
Co.
Ltd.
(b)
.........
16,556,000
73,707,010
Harbin
Electric
Co.
Ltd.
,
Class
H
...............
8,498,000
30,496,907
Hello
Group,
Inc.
,
ADR
.....................
1,509,155
9,764,233
Henan
Shenhuo
Coal
Industry
&
Electricity
Power
Co.
Ltd.
,
Class
A
..........................
1,980,600
9,359,216
Henan
Shuanghui
Investment
&
Development
Co.
Ltd.
,
Class
A
..............................
2,656,432
10,171,205
Hengan
International
Group
Co.
Ltd.
............
5,845,000
21,745,191
Hengli
Petrochemical
Co.
Ltd.
,
Class
A
..........
5,162,530
19,326,462
Hengtong
Optic-electric
Co.
Ltd.
,
Class
A
.........
1,898,300
13,098,576
Hesai
Group
,
Class
B
(a)
.....................
1,287,940
35,077,318
Hgtech
Co.
Ltd.
,
Class
A
....................
921,958
12,038,674
Hithink
RoyalFlush
Information
Network
Co.
Ltd.
,
Class
A
..................................
394,252
19,066,750
Hopson
Development
Holdings
Ltd.
(a)
...........
12,474,771
5,134,438
Horizon
Robotics
,
Class
B
(a)
(c)
.................
56,802,000
59,583,109
Hoshine
Silicon
Industry
Co.
Ltd.
,
Class
A
........
931,377
6,958,326
Hua
Han
Health
Industry
Holdings
Ltd.
,
NVS
(a)
(d)
....
19,424,288
25
Hua
Hong
Semiconductor
Ltd.
,
Class
H
(a)
(b)
........
8,405,000
103,548,869
Huabao
International
Holdings
Ltd.
.............
11,119,000
6,438,258
Huadian
Power
International
Corp.
Ltd.
,
Class
A
....
7,001,100
5,202,183
Huadong
Medicine
Co.
Ltd.
,
Class
A
............
1,449,685
7,586,773
Huafon
Chemical
Co.
Ltd.
,
Class
A
.............
6,217,855
11,236,100
Huaneng
Power
International,
Inc.
,
Class
A
.......
3,500,326
3,693,531
Huaneng
Power
International,
Inc.
,
Class
H
.......
49,790,000
38,334,234
Huaqin
Technology
Co.
Ltd.
,
Class
A
............
800,028
10,709,320
Huatai
Securities
Co.
Ltd.
,
Class
A
.............
4,825,651
15,018,283
Huatai
Securities
Co.
Ltd.
,
Class
H
(b)
(c)
...........
15,834,800
33,865,044
Huaxia
Bank
Co.
Ltd.
,
Class
A
................
9,749,330
9,504,326
Huayu
Automotive
Systems
Co.
Ltd.
,
Class
A
......
2,603,860
7,328,621
Huizhou
Desay
Sv
Automotive
Co.
Ltd.
,
Class
A
....
552,524
9,970,888
Hunan
Valin
Steel
Co.
Ltd.
,
Class
A
.............
8,424,400
8,230,719
Hundsun
Technologies,
Inc.
,
Class
A
............
2,214,249
9,678,949
HUTCHMED
China
Ltd.
(a)
(c)
..................
6,603,080
19,118,312
Hwatsing
Technology
Co.
Ltd.
,
Class
A
..........
280,244
7,899,611
Hygeia
Healthcare
Holdings
Co.
Ltd.
(a)
(b)
(c)
........
5,268,600
8,923,508
Hygon
Information
Technology
Co.
Ltd.
,
Class
A
....
1,556,053
59,021,578
IEIT
Systems
Co.
Ltd.
,
Class
A
................
1,261,936
11,710,707
Iflytek
Co.
Ltd.
,
Class
A
.....................
2,101,862
17,049,810
Imeik
Technology
Development
Co.
Ltd.
,
Class
A
...
240,292
4,994,396
Industrial
&
Commercial
Bank
of
China
Ltd.
,
Class
A
.
39,532,680
39,868,283
Industrial
&
Commercial
Bank
of
China
Ltd.
,
Class
H
.
717,503,000
590,115,980
Industrial
Bank
Co.
Ltd.
,
Class
A
...............
13,251,191
35,364,322
Industrial
Securities
Co.
Ltd.
,
Class
A
...........
8,598,098
8,452,970
INESA
Intelligent
Tech,
Inc.
,
Class
B
............
3,680,152
2,690,245
Ingenic
Semiconductor
Co.
Ltd.
,
Class
A
.........
460,803
8,923,726
Inner
Mongolia
BaoTou
Steel
Union
Co.
Ltd.
,
Class
A
.
35,089,900
16,569,229
Inner
Mongolia
Junzheng
Energy
&
Chemical
Industry
Group
Co.
Ltd.
,
Class
A
...................
7,678,560
6,717,759
Inner
Mongolia
Yili
Industrial
Group
Co.
Ltd.
,
Class
A
.
4,245,662
16,128,307
Inner
Mongolia
Yitai
Coal
Co.
Ltd.
,
Class
B
.......
10,191,895
20,738,932
InnoCare
Pharma
Ltd.
,
Class
H
(a)
(b)
.............
10,605,000
16,382,553
Innovent
Biologics,
Inc.
(a)
(b)
...................
16,358,000
177,972,999
iQIYI,
Inc.
,
Class
A
,
ADR
(a)
(c)
..................
5,128,698
8,205,917
Isoftstone
Information
Technology
Group
Co.
Ltd.
,
Class
A
..............................
1,108,400
7,997,251
J&T
Global
Express
Ltd.
(a)
...................
27,722,600
36,392,247
JA
Solar
Technology
Co.
Ltd.
,
Class
A
(a)
..........
2,553,480
4,494,139
JCET
Group
Co.
Ltd.
,
Class
A
................
1,424,200
9,968,065
iShares
®
Core
MSCI
Emerging
Markets
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
(Percentages
shown
are
based
on
Net
Assets)
7
Schedule
of
Investments
Security
Shares
Value
a
China
(continued)
JD
Health
International,
Inc.
(a)
(b)
...............
12,674,200
$
91,730,352
JD
Logistics,
Inc.
(a)
(b)
.......................
22,626,600
32,163,487
JD.com,
Inc.
,
Class
A
......................
26,490,004
351,672,911
JF
SmartInvest
Holdings
Ltd.
(c)
................
1,209,800
5,507,833
Jiangsu
Eastern
Shenghong
Co.
Ltd.
,
Class
A
(a)
....
5,666,501
10,748,014
Jiangsu
Expressway
Co.
Ltd.
,
Class
H
(c)
.........
13,488,000
17,550,916
Jiangsu
Hengli
Hydraulic
Co.
Ltd.
,
Class
A
........
1,031,596
16,966,555
Jiangsu
Hengrui
Pharmaceuticals
Co.
Ltd.
,
Class
A
..
4,210,142
34,611,368
Jiangsu
King's
Luck
Brewery
JSC
Ltd.
,
Class
A
.....
1,466,132
6,673,113
Jiangsu
Yanghe
Distillery
Co.
Ltd.
,
Class
A
........
1,116,716
8,655,277
Jiangsu
Yuyue
Medical
Equipment
&
Supply
Co.
Ltd.
,
Class
A
..............................
1,000,229
5,641,106
Jiangsu
Zhongtian
Technology
Co.
Ltd.
,
Class
A
....
3,011,400
12,749,198
Jiangxi
Copper
Co.
Ltd.
,
Class
A
..............
1,349,901
11,411,483
Jiangxi
Copper
Co.
Ltd.
,
Class
H
..............
11,788,000
68,381,216
Jinduicheng
Molybdenum
Co.
Ltd.
,
Class
A
.......
2,423,500
8,660,203
Jinko
Solar
Co.
Ltd.
,
Class
A
(a)
................
6,730,818
7,385,660
JinkoSolar
Holding
Co.
Ltd.
,
ADR
..............
398,573
10,079,911
Jinxin
Fertility
Group
Ltd.
(a)
(b)
(c)
................
24,649,000
7,847,980
JNBY
Design
Ltd.
........................
3,641,000
10,007,788
JOYY,
Inc.
,
ADR
.........................
324,328
19,352,652
Kanzhun
Ltd.
,
ADR
.......................
4,153,931
66,795,210
KE
Holdings,
Inc.
,
Class
A
...................
22,619,507
124,622,270
Keymed
Biosciences,
Inc.
(a)
(b)
.................
2,486,000
16,465,371
Kingboard
Holdings
Ltd.
....................
7,210,700
37,235,479
Kingboard
Laminates
Holdings
Ltd.
.............
10,867,000
32,799,392
Kingdee
International
Software
Group
Co.
Ltd.
(a)
(c)
...
34,074,000
43,723,439
Kingsoft
Cloud
Holdings
Ltd.
(a)
(c)
...............
30,295,760
27,545,031
Kingsoft
Corp.
Ltd.
(c)
.......................
11,335,200
37,645,484
Kuaishou
Technology
,
Class
B
(b)
...............
28,340,700
224,728,500
Kuang-Chi
Technologies
Co.
Ltd.
,
Class
A
(a)
.......
1,637,230
11,432,940
Kunlun
Energy
Co.
Ltd.
.....................
40,184,000
43,075,056
Kunlun
Tech
Co.
Ltd.
,
Class
A
(a)
...............
1,198,584
10,648,163
Kweichow
Moutai
Co.
Ltd.
,
Class
A
.............
816,438
173,030,357
Laopu
Gold
Co.
Ltd.
,
Class
H
(c)
................
306,600
28,192,237
LB
Group
Co.
Ltd.
,
Class
A
..................
2,844,507
9,684,110
Lee
&
Man
Paper
Manufacturing
Ltd.
...........
18,251,000
9,003,834
Legend
Biotech
Corp.
,
Class
A
,
ADR
(a)
...........
825,933
15,692,727
Legend
Holdings
Corp.
,
Class
H
(a)
(b)
............
6,856,200
7,999,508
Lenovo
Group
Ltd.
(c)
.......................
89,870,000
110,928,543
Lens
Technology
Co.
Ltd.
,
Class
A
.............
4,033,815
20,623,396
Lepu
Biopharma
Co.
Ltd.
,
Class
H
(a)
(b)
...........
12,382,000
7,151,288
Li
Auto,
Inc.
,
Class
A
(a)
(c)
....................
13,979,404
122,741,587
Li
Ning
Co.
Ltd.
..........................
25,482,500
73,015,072
Lifetech
Scientific
Corp.
(a)
...................
41,820,000
8,757,488
Lingbao
Gold
Group
Co.
Ltd.
,
Class
H
(c)
..........
5,338,600
18,356,734
Lingyi
iTech
Guangdong
Co.
,
Class
A
...........
5,970,933
13,351,205
LK
Technology
Holdings
Ltd.
(c)
................
5,657,500
2,423,866
Longfor
Group
Holdings
Ltd.
(b)
(c)
...............
23,034,500
29,164,005
LONGi
Green
Energy
Technology
Co.
Ltd.
,
Class
A
(a)
.
5,373,849
14,331,726
Lonking
Holdings
Ltd.
......................
29,953,000
13,073,268
Lufax
Holding
Ltd.
,
ADR
(a)
...................
2,836,099
7,373,857
Luxshare
Precision
Industry
Co.
Ltd.
,
Class
A
......
4,898,889
35,722,051
Luye
Pharma
Group
Ltd.
(a)
(b)
..................
24,911,500
8,239,311
Luzhou
Laojiao
Co.
Ltd.
,
Class
A
..............
1,062,865
17,099,405
Mango
Excellent
Media
Co.
Ltd.
,
Class
A
.........
1,750,885
6,237,920
Maoyan
Entertainment
(b)
(c)
...................
7,136,000
5,806,970
Maxscend
Microelectronics
Co.
Ltd.
,
Class
A
......
456,212
5,326,697
Medlive
Technology
Co.
Ltd.
(b)
(c)
...............
3,408,500
3,915,010
Meitu,
Inc.
(a)
(b)
...........................
41,234,500
29,701,166
Meituan
,
Class
B
(a)
(b)
.......................
55,192,760
568,319,667
Metallurgical
Corp.
of
China
Ltd.
,
Class
A
.........
15,065,600
7,041,421
MH
Development
Ltd.
,
NVS
(a)
(d)
...............
3,308,000
4
Microport
Scientific
Corp.
(a)
(c)
.................
11,207,900
15,663,329
Security
Shares
Value
a
China
(continued)
Midea
Group
Co.
Ltd.
,
Class
A
................
2,284,900
$
26,163,751
Midea
Group
Co.
Ltd.
,
Class
H
................
4,605,500
53,309,769
Ming
Yuan
Cloud
Group
Holdings
Ltd.
(a)
..........
12,653,000
4,180,224
MINISO
Group
Holding
Ltd.
..................
5,551,904
25,171,024
Minth
Group
Ltd.
.........................
8,398,000
46,942,864
MMG
Ltd.
(a)
.............................
46,535,198
63,891,741
Montage
Technology
Co.
Ltd.
,
Class
A
...........
840,800
19,983,171
Muyuan
Foods
Co.
Ltd.
,
Class
A
...............
3,565,783
24,370,636
NARI
Technology
Co.
Ltd.
,
Class
A
.............
4,337,980
17,252,275
National
Silicon
Industry
Group
Co.
Ltd.
,
Class
A
(a)
..
2,822,000
8,912,191
NAURA
Technology
Group
Co.
Ltd.
,
Class
A
.......
476,501
32,714,399
NetDragon
Websoft
Holdings
Ltd.
..............
3,720,000
4,281,454
NetEase
Cloud
Music,
Inc.
(a)
(b)
(c)
...............
1,088,450
21,461,940
NetEase,
Inc.
...........................
19,258,335
433,797,450
New
China
Life
Insurance
Co.
Ltd.
,
Class
A
.......
1,137,301
12,510,564
New
China
Life
Insurance
Co.
Ltd.
,
Class
H
.......
10,698,000
75,284,077
New
Hope
Liuhe
Co.
Ltd.
,
Class
A
.............
4,875,244
6,187,119
New
Horizon
Health
Ltd.
(a)
(b)
(c)
(d)
................
2,592,000
2,810,866
New
Oriental
Education
&
Technology
Group,
Inc.
...
14,809,990
81,450,391
Newborn
Town,
Inc.
(a)
......................
6,782,000
8,173,690
Nexchip
Semiconductor
Corp.
,
Class
A
..........
1,485,351
7,684,849
Nexteer
Automotive
Group
Ltd.
...............
10,671,000
10,166,715
Nine
Dragons
Paper
Holdings
Ltd.
(a)
............
19,892,000
22,376,153
Ningbo
Deye
Technology
Co.
Ltd.
,
Class
A
........
760,266
11,566,606
Ningbo
Orient
Wires
&
Cables
Co.
Ltd.
,
Class
A
....
577,000
4,974,515
Ningbo
Sanxing
Medical
Electric
Co.
Ltd.
,
Class
A
...
1,507,000
5,780,183
Ningbo
Tuopu
Group
Co.
Ltd.
,
Class
A
..........
1,336,833
13,167,409
Ningxia
Baofeng
Energy
Group
Co.
Ltd.
,
Class
A
...
5,520,226
19,246,193
NIO,
Inc.
,
Class
A
(a)
(c)
......................
20,880,515
103,221,044
Noah
Holdings
Ltd.
,
ADR
...................
492,586
5,822,367
Nongfu
Spring
Co.
Ltd.
,
Class
H
(b)
..............
22,434,000
135,349,287
OFILM
Group
Co.
Ltd.
,
Class
A
(a)
..............
3,293,900
4,710,717
OmniVision
Integrated
Circuits
Group,
Inc.
........
797,099
14,256,970
Onewo,
Inc.
,
Class
H
......................
2,732,500
6,644,230
Orient
Overseas
International
Ltd.
(c)
............
1,384,000
26,432,091
Orient
Securities
Co.
Ltd./China
,
Class
A
.........
6,269,967
9,229,365
PDD
Holdings,
Inc.
,
ADR
(a)
..................
7,858,595
815,172,059
People's
Insurance
Co.
Group
of
China
Ltd.
(The)
,
Class
A
..............................
3,035,000
3,787,311
People's
Insurance
Co.
Group
of
China
Ltd.
(The)
,
Class
H
.............................
102,641,000
83,845,010
PetroChina
Co.
Ltd.
,
Class
A
.................
13,089,737
20,747,703
PetroChina
Co.
Ltd.
,
Class
H
.................
234,382,000
285,470,530
Phancy
Group
Co.
Ltd.
,
Class
H
(a)
(c)
.............
2,070,800
10,503,705
Pharmaron
Beijing
Co.
Ltd.
,
Class
A
............
1,849,521
7,971,265
PICC
Property
&
Casualty
Co.
Ltd.
,
Class
H
.......
75,291,040
155,351,350
Ping
An
Bank
Co.
Ltd.
,
Class
A
................
10,832,436
17,203,853
Ping
An
Healthcare
and
Technology
Co.
Ltd.
(a)
(b)
(c)
...
10,164,300
17,071,292
Ping
An
Insurance
Group
Co
of
China
Ltd.
,
Class
A
..
6,512,354
59,812,950
Ping
An
Insurance
Group
Co
of
China
Ltd.
,
Class
H
..
74,480,500
644,303,907
Piotech,
Inc.
,
Class
A
......................
220,488
11,845,717
Poly
Developments
and
Holdings
Group
Co.
Ltd.
,
Class
A
..................................
6,564,111
6,501,475
Poly
Property
Group
Co.
Ltd.
.................
27,182,000
7,320,999
Poly
Property
Services
Co.
Ltd.
,
Class
H
.........
1,826,000
7,462,545
Pony
AI,
Inc.
,
Class
A
(a)
.....................
2,137,600
32,377,943
Pop
Mart
International
Group
Ltd.
(b)
(c)
............
6,015,800
177,002,533
Postal
Savings
Bank
of
China
Co.
Ltd.
,
Class
A
.....
17,749,200
12,855,207
Postal
Savings
Bank
of
China
Co.
Ltd.
,
Class
H
(b)
...
96,680,000
60,836,642
Power
Construction
Corp.
of
China
Ltd.
,
Class
A
....
12,484,958
10,418,034
Q
Technology
Group
Co.
Ltd.
.................
5,346,000
6,046,088
Qfin
Holdings,
Inc.
,
ADR
....................
1,134,534
16,518,815
Qinghai
Salt
Lake
Industry
Co.
Ltd.
,
Class
A
(a)
......
4,206,301
23,312,162
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
Core
MSCI
Emerging
Markets
ETF
(Percentages
shown
are
based
on
Net
Assets)
8
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
China
(continued)
Range
Intelligent
Computing
Technology
Group
Co.
Ltd.
,
Class
A
..........................
1,112,216
$
16,694,637
Remegen
Co.
Ltd.
,
Class
H
(a)
(b)
(c)
...............
2,157,000
22,081,026
RLX
Technology,
Inc.
,
ADR
..................
4,054,222
9,811,217
RoboSense
Technology
Co.
Ltd.
(a)
(c)
............
3,392,800
15,589,040
Rockchip
Electronics
Co.
Ltd.
,
Class
A
..........
315,400
8,244,300
Rongsheng
Petrochemical
Co.
Ltd.
,
Class
A
.......
6,853,745
15,566,671
SAIC
Motor
Corp.
Ltd.
,
Class
A
...............
5,226,890
10,900,637
Sailun
Group
Co.
Ltd.
,
Class
A
................
3,059,400
7,002,342
Sanan
Optoelectronics
Co.
Ltd.
,
Class
A
.........
4,106,300
9,975,018
Sany
Heavy
Equipment
International
Holdings
Co.
Ltd.
13,570,000
27,287,806
Sany
Heavy
Industry
Co.
Ltd.
,
Class
A
...........
4,816,515
16,231,947
Satellite
Chemical
Co.
Ltd.
,
Class
A
............
2,743,607
9,337,002
SDIC
Capital
Co.
Ltd.
,
Class
A
................
6,701,214
7,279,851
SDIC
Power
Holdings
Co.
Ltd.
,
Class
A
..........
5,671,000
10,950,616
Seazen
Group
Ltd.
(a)
.......................
26,620,000
7,805,004
SenseTime
Group,
Inc.
,
Class
B
(a)
(b)
............
324,104,000
106,054,432
Seres
Group
Co.
Ltd.
,
Class
A
................
1,228,087
19,191,104
SF
Holding
Co.
Ltd.
,
Class
A
.................
2,924,792
16,132,405
SG
Micro
Corp.
,
Class
A
....................
463,135
4,643,939
Shaanxi
Coal
Industry
Co.
Ltd.
,
Class
A
..........
6,207,681
21,430,538
Shandong
BoAn
Biotechnology
Co.
Ltd.
,
Class
H
(a)
(c)
.
3,299,400
3,125,020
Shandong
Gold
Mining
Co.
Ltd.
,
Class
A
.........
2,463,386
17,066,495
Shandong
Gold
Mining
Co.
Ltd.
,
Class
H
(b)
........
10,425,000
54,999,453
Shandong
Hongqiao
Aluminum
Industry
Holding
Co.
Ltd.
,
Class
A
(a)
.........................
2,141,600
9,120,962
Shandong
Hualu
Hengsheng
Chemical
Co.
Ltd.
,
Class
A
..................................
1,792,099
10,072,813
Shandong
Nanshan
Aluminum
Co.
Ltd.
,
Class
A
....
10,036,700
10,344,305
Shandong
Weigao
Group
Medical
Polymer
Co.
Ltd.
,
Class
H
.............................
27,396,000
17,825,386
Shanghai
Baosight
Software
Co.
Ltd.
,
Class
A
.....
1,972,889
6,944,429
Shanghai
BOCHU
Electronic
Technology
Corp.
Ltd.
,
Class
A
..............................
263,192
5,811,238
Shanghai
Chicmax
Cosmetic
Co.
Ltd.
,
Class
H
(c)
....
889,100
6,838,128
Shanghai
Chlor-Alkali
Chemical
Co.
Ltd.
,
Class
B
...
9,628,509
7,206,712
Shanghai
Conant
Optical
Co.
Ltd.
,
Class
H
(c)
......
2,160,900
17,033,003
Shanghai
Electric
Group
Co.
Ltd.
,
Class
A
(a)
.......
8,830,700
11,689,563
Shanghai
Electric
Power
Co.
Ltd.
,
Class
A
........
2,359,300
7,513,749
Shanghai
Fosun
Pharmaceutical
Group
Co.
Ltd.
,
Class
A
..................................
2,043,331
7,873,797
Shanghai
Industrial
Holdings
Ltd.
..............
7,190,000
14,097,222
Shanghai
International
Airport
Co.
Ltd.
,
Class
A
.....
1,032,991
4,589,900
Shanghai
MicroPort
MedBot
Group
Co.
Ltd.
,
Class
H
(a)
4,476,500
15,928,259
Shanghai
Pharmaceuticals
Holding
Co.
Ltd.
,
Class
A
.
1,821,700
4,562,020
Shanghai
Pudong
Development
Bank
Co.
Ltd.
,
Class
A
20,271,006
28,704,294
Shanghai
Putailai
New
Energy
Technology
Group
Co.
Ltd.
................................
1,768,018
7,319,476
Shanghai
RAAS
Blood
Products
Co.
Ltd.
,
Class
A
...
5,125,934
4,697,030
Shanghai
Rural
Commercial
Bank
Co.
Ltd.
,
Class
A
..
7,813,700
9,577,999
Shanghai
United
Imaging
Healthcare
Co.
Ltd.
,
Class
A
595,224
11,315,173
Shanghai
Zhangjiang
High-Tech
Park
Development
Co.
Ltd.
,
Class
A
..........................
1,021,500
6,138,650
Shanjin
International
Gold
Co.
Ltd.
,
Class
A
.......
1,948,400
8,834,438
Shanxi
Coking
Coal
Energy
Group
Co.
Ltd.
,
Class
A
.
7,725,900
8,260,091
Shanxi
Lu'an
Environmental
Energy
Development
Co.
Ltd.
,
Class
A
..........................
2,942,400
6,385,847
Shanxi
Xinghuacun
Fen
Wine
Factory
Co.
Ltd.
,
Class
A
759,339
17,816,816
Shengyi
Technology
Co.
Ltd.
,
Class
A
...........
2,020,708
20,330,360
Shennan
Circuits
Co.
Ltd.
,
Class
A
.............
515,562
21,409,956
Shenwan
Hongyuan
Group
Co.
Ltd.
,
Class
A
......
18,719,537
13,656,449
Shenzhen
Envicool
Technology
Co.
Ltd.
,
Class
A
...
634,800
9,992,319
Shenzhen
Goodix
Technology
Co.
Ltd.
,
Class
A
....
422,648
4,812,143
Shenzhen
Inovance
Technology
Co.
Ltd.
,
Class
A
...
1,128,085
11,969,703
Shenzhen
International
Holdings
Ltd.
...........
13,959,250
16,262,010
Security
Shares
Value
a
China
(continued)
Shenzhen
Investment
Ltd.
(a)
(c)
.................
36,060,000
$
3,868,378
Shenzhen
Longsys
Electronics
Co.
Ltd.
,
Class
A
(a)
...
280,100
11,869,373
Shenzhen
Mindray
Bio-Medical
Electronics
Co.
Ltd.
,
Class
A
..............................
699,146
18,925,815
Shenzhen
New
Industries
Biomedical
Engineering
Co.
Ltd.
,
Class
A
..........................
630,700
4,813,086
Shenzhen
Salubris
Pharmaceuticals
Co.
Ltd.
,
Class
A
1,016,100
7,273,249
Shenzhen
Transsion
Holdings
Co.
Ltd.
,
Class
A
....
999,178
8,400,360
Shenzhou
International
Group
Holdings
Ltd.
.......
8,932,900
71,838,907
Shoucheng
Holdings
Ltd.
(c)
..................
34,884,800
9,787,006
Shougang
Fushan
Resources
Group
Ltd.
.........
28,076,000
12,080,469
Shui
On
Land
Ltd.
........................
63,488,666
5,342,970
Sichuan
Changhong
Electric
Co.
Ltd.
,
Class
A
.....
3,579,500
5,385,274
Sichuan
Chuantou
Energy
Co.
Ltd.
,
Class
A
.......
4,238,878
8,918,505
Sichuan
Kelun
Pharmaceutical
Co.
Ltd.
,
Class
A
....
1,425,520
6,338,220
Sichuan
Kelun-Biotech
Biopharmaceutical
Co.
Ltd.
,
Class
H
(a)
(c)
...........................
577,600
28,480,734
Sichuan
Road
and
Bridge
Group
Co.
Ltd.
,
Class
A
...
5,813,152
8,422,095
Sihuan
Pharmaceutical
Holdings
Group
Ltd.
(c)
......
62,429,000
12,388,929
Simcere
Pharmaceutical
Group
Ltd.
(b)
...........
11,543,000
18,350,246
Sino
Biopharmaceutical
Ltd.
.................
114,336,000
88,168,213
Sinofert
Holdings
Ltd.
......................
34,616,000
8,217,484
Sinolink
Securities
Co.
Ltd.
,
Class
A
............
5,706,900
7,584,643
Sinopec
Engineering
Group
Co.
Ltd.
,
Class
H
......
18,762,000
18,969,524
Sinopec
Kantons
Holdings
Ltd.
................
17,430,000
9,615,492
Sinopharm
Group
Co.
Ltd.
,
Class
H
............
13,707,200
36,955,165
Sinotruk
Hong
Kong
Ltd.
....................
7,421,000
39,066,187
Skyworth
Group
Ltd.
(a)
.....................
9,878,000
8,844,428
SMI
Holdings
Group
Ltd.
,
NVS
(a)
(c)
(d)
............
11,875,953
15
Smoore
International
Holdings
Ltd.
(b)
............
21,055,000
31,820,196
SooChow
Securities
Co.
Ltd.
,
Class
A
...........
8,142,340
11,013,593
Spring
Airlines
Co.
Ltd.
,
Class
A
...............
810,910
6,503,429
SSY
Group
Ltd.
(c)
.........................
16,196,411
5,592,599
Sun
Art
Retail
Group
Ltd.
(c)
..................
29,982,000
6,283,305
Sunac
China
Holdings
Ltd.
(a)
(c)
................
102,667,837
16,334,299
Sunac
Services
Holdings
Ltd.
(b)
(c)
..............
15,106,000
2,560,692
Sungrow
Power
Supply
Co.
Ltd.
,
Class
A
.........
1,406,984
29,540,040
Sunny
Optical
Technology
Group
Co.
Ltd.
........
7,867,300
58,177,954
Sunshine
Lake
Pharma
Co.
Ltd.
,
Class
H
(a)
(c)
......
952,854
5,225,022
Sunwoda
Electronic
Co.
Ltd.
,
Class
A
...........
1,777,300
6,740,193
SUPCON
Technology
Co.
Ltd.
,
Class
A
..........
644,106
7,523,300
Superb
Summit
International
Group
Ltd.
,
NVS
(a)
(d)
...
998,771
1
Suzhou
Dongshan
Precision
Manufacturing
Co.
Ltd.
,
Class
A
..............................
1,342,458
16,642,389
Suzhou
TFC
Optical
Communication
Co.
Ltd.
,
Class
A
546,596
29,216,371
SY
Holdings
Group
Ltd.
(c)
...................
7,430,500
10,084,722
TAL
Education
Group
,
ADR
(a)
.................
4,635,090
48,807,498
TBEA
Co.
Ltd.
,
Class
A
.....................
3,863,687
17,071,240
TCL
Electronics
Holdings
Ltd.
................
12,070,000
18,890,279
TCL
Technology
Group
Corp.
,
Class
A
...........
16,204,512
11,718,030
TCL
Zhonghuan
Renewable
Energy
Technology
Co.
Ltd.
,
Class
A
(a)
.........................
3,148,838
4,727,370
Tencent
Holdings
Ltd.
......................
70,575,200
4,643,412,444
Tencent
Music
Entertainment
Group
,
ADR
........
6,415,464
93,665,774
Tiangong
International
Co.
Ltd.
(c)
..............
17,808,000
9,587,175
Tianli
International
Holdings
Ltd.
(c)
..............
17,387,000
5,556,088
Tianneng
Power
International
Ltd.
(c)
............
8,652,000
8,236,061
Tianqi
Lithium
Corp.
,
Class
A
(a)
................
1,208,297
9,963,879
Tianshan
Aluminum
Group
Co.
Ltd.
,
Class
A
.......
4,139,640
10,649,513
Tianshui
Huatian
Technology
Co.
Ltd.
,
Class
A
.....
3,256,136
7,187,871
Tingyi
Cayman
Islands
Holding
Corp.
...........
21,610,000
36,087,612
Tong
Ren
Tang
Technologies
Co.
Ltd.
,
Class
H
(c)
....
8,473,000
4,738,955
Tongcheng
Travel
Holdings
Ltd.
(c)
..............
14,734,800
38,816,572
TongFu
Microelectronics
Co.
Ltd.
,
Class
A
........
1,107,500
8,366,393
iShares
®
Core
MSCI
Emerging
Markets
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
(Percentages
shown
are
based
on
Net
Assets)
9
Schedule
of
Investments
Security
Shares
Value
a
China
(continued)
Tongguan
Gold
Group
Ltd.
..................
23,180,000
$
11,568,095
Tongling
Nonferrous
Metals
Group
Co.
Ltd.
,
Class
A
.
11,529,300
13,314,450
Tongwei
Co.
Ltd.
,
Class
A
(a)
..................
3,075,277
8,075,180
Topsports
International
Holdings
Ltd.
(b)
...........
24,191,000
9,702,537
Towngas
Smart
Energy
Co.
Ltd.
(a)
(c)
.............
14,219,000
7,049,557
TravelSky
Technology
Ltd.
,
Class
H
............
10,749,000
14,709,323
Trina
Solar
Co.
Ltd.
,
Class
A
(a)
................
2,001,016
5,565,218
Trip.com
Group
Ltd.
.......................
6,890,091
357,582,733
Tsingtao
Brewery
Co.
Ltd.
,
Class
A
.............
287,994
2,620,815
Tsingtao
Brewery
Co.
Ltd.
,
Class
H
.............
6,984,000
47,250,044
Tuya,
Inc.
,
Class
A
,
ADR
....................
3,187,376
8,127,809
UBTech
Robotics
Corp.
Ltd.
,
Class
H
(a)
(c)
.........
2,406,950
37,177,830
Unigroup
Guoxin
Microelectronics
Co.
Ltd.
,
Class
A
..
653,333
7,578,375
Unisplendour
Corp.
Ltd.
,
Class
A
..............
2,581,619
9,744,469
Up
Fintech
Holding
Ltd.
,
Class
A
,
ADR
(a)
.........
1,277,789
9,992,310
Verisilicon
Microelectronics
Shanghai
Co.
Ltd.
,
Class
A
(a)
.................................
344,399
13,903,625
Victory
Giant
Technology
Huizhou
Co.
Ltd.
,
Class
A
..
611,200
27,095,607
Vipshop
Holdings
Ltd.
,
ADR
..................
3,491,900
60,828,898
Vnet
Group,
Inc.
,
Class
A
,
ADR
(a)
(c)
.............
1,565,444
16,875,486
Wanhua
Chemical
Group
Co.
Ltd.
,
Class
A
........
1,891,375
25,600,328
Want
Want
China
Holdings
Ltd.
...............
52,670,000
32,988,598
Wasion
Holdings
Ltd.
......................
4,806,000
17,033,370
Weibo
Corp.
,
Class
A
......................
937,089
9,354,365
Weichai
Power
Co.
Ltd.
,
Class
A
...............
4,097,414
16,611,868
Weichai
Power
Co.
Ltd.
,
Class
H
..............
21,835,000
90,862,156
Weimob,
Inc.
(a)
(b)
(c)
........................
40,210,000
9,879,801
Wens
Foodstuff
Group
Co.
Ltd.
,
Class
A
.........
5,042,841
11,745,571
West
China
Cement
Ltd.
....................
26,838,000
10,341,105
Western
Mining
Co.
Ltd.
,
Class
A
..............
2,003,900
10,110,234
Western
Securities
Co.
Ltd.
,
Class
A
............
7,133,591
8,310,764
Western
Superconducting
Technologies
Co.
Ltd.
,
Class
A
..................................
713,162
9,368,540
Wingtech
Technology
Co.
Ltd.
,
Class
A
(a)
.........
1,323,085
6,460,329
Wuhan
Guide
Infrared
Co.
Ltd.
,
Class
A
(a)
........
4,897,542
11,089,973
Wuliangye
Yibin
Co.
Ltd.
,
Class
A
..............
2,439,481
36,961,916
WUS
Printed
Circuit
Kunshan
Co.
Ltd.
,
Class
A
.....
1,633,896
19,845,682
WuXi
AppTec
Co.
Ltd.
,
Class
A
................
1,969,379
28,134,018
WuXi
AppTec
Co.
Ltd.
,
Class
H
(b)
(c)
.............
4,059,507
61,608,091
Wuxi
Biologics
Cayman,
Inc.
(a)
(b)
...............
38,920,000
199,824,111
WuXi
XDC
Cayman,
Inc.
(a)
...................
4,387,000
35,441,019
XCMG
Construction
Machinery
Co.
Ltd.
,
Class
A
....
9,211,459
16,445,377
XD,
Inc.
...............................
3,562,600
33,522,630
Xiaomi
Corp.
,
Class
B
(a)
(b)
...................
190,560,800
842,833,370
Xinjiang
Daqo
New
Energy
Co.
Ltd.
,
Class
A
(a)
.....
1,627,050
5,665,344
Xinyi
Solar
Holdings
Ltd.
....................
48,110,800
21,196,770
XPeng,
Inc.
,
Class
A
(a)
.....................
13,936,350
122,173,358
XtalPi
Holdings
Ltd.
(a)
(c)
.....................
18,984,000
25,037,415
Xtep
International
Holdings
Ltd.
...............
16,547,500
11,249,546
XXF
Group
Holdings
Ltd.
(a)
(c)
.................
18,532,500
2,845,534
Yadea
Group
Holdings
Ltd.
(b)
.................
13,544,000
19,711,562
Yangtze
Optical
Fibre
&
Cable
Joint
Stock
Ltd.
Co.
,
Class
H
(b)
............................
4,372,500
83,164,353
Yankuang
Energy
Group
Co.
Ltd.
,
Class
A
........
3,658,326
9,448,408
Yankuang
Energy
Group
Co.
Ltd.
,
Class
H
........
36,368,700
64,998,213
Yantai
Jereh
Oilfield
Services
Group
Co.
Ltd.
,
Class
A
877,168
14,993,112
Yealink
Network
Technology
Corp.
Ltd.
,
Class
A
....
1,450,561
7,933,155
Yidu
Tech,
Inc.
(a)
(b)
(c)
.......................
8,992,500
6,827,680
Yihai
International
Holding
Ltd.
(c)
...............
5,771,000
12,010,762
Yixin
Group
Ltd.
(b)
(c)
.......................
24,840,500
8,745,162
Yonyou
Network
Technology
Co.
Ltd.
,
Class
A
(a)
....
3,102,283
6,425,967
Youyuan
International
Holdings
Ltd.
,
NVS
(a)
(c)
(d)
.....
4,800,100
6
YTO
Express
Group
Co.
Ltd.
,
Class
A
...........
2,724,047
7,777,472
Yuexiu
Property
Co.
Ltd.
(c)
...................
15,705,576
9,200,557
Security
Shares
Value
a
China
(continued)
Yuexiu
Real
Estate
Investment
Trust
............
35,910,751
$
3,947,548
Yuexiu
Transport
Infrastructure
Ltd.
.............
14,744,000
8,659,445
Yum
China
Holdings,
Inc.
...................
3,976,497
219,993,316
Yunnan
Aluminium
Co.
Ltd.
,
Class
A
............
3,281,053
14,890,809
Yunnan
Baiyao
Group
Co.
Ltd.
,
Class
A
..........
1,113,398
9,097,107
Yunnan
Yuntianhua
Co.
Ltd.
,
Class
A
...........
1,739,300
11,237,242
Yutong
Bus
Co.
Ltd.
,
Class
A
.................
1,814,300
7,851,296
Zai
Lab
Ltd.
(a)
(c)
..........................
11,897,790
22,584,365
Zangge
Mining
Co.
Ltd.
,
Class
A
...............
1,436,546
17,990,115
Zhangzhou
Pientzehuang
Pharmaceutical
Co.
Ltd.
,
Class
A
..............................
389,544
9,268,409
Zhaojin
Mining
Industry
Co.
Ltd.
,
Class
H
.........
19,445,500
85,716,015
Zhejiang
Century
Huatong
Group
Co.
Ltd.
,
Class
A
(a)
.
4,828,600
12,956,780
Zhejiang
China
Commodities
City
Group
Co.
Ltd.
,
Class
A
..............................
3,704,920
8,031,160
Zhejiang
Chint
Electrics
Co.
Ltd.
,
Class
A
.........
1,824,548
8,776,399
Zhejiang
Dahua
Technology
Co.
Ltd.
,
Class
A
......
3,663,758
10,270,405
Zhejiang
Huayou
Cobalt
Co.
Ltd.
,
Class
A
........
1,617,947
18,500,347
Zhejiang
Jingsheng
Mechanical
&
Electrical
Co.
Ltd.
,
Class
A
..............................
941,194
7,633,483
Zhejiang
Juhua
Co.
Ltd.
,
Class
A
..............
2,198,600
13,306,971
Zhejiang
Leapmotor
Technology
Co.
Ltd.
,
Class
H
(a)
(b)
(c)
6,056,900
31,589,009
Zhejiang
NHU
Co.
Ltd.
,
Class
A
...............
2,885,534
13,239,118
Zhejiang
Sanhua
Intelligent
Controls
Co.
Ltd.
,
Class
A
1,495,700
11,120,600
Zhejiang
Weiming
Environment
Protection
Co.
Ltd.
,
Class
A
..............................
2,164,873
8,884,328
Zhejiang
Zheneng
Electric
Power
Co.
Ltd.
,
Class
A
..
9,346,400
7,260,402
Zheshang
Securities
Co.
Ltd.
,
Class
A
...........
5,708,100
8,868,418
ZhongAn
Online
P&C
Insurance
Co.
Ltd.
,
Class
H
(a)
(b)
11,591,400
22,636,420
Zhongji
Innolight
Co.
Ltd.
,
Class
A
.............
762,768
59,041,401
Zhongjin
Gold
Corp.
Ltd.
,
Class
A
..............
3,439,740
16,031,472
Zhongsheng
Group
Holdings
Ltd.
(c)
.............
8,193,000
10,828,779
Zhongtai
Securities
Co.
Ltd.
,
Class
A
............
9,233,800
8,619,924
Zhuzhou
CRRC
Times
Electric
Co.
Ltd.
,
Class
H
....
5,864,200
33,200,429
Zijin
Mining
Group
Co.
Ltd.
,
Class
A
............
13,952,050
80,501,144
Zijin
Mining
Group
Co.
Ltd.
,
Class
H
............
65,912,000
377,271,007
Zoomlion
Heavy
Industry
Science
and
Technology
Co.
Ltd.
,
Class
A
..........................
6,257,694
9,101,866
ZTE
Corp.
,
Class
A
.......................
2,443,139
13,735,051
ZTE
Corp.
,
Class
H
(c)
......................
8,907,840
30,864,141
ZTO
Express
Cayman,
Inc.
(c)
.................
4,603,579
111,142,366
32,959,269,463
a
Colombia
 — 
0
.1
%
Cementos
Argos
SA
.......................
7,082,789
22,464,070
Grupo
Argos
SA
..........................
3,723,430
16,374,359
Grupo
Cibest
SA
.........................
2,831,370
61,894,714
Grupo
de
Inversiones
Suramericana
SA
.........
453,077
6,544,982
Interconexion
Electrica
SA
ESP
...............
5,408,740
39,642,950
146,921,075
a
Czech
Republic
 — 
0
.1
%
CEZ
A.S.
..............................
1,573,527
89,386,633
Komercni
Banka
A.S.
......................
889,090
50,964,418
Moneta
Money
Bank
A.S.
(b)
..................
3,045,739
29,301,372
169,652,423
a
Egypt
 — 
0
.1
%
Commercial
International
Bank
-
Egypt
(CIB)
......
26,427,108
73,577,037
Eastern
Co.
SAE
.........................
13,992,968
11,964,790
EFG
Holding
S.A.E.
(a)
......................
14,783,837
8,343,079
E-Finance
for
Digital
&
Financial
Investments
......
11,896,846
5,142,197
Fawry
for
Banking
&
Payment
Technology
Services
SAE
(a)
...............................
18,270,257
7,029,672
Talaat
Moustafa
Group
.....................
7,750,786
14,079,113
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
Core
MSCI
Emerging
Markets
ETF
(Percentages
shown
are
based
on
Net
Assets)
10
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Egypt
(continued)
Telecom
Egypt
Co.
........................
5,108,022
$
9,899,598
130,035,486
a
Greece
 — 
0
.6
%
Aegean
Airlines
SA
.......................
329,247
5,337,605
Aktor
SA
Holding
Company
Technical
And
Energy
Projects
(a)
(c)
...........................
872,041
10,831,013
Alpha
Bank
SA
..........................
17,865,164
78,578,544
Athens
International
Airport
SA
................
431,263
5,829,600
Athens
Water
Supply
&
Sewage
Co.
SA
..........
444,043
4,113,501
Autohellas
Tourist
and
Trading
SA
.............
43,676
656,448
Bally's
Intralot
SA
(a)
(c)
......................
7,501,884
8,341,238
Cenergy
Holdings
SA
(c)
.....................
660,821
17,210,351
Eurobank
SA
............................
28,541,989
132,248,199
FF
Group
(a)
(d)
............................
343,633
4
GEK
TERNA
SA
.........................
609,784
25,979,676
Hellenic
Telecommunications
Organization
SA
.....
1,612,884
33,503,000
HELLENiQ
ENERGY
Holdings
SA
.............
675,973
7,036,809
Holding
Co.
ADMIE
IPTO
SA
.................
1,946,341
7,024,558
JUMBO
SA
.............................
1,314,829
38,560,404
LAMDA
Development
SA
(a)
..................
856,665
7,079,559
Motor
Oil
Hellas
Corinth
Refineries
SA
..........
550,812
23,910,083
National
Bank
of
Greece
SA
.................
9,780,075
159,089,330
OPAP
Holding
SA
........................
2,104,558
39,290,587
Optima
bank
SA
.........................
1,616,733
18,668,623
Piraeus
Bank
SA
(a)
........................
12,648,735
121,359,464
Public
Power
Corp.
SA
.....................
1,958,198
43,822,569
Sarantis
SA
............................
254,153
4,396,498
Titan
SA
...............................
435,827
27,043,368
819,911,031
a
Hong
Kong
 — 
0
.1
%
China
Lumena
New
Materials
Corp.
,
NVS
(a)
(c)
(d)
.....
43,450
China
Metal
Recycling
Holdings
Ltd.
(a)
(d)
..........
62,400
FIH
Mobile
Ltd.
(a)
.........................
3,584,000
10,101,577
Jinchuan
Group
International
Resources
Co.
Ltd.
(a)
(c)
(d)
36,676,000
2,400,249
Precision
Tsugami
China
Corp.
Ltd.
............
1,436,000
8,151,392
Zijin
Gold
International
Co.
Ltd.
(a)
..............
2,522,000
74,409,851
95,063,069
a
Hungary
 — 
0
.3
%
Magyar
Telekom
Telecommunications
PLC
........
4,228,801
28,675,671
MOL
Hungarian
Oil
&
Gas
PLC
...............
4,218,470
46,694,357
OTP
Bank
Nyrt
..........................
2,494,735
307,581,859
Richter
Gedeon
Nyrt
.......................
1,414,500
52,958,790
435,910,677
a
India
 — 
13
.8
%
360
ONE
WAM
Ltd.
.......................
2,225,709
27,035,234
3M
India
Ltd.
............................
38,555
15,900,769
Aarti
Industries
Ltd.
.......................
2,212,149
10,885,595
Aarti
Pharmalabs
Ltd.
......................
700,215
5,581,221
Aavas
Financiers
Ltd.
(a)
.....................
481,775
6,815,522
ABB
India
Ltd.
...........................
580,050
38,746,689
ACC
Ltd.
..............................
1,045,639
18,317,629
Action
Construction
Equipment
Ltd.
............
575,448
5,610,503
Acutaas
Chemicals
Ltd.
....................
608,784
14,450,117
Adani
Enterprises
Ltd.
.....................
1,782,436
42,417,282
Adani
Ports
&
Special
Economic
Zone
Ltd.
........
5,957,532
99,733,162
Adani
Power
Ltd.
(a)
........................
33,375,531
51,492,737
Aditya
Birla
Capital
Ltd.
(a)
...................
8,665,674
32,826,202
Aditya
Birla
Fashion
and
Retail
Ltd.
(a)
...........
7,519,258
5,553,407
Aditya
Birla
Lifestyle
Brands
Ltd.
(a)
.............
4,964,456
5,580,300
Aditya
Birla
Real
Estate
Ltd.
.................
661,957
9,401,172
Aegis
Logistics
Ltd.
.......................
1,710,549
12,958,358
Security
Shares
Value
a
India
(continued)
Afcons
Infrastructure
Ltd.
...................
1,958,122
$
6,290,828
Affle
3i
Ltd.
(a)
............................
914,047
13,845,009
AIA
Engineering
Ltd.
.......................
526,961
22,315,905
Ajanta
Pharma
Ltd.
.......................
561,763
18,515,112
Alembic
Pharmaceuticals
Ltd.
................
766,381
6,003,114
Alkem
Laboratories
Ltd.
....................
483,570
29,988,558
Alkyl
Amines
Chemicals
....................
247,820
4,050,959
Alok
Industries
Ltd.
(a)
......................
17,112,209
2,699,716
Amara
Raja
Energy
&
Mobility
Ltd.
.............
1,286,713
11,958,181
Amber
Enterprises
India
Ltd.
(a)
................
247,899
21,746,435
Ambuja
Cements
Ltd.
......................
6,897,817
37,909,546
Anand
Rathi
Wealth
Ltd.
....................
480,194
16,237,692
Anant
Raj
Ltd.
...........................
1,478,198
8,623,468
Angel
One
Ltd.
..........................
5,078,350
13,044,846
Apar
Industries
Ltd.
.......................
207,618
25,552,585
APL
Apollo
Tubes
Ltd.
.....................
2,088,030
51,344,942
Apollo
Hospitals
Enterprise
Ltd.
...............
1,178,104
101,466,218
Apollo
Tyres
Ltd.
.........................
3,445,782
17,205,904
Aptus
Value
Housing
Finance
India
Ltd.
..........
3,597,022
9,659,127
Archean
Chemical
Industries
Ltd.
..............
671,669
4,259,905
Arvind
Ltd.
.............................
1,626,137
6,304,022
Asahi
India
Glass
Ltd.
......................
832,321
8,247,510
Ashok
Leyland
Ltd.
.......................
33,579,092
77,975,120
Asian
Paints
Ltd.
.........................
4,212,376
110,230,810
Aster
DM
Healthcare
Ltd.
(b)
..................
2,607,272
18,785,577
Astra
Microwave
Products
Ltd.
................
653,743
6,961,244
Astral
Ltd.
..............................
1,416,601
25,998,191
AstraZeneca
Pharma
India
Ltd.
...............
96,642
9,434,242
Atul
Ltd.
...............................
159,556
11,700,701
AU
Small
Finance
Bank
Ltd.
(b)
................
5,618,457
59,158,811
Aurobindo
Pharma
Ltd.
.....................
2,885,642
38,832,705
Authum
Investment
&
Infrastucture
Ltd.
..........
2,260,265
11,983,323
Avanti
Feeds
Ltd.
.........................
609,334
8,647,699
Avenue
Supermarts
Ltd.
(a)
(b)
..................
1,830,527
77,630,817
AvenuesAI
Ltd.
(a)
.........................
17,656,383
3,230,717
AWL
Agri
Business
Ltd.
(a)
...................
4,589,934
9,551,417
Axis
Bank
Ltd.
...........................
24,777,533
377,404,985
Azad
Engineering
Ltd.
(a)
....................
373,703
7,048,491
Bajaj
Auto
Ltd.
...........................
751,298
82,426,404
Bajaj
Electricals
Ltd.
.......................
678,115
2,724,012
Bajaj
Finance
Ltd.
........................
30,913,711
339,034,359
Bajaj
Finserv
Ltd.
.........................
4,299,373
94,286,247
Bajaj
Holdings
&
Investment
Ltd.
..............
325,051
38,642,955
Balkrishna
Industries
Ltd.
...................
896,416
23,523,099
Balrampur
Chini
Mills
Ltd.
...................
2,142,722
11,099,233
Bandhan
Bank
Ltd.
(b)
......................
9,663,021
19,349,626
Bank
of
Baroda
..........................
11,696,568
41,436,398
BASF
India
Ltd.
..........................
167,249
6,352,412
Bata
India
Ltd.
...........................
741,132
6,430,564
Bayer
CropScience
Ltd.
....................
198,734
10,204,743
BEML
Ltd.
.............................
518,286
9,585,199
Bharat
Electronics
Ltd.
.....................
40,930,613
200,414,600
Bharat
Forge
Ltd.
.........................
2,870,107
60,424,466
Bharat
Heavy
Electricals
Ltd.
.................
11,798,983
34,381,507
Bharat
Petroleum
Corp.
Ltd.
.................
16,786,295
71,115,908
Bharti
Airtel
Ltd.
..........................
28,332,295
586,613,879
Biocon
Ltd.
.............................
5,935,908
25,490,041
Birla
Corp.
Ltd.
..........................
424,571
4,667,644
Birlasoft
Ltd.
............................
2,086,126
8,964,256
BlackBuck
Ltd.
(a)
.........................
1,297,192
8,317,380
BLS
International
Services
Ltd.
...............
2,134,126
6,553,909
Blue
Dart
Express
Ltd.
.....................
95,566
5,971,546
Blue
Star
Ltd.
...........................
1,520,913
32,415,422
Borosil
Renewables
Ltd.
(a)
...................
922,523
4,625,303
iShares
®
Core
MSCI
Emerging
Markets
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
(Percentages
shown
are
based
on
Net
Assets)
11
Schedule
of
Investments
Security
Shares
Value
a
India
(continued)
Bosch
Ltd.
.............................
88,083
$
35,279,687
Brigade
Enterprises
Ltd.
....................
1,594,802
12,172,484
Britannia
Industries
Ltd.
....................
1,207,266
79,653,911
Brookfield
India
Real
Estate
Trust
(b)
.............
4,573,415
18,560,621
BSE
Ltd.
..............................
1,743,584
52,020,090
Can
Fin
Homes
Ltd.
.......................
1,320,148
12,259,868
Canara
Bank
............................
19,976,746
34,583,988
Carborundum
Universal
Ltd.
.................
1,274,930
11,561,313
Cartrade
Tech
Ltd.
(a)
.......................
564,692
11,183,461
Castrol
India
Ltd.
.........................
4,455,604
9,157,528
CCL
Products
India
Ltd.
....................
898,759
10,046,475
Ceat
Ltd.
..............................
319,755
12,416,930
Central
Depository
Services
India
Ltd.
...........
1,225,622
17,170,217
Century
Plyboards
India
Ltd.
.................
731,355
5,915,134
CESC
Ltd.
.............................
8,458,921
14,715,345
CG
Power
&
Industrial
Solutions
Ltd.
............
7,856,464
62,635,964
Chalet
Hotels
Ltd.
........................
1,012,537
8,997,514
Chambal
Fertilisers
and
Chemicals
Ltd.
..........
2,144,318
10,894,935
Chennai
Petroleum
Corp.
Ltd.
................
723,370
7,652,447
Cholamandalam
Financial
Holdings
Ltd.
.........
1,209,026
21,739,036
Cholamandalam
Investment
and
Finance
Co.
Ltd.
...
4,749,505
90,492,306
CIE
Automotive
India
Ltd.
...................
1,836,979
9,537,963
Cipla
Ltd.
..............................
6,155,554
91,409,808
City
Union
Bank
Ltd.
.......................
5,725,842
17,823,050
Clean
Science
&
Technology
Ltd.
..............
392,862
3,178,300
CMS
Info
Systems
Ltd.
.....................
1,709,727
5,705,589
Coal
India
Ltd.
...........................
20,143,281
95,428,442
Coforge
Ltd.
............................
3,596,511
47,083,472
Cohance
Lifesciences
Ltd.
(a)
.................
1,451,822
4,946,320
Colgate-Palmolive
India
Ltd.
.................
1,347,350
33,411,645
Computer
Age
Management
Services
Ltd.
........
2,763,073
20,618,430
Concord
Biotech
Ltd.
......................
222,906
2,997,512
Container
Corp.
Of
India
Ltd.
.................
2,929,914
15,978,804
Coromandel
International
Ltd.
................
1,349,692
32,962,023
Craftsman
Automation
Ltd.
..................
156,948
12,983,506
CreditAccess
Grameen
Ltd.
(a)
.................
682,611
9,506,596
CRISIL
Ltd.
.............................
230,580
11,095,480
Crompton
Greaves
Consumer
Electricals
Ltd.
......
7,347,590
20,859,772
Cummins
India
Ltd.
.......................
1,605,558
86,582,707
Cyient
Ltd.
.............................
1,068,845
10,776,334
Dabur
India
Ltd.
..........................
5,969,305
34,042,163
Data
Patterns
India
Ltd.
....................
367,254
12,962,718
Deepak
Fertilisers
&
Petrochemicals
Corp.
Ltd.
.....
878,336
9,627,638
Deepak
Nitrite
Ltd.
........................
733,647
12,742,403
Delhivery
Ltd.
(a)
..........................
5,911,005
28,185,454
Devyani
International
Ltd.
(a)
..................
5,950,288
8,346,980
Divi's
Laboratories
Ltd.
.....................
1,322,766
93,363,646
Dixon
Technologies
India
Ltd.
................
411,915
47,751,113
DLF
Ltd.
...............................
8,332,864
55,368,120
Dodla
Dairy
Ltd.
..........................
233,694
3,003,909
Dr
Lal
PathLabs
Ltd.
(b)
.....................
869,746
13,425,817
Dr
Reddy's
Laboratories
Ltd.
.................
5,943,316
84,334,029
eClerx
Services
Ltd.
.......................
266,927
9,323,646
Edelweiss
Financial
Services
Ltd.
..............
7,334,967
9,230,573
Eicher
Motors
Ltd.
........................
1,521,077
134,033,976
EID
Parry
India
Ltd.
(a)
......................
1,306,844
12,444,384
EIH
Ltd.
...............................
2,920,960
10,066,627
Elecon
Engineering
Co.
Ltd.
.................
982,804
4,501,773
Electrosteel
Castings
Ltd.
...................
3,786,866
2,880,551
Elgi
Equipments
Ltd.
......................
2,399,908
14,125,792
Emami
Ltd.
.............................
2,367,822
12,051,876
Embassy
Office
Parks
REIT
..................
9,324,875
43,600,495
Endurance
Technologies
Ltd.
(b)
................
494,609
14,502,582
Engineers
India
Ltd.
.......................
4,016,416
9,797,241
Security
Shares
Value
a
India
(continued)
Equitas
Small
Finance
Bank
Ltd.
(a)
(b)
............
6,918,588
$
4,895,228
Eris
Lifesciences
Ltd.
(a)
(b)
....................
601,053
9,007,195
Eternal
Ltd.
(a)
............................
26,651,087
72,121,317
Exide
Industries
Ltd.
.......................
5,061,291
18,617,135
Federal
Bank
Ltd.
........................
20,626,755
68,060,720
Fine
Organic
Industries
Ltd.
..................
130,738
6,769,874
Finolex
Cables
Ltd.
.......................
975,738
9,798,297
Finolex
Industries
Ltd.
.....................
3,900,213
7,945,596
Firstsource
Solutions
Ltd.
...................
4,214,131
9,896,363
Five-Star
Business
Finance
Ltd.
...............
2,184,195
10,026,976
Force
Motors
Ltd.
........................
62,060
16,634,497
Fortis
Healthcare
Ltd.
......................
5,672,451
58,891,802
FSN
E-Commerce
Ventures
Ltd.
(a)
.............
13,707,856
40,173,952
Gabriel
India
Ltd.
.........................
732,481
8,049,305
GAIL
India
Ltd.
..........................
25,084,033
46,806,683
Garden
Reach
Shipbuilders
&
Engineers
Ltd.
......
360,474
9,643,956
GE
Vernova
T&D
India
Ltd.
..................
1,424,772
60,297,684
Genus
Power
Infrastructures
Ltd.
..............
1,165,842
3,369,042
Genus
Prime
Infra
Ltd.
(a)
....................
191,906
52,798
GHCL
Ltd.
.............................
1,125,536
5,925,249
Gillette
India
Ltd.
.........................
84,968
7,795,846
Gland
Pharma
Ltd.
(b)
.......................
468,500
9,411,429
GlaxoSmithKline
Pharmaceuticals
Ltd.
..........
487,887
13,815,154
Glenmark
Pharmaceuticals
Ltd.
...............
1,655,102
38,893,178
Global
Health
Ltd.
........................
980,169
12,271,182
GMM
Pfaudler
Ltd.
........................
505,770
5,188,329
GMR
Airports
Ltd.
(a)
.......................
30,738,784
34,057,889
Go
Digit
General
Insurance
Ltd.
(a)
..............
3,078,332
11,368,916
Godawari
Power
and
Ispat
Ltd.
...............
2,718,894
7,964,058
Godfrey
Phillips
India
Ltd.
...................
458,296
10,653,129
Godrej
Consumer
Products
Ltd.
...............
4,577,453
61,311,089
Godrej
Properties
Ltd.
(a)
....................
1,753,156
33,386,889
Granules
India
Ltd.
........................
1,898,724
12,195,051
Graphite
India
Ltd.
........................
1,321,950
10,441,759
Grasim
Industries
Ltd.
......................
3,032,240
93,371,880
Gravita
India
Ltd.
.........................
451,695
8,019,504
Great
Eastern
Shipping
Co.
Ltd.
(The)
...........
1,361,937
20,053,125
Grindwell
Norton
Ltd.
......................
551,438
10,080,151
Gujarat
Fluorochemicals
Ltd.
.................
356,409
13,672,189
Gujarat
Gas
Ltd.
.........................
2,146,183
9,610,805
Gujarat
Mineral
Development
Corp.
Ltd.
.........
1,188,376
7,446,816
Gujarat
Narmada
Valley
Fertilizers
&
Chemicals
Ltd.
.
1,344,444
6,743,169
Gujarat
Pipavav
Port
Ltd.
...................
5,386,120
10,471,338
Gujarat
State
Fertilizers
&
Chemicals
Ltd.
........
3,189,666
5,935,956
Gujarat
State
Petronet
Ltd.
..................
3,283,630
10,999,423
Happiest
Minds
Technologies
Ltd.
..............
1,311,001
5,193,845
Havells
India
Ltd.
.........................
2,348,162
36,060,149
HBL
Engineering
Ltd.
......................
1,378,545
10,388,446
HCL
Technologies
Ltd.
.....................
10,466,971
160,212,729
HDFC
Asset
Management
Co.
Ltd.
(b)
............
2,100,910
62,355,902
HDFC
Bank
Ltd.
.........................
124,651,380
1,218,467,330
HDFC
Life
Insurance
Co.
Ltd.
(b)
...............
10,792,736
84,913,887
HEG
Ltd.
..............................
858,246
5,450,050
Hero
MotoCorp
Ltd.
.......................
1,339,813
84,186,219
Hexaware
Technologies
Ltd.
.................
1,694,789
8,840,507
HFCL
Ltd.
..............................
12,457,800
9,392,631
Himadri
Speciality
Chemical
Ltd.
..............
2,273,697
12,142,275
Hindalco
Industries
Ltd.
....................
14,680,582
149,406,493
Hindustan
Aeronautics
Ltd.
..................
2,300,306
98,944,037
Hindustan
Construction
Co.
Ltd.
(a)
..............
28,364,199
5,434,205
Hindustan
Copper
Ltd.
.....................
3,347,211
20,867,580
Hindustan
Petroleum
Corp.
Ltd.
...............
10,687,331
51,548,407
Hindustan
Unilever
Ltd.
.....................
9,087,124
233,638,677
Hitachi
Energy
India
Ltd.
....................
153,099
43,059,577
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
Core
MSCI
Emerging
Markets
ETF
(Percentages
shown
are
based
on
Net
Assets)
12
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
India
(continued)
Home
First
Finance
Co.
India
Ltd.
(b)
............
909,417
$
10,841,211
Honasa
Consumer
Ltd.
(a)
....................
1,288,888
4,300,793
Honeywell
Automation
India
Ltd.
...............
36,121
12,296,619
Hyundai
Motor
India
Ltd.
....................
1,823,704
43,407,468
ICICI
Bank
Ltd.
..........................
56,113,802
853,306,031
ICICI
Lombard
General
Insurance
Co.
Ltd.
(b)
.......
2,741,175
57,369,490
ICICI
Prudential
Life
Insurance
Co.
Ltd.
(b)
.........
4,084,861
29,410,904
IDFC
First
Bank
Ltd.
.......................
41,137,732
33,254,170
IFCI
Ltd.
(a)
..............................
8,244,579
5,448,464
IIFL
Finance
Ltd.
.........................
2,734,200
14,938,324
India
Cements
Ltd.
(The)
(a)
..................
502,096
2,236,912
IndiaMart
InterMesh
Ltd.
(b)
...................
422,636
9,929,579
Indian
Energy
Exchange
Ltd.
(b)
................
5,804,890
8,026,063
Indian
Hotels
Co.
Ltd.
(The)
..................
9,787,461
71,871,978
Indian
Oil
Corp.
Ltd.
.......................
30,742,249
63,365,099
Indraprastha
Gas
Ltd.
......................
6,399,551
12,033,761
Indus
Towers
Ltd.
(a)
.......................
14,699,626
73,648,391
IndusInd
Bank
Ltd.
(a)
.......................
6,403,565
67,381,220
Info
Edge
India
Ltd.
.......................
4,289,464
48,586,591
Infosys
Ltd.
.............................
35,865,409
514,054,297
INOX
India
Ltd.
..........................
267,748
3,426,674
Inox
Wind
Ltd.
(a)
..........................
9,624,274
9,768,920
Intellect
Design
Arena
Ltd.
...................
1,091,819
8,392,844
InterGlobe
Aviation
Ltd.
(b)
...................
2,101,683
111,826,097
Inventurus
Knowledge
Solutions
Ltd.
(a)
...........
583,494
8,844,955
Ipca
Laboratories
Ltd.
......................
1,584,940
26,678,595
IRB
Infrastructure
Developers
Ltd.
.............
23,301,565
10,693,910
IRCON
International
Ltd.
(b)
...................
4,282,307
6,777,662
ITC
Hotels
Ltd.
(a)
.........................
7,843,366
15,201,078
ITC
Ltd.
...............................
32,723,745
112,920,406
Jaiprakash
Power
Ventures
Ltd.
(a)
..............
47,854,465
8,023,329
Jammu
&
Kashmir
Bank
Ltd.
(The)
.............
5,778,043
7,715,989
JB
Chemicals
&
Pharmaceuticals
Ltd.
...........
768,853
17,344,905
JBM
Auto
Ltd.
...........................
704,717
4,277,980
Jindal
Saw
Ltd.
..........................
2,722,232
5,555,222
Jindal
Stainless
Ltd.
.......................
3,688,929
31,536,214
Jindal
Steel
Ltd.
..........................
4,045,471
55,394,747
Jio
Financial
Services
Ltd.
...................
32,531,771
91,475,331
JK
Cement
Ltd.
..........................
418,315
26,035,125
JK
Lakshmi
Cement
Ltd.
....................
565,683
4,439,905
JK
Paper
Ltd.
...........................
1,462,851
5,827,343
JK
Tyre
&
Industries
Ltd.
....................
1,460,803
8,056,407
JM
Financial
Ltd.
.........................
5,937,779
8,343,505
JSW
Energy
Ltd.
.........................
4,997,816
26,810,520
JSW
Steel
Ltd.
..........................
6,753,830
94,068,068
Jubilant
Foodworks
Ltd.
....................
4,325,166
24,736,533
Jubilant
Ingrevia
Ltd.
......................
1,176,509
7,581,783
Jubilant
Pharmova
Ltd.
.....................
936,399
8,923,265
Jupiter
Wagons
Ltd.
.......................
1,863,791
5,475,209
Jyothy
Labs
Ltd.
.........................
2,417,662
6,754,255
Jyoti
CNC
Automation
Ltd.
(a)
.................
938,573
8,471,118
Kajaria
Ceramics
Ltd.
......................
1,052,834
11,084,422
Kalpataru
Projects
International
Ltd.
............
1,310,446
17,877,805
Kalyan
Jewellers
India
Ltd.
..................
4,846,409
21,881,473
Kansai
Nerolac
Paints
Ltd.
..................
2,882,295
6,447,571
Karnataka
Bank
Ltd.
(The)
...................
2,466,128
5,504,028
Karur
Vysya
Bank
Ltd.
(The)
.................
6,797,521
24,387,288
Kaveri
Seed
Co.
Ltd.
......................
22,735
193,392
Kaynes
Technology
India
Ltd.
(a)
...............
372,801
15,811,684
KEC
International
Ltd.
.....................
1,724,200
11,082,262
KEI
Industries
Ltd.
........................
707,539
39,550,675
Kfin
Technologies
Ltd.
......................
1,161,651
12,237,208
Kirloskar
Brothers
Ltd.
.....................
292,357
5,093,324
Kirloskar
Oil
Engines
Ltd.
...................
950,611
14,570,404
Security
Shares
Value
a
India
(continued)
Kirloskar
Pneumatic
Co.
Ltd.
.................
380,259
$
4,864,575
Kotak
Mahindra
Bank
Ltd.
...................
60,420,533
276,131,964
KPI
Green
Energy
Ltd.
(b)
....................
1,224,255
5,206,101
KPIT
Technologies
Ltd.
.....................
1,879,175
15,971,767
KPR
Mill
Ltd.
............................
1,341,254
13,279,606
Krishna
Institute
of
Medical
Sciences
Ltd.
(a)
(b)
......
2,619,927
21,502,151
KSB
Ltd.
..............................
313,354
2,660,022
Kwality
Wall's
India
Ltd.
(a)
...................
8,365,090
2,401,683
L&T
Finance
Ltd.
.........................
8,954,071
27,975,146
Larsen
&
Toubro
Ltd.
......................
7,382,702
347,325,417
Laurus
Labs
Ltd.
(b)
........................
4,104,754
48,665,812
Lemon
Tree
Hotels
Ltd.
(a)
(b)
..................
7,806,317
9,768,882
LIC
Housing
Finance
Ltd.
...................
3,280,794
19,418,066
Lloyds
Engineering
Works
Ltd.
................
6,662,088
3,508,751
LMW
Ltd.
..............................
74,018
12,011,132
Lodha
Developers
Ltd.
(b)
....................
3,375,247
36,730,890
LT
Foods
Ltd.
...........................
1,873,180
8,305,563
LTIMindtree
Ltd.
(b)
........................
855,763
42,105,107
Lupin
Ltd.
..............................
2,809,622
71,412,743
Mahanagar
Gas
Ltd.
.......................
711,275
9,545,980
Maharashtra
Seamless
Ltd.
..................
431,749
2,666,633
Mahindra
&
Mahindra
Financial
Services
Ltd.
......
6,409,766
26,397,503
Mahindra
&
Mahindra
Ltd.
...................
10,340,938
386,507,174
Mahindra
Lifespace
Developers
Ltd.
............
1,160,361
4,571,430
Manappuram
Finance
Ltd.
...................
6,370,632
19,834,644
Mankind
Pharma
Ltd.
......................
1,433,131
35,459,075
Marico
Ltd.
.............................
5,878,457
50,972,711
Marksans
Pharma
Ltd.
.....................
1,995,624
3,833,899
Maruti
Suzuki
India
Ltd.
....................
1,395,993
228,209,118
Mastek
Ltd.
.............................
287,836
5,022,951
Max
Financial
Services
Ltd.
(a)
.................
3,168,806
63,162,779
Max
Healthcare
Institute
Ltd.
.................
8,709,109
104,830,661
Medplus
Health
Services
Ltd.
(a)
...............
780,025
7,273,617
Metropolis
Healthcare
Ltd.
(b)
..................
423,880
8,904,878
Mindspace
Business
Parks
REIT
(b)
.............
2,478,337
12,598,103
MOIL
Ltd.
..............................
838,930
2,837,305
Motherson
Sumi
Wiring
India
Ltd.
..............
39,773,748
18,922,908
Motilal
Oswal
Financial
Services
Ltd.
............
1,773,095
14,153,537
Mphasis
Ltd.
............................
1,370,624
34,647,831
MRF
Ltd.
..............................
27,283
42,306,622
Mrs
Bectors
Food
Specialities
Ltd.
.............
1,632,689
3,747,065
MTAR
Technologies
Ltd.
(a)
...................
318,411
13,345,418
Multi
Commodity
Exchange
of
India
Ltd.
.........
1,350,054
36,326,851
Muthoot
Finance
Ltd.
......................
1,406,838
51,921,671
Narayana
Hrudayalaya
Ltd.
..................
988,623
19,890,658
Natco
Pharma
Ltd.
........................
1,075,037
11,694,908
National
Aluminium
Co.
Ltd.
..................
9,516,820
37,132,408
Nava
Ltd.
..............................
1,496,652
9,800,863
Navin
Fluorine
International
Ltd.
...............
374,616
25,803,462
Nazara
Technologies
Ltd.
(a)
..................
2,810,642
8,188,558
NBCC
India
Ltd.
.........................
12,015,811
12,247,667
NCC
Ltd.
..............................
6,261,862
10,530,929
Nestle
India
Ltd.
.........................
7,454,550
105,926,582
Netweb
Technologies
India
Ltd.
...............
226,100
9,608,153
Network18
Media
&
Investments
Ltd.
(a)
..........
6,030,746
2,212,003
Neuland
Laboratories
Ltd.
...................
93,059
13,145,159
Newgen
Software
Technologies
Ltd.
............
823,218
4,609,752
Nexus
Select
Trust
........................
8,842,251
15,717,074
NHPC
Ltd.
.............................
34,762,055
28,797,635
NIIT
Learning
Systems
Ltd.
..................
1,050,310
3,897,200
Nippon
Life
India
Asset
Management
Ltd.
(b)
.......
2,048,241
20,980,610
NLC
India
Ltd.
...........................
4,072,086
11,656,754
NMDC
Ltd.
.............................
34,558,576
31,098,560
NMDC
Steel
Ltd.
(a)
........................
9,566,482
4,269,990
iShares
®
Core
MSCI
Emerging
Markets
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
(Percentages
shown
are
based
on
Net
Assets)
13
Schedule
of
Investments
Security
Shares
Value
a
India
(continued)
NTPC
Ltd.
.............................
47,824,599
$
201,018,030
Nuvama
Wealth
Management
Ltd.
.............
946,097
12,956,460
Nuvoco
Vistas
Corp.
Ltd.
(a)
..................
1,513,025
5,457,055
Oberoi
Realty
Ltd.
........................
1,458,088
24,438,034
Oil
&
Natural
Gas
Corp.
Ltd.
.................
34,535,757
106,439,028
Oil
India
Ltd.
............................
5,474,762
29,192,695
Ola
Electric
Mobility
Ltd.
(a)
...................
16,587,944
4,598,430
Olectra
Greentech
Ltd.
.....................
664,510
7,293,687
One
97
Communications
Ltd.
(a)
................
4,519,240
54,645,719
Onesource
Specialty
Pharma
Ltd.
(a)
............
544,577
8,062,319
Oracle
Financial
Services
Software
Ltd.
..........
248,386
19,008,559
Page
Industries
Ltd.
.......................
68,539
24,217,254
Paradeep
Phosphates
Ltd.
(b)
.................
5,393,011
7,223,261
PB
Fintech
Ltd.
(a)
.........................
3,964,120
64,594,813
PCBL
CHEMICAL
Ltd.
.....................
2,066,815
7,041,313
Persistent
Systems
Ltd.
....................
1,226,878
64,026,684
Petronet
LNG
Ltd.
........................
8,442,810
30,018,973
PG
Electroplast
Ltd.
.......................
1,869,759
12,916,965
Phoenix
Mills
Ltd.
(The)
....................
2,290,408
41,815,941
PI
Industries
Ltd.
.........................
892,371
30,621,570
Pidilite
Industries
Ltd.
......................
3,360,442
55,160,736
Piramal
Finance
Ltd.
(a)
.....................
1,193,651
22,866,198
Piramal
Pharma
Ltd.
.......................
7,092,141
12,189,971
PNB
Housing
Finance
Ltd.
(b)
.................
2,008,351
18,234,268
Poly
Medicure
Ltd.
........................
428,569
5,925,541
Polycab
India
Ltd.
........................
599,229
56,775,288
Poonawalla
Fincorp
Ltd.
(a)
...................
3,029,118
15,156,998
Power
Finance
Corp.
Ltd.
...................
16,396,489
74,670,697
Power
Grid
Corp.
of
India
Ltd.
................
50,311,170
165,434,534
Praj
Industries
Ltd.
........................
1,909,630
6,680,899
Premier
Energies
Ltd.
(b)
.....................
367,298
2,952,517
Prestige
Estates
Projects
Ltd.
................
2,022,569
30,987,992
Procter
&
Gamble
Health
Ltd.
................
90,388
4,868,813
PTC
India
Ltd.
...........................
2,596,379
4,753,773
PTC
Industries
Ltd.
(a)
......................
59,987
11,828,362
Punjab
National
Bank
......................
25,280,246
36,001,689
PVR
Inox
Ltd.
(a)
..........................
898,832
10,108,356
Radico
Khaitan
Ltd.
.......................
953,178
27,759,389
Rail
Vikas
Nigam
Ltd.
......................
5,857,615
20,385,562
Railtel
Corp.
of
India
Ltd.
....................
1,636,224
5,650,754
Rainbow
Children's
Medicare
Ltd.
..............
592,871
7,768,845
Rajesh
Exports
Ltd.
(a)
......................
341,036
540,521
Rallis
India
Ltd.
..........................
1,778,813
5,417,074
Ramco
Cements
Ltd.
(The)
..................
1,395,866
17,331,201
Ramkrishna
Forgings
Ltd.
...................
1,065,540
6,470,434
Ratnamani
Metals
&
Tubes
Ltd.
...............
245,498
6,627,041
RattanIndia
Power
Ltd.
(a)
....................
26,428,594
2,415,963
Raymond
Lifestyle
Ltd.
(a)
....................
431,614
4,183,067
RBL
Bank
Ltd.
(b)
..........................
5,613,701
19,759,079
REC
Ltd.
..............................
13,198,942
50,834,302
Redington
Ltd.
...........................
6,938,435
21,422,612
Relaxo
Footwears
Ltd.
.....................
937,666
3,593,733
Reliance
Industries
Ltd.
....................
67,262,605
1,032,301,850
Reliance
Power
Ltd.
(a)
......................
35,311,467
9,333,938
Religare
Enterprises
Ltd.
(a)
...................
1,620,492
3,774,120
Rhi
Magnesita
India
Ltd.
....................
674,678
3,226,714
RITES
Ltd.
.............................
1,523,929
3,589,028
RR
Kabel
Ltd.
...........................
375,040
6,453,358
Safari
Industries
India
Ltd.
...................
220,225
4,353,769
Sagility
Ltd.
.............................
25,020,387
10,898,338
SAI
Life
Sciences
Ltd.
(a)
(b)
...................
1,460,435
16,035,987
Sammaan
Capital
Ltd.
(a)
....................
6,684,053
11,029,673
Samvardhana
Motherson
International
Ltd.
.......
49,654,187
72,873,393
Sanofi
India
Ltd.
.........................
126,821
5,527,354
Security
Shares
Value
a
India
(continued)
Sansera
Engineering
Ltd.
(b)
..................
537,685
$
13,864,088
Sapphire
Foods
India
Ltd.
(a)
..................
2,353,224
5,293,231
Sarda
Energy
&
Minerals
Ltd.
................
1,083,480
6,574,756
Saregama
India
Ltd.
.......................
1,008,753
3,692,335
SBI
Cards
&
Payment
Services
Ltd.
(a)
...........
3,181,675
27,136,126
SBI
Life
Insurance
Co.
Ltd.
(b)
.................
5,024,311
112,587,668
Sheela
Foam
Ltd.
(a)
.......................
473,168
2,853,243
Shipping
Corp.
of
India
Ltd.
..................
2,334,212
6,759,341
Shree
Cement
Ltd.
........................
97,852
28,048,738
Shree
Renuka
Sugars
Ltd.
(a)
.................
10,789,633
2,885,960
Shriram
Finance
Ltd.
......................
15,679,497
186,424,035
Siemens
Energy
India
Ltd.
...................
981,598
31,665,160
Siemens
Ltd.
(a)
..........................
969,180
36,453,101
SJVN
Ltd.
..............................
10,008,176
8,041,348
SKF
India
Industrial
Ltd.
(a)
...................
258,288
7,275,119
SKF
India
Ltd.
...........................
271,402
5,192,293
Sobha
Ltd.
.............................
599,723
9,212,231
Solar
Industries
India
Ltd.
...................
307,707
45,744,991
Sona
Blw
Precision
Forgings
Ltd.
(b)
.............
5,047,056
29,732,825
Sonata
Software
Ltd.
......................
2,344,968
6,921,203
South
Indian
Bank
Ltd.
(The)
.................
19,122,097
8,656,839
SRF
Ltd.
..............................
1,538,848
43,417,410
Star
Health
&
Allied
Insurance
Co.
Ltd.
(a)
.........
3,051,762
15,615,012
State
Bank
of
India
........................
20,311,457
268,552,026
Sterling
and
Wilson
Renewable
(a)
..............
1,713,227
3,727,563
Strides
Pharma
Science
Ltd.
.................
1,031,539
9,683,162
Sumitomo
Chemical
India
Ltd.
................
1,546,207
6,824,365
Sun
Pharmaceutical
Industries
Ltd.
.............
10,437,821
200,104,506
Sun
TV
Network
Ltd.
......................
1,390,992
9,921,194
Sundaram
Finance
Ltd.
.....................
707,591
42,919,590
Sundram
Fasteners
Ltd.
....................
1,083,479
10,414,373
Sunteck
Realty
Ltd.
.......................
846,444
3,736,966
Supreme
Industries
Ltd.
....................
712,993
31,205,764
Surya
Roshni
Ltd.
........................
1,133,741
2,792,621
Suzlon
Energy
Ltd.
(a)
......................
112,486,134
52,858,461
Swan
Corp.
Ltd.
..........................
1,541,908
6,489,856
Swiggy
Ltd.
(a)
...........................
15,842,041
52,660,633
Syngene
International
Ltd.
(b)
.................
2,007,841
9,333,353
Syrma
SGS
Technology
Ltd.
.................
1,008,569
9,139,057
Tanla
Platforms
Ltd.
.......................
1,033,523
5,175,239
Tata
Chemicals
Ltd.
.......................
1,592,443
12,572,937
Tata
Communications
Ltd.
...................
1,307,757
22,973,883
Tata
Consultancy
Services
Ltd.
...............
9,953,501
289,281,579
Tata
Consumer
Products
Ltd.
.................
6,713,673
84,241,354
Tata
Elxsi
Ltd.
...........................
360,145
17,908,143
Tata
Investment
Corp.
Ltd.
...................
1,467,383
10,622,265
Tata
Motors
Ltd.
(a)
........................
22,563,737
125,323,437
Tata
Motors
Passenger
Vehicles
Ltd.
............
21,902,340
92,245,346
Tata
Power
Co.
Ltd.
(The)
...................
18,123,105
75,347,182
Tata
Steel
Ltd.
...........................
82,774,404
193,535,981
Tata
Technologies
Ltd.
.....................
1,830,964
11,812,104
Tata
Teleservices
Maharashtra
Ltd.
(a)
............
7,324,752
3,351,578
Tbo
Tek
Ltd.
(a)
...........................
497,135
6,707,772
TD
Power
Systems
Ltd.
....................
1,347,363
13,394,067
Tech
Mahindra
Ltd.
.......................
5,911,756
88,467,467
Techno
Electric
&
Engineering
Co.
Ltd.
..........
666,672
8,618,823
Tejas
Networks
Ltd.
(b)
......................
1,321,884
6,332,896
Texmaco
Rail
&
Engineering
Ltd.
..............
2,838,402
3,271,156
Thermax
Ltd.
...........................
446,436
15,312,964
Tilaknagar
Industries
Ltd.
...................
1,360,516
6,795,637
Timken
India
Ltd.
.........................
381,531
14,566,154
Titagarh
Rail
System
Ltd.
...................
1,121,013
8,651,739
Titan
Co.
Ltd.
...........................
3,931,012
187,259,368
Torrent
Pharmaceuticals
Ltd.
.................
1,312,354
62,596,268
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
Core
MSCI
Emerging
Markets
ETF
(Percentages
shown
are
based
on
Net
Assets)
14
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
India
(continued)
Torrent
Power
Ltd.
........................
1,971,980
$
34,029,214
Transformers
&
Rectifiers
India
Ltd.
............
1,326,344
4,534,168
Trent
Ltd.
..............................
2,061,900
88,596,734
Trident
Ltd.
.............................
19,841,548
5,594,012
Triveni
Turbine
Ltd.
.......................
1,741,171
9,361,025
TTK
Prestige
Ltd.
.........................
802,121
4,614,348
Tube
Investments
of
India
Ltd.
................
1,246,363
37,710,214
TVS
Holdings
Ltd.
........................
48,702
8,088,248
TVS
Motor
Co.
Ltd.
.......................
2,695,491
114,803,996
Ujjivan
Small
Finance
Bank
Ltd.
(a)
(b)
.............
11,874,370
7,578,087
UltraTech
Cement
Ltd.
.....................
1,287,647
179,532,719
Union
Bank
of
India
Ltd.
....................
16,927,712
37,680,108
United
Spirits
Ltd.
........................
3,463,904
52,573,706
UNO
Minda
Ltd.
..........................
2,251,699
29,434,064
UPL
Ltd.
...............................
5,609,369
39,353,081
Usha
Martin
Ltd.
.........................
1,711,357
7,889,920
UTI
Asset
Management
Co.
Ltd.
...............
694,829
7,553,926
VA
Tech
Wabag
Ltd.
.......................
631,516
8,782,571
Valor
Estate
Ltd.
(a)
........................
1,819,793
2,281,261
Vardhman
Textiles
Ltd.
.....................
1,699,983
10,182,276
Varun
Beverages
Ltd.
......................
15,330,448
76,191,045
Vedant
Fashions
Ltd.
......................
603,058
2,587,842
Vedanta
Ltd.
............................
15,301,322
121,021,713
Vesuvius
India
Ltd.
........................
810,480
4,452,661
V-Guard
Industries
Ltd.
.....................
2,783,204
9,601,651
Vinati
Organics
Ltd.
.......................
431,446
7,006,291
VIP
Industries
Ltd.
(a)
.......................
1,034,440
4,073,177
Vishal
Mega
Mart
Ltd.
(a)
.....................
23,528,396
30,579,578
V-Mart
Retail
Ltd.
(a)
........................
629,017
3,840,577
Vodafone
Idea
Ltd.
(a)
.......................
306,140,856
35,698,670
Voltamp
Transformers
Ltd.
...................
73,271
7,343,599
Voltas
Ltd.
.............................
2,502,570
42,955,762
WAAREE
Energies
Ltd.
....................
978,410
29,137,343
Waaree
Renewable
Technologies
Ltd.
(a)
..........
419,766
3,936,218
Welspun
Corp.
Ltd.
.......................
1,507,729
13,715,908
Welspun
Living
Ltd.
.......................
4,240,932
5,870,777
Westlife
Foodworld
Ltd.
.....................
896,370
4,875,654
Whirlpool
of
India
Ltd.
......................
781,133
7,930,233
Wipro
Ltd.
..............................
28,568,013
63,309,084
Wockhardt
Ltd.
(a)
.........................
857,439
12,872,923
Yes
Bank
Ltd.
(a)
..........................
165,339,009
37,688,783
Zee
Entertainment
Enterprises
Ltd.
.............
9,835,776
9,466,774
Zen
Technologies
Ltd.
......................
561,237
8,422,663
Zensar
Technologies
Ltd.
...................
1,600,528
9,970,096
ZF
Commercial
Vehicle
Control
Systems
India
Ltd.
..
80,580
13,441,876
Zydus
Lifesciences
Ltd.
....................
2,351,001
23,926,038
20,532,423,304
a
Indonesia
 — 
1
.1
%
Adaro
Andalan
Indonesia
PT
.................
21,487,700
11,840,478
AKR
Corporindo
Tbk
PT
....................
134,112,200
10,359,397
Alamtri
Resources
Indonesia
Tbk
PT
............
116,270,900
16,211,515
Amman
Mineral
Internasional
PT
(a)
.............
162,460,428
74,110,311
Aneka
Tambang
Tbk
......................
95,697,443
24,882,602
Astra
Agro
Lestari
Tbk
PT
...................
7,976,600
3,568,416
Astra
International
Tbk
PT
...................
222,360,100
88,476,658
Bank
Aladin
Syariah
Tbk
PT
(a)
................
66,464,900
2,279,589
Bank
Central
Asia
Tbk
PT
...................
606,247,600
258,861,511
Bank
Jago
Tbk
PT
(a)
.......................
47,724,900
4,520,086
Bank
Mandiri
Persero
Tbk
PT
................
405,823,600
127,376,576
Bank
Negara
Indonesia
Persero
Tbk
PT
.........
161,760,100
42,397,808
Bank
Rakyat
Indonesia
Persero
Tbk
PT
..........
744,050,995
173,155,013
Bank
Tabungan
Negara
Persero
Tbk
PT
.........
68,515,376
5,671,163
Barito
Pacific
Tbk
PT
(a)
.....................
269,593,988
32,000,718
Barito
Renewables
Energy
Tbk
PT
(a)
............
91,472,700
44,877,003
Security
Shares
Value
a
Indonesia
(continued)
BFI
Finance
Indonesia
Tbk
PT
................
102,043,400
$
4,778,054
Bukalapak.com
PT
Tbk
(a)
....................
767,601,300
6,680,436
Bukit
Asam
Persero
Tbk
PT
..................
67,550,200
10,469,968
Bumi
Resources
Minerals
Tbk
PT
(a)
.............
652,723,300
37,730,217
Bumi
Resources
Tbk
PT
(a)
...................
1,258,899,400
19,315,552
Bumi
Serpong
Damai
Tbk
PT
(a)
...............
120,917,600
5,974,817
Chandra
Asri
Pacific
Tbk
PT
.................
95,778,333
38,293,017
Charoen
Pokphand
Indonesia
Tbk
PT
...........
88,215,800
22,348,215
Ciputra
Development
Tbk
PT
.................
128,701,027
5,907,743
Dian
Swastatika
Sentosa
Tbk
PT
(a)
.............
11,066,300
52,097,091
Elang
Mahkota
Teknologi
Tbk
PT
..............
168,244,800
8,929,816
Energi
Mega
Persada
Tbk
PT
(a)
...............
209,685,600
22,087,547
ESSA
Industries
Indonesia
Tbk
PT
.............
100,447,600
3,864,672
GoTo
Gojek
Tokopedia
Tbk
PT
,
Class
A
(a)
.........
36,717,427
Hanson
International
Tbk
PT
(a)
(d)
...............
783,666,700
Indah
Kiat
Pulp
&
Paper
Tbk
PT
...............
32,223,100
22,236,827
Indo
Tambangraya
Megah
Tbk
PT
.............
5,346,900
7,258,577
Indocement
Tunggal
Prakarsa
Tbk
PT
...........
18,685,700
6,901,941
Indofood
Sukses
Makmur
Tbk
PT
..............
47,621,700
18,311,681
Industri
Jamu
Dan
Farmasi
Sido
Muncul
Tbk
PT
....
53,531,000
1,724,231
Inti
Agri
Resources
Tbk
PT
(a)
(d)
................
291,349,000
Japfa
Comfeed
Indonesia
Tbk
PT
..............
72,180,700
10,233,831
Jasa
Marga
Persero
Tbk
PT
.................
29,795,080
6,573,982
Kalbe
Farma
Tbk
PT
......................
231,472,300
15,197,224
MD
Entertainment
Tbk
PT
(a)
..................
35,655,100
17,853,317
Medco
Energi
Internasional
Tbk
PT
.............
94,978,880
9,780,171
Medikaloka
Hermina
Tbk
PT
.................
91,656,900
7,021,076
Merdeka
Copper
Gold
Tbk
PT
(a)
...............
116,998,688
26,170,431
Mitra
Adiperkasa
Tbk
PT
....................
125,155,400
10,003,474
Mitra
Keluarga
Karyasehat
Tbk
PT
.............
25,905,779
3,399,506
MNC
Tourism
Indonesia
Tbk
PT
(a)
..............
889,840,900
6,528,508
Pabrik
Kertas
Tjiwi
Kimia
Tbk
PT
..............
19,376,500
12,670,992
Pakuwon
Jati
Tbk
PT
......................
261,075,300
5,699,586
Perusahaan
Gas
Negara
Persero
Tbk
PT
........
137,826,500
19,638,787
Petrindo
Jaya
Kreasi
Tbk
PT
.................
248,407,700
23,644,015
Petrosea
Tbk
PT
.........................
39,301,900
14,330,445
Pool
Advista
Indonesia
Tbk
PT
(a)
(d)
.............
12,679,400
Sarana
Menara
Nusantara
Tbk
PT
.............
267,052,000
8,044,215
Semen
Indonesia
Persero
Tbk
PT
.............
39,073,009
6,798,702
Sugih
Energy
Tbk
PT
(a)
(d)
....................
27,492,211
Sumber
Alfaria
Trijaya
Tbk
PT
................
208,616,500
20,746,811
Telkom
Indonesia
Persero
Tbk
PT
.............
549,267,300
115,980,092
Trada
Alam
Minera
Tbk
PT
(a)
(d)
................
280,960,700
Transcoal
Pacific
Tbk
PT
....................
14,111,900
10,395,584
United
Tractors
Tbk
PT
.....................
17,847,000
30,397,717
Vale
Indonesia
Tbk
PT
.....................
23,050,800
10,837,521
Waskita
Karya
Persero
Tbk
PT
(a)
(d)
.............
135,029,644
650,784
XLSMART
Telecom
Sejahtera
Tbk
PT
...........
54,836,400
10,352,792
1,655,166,236
a
Kuwait
 — 
0
.6
%
Agility
Public
Warehousing
Co.
KSCC
...........
19,022,617
8,559,249
Al
Ahli
Bank
of
Kuwait
KSCP
.................
15,203,891
15,169,329
Arzan
Financial
Group
for
Financing
&
Investment
KPSC
...............................
7,346,054
8,150,830
Boubyan
Bank
KSCP
......................
17,470,713
38,678,241
Boubyan
Petrochemicals
Co.
KSCP
............
5,688,481
10,377,155
Boursa
Kuwait
Securities
Co.
KPSC
............
931,392
9,437,786
Burgan
Bank
SAK
........................
12,357,162
8,291,873
Commercial
Real
Estate
Co.
KSC
..............
13,528,331
8,943,408
Gulf
Bank
KSCP
.........................
21,139,692
23,366,016
Gulf
Cables
&
Electrical
Industries
Group
Co.
KSCP
.
1,342,810
8,539,084
Humansoft
Holding
Co.
KSC
.................
1,161,736
9,920,402
Kuwait
Finance
House
KSCP
.................
119,883,308
314,268,663
Kuwait
International
Bank
KSCP
...............
15,052,558
13,705,213
iShares
®
Core
MSCI
Emerging
Markets
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
(Percentages
shown
are
based
on
Net
Assets)
15
Schedule
of
Investments
Security
Shares
Value
a
Kuwait
(continued)
Kuwait
Projects
Co.
Holding
KSCP
(a)
............
27,026,412
$
7,225,844
Kuwait
Real
Estate
Co.
KSC
(a)
................
12,759,252
14,350,626
Kuwait
Telecommunications
Co.
...............
4,226,356
9,025,097
Mabanee
Co.
KPSC
.......................
8,586,660
27,437,002
Mobile
Telecommunications
Co.
KSCP
..........
20,005,847
35,354,324
National
Bank
of
Kuwait
SAKP
................
90,048,316
276,552,818
National
Industries
Group
Holding
SAK
..........
24,579,360
20,193,782
National
Investments
Co.
KSCP
...............
5,790,209
5,244,969
National
Real
Estate
Co.
KPSC
(a)
..............
14,463,994
3,390,810
Salhia
Real
Estate
Co.
KSCP
................
6,901,155
8,460,498
Shamal
Az-Zour
Al-Oula
for
the
First
Phase
of
Az-Zour
Power
Plant
KSC
.......................
8,392,961
3,940,615
Warba
Bank
KSCP
(a)
......................
32,028,758
30,156,033
918,739,667
a
Malaysia
 — 
1
.3
%
AFFIN
Bank
Bhd
(a)
(c)
.......................
4,504,795
3,088,811
Alliance
Bank
Malaysia
Bhd
..................
11,726,300
15,185,379
AMMB
Holdings
Bhd
......................
27,875,300
46,041,732
Axiata
Group
Bhd
(c)
.......................
31,864,900
18,655,704
Axis
Real
Estate
Investment
Trust
.............
18,468,300
9,629,817
Bursa
Malaysia
Bhd
.......................
7,741,100
17,881,031
Carlsberg
Brewery
Malaysia
Bhd
(c)
.............
2,387,100
10,816,156
CELCOMDIGI
BHD
.......................
41,253,800
33,821,543
CIMB
Group
Holdings
Bhd
..................
89,729,800
185,283,594
Dialog
Group
Bhd
(c)
.......................
40,351,196
18,272,150
Fraser
&
Neave
Holdings
Bhd
................
1,948,300
17,495,143
Frontken
Corp.
Bhd
(c)
......................
17,191,400
16,550,417
Gamuda
Bhd
...........................
51,754,400
55,673,956
Gas
Malaysia
Bhd
........................
1,194,700
1,472,659
Genting
Bhd
(c)
...........................
24,864,800
18,065,031
Genting
Malaysia
Bhd
.....................
19,691,600
10,633,593
Greatech
Technology
Bhd
(a)
(c)
.................
12,264,300
6,636,296
Hartalega
Holdings
Bhd
(a)
(c)
..................
17,811,000
4,047,033
Heineken
Malaysia
Bhd
....................
1,805,300
11,421,006
Hong
Leong
Bank
Bhd
.....................
7,473,800
44,703,150
IGB
Real
Estate
Investment
Trust
(c)
.............
20,135,300
14,903,537
IHH
Healthcare
Bhd
(c)
......................
25,385,100
59,353,196
IJM
Corp.
Bhd
...........................
28,311,600
18,238,217
Inari
Amertron
Bhd
........................
32,675,200
11,886,985
IOI
Corp.
Bhd
...........................
28,239,300
28,713,949
IOI
Properties
Group
Bhd
...................
16,405,500
14,541,922
Kelington
Group
Bhd
(c)
.....................
8,868,800
12,442,635
Kossan
Rubber
Industries
Bhd
(c)
...............
16,132,400
4,180,490
KPJ
Healthcare
Bhd
(c)
......................
22,998,900
17,288,406
Kuala
Lumpur
Kepong
Bhd
(c)
.................
5,799,100
28,317,373
Malayan
Banking
Bhd
......................
65,810,800
202,210,542
Malayan
Cement
Bhd
......................
4,477,400
9,896,078
Malaysian
Pacific
Industries
Bhd
..............
1,163,700
9,525,740
Maxis
Bhd
.............................
27,490,100
27,405,888
MBSB
Bhd
(c)
............................
45,441,500
8,342,955
Mega
First
Corp.
Bhd
(c)
.....................
10,418,400
8,259,664
MISC
Bhd
..............................
15,442,800
32,019,757
MR
DIY
Group
M
Bhd
(b)
.....................
33,558,550
15,437,986
Nationgate
Holdings
Bhd
(c)
..................
14,508,700
3,218,590
Nestle
Malaysia
Bhd
(c)
.....................
702,800
19,850,352
Pavilion
Real
Estate
Investment
Trust
...........
19,212,200
9,624,025
Petronas
Chemicals
Group
Bhd
(c)
..............
29,881,400
23,041,347
Petronas
Dagangan
Bhd
(c)
...................
3,362,600
18,994,002
Petronas
Gas
Bhd
........................
8,992,100
41,464,963
PPB
Group
Bhd
..........................
8,133,920
22,724,136
Press
Metal
Aluminium
Holdings
Bhd
...........
41,988,700
76,889,271
Public
Bank
Bhd
.........................
160,040,600
202,648,131
QL
Resources
Bhd
........................
22,163,865
23,240,444
RHB
Bank
Bhd
..........................
17,594,066
37,966,117
Security
Shares
Value
a
Malaysia
(continued)
Sam
Engineering
&
Equipment
M
Bhd
(c)
..........
1,076,200
$
920,606
Scientex
Bhd
(c)
..........................
11,270,400
10,948,885
SD
Guthrie
Bhd
..........................
23,677,300
34,989,585
Sime
Darby
Bhd
.........................
30,292,300
19,015,185
Sime
Darby
Property
Bhd
...................
48,930,700
18,216,046
SP
Setia
Bhd
Group
.......................
27,410,800
6,436,814
Sunway
Bhd
(c)
...........................
28,571,400
42,959,435
Sunway
Construction
Group
Bhd
..............
6,053,600
10,964,519
Sunway
Real
Estate
Investment
Trust
...........
31,480,800
20,133,280
Tanco
Holdings
Bhd
(a)
......................
29,301,100
11,973,464
Telekom
Malaysia
Bhd
(c)
....................
13,745,100
26,312,555
Tenaga
Nasional
Bhd
......................
30,062,800
111,020,671
TIME
dotCom
Bhd
........................
16,213,200
25,334,427
Top
Glove
Corp.
Bhd
......................
56,993,400
8,495,547
UEM
Sunrise
Bhd
(c)
.......................
19,135,300
2,824,020
United
Plantations
Bhd
(c)
....................
2,813,700
21,328,833
ViTrox
Corp.
Bhd
.........................
9,458,200
11,160,798
Yinson
Holdings
Bhd
(c)
.....................
20,620,960
12,452,522
YTL
Corp.
Bhd
(c)
.........................
37,515,360
17,711,896
YTL
Power
International
Bhd
(c)
................
34,270,700
24,878,488
Zetrix
Ai
Bhd
............................
73,568,100
15,509,648
2,001,588,123
a
Mexico
 — 
1
.9
%
Alpek
SAB
de
CV
,
Class
A
(a)
(c)
................
11,526,543
5,501,578
Alsea
SAB
de
CV
........................
5,999,359
21,162,528
America
Movil
SAB
de
CV
,
Series
B
............
198,069,775
257,506,809
Arca
Continental
SAB
de
CV
.................
5,398,530
64,975,456
Banco
del
Bajio
SA
(b)
......................
8,923,859
29,836,012
Bolsa
Mexicana
de
Valores
SAB
de
CV
..........
4,696,178
10,372,931
Cemex
SAB
de
CV,
CPO
,
NVS
...............
167,582,850
209,794,812
Coca-Cola
Femsa
SAB
de
CV
................
5,727,388
63,665,727
Controladora
Vuela
Cia
de
Aviacion
SAB
de
CV
,
Class
A
(a)
.................................
10,637,059
9,252,302
Corp
Inmobiliaria
Vesta
SAB
de
CV
............
8,381,425
30,869,457
FIBRA
Macquarie
Mexico
(b)
..................
12,707,620
31,772,739
Fibra
MTY
SAPI
de
CV
.....................
23,540,943
20,216,615
Fibra
Uno
Administracion
SA
de
CV
............
32,925,517
57,201,920
Fomento
Economico
Mexicano
SAB
de
CV
.......
18,841,095
211,407,107
GCC
SAB
de
CV
.........................
1,960,257
22,800,992
Genomma
Lab
Internacional
SAB
de
CV
,
Class
B
...
10,375,024
10,982,272
Gentera
SAB
de
CV
.......................
13,720,564
39,945,946
Gruma
SAB
de
CV
,
Class
B
..................
1,742,960
31,246,166
Grupo
Aeroportuario
del
Centro
Norte
SAB
de
CV
,
Class
B
..............................
3,216,320
49,133,761
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV
,
Class
B
4,271,289
111,457,280
Grupo
Aeroportuario
del
Sureste
SAB
de
CV
,
Class
B
1,965,472
70,651,768
Grupo
Bimbo
SAB
de
CV
,
Series
A
.............
14,905,501
54,075,932
Grupo
Carso
SAB
de
CV
,
Series
A1
............
6,247,236
48,952,764
Grupo
Comercial
Chedraui
SA
de
CV
...........
3,254,840
20,872,403
Grupo
Financiero
Banorte
SAB
de
CV
,
Class
O
....
27,880,781
317,936,743
Grupo
Financiero
Inbursa
SAB
de
CV
,
Series
O
....
17,441,610
44,358,525
Grupo
Mexico
SAB
de
CV
,
Series
B
............
33,890,500
431,020,568
Grupo
Televisa
SAB,
CPO
(c)
..................
26,581,856
15,882,435
Industrias
Penoles
SAB
de
CV
(a)
(c)
..............
2,169,460
137,766,127
Kimberly-Clark
de
Mexico
SAB
de
CV
,
Class
A
.....
15,796,039
39,650,608
La
Comer
SAB
de
CV
......................
7,130,197
16,117,673
Megacable
Holdings
SAB
de
CV,
CPO
..........
2,941,076
11,399,188
Orbia
Advance
Corp.
SAB
de
CV
(a)
.............
10,602,263
12,564,870
Prologis
Property
Mexico
SA
de
CV
............
12,195,324
59,893,189
Promotora
y
Operadora
de
Infraestructura
SAB
de
CV
2,269,075
37,385,323
Qualitas
Controladora
SAB
de
CV
.............
2,226,878
21,712,772
Regional
SAB
de
CV
......................
2,720,547
25,546,792
Sigma
Foods
SAB
de
CV
...................
38,246,338
42,972,166
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
Core
MSCI
Emerging
Markets
ETF
(Percentages
shown
are
based
on
Net
Assets)
16
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Mexico
(continued)
Wal-Mart
de
Mexico
SAB
de
CV
...............
56,678,832
$
183,444,321
2,881,306,577
a
Netherlands
 — 
0
.0
%
X5
Retail
Group
N.V.
,
GDR
(a)
(d)
(e)
...............
1,023,928
132
a
Peru
 — 
0
.4
%
Cia
de
Minas
Buenaventura
SAA
,
ADR
..........
1,852,885
80,915,488
Credicorp
Ltd.
...........................
751,849
260,425,457
Intercorp
Financial
Services,
Inc.
..............
378,434
18,308,637
Southern
Copper
Corp.
.....................
983,911
214,787,771
574,437,353
a
Philippines
 — 
0
.4
%
ACEN
Corp.
............................
59,155,541
2,880,106
Alliance
Global
Group,
Inc.
..................
51,347,600
7,657,840
AREIT,
Inc.
.............................
18,339,600
13,373,453
Ayala
Corp.
.............................
2,873,625
29,899,853
Ayala
Land,
Inc.
..........................
76,530,740
27,732,645
Bank
of
the
Philippine
Islands
................
22,441,158
45,143,056
BDO
Unibank,
Inc.
........................
27,487,078
65,368,481
Century
Pacific
Food,
Inc.
...................
13,308,200
9,219,849
Converge
Information
and
Communications
Technology
Solutions,
Inc.
.........................
26,459,500
6,607,419
DigiPlus
Interactive
Corp.
...................
15,189,500
4,240,890
DMCI
Holdings,
Inc.
.......................
48,321,200
8,086,354
GT
Capital
Holdings,
Inc.
...................
1,139,980
13,245,237
International
Container
Terminal
Services,
Inc.
.....
11,604,540
144,661,693
JG
Summit
Holdings,
Inc.
,
Class
B
.............
35,837,501
18,644,325
Jollibee
Foods
Corp.
......................
5,496,370
20,414,188
Manila
Electric
Co.
........................
3,123,650
34,559,762
Manila
Water
Co.,
Inc.
.....................
16,594,500
11,597,301
Maynilad
Water
Services,
Inc.
(a)
...............
24,750,500
9,442,660
Megaworld
Corp.
.........................
151,042,200
5,919,611
Metropolitan
Bank
&
Trust
Co.
................
20,535,243
27,420,683
PLDT,
Inc.
.............................
842,395
20,443,332
Puregold
Price
Club,
Inc.
....................
12,797,050
9,320,664
RL
Commercial
REIT,
Inc.
...................
112,456,100
14,743,226
Robinsons
Land
Corp.
.....................
30,292,713
9,719,960
Semirara
Mining
&
Power
Corp.
,
Class
A
.........
10,448,300
5,073,310
SM
Investments
Corp.
.....................
2,467,762
30,170,332
SM
Prime
Holdings,
Inc.
....................
118,655,496
44,204,408
Universal
Robina
Corp.
.....................
10,579,230
14,676,813
654,467,451
a
Poland
 — 
1
.1
%
Alior
Bank
SA
...........................
1,043,198
34,981,579
Allegro.eu
SA
(a)
(b)
.........................
8,839,394
68,787,915
AmRest
Holdings
SE
(c)
.....................
1,046,775
3,638,007
Asseco
Poland
SA
........................
687,298
33,961,215
Bank
Handlowy
w
Warszawie
SA
..............
350,944
11,687,821
Bank
Millennium
SA
(a)
......................
8,222,670
39,989,665
Bank
Polska
Kasa
Opieki
SA
.................
2,053,566
130,115,487
Benefit
Systems
SA
(a)
......................
27,280
29,512,591
Budimex
SA
(c)
...........................
150,374
33,914,253
CD
Projekt
SA
...........................
725,326
49,257,541
Cyfrowy
Polsat
SA
(a)
(c)
......................
3,051,516
10,831,682
Diagnostyka
SA
..........................
208,875
11,057,567
Dino
Polska
SA
(a)
(b)
(c)
.......................
5,464,157
61,439,511
Enea
SA
...............................
3,533,609
24,432,070
Grupa
Azoty
SA
(a)
(c)
.......................
647,011
3,005,858
Grupa
Kety
SA
..........................
105,936
32,077,208
Jastrzebska
Spolka
Weglowa
SA
(a)
(c)
............
693,846
5,273,386
KGHM
Polska
Miedz
SA
(a)
...................
1,480,903
139,652,062
KRUK
SA
..............................
210,000
27,238,772
Security
Shares
Value
a
Poland
(continued)
LPP
SA
...............................
12,429
$
71,921,210
mBank
SA
(a)
............................
179,380
52,134,265
Modivo
SA
(a)
............................
612,531
19,006,568
Orange
Polska
SA
........................
7,139,280
28,024,675
ORLEN
SA
.............................
6,316,725
203,456,574
Pepco
Group
N.V.
........................
1,959,513
16,180,804
PGE
Polska
Grupa
Energetyczna
SA
(a)
..........
10,129,079
31,989,069
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
...
9,647,422
249,951,652
Powszechny
Zaklad
Ubezpieczen
SA
...........
6,434,973
121,915,754
Santander
Bank
Polska
SA
..................
442,945
73,567,026
Tauron
Polska
Energia
SA
(a)
..................
12,845,152
42,289,456
XTB
SA
(b)
(c)
.............................
789,211
19,653,974
Zabka
Group
SA
(a)
........................
3,903,302
24,425,033
1,705,370,250
a
Qatar
 — 
0
.6
%
Al
Meera
Consumer
Goods
Co.
QSC
...........
1,787,610
7,499,158
Al
Rayan
Bank
..........................
66,814,002
42,594,349
Baladna
(a)
..............................
17,167,945
5,859,941
Barwa
Real
Estate
Co.
.....................
19,969,142
14,033,419
Commercial
Bank
PSQC
(The)
................
38,211,749
50,847,653
Doha
Bank
QPSC
(a)
.......................
20,300,267
16,430,698
Dukhan
Bank
...........................
15,092,477
14,813,798
Estithmar
Holding
QPSC
(a)
...................
13,394,636
13,948,284
Gulf
International
Services
QSC
...............
9,968,978
7,116,818
Industries
Qatar
QSC
......................
16,094,986
53,388,677
Mesaieed
Petrochemical
Holding
Co.
...........
54,762,655
15,706,922
Nebras
Energy
..........................
5,743,819
23,244,758
Ooredoo
QPSC
..........................
9,162,548
34,081,610
Qatar
Aluminum
Manufacturing
Co.
.............
34,590,138
16,511,564
Qatar
Fuel
QSC
..........................
4,014,631
16,301,952
Qatar
Gas
Transport
Co.
Ltd.
.................
28,821,939
38,985,434
Qatar
International
Islamic
Bank
QSC
...........
11,843,127
36,665,258
Qatar
Islamic
Bank
QPSC
...................
20,084,311
130,526,867
Qatar
National
Bank
QPSC
..................
52,260,230
276,732,955
Qatar
Navigation
QSC
.....................
8,600,555
26,406,389
United
Development
Co.
QSC
................
27,964,108
7,446,273
Vodafone
Qatar
PQSC
.....................
32,657,114
23,860,593
873,003,370
a
Russia
 — 
0
.0
%
Aeroflot
PJSC
(a)
(d)
.........................
12,448,217
1,610
Alrosa
PJSC
(a)
(d)
..........................
22,555,750
2,918
Credit
Bank
of
Moscow
PJSC
(a)
(d)
..............
131,641,331
17,030
Federal
Grid
Co.
-
Rosseti
PJSC
(a)
(d)
............
2,175,770,000
281
Mobile
TeleSystems
PJSC
(a)
(d)
................
7,617,292
985
Moscow
Exchange
MICEX-RTS
PJSC
(a)
(d)
........
12,320,031
1,594
Ozon
Holdings
PLC
,
ADR
(a)
(d)
.................
453,223
59
PhosAgro
PJSC
,
GDR
(a)
(d)
(e)
..................
1
PhosAgro
PJSC
,
GDR
(a)
(d)
...................
7,905
79
Polyus
PJSC
(a)
(d)
.........................
2,907,870
38
Ros
Agro
PLC
,
GDR
(a)
(d)
(e)
...................
300,309
39
Rosneft
Oil
Co.
PJSC
(a)
(d)
....................
9,721,202
1,258
Sberbank
of
Russia
PJSC
(a)
(d)
.................
91,862,230
11,884
Segezha
Group
PJSC
(a)
(b)
(d)
..................
34,454,100
4,457
Severstal
PAO
(a)
(d)
........................
1,835,503
237
Sistema
AFK
PAO
(a)
(d)
......................
30,748,700
3,978
Sovcomflot
PJSC
(a)
(d)
......................
4,464,400
577
T-Tekhnologii
MKPAO
,
GDR
(a)
(d)
(e)
..............
1,042,828
135
United
Co.
RUSAL
International
PJSC
(a)
(d)
........
26,465,860
3,424
VK
IPJSC
,
GDR
(a)
(d)
.......................
956,753
124
VTB
Bank
PJSC
(a)
(d)
.......................
5,137,107
1
50,708
a
iShares
®
Core
MSCI
Emerging
Markets
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
(Percentages
shown
are
based
on
Net
Assets)
17
Schedule
of
Investments
Security
Shares
Value
a
Saudi
Arabia
 — 
2
.6
%
Abdullah
Al
Othaim
Markets
Co.
...............
5,123,102
$
8,385,667
ACWA
Power
Co.
(a)
.......................
1,767,059
77,932,172
Ades
Holding
Co.
.........................
3,575,048
17,026,113
Advanced
Petrochemical
Co.
(a)
................
1,478,722
9,327,511
Al
Babtain
Power
&
Telecommunication
Co.
.......
459,947
7,680,012
Al
Hammadi
Holding
.......................
939,387
6,085,030
Al
Masane
Al
Kobra
Mining
Co.
...............
724,902
18,874,048
Al
Moammar
Information
Systems
Co.
...........
262,244
10,781,240
Al
Rajhi
Bank
...........................
21,687,641
581,621,612
Al
Rajhi
Co.
for
Co-operative
Insurance
(a)
.........
444,411
8,808,557
Al-Dawaa
Medical
Services
Co.
...............
249,801
3,255,905
Aldrees
Petroleum
and
Transport
Services
Co.
.....
556,608
17,335,508
Alinma
Bank
............................
13,672,515
101,556,132
AlKhorayef
Water
&
Power
Technologies
Co.
......
197,400
6,074,431
Almarai
Co.
JSC
.........................
5,519,084
58,678,905
Almunajem
Foods
Co.
.....................
223,601
3,026,344
Arab
National
Bank
.......................
9,890,842
54,259,055
Arabian
Cement
Co.
.......................
1,044,815
6,220,032
Arabian
Centres
Co.
(b)
......................
2,710,498
13,072,656
Arabian
Contracting
Services
Co.
(a)
.............
247,186
6,975,340
Arabian
Drilling
Co.
.......................
295,619
7,056,364
Arabian
Internet
&
Communications
Services
Co.
...
255,570
12,722,127
Arriyadh
Development
Co.
...................
1,905,094
9,162,082
Astra
Industrial
Group
Co.
...................
478,089
16,285,771
Bank
AlBilad
............................
8,253,628
56,100,064
Bank
Al-Jazira
...........................
6,912,091
21,244,434
Banque
Saudi
Fransi
......................
13,698,312
72,349,782
BinDawood
Holding
Co.
....................
2,029,014
2,376,084
Bupa
Arabia
for
Cooperative
Insurance
Co.
.......
930,643
44,072,920
Catrion
Catering
Holding
Co.
.................
532,078
10,814,696
City
Cement
Co.
.........................
128,633
394,380
Co.
for
Cooperative
Insurance
(The)
............
854,284
30,860,470
Dallah
Healthcare
Co.
......................
421,552
11,147,436
Dar
Al
Arkan
Real
Estate
Development
Co.
(a)
......
6,030,136
32,108,143
Dr
Sulaiman
Al
Habib
Medical
Services
Group
Co.
..
992,062
61,096,356
East
Pipes
Integrated
Co.
for
Industry
...........
145,754
5,449,806
Eastern
Province
Cement
Co.
................
850,578
5,271,501
Electrical
Industries
Co.
....................
6,635,592
26,052,280
Elm
Co.
...............................
273,568
46,636,037
Emaar
Economic
City
(a)
.....................
2,398,977
5,466,168
Etihad
Etisalat
Co.
........................
4,249,592
72,741,402
Etihad
GO
Telecom
Co.
....................
235,087
5,400,984
First
Milling
Co.
..........................
198,958
2,477,096
flynas
Co.
SJSC
(a)
........................
596,243
9,276,255
Jabal
Omar
Development
Co.
(a)
...............
6,485,794
25,709,856
Jahez
International
Co.
(a)
....................
1,174,088
3,701,458
Jamjoom
Pharmaceuticals
Factory
Co.
..........
236,864
8,497,889
Jarir
Marketing
Co.
........................
6,256,882
23,327,406
Leejam
Sports
Co.
JSC
....................
340,847
7,460,439
Lumi
Rental
Co.
(a)
........................
208,138
2,149,181
Maharah
Human
Resources
Co.
...............
3,029,952
4,862,916
Makkah
Construction
&
Development
Co.
........
1,105,079
23,009,590
Middle
East
Healthcare
Co.
..................
560,091
4,712,537
Mobile
Telecommunications
Co.
Saudi
Arabia
......
5,021,417
15,370,664
Mouwasat
Medical
Services
Co.
...............
1,101,912
18,694,892
Nahdi
Medical
Co.
........................
354,850
9,391,858
National
Agriculture
Development
Co.
(The)
(a)
......
1,854,612
8,488,322
National
Co.
for
Learning
&
Education
...........
142,714
4,299,417
National
Gas
&
Industrialization
Co.
............
580,130
12,156,299
National
Industrialization
Co.
(a)
................
3,812,113
8,512,604
National
Medical
Care
Co.
...................
300,390
9,928,479
Perfect
Presentation
For
Commercial
Services
Co.
(a)
.
1,099,933
1,988,124
Power
&
Water
Utility
Co.
for
Jubail
&
Yanbu
(a)
.....
827,382
6,865,069
Qassim
Cement
Co.
(The)
...................
697,728
7,860,369
Security
Shares
Value
a
Saudi
Arabia
(continued)
Rabigh
Refining
&
Petrochemical
Co.
(a)
..........
3,499,646
$
6,779,423
Rasan
Information
Technology
Co.
(a)
............
501,783
17,353,562
Retal
Urban
Development
Co.
,
Class
A
..........
2,636,849
9,417,847
Riyad
Bank
.............................
16,258,769
119,974,856
SABIC
Agri-Nutrients
Co.
...................
2,536,359
83,599,305
Sahara
International
Petrochemical
Co.
..........
3,738,514
13,813,416
SAL
Saudi
Logistics
Services
.................
370,198
15,959,569
Saudi
Arabian
Mining
Co.
(a)
..................
14,875,236
277,756,453
Saudi
Arabian
Oil
Co.
(b)
.....................
65,390,944
435,799,970
Saudi
Automotive
Services
Co.
(a)
..............
389,921
5,501,710
Saudi
Awwal
Bank
........................
11,186,933
101,849,959
Saudi
Basic
Industries
Corp.
.................
9,758,396
141,007,508
Saudi
Cement
Co.
........................
901,171
7,914,012
Saudi
Ceramic
Co.
........................
826,769
5,740,889
Saudi
Chemical
Co.
Holding
.................
5,402,863
10,593,989
Saudi
Energy
Co.
........................
8,709,243
31,374,556
Saudi
Ground
Services
Co.
..................
1,111,911
9,609,158
Saudi
Industrial
Investment
Group
.............
3,326,795
11,454,621
Saudi
Investment
Bank
(The)
.................
6,729,297
24,219,656
Saudi
Kayan
Petrochemical
Co.
(a)
..............
8,146,109
10,440,835
Saudi
National
Bank
(The)
...................
32,612,457
362,389,615
Saudi
Paper
Manufacturing
Co.
(a)
..............
176,813
2,419,378
Saudi
Pharmaceutical
Industries
&
Medical
Appliances
Corp.
(a)
..............................
854,896
6,391,031
Saudi
Real
Estate
Co.
(a)
....................
2,505,774
8,795,510
Saudi
Reinsurance
Co.
(a)
....................
970,372
6,056,752
Saudi
Research
&
Media
Group
(a)
..............
431,866
9,423,933
Saudi
Steel
Pipe
Co.
......................
234,187
2,399,687
Saudi
Tadawul
Group
Holding
Co.
.............
548,990
20,022,350
Saudi
Telecom
Co.
........................
22,078,577
245,955,667
Saudia
Dairy
&
Foodstuff
Co.
.................
221,232
11,748,766
Savola
Group
(The)
(a)
......................
1,647,892
9,893,873
Seera
Group
Holding
(a)
.....................
2,067,970
12,651,379
Southern
Province
Cement
Co.
...............
901,960
5,170,245
Taiba
Investments
Co.
.....................
1,408,109
12,701,753
Theeb
Rent
A
Car
Co.
.....................
649,159
5,498,594
United
Electronics
Co.
.....................
659,967
14,539,355
United
International
Transportation
Co.
..........
840,198
9,049,902
Yamama
Cement
Co.
......................
1,605,334
10,473,586
Yanbu
Cement
Co.
........................
1,274,262
4,875,006
Yanbu
National
Petrochemical
Co.
.............
2,831,507
19,033,814
3,910,177,767
a
South
Africa
 — 
4
.0
%
Absa
Group
Ltd.
.........................
9,168,232
156,682,940
AECI
Ltd.
..............................
1,802,885
12,463,083
African
Rainbow
Minerals
Ltd.
................
1,302,617
20,517,536
Anglogold
Ashanti
PLC
.....................
5,580,798
713,970,327
Aspen
Pharmacare
Holdings
Ltd.
..............
3,934,774
33,459,942
AVI
Ltd.
...............................
3,256,318
22,950,409
Bid
Corp.
Ltd.
...........................
3,613,294
95,334,914
Bidvest
Group
Ltd.
........................
3,263,008
51,685,324
Capitec
Bank
Holdings
Ltd.
..................
957,931
285,443,666
Clicks
Group
Ltd.
.........................
2,622,383
52,471,515
Coronation
Fund
Managers
Ltd.
...............
3,854,807
12,157,212
DataTec
Ltd.
............................
2,726,473
13,201,524
Dis-Chem
Pharmacies
Ltd.
(b)
(c)
................
5,635,318
13,094,074
Discovery
Ltd.
...........................
6,153,830
101,004,161
DRDGOLD
Ltd.
..........................
6,028,024
22,695,793
Equites
Property
Fund
Ltd.
..................
12,166,396
14,605,652
Exxaro
Resources
Ltd.
.....................
2,608,122
32,453,252
FirstRand
Ltd.
...........................
55,254,065
344,320,644
Fortress
Real
Estate
Investments
Ltd.
,
Class
B
.....
15,181,876
24,960,296
Foschini
Group
Ltd.
.......................
3,689,762
20,210,129
Gold
Fields
Ltd.
..........................
9,882,817
579,192,490
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
Core
MSCI
Emerging
Markets
ETF
(Percentages
shown
are
based
on
Net
Assets)
18
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
South
Africa
(continued)
Grindrod
Ltd.
(c)
...........................
9,229,920
$
10,811,186
Growthpoint
Properties
Ltd.
..................
35,157,985
41,530,525
Harmony
Gold
Mining
Co.
Ltd.
................
6,343,711
144,349,495
Hyprop
Investments
Ltd.
....................
4,856,084
19,632,537
Impala
Platinum
Holdings
Ltd.
................
10,060,567
223,502,380
Investec
Ltd.
............................
2,574,652
22,131,619
JSE
Ltd.
...............................
1,371,347
14,385,276
Life
Healthcare
Group
Holdings
Ltd.
............
16,148,180
12,290,820
Momentum
Group
Ltd.
.....................
13,380,370
33,980,825
Motus
Holdings
Ltd.
.......................
1,905,035
16,114,811
Mr
Price
Group
Ltd.
.......................
2,918,147
33,570,946
MTN
Group
Ltd.
..........................
19,295,598
250,980,082
Naspers
Ltd.
,
Class
N
......................
8,658,126
481,830,347
Nedbank
Group
Ltd.
.......................
4,822,685
95,401,258
NEPI
Rockcastle
N.V.
(a)
.....................
6,535,812
60,762,170
Netcare
Ltd.
............................
13,701,803
14,774,155
Ninety
One
Ltd.
..........................
3,213,413
10,947,651
Northam
Platinum
Holdings
Ltd.
...............
3,953,641
108,226,339
Old
Mutual
Ltd.
..........................
48,625,753
50,329,180
Omnia
Holdings
Ltd.
.......................
1,932,373
10,860,971
OUTsurance
Group
Ltd.
....................
9,537,446
44,004,469
Pepkor
Holdings
Ltd.
(b)
.....................
38,609,071
64,281,332
Pick
n
Pay
Stores
Ltd.
(a)
....................
6,605,593
8,035,553
Redefine
Properties
Ltd.
....................
73,832,314
32,207,580
Reinet
Investments
SCA
....................
1,555,146
54,959,316
Remgro
Ltd.
............................
5,310,820
64,665,351
Resilient
REIT
Ltd.
........................
5,833,168
32,788,664
Reunert
Ltd.
............................
2,527,823
10,434,238
Sanlam
Ltd.
............................
19,367,158
129,355,887
Santam
Ltd.
............................
348,250
9,562,154
Sappi
Ltd.
(a)
(c)
...........................
6,497,915
6,869,077
Sasol
Ltd.
(a)
.............................
6,288,921
57,302,432
Shoprite
Holdings
Ltd.
.....................
5,189,317
86,203,195
Sibanye
Stillwater
Ltd.
(a)
(c)
...................
31,612,654
140,429,985
SPAR
Group
Ltd.
(The)
(a)
....................
2,046,790
8,971,878
Standard
Bank
Group
Ltd.
...................
14,444,779
290,910,603
Telkom
SA
SOC
Ltd.
.......................
3,927,243
15,863,115
Thungela
Resources
Ltd.
...................
1,513,073
10,552,909
Tiger
Brands
Ltd.
.........................
1,793,265
35,871,219
Truworths
International
Ltd.
..................
4,162,237
15,821,663
Valterra
Platinum
Ltd.
......................
2,940,184
345,213,029
Vodacom
Group
Ltd.
......................
6,671,677
68,184,235
Vukile
Property
Fund
Ltd.
...................
14,925,351
23,828,400
We
Buy
Cars
Holdings
Ltd.
..................
3,159,951
8,632,255
Wilson
Bayly
Holmes-Ovcon
Ltd.
..............
876,565
11,635,937
Woolworths
Holdings
Ltd.
...................
9,876,492
33,771,881
5,889,643,813
a
South
Korea
 — 
17
.1
%
ABLBio,
Inc.
(a)
(c)
..........................
430,195
57,845,472
Alteogen,
Inc.
(c)
..........................
448,290
126,994,032
Amorepacific
Corp.
.......................
318,805
33,519,195
Amorepacific
Holdings
Corp.
.................
359,068
7,817,614
APR
Corp.
(a)
(c)
...........................
276,628
60,094,717
APRILBIO
Co.
Ltd.
(a)
.......................
224,364
11,261,092
Asiana
Airlines,
Inc.
(a)
......................
567,451
3,059,830
BGF
retail
Co.
Ltd.
........................
93,972
8,138,204
BHI
Co.
Ltd.
(a)
...........................
204,675
13,297,679
BNK
Financial
Group,
Inc.
...................
2,630,966
36,428,926
Cafe24
Corp.
(a)
(c)
.........................
167,350
3,866,538
Caregen
Co.
Ltd.
(c)
........................
166,841
15,872,896
Celltrion
Pharm,
Inc.
(c)
......................
211,733
10,557,524
Celltrion,
Inc.
............................
1,671,113
276,671,882
Chabiotech
Co.
Ltd.
(a)
(c)
.....................
823,551
12,362,446
Cheil
Worldwide,
Inc.
(c)
.....................
670,579
10,224,698
Security
Shares
Value
a
South
Korea
(continued)
Chong
Kun
Dang
Pharmaceutical
Corp.
(c)
.........
115,434
$
7,486,470
CJ
CGV
Co.
Ltd.
(a)
(c)
.......................
899,591
3,464,722
CJ
CheilJedang
Corp.
......................
81,326
12,086,597
CJ
Corp.
..............................
150,361
22,847,320
CJ
ENM
Co.
Ltd.
(a)
........................
123,761
6,245,930
CJ
Logistics
Corp.
(c)
.......................
102,146
9,349,358
Classys,
Inc.
(a)
(c)
..........................
289,136
11,724,811
Clobot
Co.
Ltd.
(a)
.........................
201,889
10,413,739
Cosmax,
Inc.
(a)
(c)
.........................
106,381
14,051,932
CosmoAM&T
Co.
Ltd.
(a)
(c)
...................
293,437
11,920,367
Coway
Co.
Ltd.
(a)
(c)
........................
601,157
34,155,163
CS
Wind
Corp.
(a)
(c)
........................
317,586
11,852,661
D&D
PharmaTech,
Inc.
(a)
(c)
...................
232,610
14,857,476
Daeduck
Electronics
Co.
Ltd.
(c)
................
424,035
18,505,298
Daejoo
Electronic
Materials
Co.
Ltd.
(c)
...........
130,049
9,116,172
Daesang
Corp.
..........................
392,679
6,152,512
Daewoo
Engineering
&
Construction
Co.
Ltd.
(a)
(c)
....
2,452,547
17,342,519
Daewoong
Co.
Ltd.
(c)
......................
259,960
4,876,205
Daewoong
Pharmaceutical
Co.
Ltd.
............
69,311
8,474,925
Daishin
Securities
Co.
Ltd.
(c)
.................
559,034
17,462,277
Daou
Technology,
Inc.
(c)
....................
404,756
15,306,106
DB
HiTek
Co.
Ltd.
(c)
.......................
342,638
22,864,237
DB
Insurance
Co.
Ltd.
.....................
499,311
63,435,055
Dear
U
Co.
Ltd.
(c)
.........................
104,661
2,786,106
DL
E&C
Co.
Ltd.
(a)
........................
345,504
12,268,579
DL
Holdings
Co.
Ltd.
(a)
.....................
150,664
5,414,772
Dongjin
Semichem
Co.
Ltd.
(c)
.................
434,054
16,598,381
DongKook
Pharmaceutical
Co.
Ltd.
.............
393,879
5,584,196
Dongsuh
Companies,
Inc.
(c)
..................
451,021
8,585,562
Doosan
Bobcat,
Inc.
(a)
(c)
.....................
586,770
26,459,066
Doosan
Co.
Ltd.
.........................
82,466
73,377,354
Doosan
Enerbility
Co.
Ltd.
(a)
..................
4,962,444
366,750,850
Doosan
Fuel
Cell
Co.
Ltd.
(a)
(c)
.................
550,030
15,218,725
Doosan
Robotics,
Inc.
(a)
(c)
...................
279,107
20,643,873
DoubleUGames
Co.
Ltd.
....................
167,162
6,154,034
Douzone
Bizon
Co.
Ltd.
....................
221,285
18,189,675
Duk
San
Neolux
Co.
Ltd.
(a)
(c)
.................
183,005
5,310,238
Ecopro
BM
Co.
Ltd.
(a)
(c)
.....................
540,451
83,241,777
Ecopro
Co.
Ltd.
(a)
(c)
........................
1,131,958
145,356,253
Ecopro
Materials
Co.
Ltd.
(a)
(c)
.................
294,269
14,685,479
E-MART,
Inc.
............................
224,964
16,413,669
Enchem
Co.
Ltd.
(a)
(c)
.......................
179,807
9,487,255
Eo
Technics
Co.
Ltd.
(a)
(c)
....................
100,643
29,341,242
ESR
Kendall
Square
REIT
Co.
Ltd.
(c)
............
1,491,342
4,483,875
Eugene
Technology
Co.
Ltd.
(c)
................
196,735
18,359,472
F&F
Co.
Ltd.
(c)
...........................
174,005
8,531,469
GemVax
&
Kael
Co.
Ltd.
(a)
(c)
..................
392,993
12,691,015
Genesis
Development
Holdings
Co.
Ltd.
(a)
(d)
.......
49,111
Grand
Korea
Leisure
Co.
Ltd.
................
513,502
4,671,732
Green
Cross
Corp.
(a)
.......................
71,586
8,404,614
Green
Cross
Holdings
Corp.
(a)
................
274,155
3,029,869
GS
Engineering
&
Construction
Corp.
...........
752,510
11,712,843
GS
Holdings
Corp.
........................
446,542
21,341,472
GS
Retail
Co.
Ltd.
........................
401,573
6,137,634
Han
Kuk
Carbon
Co.
Ltd.
(a)
(c)
.................
458,783
13,369,939
Hana
Financial
Group,
Inc.
..................
3,083,763
260,846,878
Hana
Micron,
Inc.
(c)
.......................
575,011
14,509,468
Hanall
Biopharma
Co.
Ltd.
(a)
(c)
................
368,511
15,767,065
Hanil
Cement
Co.
Ltd.
.....................
378,086
4,776,990
Hanjin
Kal
Corp.
(a)
(c)
.......................
259,606
28,137,750
Hankook
&
Co.
Co.
Ltd.
(c)
...................
395,179
8,598,104
Hankook
Tire
&
Technology
Co.
Ltd.
............
803,367
40,692,304
Hanmi
Pharm
Co.
Ltd.
(a)
....................
65,462
26,970,317
Hanmi
Science
Co.
Ltd.
(a)
(c)
..................
230,253
6,983,823
iShares
®
Core
MSCI
Emerging
Markets
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
(Percentages
shown
are
based
on
Net
Assets)
19
Schedule
of
Investments
Security
Shares
Value
a
South
Korea
(continued)
Hanmi
Semiconductor
Co.
Ltd.
(c)
...............
475,341
$
107,124,545
Hanon
Systems
(a)
(c)
........................
2,413,971
7,784,414
Hansol
Chemical
Co.
Ltd.
...................
101,918
23,915,036
Hanssem
Co.
Ltd.
(a)
(c)
......................
126,858
4,379,268
Hanwha
Aerospace
Co.
Ltd.
.................
371,784
309,057,733
Hanwha
Corp.
(a)
..........................
276,065
26,215,061
Hanwha
Engine
(a)
(c)
........................
649,025
24,349,929
Hanwha
Investment
&
Securities
Co.
Ltd.
(a)
(c)
......
1,483,903
8,621,386
Hanwha
Life
Insurance
Co.
Ltd.
(a)
(c)
.............
3,975,621
13,692,664
Hanwha
Ocean
Co.
Ltd.
(a)
(c)
..................
1,529,605
150,082,910
Hanwha
Solutions
Corp.
(a)
(c)
..................
1,223,251
44,961,889
Hanwha
Systems
Co.
Ltd.
(a)
(c)
.................
848,834
67,033,398
Hanwha
Vision
Co.
Ltd.
(a)
(c)
..................
421,421
24,983,116
HD
Construction
Equipment
Co.
Ltd.
............
367,791
35,883,496
HD
Hyundai
Co.
Ltd.
......................
476,115
96,853,431
HD
Hyundai
Electric
Co.
Ltd.
.................
262,523
191,656,353
HD
Hyundai
Heavy
Industries
Co.
Ltd.
...........
406,335
170,162,774
HD
Hyundai
Marine
Solution
Co.
Ltd.
...........
167,454
21,442,163
HD
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.
471,116
147,367,541
HDC
Hyundai
Development
Co-Engineering
&
Construction
,
Class
E
....................
486,241
7,823,085
HD-Hyundai
Marine
Engine
(a)
.................
234,708
14,252,485
Hite
Jinro
Co.
Ltd.
(c)
.......................
470,995
5,817,543
HJ
Shipbuilding
&
Construction
Co.
Ltd.
(a)
........
253,103
4,451,516
HK
inno
N
Corp.
(a)
........................
145,993
5,474,429
HL
Mando
Co.
Ltd.
(c)
.......................
360,628
15,721,542
HLB,
Inc.
(a)
(c)
............................
1,319,345
47,428,162
HMM
Co.
Ltd.
...........................
2,538,886
37,631,496
Hotel
Shilla
Co.
Ltd.
(a)
(c)
.....................
338,478
11,273,833
HPSP
Co.
Ltd.
(c)
..........................
600,829
18,745,422
HS
Hyosung
Advanced
Materials
Corp.
(c)
.........
32,796
5,720,346
Hugel,
Inc.
(a)
(c)
...........................
67,358
12,644,906
HYBE
Co.
Ltd.
(a)
(c)
........................
254,477
68,416,650
Hyosung
Corp.
(c)
.........................
105,771
12,431,603
Hyosung
Heavy
Industries
Corp.
..............
63,004
123,499,955
Hyosung
TNC
Corp.
(c)
......................
28,845
8,541,254
Hyundai
Department
Store
Co.
Ltd.
(c)
...........
195,453
14,937,293
Hyundai
Elevator
Co.
Ltd.
...................
287,910
19,731,790
Hyundai
Engineering
&
Construction
Co.
Ltd.
(c)
.....
871,872
99,854,990
Hyundai
Feed,
Inc.
(a)
(c)
(d)
....................
709,241
1,158,111
Hyundai
Glovis
Co.
Ltd.
....................
413,346
83,227,266
Hyundai
Marine
&
Fire
Insurance
Co.
Ltd.
(a)
.......
593,716
14,177,510
Hyundai
Mobis
Co.
Ltd.
.....................
650,407
233,790,404
Hyundai
Motor
Co.
........................
1,468,604
688,517,212
Hyundai
Rotem
Co.
Ltd.
(c)
...................
853,022
136,383,474
Hyundai
Steel
Co.
........................
834,801
26,922,512
Hyundai
Wia
Corp.
(c)
.......................
225,050
15,825,551
Iljin
Electric
Co.
Ltd.
(c)
......................
296,061
18,404,802
iM
Financial
Group
Co.
Ltd.
..................
1,583,701
20,240,015
Industrial
Bank
of
Korea
....................
2,675,590
47,916,961
ISC
Co.
Ltd.
(c)
...........................
132,280
17,769,004
ISU
Specialty
Chemical
(a)
(c)
..................
229,423
18,356,388
IsuPetasys
Co.
Ltd.
(c)
......................
617,297
54,966,621
JB
Financial
Group
Co.
Ltd.
..................
1,371,629
30,245,320
JNTC
Co.
Ltd.
(a)
(c)
.........................
289,041
4,474,934
Jusung
Engineering
Co.
Ltd.
(c)
................
347,318
13,567,701
JYP
Entertainment
Corp.
(a)
(c)
.................
316,359
15,328,049
Kakao
Corp.
............................
3,420,307
147,995,878
Kakao
Games
Corp.
(a)
(c)
....................
473,008
4,807,249
KakaoBank
Corp.
........................
1,851,393
34,887,591
Kangwon
Land,
Inc.
.......................
879,884
11,641,165
KB
Financial
Group,
Inc.
....................
3,997,206
441,164,057
KCC
Corp.
.............................
54,408
24,630,453
KEPCO
Engineering
&
Construction
Co.,
Inc.
(a)
(c)
....
176,301
21,434,014
Security
Shares
Value
a
South
Korea
(continued)
KEPCO
Plant
Service
&
Engineering
Co.
Ltd.
(a)
(c)
....
293,663
$
12,653,603
Kia
Corp.
..............................
2,572,130
367,268,196
KIWOOM
Securities
Co.
Ltd.
(c)
................
150,952
48,810,656
Koh
Young
Technology,
Inc.
(c)
.................
614,005
13,583,719
Kolmar
Korea
Co.
Ltd.
(a)
....................
217,725
11,530,577
Kolon
Industries,
Inc.
(c)
.....................
243,363
11,447,890
Korea
Aerospace
Industries
Ltd.
(c)
..............
822,039
109,231,749
Korea
Electric
Power
Corp.
..................
2,743,033
110,253,786
Korea
Gas
Corp.
.........................
305,684
8,758,414
Korea
Investment
Holdings
Co.
Ltd.
............
448,811
80,702,308
Korean
Air
Lines
Co.
Ltd.
(a)
..................
1,671,053
32,564,240
Korean
Reinsurance
Co.
....................
2,143,201
20,759,496
Krafton,
Inc.
(a)
...........................
313,910
54,208,402
KT&G
Corp.
............................
1,045,332
118,443,129
Kum
Yang
Co.
Ltd.
(a)
(d)
.....................
390,785
2,151,559
Kumho
Petrochemical
Co.
Ltd.
(a)
...............
166,525
17,741,344
Kumho
Tire
Co.,
Inc.
(a)
(c)
....................
1,681,819
8,151,226
Kyung
Dong
Navien
Co.
Ltd.
(c)
................
108,302
4,830,736
L&C
Bio
Co.
Ltd.
.........................
203,963
13,980,363
L&F
Co.
Ltd.
(a)
(c)
..........................
296,738
25,936,870
Lake
Materials
Co.
Ltd.
(c)
....................
456,820
7,519,613
LEENO
Industrial,
Inc.
(c)
....................
531,501
39,374,448
LG
Chem
Ltd.
...........................
545,936
158,746,145
LG
Corp.
..............................
946,057
70,792,572
LG
Display
Co.
Ltd.
(a)
(c)
.....................
3,035,899
30,298,460
LG
Electronics,
Inc.
.......................
1,116,573
112,958,362
LG
Energy
Solution
Ltd.
(a)
(c)
..................
515,158
153,101,448
LG
H&H
Co.
Ltd.
(c)
........................
90,932
16,873,535
LG
Innotek
Co.
Ltd.
(c)
......................
144,679
32,054,513
LG
Uplus
Corp.
..........................
1,375,388
15,823,426
LIG
Nex1
Co.
Ltd.
(a)
.......................
148,218
52,323,588
LigaChem
Biosciences,
Inc.
(a)
(c)
...............
292,287
38,928,183
Lotte
Chemical
Corp.
(c)
.....................
197,680
13,182,199
Lotte
Chilsung
Beverage
Co.
Ltd.
..............
57,939
5,599,288
Lotte
Corp.
.............................
405,996
10,104,929
Lotte
Energy
Materials
Corp.
(a)
(c)
...............
280,588
8,734,452
LOTTE
Fine
Chemical
Co.
Ltd.
................
225,207
8,000,550
LOTTE
REIT
Co.
Ltd.
(c)
.....................
2,773,054
9,347,304
Lotte
Rental
Co.
Ltd.
(c)
.....................
130,216
3,056,877
Lotte
Shopping
Co.
Ltd.
....................
137,832
10,300,581
Lotte
Tour
Development
Co.
Ltd.
(a)
(c)
............
703,315
11,314,628
Lotte
Wellfood
Co.
Ltd.
.....................
37,186
3,280,395
LS
Corp.
(a)
.............................
194,443
38,522,967
LS
Electric
Co.
Ltd.
.......................
168,087
92,047,552
Lunit,
Inc.
(a)
(c)
............................
306,804
8,671,411
LX
INTERNATIONAL
CORP.
.................
372,946
11,045,948
LX
Semicon
Co.
Ltd.
......................
138,295
5,623,108
Medytox,
Inc.
(c)
..........................
61,680
5,522,106
Meritz
Financial
Group,
Inc.
(a)
.................
914,144
80,640,404
Mezzion
Pharma
Co.
Ltd.
(a)
(c)
.................
273,372
26,910,587
Mirae
Asset
Securities
Co.
Ltd.
(c)
..............
2,228,571
111,712,060
Misto
Holdings
Corp.
......................
529,186
17,993,805
Naturecell
Co.
Ltd.
(a)
(c)
......................
712,979
10,639,020
NAVER
Corp.
...........................
1,551,601
274,097,012
NCSoft
Corp.
(c)
..........................
144,140
23,118,539
Netmarble
Corp.
(b)
........................
309,676
11,299,985
Nexon
Games
Co.
Ltd.
(a)
(c)
...................
347,704
2,866,746
NH
Investment
&
Securities
Co.
Ltd.
............
1,420,310
35,100,240
NICE
Information
Service
Co.
Ltd.
(c)
............
508,892
6,058,173
NKMax
Co.
Ltd.
(a)
(c)
(d)
......................
172,974
692,257
NongShim
Co.
Ltd.
(a)
(c)
.....................
36,190
10,809,816
OCI
Holdings
Co.
Ltd.
(c)
.....................
151,147
15,938,493
OliX
Pharmaceuticals,
Inc.
(a)
(c)
................
190,902
23,895,158
Orion
Corp.
(a)
...........................
246,137
22,824,699
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
Core
MSCI
Emerging
Markets
ETF
(Percentages
shown
are
based
on
Net
Assets)
20
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
South
Korea
(continued)
Orion
Holdings
Corp.
(a)
.....................
356,325
$
5,904,047
Oscotec,
Inc.
(a)
(c)
.........................
398,823
14,495,059
Otoki
Corp.
.............................
23,414
6,463,011
Pan
Ocean
Co.
Ltd.
.......................
3,015,834
11,063,744
Paradise
Co.
Ltd.
(c)
........................
641,834
8,919,008
Park
Systems
Corp.
(c)
......................
79,977
16,058,869
Pearl
Abyss
Corp.
(a)
(c)
......................
381,051
14,206,178
People
&
Technology,
Inc.
...................
227,286
8,642,792
Peptron,
Inc.
(a)
(c)
..........................
253,776
50,249,109
PharmaResearch
Co.
Ltd.
(c)
..................
80,395
19,525,637
Poongsan
Corp.
(a)
........................
199,268
16,010,876
Posco
DX
Co.
Ltd.
(c)
.......................
615,858
16,811,740
POSCO
Future
M
Co.
Ltd.
(a)
(c)
................
391,450
67,195,273
POSCO
Holdings,
Inc.
.....................
789,747
226,657,708
Posco
International
Corp.
...................
574,428
28,891,039
PSK
Holdings,
Inc.
(c)
.......................
92,707
5,638,211
PSK,
Inc.
..............................
289,352
12,915,069
Rainbow
Robotics
(a)
.......................
100,066
59,833,826
Robotis
Co.
Ltd.
(a)
(c)
.......................
114,715
23,038,984
S&S
Tech
Corp.
..........................
175,329
12,053,608
S-1
Corp.
(c)
.............................
205,192
12,501,690
Sam
Chun
Dang
Pharm
Co.
Ltd.
(c)
.............
168,500
96,695,877
Samsung
Biologics
Co.
Ltd.
(a)
(b)
...............
126,260
155,777,527
Samsung
C&T
Corp.
......................
933,617
227,516,281
Samsung
E&A
Co.
Ltd.
(c)
....................
1,692,287
42,786,276
Samsung
Electro-Mechanics
Co.
Ltd.
...........
609,594
190,522,390
Samsung
Electronics
Co.
Ltd.
................
52,354,446
7,835,955,826
Samsung
Episholdings
Co.
Ltd.
(a)
..............
81,505
38,245,308
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
.......
329,835
121,524,192
Samsung
Heavy
Industries
Co.
Ltd.
(a)
...........
7,797,239
156,944,460
Samsung
Life
Insurance
Co.
Ltd.
..............
883,109
141,371,901
Samsung
SDI
Co.
Ltd.
(a)
....................
665,916
215,886,477
Samsung
SDS
Co.
Ltd.
.....................
460,113
62,353,976
Samsung
Securities
Co.
Ltd.
.................
632,481
46,995,301
Samyang
Foods
Co.
Ltd.
(c)
..................
46,404
39,391,023
Sanil
Electric
Co.
Ltd.
(c)
.....................
130,695
15,123,153
SD
Biosensor,
Inc.
(a)
(c)
......................
480,465
2,820,340
Sebang
Global
Battery
Co.
Ltd.
...............
88,635
4,244,316
Seegene,
Inc.
...........................
445,123
8,120,489
Seojin
System
Co.
Ltd.
(a)
(c)
...................
367,692
12,162,762
SFA
Engineering
Corp.
(c)
....................
330,545
7,776,720
Shinhan
Financial
Group
Co.
Ltd.
..............
4,786,079
321,894,833
Shinsegae,
Inc.
(c)
.........................
77,113
19,720,584
Shinsung
Delta
Tech
Co.
Ltd.
(c)
................
194,809
9,492,543
Shinyoung
Securities
Co.
Ltd.
(c)
...............
18,726
2,942,035
Silicon2
Co.
Ltd.
(a)
(c)
.......................
403,656
12,301,356
SIMMTECH
Co.
Ltd.
(c)
.....................
323,079
12,191,514
SK
Biopharmaceuticals
Co.
Ltd.
(a)
(c)
.............
345,052
28,726,889
SK
Bioscience
Co.
Ltd.
(a)
(c)
...................
274,205
9,332,110
SK
Chemicals
Co.
Ltd.
.....................
145,266
6,942,874
SK
Discovery
Co.
Ltd.
(c)
....................
154,991
6,446,185
SK
Gas
Ltd.
............................
46,584
7,543,395
SK
hynix,
Inc.
...........................
6,030,474
4,458,884,119
SK
IE
Technology
Co.
Ltd.
(a)
(b)
(c)
...............
295,886
5,573,592
SK
Innovation
Co.
Ltd.
.....................
754,487
67,001,805
SK
Networks
Co.
Ltd.
......................
1,686,516
6,740,983
SK
oceanplant
Co.
Ltd.
(a)
(c)
...................
463,050
6,213,000
SK
REITs
Co.
Ltd.
(c)
.......................
924,945
3,800,087
SK
Square
Co.
Ltd.
(a)
......................
1,024,998
460,037,315
SK
Telecom
Co.
Ltd.
.......................
1,104,414
61,044,731
SK,
Inc.
...............................
397,870
111,093,725
SKC
Co.
Ltd.
(a)
(c)
.........................
208,810
16,486,539
SL
Corp.
(a)
.............................
223,538
11,406,441
SM
Entertainment
Co.
Ltd.
(c)
.................
133,362
10,697,458
Security
Shares
Value
a
South
Korea
(continued)
SNT
Motiv
Co.
Ltd.
........................
248,436
$
6,436,680
S-Oil
Corp.
(a)
............................
422,362
32,297,407
SOOP
Co.
Ltd.
(c)
.........................
102,504
5,056,450
Soulbrain
Co.
Ltd.
(c)
.......................
52,858
16,401,639
ST
Pharm
Co.
Ltd.
(a)
(c)
......................
163,114
17,242,758
Studio
Dragon
Corp.
(a)
(c)
....................
162,760
5,049,543
Taesung
Co.
Ltd.
(a)
........................
240,714
13,208,398
Taihan
Cable
&
Solution
Co.
Ltd.
(a)
(c)
............
879,450
21,977,703
TechWing,
Inc.
(c)
.........................
352,339
11,438,739
TKG
Huchems
Co.
Ltd.
.....................
367,225
4,844,554
Tokai
Carbon
Korea
Co.
Ltd.
(c)
................
68,464
10,724,990
Voronoi,
Inc.
(a)
...........................
125,876
29,240,551
Wemade
Co.
Ltd.
(c)
........................
233,994
4,231,154
Wonik
Holdings
Co.
Ltd.
(a)
...................
1
24
WONIK
IPS
Co.
Ltd.
(c)
......................
369,955
32,304,917
Woori
Financial
Group,
Inc.
..................
7,425,023
185,808,173
YC
Corp.
(a)
(c)
............................
320,629
4,840,800
YG
Entertainment,
Inc.
(c)
....................
157,002
8,070,764
Youngone
Corp.
(c)
........................
257,872
17,313,425
Youngone
Holdings
Co.
Ltd.
.................
88,483
15,325,072
Yuhan
Corp.
............................
609,756
46,670,029
25,506,727,766
a
Taiwan
 — 
22
.0
%
Ability
Enterprise
Co.
Ltd.
(c)
..................
3,227,000
8,237,120
Ability
Opto-Electronics
Technology
Co.
Ltd.
(c)
......
744,000
2,564,069
AcBel
Polytech,
Inc.
(c)
......................
7,872,565
12,909,211
Accton
Technology
Corp.
...................
5,570,000
245,109,446
Acer,
Inc.
(c)
.............................
30,483,872
26,624,424
Acter
Group
Corp.
Ltd.
(c)
....................
1,129,000
25,731,986
ADATA
Technology
Co.
Ltd.
(c)
.................
3,399,725
30,428,055
Advanced
Echem
Materials
Co.
Ltd.
(c)
...........
806,000
23,108,076
Advanced
Energy
Solution
Holding
Co.
Ltd.
(c)
......
384,000
14,571,195
Advanced
Wireless
Semiconductor
Co.
(c)
.........
1,652,000
6,407,422
Advantech
Co.
Ltd.
(c)
......................
5,166,584
54,793,882
Airoha
Technology
Corp.
(c)
...................
404,000
6,632,541
Airtac
International
Group
(c)
..................
1,473,292
56,370,619
Alchip
Technologies
Ltd.
(c)
...................
846,000
92,606,794
All
Ring
Tech
Co.
Ltd.
(c)
.....................
897,000
15,468,610
Allied
Supreme
Corp.
(c)
.....................
447,000
3,487,104
Allis
Electric
Co.
Ltd.
(c)
.....................
2,148,169
8,734,597
Ambassador
Hotel
(The)
(c)
...................
1,064,000
1,494,580
AP
Memory
Technology
Corp.
(c)
...............
1,227,000
16,701,590
Arcadyan
Technology
Corp.
..................
1,690,391
10,582,349
Ardentec
Corp.
(c)
.........................
4,869,546
24,329,094
ASE
Technology
Holding
Co.
Ltd.
..............
36,779,222
443,173,908
Asia
Cement
Corp.
(c)
.......................
24,593,050
28,158,910
Asia
Optical
Co.,
Inc.
(c)
.....................
2,454,000
11,747,607
Asia
Vital
Components
Co.
Ltd.
...............
3,678,884
202,288,744
ASMedia
Technology,
Inc.
(c)
..................
405,000
16,786,649
ASPEED
Technology,
Inc.
(c)
..................
329,800
101,797,077
ASROCK,
Inc.
(c)
..........................
678,000
4,921,033
Asustek
Computer,
Inc.
(c)
....................
7,854,000
132,717,572
AUO
Corp.
(a)
(c)
...........................
66,785,400
35,147,980
AURAS
Technology
Co.
Ltd.
(c)
................
759,000
27,410,696
Bank
of
Kaohsiung
Co.
Ltd.
(c)
.................
34,551,125
14,236,528
BES
Engineering
Corp.
(a)
(c)
...................
19,766,508
10,925,118
Bizlink
Holding,
Inc.
(c)
......................
1,928,388
85,213,722
Bora
Pharmaceuticals
Co.
Ltd.
(c)
...............
748,005
12,111,161
Brighton-Best
International
Taiwan,
Inc.
(c)
.........
6,200,000
6,715,824
C
Sun
Manufacturing
Ltd.
(c)
..................
1,146,000
11,595,422
Caliway
Biopharmaceuticals
Co.
Ltd.
(a)
..........
11,282,000
58,152,279
Capital
Securities
Corp.
(c)
...................
22,243,050
22,690,830
Catcher
Technology
Co.
Ltd.
(c)
................
5,565,000
33,984,827
Cathay
Financial
Holding
Co.
Ltd.
..............
105,853,951
268,444,573
iShares
®
Core
MSCI
Emerging
Markets
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
(Percentages
shown
are
based
on
Net
Assets)
21
Schedule
of
Investments
Security
Shares
Value
a
Taiwan
(continued)
Cathay
Real
Estate
Development
Co.
Ltd.
(c)
.......
7,497,900
$
5,412,767
Center
Laboratories,
Inc.
(a)
(c)
.................
6,038,874
8,442,636
Century
Iron
&
Steel
Industrial
Co.
Ltd.
(c)
.........
2,017,000
8,235,581
Chailease
Holding
Co.
Ltd.
..................
16,606,206
55,009,476
Chang
Hwa
Commercial
Bank
Ltd.
.............
79,772,036
55,089,297
Charoen
Pokphand
Enterprise
(c)
...............
3,644,700
17,808,361
Chenbro
Micom
Co.
Ltd.
(c)
...................
694,000
20,003,742
Cheng
Loong
Corp.
(c)
......................
11,432,000
6,700,881
Cheng
Shin
Rubber
Industry
Co.
Ltd.
...........
19,561,650
19,590,555
Cheng
Uei
Precision
Industry
Co.
Ltd.
(c)
..........
4,237,000
5,355,166
Chicony
Electronics
Co.
Ltd.
(c)
................
6,838,787
27,319,624
Chicony
Power
Technology
Co.
Ltd.
(c)
...........
1,534,000
4,437,268
Chief
Telecom,
Inc.
(c)
......................
370,300
4,428,944
China
Airlines
Ltd.
........................
30,704,000
20,518,576
China
Bills
Finance
Corp.
...................
20,753,000
11,403,478
China
Motor
Corp.
(c)
.......................
2,430,800
4,632,013
China
Petrochemical
Development
Corp.
(a)
(c)
.......
40,833,490
10,820,868
China
Steel
Chemical
Corp.
(c)
.................
1,663,000
3,831,602
China
Steel
Corp.
(c)
.......................
130,527,529
86,358,744
Chipbond
Technology
Corp.
(c)
.................
7,248,000
13,042,926
ChipMOS
Technologies,
Inc.
(c)
................
5,780,000
12,994,350
Chong
Hong
Construction
Co.
Ltd.
.............
1,923,122
4,637,861
Chroma
ATE,
Inc.
.........................
4,231,000
183,853,756
Chung
Hung
Steel
Corp.
(a)
(c)
..................
11,654,000
6,733,023
Chung-Hsin
Electric
&
Machinery
Manufacturing
Corp.
4,141,000
23,148,373
Chunghwa
Precision
Test
Tech
Co.
Ltd.
(c)
.........
246,000
28,954,488
Chunghwa
Telecom
Co.
Ltd.
.................
41,063,000
176,713,346
Cleanaway
Co.
Ltd.
(c)
......................
11,501,000
12,884,973
Clevo
Co.
(c)
.............................
4,587,175
5,765,176
Compal
Electronics,
Inc.
(c)
...................
46,221,000
46,369,650
Compeq
Manufacturing
Co.
Ltd.
...............
11,385,000
73,614,548
Continental
Holdings
Corp.
(c)
.................
7,510,600
5,362,081
Coretronic
Corp.
(c)
........................
2,645,200
7,471,831
CSBC
Corp.
Taiwan
(a)
......................
10,865,541
8,383,177
CTBC
Financial
Holding
Co.
Ltd.
..............
184,746,599
328,637,959
CTCI
Corp.
(c)
............................
8,234,847
8,237,535
CyberPower
Systems,
Inc.
(c)
.................
530,000
3,274,974
Da-Li
Development
Co.
Ltd.
(c)
.................
2,342,895
3,539,725
Daxin
Materials
Corp.
......................
567,000
7,629,668
Delta
Electronics,
Inc.
......................
21,524,000
970,599,343
Depo
Auto
Parts
Ind
Co.
Ltd.
(c)
................
1,094,000
4,913,924
Dynamic
Holding
Co.
Ltd.
(c)
..................
3,287,324
16,274,784
Dynapack
International
Technology
Corp.
(c)
.......
1,633,000
15,903,125
E
Ink
Holdings,
Inc.
(c)
......................
9,583,000
56,721,016
E.Sun
Financial
Holding
Co.
Ltd.
(c)
.............
160,122,156
180,073,938
Eclat
Textile
Co.
Ltd.
.......................
2,016,683
27,151,076
EirGenix,
Inc.
(a)
(c)
.........................
1,954,000
3,794,527
Elan
Microelectronics
Corp.
(c)
.................
2,905,100
11,239,820
Elite
Advanced
Laser
Corp.
(c)
.................
1,623,000
15,746,561
Elite
Material
Co.
Ltd.
......................
3,361,000
257,394,337
Elite
Semiconductor
Microelectronics
Technology,
Inc.
(c)
3,142,000
15,429,036
eMemory
Technology,
Inc.
(c)
..................
697,000
55,431,280
Ennoconn
Corp.
.........................
1,041,219
9,386,207
Ennostar,
Inc.
(a)
(c)
.........................
6,639,185
8,044,594
Eternal
Materials
Co.
Ltd.
(c)
..................
10,230,369
22,381,439
Eva
Airways
Corp.
........................
28,334,326
34,306,166
Evergreen
Aviation
Technologies
Corp.
..........
1,240,000
7,029,688
Evergreen
International
Storage
&
Transport
Corp.
(c)
.
3,291,500
5,863,712
Evergreen
Marine
Corp.
Taiwan
Ltd.
(c)
...........
11,888,979
74,612,162
EVERGREEN
Steel
Corp.
(c)
..................
1,858,000
6,107,989
Everlight
Electronics
Co.
Ltd.
.................
4,494,000
8,409,674
Far
Eastern
Department
Stores
Ltd.
(c)
...........
13,460,167
9,779,024
Far
Eastern
International
Bank
(c)
...............
45,334,109
18,739,392
Far
Eastern
New
Century
Corp.
...............
35,385,916
32,549,457
Security
Shares
Value
a
Taiwan
(continued)
Far
EasTone
Telecommunications
Co.
Ltd.
........
18,914,000
$
55,586,197
Faraday
Technology
Corp.
(c)
.................
2,594,828
13,819,607
Farglory
Land
Development
Co.
Ltd.
............
3,504,782
7,607,454
Feng
Hsin
Steel
Co.
Ltd.
(c)
...................
5,501,000
11,932,258
Feng
TAY
Enterprise
Co.
Ltd.
(c)
................
5,189,833
15,527,767
First
Financial
Holding
Co.
Ltd.
................
125,783,112
119,907,891
First
Hi-Tec
Enterprise
Co.
Ltd.
(c)
..............
851,000
7,818,688
Fitipower
Integrated
Technology,
Inc.
(c)
...........
997,504
4,711,055
FLEXium
Interconnect,
Inc.
(a)
(c)
................
2,543,616
5,211,138
Formosa
Chemicals
&
Fibre
Corp.
(c)
............
38,891,210
62,879,442
Formosa
International
Hotels
Corp.
(c)
............
810,000
4,884,545
Formosa
Plastics
Corp.
(c)
....................
41,546,800
68,151,759
Formosa
Sumco
Technology
Corp.
(c)
............
773,000
3,365,995
Formosa
Taffeta
Co.
Ltd.
....................
10,557,000
6,148,970
Fortune
Electric
Co.
Ltd.
(c)
...................
1,732,790
58,449,161
Fositek
Corp.
(c)
..........................
593,341
31,767,231
Foxconn
Technology
Co.
Ltd.
(c)
................
10,805,424
20,360,820
Foxsemicon
Integrated
Technology,
Inc.
(c)
........
1,113,000
11,071,506
Fubon
Financial
Holding
Co.
Ltd.
..............
92,384,521
277,077,193
Fulgent
Sun
International
Holding
Co.
Ltd.
(c)
.......
1,569,221
4,684,939
Fulltech
Fiber
Glass
Corp.
(a)
..................
5,005,000
17,350,532
Fusheng
Precision
Co.
Ltd.
(c)
.................
1,204,000
10,176,213
Genius
Electronic
Optical
Co.
Ltd.
(c)
............
837,287
11,747,586
Getac
Holdings
Corp.
(c)
.....................
4,440,000
15,993,955
Giant
Manufacturing
Co.
Ltd.
.................
3,366,575
8,776,290
Gigabyte
Technology
Co.
Ltd.
(c)
...............
5,771,000
43,729,507
Global
Brands
Manufacture
Ltd.
(c)
..............
3,376,744
11,602,642
Global
Mixed
Mode
Technology,
Inc.
............
726,000
5,726,319
Global
Unichip
Corp.
......................
950,000
83,189,581
Globalwafers
Co.
Ltd.
(c)
.....................
2,776,000
39,980,523
Gloria
Material
Technology
Corp.
(c)
.............
6,875,000
7,679,084
Gold
Circuit
Electronics
Ltd.
(c)
.................
3,629,800
94,291,939
Goldsun
Building
Materials
Co.
Ltd.
(c)
...........
11,151,425
13,224,629
Grand
Process
Technology
Corp.
(c)
.............
250,000
13,973,764
Grape
King
Bio
Ltd.
(c)
......................
1,432,000
5,677,852
Great
Wall
Enterprise
Co.
Ltd.
................
7,240,412
11,780,761
Greatek
Electronics,
Inc.
(c)
...................
3,914,000
11,921,519
Gudeng
Precision
Industrial
Co.
Ltd.
(c)
...........
785,797
10,515,399
Hannstar
Board
Corp.
......................
2,529,640
7,498,677
HannStar
Display
Corp.
(a)
(c)
..................
27,363,640
8,072,694
HERON
NEUTRON
MEDICAL
CORP.
(a)
..........
521,000
9,227,365
Highwealth
Construction
Corp.
(c)
...............
15,099,494
18,266,241
Hiwin
Technologies
Corp.
(c)
..................
3,102,498
22,510,555
Hon
Hai
Precision
Industry
Co.
Ltd.
.............
138,954,928
1,062,836,949
Hon
Precision,
Inc.
........................
884,000
137,489,178
Hota
Industrial
Manufacturing
Co.
Ltd.
(c)
..........
3,714,261
7,152,488
Hotai
Finance
Co.
Ltd.
(c)
....................
3,340,620
6,387,191
Hotai
Motor
Co.
Ltd.
(c)
......................
3,540,560
66,142,511
HTC
Corp.
(a)
(c)
...........................
7,690,000
11,064,333
HUA
ENG
Wire
&
Cable
Co.
Ltd.
(c)
.............
3,636,829
4,180,965
Hua
Nan
Financial
Holdings
Co.
Ltd.
............
100,262,488
121,760,368
Huaku
Development
Co.
Ltd.
.................
3,695,840
12,788,783
Hwang
Chang
General
Contractor
Co.
Ltd.
(c)
......
2,427,750
4,735,293
IBF
Financial
Holdings
Co.
Ltd.
(c)
..............
28,666,457
15,526,253
I-Chiun
Precision
Industry
Co.
Ltd.
.............
2,367,000
10,450,292
Innodisk
Corp.
(c)
..........................
925,147
22,755,556
Innolux
Corp.
(c)
..........................
82,821,297
70,285,801
International
Games
System
Co.
Ltd.
(c)
..........
2,331,000
51,573,656
Inventec
Corp.
(c)
.........................
29,532,000
43,257,487
ITE
Technology,
Inc.
(c)
......................
1,672,000
6,527,692
ITEQ
Corp.
(c)
............................
2,641,604
11,810,128
ITH
Corp.
(c)
.............................
2,283,000
2,615,405
Jentech
Precision
Industrial
Co.
Ltd.
(c)
...........
953,670
92,998,579
Jinan
Acetate
Chemical
Co.
Ltd.
(c)
..............
5,795,600
8,682,304
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
Core
MSCI
Emerging
Markets
ETF
(Percentages
shown
are
based
on
Net
Assets)
22
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Taiwan
(continued)
Johnson
Health
Tech
Co.
Ltd.
(c)
...............
1,142,000
$
4,928,104
JSL
Construction
&
Development
Co.
Ltd.
(c)
.......
2,372,097
3,519,520
Kaori
Heat
Treatment
Co.
Ltd.
................
811,000
22,320,901
Kenda
Rubber
Industrial
Co.
Ltd.
(c)
.............
7,755,913
5,012,859
Kenmec
Mechanical
Engineering
Co.
Ltd.
(a)
(c)
......
2,060,641
4,197,844
KGI
Financial
Holding
Co.
Ltd.
................
181,977,444
127,147,266
Kindom
Development
Co.
Ltd.
(c)
...............
4,893,230
4,893,318
King
Slide
Works
Co.
Ltd.
(c)
..................
627,000
67,474,672
King
Yuan
Electronics
Co.
Ltd.
(c)
...............
12,248,000
126,026,362
Kinik
Co.
(c)
.............................
1,159,000
19,128,712
Kinpo
Electronics
(c)
........................
12,655,000
10,277,070
Kinsus
Interconnect
Technology
Corp.
(c)
..........
3,326,000
32,866,047
L&K
Engineering
Co.
Ltd.
(c)
..................
1,845,543
34,081,577
Lai
Yih
Footwear
Co.
Ltd.
(c)
..................
599,000
3,862,617
LandMark
Optoelectronics
Corp.
(a)
(c)
............
860,900
33,509,997
Largan
Precision
Co.
Ltd.
(c)
..................
1,095,000
87,763,349
Lien
Hwa
Industrial
Holdings
Corp.
(c)
............
13,428,516
19,248,833
Lite-On
Technology
Corp.
...................
22,181,238
121,075,157
Longwell
Co.
(c)
...........................
1,503,000
10,733,269
Lotes
Co.
Ltd.
(c)
..........................
924,849
51,945,019
Lotus
Pharmaceutical
Co.
Ltd.
(c)
...............
1,573,000
13,993,578
Lumosa
Therapeutics
Co.
Ltd.
(a)
...............
877,000
4,856,346
LuxNet
Corp.
(c)
..........................
1,401,957
18,498,158
M31
Technology
Corp.
(c)
....................
357,484
5,098,257
Machvision,
Inc.
(c)
........................
405,997
7,316,239
Macronix
International
Co.
Ltd.
(a)
(c)
.............
19,884,554
68,050,842
Makalot
Industrial
Co.
Ltd.
(c)
..................
2,414,120
24,616,311
Marketech
International
Corp.
(c)
...............
1,291,000
12,439,459
MediaTek,
Inc.
...........................
16,795,572
1,034,599,849
Mega
Financial
Holding
Co.
Ltd.
...............
130,387,575
167,736,429
Mega
Union
Technology,
Inc.
.................
594,000
14,500,328
Mercuries
Life
Insurance
Co.
Ltd.
(a)
.............
44,222,123
11,703,397
Merida
Industry
Co.
Ltd.
....................
2,140,850
5,116,795
Merry
Electronics
Co.
Ltd.
(c)
..................
2,273,234
6,835,053
Micro-Star
International
Co.
Ltd.
(c)
..............
7,855,000
23,467,486
Mitac
Holdings
Corp.
(c)
.....................
10,466,158
26,305,277
momo.com,
Inc.
(c)
.........................
779,100
4,776,013
MPI
Corp.
..............................
929,000
85,983,469
Nan
Kang
Rubber
Tire
Co.
Ltd.
(c)
..............
4,436,436
5,032,700
Nan
Pao
Resins
Chemical
Co.
Ltd.
(c)
............
562,000
5,875,548
Nan
Ya
Plastics
Corp.
......................
57,432,440
166,627,151
Nan
Ya
Printed
Circuit
Board
Corp.
(c)
............
2,423,000
42,044,857
Nanya
Technology
Corp.
(a)
(c)
..................
13,701,000
121,623,151
Nien
Made
Enterprise
Co.
Ltd.
(c)
...............
1,624,000
20,793,735
Novatek
Microelectronics
Corp.
(c)
..............
6,371,000
79,552,201
Nuvoton
Technology
Corp.
(c)
.................
1,772,000
4,073,886
Oneness
Biotech
Co.
Ltd.
(a)
(c)
.................
3,997,827
7,542,531
Orient
Semiconductor
Electronics
Ltd.
(c)
..........
4,938,000
9,010,967
Pan
Jit
International,
Inc.
(c)
...................
3,847,200
11,035,715
Pan-International
Industrial
Corp.
(c)
.............
5,313,366
8,596,317
Parade
Technologies
Ltd.
(c)
..................
823,000
14,203,201
Pegatron
Corp.
(c)
.........................
22,323,000
52,248,367
Pegavision
Corp.
(c)
........................
409,166
3,872,008
PharmaEssentia
Corp.
.....................
3,392,209
78,346,999
Pharmally
International
Holding
Co.
Ltd.
(a)
(d)
.......
597,543
Phison
Electronics
Corp.
....................
1,837,000
108,524,761
Phoenix
Silicon
International
Corp.
(c)
............
1,729,000
10,225,542
Pixart
Imaging,
Inc.
(c)
......................
1,574,000
10,224,485
Pou
Chen
Corp.
..........................
26,073,000
25,804,117
Powerchip
Semiconductor
Manufacturing
Corp.
(a)
...
34,650,000
82,800,118
Powertech
Technology,
Inc.
(c)
.................
7,696,000
62,497,393
Poya
International
Co.
Ltd.
(c)
.................
735,456
11,849,912
President
Chain
Store
Corp.
(c)
................
6,106,000
43,730,127
President
Securities
Corp.
...................
11,672,463
11,959,830
Security
Shares
Value
a
Taiwan
(continued)
Primax
Electronics
Ltd.
.....................
5,173,000
$
13,451,445
Qisda
Corp.
(c)
...........................
13,155,540
10,823,555
Quanta
Computer,
Inc.
(c)
....................
30,043,000
275,710,397
Quanta
Storage,
Inc.
(c)
.....................
2,301,000
7,294,812
Radiant
Opto-Electronics
Corp.
(c)
..............
4,513,000
17,545,402
Raydium
Semiconductor
Corp.
(c)
...............
676,000
5,016,593
Realtek
Semiconductor
Corp.
(c)
...............
5,341,110
81,745,400
Ritek
Corp.
(a)
............................
1
Ruentex
Development
Co.
Ltd.
................
16,845,812
15,873,866
Ruentex
Industries
Ltd.
(c)
....................
6,774,788
11,507,878
Run
Long
Construction
Co.
Ltd.
(c)
..............
3,668,900
3,529,168
Sanyang
Motor
Co.
Ltd.
(c)
...................
5,588,000
10,686,398
Scientech
Corp.
(c)
.........................
620,192
7,252,279
Sercomm
Corp.
(c)
.........................
3,346,000
8,809,851
Shanghai
Commercial
&
Savings
Bank
Ltd.
(The)
...
42,849,542
54,742,039
Shihlin
Electric
&
Engineering
Corp.
(c)
...........
2,525,000
18,893,091
Shin
Zu
Shing
Co.
Ltd.
(c)
....................
1,782,149
11,617,104
Shinfox
Energy
Co.
Ltd.
....................
415,265
583,199
Shinkong
Synthetic
Fibers
Corp.
...............
17,842,000
8,828,115
Shiny
Chemical
Industrial
Co.
Ltd.
(c)
............
1,052,100
5,326,774
ShunSin
Technology
Holding
Ltd.
(c)
.............
535,000
3,506,486
Sigurd
Microelectronics
Corp.
(c)
...............
5,218,700
24,889,464
Silergy
Corp.
(c)
...........................
3,696,000
32,853,489
Silicon
Integrated
Systems
Corp.
(c)
.............
4,520,750
7,841,870
Simplo
Technology
Co.
Ltd.
(c)
.................
1,484,400
15,750,615
Sinbon
Electronics
Co.
Ltd.
(c)
.................
2,289,809
17,708,087
Sino-American
Silicon
Products,
Inc.
(c)
...........
6,240,000
23,304,359
SinoPac
Financial
Holdings
Co.
Ltd.
............
135,360,440
142,786,210
Sitronix
Technology
Corp.
...................
1,138,000
7,183,709
Solar
Applied
Materials
Technology
Corp.
(c)
.......
6,183,710
12,173,213
Solomon
Technology
Corp.
(c)
.................
1,129,000
4,722,193
Sporton
International,
Inc.
...................
906,252
5,606,096
Standard
Foods
Corp.
(c)
....................
5,585,096
5,356,383
Starlux
Airlines
Co.
Ltd.
(a)
(c)
..................
15,765,000
11,543,697
Sunonwealth
Electric
Machine
Industry
Co.
Ltd.
(c)
...
2,437,000
11,771,854
Supreme
Electronics
Co.
Ltd.
(c)
................
5,692,009
13,160,317
Synnex
Technology
International
Corp.
..........
13,564,250
31,162,880
Syntec
Technology
Co.
Ltd.
..................
456,000
19,548,030
Systex
Corp.
(c)
...........................
1,944,000
7,113,192
TA
Chen
Stainless
Pipe
(c)
...................
21,209,074
24,975,358
Ta
Ya
Electric
Wire
&
Cable
(c)
.................
8,435,581
10,927,306
Taichung
Commercial
Bank
Co.
Ltd.
............
44,069,699
29,746,416
TaiMed
Biologics,
Inc.
(a)
(c)
....................
1,935,224
3,173,776
Tainan
Spinning
Co.
Ltd.
(c)
...................
14,047,894
6,029,923
Taiwan
Acceptance
Corp.
(c)
..................
2,577,202
6,083,766
Taiwan
Business
Bank
.....................
85,353,395
44,722,914
Taiwan
Cogeneration
Corp.
..................
7,814,199
11,730,108
Taiwan
Cooperative
Financial
Holding
Co.
Ltd.
(c)
....
120,853,411
92,258,482
Taiwan
Fertilizer
Co.
Ltd.
(c)
...................
7,275,000
10,877,075
Taiwan
Glass
Industry
Corp.
(a)
(c)
...............
12,176,053
23,432,459
Taiwan
High
Speed
Rail
Corp.
(c)
...............
18,789,000
16,260,844
Taiwan
Hon
Chuan
Enterprise
Co.
Ltd.
(c)
.........
3,425,288
13,310,454
Taiwan
Mobile
Co.
Ltd.
(c)
....................
18,756,000
64,470,832
Taiwan
Paiho
Ltd.
(c)
.......................
3,559,000
5,825,862
Taiwan
Secom
Co.
Ltd.
(c)
....................
3,806,185
12,895,740
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.....
271,777,816
16,958,436,111
Taiwan
Shin
Kong
Security
Co.
Ltd.
(c)
...........
7,745,577
10,137,670
Taiwan
Speciality
Chemicals
Corp.
(c)
............
889,000
9,488,320
Taiwan
Surface
Mounting
Technology
Corp.
(c)
......
2,367,000
7,644,301
Taiwan
Union
Technology
Corp.
(c)
..............
2,706,000
46,298,781
Tatung
Co.
Ltd.
(c)
.........................
14,310,650
17,050,518
TCC
Group
Holdings
Co.
Ltd.
(c)
...............
73,828,182
62,166,967
Teco
Electric
and
Machinery
Co.
Ltd.
(c)
..........
13,367,000
34,900,324
Test
Research,
Inc.
(c)
......................
1,722,400
12,183,918
iShares
®
Core
MSCI
Emerging
Markets
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
(Percentages
shown
are
based
on
Net
Assets)
23
Schedule
of
Investments
Security
Shares
Value
a
Taiwan
(continued)
Thinking
Electronic
Industrial
Co.
Ltd.
(c)
..........
880,000
$
5,276,329
Tigerair
Taiwan
Co.
Ltd.
(c)
...................
1,644,000
3,351,863
Ton
Yi
Industrial
Corp.
(c)
....................
15,769,000
9,574,270
Tong
Hsing
Electronic
Industries
Ltd.
(c)
...........
1,811,600
10,166,692
Tong
Yang
Industry
Co.
Ltd.
(c)
.................
4,209,400
13,358,423
Topco
Scientific
Co.
Ltd.
(c)
...................
1,854,342
20,514,268
Transcend
Information,
Inc.
(c)
.................
2,661,000
17,645,566
Tripod
Technology
Corp.
....................
5,004,000
61,810,698
TS
Financial
Holding
Co.
Ltd.
.................
234,211,969
190,664,052
TTY
Biopharm
Co.
Ltd.
.....................
2,241,124
6,027,396
Tung
Ho
Steel
Enterprise
Corp.
...............
6,127,560
14,389,488
TXC
Corp.
.............................
3,830,000
11,190,684
U-Ming
Marine
Transport
Corp.
(c)
..............
5,484,000
11,614,030
Unimicron
Technology
Corp.
(c)
................
14,707,552
222,473,316
Union
Bank
Of
Taiwan
(c)
....................
20,448,293
13,195,661
Uni-President
Enterprises
Corp.
(c)
..............
52,783,369
122,043,115
Unitech
Printed
Circuit
Board
Corp.
(c)
...........
7,755,438
15,778,403
United
Integrated
Services
Co.
Ltd.
(c)
............
1,889,400
67,156,501
United
Microelectronics
Corp.
................
124,809,000
258,211,810
Universal
Microwave
Technology,
Inc.
...........
728,000
36,767,277
UPI
Semiconductor
Corp.
(c)
..................
464,000
2,723,590
Vanguard
International
Semiconductor
Corp.
(c)
.....
12,621,585
53,507,924
Via
Technologies,
Inc.
(c)
.....................
3,442,000
5,503,812
VisEra
Technologies
Co.
Ltd.
(c)
................
1,270,000
13,683,443
Visual
Photonics
Epitaxy
Co.
Ltd.
(c)
.............
1,997,000
13,671,752
Voltronic
Power
Technology
Corp.
(c)
............
738,493
21,719,770
Wah
Lee
Industrial
Corp.
....................
3,288,580
13,518,402
Walsin
Lihwa
Corp.
(c)
......................
35,791,968
41,590,305
Walsin
Technology
Corp.
....................
3,162,597
15,552,897
Wan
Hai
Lines
Ltd.
(c)
.......................
7,845,620
19,175,825
Win
Semiconductors
Corp.
(c)
.................
3,649,427
38,663,355
Winbond
Electronics
Corp.
(a)
(c)
................
34,810,946
132,438,178
WinWay
Technology
Co.
Ltd.
.................
276,000
44,371,724
Wisdom
Marine
Lines
Co.
Ltd.
................
5,117,000
11,848,413
Wiselink
Co.
Ltd.
.........................
1,784,000
11,462,493
Wistron
Corp.
(c)
..........................
33,491,004
143,077,715
Wiwynn
Corp.
(c)
..........................
1,224,000
153,821,556
WNC
Corp.
(c)
............................
4,015,565
23,776,255
Wowprime
Corp.
(c)
........................
825,361
5,773,891
WPG
Holdings
Ltd.
.......................
17,045,200
38,027,721
WT
Microelectronics
Co.
Ltd.
(c)
................
7,319,206
42,656,958
XinTec,
Inc.
(c)
............................
1,845,000
11,262,980
XPEC
Entertainment,
Inc.
(a)
(d)
.................
31,000
Yageo
Corp.
............................
18,257,032
171,017,488
Yang
Ming
Marine
Transport
Corp.
(c)
............
18,952,677
34,713,635
Yankey
Engineering
Co.
Ltd.
(c)
................
705,200
15,289,410
YFY,
Inc.
..............................
13,179,000
10,840,652
Yieh
Phui
Enterprise
Co.
Ltd.
(a)
(c)
...............
14,487,558
6,761,268
Yuanta
Financial
Holding
Co.
Ltd.
..............
119,696,922
186,530,258
Yulon
Motor
Co.
Ltd.
(c)
.....................
6,470,276
6,342,528
Zhen
Ding
Technology
Holding
Ltd.
.............
8,055,950
53,260,841
32,744,586,963
a
Thailand
 — 
1
.3
%
Advanced
Info
Service
PCL
,
NVDR
.............
12,019,400
146,873,518
Airports
of
Thailand
PCL
,
NVDR
...............
47,876,000
83,894,790
Amata
Corp.
PCL
,
NVDR
(c)
..................
15,172,030
9,519,846
AP
Thailand
PCL
,
NVDR
(c)
...................
37,436,390
11,076,295
B
Grimm
Power
PCL
,
NVDR
.................
10,911,400
5,366,421
Bangchak
Corp.
PCL
,
NVDR
(c)
................
10,337,300
12,554,621
Bangkok
Airways
PCL
,
NVDR
(c)
...............
19,161,900
11,020,404
Bangkok
Chain
Hospital
PCL
,
NVDR
(c)
..........
20,852,050
7,347,596
Bangkok
Commercial
Asset
Management
PCL
,
NVDR
(c)
22,387,900
5,472,002
Bangkok
Dusit
Medical
Services
PCL
,
NVDR
......
123,202,400
85,794,283
Bangkok
Expressway
&
Metro
PCL
,
NVDR
(c)
......
85,171,585
17,253,707
Security
Shares
Value
a
Thailand
(continued)
Banpu
PCL
,
NVDR
(c)
......................
87,254,800
$
15,992,730
BCPG
PCL
,
NVDR
........................
23,209,425
6,034,589
Betagro
PCL
,
NVDR
(c)
.....................
9,454,900
6,661,498
BTS
Group
Holdings
PCL
,
NVDR
(a)
(c)
............
110,311,020
8,441,608
Bumrungrad
Hospital
PCL
,
NVDR
(c)
............
6,687,200
45,712,701
Carabao
Group
PCL
,
NVDR
(c)
................
4,786,500
6,998,710
Central
Pattana
PCL
,
NVDR
(c)
................
22,232,800
49,994,876
Central
Plaza
Hotel
PCL
,
NVDR
(c)
..............
7,050,000
9,114,240
CH
Karnchang
PCL
,
NVDR
(c)
.................
18,905,900
10,701,870
Charoen
Pokphand
Foods
PCL
,
NVDR
..........
40,972,100
27,650,363
Chularat
Hospital
PCL
,
NVDR
(c)
...............
112,048,400
5,934,361
Com7
PCL
,
NVDR
(c)
.......................
15,226,800
11,808,474
CP
ALL
PCL
,
NVDR
(c)
......................
60,518,700
100,760,604
Delta
Electronics
Thailand
PCL
,
NVDR
(c)
.........
34,705,900
310,819,611
Electricity
Generating
PCL
,
NVDR
(c)
............
3,119,200
12,400,653
Gulf
Development
PCL
,
Class
R
,
NVDR
(a)
(c)
.......
50,015,271
99,717,411
Home
Product
Center
PCL
,
NVDR
(c)
............
70,842,775
16,849,402
IRPC
PCL
,
NVDR
(c)
.......................
135,936,000
6,209,285
Kasikornbank
PCL
,
NVDR
...................
6,014,200
38,878,206
KCE
Electronics
PCL
,
NVDR
(c)
................
9,831,200
6,149,828
Kiatnakin
Phatra
Bank
PCL
,
NVDR
(c)
............
4,388,500
10,969,892
Krung
Thai
Bank
PCL
,
NVDR
................
36,806,900
40,531,293
Krungthai
Card
PCL
,
NVDR
..................
13,175,200
14,077,293
Land
&
Houses
PCL
,
NVDR
.................
80,760,100
11,315,474
MBK
PCL
,
NVDR
(c)
........................
15,160,800
9,995,396
Mega
Lifesciences
PCL
,
NVDR
(c)
..............
6,392,900
7,815,030
Minor
International
PCL
,
NVDR
(c)
..............
38,438,660
32,143,005
Muangthai
Capital
PCL
,
NVDR
................
9,110,400
10,826,001
Osotspa
PCL
,
NVDR
......................
16,593,200
9,165,225
PTT
Exploration
&
Production
PCL
,
NVDR
(c)
.......
14,369,401
63,558,836
PTT
Global
Chemical
PCL
,
NVDR
(c)
............
23,844,300
21,646,910
PTT
PCL
,
NVDR
(c)
........................
108,809,200
129,498,385
Ratch
Group
PCL
,
NVDR
...................
10,392,700
10,364,282
Regional
Container
Lines
PCL
,
NVDR
...........
6,285,100
6,217,366
Sansiri
PCL
,
NVDR
.......................
193,067,600
9,689,093
SCB
X
PCL
,
NVDR
.......................
9,230,700
44,073,395
Siam
Cement
PCL
(The)
,
NVDR
(c)
..............
8,465,900
61,251,250
Sri
Trang
Agro-Industry
PCL
,
NVDR
............
11,020,660
5,203,193
Sri
Trang
Gloves
Thailand
PCL
,
NVDR
(c)
.........
13,834,300
4,007,565
Srisawad
Corp.
PCL
,
NVDR
.................
10,695,757
9,883,959
Supalai
PCL
,
NVDR
(c)
......................
20,528,000
11,754,814
Thai
Oil
PCL
,
NVDR
(c)
......................
13,211,400
23,303,254
Thai
Union
Group
PCL
,
NVDR
................
30,526,700
12,165,503
Thai
Vegetable
Oil
PCL
,
NVDR
...............
10,299,810
8,184,182
Thanachart
Capital
PCL
,
NVDR
...............
6,069,000
11,861,472
TIDLOR
Holdings
PCL
,
NVDR
................
16,293,304
10,429,575
Tisco
Financial
Group
PCL
,
NVDR
(c)
............
4,299,100
15,832,410
TMBThanachart
Bank
PCL
,
NVDR
(c)
............
223,884,700
16,986,267
True
Corp.
PCL
,
NVDR
.....................
117,466,756
54,743,695
TTW
PCL
,
NVDR
(c)
........................
35,148,700
10,628,849
VGI
PCL
,
NVDR
.........................
140,594,700
5,300,310
WHA
Corp.
PCL
,
NVDR
....................
108,983,300
15,271,172
1,901,698,849
a
Turkey
 — 
0
.7
%
Ahlatci
Dogal
Gaz
Dagitim
Enerji
VE
Yatirim
A.S.
(a)
..
7,007,099
3,969,410
Akbank
TAS
............................
34,965,466
71,894,604
Aksa
Akrilik
Kimya
Sanayii
A.S.
...............
25,954,597
6,013,971
Alarko
Holding
A.S.
(c)
......................
2,664,570
6,222,210
Anadolu
Anonim
Turk
Sigorta
Sirketi
............
10,357,333
6,124,721
Anadolu
Efes
Biracilik
Ve
Malt
Sanayii
A.S.
(c)
......
28,828,485
12,465,046
Aselsan
Elektronik
Sanayi
Ve
Ticaret
A.S.
(c)
.......
15,803,809
115,911,014
Astor
Transformator
Enerji
Turizm
Insaat
Ve
Petrol
Sanayi
Ticaret
A.S.
(c)
.....................
4,194,721
17,949,500
Baticim
Bati
Anadolu
Cimento
Sanayii
A.S.
(a)
(c)
.....
37,500,755
4,617,815
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
Core
MSCI
Emerging
Markets
ETF
(Percentages
shown
are
based
on
Net
Assets)
24
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Turkey
(continued)
BIM
Birlesik
Magazalar
A.S.
(c)
.................
5,068,492
$
77,198,585
Cimsa
Cimento
Sanayi
VE
Ticaret
A.S.
(c)
.........
7,459,103
8,695,217
Destek
Finans
Faktoring
A.S.
(a)
(c)
..............
1,004,604
34,323,616
Dogan
Sirketler
Grubu
Holding
A.S.
(c)
...........
19,284,622
8,844,800
Dogus
Otomotiv
Servis
ve
Ticaret
A.S.
(c)
.........
1,398,163
6,969,493
Emlak
Konut
Gayrimenkul
Yatirim
Ortakligi
A.S.
(c)
...
29,037,441
15,699,472
Enerjisa
Enerji
A.S.
(b)
......................
5,449,976
13,322,880
Enerya
Enerji
A.S.
........................
27,865,889
6,355,356
Eregli
Demir
ve
Celik
Fabrikalari
TAS
...........
37,555,352
27,976,931
Ford
Otomotiv
Sanayi
A.S.
..................
7,678,456
20,291,280
Gubre
Fabrikalari
TAS
(a)
(c)
...................
1,165,409
14,136,295
Haci
Omer
Sabanci
Holding
A.S.
..............
13,070,906
30,043,672
Hektas
Ticaret
TAS
(a)
(c)
.....................
62,377,602
4,319,545
Is
Yatirim
Menkul
Degerler
A.S.
...............
6,956,103
7,636,334
Kardemir
Karabuk
Demir
Celik
Sanayi
ve
Ticaret
A.S.
,
Class
D
(a)
(c)
...........................
13,091,493
9,716,522
Kiler
Holding
A.S.
(a)
.......................
5,468,161
38,583,555
KOC
Holding
A.S.
........................
8,342,574
37,951,074
Mavi
Giyim
Sanayi
Ve
Ticaret
A.S.
,
Class
B
(b)
(c)
.....
10,348,789
10,705,649
Migros
Ticaret
A.S.
........................
1,198,314
17,670,025
MLP
Saglik
Hizmetleri
A.S.
,
Class
B
(a)
(b)
..........
1,444,153
14,420,864
Nuh
Cimento
Sanayi
A.S.
...................
522,642
3,235,731
Otokar
Otomotiv
Ve
Savunma
Sanayi
A.S.
(a)
(c)
......
427,916
3,746,784
Oyak
Cimento
Fabrikalari
A.S.
(c)
...............
14,129,733
7,893,576
Pasifik
Eurasia
Lojistik
Dis
Ticaret
A.S.
(a)
(c)
........
4,602,428
12,707,118
Pegasus
Hava
Tasimaciligi
A.S.
(a)
(c)
.............
2,724,245
12,204,234
Peker
Gayrimenkul
Yatirim
Ortakligi
A.S.
(a)
........
51,731,413
15,189,494
Petkim
Petrokimya
Holding
A.S.
(a)
(c)
.............
17,885,790
7,048,166
Sasa
Polyester
Sanayi
A.S.
(a)
.................
143,697,126
8,078,752
Sok
Marketler
Ticaret
A.S.
(a)
..................
5,254,353
7,642,919
TAB
Gida
Sanayi
Ve
Ticaret
A.S.
..............
652,600
3,869,266
TAV
Havalimanlari
Holding
A.S.
(a)
(c)
.............
2,578,602
18,151,529
Tera
Yatirim
Menkul
Degerler
A.S.
(a)
............
2,332,841
14,018,073
Tofas
Turk
Otomobil
Fabrikasi
A.S.
(c)
............
1,655,950
12,010,409
Torunlar
Gayrimenkul
Yatirim
Ortakligi
A.S.
........
1,894,719
3,673,506
TR
Anadolu
Metal
Madencilik
Isletmeleri
A.S.
(a)
(c)
....
2,828,764
10,868,470
Turk
Altin
Isletmeleri
A.S.
(a)
(c)
.................
12,700,529
17,634,003
Turk
Hava
Yollari
AO
(c)
.....................
5,524,483
38,723,481
Turkcell
Iletisim
Hizmetleri
A.S.
................
13,559,961
35,821,059
Turkiye
Is
Bankasi
A.S.
,
Class
C
...............
96,908,416
37,379,288
Turkiye
Petrol
Rafinerileri
A.S.
................
10,891,352
54,242,006
Turkiye
Sigorta
A.S.
.......................
29,530,021
8,200,170
Turkiye
Sinai
Kalkinma
Bankasi
A.S.
(a)
...........
24,141,294
7,142,323
Turkiye
Sise
ve
Cam
Fabrikalari
A.S.
(c)
...........
13,621,697
13,936,092
Ulker
Biskuvi
Sanayi
A.S.
...................
3,128,649
8,801,205
Yapi
ve
Kredi
Bankasi
A.S.
(a)
.................
37,854,315
37,389,082
1,049,636,192
a
United
Arab
Emirates
 — 
1
.4
%
Abu
Dhabi
Commercial
Bank
PJSC
............
34,445,322
142,148,344
Abu
Dhabi
Islamic
Bank
PJSC
................
16,562,817
115,012,784
Abu
Dhabi
National
Oil
Co.
for
Distribution
PJSC
...
36,643,195
39,904,924
ADNOC
Drilling
Co.
PJSC
...................
35,050,306
48,857,916
Adnoc
Gas
PLC
..........................
65,415,062
60,539,411
ADNOC
Logistics
&
Services
.................
21,183,639
31,581,155
Agility
Global
PLC
........................
50,730,286
19,059,853
Agthia
Group
PJSC
.......................
4,507,459
4,680,453
Air
Arabia
PJSC
..........................
29,975,637
44,164,779
Ajman
Bank
PJSC
........................
15,619,150
6,761,261
Aldar
Properties
PJSC
.....................
43,269,687
127,231,731
Amanat
Holdings
PJSC
....................
32,153,776
11,205,084
Americana
Restaurants
International
PLC
-
Foreign
Co.
29,528,856
14,997,742
Apex
Investment
Co.
PSC
(a)
..................
9,127,967
8,871,875
Dana
Gas
PJSC
.........................
57,972,842
14,852,083
Dubai
Electricity
&
Water
Authority
PJSC
.........
66,160,168
54,063,019
Security
Shares
Value
a
United
Arab
Emirates
(continued)
Dubai
Financial
Market
PJSC
................
20,803,715
$
9,132,799
Dubai
Investments
PJSC
...................
29,152,916
31,848,869
Dubai
Islamic
Bank
PJSC
...................
32,586,890
73,599,635
Dubai
Residential
REIT
.....................
21,171,702
8,059,581
Emaar
Development
PJSC
..................
11,555,899
60,877,648
Emaar
Properties
PJSC
....................
73,277,254
323,402,893
Emirates
Central
Cooling
Systems
Corp.
.........
23,395,429
11,337,679
Emirates
NBD
Bank
PJSC
...................
21,352,230
191,836,101
Emirates
Telecommunications
Group
Co.
PJSC
....
38,949,048
215,049,262
First
Abu
Dhabi
Bank
PJSC
..................
49,183,190
262,717,411
Gulf
Navigation
Holding
PJSC
(a)
...............
5,343,151
2,967,569
Lulu
Retail
Holdings
PLC
...................
33,832,699
10,128,786
NMDC
Energy
...........................
13,436,705
9,801,364
Parkin
Co.
PJSC
.........................
10,246,356
16,443,585
Phoenix
Group
PLC
(a)
......................
12,575,442
3,091,331
RAK
Properties
PJSC
(a)
....................
18,719,134
7,134,035
Salik
Co.
PJSC
..........................
21,122,328
36,803,991
Sharjah
Islamic
Bank
......................
14,119,661
14,415,466
Space42
PLC
(a)
..........................
15,085,143
6,394,011
Taaleem
Holdings
PJSC
....................
4,220,298
4,561,491
2,043,535,921
a
Total
Common
Stocks — 97.7%
(Cost:
$
91,205,244,103
)
..............................
145,349,615,749
a
Preferred
Stocks
Brazil
 — 
1
.1
%
Alpargatas
SA
,
Preference
Shares
,
NVS
.........
2,992,010
8,970,486
Axia
Energia
,
Class
B,
Preference
Shares
,
NVS
....
2,897,026
37,783,119
Axia
Energia
,
Class
C,
Preference
Shares
,
NVS
(a)
...
4,138,853
47,665,635
Banco
ABC
Brasil
SA
,
Preference
Shares
,
NVS
....
2,496,763
13,213,144
Banco
Bradesco
SA
,
Preference
Shares
,
NVS
.....
58,393,723
240,910,415
Banco
do
Estado
do
Rio
Grande
do
Sul
SA
,
Class
B,
Preference
Shares
,
NVS
..................
3,560,580
12,904,628
Bradespar
SA
,
Preference
Shares
,
NVS
.........
2,747,701
13,308,381
Cia
de
Ferro
Ligas
da
Bahia
FERBASA
,
Preference
Shares
,
NVS
..........................
2,852,942
4,719,194
Cia
De
Sanena
Do
Parana
,
Preference
Shares
,
NVS
.
1,793,854
3,005,795
Cia
Energetica
de
Minas
Gerais
,
Preference
Shares
,
NVS
................................
19,040,673
44,829,986
Gerdau
SA
,
Preference
Shares
,
NVS
...........
13,827,013
56,613,480
Itau
Unibanco
Holding
SA
,
Preference
Shares
,
NVS
.
60,011,802
547,615,741
Itausa
SA
,
Preference
Shares
,
NVS
............
64,047,838
178,281,995
Marcopolo
SA
,
Preference
Shares
,
NVS
.........
11,633,182
15,612,268
Metalurgica
Gerdau
SA
,
Preference
Shares
,
NVS
...
9,595,481
17,482,062
Petroleo
Brasileiro
SA
-
Petrobras
,
Preference
Shares
,
NVS
................................
50,346,452
386,252,991
Unipar
Carbocloro
SA
,
Class
B,
Preference
Shares
,
NVS
................................
768,018
10,561,839
Usinas
Siderurgicas
de
Minas
Gerais
SA
Usiminas
,
Class
A,
Preference
Shares
,
NVS
(a)
...........
6,227,207
8,587,994
1,648,319,153
a
Chile
 — 
0
.1
%
Embotelladora
Andina
SA
,
Class
B,
Preference
Shares
4,213,587
20,302,197
Sociedad
Quimica
y
Minera
de
Chile
SA
,
Class
B,
Preference
Shares
(a)
.....................
1,581,773
120,718,551
141,020,748
a
Colombia
 — 
0
.0
%
Grupo
Cibest
SA
,
Preference
Shares
...........
5,125,909
86,916,399
Grupo
de
Inversiones
Suramericana
SA
,
Preference
Shares
,
NVS
..........................
772,097
9,466,008
96,382,407
a
iShares
®
Core
MSCI
Emerging
Markets
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
(Percentages
shown
are
based
on
Net
Assets)
25
Schedule
of
Investments
Security
Shares
Value
a
India
 — 
0
.0
%
TVS
Motor
Co.
Ltd.
,
6.00
%
(a)
.................
9,323,152
$
1,024,790
a
South
Korea
 — 
0
.7
%
Hyundai
Motor
Co.
,
Series
1,
Preference
Shares
,
NVS
240,383
53,749,090
Hyundai
Motor
Co.
,
Series
2,
Preference
Shares
,
NVS
389,248
87,533,853
Samsung
Electronics
Co.
Ltd.
,
Preference
Shares
,
NVS
................................
8,937,146
897,642,267
1,038,925,210
a
Total
Preferred
Stocks — 1.9%
(Cost:
$
1,589,573,090
)
...............................
2,925,672,308
a
Rights
Brazil
 — 
0
.0
%
Hypera
SA
(Expires
03/17/26
)
(a)
...............
355,837
145,764
a
China
 — 
0
.0
%
Kangmei
Pharmaceutical
Co.
Ltd.
,
Class
A
(a)
(d)
.....
507,679
1
a
Taiwan
 — 
0
.0
%
Ability
Enterprise
Co.
Ltd.
(Expires
03/12/26
)
(a)
.....
3,024,000
40,299
Chong
Hong
Construction
Co.
Ltd
(Expires
03/16/26
)
(a)
1,923,122
61,678
Kinsus
Interconnect
Technology
Corp.
(Expires
03/10/26
)
(a)
...........................
2,951,000
1,841,395
Sunonwealth
Electric
Machine
Industry
Co.
Ltd.
(Expires
03/12/26
)
(a)
.....................
2,437,000
79,771
2,023,143
a
Total
Rights — 0.0%
(Cost:
$
)
........................................
2,168,908
a
Total
Long-Term
Investments — 99.6%
(Cost:
$
92,794,817,193
)
..............................
148,277,456,965
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
 — 
4
.2
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
3.84
%
(f)
(g)
(h)
......................
5,333,576,620
$
5,336,243,408
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
3.64
%
(f)
(g)
.............................
880,896,661
880,896,661
a
Total
Short-Term
Securities — 4.2%
(Cost:
$
6,215,393,247
)
...............................
6,217,140,069
Total
Investments
—  103.8%
(Cost:
$
99,010,210,440
)
..............................
154,494,597,034
Liabilities
in
Excess
of
Other
Assets
(
3
.8
)
%
...............
(
5,679,356,649
)
Net
Assets
100.0%
.................................
$
148,815,240,385
(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)
All
or
a
portion
of
this
security
is
on
loan.
(d)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(e)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(f)
Affiliate
of
the
Fund.
(g)
Annualized
7-day
yield
as
of
period
end.
(h)
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
$
4,543,285,333
$
792,949,848
(a)
$
$
27,632
$
(
19,405
)
$
5,336,243,408
5,333,576,620
$
57,257,664
(b)
$
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..
732,040,000
148,856,661
(a)
880,896,661
880,896,661
15,345,348
$
$
27,632
$
(
19,405
)
$
6,217,140,069
$
72,603,012
$
(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
®
Core
MSCI
Emerging
Markets
ETF
26
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:
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
MSCI
Emerging
Markets
Index
.............................................................
5,476
03/20/26
$
439,093
$
13,707,326
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)
.............
$
$
$
13,707,326
$
$
$
$
13,707,326
(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
..................................
$
$
$
41,362,394
$
$
$
$
41,362,394
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Futures
contracts
..................................
$
$
$
12,137,773
$
$
$
$
12,137,773
Futures
contracts:
Average
notional
value
of
contracts
long
...................................................................................
$
391,471,010
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
18,264,439,251
$
127,074,967,901
$
10,208,597
$
145,349,615,749
Preferred
Stocks
.........................................
1,765,003,757
1,160,668,551
2,925,672,308
Rights
................................................
2,168,907
1
2,168,908
Short-Term
Securities
Money
Market
Funds
......................................
6,217,140,069
6,217,140,069
$
26,248,751,984
$
128,235,636,452
$
10,208,598
$
154,494,597,034
iShares
®
Core
MSCI
Emerging
Markets
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
27
Schedule
of
Investments
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
13,707,326
$
$
$
13,707,326
(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)
28
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Statement
of
Assets
and
Liabilities
(unaudited)
February
28,
2026
See
notes
to
financial
statements.
iShares
Core
MSCI
Emerging
Markets
ETF
ASSETS
Investments,
at
value
unaffiliated
(a)
(b)
....................................................................................
$
148,277,456,965
Investments,
at
value
affiliated
(c)
.......................................................................................
6,217,140,069
Cash
...........................................................................................................
8,420,683
Cash
pledged:
Futures
contracts
.................................................................................................
13,445,000
Foreign
currency,
at
value
(d)
............................................................................................
263,190,020
Receivables:
Investments
sold
.................................................................................................
1,008,371,492
Securities
lending
income
affiliated
...................................................................................
9,551,405
Capital
shares
sold
................................................................................................
160,728,533
Dividends
unaffiliated
............................................................................................
189,112,573
Dividends
affiliated
..............................................................................................
2,253,135
Tax
reclaims
....................................................................................................
8,885,637
Variation
margin
on
futures
contracts
....................................................................................
5,546,883
Foreign
withholding
tax
claims
........................................................................................
6,374,615
Total
assets
......................................................................................................
156,170,477,010
LIABILITIES
Collateral
on
securities
loaned
..........................................................................................
5,335,872,589
Payables:
Investments
purchased
.............................................................................................
1,287,264,825
Deferred
foreign
capital
gain
tax
.......................................................................................
720,110,927
Foreign
taxes
....................................................................................................
2,104,278
Investment
advisory
fees
............................................................................................
9,868,054
Professional
fees
.................................................................................................
15,952
Total
liabilities
.....................................................................................................
7,355,236,625
Commitments
and
contingent
liabilities
NET
ASSETS
.....................................................................................................
$
148,815,240,385
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.....................................................................................................
$
109,260,373,124
Accumulated
earnings
...............................................................................................
39,554,867,261
NET
ASSETS
.....................................................................................................
$
148,815,240,385
NET
ASSET
VALUE
Shares
outstanding
.................................................................................................
1,942,800,000
Net
asset
value
....................................................................................................
$
76.60
Shares
authorized
..................................................................................................
15
billion
Par
value
........................................................................................................
$                    0.001
(a)
Securities
loaned,
at
value
..........................................................................................
$
4,966,462,172
(b)
Investments,
at
cost
unaffiliated
.....................................................................................
$
92,794,817,193
(c)
Investments,
at
cost
affiliated
.......................................................................................
$
6,215,393,247
(d)
  Foreign
currency,
at
cost
............................................................................................
$
262,108,994
29
Statement
of
Operations
Statement
of
Operations
(unaudited)
Six
Months
Ended
February
28,
2026
See
notes
to
financial
statements.
iShares
Core
MSCI
Emerging
Markets
ETF
INVESTMENT
INCOME
Dividends
unaffiliated
............................................................................................
$
938,806,027
Dividends
affiliated
..............................................................................................
15,345,348
Interest
unaffiliated
..............................................................................................
2,354,816
Securities
lending
income
affiliated
net
(a)
..............................................................................
57,257,664
Foreign
taxes
withheld
.............................................................................................
(
110,845,124
)
Foreign
withholding
tax
claims
........................................................................................
879,327
Total
investment
income
..............................................................................................
903,798,058
EXPENSES
Investment
advisory
...............................................................................................
53,839,175
Commitment
costs
................................................................................................
20,439
Professional
....................................................................................................
15,891
Mauritius
income
taxes
.............................................................................................
114
Interest
expense
.................................................................................................
89,256
Total
expenses
....................................................................................................
53,964,875
Less:
(
379,876
)
Investment
advisory
fees
waived
.......................................................................................
(
379,876
)
Total
expenses
after
fees
waived
........................................................................................
53,584,999
Net
investment
income
...............................................................................................
850,213,059
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
unaffiliated
(b)
........................................................................................
(
278,124,578
)
Investments
affiliated
...........................................................................................
27,632
Foreign
currency
transactions
.......................................................................................
(
3,976,502
)
Futures
contracts
...............................................................................................
41,362,394
(
240,711,054
)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
unaffiliated
(c)
........................................................................................
27,799,361,925
Investments
affiliated
...........................................................................................
(
19,405
)
Foreign
currency
translations
.......................................................................................
4,493,936
Futures
contracts
...............................................................................................
12,137,773
27,815,974,229
Net
realized
and
unrealized
gain
........................................................................................
27,575,263,175
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...............................................................
$
28,425,476,234
(a)
Net
of
securities
lending
income
tax
paid
of
...............................................................................
$
4,080,605
(b)
Net
of
foreign
capital
gain
tax
and
capital
gain
tax
refund,
if
applicable
of
...........................................................
$
(
2,928,964
)
(c)
Net
of
increase
in
deferred
foreign
capital
gain
tax
of
.........................................................................
$
(
54,735,952
)
30
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
iShares
Core
MSCI
Emerging
Markets
ETF
Six
Months
Ended
02/28/26
(unaudited)
Year
Ended
08/31/25
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
...........................................................................
$
850,213,059
$
2,262,998,530
Net
realized
loss
...............................................................................
(
240,711,054
)
(
2,368,955,797
)
Net
change
in
unrealized
appreciation
(depreciation)
.......................................................
27,815,974,229
14,337,029,038
Net
increase
in
net
assets
resulting
from
operations
..........................................................
28,425,476,234
14,231,071,771
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
................................................
(
2,002,249,488
)
(b)
(
2,823,242,065
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
................................................
20,996,073,425
9,686,273,429
NET
ASSETS
Total
increase
in
net
assets
..........................................................................
47,419,300,171
21,094,103,135
Beginning
of
period
...............................................................................
101,395,940,214
80,301,837,079
End
of
period
...................................................................................
$
148,815,240,385
$
101,395,940,214
(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.
31
Financial
Highlights
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
Core
MSCI
Emerging
Markets
ETF
Six
Months
Ended
02/28/26
(unaudited)
Year
Ended
08/31/25
Year
Ended
08/31/24
Year
Ended
08/31/23
(a)
Year
Ended
08/31/22
(a)
Year
Ended
08/31/21
(a)
Net
asset
value,
beginning
of
period
....
$
61.88
$
54.58
$
49.10
$
48.75
$
64.18
$
53.34
Net
investment
income
(b)
............
0
.48
(c)
1
.48
(c)
1
.36
(c)
1
.35
1
.67
1
.33
Net
realized
and
unrealized
gain
(loss)
(d)
..
15.38
7
.69
5
.61
0
.14
(
15.13
)
10.70
Net
increase
(decrease)
from
investment
operations
......................
15.86
9
.17
6
.97
1
.49
(
13.46
)
12.03
Distributions
from
net
investment
income
(e)
..
(
1
.14
)
(f)
(
1
.87
)
(
1
.49
)
(
1
.14
)
(
1
.97
)
(
1
.19
)
Net
asset
value,
end
of
period
.........
$
76.60
$
61.88
$
54.58
$
49.10
$
48.75
$
64.18
Total
Return
(g)
Based
on
net
asset
value
.............
25.98
%
(c)
(h)
17.21
%
(c)
14.50
%
(c)
3
.13
%
(
21.40
)
%
22.67
%
Ratios
to
Average
Net
Assets
(i)
Total
expenses
....................
0
.09
%
(j)
0
.09
%
0
.09
%
0
.10
%
0
.10
%
0
.12
%
Total
expenses
after
fees
waived
........
0
.09
%
(j)
0
.09
%
0
.09
%
0
.09
%
0
.10
%
0
.12
%
Total
expenses
excluding
professional
fees
for
foreign
withholding
tax
claims
.........
0
.09
%
(j)
0
.09
%
0
.09
%
N/A
0
.10
%
0
.11
%
Net
investment
income
...............
1
.42
%
(c)
(j)
2
.64
%
(c)
2
.68
%
(c)
2
.81
%
2
.97
%
2
.12
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.........
$
148,815,240
$
101,395,940
$
80,301,837
$
71,211,773
$
65,232,083
$
80,599,322
Portfolio
turnover
rate
(k)
...............
2
%
6
%
7
%
21
%
7
%
9
%
(a)
Consolidated
Financial
Highlights.
(b)
Based
on
average
shares
outstanding.
(c)
Reflects
the
positive
effect
of
foreign
withholding
tax
claims,
net
of
the
associated
professional
fees,
which
resulted
in
the
following
increases
for
the
six
months
ended
February
28,
2026
and
the
years
ended
August
31,
2025
and
August
31,
2024,
respectively:
Net
investment
income
per
share
by
$0.00,
$0.01
and
$0.00.
Total
return
by
0.02%,
0.01%
and
0.00%.
Ratio
of
net
investment
income
to
average
net
assets
by
0.00%,
0.01%
and
0.01%.
(d)
The
amounts
reported
for
a
share
outstanding
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.
(e)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(f)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(g)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(h)
Not
annualized.
(i)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(j)
Annualized.
(k)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
Notes
to
Financial
Statements
(unaudited)
32
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
1.
Organization
iShares,
Inc.
(the
“Company”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Company
is
organized
as
a
Maryland
corporation
and
is
authorized
to
have
multiple
series
or
portfolios. 
These financial
statements
relate
only
to
the
following
fund
(the
“Fund”):
Basis
of
Consolidation:
The
accompanying
consolidated
financial
statements
for
the
Fund includes
the
accounts
of
its
subsidiary
in
the
Republic
of
Mauritius,
which
is
a
wholly-owned
subsidiary
(the
“Subsidiary”)
of
the
Fund
that
invested
in
Indian
securities.
On
April
26,
2023,the
Fund
filed
to
liquidate
its
Subsidiary
with
the
Mauritius
Financial
Services
Commission.
2.
Significant
Accounting
Policies
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates. 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.
Consistent
with
U.S.
GAAP
accrual
requirements,
for
uncertain
tax
positions,
each
Fund
recognizes
tax
reclaims
when
the
Fund
determines
that
it
is
more
likely
than
not
that
the
Fund
will
sustain
its
position
that
it
is
due
the
reclaim. 
The
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.
iShares
ETF
Diversification
Classification
Core
MSCI
Emerging
Markets
...................................................................................................
Diversified
Notes
to
Financial
Statements
(unaudited)
(
continued)
33
Notes
to
Financial
Statements
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.
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
Directors of
the
Company (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
Notes
to
Financial
Statements
(unaudited)
(continued)
34
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
Securities
and
Other
Investments
Securities
Lending:
The
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
an
approved
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
Government.
The
initial
collateral
received
by
the
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
market
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
market value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
or
excess
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
the
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
in
money
market
funds
managed
by BFA,
or
its
affiliates
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
also
disclosed
in
the
Fund’s Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
cash
collateral
are
disclosed
in
the
Statement
of
Assets
and
Liabilities.
Securities
lending
transactions
are
entered
into
by
the
Fund
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”)
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency)
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Fund,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the Fund
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
As
of
period
end,
the
following
table
is
a
summary
of
the
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA: 
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
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
Core
MSCI
Emerging
Markets
Barclays
Capital,
Inc.
.............................................
$
11,047,283‌
$
(11,047,283‌)
$
—‌
$
—‌
BNP
Paribas
SA
.................................................
38,084,677‌
(38,084,677‌)
—‌
—‌
BofA
Securities,
Inc.
..............................................
583,478,486‌
(583,478,486‌)
—‌
—‌
Citigroup
Global
Markets
Ltd.
........................................
312,404,116‌
(312,404,116‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................................
32,001,633‌
(32,001,633‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
197,724,084‌
(197,724,084‌)
—‌
—‌
Goldman
Sachs
International
........................................
1,507,599,877‌
(1,507,599,877‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
244,109,842‌
(244,109,842‌)
—‌
—‌
J.P.
Morgan
Securities
PLC
.........................................
289,595,353‌
(289,595,353‌)
—‌
—‌
Jefferies
LLC
...................................................
7,248,090‌
(7,248,090‌)
—‌
—‌
Macquarie
Bank
Ltd.
..............................................
74,080,350‌
(74,080,350‌)
—‌
—‌
Merrill
Lynch
International
..........................................
268,269,128‌
(268,269,128‌)
—‌
—‌
Mizuho
Securities
USA
LLC
.........................................
837,174‌
(837,174‌)
—‌
—‌
Morgan
Stanley
.................................................
1,267,099,907‌
(1,267,099,907‌)
—‌
—‌
Nomura
Securities
International,
Inc.
...................................
491,987‌
(491,987‌)
—‌
—‌
Pershing
LLC
...................................................
605,220‌
(605,220‌)
—‌
—‌
Scotia
Capital
(USA),
Inc.
..........................................
86,867‌
(86,867‌)
—‌
—‌
SG
Americas
Securities
LLC
........................................
8,804,178‌
(8,804,178‌)
—‌
—‌
State
Street
Bank
&
Trust
Co.
........................................
4,759,254‌
(4,759,254‌)
—‌
—‌
UBS
AG
......................................................
46,454,368‌
(46,454,368‌)
—‌
—‌
UBS
Europe
SE
.................................................
71,459,338‌
(71,459,338‌)
—‌
—‌
UBS
Securities
LLC
..............................................
220,960‌
(220,960‌)
—‌
—‌
$
4,966,462,172‌
$
(4,966,462,172‌)
$
—‌
$
—‌
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.
Notes
to
Financial
Statements
(unaudited)
(
continued)
35
Notes
to
Financial
Statements
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. 
6.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates 
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the
Company, 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
directors).
For
its
investment
advisory
services
to the
Fund,
BFA
is
entitled
to
an
annual
investment
advisory
fee
of
0.09%,
accrued
daily
and
paid
monthly
by
the
Fund,
based
on
the
average
daily
net
assets
of the
Fund.
Expense
Waivers:
The
total
of
the
investment
advisory
fee
and
any
fund
other
expenses
are
a
fund’s
total
annual
operating
expenses.
For
the
iShares
Core
MSCI
Emerging
Markets
ETF,
BFA
has
contractually
agreed
to
waive
a
portion
of
its
investment
advisory
fee
such
that
the
Fund’s
total
annual
fund
operating
expenses
after
fee
waiver
will
not
exceed
0.09%
through
December
31,
2030.
The
contractual
waiver
may
be
terminated
prior
to
December
31,
2030
only
upon
written
agreement
of
the
Company
and
BFA.
This
amount
is
included
in
investment
advisory
fees
waived
in
the
Statement
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
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. 
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
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.
iShares
ETF
Amounts
Waived
Core
MSCI
Emerging
Markets
............................................................................................................................................
$
379,876‌
Notes
to
Financial
Statements
(unaudited)
(continued)
36
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.
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
$13,499,515 for
securities
lending
agent
services.
Directors and
Officers:
Certain
directors
and/or
officers
of
the
Company
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.
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
Company’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
$14,033,010,064 available
to
offset
future
realized
capital
gains. 
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
Core
MSCI
Emerging
Markets
...............................................................
$
25,831,676‌
$
128,405,147‌
$
(4,314,558‌)
iShares
ETF
Purchases
Sales
Core
MSCI
Emerging
Markets
...............................................................................
$
19,523,955,031
$
2,243,278,453
iShares
ETF
In-kind
Purchases
In-kind
Sales
Core
MSCI
Emerging
Markets
.................................................................................
$
2,451,288,875‌
$
—‌
Notes
to
Financial
Statements
(unaudited)
(
continued)
37
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
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.
Market
Risk:
Investments
in
the
securities
of
issuers
domiciled
in
countries
with
emerging
capital
markets
involve
certain
additional
risks
that
do
not
generally
apply
to
investments
in
securities
of
issuers
in
more
developed
capital
markets,
such
as
(i)
low
or
nonexistent
trading
volume,
resulting
in
a
lack
of
liquidity
and
increased
volatility
in
prices
for
such
securities;
(ii)
lack
of
reliable
settlement
procedures
and
significant
delays
in
registering
the
transfer
of
securities;
(iii)
uncertain
national
policies
and
social,
political
and
economic
instability,
increasing
the
potential
for
expropriation
of
assets,
confiscatory
taxation,
high
rates
of
inflation
or
unfavorable
diplomatic
developments;
(iv)
lack
of
publicly
available
or
reliable
information
about
issuers
as
a
result
of
not
being
subject
to
the
same
degree
of
regulatory
requirements
and
accounting,
auditing
and
financial
reporting
standards;
and
(v)
possible
fluctuations
in
exchange
rates,
differing
legal
systems
and
the
existence
or
possible
imposition
of
exchange
controls,
custodial
restrictions
or
other
foreign
or
U.S.
governmental
laws
or
restrictions
applicable
to
such
investments.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries. The
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that the
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment. The
Fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause the
Fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of the
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
the
Fund
invests. The
Fund’s
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/or
errors
by
pricing
services
or
other
third-party
service
providers.
The
price
the
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from
the
Fund's
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs
may
significantly
impact
the
resulting
fair
value
and
therefore
the
Fund's
results
of
operations.
As
a
result,
the
price
received
upon
the
sale
of
an
investment
may
be
less
than
the
value
ascribed
by
the
Fund,
and
the
Fund
could
realize
a
greater
than
expected
loss
or
lesser
than
expected
gain
upon
the
sale
of
the
investment.
Counterparty
Credit
Risk:
The
Fund
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Fund
manages
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Fund
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Core
MSCI
Emerging
Markets
........................................
$
99,962,680,261
$
63,658,917,257
$
(9,113,293,158
)
$
54,545,624,099
Notes
to
Financial
Statements
(unaudited)
(continued)
38
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
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
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
Fund’s
investments.
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
Fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
Fund’s
portfolio.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
11.
Capital
Share
Transactions 
Capital
shares
are
issued
and
redeemed
by the
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of
the
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the
Company
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the
Company
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.
Six
Months
Ended
02/28/26
Year
Ended
08/31/25
iShares
ETF
Shares
Amount
Shares
Amount
Core
MSCI
Emerging
Markets
Shares
sold
..............................................................
304,200,000‌
$
20,996,073,425‌
172,200,000‌
$
9,939,458,270‌
Shares
redeemed
..........................................................
—‌
—‌
(4,800,000‌)
(253,184,841‌)
304,200,000‌
$
20,996,073,425‌
167,400,000‌
$
9,686,273,429‌
Notes
to
Financial
Statements
(unaudited)
(
continued)
39
Notes
to
Financial
Statements
12.
Foreign
Withholding
Tax
Claims
The
Fund
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
Statement
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
$6,374,615
or
$0.00
per
share. 
The
Internal
Revenue
Service
(“IRS”)
has
issued
guidance
to
address
U.S.
income
tax
liabilities
attributable
to
fund
shareholders
resulting
from
the
recovery
of
foreign
taxes
withheld
in
prior
calendar
years.
These
withheld
foreign
taxes
were
passed
through
to
shareholders
in
the
form
of
foreign
tax
credits
in
the
year
the
taxes
were
withheld.
Assuming
there
are
sufficient
foreign
taxes
paid
which
the
Fund
is
able
to
pass
through
to
shareholders
as
a
foreign
tax
credit
in
the
current
year,
the Fund
will
be
able
to
offset
the
prior
years’
withholding
taxes
recovered
against
the
foreign
taxes
paid
in
the
current
year.
Accordingly,
no
federal
income
tax
liability
is
recorded
by
the
Fund.
13.
Subsequent
Events
Management
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.
Additional
Information
40
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
Directors,
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 Director
for
services
to
the
Fund
from
BFA’s
investment
advisory
fees.
Availability
of
Portfolio
Holdings
Information
A
description
of
the
Company’s policies
and
procedures
with
respect
to
the
disclosure
of
the
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus.
The
Fund
discloses its
portfolio
holdings
daily
and
provides
information
regarding its
top
holdings
in
Fund
fact
sheets,
when
available, at
iShares.com
.
Glossary
of
Terms
Used
in
these
Financial
Statements
41
Glossary
of
Terms
Used
in
these
Financial
Statements
Portfolio
Abbreviation
ADR
American
Depositary
Receipt
CPO
Certificate
of  Participation
(Ordinary)
GDR
Global
Depositary
Receipt
IPJSC
International
Public
Joint
Stock
Company
JSC
Joint
Stock
Company
NVDR
Non-Voting
Depository
Receipt
NVS
Non-Voting
Shares
PCL
Public
Company
Limited
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
Fund’s
shareholders.
It
may
not
be
distributed
to
prospective
investors
unless
it
is
preceded
or
accompanied
by
the
current
prospectus.
Investing
involves
risk,
including
possible
loss
of
principal.
The
iShares
Funds
are
distributed
by
BlackRock
Investments,
LLC
(together
with
its
affiliates,
“BlackRock”).
The
iShares
Funds
are
not
sponsored,
endorsed,
issued,
sold
or
promoted
by
MSCI
Inc.,
nor
does
this
company
make
any
representation
regarding
the
advisability
of
investing
in
the
iShares
Funds.
BlackRock
is
not
affiliated
with
the
company
listed
above.
©2026
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
its
subsidiaries.
All
other
marks
are
the
property
of
their
respective
owners.
February
28,
2026
2026
Semi-Annual
Financial
Statements
and
Additional
Information
(Unaudited)
iShares,
Inc.
iShares
Currency
Hedged
MSCI
Emerging
Markets
ETF
|
HEEM
|
Cboe
BZX
Exchange
iShares
MSCI
Emerging
Markets
ETF
|
EEM
|
NYSE
Arca
Table
of
Contents
Page
2
Schedules
of
Investments
.................................................................................................
3
Statements
of
Assets
and
Liabilities
...........................................................................................
22
Statements
of
Operations
.................................................................................................
23
Statements
of
Changes
in
Net
Assets
..........................................................................................
24
Financial
Highlights
.....................................................................................................
25
Notes
to
Financial
Statements
...............................................................................................
27
Additional
Information
...................................................................................................
36
Glossary
of
Terms
Used
in
these
Financial
Statements
................................................................................
37
iShares
®
Currency
Hedged
MSCI
Emerging
Markets
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
 — 
99
.9
%
iShares
MSCI
Emerging
Markets
ETF
(b)
..........
3,834,276
$
239,948,992
a
Total
Long-Term
Investments — 99.9%
(Cost:
$
178,338,870
)
................................
239,948,992
a
Short-Term
Securities
Money
Market
Funds
 — 
0
.2
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
3.84
%
(a)
(c)
(d)
......................
351,853
352,029
a
Total
Short-Term
Securities — 0.2%
(Cost:
$
352,008
)
...................................
352,029
Total
Investments
100.1%
(Cost:
$
178,690,878
)
................................
240,301,021
Liabilities
in
Excess
of
Other
Assets
(
0
.1
)
%
...............
(
146,086
)
Net
Assets
100.0%
.................................
$
240,154,935
(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
$
18,300,889
$
$
(
17,942,210
)
(a)
$
(
5,114
)
$
(
1,536
)
$
352,029
351,853
$
68,514
(b)
$
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
(c)
......
130,000
(
130,000
)
(a)
11,109
iShares
MSCI
Emerging
Markets
ETF
.........
175,753,010
29,045,292
(
10,550,820
)
1,206,666
44,494,844
239,948,992
3,834,276
2,677,869
$
$
1,201,552
$
44,493,308
$
240,301,021
$
2,757,492
$
(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.
(c)
As
of
period
end,
the
entity
is
no
longer
held.
Forward
Foreign
Currency
Exchange
Contracts
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
BRL
408,000
USD
77,249
BNP
Paribas
SA
03/04/26
$
2,315
BRL
23,906,000
USD
4,639,005
Goldman
Sachs
&
Co.
03/04/26
22,925
BRL
23,906,000
USD
4,638,339
HSBC
Bank
PLC
03/04/26
23,591
EUR
4,169,000
USD
4,920,075
BNP
Paribas
SA
03/04/26
6,254
HKD
399,950,000
USD
51,117,994
Goldman
Sachs
&
Co.
03/04/26
6,614
IDR
22,381,364,000
USD
1,332,470
Goldman
Sachs
&
Co.
03/04/26
2,243
IDR
19,203,931,000
USD
1,143,534
HSBC
Bank
PLC
03/04/26
1,693
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
Currency
Hedged
MSCI
Emerging
Markets
ETF
4
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
INR
1,488,694,500
USD
16,345,226
Goldman
Sachs
&
Co.
03/04/26
$
18,325
INR
1,413,114,500
USD
15,526,905
HSBC
Bank
PLC
03/04/26
5,880
MXN
374,000
USD
21,424
Morgan
Stanley
&
Co.
International
PLC
03/04/26
290
MYR
10,827,000
USD
2,779,059
Goldman
Sachs
&
Co.
03/04/26
3,670
THB
71,740,000
USD
2,307,643
HSBC
Bank
PLC
03/04/26
223
THB
256,000
USD
8,124
Morgan
Stanley
&
Co.
International
PLC
03/04/26
111
TRY
48,566,000
USD
1,103,058
HSBC
Bank
PLC
03/04/26
1,351
TWD
773,066,000
USD
24,678,883
Goldman
Sachs
&
Co.
03/04/26
76,364
TWD
773,066,000
USD
24,692,283
HSBC
Bank
PLC
03/04/26
62,963
TWD
6,139,000
USD
194,286
JPMorgan
Chase
Bank
N.A.
03/04/26
2,298
USD
997,654
CLP
861,295,500
Goldman
Sachs
&
Co.
03/04/26
10,748
USD
752,545
CLP
649,280,500
HSBC
Bank
PLC
03/04/26
8,574
USD
14,590
CLP
12,527,000
JPMorgan
Chase
Bank
N.A.
03/04/26
236
USD
28,460
CNH
195,000
BNP
Paribas
SA
03/04/26
35
USD
16,544
EUR
14,000
Goldman
Sachs
&
Co.
03/04/26
1
USD
40,483
EUR
34,000
JPMorgan
Chase
Bank
N.A.
03/04/26
306
USD
412,179
EUR
346,000
Morgan
Stanley
&
Co.
International
PLC
03/04/26
3,325
USD
4,374,560
EUR
3,672,000
Societe
Generale
03/04/26
35,515
USD
121,148
EUR
102,000
State
Street
Bank
&
Trust
Company
03/04/26
619
USD
40,401
EUR
34,000
UBS
AG
03/04/26
224
USD
421,562
HKD
3,294,000
Barclays
Bank
PLC
03/04/26
498
USD
985,111
HKD
7,692,000
Goldman
Sachs
&
Co.
03/04/26
1,862
USD
48,770,694
HKD
380,386,000
HSBC
Bank
PLC
03/04/26
146,902
USD
254,838
HKD
1,989,000
JPMorgan
Chase
Bank
N.A.
03/04/26
589
USD
843,420
HKD
6,589,000
State
Street
Bank
&
Trust
Company
03/04/26
1,164
USD
974,904
INR
88,464,000
Goldman
Sachs
&
Co.
03/04/26
2,519
USD
256,714
INR
23,280,000
JPMorgan
Chase
Bank
N.A.
03/04/26
823
USD
121,752
KRW
173,748,000
Goldman
Sachs
&
Co.
03/04/26
968
USD
22,946
MXN
395,000
Goldman
Sachs
&
Co.
03/04/26
13
USD
53,735
MXN
923,000
State
Street
Bank
&
Trust
Company
03/04/26
146
USD
8,998
MYR
35,000
Goldman
Sachs
&
Co.
03/04/26
2
USD
11,432
THB
355,000
Barclays
Bank
PLC
03/04/26
11
USD
11,449
THB
355,000
BNP
Paribas
SA
03/04/26
28
USD
26,617
THB
827,000
HSBC
Bank
PLC
03/04/26
12
USD
3,800
THB
118,000
State
Street
Bank
&
Trust
Company
03/04/26
4
USD
45,790
ZAR
729,000
BNP
Paribas
SA
03/04/26
12
USD
30,632
ZAR
486,000
Deutsche
Bank
Securities
Inc.
03/04/26
114
USD
45,834
ZAR
729,000
Goldman
Sachs
&
Co.
03/04/26
57
ZAR
54,000
USD
3,345
Barclays
Bank
PLC
03/04/26
45
CNH
2,000
USD
292
BNP
Paribas
SA
04/02/26
USD
8,668,546
CNH
59,325,320
Deutsche
Bank
Securities
Inc.
04/02/26
5,227
USD
362,487
THB
11,229,000
State
Street
Bank
&
Trust
Company
04/02/26
417
USD
141,930
ZAR
2,264,000
Morgan
Stanley
&
Co.
International
PLC
04/02/26
54
USD
9,250,015
ZAR
147,478,000
State
Street
Bank
&
Trust
Company
04/02/26
8,164
BRL
725,000
USD
139,979
HSBC
Bank
PLC
04/07/26
253
CLP
54,447,000
USD
62,219
BNP
Paribas
SA
04/07/26
162
INR
21,042,000
USD
230,310
HSBC
Bank
PLC
04/07/26
209
MYR
150,000
USD
38,541
Goldman
Sachs
&
Co.
04/07/26
51
TWD
20,229,000
USD
644,718
JPMorgan
Chase
Bank
N.A.
04/07/26
854
USD
877,082
CLP
760,377,500
Goldman
Sachs
&
Co.
04/07/26
5,911
USD
871,792
CLP
760,377,500
HSBC
Bank
PLC
04/07/26
621
USD
15,481,148
INR
1,413,114,500
HSBC
Bank
PLC
04/07/26
262
USD
18,387,097
KRW
26,366,192,500
Goldman
Sachs
&
Co.
04/07/26
62,725
USD
18,398,655
KRW
26,366,192,500
HSBC
Bank
PLC
04/07/26
74,283
USD
4,642,272
MXN
80,012,000
Bank
of
America
N.A.
04/07/26
10,393
iShares
®
Currency
Hedged
MSCI
Emerging
Markets
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
5
Schedule
of
Investments
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
USD
123,071
MXN
2,124,000
HSBC
Bank
PLC
04/07/26
$
113
622,161
CLP
773,958,500
USD
892,704
Goldman
Sachs
&
Co.
03/04/26
(
5,872
)
CLP
760,377,500
USD
871,793
HSBC
Bank
PLC
03/04/26
(
522
)
CNH
59,325,320
USD
8,652,688
Deutsche
Bank
Securities
Inc.
03/04/26
(
5,177
)
EUR
47,000
USD
55,889
Goldman
Sachs
&
Co.
03/04/26
(
351
)
KRW
26,366,192,500
USD
18,369,301
Goldman
Sachs
&
Co.
03/04/26
(
40,353
)
KRW
26,366,192,500
USD
18,380,826
HSBC
Bank
PLC
03/04/26
(
51,878
)
MXN
80,012,000
USD
4,655,815
Bank
of
America
N.A.
03/04/26
(
10,315
)
USD
5,267,292
BRL
27,702,000
Goldman
Sachs
&
Co.
03/04/26
(
134,900
)
USD
3,836,402
BRL
20,124,000
HSBC
Bank
PLC
03/04/26
(
87,997
)
USD
74,969
BRL
394,000
JPMorgan
Chase
Bank
N.A.
03/04/26
(
1,866
)
USD
12,831
CLP
11,233,000
Goldman
Sachs
&
Co.
03/04/26
(
40
)
USD
68,636
CNH
477,000
Barclays
Bank
PLC
03/04/26
(
893
)
USD
8,305,608
CNH
57,634,320
BNP
Paribas
SA
03/04/26
(
95,415
)
USD
28,133
CNH
195,000
Goldman
Sachs
&
Co.
03/04/26
(
291
)
USD
84,765
CNH
586,000
State
Street
Bank
&
Trust
Company
03/04/26
(
652
)
USD
34,262
CNH
238,000
UBS
AG
03/04/26
(
430
)
USD
16,532
EUR
14,000
HSBC
Bank
PLC
03/04/26
(
11
)
USD
1,258,029
IDR
21,135,267,000
Goldman
Sachs
&
Co.
03/04/26
(
2,373
)
USD
1,198,673
IDR
20,133,653,000
HSBC
Bank
PLC
03/04/26
(
1,998
)
USD
18,769
IDR
316,375,000
JPMorgan
Chase
Bank
N.A.
03/04/26
(
98
)
USD
15,277,172
INR
1,406,997,000
Goldman
Sachs
&
Co.
03/04/26
(
188,370
)
USD
15,015,639
INR
1,383,068,000
HSBC
Bank
PLC
03/04/26
(
186,878
)
USD
143,846
KRW
208,089,000
BNP
Paribas
SA
03/04/26
(
811
)
USD
22,205,970
KRW
32,023,952,500
Goldman
Sachs
&
Co.
03/04/26
(
56,076
)
USD
13,811,552
KRW
19,892,226,500
HSBC
Bank
PLC
03/04/26
(
16,898
)
USD
297,212
KRW
434,369,000
JPMorgan
Chase
Bank
N.A.
03/04/26
(
4,748
)
USD
7,645
MXN
132,000
BNP
Paribas
SA
03/04/26
(
19
)
USD
111,224
MXN
1,930,000
Goldman
Sachs
&
Co.
03/04/26
(
832
)
USD
338,106
MXN
5,880,000
JPMorgan
Chase
Bank
N.A.
03/04/26
(
3,287
)
USD
4,100,930
MXN
71,126,000
State
Street
Bank
&
Trust
Company
03/04/26
(
28,649
)
USD
2,741,921
MYR
10,792,000
Goldman
Sachs
&
Co.
03/04/26
(
31,812
)
USD
17,504
THB
552,000
Barclays
Bank
PLC
03/04/26
(
254
)
USD
18,923
THB
591,000
BNP
Paribas
SA
03/04/26
(
89
)
USD
2,035,248
THB
63,816,000
Morgan
Stanley
&
Co.
International
PLC
03/04/26
(
17,704
)
USD
163,517
THB
5,146,000
State
Street
Bank
&
Trust
Company
03/04/26
(
2,029
)
USD
7,447
THB
236,000
UBS
AG
03/04/26
(
145
)
USD
34,276
TRY
1,520,000
BNP
Paribas
SA
03/04/26
(
289
)
USD
9,046
TRY
400,000
Deutsche
Bank
Securities
Inc.
03/04/26
(
50
)
USD
179,263
TRY
7,980,000
Goldman
Sachs
&
Co.
03/04/26
(
2,205
)
USD
831,375
TRY
37,025,000
HSBC
Bank
PLC
03/04/26
(
10,588
)
USD
36,845
TRY
1,641,000
UBS
AG
03/04/26
(
472
)
USD
28,371,189
TWD
894,439,500
Goldman
Sachs
&
Co.
03/04/26
(
270,699
)
USD
20,505,261
TWD
645,095,500
HSBC
Bank
PLC
03/04/26
(
152,093
)
USD
402,026
TWD
12,736,000
JPMorgan
Chase
Bank
N.A.
03/04/26
(
5,808
)
USD
76,104
ZAR
1,215,000
Barclays
Bank
PLC
03/04/26
(
191
)
USD
819,497
ZAR
13,178,000
BNP
Paribas
SA
03/04/26
(
8,013
)
USD
151,623
ZAR
2,430,000
Goldman
Sachs
&
Co.
03/04/26
(
969
)
USD
8,052,143
ZAR
128,765,000
Morgan
Stanley
&
Co.
International
PLC
03/04/26
(
33,627
)
ZAR
147,478,000
USD
9,269,172
State
Street
Bank
&
Trust
Company
03/04/26
(
8,323
)
CNH
734,000
USD
107,208
BNP
Paribas
SA
04/02/26
(
22
)
EUR
72,000
USD
85,240
UBS
AG
04/02/26
(
42
)
HKD
13,676,000
USD
1,750,545
Bank
of
America
N.A.
04/02/26
(
225
)
HKD
29,327,000
USD
3,753,992
State
Street
Bank
&
Trust
Company
04/02/26
(
582
)
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
Currency
Hedged
MSCI
Emerging
Markets
ETF
6
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:
Forward
Foreign
Currency
Exchange
Contracts
(continued)
Currency
Purchased
Currency
Sold
Counterparty
Settlement
Date
Unrealized
Appreciation
(Depreciation)
TRY
263,000
USD
5,838
Barclays
Bank
PLC
04/02/26
$
(
1
)
USD
4,926,895
EUR
4,169,000
BNP
Paribas
SA
04/02/26
(
6,323
)
USD
1,182
EUR
1,000
Goldman
Sachs
&
Co.
04/02/26
(
1
)
USD
51,182,733
HKD
399,950,000
Goldman
Sachs
&
Co.
04/02/26
(
4,793
)
USD
2,310,884
THB
71,740,000
HSBC
Bank
PLC
04/02/26
(
2,311
)
USD
15,378
THB
477,000
UBS
AG
04/02/26
(
2
)
USD
1,081,051
TRY
48,710,000
HSBC
Bank
PLC
04/02/26
(
18
)
ZAR
2,301,000
USD
144,362
Morgan
Stanley
&
Co.
International
PLC
04/02/26
(
167
)
CLP
44,992,000
USD
51,619
Goldman
Sachs
&
Co.
04/07/26
(
72
)
IDR
489,077,000
USD
29,118
HSBC
Bank
PLC
04/07/26
(
11
)
MXN
528,000
USD
30,570
JPMorgan
Chase
Bank
N.A.
04/07/26
(
4
)
USD
482,863
BRL
2,498,000
BNP
Paribas
SA
04/07/26
(
309
)
USD
4,601,945
BRL
23,906,000
Goldman
Sachs
&
Co.
04/07/26
(
22,034
)
USD
4,601,201
BRL
23,906,000
HSBC
Bank
PLC
04/07/26
(
22,778
)
USD
51,563
IDR
866,465,000
BNP
Paribas
SA
04/07/26
(
3
)
USD
1,142,262
IDR
19,203,931,000
Goldman
Sachs
&
Co.
04/07/26
(
622
)
USD
1,142,411
IDR
19,203,931,000
HSBC
Bank
PLC
04/07/26
(
472
)
USD
337,991
INR
30,877,000
BNP
Paribas
SA
04/07/26
(
272
)
USD
15,479,062
INR
1,413,114,500
Goldman
Sachs
&
Co.
04/07/26
(
1,824
)
USD
6,355,047
KRW
9,145,230,000
BNP
Paribas
SA
04/07/26
(
842
)
USD
1,736,936
KRW
2,500,181,000
HSBC
Bank
PLC
04/07/26
(
677
)
USD
2,772,289
MYR
10,781,000
Goldman
Sachs
&
Co.
04/07/26
(
1,419
)
USD
5,023,391
TWD
157,634,000
BNP
Paribas
SA
04/07/26
(
7,214
)
USD
24,667,071
TWD
773,066,000
Goldman
Sachs
&
Co.
04/07/26
(
3,936
)
USD
24,670,220
TWD
773,066,000
HSBC
Bank
PLC
04/07/26
(
787
)
(
1,551,123
)
$
(
928,962
)
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
...............................
$
$
$
$
622,161
$
$
$
622,161
Liabilities
Derivative
Financial
Instruments
Forward
foreign
currency
exchange
contracts
(1,551,119)
Unrealized
depreciation
on
forward
foreign
currency
exchange
contracts
...............................
$
$
$
$
1,551,123
$
$
$
1,551,123
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from:
Futures
contracts
.................................
$
$
$
(
3,854
)
$
$
$
$
(
3,854
)
Forward
foreign
currency
exchange
contracts
..............
960,447
960,447
$
$
$
(
3,854
)
$
960,447
$
$
$
956,593
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Forward
foreign
currency
exchange
contracts
..............
$
$
$
$
(
860,864
)
$
$
$
(
860,864
)
iShares
®
Currency
Hedged
MSCI
Emerging
Markets
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. 
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:
Average
amounts
purchased
in
USD
.....................................................................................
$
236,028,096
Average
amounts
sold
in
USD
.........................................................................................
$
433,893,596
a
Assets
Liabilities
Derivative
Financial
Instruments:
Forward
foreign
currency
exchange
contracts
............................................................
$
622,161
$
1,551,123
Total
derivative
assets
and
liabilities
in
the
Statements
of
Assets
and
Liabilities
.......................................
$
622,161
$
1,551,123
Derivatives
not
subject
to
a
Master
Netting
Agreement
or
similar
agreement
(“MNA”)
....................................
Total
derivative
assets
and
liabilities
subject
to
an
MNA
.......................................................
$
622,161
$
1,551,123
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.
..................................
$
10,393
$
(
10,393
)
$
$
$
Barclays
Bank
PLC
...................................
554
(
554
)
BNP
Paribas
SA
.....................................
8,806
(
8,806
)
Deutsche
Bank
Securities
Inc.
............................
5,341
(
5,227
)
114
Goldman
Sachs
&
Co.
.................................
214,998
(
214,998
)
HSBC
Bank
PLC
.....................................
326,930
(
326,930
)
JPMorgan
Chase
Bank
N.A.
.............................
5,106
(
5,106
)
Morgan
Stanley
&
Co.
International
PLC
.....................
3,780
(
3,780
)
Societe
Generale
.....................................
35,515
35,515
State
Street
Bank
&
Trust
Company
........................
10,514
(
10,514
)
UBS
AG
...........................................
224
(
224
)
$
622,161
$
(
586,532
)
$
$
$
35,629
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)
Bank
of
America
N.A.
..................................
$
10,540
$
(
10,393
)
$
$
$
147
Barclays
Bank
PLC
...................................
1,339
(
554
)
785
BNP
Paribas
SA
.....................................
119,622
(
8,806
)
110,816
Deutsche
Bank
Securities
Inc.
............................
5,227
(
5,227
)
Goldman
Sachs
&
Co.
.................................
769,843
(
214,998
)
554,845
HSBC
Bank
PLC
.....................................
535,917
(
326,930
)
208,987
JPMorgan
Chase
Bank
N.A.
.............................
15,810
(
5,106
)
10,704
Morgan
Stanley
&
Co.
International
PLC
.....................
51,498
(
3,780
)
47,718
State
Street
Bank
&
Trust
Company
........................
40,236
(
10,514
)
29,722
UBS
AG
...........................................
1,091
(
224
)
867
$
1,551,123
$
(
586,532
)
$
$
$
964,591
(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.
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
Currency
Hedged
MSCI
Emerging
Markets
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
Investment
Companies
.....................................
$
239,948,992
$
$
$
239,948,992
Short-Term
Securities
Money
Market
Funds
......................................
352,029
352,029
$
240,301,021
$
$
$
240,301,021
Derivative
Financial
Instruments
(a)
Assets
Foreign
Currency
Exchange
Contracts
............................
$
$
622,161
$
$
622,161
Liabilities
Foreign
Currency
Exchange
Contracts
............................
(
1,551,123
)
(
1,551,123
)
$
$
(
928,962
)
$
$
(
928,962
)
(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.
iShares
®
MSCI
Emerging
Markets
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
Brazil
 — 
3
.4
%
Ambev
SA
.............................
12,251,255
$
38,881,872
Axia
Energia
............................
3,084,494
36,864,712
B3
SA
-
Brasil
Bolsa
Balcao
..................
13,660,289
47,697,098
Banco
Bradesco
SA
.......................
4,054,256
14,527,784
Banco
BTG
Pactual
SA
.....................
3,087,915
36,899,575
Banco
do
Brasil
SA
.......................
4,430,481
23,291,030
BB
Seguridade
Participacoes
SA
..............
1,793,305
12,131,438
Caixa
Seguridade
Participacoes
SA
............
1,526,701
5,297,964
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
SABESP
.............................
1,274,203
38,249,702
Cia
Paranaense
de
Energia
-
Copel
............
4,993,693
14,280,218
CPFL
Energia
SA
.........................
570,463
5,602,811
Embraer
SA
............................
1,823,958
32,882,122
Energisa
SA
............................
764,513
8,030,630
Eneva
SA
(a)
.............................
2,504,034
10,452,809
Engie
Brasil
Energia
SA
....................
770,247
5,060,357
Equatorial
SA
...........................
3,083,392
25,327,541
JBS
N.V.
,
Class
A
(a)
.......................
1,058,895
17,884,737
Klabin
SA
..............................
2,134,230
8,559,401
Localiza
Rent
a
Car
SA
.....................
2,384,882
23,613,891
MBRF
Global
Foods
Co.
SA
.................
1,684,756
6,796,207
Motiva
Infraestrutura
de
Mobilidade
SA
..........
2,637,223
8,565,252
NU
Holdings
Ltd.
,
Class
A
(a)
..................
8,769,181
131,362,331
Petroleo
Brasileiro
SA
-
Petrobras
..............
9,725,055
81,059,514
Porto
Seguro
SA
.........................
507,919
5,184,707
PRIO
SA
(a)
.............................
2,155,981
22,916,104
Raia
Drogasil
SA
.........................
3,407,110
16,668,354
Rede
D'Or
Sao
Luiz
SA
(b)
...................
2,084,697
16,388,040
Rumo
SA
..............................
3,303,256
10,290,256
StoneCo
Ltd.
,
Class
A
(a)
(c)
...................
577,992
9,710,266
Suzano
SA
.............................
1,793,616
20,292,544
Telefonica
Brasil
SA
.......................
2,115,802
17,821,190
TIM
SA
...............................
2,189,348
11,915,110
TOTVS
SA
.............................
1,416,390
10,454,735
Ultrapar
Participacoes
SA
...................
1,892,122
9,522,432
Vale
SA
...............................
9,357,701
161,489,478
Vibra
Energia
SA
.........................
2,773,982
16,189,904
WEG
SA
..............................
4,344,560
42,119,308
XP,
Inc.
,
Class
A
.........................
1,045,299
22,505,287
1,026,786,711
a
Chile
 — 
0
.4
%
Banco
de
Chile
..........................
118,645,198
24,470,776
Banco
de
Credito
e
Inversiones
SA
.............
221,821
15,197,453
Banco
Santander
Chile
.....................
174,200,075
14,970,444
Cencosud
SA
...........................
3,343,331
10,448,484
Empresas
CMPC
SA
......................
2,978,923
4,414,936
Empresas
Copec
SA
......................
1,017,027
8,395,186
Enel
Chile
SA
...........................
75,798,287
6,344,606
Falabella
SA
............................
1,646,060
12,222,097
Latam
Airlines
Group
SA
....................
822,958,450
23,126,219
Plaza
SA
..............................
1,971,776
9,218,130
128,808,331
a
China
 — 
23
.8
%
360
Security
Technology,
Inc.
,
Class
A
...........
1,145,706
2,070,158
37
Interactive
Entertainment
Network
Technology
Group
Co.
Ltd.
,
Class
A
...................
336,688
1,200,336
3SBio,
Inc.
(a)
(b)
...........................
4,682,500
13,199,817
AAC
Technologies
Holdings,
Inc.
..............
1,974,000
9,383,168
Accelink
Technologies
Co.
Ltd.
,
Class
A
..........
131,200
1,446,147
ACM
Research
Shanghai,
Inc.
,
Class
A
..........
35,296
883,691
Security
Shares
Value
a
China
(continued)
Advanced
Micro-Fabrication
Equipment,
Inc.
China
,
Class
A
..............................
94,330
$
4,839,548
AECC
Aviation
Power
Co.
Ltd.
,
Class
A
..........
403,973
3,360,034
Agricultural
Bank
of
China
Ltd.
,
Class
A
..........
12,993,423
12,120,642
Agricultural
Bank
of
China
Ltd.
,
Class
H
..........
72,114,000
48,828,096
Aier
Eye
Hospital
Group
Co.
Ltd.
,
Class
A
........
1,453,517
2,242,878
Air
China
Ltd.
,
Class
A
(a)
....................
1,744,693
2,139,708
Akeso,
Inc.
(a)
(b)
...........................
1,650,000
22,479,043
Alibaba
Group
Holding
Ltd.
..................
44,411,056
803,695,313
Alibaba
Health
Information
Technology
Ltd.
(a)
......
14,548,000
10,340,457
Aluminum
Corp.
of
China
Ltd.
,
Class
A
..........
1,988,500
3,972,519
Aluminum
Corp.
of
China
Ltd.
,
Class
H
..........
9,638,000
17,379,709
Amlogic
Shanghai
Co.
Ltd.
,
Class
A
(a)
...........
59,082
815,782
Angel
Yeast
Co.
Ltd.
,
Class
A
.................
89,700
574,842
Anhui
Conch
Cement
Co.
Ltd.
,
Class
A
..........
585,986
2,183,761
Anhui
Conch
Cement
Co.
Ltd.
,
Class
H
..........
3,230,000
10,121,601
Anhui
Gujing
Distillery
Co.
Ltd.
,
Class
A
..........
54,185
956,629
Anhui
Gujing
Distillery
Co.
Ltd.
,
Class
B
..........
1,900
16,848
Anhui
Jianghuai
Automobile
Group
Corp.
Ltd.
,
Class
A
(a)
.................................
336,800
2,685,924
Anji
Microelectronics
Technology
Shanghai
Co.
Ltd.
,
Class
A
..............................
26,556
1,039,155
Anker
Innovations
Technology
Co.
Ltd.
,
Class
A
....
77,600
1,092,033
ANTA
Sports
Products
Ltd.
..................
3,257,202
35,245,924
APT
Medical,
Inc.
,
Class
A
...................
20,592
739,059
Avary
Holding
Shenzhen
Co.
Ltd.
,
Class
A
........
364,704
3,126,638
AviChina
Industry
&
Technology
Co.
Ltd.
,
Class
H
...
6,870,000
3,730,524
BAIC
BluePark
New
Energy
Technology
Co.
Ltd.
,
Class
A
(a)
.................................
933,100
1,085,232
Baidu,
Inc.
,
Class
A
(a)
......................
5,758,230
89,444,520
Baiyin
Nonferrous
Group
Co.
Ltd.
,
Class
A
........
1,079,500
1,691,013
Bank
of
Beijing
Co.
Ltd.
,
Class
A
..............
3,366,106
2,644,470
Bank
of
Changsha
Co.
Ltd.
,
Class
A
............
606,600
866,112
Bank
of
Chengdu
Co.
Ltd.
,
Class
A
.............
709,595
1,672,013
Bank
of
China
Ltd.
,
Class
A
..................
5,492,400
4,226,030
Bank
of
China
Ltd.
,
Class
H
..................
185,035,933
109,494,859
Bank
of
Communications
Co.
Ltd.
,
Class
A
........
8,089,693
7,721,460
Bank
of
Communications
Co.
Ltd.
,
Class
H
.......
22,850,600
19,998,209
Bank
of
Hangzhou
Co.
Ltd.
,
Class
A
............
1,194,745
2,829,767
Bank
of
Jiangsu
Co.
Ltd.
,
Class
A
..............
2,827,610
4,265,618
Bank
of
Nanjing
Co.
Ltd.
,
Class
A
..............
1,959,630
3,213,281
Bank
of
Ningbo
Co.
Ltd.
,
Class
A
..............
1,036,399
4,726,663
Bank
of
Shanghai
Co.
Ltd.
,
Class
A
.............
2,207,942
3,115,194
Bank
of
Suzhou
Co.
Ltd.
,
Class
A
..............
776,800
920,496
Baoshan
Iron
&
Steel
Co.
Ltd.
,
Class
A
..........
3,301,073
3,463,935
Beijing
Compass
Technology
Development
Co.
Ltd.
,
Class
A
(a)
.............................
97,200
1,641,839
Beijing
Enlight
Media
Co.
Ltd.
,
Class
A
..........
450,200
1,286,978
Beijing
Enterprises
Holdings
Ltd.
..............
1,283,500
5,772,443
Beijing
Kingsoft
Office
Software,
Inc.
,
Class
A
......
69,650
3,058,852
Beijing
New
Building
Materials
PLC
,
Class
A
......
248,113
1,011,924
Beijing
Roborock
Technology
Co.
Ltd.
,
Class
A
.....
40,772
848,912
Beijing
Tong
Ren
Tang
Co.
Ltd.
,
Class
A
.........
216,200
969,628
Beijing
Wantai
Biological
Pharmacy
Enterprise
Co.
Ltd.
,
Class
A
(a)
.............................
154,230
922,420
Beijing-Shanghai
High
Speed
Railway
Co.
Ltd.
,
Class
A
7,567,800
5,455,839
BeOne
Medicines
Ltd.
,
Class
H
(a)
..............
2,207,722
54,500,687
Bestechnic
Shanghai
Co.
Ltd.
,
Class
A
..........
23,520
707,963
Bilibili,
Inc.
,
Class
Z
(a)
(c)
.....................
649,754
18,137,653
Biwin
Storage
Technology
Co.
Ltd.
,
Class
A
(a)
......
69,599
1,681,936
Bluefocus
Intelligent
Communications
Group
Co.
Ltd.
,
Class
A
(a)
.............................
552,400
1,489,524
BOC
Aviation
Ltd.
(b)
.......................
541,900
6,018,161
BOC
International
China
Co.
Ltd.
,
Class
A
........
457,500
953,367
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
MSCI
Emerging
Markets
ETF
(Percentages
shown
are
based
on
Net
Assets)
10
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
China
(continued)
BOE
Technology
Group
Co.
Ltd.
,
Class
A
.........
5,447,000
$
3,552,978
Bosideng
International
Holdings
Ltd.
............
11,946,000
7,405,445
BYD
Co.
Ltd.
,
Class
A
......................
831,238
10,795,312
BYD
Co.
Ltd.
,
Class
H
.....................
9,523,200
114,803,094
BYD
Electronic
International
Co.
Ltd.
............
1,996,000
8,190,024
C&D
International
Investment
Group
Ltd.
.........
2,300,000
4,447,438
Caitong
Securities
Co.
Ltd.
,
Class
A
............
928,274
1,174,316
Cambricon
Technologies
Corp.
Ltd.
,
Class
A
(a)
.....
63,757
10,921,245
Capital
Securities
Co.
Ltd.
,
Class
A
.............
278,600
742,627
CCOOP
Group
Co.
Ltd.
,
Class
A
(a)
.............
2,729,600
919,037
CGN
Power
Co.
Ltd.
,
Class
H
(b)
...............
28,198,000
11,316,554
Changchun
High-Tech
Industry
Group
Co.
Ltd.
,
Class
A
58,694
818,215
Changjiang
Securities
Co.
Ltd.
,
Class
A
..........
1,047,435
1,211,619
Changzhou
Xingyu
Automotive
Lighting
Systems
Co.
Ltd.
,
Class
A
..........................
34,600
768,686
Chaozhou
Three-Circle
Group
Co.
Ltd.
,
Class
A
....
294,430
2,705,791
Chengtun
Mining
Group
Co.
Ltd.
,
Class
A
........
431,500
1,061,006
Chifeng
Jilong
Gold
Mining
Co.
Ltd.
,
Class
A
......
230,300
1,347,209
China
CITIC
Bank
Corp.
Ltd.
,
Class
A
...........
1,705,500
1,789,050
China
CITIC
Bank
Corp.
Ltd.
,
Class
H
...........
21,500,800
19,782,813
China
CITIC
Financial
Asset
Management
Co.
Ltd.
,
Class
H
(a)
(b)
...........................
35,561,000
3,856,541
China
Coal
Energy
Co.
Ltd.
,
Class
H
............
4,791,000
7,956,364
China
Construction
Bank
Corp.
,
Class
A
.........
2,946,868
3,688,649
China
Construction
Bank
Corp.
,
Class
H
.........
248,991,760
253,322,658
China
CSSC
Holdings
Ltd.
,
Class
A
............
1,158,599
6,371,179
China
Eastern
Airlines
Corp.
Ltd.
,
Class
A
(a)
.......
2,932,797
2,450,166
China
Energy
Engineering
Corp.
Ltd.
,
Class
A
.....
5,395,252
1,995,554
China
Everbright
Bank
Co.
Ltd.
,
Class
A
.........
7,216,203
3,406,219
China
Feihe
Ltd.
(b)
(c)
.......................
9,825,000
4,765,421
China
Galaxy
Securities
Co.
Ltd.
,
Class
A
........
1,111,400
2,363,242
China
Galaxy
Securities
Co.
Ltd.
,
Class
H
........
9,138,500
11,540,350
China
Gas
Holdings
Ltd.
....................
7,198,000
7,446,869
China
Gold
International
Resources
Corp.
Ltd.
.....
604,600
15,828,817
China
Great
Wall
Securities
Co.
Ltd.
,
Class
A
......
614,000
886,038
China
Greatwall
Technology
Group
Co.
Ltd.
,
Class
A
(a)
511,073
1,234,193
China
Hongqiao
Group
Ltd.
..................
7,326,500
33,046,018
China
International
Capital
Corp.
Ltd.
,
Class
A
.....
510,300
2,573,528
China
International
Capital
Corp.
Ltd.
,
Class
H
(b)
....
4,630,800
11,934,319
China
Jushi
Co.
Ltd.
,
Class
A
.................
593,240
2,330,057
China
Life
Insurance
Co.
Ltd.
,
Class
A
...........
411,212
2,662,768
China
Life
Insurance
Co.
Ltd.
,
Class
H
..........
19,194,000
76,999,064
China
Literature
Ltd.
(a)
(b)
....................
1,083,400
4,364,850
China
Longyuan
Power
Group
Corp.
Ltd.
,
Class
H
..
6,649,000
6,423,068
China
Mengniu
Dairy
Co.
Ltd.
................
7,986,000
16,456,262
China
Merchants
Bank
Co.
Ltd.
,
Class
A
.........
3,199,389
18,055,926
China
Merchants
Bank
Co.
Ltd.
,
Class
H
.........
10,065,967
62,617,341
China
Merchants
Energy
Shipping
Co.
Ltd.
,
Class
A
.
1,226,300
2,902,718
China
Merchants
Expressway
Network
&
Technology
Holdings
Co.
Ltd.
,
Class
A
.................
881,300
1,244,488
China
Merchants
Port
Holdings
Co.
Ltd.
.........
3,170,000
7,082,803
China
Merchants
Securities
Co.
Ltd.
,
Class
A
......
1,099,979
2,658,640
China
Merchants
Shekou
Industrial
Zone
Holdings
Co.
Ltd.
,
Class
A
..........................
1,366,490
1,972,191
China
Minsheng
Banking
Corp.
Ltd.
,
Class
A
......
5,742,155
3,246,750
China
Minsheng
Banking
Corp.
Ltd.
,
Class
H
......
16,943,548
8,755,272
China
National
Building
Material
Co.
Ltd.
,
Class
H
...
9,718,000
8,425,873
China
National
Chemical
Engineering
Co.
Ltd.
,
Class
A
1,002,267
1,364,734
China
National
Nuclear
Power
Co.
Ltd.
,
Class
A
....
3,014,100
3,743,115
China
National
Software
&
Service
Co.
Ltd.
,
Class
A
(a)
130,607
847,634
China
Nonferrous
Mining
Corp.
Ltd.
............
3,491,000
6,672,693
China
Northern
Rare
Earth
Group
High-Tech
Co.
Ltd.
,
Class
A
..............................
564,954
5,137,872
China
Oilfield
Services
Ltd.
,
Class
H
............
4,634,000
5,984,036
Security
Shares
Value
a
China
(continued)
China
Overseas
Land
&
Investment
Ltd.
.........
9,793,460
$
17,891,261
China
Pacific
Insurance
Group
Co.
Ltd.
,
Class
A
....
1,078,107
6,404,601
China
Pacific
Insurance
Group
Co.
Ltd.
,
Class
H
....
6,820,200
31,215,776
China
Petroleum
&
Chemical
Corp.
,
Class
A
.......
4,428,989
4,172,457
China
Petroleum
&
Chemical
Corp.
,
Class
H
......
59,380,800
41,321,243
China
Power
International
Development
Ltd.
......
9,842,000
4,122,368
China
Railway
Group
Ltd.
,
Class
A
.............
3,566,100
3,273,245
China
Railway
Group
Ltd.
,
Class
H
.............
10,848,000
7,178,635
China
Railway
Signal
&
Communication
Corp.
Ltd.
,
Class
A
..............................
1,150,321
958,857
China
Rare
Earth
Resources
And
Technology
Co.
Ltd.
,
Class
A
(a)
.............................
152,200
1,441,734
China
Resources
Beer
Holdings
Co.
Ltd.
.........
4,114,500
14,459,250
China
Resources
Gas
Group
Ltd.
..............
2,412,600
6,464,541
China
Resources
Land
Ltd.
..................
8,220,833
33,225,900
China
Resources
Microelectronics
Ltd.
,
Class
A
....
186,416
1,548,318
China
Resources
Mixc
Lifestyle
Services
Ltd.
(b)
.....
1,742,000
10,560,619
China
Resources
Power
Holdings
Co.
Ltd.
(c)
.......
5,224,999
12,456,575
China
Resources
Sanjiu
Medical
&
Pharmaceutical
Co.
Ltd.
,
Class
A
..........................
254,982
1,073,407
China
Ruyi
Holdings
Ltd.
(a)
(c)
.................
29,108,000
7,555,997
China
Shenhua
Energy
Co.
Ltd.
,
Class
A
.........
1,008,339
6,207,852
China
Shenhua
Energy
Co.
Ltd.
,
Class
H
.........
8,715,500
49,970,224
China
Southern
Airlines
Co.
Ltd.
,
Class
A
(a)
........
1,666,300
1,783,798
China
State
Construction
Engineering
Corp.
Ltd.
,
Class
A
..................................
6,292,571
4,620,710
China
State
Construction
International
Holdings
Ltd.
.
3,262,000
3,874,237
China
Taiping
Insurance
Holdings
Co.
Ltd.
........
3,728,060
10,855,843
China
Three
Gorges
Renewables
Group
Co.
Ltd.
,
Class
A
..................................
4,736,725
2,871,610
China
Tourism
Group
Duty
Free
Corp.
Ltd.
,
Class
A
..
294,932
3,463,039
China
Tower
Corp.
Ltd.
,
Class
H
(b)
..............
11,480,200
16,335,469
China
United
Network
Communications
Ltd.
,
Class
A
.
4,857,200
3,480,288
China
Vanke
Co.
Ltd.
,
Class
A
(a)
...............
1,505,766
1,061,780
China
XD
Electric
Co.
Ltd.
,
Class
A
.............
814,200
1,904,905
China
Yangtze
Power
Co.
Ltd.
,
Class
A
..........
3,781,515
14,349,745
China
Zheshang
Bank
Co.
Ltd.
,
Class
A
..........
3,482,730
1,512,265
Chongqing
Afari
Technology
Co.
Ltd.
,
Class
A
(a)
....
687,800
1,166,402
Chongqing
Changan
Automobile
Co.
Ltd.
,
Class
A
...
1,196,117
1,926,667
Chongqing
Rural
Commercial
Bank
Co.
Ltd.
,
Class
A
.
1,272,500
1,203,717
Chongqing
Rural
Commercial
Bank
Co.
Ltd.
,
Class
H
6,166,000
4,642,194
Chongqing
Zhifei
Biological
Products
Co.
Ltd.
,
Class
A
(a)
.................................
352,013
886,682
Chow
Tai
Fook
Jewellery
Group
Ltd.
(c)
...........
5,110,400
8,536,272
CICT
Mobile
Communication
Technology
Co.
Ltd.
,
Class
A
(a)
.............................
508,761
1,288,800
CITIC
Ltd.
..............................
10,412,000
16,597,973
Citic
Pacific
Special
Steel
Group
Co.
Ltd.
,
Class
A
...
540,800
1,420,395
CITIC
Securities
Co.
Ltd.
,
Class
A
..............
1,886,993
7,521,054
CITIC
Securities
Co.
Ltd.
,
Class
H
.............
4,065,100
14,550,919
CMOC
Group
Ltd.
,
Class
A
..................
2,828,998
9,877,359
CMOC
Group
Ltd.
,
Class
H
..................
9,369,000
28,823,132
CNGR
Advanced
Material
Co.
Ltd.
,
Class
A
.......
142,800
1,193,714
CNPC
Capital
Co.
Ltd.
,
Class
A
...............
1,417,600
1,876,592
Contemporary
Amperex
Technology
Co.
Ltd.
,
Class
A
693,834
34,494,555
Contemporary
Amperex
Technology
Co.
Ltd.
,
Class
H
(c)
246,400
15,570,128
COSCO
SHIPPING
Energy
Transportation
Co.
Ltd.
,
Class
A
..............................
564,800
1,694,190
COSCO
SHIPPING
Holdings
Co.
Ltd.
,
Class
A
.....
1,891,464
4,135,214
COSCO
SHIPPING
Holdings
Co.
Ltd.
,
Class
H
.....
6,685,849
12,974,122
CRRC
Corp.
Ltd.
,
Class
A
...................
3,561,800
3,261,702
CRRC
Corp.
Ltd.
,
Class
H
...................
11,447,000
8,475,355
CSC
Financial
Co.
Ltd.
,
Class
A
...............
617,633
2,145,120
CSI
Solar
Co.
Ltd.
,
Class
A
..................
569,341
1,205,403
iShares
®
MSCI
Emerging
Markets
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
(Percentages
shown
are
based
on
Net
Assets)
11
Schedule
of
Investments
Security
Shares
Value
a
China
(continued)
CSPC
Innovation
Pharmaceutical
Co.
Ltd.
,
Class
A
..
229,220
$
1,102,933
CSPC
Pharmaceutical
Group
Ltd.
..............
20,706,479
26,065,469
Daqin
Railway
Co.
Ltd.
,
Class
A
...............
2,933,500
2,180,348
Datang
International
Power
Generation
Co.
Ltd.
,
Class
A
..................................
1,983,400
1,153,735
Dongfang
Electric
Corp.
Ltd.
,
Class
A
...........
486,600
2,624,460
Dongfeng
Motor
Group
Co.
Ltd.
,
Class
H
(a)
........
5,738,000
7,178,238
Dongxing
Securities
Co.
Ltd.
,
Class
A
...........
596,397
1,211,883
Dosilicon
Co.
Ltd.
,
Class
A
(a)
.................
66,200
1,350,273
East
Money
Information
Co.
Ltd.
,
Class
A
.........
2,445,998
8,022,141
Eastroc
Beverage
Group
Co.
Ltd.
,
Class
A
........
74,800
2,631,971
Ecovacs
Robotics
Co.
Ltd.
,
Class
A
.............
91,953
927,539
Empyrean
Technology
Co.
Ltd.
,
Class
A
..........
65,900
968,229
ENN
Energy
Holdings
Ltd.
...................
2,047,700
17,965,423
ENN
Natural
Gas
Co.
Ltd.
,
Class
A
.............
378,700
1,125,115
Eoptolink
Technology,
Inc.
Ltd.
,
Class
A
..........
154,140
8,046,558
Eve
Energy
Co.
Ltd.
,
Class
A
.................
319,153
2,893,131
Everbright
Securities
Co.
Ltd.
,
Class
A
...........
672,483
1,629,495
Everdisplay
Optronics
Shanghai
Co.
Ltd.
,
Class
A
(a)
..
2,115,380
804,005
Far
East
Horizon
Ltd.
......................
6,073,000
6,001,495
Focus
Media
Information
Technology
Co.
Ltd.
,
Class
A
2,287,267
2,354,455
Foshan
Haitian
Flavouring
&
Food
Co.
Ltd.
,
Class
A
.
705,155
3,692,208
Founder
Securities
Co.
Ltd.
,
Class
A
............
1,575,900
1,762,604
Founder
Technology
Group
Corp.
,
Class
A
(a)
.......
650,900
1,076,793
Foxconn
Industrial
Internet
Co.
Ltd.
,
Class
A
.......
2,061,497
16,653,860
Fuyao
Glass
Industry
Group
Co.
Ltd.
,
Class
A
......
327,972
2,881,493
Fuyao
Glass
Industry
Group
Co.
Ltd.
,
Class
H
(b)
....
1,537,600
12,759,449
GalaxyCore,
Inc.
,
Class
A
...................
325,452
799,237
Ganfeng
Lithium
Group
Co.
Ltd.
,
Class
A
.........
281,073
2,990,361
Ganfeng
Lithium
Group
Co.
Ltd.
,
Class
H
(b)
(c)
......
1,206,800
10,578,138
GCL
Technology
Holdings
Ltd.
(a)
...............
63,144,000
9,654,683
GD
Power
Development
Co.
Ltd.
,
Class
A
........
2,862,769
2,048,754
GDS
Holdings
Ltd.
,
Class
A
(a)
.................
2,898,400
15,014,967
Geely
Automobile
Holdings
Ltd.
...............
16,591,000
34,249,131
GEM
Co.
Ltd.
,
Class
A
.....................
781,900
1,127,853
Genscript
Biotech
Corp.
(a)
...................
3,052,000
4,651,021
Geovis
Technology
Co.
Ltd.
,
Class
A
............
122,525
1,210,276
GF
Securities
Co.
Ltd.
,
Class
A
...............
1,183,894
3,593,493
GF
Securities
Co.
Ltd.
,
Class
H
...............
2,701,600
5,932,841
Giant
Biogene
Holding
Co.
Ltd.
(b)
(c)
.............
1,003,200
4,084,377
Giant
Network
Group
Co.
Ltd.
,
Class
A
..........
308,200
1,664,489
GigaDevice
Semiconductor,
Inc.
,
Class
A
.........
102,494
4,466,062
GoerTek,
Inc.
,
Class
A
.....................
509,600
2,011,683
Goldwind
Science
&
Technology
Co.
Ltd.
,
Class
A
...
547,866
2,266,488
Goneo
Group
Co.
Ltd.
,
Class
A
...............
117,859
747,541
Gotion
High-tech
Co.
Ltd.
,
Class
A
.............
272,923
1,503,803
Great
Wall
Motor
Co.
Ltd.
,
Class
H
.............
6,046,500
9,907,678
Gree
Electric
Appliances,
Inc.
of
Zhuhai
,
Class
A
....
437,500
2,386,495
Guangdong
Haid
Group
Co.
Ltd.
,
Class
A
........
253,127
2,022,182
Guangdong
HEC
Technology
Holding
Co.
Ltd.
,
Class
A
(a)
.................................
429,900
2,349,815
Guangdong
Investment
Ltd.
..................
7,364,110
7,173,165
Guangzhou
Automobile
Group
Co.
Ltd.
,
Class
A
....
917,800
1,075,385
Guangzhou
Baiyunshan
Pharmaceutical
Holdings
Co.
Ltd.
,
Class
A
..........................
224,902
827,987
Guangzhou
Haige
Communications
Group,
Inc.
Co.
,
Class
A
..............................
380,200
978,644
Guangzhou
Tinci
Materials
Technology
Co.
Ltd.
,
Class
A
..................................
313,800
1,932,919
Guobo
Electronics
Co.
Ltd.
,
Class
A
............
56,429
1,011,401
Guolian
Minsheng
Securities
Co.
Ltd.
,
Class
A
.....
898,060
1,287,936
Guosen
Securities
Co.
Ltd.
,
Class
A
............
1,134,351
2,075,652
Guotai
Haitong
Securities
Co.
Ltd.
,
Class
A
.......
2,183,126
6,020,765
Guotai
Haitong
Securities
Co.
Ltd.
,
Class
H
(b)
......
5,077,280
10,339,546
Security
Shares
Value
a
China
(continued)
Guoyuan
Securities
Co.
Ltd.
,
Class
A
...........
686,100
$
831,232
H
World
Group
Ltd.
,
Class
A
,
ADR
.............
517,299
28,347,985
Haidilao
International
Holding
Ltd.
(b)
(c)
...........
4,338,000
9,737,596
Haier
Smart
Home
Co.
Ltd.
,
Class
A
............
1,011,741
3,784,362
Haier
Smart
Home
Co.
Ltd.
,
Class
H
............
6,164,200
20,931,813
Hainan
Airlines
Holding
Co.
Ltd.
,
Class
A
(a)
........
6,851,900
1,695,804
Hainan
Airport
Infrastructure
Co.
Ltd.
,
Class
A
......
1,899,200
1,175,602
Haisco
Pharmaceutical
Group
Co.
Ltd.
,
Class
A
....
137,100
932,654
Haitian
International
Holdings
Ltd.
.............
1,584,000
5,118,751
Hangzhou
Chang
Chuan
Technology
Co.
Ltd.
,
Class
A
98,400
2,068,656
Hangzhou
First
Applied
Material
Co.
Ltd.
,
Class
A
...
430,106
1,134,141
Hangzhou
Silan
Microelectronics
Co.
Ltd.
,
Class
A
..
239,300
1,121,586
Hangzhou
Tigermed
Consulting
Co.
Ltd.
,
Class
A
...
54,700
475,240
Hansoh
Pharmaceutical
Group
Co.
Ltd.
(b)
.........
3,826,000
17,033,282
Hebei
Changshan
Biochemical
Pharmaceutical
Co.
Ltd.
,
Class
A
(a)
.........................
140,500
955,323
Henan
Shenhuo
Coal
Industry
&
Electricity
Power
Co.
Ltd.
,
Class
A
..........................
378,800
1,789,998
Henan
Shuanghui
Investment
&
Development
Co.
Ltd.
,
Class
A
..............................
511,600
1,958,864
Hengan
International
Group
Co.
Ltd.
............
1,493,500
5,556,278
Hengli
Petrochemical
Co.
Ltd.
,
Class
A
..........
1,086,791
4,068,514
Hengtong
Optic-electric
Co.
Ltd.
,
Class
A
.........
380,800
2,630,771
Hesai
Group
,
Class
B
(a)
.....................
271,000
7,380,742
Hgtech
Co.
Ltd.
,
Class
A
....................
153,400
2,003,055
Hithink
RoyalFlush
Information
Network
Co.
Ltd.
,
Class
A
..................................
81,800
3,955,998
Horizon
Robotics
,
Class
B
(a)
(c)
.................
12,903,600
13,535,379
Hoshine
Silicon
Industry
Co.
Ltd.
,
Class
A
........
134,600
1,005,598
Hua
Hong
Semiconductor
Ltd.
,
Class
A
(a)
.........
63,111
1,163,451
Hua
Hong
Semiconductor
Ltd.
,
Class
H
(a)
(b)
........
1,867,000
23,001,278
Huadian
Power
International
Corp.
Ltd.
,
Class
A
....
1,526,600
1,134,344
Huadong
Medicine
Co.
Ltd.
,
Class
A
............
264,605
1,384,782
Huafon
Chemical
Co.
Ltd.
,
Class
A
.............
821,800
1,485,050
Huaneng
Power
International,
Inc.
,
Class
A
.......
1,581,900
1,669,215
Huaneng
Power
International,
Inc.
,
Class
H
.......
10,900,000
8,392,110
Huaqin
Technology
Co.
Ltd.
,
Class
A
............
125,600
1,681,304
Huatai
Securities
Co.
Ltd.
,
Class
A
.............
1,332,509
4,147,005
Huatai
Securities
Co.
Ltd.
,
Class
H
(b)
(c)
...........
3,396,400
7,263,700
Huaxia
Bank
Co.
Ltd.
,
Class
A
................
2,125,160
2,071,754
Huayu
Automotive
Systems
Co.
Ltd.
,
Class
A
......
471,968
1,328,364
Huizhou
Desay
Sv
Automotive
Co.
Ltd.
,
Class
A
....
86,100
1,553,767
Hunan
Valin
Steel
Co.
Ltd.
,
Class
A
.............
1,225,800
1,197,618
Hundsun
Technologies,
Inc.
,
Class
A
............
295,344
1,291,011
Hwatsing
Technology
Co.
Ltd.
,
Class
A
..........
51,366
1,447,922
Hygon
Information
Technology
Co.
Ltd.
,
Class
A
....
356,802
13,533,612
IEIT
Systems
Co.
Ltd.
,
Class
A
................
233,190
2,163,992
Iflytek
Co.
Ltd.
,
Class
A
.....................
353,219
2,865,229
Imeik
Technology
Development
Co.
Ltd.
,
Class
A
...
37,660
782,752
Industrial
&
Commercial
Bank
of
China
Ltd.
,
Class
A
.
9,255,762
9,334,336
Industrial
&
Commercial
Bank
of
China
Ltd.
,
Class
H
.
169,111,085
139,086,741
Industrial
Bank
Co.
Ltd.
,
Class
A
...............
3,270,342
8,727,776
Industrial
Securities
Co.
Ltd.
,
Class
A
...........
1,428,076
1,403,971
Ingenic
Semiconductor
Co.
Ltd.
,
Class
A
.........
77,100
1,493,088
Inner
Mongolia
BaoTou
Steel
Union
Co.
Ltd.
,
Class
A
.
7,333,600
3,462,880
Inner
Mongolia
Dian
Tou
Energy
Corp.
Ltd.
,
Class
A
.
358,100
1,601,845
Inner
Mongolia
Junzheng
Energy
&
Chemical
Industry
Group
Co.
Ltd.
,
Class
A
...................
1,325,900
1,159,993
Inner
Mongolia
Xingye
Silver&Tin
Mining
Co.
Ltd.
,
Class
A
..............................
281,200
2,263,950
Inner
Mongolia
Yili
Industrial
Group
Co.
Ltd.
,
Class
A
.
933,570
3,546,421
Inner
Mongolia
Yitai
Coal
Co.
Ltd.
,
Class
B
.......
2,470,100
5,026,272
Innovent
Biologics,
Inc.
(a)
(b)
...................
3,790,500
41,240,167
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
MSCI
Emerging
Markets
ETF
(Percentages
shown
are
based
on
Net
Assets)
12
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
China
(continued)
Isoftstone
Information
Technology
Group
Co.
Ltd.
,
Class
A
..............................
147,500
$
1,064,232
J&T
Global
Express
Ltd.
(a)
...................
6,111,000
8,022,084
JA
Solar
Technology
Co.
Ltd.
,
Class
A
(a)
..........
491,660
865,324
JCET
Group
Co.
Ltd.
,
Class
A
................
278,200
1,947,139
JD
Health
International,
Inc.
(a)
(b)
...............
2,915,050
21,097,865
JD
Logistics,
Inc.
(a)
(b)
.......................
5,117,000
7,273,765
JD.com,
Inc.
,
Class
A
......................
6,176,454
81,996,649
Jiangsu
Eastern
Shenghong
Co.
Ltd.
,
Class
A
(a)
....
1,052,300
1,995,965
Jiangsu
Expressway
Co.
Ltd.
,
Class
H
..........
3,000,000
3,903,674
Jiangsu
Hengli
Hydraulic
Co.
Ltd.
,
Class
A
........
204,388
3,361,549
Jiangsu
Hengrui
Pharmaceuticals
Co.
Ltd.
,
Class
A
..
993,941
8,171,140
Jiangsu
Hoperun
Software
Co.
Ltd.
,
Class
A
.......
120,800
913,005
Jiangsu
King's
Luck
Brewery
JSC
Ltd.
,
Class
A
.....
173,086
787,802
Jiangsu
Yanghe
Distillery
Co.
Ltd.
,
Class
A
........
221,050
1,713,282
Jiangsu
Yuyue
Medical
Equipment
&
Supply
Co.
Ltd.
,
Class
A
..............................
158,000
891,091
Jiangsu
Zhongtian
Technology
Co.
Ltd.
,
Class
A
....
505,224
2,141,036
Jiangxi
Copper
Co.
Ltd.
,
Class
A
..............
308,900
2,611,308
Jiangxi
Copper
Co.
Ltd.
,
Class
H
..............
2,685,000
15,575,463
Jinduicheng
Molybdenum
Co.
Ltd.
,
Class
A
.......
490,500
1,752,766
Jinko
Solar
Co.
Ltd.
,
Class
A
(a)
................
1,406,481
1,543,318
JL
Mag
Rare-Earth
Co.
Ltd.
,
Class
A
............
179,214
1,073,475
Kanzhun
Ltd.
,
ADR
.......................
970,083
15,598,935
KE
Holdings,
Inc.
,
Class
A
...................
5,292,424
29,158,633
Kingdee
International
Software
Group
Co.
Ltd.
(a)
....
7,787,000
9,992,206
Kingfa
Sci
&
Tech
Co.
Ltd.
,
Class
A
.............
380,200
1,068,215
Kingnet
Network
Co.
Ltd.
,
Class
A
.............
347,000
1,145,135
Kingsoft
Corp.
Ltd.
........................
2,689,200
8,931,138
Kuaishou
Technology
,
Class
B
(b)
...............
6,598,400
52,322,227
Kuang-Chi
Technologies
Co.
Ltd.
,
Class
A
(a)
.......
327,200
2,284,870
Kunlun
Energy
Co.
Ltd.
.....................
9,740,000
10,440,749
Kunlun
Tech
Co.
Ltd.
,
Class
A
(a)
...............
192,500
1,710,161
Kweichow
Moutai
Co.
Ltd.
,
Class
A
.............
190,487
40,370,529
Laopu
Gold
Co.
Ltd.
,
Class
H
.................
69,900
6,427,389
LB
Group
Co.
Ltd.
,
Class
A
..................
400,800
1,364,522
Legend
Biotech
Corp.
,
Class
A
,
ADR
(a)
...........
188,785
3,586,915
Lenovo
Group
Ltd.
(c)
.......................
20,714,000
25,567,752
Lens
Technology
Co.
Ltd.
,
Class
A
.............
779,300
3,984,271
Leo
Group
Co.
Ltd.
,
Class
A
.................
1,033,400
1,450,497
Li
Auto,
Inc.
,
Class
A
(a)
.....................
3,242,790
28,472,258
Li
Ning
Co.
Ltd.
..........................
5,991,000
17,166,028
Lingyi
iTech
Guangdong
Co.
,
Class
A
...........
1,119,880
2,504,089
Longfor
Group
Holdings
Ltd.
(b)
(c)
...............
5,402,000
6,839,478
LONGi
Green
Energy
Technology
Co.
Ltd.
,
Class
A
(a)
.
1,152,671
3,074,103
Loongson
Technology
Corp.
Ltd.
,
Class
A
(a)
.......
55,803
1,289,823
Luxshare
Precision
Industry
Co.
Ltd.
,
Class
A
......
1,124,286
8,198,145
Luzhou
Laojiao
Co.
Ltd.
,
Class
A
..............
226,989
3,651,806
Mango
Excellent
Media
Co.
Ltd.
,
Class
A
.........
298,500
1,063,473
Maxscend
Microelectronics
Co.
Ltd.
,
Class
A
......
93,244
1,088,710
Meitu,
Inc.
(a)
(b)
...........................
9,406,500
6,775,492
Meituan
,
Class
B
(a)
(b)
(c)
......................
12,874,100
132,564,565
Metallurgical
Corp.
of
China
Ltd.
,
Class
A
.........
3,057,190
1,428,882
Midea
Group
Co.
Ltd.
,
Class
A
................
511,900
5,861,624
Midea
Group
Co.
Ltd.
,
Class
H
................
1,089,100
12,606,594
MINISO
Group
Holding
Ltd.
..................
1,245,880
5,648,526
MMG
Ltd.
(a)
(c)
............................
10,821,600
14,857,804
Montage
Technology
Co.
Ltd.
,
Class
A
...........
176,101
4,185,367
Muyuan
Foods
Co.
Ltd.
,
Class
A
...............
822,339
5,620,343
NARI
Technology
Co.
Ltd.
,
Class
A
.............
1,245,454
4,953,207
National
Silicon
Industry
Group
Co.
Ltd.
,
Class
A
(a)
..
492,236
1,554,536
NAURA
Technology
Group
Co.
Ltd.
,
Class
A
.......
111,305
7,641,697
NetEase
Cloud
Music,
Inc.
(a)
(b)
(c)
...............
225,200
4,440,469
NetEase,
Inc.
...........................
4,496,550
101,285,595
Security
Shares
Value
a
China
(continued)
New
China
Life
Insurance
Co.
Ltd.
,
Class
A
.......
327,602
$
3,603,695
New
China
Life
Insurance
Co.
Ltd.
,
Class
H
.......
2,399,200
16,883,675
New
Hope
Liuhe
Co.
Ltd.
,
Class
A
.............
541,097
686,700
New
Oriental
Education
&
Technology
Group,
Inc.
...
3,515,000
19,331,419
Nexchip
Semiconductor
Corp.
,
Class
A
..........
307,099
1,588,856
Ningbo
Deye
Technology
Co.
Ltd.
,
Class
A
........
134,368
2,044,260
Ningbo
Orient
Wires
&
Cables
Co.
Ltd.
,
Class
A
....
111,400
960,418
Ningbo
Sanxing
Medical
Electric
Co.
Ltd.
,
Class
A
...
226,200
867,603
Ningbo
Tuopu
Group
Co.
Ltd.
,
Class
A
..........
282,705
2,784,560
Ningxia
Baofeng
Energy
Group
Co.
Ltd.
,
Class
A
...
1,148,400
4,003,881
NIO,
Inc.
,
Class
A
(a)
(c)
......................
4,808,015
23,768,012
Nongfu
Spring
Co.
Ltd.
,
Class
H
(b)
..............
5,195,200
31,343,791
OFILM
Group
Co.
Ltd.
,
Class
A
(a)
..............
538,500
770,127
OmniVision
Integrated
Circuits
Group,
Inc.
........
190,270
3,403,183
Orient
Overseas
International
Ltd.
.............
312,000
5,958,679
Orient
Securities
Co.
Ltd./China
,
Class
A
.........
1,183,634
1,742,304
PDD
Holdings,
Inc.
,
ADR
(a)
..................
1,835,227
190,368,097
People's
Insurance
Co.
Group
of
China
Ltd.
(The)
,
Class
A
..............................
1,352,000
1,687,132
People's
Insurance
Co.
Group
of
China
Ltd.
(The)
,
Class
H
.............................
22,693,000
18,537,376
PetroChina
Co.
Ltd.
,
Class
A
.................
3,242,800
5,139,954
PetroChina
Co.
Ltd.
,
Class
H
.................
54,550,000
66,440,330
Pharmaron
Beijing
Co.
Ltd.
,
Class
A
............
249,500
1,075,322
PICC
Property
&
Casualty
Co.
Ltd.
,
Class
H
.......
17,773,192
36,672,217
Ping
An
Bank
Co.
Ltd.
,
Class
A
................
3,016,667
4,791,009
Ping
An
Insurance
Group
Co
of
China
Ltd.
,
Class
A
..
1,611,984
14,805,325
Ping
An
Insurance
Group
Co
of
China
Ltd.
,
Class
H
..
17,386,000
150,400,007
Piotech,
Inc.
,
Class
A
......................
43,641
2,344,613
Poly
Developments
and
Holdings
Group
Co.
Ltd.
,
Class
A
..................................
1,777,384
1,760,424
Pony
AI,
Inc.
,
Class
A
(a)
.....................
427,500
6,475,286
Pop
Mart
International
Group
Ltd.
(b)
.............
1,386,000
40,780,197
Postal
Savings
Bank
of
China
Co.
Ltd.
,
Class
A
.....
4,632,800
3,355,397
Postal
Savings
Bank
of
China
Co.
Ltd.
,
Class
H
(b)
...
23,273,000
14,644,716
Power
Construction
Corp.
of
China
Ltd.
,
Class
A
....
2,689,900
2,244,579
Qinghai
Salt
Lake
Industry
Co.
Ltd.
,
Class
A
(a)
......
827,200
4,584,508
QuantumCTek
Co.
Ltd.
,
Class
A
(a)
..............
15,463
1,528,326
Range
Intelligent
Computing
Technology
Group
Co.
Ltd.
,
Class
A
..........................
208,200
3,125,269
Remegen
Co.
Ltd.
,
Class
H
(a)
(b)
................
472,000
4,831,824
RoboTechnik
Intelligent
Technology
Co.
Ltd.
,
Class
A
.
25,600
1,541,034
Rockchip
Electronics
Co.
Ltd.
,
Class
A
..........
64,100
1,675,522
Rongsheng
Petrochemical
Co.
Ltd.
,
Class
A
.......
1,611,558
3,660,275
SAIC
Motor
Corp.
Ltd.
,
Class
A
...............
1,142,806
2,383,313
Sailun
Group
Co.
Ltd.
,
Class
A
................
507,400
1,161,335
Sanan
Optoelectronics
Co.
Ltd.
,
Class
A
.........
797,600
1,937,529
Sangfor
Technologies,
Inc.
,
Class
A
............
63,600
1,217,654
Sany
Heavy
Industry
Co.
Ltd.
,
Class
A
...........
1,215,452
4,096,147
Satellite
Chemical
Co.
Ltd.
,
Class
A
............
506,184
1,722,638
SDIC
Capital
Co.
Ltd.
,
Class
A
................
1,258,600
1,367,278
SDIC
Power
Holdings
Co.
Ltd.
,
Class
A
..........
1,183,000
2,284,355
SenseTime
Group,
Inc.
,
Class
B
(a)
(b)
............
69,279,000
22,669,714
Seres
Group
Co.
Ltd.
,
Class
A
................
246,000
3,844,200
SF
Holding
Co.
Ltd.
,
Class
A
.................
696,035
3,839,151
SG
Micro
Corp.
,
Class
A
....................
110,477
1,107,773
Shaanxi
Coal
Industry
Co.
Ltd.
,
Class
A
..........
1,513,276
5,224,224
Shandong
Gold
Mining
Co.
Ltd.
,
Class
A
.........
559,336
3,875,115
Shandong
Gold
Mining
Co.
Ltd.
,
Class
H
(b)
........
2,455,250
12,953,229
Shandong
Himile
Mechanical
Science
&
Technology
Co.
Ltd.
,
Class
A
.......................
125,400
1,760,801
Shandong
Hongqiao
Aluminum
Industry
Holding
Co.
Ltd.
,
Class
A
(a)
.........................
395,900
1,686,117
iShares
®
MSCI
Emerging
Markets
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
(Percentages
shown
are
based
on
Net
Assets)
13
Schedule
of
Investments
Security
Shares
Value
a
China
(continued)
Shandong
Hualu
Hengsheng
Chemical
Co.
Ltd.
,
Class
A
..................................
295,480
$
1,660,798
Shandong
Nanshan
Aluminum
Co.
Ltd.
,
Class
A
....
1,877,600
1,935,145
Shandong
Sun
Paper
Industry
JSC
Ltd.
,
Class
A
....
448,200
1,126,632
Shandong
Weigao
Group
Medical
Polymer
Co.
Ltd.
,
Class
H
.............................
6,357,200
4,136,354
Shanghai
Allist
Pharmaceuticals
Co.
Ltd.
,
Class
A
...
73,381
991,559
Shanghai
Baosight
Software
Co.
Ltd.
,
Class
A
.....
331,599
1,167,205
Shanghai
BOCHU
Electronic
Technology
Corp.
Ltd.
,
Class
A
..............................
38,173
842,854
Shanghai
Electric
Group
Co.
Ltd.
,
Class
A
(a)
.......
2,042,991
2,704,392
Shanghai
Electric
Power
Co.
Ltd.
,
Class
A
........
436,700
1,390,774
Shanghai
Fosun
Pharmaceutical
Group
Co.
Ltd.
,
Class
A
..................................
345,489
1,331,312
Shanghai
International
Airport
Co.
Ltd.
,
Class
A
.....
142,798
634,496
Shanghai
Pharmaceuticals
Holding
Co.
Ltd.
,
Class
A
.
401,400
1,005,212
Shanghai
Pudong
Development
Bank
Co.
Ltd.
,
Class
A
4,957,395
7,019,806
Shanghai
Putailai
New
Energy
Technology
Group
Co.
Ltd.
................................
323,966
1,341,198
Shanghai
RAAS
Blood
Products
Co.
Ltd.
,
Class
A
...
795,300
728,755
Shanghai
Rural
Commercial
Bank
Co.
Ltd.
,
Class
A
..
1,574,000
1,929,402
Shanghai
Stonehill
Technology
Co.
Ltd.
,
Class
A
(a)
...
877,200
1,415,365
Shanghai
United
Imaging
Healthcare
Co.
Ltd.
,
Class
A
118,259
2,248,097
Shanghai
Zhangjiang
High-Tech
Park
Development
Co.
Ltd.
,
Class
A
..........................
248,900
1,495,751
Shanjin
International
Gold
Co.
Ltd.
,
Class
A
.......
446,800
2,025,881
Shannon
Semiconductor
Technology
Co.
Ltd.
,
Class
A
73,800
1,602,531
Shanxi
Coking
Coal
Energy
Group
Co.
Ltd.
,
Class
A
.
908,600
971,423
Shanxi
Lu'an
Environmental
Energy
Development
Co.
Ltd.
,
Class
A
..........................
464,700
1,008,531
Shanxi
Xinghuacun
Fen
Wine
Factory
Co.
Ltd.
,
Class
A
183,600
4,307,914
Sharetronic
Data
Technology
Co.
Ltd.
,
Class
A
.....
52,500
2,033,954
Shenergy
Co.
Ltd.
,
Class
A
..................
682,700
851,718
Shengyi
Electronics
Co.
Ltd.
,
Class
A
...........
107,274
1,343,556
Shengyi
Technology
Co.
Ltd.
,
Class
A
...........
381,000
3,833,244
Shennan
Circuits
Co.
Ltd.
,
Class
A
.............
100,982
4,193,521
Shenwan
Hongyuan
Group
Co.
Ltd.
,
Class
A
......
3,680,170
2,684,791
Shenzhen
Envicool
Technology
Co.
Ltd.
,
Class
A
...
155,900
2,454,005
Shenzhen
Everwin
Precision
Technology
Co.
Ltd.
,
Class
A
..............................
213,600
1,201,740
Shenzhen
Goodix
Technology
Co.
Ltd.
,
Class
A
....
62,200
708,190
Shenzhen
Inovance
Technology
Co.
Ltd.
,
Class
A
...
197,197
2,092,386
Shenzhen
Kinwong
Electronic
Co.
Ltd.
,
Class
A
....
157,900
1,524,434
Shenzhen
Longsys
Electronics
Co.
Ltd.
,
Class
A
(a)
...
54,400
2,305,226
Shenzhen
Megmeet
Electrical
Co.
Ltd.
,
Class
A
....
52,900
961,026
Shenzhen
Mindray
Bio-Medical
Electronics
Co.
Ltd.
,
Class
A
..............................
174,432
4,721,858
Shenzhen
New
Industries
Biomedical
Engineering
Co.
Ltd.
,
Class
A
..........................
121,900
930,260
Shenzhen
Salubris
Pharmaceuticals
Co.
Ltd.
,
Class
A
159,900
1,144,565
Shenzhen
Sunway
Communication
Co.
Ltd.
,
Class
A
.
149,400
1,667,803
Shenzhen
Techwinsemi
Technology
Co.
Ltd.
,
Class
A
35,000
1,305,706
Shenzhen
Transsion
Holdings
Co.
Ltd.
,
Class
A
....
160,946
1,353,117
Shenzhou
International
Group
Holdings
Ltd.
.......
2,154,300
17,325,007
Sichuan
Changhong
Electric
Co.
Ltd.
,
Class
A
.....
689,600
1,037,487
Sichuan
Chuantou
Energy
Co.
Ltd.
,
Class
A
.......
724,660
1,524,669
Sichuan
Kelun
Pharmaceutical
Co.
Ltd.
,
Class
A
....
255,578
1,136,364
Sichuan
Kelun-Biotech
Biopharmaceutical
Co.
Ltd.
,
Class
H
(a)
(c)
...........................
125,700
6,198,110
Sichuan
Road
and
Bridge
Group
Co.
Ltd.
,
Class
A
...
990,380
1,434,863
Sino
Biopharmaceutical
Ltd.
.................
26,648,750
20,549,719
Sinolink
Securities
Co.
Ltd.
,
Class
A
............
275,300
365,882
Sinoma
Science
&
Technology
Co.
Ltd.
,
Class
A
....
259,300
1,910,472
Sinomine
Resource
Group
Co.
Ltd.
,
Class
A
.......
105,500
1,399,486
Sinopharm
Group
Co.
Ltd.
,
Class
H
............
3,493,600
9,418,887
Security
Shares
Value
a
China
(continued)
Sinotruk
Hong
Kong
Ltd.
....................
1,766,500
$
9,299,342
Skyverse
Technology
Co.
Ltd.
,
Class
A
(a)
.........
50,432
1,448,086
Smoore
International
Holdings
Ltd.
(b)
(c)
...........
4,830,000
7,299,527
SooChow
Securities
Co.
Ltd.
,
Class
A
...........
927,700
1,254,837
Spring
Airlines
Co.
Ltd.
,
Class
A
...............
143,500
1,150,858
Sungrow
Power
Supply
Co.
Ltd.
,
Class
A
.........
324,080
6,804,154
Sunny
Optical
Technology
Group
Co.
Ltd.
........
1,846,500
13,654,696
Sunwoda
Electronic
Co.
Ltd.
,
Class
A
...........
289,800
1,099,031
SUPCON
Technology
Co.
Ltd.
,
Class
A
..........
118,660
1,385,975
Suzhou
Dongshan
Precision
Manufacturing
Co.
Ltd.
,
Class
A
..............................
294,100
3,645,944
Suzhou
Maxwell
Technologies
Co.
Ltd.
,
Class
A
....
42,700
1,814,736
Suzhou
TFC
Optical
Communication
Co.
Ltd.
,
Class
A
120,132
6,421,234
TAL
Education
Group
,
ADR
(a)
(c)
................
1,074,729
11,316,896
TBEA
Co.
Ltd.
,
Class
A
.....................
863,080
3,813,416
TCL
Technology
Group
Corp.
,
Class
A
...........
3,209,730
2,321,064
TCL
Zhonghuan
Renewable
Energy
Technology
Co.
Ltd.
,
Class
A
(a)
.........................
662,916
995,240
Tencent
Holdings
Ltd.
......................
16,510,800
1,086,308,706
Tencent
Music
Entertainment
Group
,
ADR
........
1,482,581
21,645,683
Tianfeng
Securities
Co.
Ltd.
,
Class
A
(a)
..........
1,554,900
928,399
Tianqi
Lithium
Corp.
,
Class
A
(a)
................
229,900
1,895,805
Tianshan
Aluminum
Group
Co.
Ltd.
,
Class
A
.......
719,000
1,849,678
Tianshui
Huatian
Technology
Co.
Ltd.
,
Class
A
.....
497,500
1,098,224
Tingyi
Cayman
Islands
Holding
Corp.
...........
4,930,000
8,232,852
Tongcheng
Travel
Holdings
Ltd.
...............
3,289,200
8,664,893
TongFu
Microelectronics
Co.
Ltd.
,
Class
A
........
243,600
1,840,229
Tongling
Nonferrous
Metals
Group
Co.
Ltd.
,
Class
A
.
2,015,200
2,327,225
Tongwei
Co.
Ltd.
,
Class
A
(a)
..................
692,384
1,818,088
Trina
Solar
Co.
Ltd.
,
Class
A
(a)
................
334,197
929,467
Trip.com
Group
Ltd.
.......................
1,602,762
83,180,326
Tsingtao
Brewery
Co.
Ltd.
,
Class
A
.............
141,715
1,289,641
Tsingtao
Brewery
Co.
Ltd.
,
Class
H
.............
1,462,000
9,891,117
UBTech
Robotics
Corp.
Ltd.
,
Class
H
(a)
..........
560,600
8,659,046
Unigroup
Guoxin
Microelectronics
Co.
Ltd.
,
Class
A
..
116,839
1,355,281
Unisplendour
Corp.
Ltd.
,
Class
A
..............
432,416
1,632,179
United
Nova
Technology
Co.
Ltd.
,
Class
A
(a)
.......
1,155,417
1,307,316
Universal
Scientific
Industrial
Shanghai
Co.
Ltd.
,
Class
A
..................................
5,200
35,980
Verisilicon
Microelectronics
Shanghai
Co.
Ltd.
,
Class
A
(a)
.................................
80,439
3,247,378
Victory
Giant
Technology
Huizhou
Co.
Ltd.
,
Class
A
..
135,400
6,002,528
Vipshop
Holdings
Ltd.
,
ADR
..................
813,460
14,170,473
Wanhua
Chemical
Group
Co.
Ltd.
,
Class
A
........
468,891
6,346,580
Want
Want
China
Holdings
Ltd.
...............
12,314,000
7,712,580
Wanxiang
Qianchao
Co.
Ltd.
,
Class
A
...........
502,200
1,469,082
Weichai
Power
Co.
Ltd.
,
Class
A
...............
1,112,244
4,509,296
Weichai
Power
Co.
Ltd.
,
Class
H
..............
4,925,800
20,497,770
Wens
Foodstuff
Group
Co.
Ltd.
,
Class
A
.........
1,021,370
2,378,932
Western
Mining
Co.
Ltd.
,
Class
A
..............
379,500
1,914,683
Western
Securities
Co.
Ltd.
,
Class
A
............
819,310
954,511
Western
Superconducting
Technologies
Co.
Ltd.
,
Class
A
..................................
97,807
1,284,854
Wingtech
Technology
Co.
Ltd.
,
Class
A
(a)
.........
190,200
928,704
Wintime
Energy
Group
Co.
Ltd.
,
Class
A
(a)
........
3,509,700
934,680
Wolong
Electric
Group
Co.
Ltd.
,
Class
A
.........
237,400
1,547,536
Wuhan
Guide
Infrared
Co.
Ltd.
,
Class
A
(a)
........
718,032
1,625,909
Wuliangye
Yibin
Co.
Ltd.
,
Class
A
..............
586,828
8,891,353
WUS
Printed
Circuit
Kunshan
Co.
Ltd.
,
Class
A
.....
313,423
3,805,845
WuXi
AppTec
Co.
Ltd.
,
Class
A
................
385,929
5,513,278
WuXi
AppTec
Co.
Ltd.
,
Class
H
(b)
..............
985,970
14,963,326
Wuxi
Biologics
Cayman,
Inc.
(a)
(b)
...............
9,051,000
46,469,888
WuXi
XDC
Cayman,
Inc.
(a)
...................
953,000
7,698,949
XCMG
Construction
Machinery
Co.
Ltd.
,
Class
A
....
1,872,269
3,342,594
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
MSCI
Emerging
Markets
ETF
(Percentages
shown
are
based
on
Net
Assets)
14
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
China
(continued)
Xiamen
Tungsten
Co.
Ltd.
,
Class
A
.............
224,800
$
2,297,952
Xiaomi
Corp.
,
Class
B
(a)
(b)
...................
44,530,200
196,953,091
Xinjiang
Daqo
New
Energy
Co.
Ltd.
,
Class
A
(a)
.....
361,742
1,259,576
Xinyi
Solar
Holdings
Ltd.
....................
11,792,000
5,195,347
XPeng,
Inc.
,
Class
A
(a)
.....................
3,234,576
28,355,991
XtalPi
Holdings
Ltd.
(a)
(c)
.....................
4,394,000
5,795,112
Yadea
Group
Holdings
Ltd.
(b)
.................
3,066,000
4,462,171
Yangtze
Optical
Fibre
&
Cable
Joint
Stock
Ltd.
Co.
,
Class
H
(b)
............................
604,500
11,497,507
Yankuang
Energy
Group
Co.
Ltd.
,
Class
A
........
901,530
2,328,394
Yankuang
Energy
Group
Co.
Ltd.
,
Class
H
........
8,228,660
14,706,277
Yantai
Jereh
Oilfield
Services
Group
Co.
Ltd.
,
Class
A
154,698
2,644,196
Yealink
Network
Technology
Corp.
Ltd.
,
Class
A
....
186,342
1,019,109
Yonghui
Superstores
Co.
Ltd.
,
Class
A
(a)
.........
1,359,500
842,151
Yonyou
Network
Technology
Co.
Ltd.
,
Class
A
(a)
....
506,451
1,049,046
YTO
Express
Group
Co.
Ltd.
,
Class
A
...........
505,500
1,443,261
Yuanjie
Semiconductor
Technology
Co.
Ltd.
,
Class
A
.
12,661
1,420,772
Yum
China
Holdings,
Inc.
...................
931,960
51,559,192
Yunnan
Aluminium
Co.
Ltd.
,
Class
A
............
593,200
2,692,193
Yunnan
Baiyao
Group
Co.
Ltd.
,
Class
A
..........
272,582
2,227,153
Yunnan
Energy
New
Material
Co.
Ltd.
,
Class
A
(a)
....
143,000
1,287,223
Yunnan
Yuntianhua
Co.
Ltd.
,
Class
A
...........
283,800
1,833,571
Yutong
Bus
Co.
Ltd.
,
Class
A
.................
354,000
1,531,918
Zangge
Mining
Co.
Ltd.
,
Class
A
...............
261,410
3,273,683
Zhangzhou
Pientzehuang
Pharmaceutical
Co.
Ltd.
,
Class
A
..............................
82,664
1,966,822
Zhaojin
Mining
Industry
Co.
Ltd.
,
Class
H
.........
4,397,500
19,384,237
Zhejiang
Century
Huatong
Group
Co.
Ltd.
,
Class
A
(a)
.
1,132,500
3,038,884
Zhejiang
China
Commodities
City
Group
Co.
Ltd.
,
Class
A
..............................
833,500
1,806,779
Zhejiang
Chint
Electrics
Co.
Ltd.
,
Class
A
.........
334,523
1,609,115
Zhejiang
Dahua
Technology
Co.
Ltd.
,
Class
A
......
584,784
1,639,292
Zhejiang
Huayou
Cobalt
Co.
Ltd.
,
Class
A
........
286,315
3,273,857
Zhejiang
Jingsheng
Mechanical
&
Electrical
Co.
Ltd.
,
Class
A
..............................
197,484
1,601,679
Zhejiang
Juhua
Co.
Ltd.
,
Class
A
..............
436,100
2,639,484
Zhejiang
Leapmotor
Technology
Co.
Ltd.
,
Class
H
(a)
(b)
1,310,500
6,834,750
Zhejiang
Longsheng
Group
Co.
Ltd.
,
Class
A
......
494,900
1,182,046
Zhejiang
NHU
Co.
Ltd.
,
Class
A
...............
475,087
2,179,747
Zhejiang
Sanhua
Intelligent
Controls
Co.
Ltd.
,
Class
A
291,200
2,165,086
Zhejiang
Wanfeng
Auto
Wheel
Co.
Ltd.
,
Class
A
....
334,300
794,699
Zhejiang
Weiming
Environment
Protection
Co.
Ltd.
,
Class
A
..............................
262,627
1,077,784
Zhejiang
Zheneng
Electric
Power
Co.
Ltd.
,
Class
A
..
1,873,300
1,455,203
Zheshang
Securities
Co.
Ltd.
,
Class
A
...........
717,100
1,114,126
Zhongji
Innolight
Co.
Ltd.
,
Class
A
.............
171,366
13,264,438
Zhongjin
Gold
Corp.
Ltd.
,
Class
A
..............
726,900
3,387,837
Zhongtai
Securities
Co.
Ltd.
,
Class
A
............
1,367,400
1,276,493
Zhuzhou
CRRC
Times
Electric
Co.
Ltd.
,
Class
A
....
53,899
465,861
Zhuzhou
CRRC
Times
Electric
Co.
Ltd.
,
Class
H
....
1,323,900
7,495,319
Zijin
Mining
Group
Co.
Ltd.
,
Class
A
............
3,247,200
18,735,835
Zijin
Mining
Group
Co.
Ltd.
,
Class
H
............
15,398,000
88,135,984
Zoomlion
Heavy
Industry
Science
and
Technology
Co.
Ltd.
,
Class
A
..........................
1,130,254
1,643,963
ZTE
Corp.
,
Class
A
.......................
619,900
3,485,008
ZTE
Corp.
,
Class
H
(c)
......................
1,937,400
6,712,759
ZTO
Express
Cayman,
Inc.
..................
1,084,584
26,184,678
7,201,286,075
a
Colombia
 — 
0
.1
%
Grupo
Cibest
SA
.........................
658,992
14,405,790
Interconexion
Electrica
SA
ESP
...............
1,187,547
8,704,036
23,109,826
a
Security
Shares
Value
a
Czech
Republic
 — 
0
.1
%
CEZ
A.S.
..............................
351,646
$
19,975,794
Komercni
Banka
A.S.
......................
194,030
11,122,188
Moneta
Money
Bank
A.S.
(b)
..................
716,309
6,891,213
37,989,195
a
Egypt
 — 
0
.1
%
Commercial
International
Bank
-
Egypt
(CIB)
......
6,308,960
17,565,092
Eastern
Co.
SAE
.........................
3,326,260
2,844,143
Talaat
Moustafa
Group
.....................
1,724,561
3,132,623
23,541,858
a
Greece
 — 
0
.5
%
Alpha
Bank
SA
..........................
4,470,617
19,663,663
Eurobank
SA
............................
6,350,840
29,426,371
FF
Group
(a)
(d)
............................
246,892
3
Hellenic
Telecommunications
Organization
SA
.....
370,000
7,685,680
JUMBO
SA
.............................
274,690
8,055,920
National
Bank
of
Greece
SA
.................
2,161,078
35,153,560
OPAP
Holding
SA
........................
431,109
8,048,495
Piraeus
Bank
SA
(a)
........................
2,781,385
26,686,257
Public
Power
Corp.
SA
.....................
439,718
9,840,462
144,560,411
a
Hong
Kong
 — 
0
.0
%
Zijin
Gold
International
Co.
Ltd.
(a)
..............
550,300
16,236,218
a
Hungary
 — 
0
.3
%
MOL
Hungarian
Oil
&
Gas
PLC
...............
1,044,084
11,556,993
OTP
Bank
Nyrt
..........................
585,207
72,151,574
Richter
Gedeon
Nyrt
.......................
359,215
13,448,987
97,157,554
a
India
 — 
12
.9
%
ABB
India
Ltd.
...........................
137,814
9,205,821
Adani
Enterprises
Ltd.
.....................
418,586
9,961,244
Adani
Ports
&
Special
Economic
Zone
Ltd.
........
1,398,694
23,415,095
Adani
Power
Ltd.
(a)
........................
7,564,228
11,670,310
Aditya
Birla
Capital
Ltd.
(a)
...................
1,747,540
6,619,808
Alkem
Laboratories
Ltd.
....................
123,760
7,674,967
Ambuja
Cements
Ltd.
......................
1,588,037
8,727,654
APL
Apollo
Tubes
Ltd.
.....................
467,266
11,490,135
Apollo
Hospitals
Enterprise
Ltd.
...............
279,037
24,032,538
Ashok
Leyland
Ltd.
.......................
7,658,996
17,785,208
Asian
Paints
Ltd.
.........................
1,000,691
26,186,404
Astral
Ltd.
..............................
322,560
5,919,787
AU
Small
Finance
Bank
Ltd.
(b)
................
1,354,830
14,265,506
Aurobindo
Pharma
Ltd.
.....................
681,648
9,173,084
Avenue
Supermarts
Ltd.
(a)
(b)
..................
425,750
18,055,631
Axis
Bank
Ltd.
...........................
5,626,938
85,708,067
Bajaj
Auto
Ltd.
...........................
175,373
19,240,522
Bajaj
Finance
Ltd.
........................
7,262,567
79,649,439
Bajaj
Finserv
Ltd.
.........................
992,371
21,762,926
Bajaj
Holdings
&
Investment
Ltd.
..............
69,106
8,215,511
Balkrishna
Industries
Ltd.
...................
210,833
5,532,527
Bank
of
Baroda
..........................
2,677,228
9,484,379
Bharat
Electronics
Ltd.
.....................
9,451,416
46,278,363
Bharat
Forge
Ltd.
.........................
618,587
13,023,135
Bharat
Heavy
Electricals
Ltd.
.................
2,717,378
7,918,272
Bharat
Petroleum
Corp.
Ltd.
.................
3,958,263
16,769,363
Bharti
Airtel
Ltd.
..........................
6,645,034
137,583,954
Bosch
Ltd.
.............................
19,527
7,821,106
Britannia
Industries
Ltd.
....................
282,294
18,625,408
BSE
Ltd.
..............................
286,992
8,562,449
Canara
Bank
............................
4,694,703
8,127,528
CG
Power
&
Industrial
Solutions
Ltd.
............
1,828,804
14,580,211
Cholamandalam
Investment
and
Finance
Co.
Ltd.
...
1,096,061
20,883,247
iShares
®
MSCI
Emerging
Markets
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
(Percentages
shown
are
based
on
Net
Assets)
15
Schedule
of
Investments
Security
Shares
Value
a
India
(continued)
Cipla
Ltd.
..............................
1,464,799
$
21,752,225
Coal
India
Ltd.
...........................
4,840,424
22,931,424
Colgate-Palmolive
India
Ltd.
.................
327,110
8,111,688
Coromandel
International
Ltd.
................
312,840
7,640,143
Cummins
India
Ltd.
.......................
361,578
19,498,767
Dabur
India
Ltd.
..........................
1,431,215
8,162,031
Divi's
Laboratories
Ltd.
.....................
311,912
22,015,414
Dixon
Technologies
India
Ltd.
................
93,888
10,883,936
DLF
Ltd.
...............................
1,948,201
12,944,916
Dr
Reddy's
Laboratories
Ltd.
.................
1,407,693
19,974,779
Eicher
Motors
Ltd.
........................
356,674
31,429,332
Eternal
Ltd.
(a)
............................
6,266,751
16,958,646
Fortis
Healthcare
Ltd.
......................
1,269,903
13,184,226
FSN
E-Commerce
Ventures
Ltd.
(a)
.............
2,961,823
8,680,288
GAIL
India
Ltd.
..........................
5,955,349
11,112,652
GE
Vernova
T&D
India
Ltd.
..................
337,192
14,270,281
GMR
Airports
Ltd.
(a)
.......................
6,792,339
7,525,761
Godrej
Consumer
Products
Ltd.
...............
1,062,311
14,228,752
Godrej
Properties
Ltd.
(a)
....................
390,738
7,441,167
Grasim
Industries
Ltd.
......................
712,524
21,940,778
Havells
India
Ltd.
.........................
578,703
8,887,000
HCL
Technologies
Ltd.
.....................
2,469,412
37,798,064
HDFC
Asset
Management
Co.
Ltd.
(b)
............
496,046
14,722,856
HDFC
Bank
Ltd.
.........................
29,276,901
286,181,728
HDFC
Life
Insurance
Co.
Ltd.
(b)
...............
2,509,644
19,745,098
Hero
MotoCorp
Ltd.
.......................
311,235
19,556,235
Hindalco
Industries
Ltd.
....................
3,501,612
35,636,433
Hindustan
Aeronautics
Ltd.
..................
520,316
22,380,573
Hindustan
Petroleum
Corp.
Ltd.
...............
2,488,897
12,004,744
Hindustan
Unilever
Ltd.
.....................
2,135,530
54,906,525
Hitachi
Energy
India
Ltd.
....................
34,896
9,814,610
Hyundai
Motor
India
Ltd.
....................
422,745
10,062,099
ICICI
Bank
Ltd.
..........................
12,599,073
191,590,386
ICICI
Lombard
General
Insurance
Co.
Ltd.
(b)
.......
624,686
13,073,925
ICICI
Prudential
Life
Insurance
Co.
Ltd.
(b)
.........
945,475
6,807,398
IDFC
First
Bank
Ltd.
.......................
9,308,972
7,525,017
Indian
Hotels
Co.
Ltd.
(The)
..................
2,228,871
16,367,204
Indian
Oil
Corp.
Ltd.
.......................
7,405,230
15,263,461
Indus
Towers
Ltd.
(a)
.......................
3,423,490
17,152,445
IndusInd
Bank
Ltd.
(a)
.......................
1,491,469
15,693,914
Info
Edge
India
Ltd.
.......................
935,695
10,598,581
Infosys
Ltd.
.............................
8,428,804
120,808,964
InterGlobe
Aviation
Ltd.
(b)
...................
491,717
26,163,219
ITC
Ltd.
...............................
7,858,371
27,117,020
Jindal
Stainless
Ltd.
.......................
876,972
7,497,129
Jindal
Steel
Ltd.
..........................
935,688
12,812,402
Jio
Financial
Services
Ltd.
...................
7,398,448
20,803,524
JSW
Energy
Ltd.
.........................
1,178,942
6,324,372
JSW
Steel
Ltd.
..........................
1,594,550
22,209,063
Jubilant
Foodworks
Ltd.
....................
1,024,548
5,859,605
Kalyan
Jewellers
India
Ltd.
..................
1,071,127
4,836,124
Kotak
Mahindra
Bank
Ltd.
...................
14,155,751
64,694,155
L&T
Finance
Ltd.
.........................
1,940,407
6,062,401
Larsen
&
Toubro
Ltd.
......................
1,744,242
82,059,330
Lodha
Developers
Ltd.
(b)
....................
794,736
8,648,659
LTIMindtree
Ltd.
(b)
........................
191,749
9,434,402
Lupin
Ltd.
..............................
650,071
16,522,989
Mahindra
&
Mahindra
Ltd.
...................
2,414,963
90,262,656
Mankind
Pharma
Ltd.
......................
321,712
7,959,921
Marico
Ltd.
.............................
1,343,504
11,649,663
Maruti
Suzuki
India
Ltd.
....................
326,110
53,310,637
Max
Healthcare
Institute
Ltd.
.................
2,023,253
24,353,691
Mphasis
Ltd.
............................
329,948
8,340,714
MRF
Ltd.
..............................
6,185
9,590,824
Security
Shares
Value
a
India
(continued)
Muthoot
Finance
Ltd.
......................
314,051
$
11,590,569
Nestle
India
Ltd.
.........................
1,763,238
25,055,003
NHPC
Ltd.
.............................
7,877,331
6,525,751
NMDC
Ltd.
.............................
8,142,428
7,327,205
NTPC
Ltd.
.............................
11,333,411
47,636,990
Oberoi
Realty
Ltd.
........................
329,313
5,519,394
Oil
&
Natural
Gas
Corp.
Ltd.
.................
8,138,987
25,084,317
Oil
India
Ltd.
............................
1,300,195
6,932,940
One
97
Communications
Ltd.
(a)
................
1,002,443
12,121,334
Oracle
Financial
Services
Software
Ltd.
..........
60,306
4,615,116
Page
Industries
Ltd.
.......................
15,833
5,594,359
PB
Fintech
Ltd.
(a)
.........................
899,641
14,659,531
Persistent
Systems
Ltd.
....................
285,980
14,924,345
Petronet
LNG
Ltd.
........................
2,028,963
7,214,113
Phoenix
Mills
Ltd.
(The)
....................
511,808
9,344,070
PI
Industries
Ltd.
.........................
202,968
6,964,815
Pidilite
Industries
Ltd.
......................
806,825
13,243,812
Polycab
India
Ltd.
........................
137,342
13,012,774
Power
Finance
Corp.
Ltd.
...................
3,865,273
17,602,709
Power
Grid
Corp.
of
India
Ltd.
................
12,135,373
39,903,858
Prestige
Estates
Projects
Ltd.
................
448,722
6,874,917
Punjab
National
Bank
......................
5,949,937
8,473,327
Rail
Vikas
Nigam
Ltd.
......................
1,354,923
4,715,378
REC
Ltd.
..............................
3,121,472
12,022,013
Reliance
Industries
Ltd.
....................
15,759,023
241,859,033
Samvardhana
Motherson
International
Ltd.
.......
11,060,173
16,232,112
SBI
Cards
&
Payment
Services
Ltd.
(a)
...........
752,743
6,420,055
SBI
Life
Insurance
Co.
Ltd.
(b)
.................
1,167,523
26,162,531
Shree
Cement
Ltd.
........................
24,009
6,882,048
Shriram
Finance
Ltd.
......................
3,659,568
43,511,054
Siemens
Energy
India
Ltd.
...................
229,774
7,412,231
Siemens
Ltd.
(a)
..........................
231,847
8,720,302
Solar
Industries
India
Ltd.
...................
70,376
10,462,386
SRF
Ltd.
..............................
388,327
10,956,347
State
Bank
of
India
........................
4,778,742
63,183,101
Sun
Pharmaceutical
Industries
Ltd.
.............
2,487,829
47,694,418
Sundaram
Finance
Ltd.
.....................
173,214
10,506,456
Supreme
Industries
Ltd.
....................
167,546
7,333,033
Suzlon
Energy
Ltd.
(a)
......................
26,606,841
12,502,845
Swiggy
Ltd.
(a)
...........................
3,613,381
12,011,264
Tata
Communications
Ltd.
...................
296,980
5,217,165
Tata
Consultancy
Services
Ltd.
...............
2,350,218
68,305,089
Tata
Consumer
Products
Ltd.
.................
1,544,103
19,374,987
Tata
Motors
Ltd.
(a)
........................
5,273,385
29,289,418
Tata
Motors
Passenger
Vehicles
Ltd.
............
5,241,040
22,073,511
Tata
Power
Co.
Ltd.
(The)
...................
4,186,356
17,404,861
Tata
Steel
Ltd.
...........................
19,458,106
45,495,267
Tech
Mahindra
Ltd.
.......................
1,403,344
21,000,577
Titan
Co.
Ltd.
...........................
920,276
43,838,661
Torrent
Pharmaceuticals
Ltd.
.................
311,220
14,844,478
Torrent
Power
Ltd.
........................
460,182
7,941,070
Trent
Ltd.
..............................
469,150
20,158,668
Tube
Investments
of
India
Ltd.
................
279,111
8,444,839
TVS
Motor
Co.
Ltd.
.......................
618,374
26,337,245
UltraTech
Cement
Ltd.
.....................
307,062
42,812,724
Union
Bank
of
India
Ltd.
....................
3,950,922
8,794,524
United
Spirits
Ltd.
........................
752,891
11,427,069
UPL
Ltd.
...............................
1,309,421
9,186,372
Varun
Beverages
Ltd.
......................
3,525,335
17,520,620
Vedanta
Ltd.
............................
3,556,868
28,132,096
Vishal
Mega
Mart
Ltd.
(a)
.....................
5,493,815
7,140,246
Vodafone
Idea
Ltd.
(a)
.......................
70,615,777
8,234,410
Voltas
Ltd.
.............................
556,351
9,549,575
WAAREE
Energies
Ltd.
....................
224,424
6,683,414
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
MSCI
Emerging
Markets
ETF
(Percentages
shown
are
based
on
Net
Assets)
16
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
India
(continued)
Wipro
Ltd.
..............................
6,899,423
$
15,289,693
Yes
Bank
Ltd.
(a)
..........................
40,593,514
9,253,232
Zydus
Lifesciences
Ltd.
....................
545,632
5,552,874
3,895,837,106
a
Indonesia
 — 
0
.9
%
Amman
Mineral
Internasional
PT
(a)
.............
37,704,700
17,199,924
Astra
International
Tbk
PT
...................
52,469,600
20,877,553
Bank
Central
Asia
Tbk
PT
...................
143,162,700
61,129,006
Bank
Mandiri
Persero
Tbk
PT
................
96,394,600
30,255,545
Bank
Negara
Indonesia
Persero
Tbk
PT
.........
38,617,152
10,121,672
Bank
Rakyat
Indonesia
Persero
Tbk
PT
..........
176,222,608
41,010,399
Barito
Pacific
Tbk
PT
(a)
.....................
60,460,387
7,176,628
Barito
Renewables
Energy
Tbk
PT
(a)
............
20,504,900
10,059,815
Bumi
Resources
Minerals
Tbk
PT
(a)
.............
144,930,200
8,377,590
Chandra
Asri
Pacific
Tbk
PT
.................
21,965,400
8,781,959
Charoen
Pokphand
Indonesia
Tbk
PT
...........
19,963,145
5,057,378
Dian
Swastatika
Sentosa
Tbk
PT
(a)
.............
2,589,700
12,191,594
GoTo
Gojek
Tokopedia
Tbk
PT
,
Class
A
(a)
.........
2,340,449,466
8,514,584
Petrindo
Jaya
Kreasi
Tbk
PT
.................
57,479,400
5,471,021
Sumber
Alfaria
Trijaya
Tbk
PT
................
47,265,500
4,700,531
Telkom
Indonesia
Persero
Tbk
PT
.............
127,573,500
26,937,679
United
Tractors
Tbk
PT
.....................
3,907,553
6,655,499
284,518,377
a
Kuwait
 — 
0
.6
%
Boubyan
Bank
KSCP
......................
3,906,711
8,649,090
Gulf
Bank
KSCP
.........................
5,173,459
5,718,341
Kuwait
Finance
House
KSCP
.................
27,846,476
72,998,783
Mabanee
Co.
KPSC
.......................
1,761,021
5,627,040
Mobile
Telecommunications
Co.
KSCP
..........
5,141,218
9,085,621
National
Bank
of
Kuwait
SAKP
................
20,805,293
63,892,632
Warba
Bank
KSCP
(a)
......................
5,748,118
5,411,904
171,383,411
a
Malaysia
 — 
1
.1
%
AMMB
Holdings
Bhd
......................
6,287,275
10,384,714
Axiata
Group
Bhd
........................
7,543,200
4,416,261
CELCOMDIGI
BHD
(c)
......................
9,487,300
7,778,074
CIMB
Group
Holdings
Bhd
..................
20,795,400
42,940,544
Gamuda
Bhd
...........................
11,325,200
12,182,900
Hong
Leong
Bank
Bhd
.....................
1,635,700
9,783,636
IHH
Healthcare
Bhd
(c)
......................
5,556,500
12,991,717
IOI
Corp.
Bhd
...........................
6,738,220
6,851,477
Kuala
Lumpur
Kepong
Bhd
..................
1,336,500
6,526,214
Malayan
Banking
Bhd
......................
15,414,200
47,361,736
Maxis
Bhd
.............................
6,409,900
6,390,264
MISC
Bhd
..............................
3,494,700
7,246,059
MR
DIY
Group
M
Bhd
(b)
.....................
8,398,600
3,863,620
Nestle
Malaysia
Bhd
.......................
170,400
4,812,891
Petronas
Chemicals
Group
Bhd
(c)
..............
6,279,700
4,842,235
Petronas
Dagangan
Bhd
....................
801,300
4,526,228
Petronas
Gas
Bhd
........................
2,056,200
9,481,685
Press
Metal
Aluminium
Holdings
Bhd
...........
9,698,700
17,760,159
Public
Bank
Bhd
.........................
37,450,250
47,420,612
QL
Resources
Bhd
........................
4,366,800
4,578,911
RHB
Bank
Bhd
..........................
4,273,225
9,221,164
SD
Guthrie
Bhd
..........................
5,594,973
8,268,079
Sunway
Bhd
............................
6,457,100
9,708,778
Telekom
Malaysia
Bhd
.....................
3,336,200
6,386,563
Tenaga
Nasional
Bhd
......................
6,938,650
25,624,146
YTL
Corp.
Bhd
(c)
.........................
7,610,140
3,592,929
YTL
Power
International
Bhd
.................
7,692,400
5,584,224
340,525,820
a
Security
Shares
Value
a
Mexico
 — 
2
.0
%
America
Movil
SAB
de
CV
,
Series
B
............
46,519,305
$
60,478,878
Arca
Continental
SAB
de
CV
.................
1,309,008
15,754,917
Cemex
SAB
de
CV,
CPO
,
NVS
...............
39,254,250
49,141,890
Coca-Cola
Femsa
SAB
de
CV
................
1,327,417
14,755,587
Fibra
Uno
Administracion
SA
de
CV
............
7,286,981
12,659,765
Fomento
Economico
Mexicano
SAB
de
CV
.......
4,435,263
49,766,010
Gruma
SAB
de
CV
,
Class
B
..................
400,277
7,175,794
Grupo
Aeroportuario
del
Centro
Norte
SAB
de
CV
,
Class
B
..............................
737,384
11,264,566
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV
,
Class
B
995,484
25,976,688
Grupo
Aeroportuario
del
Sureste
SAB
de
CV
,
Class
B
460,862
16,566,359
Grupo
Bimbo
SAB
de
CV
,
Series
A
.............
3,354,646
12,170,380
Grupo
Carso
SAB
de
CV
,
Series
A1
(c)
...........
1,472,741
11,540,262
Grupo
Comercial
Chedraui
SA
de
CV
(c)
..........
795,319
5,100,164
Grupo
Financiero
Banorte
SAB
de
CV
,
Class
O
....
6,537,425
74,549,117
Grupo
Financiero
Inbursa
SAB
de
CV
,
Series
O
....
4,320,029
10,986,951
Grupo
Mexico
SAB
de
CV
,
Series
B
............
8,053,009
102,418,451
Industrias
Penoles
SAB
de
CV
(a)
...............
517,379
32,854,858
Kimberly-Clark
de
Mexico
SAB
de
CV
,
Class
A
.....
3,847,163
9,657,000
Prologis
Property
Mexico
SA
de
CV
............
2,659,287
13,060,184
Promotora
y
Operadora
de
Infraestructura
SAB
de
CV
503,235
8,291,310
Sigma
Foods
SAB
de
CV
...................
9,365,796
10,523,061
Wal-Mart
de
Mexico
SAB
de
CV
...............
13,406,690
43,391,528
598,083,720
a
Netherlands
 — 
0
.0
%
X5
Retail
Group
N.V.
,
GDR
(a)
(d)
(e)
...............
424,766
55
a
Peru
 — 
0
.4
%
Cia
de
Minas
Buenaventura
SAA
,
ADR
..........
426,535
18,626,783
Credicorp
Ltd.
...........................
174,442
60,423,220
Southern
Copper
Corp.
.....................
236,389
51,603,719
130,653,722
a
Philippines
 — 
0
.4
%
Ayala
Corp.
.............................
670,846
6,980,102
Ayala
Land,
Inc.
..........................
17,011,000
6,164,321
Bank
of
the
Philippine
Islands
................
5,478,828
11,021,314
BDO
Unibank,
Inc.
........................
6,375,012
15,160,755
International
Container
Terminal
Services,
Inc.
.....
2,662,790
33,194,225
Jollibee
Foods
Corp.
......................
1,214,959
4,512,506
Manila
Electric
Co.
........................
651,200
7,204,814
Metropolitan
Bank
&
Trust
Co.
................
4,871,115
6,504,393
PLDT,
Inc.
.............................
204,668
4,966,905
SM
Investments
Corp.
.....................
596,212
7,289,161
SM
Prime
Holdings,
Inc.
....................
27,041,925
10,074,310
113,072,806
a
Poland
 — 
1
.1
%
Allegro.eu
SA
(a)
(b)
.........................
2,046,131
15,922,934
Asseco
Poland
SA
........................
138,786
6,857,784
Bank
Millennium
SA
(a)
......................
1,569,011
7,630,639
Bank
Polska
Kasa
Opieki
SA
.................
477,169
30,233,787
Budimex
SA
(c)
...........................
32,866
7,412,357
CD
Projekt
SA
...........................
166,648
11,317,215
Dino
Polska
SA
(a)
(b)
........................
1,266,524
14,240,919
KGHM
Polska
Miedz
SA
(a)
...................
363,497
34,278,481
LPP
SA
...............................
2,825
16,347,045
mBank
SA
(a)
............................
39,202
11,393,508
ORLEN
SA
.............................
1,501,098
48,349,146
PGE
Polska
Grupa
Energetyczna
SA
(a)
..........
2,320,633
7,328,888
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
...
2,275,595
58,957,588
Powszechny
Zaklad
Ubezpieczen
SA
...........
1,552,856
29,420,109
Santander
Bank
Polska
SA
..................
105,804
17,572,578
iShares
®
MSCI
Emerging
Markets
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
(Percentages
shown
are
based
on
Net
Assets)
17
Schedule
of
Investments
Security
Shares
Value
a
Poland
(continued)
Zabka
Group
SA
(a)
........................
969,976
$
6,069,655
323,332,633
a
Qatar
 — 
0
.6
%
Al
Rayan
Bank
..........................
15,955,338
10,171,629
Commercial
Bank
PSQC
(The)
................
8,469,494
11,270,196
Dukhan
Bank
...........................
5,034,784
4,941,818
Industries
Qatar
QSC
......................
3,848,758
12,766,715
Mesaieed
Petrochemical
Holding
Co.
...........
13,817,703
3,963,168
Nebras
Energy
..........................
1,132,555
4,583,356
Ooredoo
QPSC
..........................
2,244,449
8,348,598
Qatar
Fuel
QSC
..........................
1,217,732
4,944,765
Qatar
Gas
Transport
Co.
Ltd.
.................
7,019,658
9,495,003
Qatar
International
Islamic
Bank
QSC
...........
2,522,089
7,808,161
Qatar
Islamic
Bank
QPSC
...................
4,619,835
30,024,062
Qatar
National
Bank
QPSC
..................
12,006,129
63,575,908
171,893,379
a
Russia
 — 
0
.0
%
Alrosa
PJSC
(a)
(d)
..........................
9,805,890
1,269
Mobile
TeleSystems
PJSC
(a)
(d)
................
3,162,662
409
Moscow
Exchange
MICEX-RTS
PJSC
(a)
(d)
........
5,279,850
683
Ozon
Holdings
PLC
,
ADR
(a)
(d)
.................
197,078
26
PhosAgro
PJSC
,
GDR
(a)
(d)
...................
3,367
34
PhosAgro
PJSC
,
GDR
(a)
(d)
(e)
..................
2
Polyus
PJSC
(a)
(d)
.........................
1,264,900
16
Rosneft
Oil
Co.
PJSC
(a)
(d)
....................
4,281,715
554
Sberbank
of
Russia
PJSC
(a)
(d)
.................
39,606,181
5,124
Severstal
PAO
(a)
(d)
........................
805,849
104
T-Tekhnologii
MKPAO
,
GDR
(a)
(d)
(e)
..............
445,207
58
United
Co.
RUSAL
International
PJSC
(a)
(d)
........
11,428,270
1,478
VK
IPJSC
,
GDR
(a)
(d)
.......................
404,870
52
VTB
Bank
PJSC
(a)
(d)
.......................
2,356,794
9,807
a
Saudi
Arabia
 — 
2
.6
%
ACWA
Power
Co.
(a)
.......................
396,729
17,496,842
Ades
Holding
Co.
.........................
867,960
4,133,646
Al
Rajhi
Bank
...........................
5,058,599
135,662,081
Alinma
Bank
............................
3,100,502
23,029,778
Almarai
Co.
JSC
.........................
1,292,234
13,739,033
Arab
National
Bank
.......................
2,350,160
12,892,478
Arabian
Internet
&
Communications
Services
Co.
...
59,066
2,940,271
Bank
AlBilad
............................
1,911,841
12,994,819
Bank
Al-Jazira
...........................
1,616,280
4,967,665
Banque
Saudi
Fransi
......................
3,193,091
16,864,811
Bupa
Arabia
for
Cooperative
Insurance
Co.
.......
214,587
10,162,302
Co.
for
Cooperative
Insurance
(The)
............
189,089
6,830,721
Dar
Al
Arkan
Real
Estate
Development
Co.
(a)
......
1,355,343
7,216,677
Dr
Sulaiman
Al
Habib
Medical
Services
Group
Co.
..
225,877
13,910,685
Elm
Co.
...............................
62,970
10,734,703
Etihad
Etisalat
Co.
........................
981,383
16,798,595
Jabal
Omar
Development
Co.
(a)
...............
1,491,552
5,912,551
Jarir
Marketing
Co.
........................
1,521,576
5,672,861
Makkah
Construction
&
Development
Co.
........
252,638
5,260,345
Mouwasat
Medical
Services
Co.
...............
254,551
4,318,678
Riyad
Bank
.............................
3,819,896
28,187,341
SABIC
Agri-Nutrients
Co.
...................
594,455
19,593,451
SAL
Saudi
Logistics
Services
.................
94,687
4,082,042
Saudi
Arabian
Mining
Co.
(a)
..................
3,476,976
64,923,509
Saudi
Arabian
Oil
Co.
(b)
.....................
15,548,451
103,623,133
Saudi
Awwal
Bank
........................
2,600,676
23,677,512
Saudi
Basic
Industries
Corp.
.................
2,315,223
33,454,661
Saudi
Energy
Co.
........................
2,144,328
7,724,821
Saudi
Investment
Bank
(The)
.................
1,623,835
5,844,403
Security
Shares
Value
a
Saudi
Arabia
(continued)
Saudi
National
Bank
(The)
...................
7,569,698
$
84,114,483
Saudi
Tadawul
Group
Holding
Co.
.............
125,966
4,594,137
Saudi
Telecom
Co.
........................
5,142,480
57,287,302
Yanbu
National
Petrochemical
Co.
.............
709,062
4,766,421
773,412,758
a
South
Africa
 — 
4
.0
%
Absa
Group
Ltd.
.........................
2,202,985
37,648,498
Anglogold
Ashanti
PLC
.....................
1,303,832
166,803,629
Bid
Corp.
Ltd.
...........................
871,317
22,989,253
Bidvest
Group
Ltd.
........................
841,102
13,322,869
Capitec
Bank
Holdings
Ltd.
..................
225,121
67,081,411
Clicks
Group
Ltd.
.........................
617,142
12,348,454
Discovery
Ltd.
...........................
1,460,672
23,974,330
FirstRand
Ltd.
...........................
13,078,958
81,502,696
Gold
Fields
Ltd.
..........................
2,314,382
135,636,699
Harmony
Gold
Mining
Co.
Ltd.
................
1,485,996
33,813,453
Impala
Platinum
Holdings
Ltd.
................
2,344,723
52,089,626
MTN
Group
Ltd.
..........................
4,490,487
58,408,285
Naspers
Ltd.
,
Class
N
......................
2,024,891
112,686,502
Nedbank
Group
Ltd.
.......................
1,185,213
23,445,614
NEPI
Rockcastle
N.V.
(a)
.....................
1,488,920
13,842,199
Northam
Platinum
Holdings
Ltd.
...............
918,711
25,148,649
OUTsurance
Group
Ltd.
....................
2,190,063
10,104,651
Pepkor
Holdings
Ltd.
(b)
.....................
9,148,383
15,231,401
Reinet
Investments
SCA
....................
365,085
12,902,211
Remgro
Ltd.
............................
1,306,444
15,907,461
Sanlam
Ltd.
............................
4,674,273
31,220,106
Sasol
Ltd.
(a)
.............................
1,493,490
13,608,155
Shoprite
Holdings
Ltd.
.....................
1,247,336
20,720,328
Sibanye
Stillwater
Ltd.
(a)
(c)
...................
7,286,760
32,369,304
Standard
Bank
Group
Ltd.
...................
3,412,056
68,717,096
Valterra
Platinum
Ltd.
......................
684,081
80,319,352
Vodacom
Group
Ltd.
......................
1,615,981
16,515,252
1,198,357,484
a
South
Korea
 — 
17
.3
%
Alteogen,
Inc.
(c)
..........................
103,813
29,408,712
Amorepacific
Corp.
.......................
73,941
7,774,165
APR
Corp.
(a)
(c)
...........................
62,746
13,630,952
Celltrion,
Inc.
............................
389,890
64,550,751
DB
Insurance
Co.
Ltd.
.....................
119,017
15,120,536
Doosan
Co.
Ltd.
.........................
19,023
16,926,460
Doosan
Enerbility
Co.
Ltd.
(a)
..................
1,158,925
85,650,685
Ecopro
BM
Co.
Ltd.
(a)
......................
126,326
19,457,084
Ecopro
Co.
Ltd.
(a)
.........................
261,660
33,600,113
Hana
Financial
Group,
Inc.
..................
720,991
60,986,610
Hanjin
Kal
Corp.
(a)
(c)
.......................
61,655
6,682,561
Hankook
Tire
&
Technology
Co.
Ltd.
............
189,716
9,609,532
Hanmi
Semiconductor
Co.
Ltd.
(c)
...............
110,918
24,996,877
Hanwha
Aerospace
Co.
Ltd.
.................
86,510
71,914,296
Hanwha
Ocean
Co.
Ltd.
(a)
...................
357,152
35,043,303
Hanwha
Systems
Co.
Ltd.
(a)
..................
194,611
15,368,655
HD
Hyundai
Co.
Ltd.
......................
113,179
23,023,376
HD
Hyundai
Electric
Co.
Ltd.
.................
60,847
44,421,685
HD
Hyundai
Heavy
Industries
Co.
Ltd.
...........
94,777
39,690,200
HD
Hyundai
Marine
Solution
Co.
Ltd.
...........
39,367
5,040,869
HD
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.
109,890
34,374,165
HLB,
Inc.
(a)
(c)
............................
306,393
11,014,296
HMM
Co.
Ltd.
...........................
612,858
9,083,812
HYBE
Co.
Ltd.
(a)
.........................
59,523
16,002,878
Hyosung
Heavy
Industries
Corp.
..............
14,400
28,226,769
Hyundai
Engineering
&
Construction
Co.
Ltd.
......
190,935
21,867,674
Hyundai
Glovis
Co.
Ltd.
....................
97,469
19,625,395
Hyundai
Mobis
Co.
Ltd.
.....................
152,580
54,845,258
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
MSCI
Emerging
Markets
ETF
(Percentages
shown
are
based
on
Net
Assets)
18
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
South
Korea
(continued)
Hyundai
Motor
Co.
........................
343,525
$
161,052,861
Hyundai
Rotem
Co.
Ltd.
....................
196,391
31,399,526
Industrial
Bank
of
Korea
....................
718,308
12,864,130
Kakao
Corp.
............................
800,902
34,654,841
KakaoBank
Corp.
........................
432,186
8,144,099
KB
Financial
Group,
Inc.
....................
935,650
103,265,919
Kia
Corp.
..............................
605,653
86,479,721
Korea
Aerospace
Industries
Ltd.
(c)
..............
189,309
25,155,197
Korea
Electric
Power
Corp.
..................
639,625
25,709,161
Korea
Investment
Holdings
Co.
Ltd.
............
109,331
19,659,197
Korean
Air
Lines
Co.
Ltd.
(a)
..................
474,666
9,249,938
Krafton,
Inc.
(a)
...........................
73,522
12,696,347
KT&G
Corp.
............................
246,027
27,876,510
LG
Chem
Ltd.
...........................
127,656
37,119,549
LG
Corp.
..............................
230,417
17,241,891
LG
Display
Co.
Ltd.
(a)
......................
785,970
7,844,029
LG
Electronics,
Inc.
.......................
270,314
27,346,377
LG
Energy
Solution
Ltd.
(a)
...................
120,956
35,947,299
LG
Uplus
Corp.
..........................
461,593
5,310,489
LIG
Nex1
Co.
Ltd.
(a)
.......................
33,752
11,915,056
LS
Electric
Co.
Ltd.
.......................
38,942
21,325,360
Meritz
Financial
Group,
Inc.
(a)
.................
205,685
18,144,320
Mirae
Asset
Securities
Co.
Ltd.
................
515,162
25,823,637
NAVER
Corp.
...........................
364,030
64,307,470
NH
Investment
&
Securities
Co.
Ltd.
............
390,056
9,639,487
POSCO
Future
M
Co.
Ltd.
(a)
..................
91,254
15,664,421
POSCO
Holdings,
Inc.
.....................
187,141
53,709,543
Posco
International
Corp.
...................
136,884
6,884,624
Samsung
Biologics
Co.
Ltd.
(a)
(b)
...............
29,947
36,948,120
Samsung
C&T
Corp.
......................
220,349
53,697,592
Samsung
Electro-Mechanics
Co.
Ltd.
...........
145,318
45,417,659
Samsung
Electronics
Co.
Ltd.
................
12,233,262
1,830,967,720
Samsung
Episholdings
Co.
Ltd.
(a)
..............
18,567
8,712,357
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
.......
77,590
28,587,209
Samsung
Heavy
Industries
Co.
Ltd.
(a)
...........
1,821,216
36,657,817
Samsung
Life
Insurance
Co.
Ltd.
..............
206,159
33,002,823
Samsung
SDI
Co.
Ltd.
(a)
....................
155,584
50,439,517
Samsung
SDS
Co.
Ltd.
.....................
108,931
14,762,202
Samyang
Foods
Co.
Ltd.
....................
10,800
9,167,810
Shinhan
Financial
Group
Co.
Ltd.
..............
1,127,268
75,816,079
SK
Biopharmaceuticals
Co.
Ltd.
(a)
..............
81,340
6,771,864
SK
hynix,
Inc.
...........................
1,410,349
1,042,800,741
SK
Innovation
Co.
Ltd.
.....................
175,245
15,562,536
SK
Square
Co.
Ltd.
(a)
......................
239,118
107,320,407
SK
Telecom
Co.
Ltd.
.......................
267,711
14,797,301
SK,
Inc.
...............................
93,864
26,208,815
S-Oil
Corp.
(a)
............................
112,644
8,613,723
Woori
Financial
Group,
Inc.
..................
1,718,748
43,010,968
Yuhan
Corp.
............................
144,494
11,059,406
5,234,691,334
a
Taiwan
 — 
22
.0
%
Accton
Technology
Corp.
...................
1,295,000
56,986,846
Advantech
Co.
Ltd.
.......................
1,236,213
13,110,579
Airtac
International
Group
...................
340,526
13,029,095
Alchip
Technologies
Ltd.
(c)
...................
194,000
21,236,073
ASE
Technology
Holding
Co.
Ltd.
..............
8,576,110
103,338,461
Asia
Cement
Corp.
........................
5,799,077
6,639,912
Asia
Vital
Components
Co.
Ltd.
...............
836,000
45,968,666
ASPEED
Technology,
Inc.
...................
76,000
23,458,392
Asustek
Computer,
Inc.
(c)
....................
1,779,968
30,078,053
Bizlink
Holding,
Inc.
(c)
......................
440,000
19,443,202
Caliway
Biopharmaceuticals
Co.
Ltd.
(a)
..........
2,587,000
13,334,510
Catcher
Technology
Co.
Ltd.
(c)
................
1,353,210
8,263,901
Cathay
Financial
Holding
Co.
Ltd.
..............
24,533,000
62,215,445
Security
Shares
Value
a
Taiwan
(continued)
Chailease
Holding
Co.
Ltd.
..................
3,933,671
$
13,030,621
Chang
Hwa
Commercial
Bank
Ltd.
.............
18,551,780
12,811,564
China
Airlines
Ltd.
(c)
.......................
7,712,000
5,153,702
China
Steel
Corp.
(c)
.......................
30,294,313
20,043,119
Chroma
ATE,
Inc.
.........................
923,000
40,108,016
Chunghwa
Telecom
Co.
Ltd.
.................
9,818,410
42,253,223
Compal
Electronics,
Inc.
(c)
...................
10,724,908
10,759,400
CTBC
Financial
Holding
Co.
Ltd.
..............
43,261,772
76,956,548
Delta
Electronics,
Inc.
......................
5,001,000
225,514,185
E
Ink
Holdings,
Inc.
(c)
......................
2,210,000
13,080,814
E.Sun
Financial
Holding
Co.
Ltd.
(c)
.............
37,800,845
42,510,963
Elite
Material
Co.
Ltd.
......................
765,000
58,585,739
eMemory
Technology,
Inc.
(c)
..................
158,000
12,565,484
Eva
Airways
Corp.
........................
6,865,000
8,311,891
Evergreen
Marine
Corp.
Taiwan
Ltd.
(c)
...........
2,727,324
17,115,981
Far
Eastern
New
Century
Corp.
...............
8,168,038
7,513,306
Far
EasTone
Telecommunications
Co.
Ltd.
........
4,566,000
13,418,979
First
Financial
Holding
Co.
Ltd.
................
30,122,666
28,715,662
Formosa
Chemicals
&
Fibre
Corp.
.............
9,196,090
14,868,270
Formosa
Plastics
Corp.
(c)
....................
9,948,280
16,318,773
Fortune
Electric
Co.
Ltd.
....................
397,190
13,397,713
Fubon
Financial
Holding
Co.
Ltd.
(c)
.............
21,698,496
65,077,551
Gigabyte
Technology
Co.
Ltd.
(c)
...............
1,366,000
10,350,807
Global
Unichip
Corp.
......................
219,000
19,177,388
Globalwafers
Co.
Ltd.
(c)
.....................
654,000
9,419,042
Gold
Circuit
Electronics
Ltd.
..................
825,000
21,431,167
Hon
Hai
Precision
Industry
Co.
Ltd.
.............
32,434,873
248,087,506
Hon
Precision,
Inc.
........................
199,000
30,950,618
Hotai
Motor
Co.
Ltd.
(c)
......................
714,380
13,345,597
Hua
Nan
Financial
Holdings
Co.
Ltd.
............
23,389,576
28,404,675
Innolux
Corp.
(c)
..........................
19,489,809
16,539,911
International
Games
System
Co.
Ltd.
(c)
..........
553,000
12,235,192
Inventec
Corp.
(c)
.........................
6,905,281
10,114,625
Jentech
Precision
Industrial
Co.
Ltd.
(c)
...........
219,000
21,356,118
KGI
Financial
Holding
Co.
Ltd.
................
41,513,730
29,005,558
King
Slide
Works
Co.
Ltd.
...................
143,000
15,388,960
King
Yuan
Electronics
Co.
Ltd.
................
2,808,000
28,893,046
Largan
Precision
Co.
Ltd.
(c)
..................
247,000
19,796,847
Lite-On
Technology
Corp.
...................
5,037,246
27,495,551
Lotes
Co.
Ltd.
...........................
209,000
11,738,683
MediaTek,
Inc.
...........................
3,905,338
240,567,103
Mega
Financial
Holding
Co.
Ltd.
...............
30,871,623
39,714,641
Nan
Ya
Plastics
Corp.
......................
13,279,160
38,526,460
Novatek
Microelectronics
Corp.
(c)
..............
1,454,000
18,155,533
Pegatron
Corp.
(c)
.........................
5,125,414
11,996,350
PharmaEssentia
Corp.
.....................
728,680
16,829,709
President
Chain
Store
Corp.
(c)
................
1,397,000
10,005,075
Quanta
Computer,
Inc.
(c)
....................
6,944,000
63,726,425
Realtek
Semiconductor
Corp.
(c)
...............
1,238,637
18,957,272
Shanghai
Commercial
&
Savings
Bank
Ltd.
(The)
...
10,128,229
12,939,226
SinoPac
Financial
Holdings
Co.
Ltd.
............
32,079,614
33,839,477
Taiwan
Business
Bank
.....................
19,129,485
10,023,342
Taiwan
Cooperative
Financial
Holding
Co.
Ltd.
.....
28,835,702
22,012,933
Taiwan
High
Speed
Rail
Corp.
................
4,771,000
4,129,037
Taiwan
Mobile
Co.
Ltd.
(c)
....................
4,487,600
15,425,427
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.....
63,477,000
3,960,848,111
TCC
Group
Holdings
Co.
Ltd.
(c)
...............
17,297,748
14,565,556
Teco
Electric
and
Machinery
Co.
Ltd.
(c)
..........
3,013,000
7,866,737
TS
Financial
Holding
Co.
Ltd.
.................
54,859,443
44,659,219
Unimicron
Technology
Corp.
.................
3,416,123
51,673,875
Uni-President
Enterprises
Corp.
...............
12,385,839
28,637,929
United
Microelectronics
Corp.
................
29,264,000
60,542,993
Vanguard
International
Semiconductor
Corp.
......
2,861,157
12,129,584
Wan
Hai
Lines
Ltd.
(c)
.......................
1,740,090
4,253,030
iShares
®
MSCI
Emerging
Markets
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
(Percentages
shown
are
based
on
Net
Assets)
19
Schedule
of
Investments
Security
Shares
Value
a
Taiwan
(continued)
Wistron
Corp.
(c)
..........................
7,758,000
$
33,143,136
Wiwynn
Corp.
(c)
..........................
280,000
35,187,938
Yageo
Corp.
............................
4,247,720
39,789,294
Yang
Ming
Marine
Transport
Corp.
(c)
............
4,621,000
8,463,802
Yuanta
Financial
Holding
Co.
Ltd.
..............
27,510,054
42,870,421
Zhen
Ding
Technology
Holding
Ltd.
.............
1,886,075
12,469,534
6,662,895,099
a
Thailand
 — 
1
.1
%
Advanced
Info
Service
PCL
,
NVDR
.............
2,663,300
32,544,739
Airports
of
Thailand
PCL
,
NVDR
...............
11,037,000
19,340,521
Bangkok
Dusit
Medical
Services
PCL
,
NVDR
......
28,610,800
19,923,663
Bumrungrad
Hospital
PCL
,
NVDR
.............
1,555,200
10,631,115
Central
Pattana
PCL
,
NVDR
.................
5,089,200
11,444,079
Charoen
Pokphand
Foods
PCL
,
NVDR
..........
9,869,800
6,660,717
CP
ALL
PCL
,
NVDR
(c)
......................
14,040,700
23,377,062
Delta
Electronics
Thailand
PCL
,
NVDR
..........
8,080,000
72,362,983
Gulf
Development
PCL
,
Class
R
,
NVDR
(a)
........
11,600,364
23,128,102
Kasikornbank
PCL
,
NVDR
...................
1,552,500
10,035,984
Krung
Thai
Bank
PCL
,
NVDR
................
8,925,500
9,828,648
Minor
International
PCL
,
NVDR
(c)
..............
8,511,520
7,117,465
PTT
Exploration
&
Production
PCL
,
NVDR
(c)
.......
3,520,239
15,570,746
PTT
PCL
,
NVDR
.........................
25,530,400
30,384,798
SCB
X
PCL
,
NVDR
.......................
2,172,800
10,374,367
Siam
Cement
PCL
(The)
,
NVDR
(c)
..............
1,993,600
14,423,805
TMBThanachart
Bank
PCL
,
NVDR
(c)
............
66,475,400
5,043,529
True
Corp.
PCL
,
NVDR
.....................
26,827,020
12,502,348
334,694,671
a
Turkey
 — 
0
.4
%
Akbank
TAS
............................
8,065,075
16,583,087
Aselsan
Elektronik
Sanayi
Ve
Ticaret
A.S.
........
3,553,102
26,059,772
BIM
Birlesik
Magazalar
A.S.
..................
1,166,887
17,772,944
Enka
Insaat
ve
Sanayi
A.S.
..................
2
3
Eregli
Demir
ve
Celik
Fabrikalari
TAS
...........
8,844,476
6,588,709
Ford
Otomotiv
Sanayi
A.S.
..................
1,780,954
4,706,394
Haci
Omer
Sabanci
Holding
A.S.
..............
2,954,498
6,790,958
KOC
Holding
A.S.
........................
2,004,493
9,118,608
Turk
Hava
Yollari
AO
......................
1,417,175
9,933,590
Turkcell
Iletisim
Hizmetleri
A.S.
................
3,145,522
8,309,458
Turkiye
Is
Bankasi
A.S.
,
Class
C
...............
23,030,960
8,883,448
Turkiye
Petrol
Rafinerileri
A.S.
................
2,486,818
12,385,055
Yapi
ve
Kredi
Bankasi
A.S.
(a)
.................
8,781,016
8,673,097
135,805,123
a
United
Arab
Emirates
 — 
1
.4
%
Abu
Dhabi
Commercial
Bank
PJSC
............
8,084,233
33,361,869
Abu
Dhabi
Islamic
Bank
PJSC
................
3,774,700
26,211,650
Abu
Dhabi
National
Oil
Co.
for
Distribution
PJSC
...
8,043,727
8,759,725
ADNOC
Drilling
Co.
PJSC
...................
8,361,307
11,655,135
Adnoc
Gas
PLC
..........................
15,747,155
14,573,455
ADNOC
Logistics
&
Services
.................
4,497,395
6,704,841
Air
Arabia
PJSC
..........................
4,002,103
5,896,522
Aldar
Properties
PJSC
.....................
10,046,063
29,539,802
Dubai
Electricity
&
Water
Authority
PJSC
.........
15,521,938
12,683,807
Dubai
Islamic
Bank
PJSC
...................
7,510,611
16,963,209
Emaar
Development
PJSC
..................
2,645,913
13,938,938
Emaar
Properties
PJSC
....................
17,201,919
75,919,198
Emirates
NBD
Bank
PJSC
...................
4,961,816
44,578,737
Emirates
Telecommunications
Group
Co.
PJSC
....
9,058,182
50,012,913
First
Abu
Dhabi
Bank
PJSC
..................
11,496,772
61,411,270
Security
Shares
Value
a
United
Arab
Emirates
(continued)
Salik
Co.
PJSC
..........................
4,850,565
$
8,451,727
420,662,798
a
Total
Common
Stocks — 97.5%
(Cost:
$
19,031,606,833
)
..............................
29,489,306,282
a
Preferred
Stocks
Brazil
 — 
1
.2
%
Axia
Energia
,
Class
B,
Preference
Shares
,
NVS
....
666,916
8,697,943
Axia
Energia
,
Class
C,
Preference
Shares
,
NVS
(a)
...
992,387
11,428,953
Banco
Bradesco
SA
,
Preference
Shares
,
NVS
.....
13,705,454
56,543,519
Cia
Energetica
de
Minas
Gerais
,
Preference
Shares
,
NVS
................................
4,491,836
10,575,726
Gerdau
SA
,
Preference
Shares
,
NVS
...........
3,326,855
13,621,513
Itau
Unibanco
Holding
SA
,
Preference
Shares
,
NVS
.
14,080,232
128,484,005
Itausa
SA
,
Preference
Shares
,
NVS
............
15,375,829
42,799,782
Petroleo
Brasileiro
SA
-
Petrobras
,
Preference
Shares
,
NVS
................................
11,827,586
90,740,068
362,891,509
a
Chile
 — 
0
.1
%
Sociedad
Quimica
y
Minera
de
Chile
SA
,
Class
B,
Preference
Shares
(a)
.....................
370,550
28,279,822
a
Colombia
 — 
0
.1
%
Grupo
Cibest
SA
,
Preference
Shares
...........
1,170,305
19,844,031
a
India
 — 
0
.0
%
TVS
Motor
Co.
Ltd.
,
6.00
%
(a)
.................
2,002,504
220,113
a
South
Korea
 — 
0
.8
%
Hyundai
Motor
Co.
,
Series
1,
Preference
Shares
,
NVS
57,668
12,894,433
Hyundai
Motor
Co.
,
Series
2,
Preference
Shares
,
NVS
90,511
20,354,059
Samsung
Electronics
Co.
Ltd.
,
Preference
Shares
,
NVS
................................
2,107,127
211,638,733
244,887,225
a
Total
Preferred
Stocks — 2.2%
(Cost:
$
282,591,313
)
................................
656,122,700
a
Rights
China
 — 
0
.0
%
Kangmei
Pharmaceutical
Co.
Ltd.
,
Class
A
(a)
(d)
.....
241,790
a
Total
Rights — 0.0%
(Cost:
$
)
........................................
a
Total
Long-Term
Investments — 99.7%
(Cost:
$
19,314,198,146
)
..............................
30,145,428,982
a
Short-Term
Securities
Money
Market
Funds
 — 
2
.1
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
3.84
%
(f)
(g)
(h)
......................
436,420,350
436,638,560
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
3.64
%
(f)
(g)
.............................
190,402,425
190,402,425
a
Total
Short-Term
Securities — 2.1%
(Cost:
$
626,769,365
)
................................
627,040,985
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
MSCI
Emerging
Markets
ETF
(Percentages
shown
are
based
on
Net
Assets)
20
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: 
Security
Value
Total
Investments
—  
101
.8
%
(Cost:
$
19,940,967,511
)
..............................
$
30,772,469,967
Liabilities
in
Excess
of
Other
Assets
(
1
.8
)
%
...............
(
548,714,105
)
Net
Assets
100.0%
.................................
$
30,223,755,862
(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)
All
or
a
portion
of
this
security
is
on
loan.
(d)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(e)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(f)
Affiliate
of
the
Fund.
(g)
Annualized
7-day
yield
as
of
period
end.
(h)
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
$
447,346,856
$
$
(
10,713,235
)
(a)
$
22,251
$
(
17,312
)
$
436,638,560
436,420,350
$
3,313,622
(b)
$
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
106,080,000
84,322,425
(a)
190,402,425
190,402,425
2,374,024
$
$
22,251
$
(
17,312
)
$
627,040,985
$
5,687,646
$
(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
MSCI
Emerging
Markets
Index
............................................................
566
03/20/26
$
45,385
$
(
61,434
)
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)
.............
$
$
$
61,434
$
$
$
$
61,434
(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).
iShares
®
MSCI
Emerging
Markets
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
21
Schedule
of
Investments
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
..................................
$
$
$
10,454,414
$
$
$
$
10,454,414
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Futures
contracts
..................................
$
$
$
(
60,707
)
$
$
$
$
(
60,707
)
Futures
contracts:
Average
notional
value
of
contracts
long
...................................................................................
$
31,750,075
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
3,550,912,310
$
25,938,384,107
$
9,865
$
29,489,306,282
Preferred
Stocks
.........................................
382,735,540
273,387,160
656,122,700
Rights
................................................
Short-Term
Securities
Money
Market
Funds
......................................
627,040,985
627,040,985
$
4,560,688,835
$
26,211,771,267
$
9,865
$
30,772,469,967
Derivative
Financial
Instruments
(a)
Liabilities
Equity
Contracts
...........................................
$
(
61,434
)
$
$
$
(
61,434
)
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
22
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Statements
of
Assets
and
Liabilities
(unaudited)
February
28,
2026
See
notes
to
financial
statements.
iShares
Currency
Hedged
MSCI
Emerging
Markets
ETF
iShares
MSCI
Emerging
Markets
ETF
ASSETS
Investments,
at
value
unaffiliated
(a)
(b)
....................................................................
$
$
30,145,428,982
Investments,
at
value
affiliated
(c)
.......................................................................
240,301,021
627,040,985
Cash
pledged:
Collateral
OTC
derivatives
.........................................................................
970,000
Futures
contracts
.................................................................................
2,778,000
Foreign
currency,
at
value
(d)
............................................................................
36,344,836
Receivables:
Investments
sold
.................................................................................
1,031,750
45,988,852
Securities
lending
income
affiliated
...................................................................
8,765
471,165
Capital
shares
sold
................................................................................
558,900,056
Dividends
unaffiliated
............................................................................
34,496,882
Dividends
affiliated
..............................................................................
333
407,785
Tax
reclaims
....................................................................................
1,984,164
Foreign
withholding
tax
claims
........................................................................
1,477,387
Unrealized
appreciation
on:
Forward
foreign
currency
exchange
contracts
..............................................................
622,161
Total
assets
......................................................................................
242,934,030
31,455,319,094
LIABILITIES
Bank
overdraft
.....................................................................................
873,426
Collateral
on
securities
loaned
..........................................................................
352,007
436,027,487
Payables:
Investments
purchased
.............................................................................
646,379,610
Deferred
foreign
capital
gain
tax
.......................................................................
133,959,220
Foreign
taxes
....................................................................................
116,151
Investment
advisory
fees
............................................................................
14,867,958
Professional
fees
.................................................................................
15,952
Variation
margin
on
futures
contracts
....................................................................
196,854
Unrealized
depreciation
on:
Forward
foreign
currency
exchange
contracts
..............................................................
1,551,123
Other
liabilities
....................................................................................
2,539
Total
liabilities
.....................................................................................
2,779,095
1,231,563,232
Commitments
and
contingent
liabilities
NET
ASSETS
.....................................................................................
$
240,154,935
$
30,223,755,862
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.....................................................................................
$
185,642,331
$
33,058,123,077
Accumulated
earnings
(loss)
...........................................................................
54,512,604
(
2,834,367,215
)
NET
ASSETS
.....................................................................................
$
240,154,935
$
30,223,755,862
NET
ASSET
VALUE
Shares
outstanding
.................................................................................
6,070,000
483,750,000
Net
asset
value
....................................................................................
$
39.56
$
62.48
Shares
authorized
..................................................................................
250
million
5
billion
Par
value
........................................................................................
$                    0.001
$                    0.001
(a)
Securities
loaned,
at
value
..........................................................................
$
344,190
$
412,434,114
(b)
Investments,
at
cost
unaffiliated
.....................................................................
$
$
19,314,198,146
(c)
Investments,
at
cost
affiliated
.......................................................................
$
178,690,878
$
626,769,365
(d)
  Foreign
currency,
at
cost
............................................................................
$
$
36,305,391
23
Statements
of
Operations
Statements
of
Operations
(unaudited)
Six
Months
Ended
February
28,
2026
See
notes
to
financial
statements.
iShares
Currency
Hedged
MSCI
Emerging
Markets
ETF
iShares
MSCI
Emerging
Markets
ETF
INVESTMENT
INCOME
Dividends
unaffiliated
............................................................................
$
$
170,986,182
Dividends
affiliated
..............................................................................
2,688,978
2,374,024
Interest
unaffiliated
..............................................................................
1,844
307,681
Securities
lending
income
affiliated
net
(a)
..............................................................
68,514
3,313,622
Foreign
taxes
withheld
.............................................................................
(
20,496,415
)
Total
investment
income
..............................................................................
2,759,336
156,485,094
EXPENSES
Investment
advisory
...............................................................................
763,369
77,772,792
Commitment
costs
................................................................................
906
20,439
Professional
....................................................................................
16,035
Interest
expense
.................................................................................
10,563
683
Total
expenses
....................................................................................
774,838
77,809,949
Less:
(
764,275
)
Investment
advisory
fees
waived
.......................................................................
(
764,274
)
Total
expenses
after
fees
waived
........................................................................
10,564
77,809,949
Net
investment
income
...............................................................................
2,748,772
78,675,145
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
unaffiliated
(b)
........................................................................
(
54,511,245
)
Investments
affiliated
...........................................................................
360,432
22,251
Forward
foreign
currency
exchange
contracts
............................................................
960,447
Foreign
currency
transactions
.......................................................................
(
1,530,116
)
Futures
contracts
...............................................................................
(
3,854
)
10,454,414
In-kind
redemptions
affiliated
(c)
.....................................................................
841,120
2,158,145
(
45,564,696
)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
unaffiliated
(d)
........................................................................
5,417,167,487
Investments
affiliated
...........................................................................
44,493,308
(
17,312
)
Forward
foreign
currency
exchange
contracts
............................................................
(
860,864
)
Foreign
currency
translations
.......................................................................
595,441
Futures
contracts
...............................................................................
(
60,707
)
43,632,444
5,417,684,909
Net
realized
and
unrealized
gain
........................................................................
45,790,589
5,372,120,213
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...............................................
$
48,539,361
$
5,450,795,358
(a)
Net
of
securities
lending
income
tax
paid
of
...............................................................
$
$
276,129
(b)
Net
of
foreign
capital
gain
tax
and
capital
gain
tax
refund,
if
applicable
of
...........................................
$
$
(
414,136
)
(c)
See
Note
2
of
the
Notes
to
Financial
Statements.
(d)
Net
of
increase
in
deferred
foreign
capital
gain
tax
of
.........................................................
$
$
(
14,504,303
)
24
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
iShares
Currency
Hedged
MSCI
Emerging
Markets
ETF
iShares
MSCI
Emerging
Markets
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
.......................................
$
2,748,772
$
4,388,650
$
78,675,145
$
333,868,315
Net
realized
gain
(loss)
.......................................
2,158,145
2,810,834
(
45,564,696
)
(
521,513,532
)
Net
change
in
unrealized
appreciation
(depreciation)
...................
43,632,444
21,129,345
5,417,684,909
2,972,547,755
Net
increase
in
net
assets
resulting
from
operations
......................
48,539,361
28,328,829
5,450,795,358
2,784,902,538
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
............
(
2,739,468
)
(b)
(
4,363,734
)
(
290,231,896
)
(b)
(
464,352,674
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
....
18,510,760
(
11,765,442
)
6,131,786,966
(
1,073,274,862
)
NET
ASSETS
Total
increase
in
net
assets
......................................
64,310,653
12,199,653
11,292,350,428
1,247,275,002
Beginning
of
period
...........................................
175,844,282
163,644,629
18,931,405,434
17,684,130,432
End
of
period
...............................................
$
240,154,935
$
175,844,282
$
30,223,755,862
$
18,931,405,434
(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.
25
Financial
Highlights
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
Currency
Hedged
MSCI
Emerging
Markets
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
......
$
31.46
$
27.14
$
24.20
$
25.20
$
31.31
$
27.41
Net
investment
income
(a)
..............
0.49
0.76
0.64
0.57
0.67
0.44
Net
realized
and
unrealized
gain
(loss)
(b)
....
8.11
4.30
2.95
0.12
(6.12
)
3.92
Net
increase
(decrease)
from
investment
operations
........................
8.60
5.06
3.59
0.69
(5.45
)
4.36
Distributions
(c)
From
net
investment
income
...........
(0.50
)
(d)
(0.74
)
(0.65
)
(0.56
)
(0.66
)
(0.46
)
From
net
realized
gains
...............
(1.13
)
Total
distributions
....................
(0.50
)
(0.74
)
(0.65
)
(1.69
)
(0.66
)
(0.46
)
Net
asset
value,
end
of
period
...........
$
39.56
(e)
$
31.46
$
27.14
$
24.20
$
25.20
$
31.31
Total
Return
(f)
Based
on
net
asset
value
...............
27.59
%
(e)(g)
19.02
%
15.12
%
2.93
%
(17.62
)%
15.96
%
Ratios
to
Average
Net
Assets
(h)
Total
expenses
......................
0.79
%
(i)
0.79
%
0.78
%
0.79
%
0.78
%
0.78
%
Total
expenses
after
fees
waived
..........
0.00
%
(i)
(j)
0.00
%
0.00
%
0.00
%
0.00
%
0.00
%
(j)
Net
investment
income
.................
2.81
%
(i)
2.67
%
2.54
%
2.36
%
2.38
%
1.41
%
Supplemental
Data
Net
assets,
end
of
period
(000)
...........
$
240,155
$
175,844
$
163,645
$
134,297
$
153,993
$
203,180
Portfolio
turnover
rate
(k)
.................
3
%
7
%
6
%
11
%
4
%
6
%
(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)
For
financial
reporting
purposes,
the
market
value
of
certain
investments
were
adjusted
as
of
report
date.
Accordingly,
the
NAV
per
share
and
total
return
performance
based
on
NAV
presented
herein
are
different
than
the
information
published
on
February
27,
2026.
(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)
Rounds
to
less
than
0.01%.
(k)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
26
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
Emerging
Markets
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
(a)
Year
Ended
08/31/21
(a)
Net
asset
value,
beginning
of
period
.....
$
49.79
$
43.42
$
39.26
$
39.68
$
52.56
$
44.56
Net
investment
income
(b)
.............
0.20
0.86
(c)
0.84
0.82
1.09
(c)
0.75
Net
realized
and
unrealized
gain
(loss)
(d)
...
13.25
6.69
4.36
(0.35
)
(12.88
)
8.01
Net
increase
(decrease)
from
investment
operations
.......................
13.45
7.55
5.20
0.47
(11.79
)
8.76
Distributions
from
net
investment
income
(e)
...
(0.76
)
(f)
(1.18
)
(1.04
)
(0.89
)
(1.09
)
(0.76
)
Net
asset
value,
end
of
period
..........
$
62.48
$
49.79
$
43.42
$
39.26
$
39.68
$
52.56
Total
Return
(g)
Based
on
net
asset
value
..............
27.33
%
(h)
17.69
%
(c)
13.54
%
1.23
%
(22.73
)%
(c)
19.72
%
Ratios
to
Average
Net
Assets
(i)
Total
expenses
.....................
0.71
%
(j)
0.72
%
0.72
%
0.70
%
0.69
%
0.69
%
Total
expenses
excluding
professional
fees
for
foreign
withholding
tax
claims
..........
0.71
%
(j)
0.72
%
0.72
%
N/A
0.69
%
0.68
%
Net
investment
income
................
0.72
%
(j)
1.91
%
(c)
2.08
%
2.12
%
2.38
%
(c)
1.45
%
Supplemental
Data
Net
assets,
end
of
period
(000)
..........
$
30,223,756
$
18,931,405
$
17,684,130
$
21,358,378
$
25,870,381
$
30,983,302
Portfolio
turnover
rate
(k)
................
2
%
8
%
13
%
15
%
21
%
9
%
(a)
Consolidated
Financial
Highlights.
(b)
Based
on
average
shares
outstanding.
(c)
Reflects
the
positive
effect
of
foreign
withholding
tax
claims,
net
of
the
associated
professional
fees,
which
resulted
in
the
following
increases
for
the
years
ended
August
31,
2025
and
August
31,
2022,
respectively:
Net
investment
income
per
share
by
$0.01
and
$0.00.
Total
return
by
0.01%
and
0.01%.
Ratio
of
net
investment
income
to
average
net
assets
by
0.01%
and
0.01%.
(d)
The
amounts
reported
for
a
share
outstanding
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.
(e)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(f)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(g)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(h)
Not
annualized.
(i)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(j)
Annualized.
(k)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
Notes
to
Financial
Statements
(unaudited)
27
Notes
to
Financial
Statements
1.
Organization
iShares,
Inc.
(the
“Company”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Company
is
organized
as
a
Maryland
corporation
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
the
iShares
Currency
Hedged
MSCI
Emerging
Markets
ETF seeks
to
achieve
its
investment
objective
by
investing
a
substantial
portion
of
its
assets
in the
iShares
MSCI
Emerging
Markets
ETF (the
“underlying
fund”).
The
financial
statements,
including
the
accounting
policies,
and
Schedule
of
Investments
for
the
underlying fund
are
included
in
this
report
and
should
be
read
in
conjunction
with
the
financial
statements
of
the
iShares
Currency
Hedged
MSCI
Emerging
Markets
ETF. 
Basis
of
Consolidation:
The
accompanying
consolidated
financial
statements
for
the iShares
MSCI
Emerging
Markets
ETF included
the
accounts
of
its
subsidiary
in
the
Republic
of
Mauritius,
which
was
a
wholly-owned
subsidiary
(the
“Subsidiary”)
of
the
Fund
that
invested
in
Indian
securities.
On
June
16,
2023,
iShares
MSCI
Emerging
Markets
ETF filed
to
liquidate
its
Subsidiary
with
the
Mauritius
Financial
Services
Commission.
2.
Significant
Accounting
Policies
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates. Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method. Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value. Dividends
from
foreign
securities
where
the
ex-dividend
date
may
have
passed
are
subsequently
recorded
when
the
Funds
are
informed
of
the
ex-dividend
date.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest. Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Certain
Russian
securities
held
by
iShares
MSCI
Emerging
Markets
ETF
declared
dividends
during
the
period.
However,
there
is
no
assurance
these
dividends
can
be
collected
by the
Fund due
to
restrictions
imposed
by
the
Russian
government.
As
a
result, the
Fund has
not
recognized
investment
income
associated
with
these
Russian
securities.
Any
future
recognition
of
these
dividend
payments,
or
other
dividends
of
Russian
securities
declared
in
prior
periods
subject
to
the
same
or
similar
restrictions
imposed
by
Russia
or
other
government
agencies,
could
have
a
material
accretive
effect
on the
Fund’s
net
asset
value
per
share. 
Foreign
Currency
Translation:
Each
Fund’s
books
and
records
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
exchange
rates
determined
as
of
the
close
of
trading
on
the
New
York
Stock
Exchange
(“NYSE”).
Purchases
and
sales
of
investments
are
recorded
at
the
rates
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
investments
denominated
in
that
currency
will
lose
value;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value.
Each
Fund
does
not
isolate
the
effect
of
fluctuations
in
foreign
exchange
rates
from
the
effect
of
fluctuations
in
the
market
prices
of
investments
for
financial
reporting
purposes.
Accordingly,
the
effects
of
changes
in
exchange
rates
on
investments
are
not
segregated
in
the
Statements
of
Operations
from
the
effects
of
changes
in
market
prices
of
those
investments,
but
are
included
as
a
component
of
net
realized
and
unrealized
gain
(loss)
from
investments.
Each
Fund
reports
realized
currency
gains
(losses)
on
foreign
currency
related
transactions
as
components
of
net
realized
gain
(loss)
for
financial
reporting
purposes,
whereas
such
components
are
generally
treated
as
ordinary
income
for
U.S.
federal
income
tax
purposes.
However, the
currency
hedged fund
has
elected
to
treat
realized
gains
(losses)
from
certain
foreign
currency
contracts
as
capital
gain
(loss)
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.
Consistent
with
U.S.
GAAP
accrual
requirements,
for
uncertain
tax
positions,
each
Fund
recognizes
tax
reclaims
when
the
Fund
determines
that
it
is
more
likely
than
not
that
the
Fund
will
sustain
its
position
that
it
is
due
the
reclaim. 
iShares
ETF
Diversification
Classification
Currency
Hedged
MSCI
Emerging
Markets
.........................................................................................
Diversified
MSCI
Emerging
Markets
(a)
.....................................................................................................
Diversified
(a)
The
Fund
intends
to
be
diversified
in
approximately
the
same
proportion
as
its
underlying
index
is
diversified.
The
Fund
may
become
non-diversified,
as
defined
in
the
1940
Act,
solely
as
a
result
of
a
change
in
relative
market
capitalization
or
index
weighting
of
one
or
more
constituents
of
its
underlying
index.
Shareholder
approval
will
not
be
sought
if
the
Fund
crosses
from
diversified
to
non-diversified
status
due
solely
to
a
change
in
its
relative
market
capitalization
or
index
weighting
of
one
or
more
constituents
of
its
underlying
index.
Notes
to
Financial
Statements
(unaudited)
(continued)
28
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
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
includes
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.
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
Directors of
the
Company (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.
Exchange-traded
funds
and
closed-end
funds
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s
official
closing
price,
as
applicable,
on
the
exchange
where
the
fund
is
primarily
traded.
Funds
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
valued
at
the
last
traded
price.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds)
are
valued
at
that
day’s
NAV.
Futures
contracts
are
valued
based
on
that
day’s
last
reported
settlement
or
trade
price
on
the
exchange
where
the
contract
is
traded.
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.
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.
Notes
to
Financial
Statements
(unaudited)
(
continued)
29
Notes
to
Financial
Statements
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.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”)
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency)
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Funds
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
As
of
period
end,
the
following
table
is
a
summary
of
the
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA: 
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
Currency
Hedged
MSCI
Emerging
Markets
BNP
Paribas
SA
.................................................
$
344,190‌
$
(344,190‌)
$
—‌
$
—‌
$
344,190‌
$
(344,190‌)
$
—‌
$
—‌
a
MSCI
Emerging
Markets
Barclays
Bank
PLC
...............................................
2,682,960‌
(2,682,960‌)
—‌
—‌
BofA
Securities,
Inc.
..............................................
78,750,724‌
(78,750,724‌)
—‌
—‌
Citigroup
Global
Markets
Ltd.
........................................
10,092,535‌
(10,092,535‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................................
2,122,137‌
(2,122,137‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
6,795,334‌
(6,795,334‌)
—‌
—‌
Goldman
Sachs
International
........................................
51,380,064‌
(51,380,064‌)
—‌
—‌
HSBC
Bank
PLC
................................................
16,104,627‌
(16,104,627‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
29,302,425‌
(29,302,425‌)
—‌
—‌
J.P.
Morgan
Securities
PLC
.........................................
30,914,280‌
(30,914,280‌)
—‌
—‌
Notes
to
Financial
Statements
(unaudited)
(continued)
30
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
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. 
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.
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
Jefferies
LLC
...................................................
$
639,883‌
$
(639,883‌)
$
—‌
$
—‌
Macquarie
Bank
Ltd.
..............................................
280,536‌
(280,536‌)
—‌
—‌
Merrill
Lynch
International
..........................................
26,272,158‌
(26,272,158‌)
—‌
—‌
Morgan
Stanley
.................................................
140,674,141‌
(140,674,141‌)
—‌
—‌
SG
Americas
Securities
LLC
........................................
1,302,557‌
(1,302,557‌)
—‌
—‌
State
Street
Bank
&
Trust
Co.
........................................
320,976‌
(320,976‌)
—‌
—‌
UBS
AG
......................................................
12,533,547‌
(12,533,547‌)
—‌
—‌
UBS
Europe
SE
.................................................
2,265,230‌
(2,265,230‌)
—‌
—‌
$
412,434,114‌
$
(412,434,114‌)
$
—‌
$
—‌
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.
Notes
to
Financial
Statements
(unaudited)
(
continued)
31
Notes
to
Financial
Statements
Cash
collateral
that
has
been
pledged
to
cover
obligations
of
the
Funds
and
cash
collateral
received
from
the
counterparty,
if
any,
is
reported
separately
in
the
Statements
of
Assets
and
Liabilities
as
cash
pledged
as
collateral
and
cash
received
as
collateral,
respectively.
Non-cash
collateral
pledged
by
the
Funds,
if
any,
is
noted
in
the
Schedules
of
Investments.
Generally,
the
amount
of
collateral
due
from
or
to
a
counterparty
is
subject
to
a
certain
minimum
transfer
amount
threshold
before
a
transfer
is
required,
which
is
determined
at
the
close
of
business
of
the
Funds.
Any
additional
required
collateral
is
delivered
to/pledged
by
the
Funds
on
the
next
business
day.
Typically,
the
counterparty
is
not
permitted
to
sell,
re-pledge
or
use
cash
and
non-cash
collateral
it
receives.
A
fund
generally
agrees
not
to
use
non-cash
collateral
that
it
receives
but
may,
absent
default
or
certain
other
circumstances
defined
in
the
underlying
ISDA
Master
Agreement,
be
permitted
to
use
cash
collateral
received.
In
such
cases,
interest
may
be
paid
pursuant
to
the
collateral
arrangement
with
the
counterparty.
To
the
extent
amounts
due
to
the
Funds
from
the
counterparty
are
not
fully
collateralized,
each
Fund
bears
the
risk
of
loss
from
counterparty
non-performance.
Likewise,
to
the
extent
the
Funds
have
delivered
collateral
to
a
counterparty
and
stand
ready
to
perform
under
the
terms
of
their
agreement
with
such
counterparty,
each
Fund
bears
the
risk
of
loss
from
a
counterparty
in
the
amount
of
the
value
of
the
collateral
in
the
event
the
counterparty
fails
to
return
such
collateral.
Based
on
the
terms
of
agreements,
collateral
may
not
be
required
for
all
derivative
contracts.
For
financial
reporting
purposes, each
Fund
does
not
offset
derivative
assets
and
derivative
liabilities
that
are
subject
to
netting
arrangements,
if
any,
in
the
Statements
of
Assets
and
Liabilities. 
6.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates 
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the
Company, 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
directors).
For
its
investment
advisory
services
to
the
iShares
Currency
Hedged
MSCI
Emerging
Markets
ETF,
BFA
is
entitled
to
an
annual
investment
advisory
fee
of
0.78%,
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
Emerging
Markets
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: 
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
Emerging
Markets
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
Emerging
Markets
ETF
(“EEM”),
after
taking
into
account
any
fee
waivers
by
EEM.
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 Prior
to September
8, 2025,
ETF
Services
were
performed
by
State
Street
Bank
and
Trust
Company
for
the
iShares
Currency
Hedged
MSCI
Emerging
Markets
ETF.
Prior
to
November
10, 2025,
ETF
Services
were
performed
by
State
Street
Bank
and
Trust
Company
for
the
iShares
MSCI
Emerging
Markets
ETF.
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
Aggregate
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$14
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
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.
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.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.75%
Over
$14
billion,
up
to
and
including
$28
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
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.
.
.
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.
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.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.68
Over
$28
billion,
up
to
and
including
$42
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
.
.
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.
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.
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.
.
.
.
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.
.
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.
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.
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.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.61
Over
$42
billion,
up
to
and
including
$56
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
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.
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.
.
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.
.
.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.54
Over
$56
billion,
up
to
and
including
$70
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.47
Over
$70
billion,
up
to
and
including
$84
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.41
Over
$84
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
.
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.
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.
.
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.
.
.
.
.
.
.
.
.
.
.
.
0.35
iShares
ETF
Amounts
Waived
Currency
Hedged
MSCI
Emerging
Markets
..............................................................................................................................
$
764,274‌
Notes
to
Financial
Statements
(unaudited)
(continued)
32
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
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:
Directors and
Officers:
Certain
directors
and/or
officers
of
the
Company
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
Company’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
Currency
Hedged
MSCI
Emerging
Markets
........................................................................................
$
23,571
MSCI
Emerging
Markets
......................................................................................................
821,454
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
MSCI
Emerging
Markets
................................................................
$
25,070,868
$
32,723,432
$
(7,799,220
)
iShares
ETF
Purchases
Sales
Currency
Hedged
MSCI
Emerging
Markets
.....................................................................
$
5,612,655
$
5,630,362
MSCI
Emerging
Markets
...................................................................................
5,604,595,207
450,058,677
iShares
ETF
In-kind
Purchases
In-kind
Sales
Currency
Hedged
MSCI
Emerging
Markets
.......................................................................
$
23,432,637‌
$
4,920,458‌
MSCI
Emerging
Markets
.....................................................................................
721,535,759‌
—‌
Notes
to
Financial
Statements
(unaudited)
(
continued)
33
Notes
to
Financial
Statements
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.
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.
Market
Risk:
Investments
in
the
securities
of
issuers
domiciled
in
countries
with
emerging
capital
markets
involve
certain
additional
risks
that
do
not
generally
apply
to
investments
in
securities
of
issuers
in
more
developed
capital
markets,
such
as
(i)
low
or
nonexistent
trading
volume,
resulting
in
a
lack
of
liquidity
and
increased
volatility
in
prices
for
such
securities;
(ii)
lack
of
reliable
settlement
procedures
and
significant
delays
in
registering
the
transfer
of
securities;
(iii)
uncertain
national
policies
and
social,
political
and
economic
instability,
increasing
the
potential
for
expropriation
of
assets,
confiscatory
taxation,
high
rates
of
inflation
or
unfavorable
diplomatic
developments;
(iv)
lack
of
publicly
available
or
reliable
information
about
issuers
as
a
result
of
not
being
subject
to
the
same
degree
of
regulatory
requirements
and
accounting,
auditing
and
financial
reporting
standards;
and
(v)
possible
fluctuations
in
exchange
rates,
differing
legal
systems
and
the
existence
or
possible
imposition
of
exchange
controls,
custodial
restrictions
or
other
foreign
or
U.S.
governmental
laws
or
restrictions
applicable
to
such
investments.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries.
A
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that
a
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
A
Fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause each
Fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of
a
Fund
may
lose
value,
regardless
of
the
iShares
ETF
Non-Expiring
Capital
Loss
Carryforwards
(a)
Currency
Hedged
MSCI
Emerging
Markets
.........................................................................................
$
(7,556,574‌)
MSCI
Emerging
Markets
.......................................................................................................
(13,708,605,422‌)
(a)
Amounts
available
to
offset
future
realized
capital
gains.
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Currency
Hedged
MSCI
Emerging
Markets
..............................
$
180,071,514
$
62,232,304
$
(2,931,759
)
$
59,300,545
MSCI
Emerging
Markets
............................................
19,692,555,932
13,252,521,220
(2,172,668,619
)
11,079,852,601
Notes
to
Financial
Statements
(unaudited)
(continued)
34
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
individual
results
of
the
securities
and
other
instruments
in
which
a
Fund
invests. A
Fund’s
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/
or
errors
by
pricing
services
or
other
third-party
service
providers.
The
price
each
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from
each
Fund's
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs
may
significantly
impact
the
resulting
fair
value
and
therefore
each
Fund's
results
of
operations.
As
a
result,
the
price
received
upon
the
sale
of
an
investment
may
be
less
than
the
value
ascribed
by
each
Fund,
and
each
Fund
could
realize
a
greater
than
expected
loss
or
lesser
than
expected
gain
upon
the
sale
of
the
investment.
Counterparty
Credit
Risk:
The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds.
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures,
there
is
less
counterparty
credit
risk
to
the
Funds
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, a
Fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in
exchange-traded
futures
with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Funds.
Geographic/Asset
Class
Risk:
A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
Certain Funds
invest
a
significant
portion
of
their
assets
in
issuers
located
in
a
single
country
or
a
limited
number
of
countries.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
in
that
country
or
those
countries
may
have
a
significant
impact
on
the
fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
Fund’s
portfolio.
Unanticipated
or
sudden
political
or
social
developments
may
cause
uncertainty
in
the
markets
and
as
a
result
adversely
affect
the
Fund’s
investments.
Foreign
issuers
may
not
be
subject
to
the
same
uniform
accounting,
auditing
and
financial
reporting
standards
and
practices
as
used
in
the
United
States.
Foreign
securities
markets
may
also
be
more
volatile
and
less
liquid
than
U.S.
securities
and
may
be
less
subject
to
governmental
supervision
not
typically
associated
with
investing
in
U.S.
securities.
Investment
percentages
in
specific
countries
are
presented
in
the
Schedule
of
Investments.
Certain
Funds
invest
a
significant
portion
of
their
assets
in
securities
of
issuers
located
in
Asia
or
with
significant
exposure
to
Asian
issuers
or
countries.
Certain
Asian
countries
have
developed
increasingly
strained
relationships
with
the
U.S.
or
China;
if
these
relations
were
to
worsen,
they
could
adversely
affect
Asian
issuers
that
rely
on
the
U.S.
or
China
for
trade
and
the
region
as
a
whole.
The
Asian
financial
markets
have
experienced
volatility
and
adverse
trends
due
to
concerns
in
several
Asian
countries
regarding
monetary
policy,
government
intervention
in
the
markets,
rising
government
debt
levels
or
economic
downturns.
These
events
may
spread
to
other
countries
in
Asia
and
may
affect
the
value
and
liquidity
of
certain
of
the
Funds'
investments.
Certain Funds
invest
a
significant
portion
of
their
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
Fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
Fund's
portfolio.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
11.
Capital
Share
Transactions 
Capital
shares
are
issued
and
redeemed
by each
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of each
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
Six
Months
Ended
02/28/26
Year
Ended
08/31/25
iShares
ETF
Shares
Amount
Shares
Amount
Currency
Hedged
MSCI
Emerging
Markets
Shares
sold
.........................................................
630,000
$
23,442,256
1,790,000
$
50,834,893
Shares
redeemed
.....................................................
(150,000
)
(4,931,496
)
(2,230,000
)
(62,600,335
)
480,000
$
18,510,760
(440,000
)
$
(11,765,442
)
Notes
to
Financial
Statements
(unaudited)
(
continued)
35
Notes
to
Financial
Statements
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the
Company
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the
Company
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.
Foreign
Withholding
Tax
Claims
The
iShares
MSCI
Emerging
Markets
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
$1,477,387
or
$0.00
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.
Six
Months
Ended
02/28/26
Year
Ended
08/31/25
iShares
ETF
Shares
Amount
Shares
Amount
MSCI
Emerging
Markets
Shares
sold
.........................................................
103,500,000
$
6,131,786,966
13,500,000
$
612,342,314
Shares
redeemed
.....................................................
(40,500,000
)
(1,685,617,176
)
103,500,000
$
6,131,786,966
(27,000,000
)
$
(1,073,274,862
)
Additional
Information
36
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
Directors,
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 Director
for
services
to
the
Funds
from
BFA’s
investment
advisory
fees.
Availability
of
Portfolio
Holdings
Information
A
description
of
the
Company’s policies
and
procedures
with
respect
to
the
disclosure
of
the
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
37
Glossary
of
Terms
Used
in
these
Financial
Statements
Currency
Abbreviation
BRL
Brazilian
Real
CLP
Chilean
Peso
CNH
Chinese
Yuan
EUR
Euro
HKD
Hong
Kong
Dollar
IDR
Indonesian
Rupiah
INR
Indian
Rupee
KRW
South
Korean
Won
MXN
Mexican
Peso
MYR
Malaysian
Ringgit
THB
Thai
Baht
TRY
Turkish
Lira
TWD
New
Taiwan
Dollar
USD
United
States
Dollar
ZAR
South
African
Rand
Portfolio
Abbreviation
ADR
American
Depositary
Receipt
CPO
Certificate
of  Participation
(Ordinary)
GDR
Global
Depositary
Receipt
IPJSC
International
Public
Joint
Stock
Company
JSC
Joint
Stock
Company
NVDR
Non-Voting
Depository
Receipt
NVS
Non-Voting
Shares
PCL
Public
Company
Limited
PJSC
Public
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,
Inc.
iShares
MSCI
Australia
ETF
|
EWA
|
NYSE
Arca
iShares
MSCI
Japan
ETF
|
EWJ
|
NYSE
Arca
iShares
MSCI
Mexico
ETF
|
EWW
|
NYSE
Arca
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
.....................................................................................................
18
Notes
to
Financial
Statements
...............................................................................................
21
Additional
Information
....................................................................................................
29
Glossary
of
Terms
Used
in
these
Financial
Statements
................................................................................
30
iShares
®
MSCI
Australia
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
Banks
 — 
33
.7
%
ANZ
Group
Holdings
Ltd.
...................
2,897,632
$
82,468,643
Commonwealth
Bank
of
Australia
..............
1,608,882
199,616,393
National
Australia
Bank
Ltd.
..................
2,949,109
102,784,038
Westpac
Banking
Corp.
....................
3,288,314
99,402,646
484,271,720
a
Biotechnology
 — 
3
.4
%
CSL
Ltd.
...............................
466,199
48,804,777
a
Broadline
Retail
 — 
4
.3
%
Wesfarmers
Ltd.
.........................
1,091,650
61,845,396
a
Capital
Markets
 — 
4
.2
%
ASX
Ltd.
..............................
186,197
7,016,756
Macquarie
Group
Ltd.
......................
347,960
52,806,530
59,823,286
a
Commercial
Services
&
Supplies
 — 
1
.6
%
Brambles
Ltd.
...........................
1,305,653
23,285,171
a
Consumer
Staples
Distribution
&
Retail
 — 
3
.4
%
Coles
Group
Ltd.
.........................
1,291,123
18,934,832
Woolworths
Group
Ltd.
.....................
1,173,199
30,076,404
49,011,236
a
Diversified
REITs
 — 
0
.6
%
Stockland
..............................
2,334,017
8,487,888
a
Diversified
Telecommunication
Services
 — 
1
.0
%
Telstra
Group
Ltd.
........................
3,787,488
13,961,787
a
Electric
Utilities
 — 
1
.0
%
Origin
Energy
Ltd.
........................
1,657,304
14,335,562
a
Financial
Services
 — 
0
.6
%
Washington
H
Soul
Pattinson
&
Co.
Ltd.
.........
329,751
8,970,657
a
Gas
Utilities
 — 
0
.6
%
APA
Group
.............................
1,268,337
8,301,175
a
Health
Care
Equipment
&
Supplies
 — 
0
.6
%
Cochlear
Ltd.
...........................
62,966
8,916,270
a
Health
Care
Providers
&
Services
 — 
1
.2
%
Sigma
Healthcare
Ltd.
.....................
5,003,630
10,085,635
Sonic
Healthcare
Ltd.
......................
449,954
7,635,926
17,721,561
a
Health
Care
Technology
 — 
0
.4
%
Pro
Medicus
Ltd.
.........................
55,092
5,084,312
a
Hotels,
Restaurants
&
Leisure
 — 
1
.9
%
Aristocrat
Leisure
Ltd.
......................
531,704
18,177,192
Lottery
Corp.
Ltd.
(The)
.....................
2,147,416
8,422,106
26,599,298
a
Industrial
REITs
 — 
2
.8
%
Goodman
Group
.........................
1,964,465
40,409,786
a
Insurance
 — 
3
.6
%
Insurance
Australia
Group
Ltd.
................
2,276,097
10,784,378
Medibank
Pvt
Ltd.
........................
2,654,797
8,273,916
QBE
Insurance
Group
Ltd.
..................
1,447,387
22,477,028
Security
Shares
Value
a
Insurance
(continued)
Suncorp
Group
Ltd.
.......................
1,041,965
$
10,845,243
52,380,565
a
Interactive
Media
&
Services
 — 
0
.9
%
CAR
Group
Ltd.
..........................
365,116
6,892,866
REA
Group
Ltd.
..........................
50,659
5,993,339
12,886,205
a
Metals
&
Mining
 — 
23
.8
%
BHP
Group
Ltd.
..........................
4,882,916
198,125,609
Evolution
Mining
Ltd.
......................
1,951,917
23,157,648
Fortescue
Ltd.
...........................
1,629,502
24,477,107
Lynas
Rare
Earths
Ltd.
(a)
....................
868,073
11,505,646
Northern
Star
Resources
Ltd.
.................
1,305,400
28,614,038
Rio
Tinto
Ltd.
...........................
357,107
42,452,878
South32
Ltd.
............................
4,313,502
14,130,523
342,463,449
a
Oil,
Gas
&
Consumable
Fuels
 — 
3
.6
%
Santos
Ltd.
.............................
3,124,797
15,058,893
Woodside
Energy
Group
Ltd.
.................
1,828,837
37,339,333
52,398,226
a
Passenger
Airlines
 — 
0
.4
%
Qantas
Airways
Ltd.
.......................
709,366
5,020,532
a
Professional
Services
 — 
0
.8
%
Computershare
Ltd.
.......................
501,014
11,046,817
a
Retail
REITs
 — 
1
.4
%
Scentre
Group
...........................
5,016,734
13,636,698
Vicinity
Ltd.
.............................
3,746,689
6,530,827
20,167,525
a
Software
 — 
1
.1
%
WiseTech
Global
Ltd.
......................
194,282
6,577,105
Xero
Ltd.
(a)
.............................
163,319
9,640,861
16,217,966
a
Trading
Companies
&
Distributors
 — 
0
.5
%
SGH
Ltd.
..............................
195,026
6,471,796
a
Transportation
Infrastructure
 — 
2
.1
%
Transurban
Group
........................
2,995,818
30,541,477
a
a
Total
Long-Term
Investments — 99.5%
(Cost:
$
1,340,061,766
)
...............................
1,429,424,440
a
Short-Term
Securities
Money
Market
Funds
 — 
0
.0
%
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
3.64
%
(b)
(c)
............................
584,786
584,786
a
Total
Short-Term
Securities — 0.0%
(Cost:
$
584,786
)
...................................
584,786
Total
Investments
99.5%
(Cost:
$
1,340,646,552
)
...............................
1,430,009,226
Other
Assets
Less
Liabilities
0
.5
%
.....................
7,766,385
Net
Assets
100.0%
.................................
$
1,437,775,611
(a)
Non-income
producing
security.
(b)
Affiliate
of
the
Fund.
(c)
Annualized
7-day
yield
as
of
period
end.
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
MSCI
Australia
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
(a)
$
948,230
$
$
(
947,417
)
(b)
$
(
725
)
$
(
88
)
$
$
8,204
(c)
$
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
......
480,885
103,901
(b)
584,786
584,786
9,725
$
$
(
725
)
$
(
88
)
$
584,786
$
17,929
$
(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
SPI
200
Index
........................................................................
50
03/19/26
$
8,157
$
270,799
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)
.............
$
$
$
270,799
$
$
$
$
270,799
(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
..................................
$
$
$
10,727
$
$
$
$
10,727
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Futures
contracts
..................................
$
$
$
95,430
$
$
$
$
95,430
iShares
®
MSCI
Australia
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
...................................................................................
$
8,528,030
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
$
1,429,424,440
$
$
1,429,424,440
Short-Term
Securities
Money
Market
Funds
......................................
584,786
584,786
$
584,786
$
1,429,424,440
$
$
1,430,009,226
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
270,799
$
$
$
270,799
(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
Japan
ETF
(Percentages
shown
are
based
on
Net
Assets)
6
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Common
Stocks
Automobile
Components
 — 
2
.1
%
Aisin
Corp.
.............................
1,925,400
$
34,176,877
Bridgestone
Corp.
........................
4,464,000
107,761,276
Denso
Corp.
............................
6,812,700
97,748,045
Sumitomo
Electric
Industries
Ltd.
..............
2,786,700
184,142,851
423,829,049
a
Automobiles
 — 
6
.2
%
Honda
Motor
Co.
Ltd.
......................
14,415,800
144,409,427
Isuzu
Motors
Ltd.
.........................
2,088,100
38,917,920
Nissan
Motor
Co.
Ltd.
(a)
(b)
...................
8,711,000
23,998,380
Subaru
Corp.
...........................
2,287,600
42,908,737
Suzuki
Motor
Corp.
.......................
6,130,900
92,719,866
Toyota
Motor
Corp.
.......................
36,958,500
895,443,680
Yamaha
Motor
Co.
Ltd.
.....................
3,576,600
28,441,010
1,266,839,020
a
Banks
 — 
10
.8
%
Chiba
Bank
Ltd.
(The)
......................
2,200,500
32,729,866
Japan
Post
Bank
Co.
Ltd.
...................
6,973,100
136,512,739
Mitsubishi
UFJ
Financial
Group,
Inc.
............
43,975,780
816,366,083
Mizuho
Financial
Group,
Inc.
.................
9,706,458
433,043,627
Resona
Holdings,
Inc.
.....................
8,099,300
98,826,158
Sumitomo
Mitsui
Financial
Group,
Inc.
...........
14,291,300
539,290,420
Sumitomo
Mitsui
Trust
Group,
Inc.
.............
2,478,364
86,417,781
Yokohama
Financial
Group,
Inc.
...............
4,024,600
43,454,159
2,186,640,833
a
Beverages
 — 
0
.7
%
Asahi
Group
Holdings
Ltd.
...................
5,933,900
64,606,162
Kirin
Holdings
Co.
Ltd.
.....................
3,030,900
52,609,507
Suntory
Beverage
&
Food
Ltd.
................
542,700
17,066,686
134,282,355
a
Broadline
Retail
 — 
0
.6
%
Pan
Pacific
International
Holdings
Corp.
.........
7,438,600
49,711,555
Rakuten
Group,
Inc.
(a)
......................
5,925,600
31,458,086
Ryohin
Keikaku
Co.
Ltd.
....................
1,971,800
44,997,421
126,167,062
a
Building
Products
 — 
0
.8
%
AGC,
Inc.
..............................
758,200
33,626,946
Daikin
Industries
Ltd.
......................
1,028,500
130,675,998
164,302,944
a
Capital
Markets
 — 
1
.3
%
Daiwa
Securities
Group,
Inc.
.................
5,204,500
54,695,617
Japan
Exchange
Group,
Inc.
.................
3,825,500
52,060,971
Nomura
Holdings,
Inc.
.....................
11,723,300
108,839,791
SBI
Holdings,
Inc.
........................
2,193,520
46,916,514
262,512,893
a
Chemicals
 — 
2
.5
%
Asahi
Kasei
Corp.
........................
5,062,000
59,657,845
Mitsubishi
Chemical
Group
Corp.
..............
4,784,200
35,502,279
Nippon
Paint
Holdings
Co.
Ltd.
................
3,701,200
27,413,007
Nippon
Sanso
Holdings
Corp.
................
676,200
25,942,196
Nitto
Denko
Corp.
........................
2,654,200
61,552,073
Shin-Etsu
Chemical
Co.
Ltd.
.................
6,582,900
259,179,047
Toray
Industries,
Inc.
......................
5,417,700
46,392,929
515,639,376
a
Commercial
Services
&
Supplies
 — 
0
.6
%
Dai
Nippon
Printing
Co.
Ltd.
.................
1,542,600
32,058,631
Secom
Co.
Ltd.
..........................
1,547,400
60,035,086
Security
Shares
Value
a
Commercial
Services
&
Supplies
(continued)
TOPPAN
Holdings,
Inc.
.....................
912,300
$
31,250,578
123,344,295
a
Construction
&
Engineering
 — 
1
.3
%
Kajima
Corp.
............................
1,645,200
75,235,707
Obayashi
Corp.
..........................
2,489,400
70,278,069
Shimizu
Corp.
...........................
1,935,000
43,249,435
Taisei
Corp.
............................
571,600
74,271,466
263,034,677
a
Consumer
Staples
Distribution
&
Retail
 — 
1
.4
%
Aeon
Co.
Ltd.
...........................
8,685,100
123,644,661
MatsukiyoCocokara
&
Co.
...................
1,281,800
21,250,473
Seven
&
i
Holdings
Co.
Ltd.
..................
8,127,140
114,613,341
Tsuruha
Holdings,
Inc.
.....................
887,000
14,909,711
274,418,186
a
Diversified
Telecommunication
Services
 — 
0
.6
%
NTT,
Inc.
..............................
116,564,700
114,039,217
a
Electric
Utilities
 — 
0
.6
%
Chubu
Electric
Power
Co.,
Inc.
................
2,661,700
44,953,457
Kansai
Electric
Power
Co.,
Inc.
(The)
...........
3,696,900
66,772,516
111,725,973
a
Electrical
Equipment
 — 
2
.7
%
Fuji
Electric
Co.
Ltd.
.......................
554,100
49,112,517
Fujikura
Ltd.
............................
981,200
167,542,377
Mitsubishi
Electric
Corp.
....................
7,417,300
282,324,692
NIDEC
CORP.
...........................
3,267,100
51,379,324
550,358,910
a
Electronic
Equipment,
Instruments
&
Components
 — 
4
.0
%
Ibiden
Co.
Ltd.
...........................
923,600
56,163,200
Keyence
Corp.
..........................
758,504
319,672,653
Kyocera
Corp.
...........................
5,008,100
88,451,276
Murata
Manufacturing
Co.
Ltd.
................
6,507,800
170,178,404
Shimadzu
Corp.
..........................
924,800
25,741,258
TDK
Corp.
.............................
7,582,500
117,137,461
Yokogawa
Electric
Corp.
....................
891,100
35,543,289
812,887,541
a
Entertainment
 — 
1
.9
%
Capcom
Co.
Ltd.
.........................
1,352,300
30,711,288
Konami
Group
Corp.
......................
392,700
52,402,798
Nexon
Co.
Ltd.
..........................
1,451,800
30,838,922
Nintendo
Co.
Ltd.
.........................
4,298,300
243,109,175
Toho
Co.
Ltd.
...........................
2,075,000
20,794,512
377,856,695
a
Financial
Services
 — 
1
.1
%
Mitsubishi
HC
Capital,
Inc.
...................
3,438,900
33,329,067
ORIX
Corp.
.............................
4,537,100
159,248,127
Sony
Financial
Group,
Inc.
(a)
.................
23,731,800
24,272,713
216,849,907
a
Food
Products
 — 
0
.7
%
Ajinomoto
Co.,
Inc.
........................
3,533,800
112,396,438
Kikkoman
Corp.
..........................
2,649,400
25,476,229
137,872,667
a
Gas
Utilities
 — 
0
.6
%
Osaka
Gas
Co.
Ltd.
.......................
1,397,200
58,324,717
Tokyo
Gas
Co.
Ltd.
.......................
1,223,500
60,060,689
118,385,406
a
iShares
®
MSCI
Japan
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
(Percentages
shown
are
based
on
Net
Assets)
7
Schedule
of
Investments
Security
Shares
Value
a
Ground
Transportation
 — 
1
.4
%
Central
Japan
Railway
Co.
..................
3,013,200
$
88,936,502
East
Japan
Railway
Co.
....................
3,767,600
93,061,567
Hankyu
Hanshin
Holdings,
Inc.
................
932,800
27,207,787
Seibu
Holdings,
Inc.
.......................
820,600
24,360,394
Tokyu
Corp.
............................
1,951,200
24,957,718
West
Japan
Railway
Co.
....................
1,599,000
34,397,055
292,921,023
a
Health
Care
Equipment
&
Supplies
 — 
1
.8
%
Hoya
Corp.
.............................
1,319,700
238,374,463
Olympus
Corp.
..........................
4,349,900
42,623,581
Sysmex
Corp.
...........................
1,967,100
18,571,131
Terumo
Corp.
...........................
5,198,800
70,342,271
369,911,446
a
Health
Care
Technology
 — 
0
.1
%
M3,
Inc.
...............................
1,724,100
18,875,986
a
Hotels,
Restaurants
&
Leisure
 — 
0
.5
%
Oriental
Land
Co.
Ltd.
.....................
4,218,600
76,003,661
Zensho
Holdings
Co.
Ltd.
...................
377,200
23,943,451
99,947,112
a
Household
Durables
 — 
3
.7
%
Panasonic
Holdings
Corp.
...................
9,094,815
146,663,473
Sekisui
House
Ltd.
........................
2,331,700
56,963,777
Sony
Group
Corp.
........................
23,982,800
551,322,833
754,950,083
a
Household
Products
 — 
0
.1
%
Unicharm
Corp.
..........................
4,362,200
29,849,185
a
Industrial
Conglomerates
 — 
3
.1
%
Hikari
Tsushin,
Inc.
........................
67,900
19,196,328
Hitachi
Ltd.
.............................
17,871,500
585,064,389
Sekisui
Chemical
Co.
Ltd.
...................
1,428,100
27,810,687
632,071,404
a
Insurance
 — 
4
.3
%
Dai-ichi
Life
Holdings,
Inc.
...................
13,714,200
140,726,170
Japan
Post
Holdings
Co.
Ltd.
.................
6,958,500
90,618,059
Japan
Post
Insurance
Co.
Ltd.
................
725,200
23,671,163
MS&AD
Insurance
Group
Holdings,
Inc.
.........
5,019,020
139,862,038
Sompo
Holdings,
Inc.
......................
3,461,650
137,339,563
T&D
Holdings,
Inc.
........................
1,804,300
48,594,206
Tokio
Marine
Holdings,
Inc.
..................
7,168,300
297,711,253
878,522,452
a
Interactive
Media
&
Services
 — 
0
.1
%
LY
Corp.
...............................
10,760,400
26,596,856
a
IT
Services
 — 
2
.0
%
Fujitsu
Ltd.
.............................
6,869,400
153,138,895
NEC
Corp.
.............................
4,998,900
138,585,903
Nomura
Research
Institute
Ltd.
...............
1,473,212
40,419,286
Obic
Co.
Ltd.
............................
1,262,900
34,011,863
Otsuka
Corp.
...........................
890,600
17,961,583
TIS,
Inc.
...............................
829,700
17,147,909
401,265,439
a
Leisure
Products
 — 
0
.5
%
Bandai
Namco
Holdings,
Inc.
.................
2,281,994
61,869,304
Shimano,
Inc.
...........................
286,900
30,628,217
92,497,521
a
Security
Shares
Value
a
Machinery
 — 
6
.7
%
Daifuku
Co.
Ltd.
..........................
1,259,700
$
51,997,253
Ebara
Corp.
(b)
...........................
1,798,700
63,176,449
FANUC
Corp.
...........................
3,643,300
164,969,026
IHI
Corp.
..............................
4,012,300
109,766,970
Kawasaki
Heavy
Industries
Ltd.
...............
588,300
68,406,504
Komatsu
Ltd.
...........................
3,703,100
177,750,112
Kubota
Corp.
...........................
3,776,500
76,765,645
Makita
Corp.
............................
873,400
33,794,862
MINEBEA
MITSUMI,
Inc.
...................
1,425,800
30,568,674
Mitsubishi
Heavy
Industries
Ltd.
...............
12,499,500
398,457,636
SMC
Corp.
.............................
225,200
107,725,103
Toyota
Industries
Corp.
.....................
629,000
81,460,703
1,364,838,937
a
Marine
Transportation
 — 
0
.6
%
Kawasaki
Kisen
Kaisha
Ltd.
..................
1,371,900
22,055,733
Mitsui
OSK
Lines
Ltd.
......................
1,342,900
49,827,769
Nippon
Yusen
KK
.........................
1,610,200
55,288,304
127,171,806
a
Metals
&
Mining
 — 
1
.2
%
JFE
Holdings,
Inc.
........................
2,245,350
31,608,013
JX
Advanced
Metals
Corp.
..................
2,172,700
57,661,941
Nippon
Steel
Corp.
........................
18,866,750
76,645,925
Sumitomo
Metal
Mining
Co.
Ltd.
...............
966,700
78,513,483
244,429,362
a
Office
REITs
 — 
0
.1
%
Nippon
Building
Fund,
Inc.
...................
30,387
28,269,071
a
Oil,
Gas
&
Consumable
Fuels
 — 
1
.1
%
ENEOS
Holdings,
Inc.
.....................
10,558,695
100,736,776
Idemitsu
Kosan
Co.
Ltd.
....................
3,018,445
28,860,473
Inpex
Corp.
.............................
3,438,000
83,930,896
213,528,145
a
Passenger
Airlines
 — 
0
.1
%
ANA
Holdings,
Inc.
........................
617,600
13,466,647
Japan
Airlines
Co.
Ltd.
.....................
565,100
11,675,951
25,142,598
a
Personal
Care
Products
 — 
0
.5
%
Kao
Corp.
..............................
1,768,800
75,530,196
Shiseido
Co.
Ltd.
.........................
1,560,400
32,947,240
108,477,436
a
Pharmaceuticals
 — 
4
.4
%
Astellas
Pharma,
Inc.
......................
7,058,450
117,463,223
Chugai
Pharmaceutical
Co.
Ltd.
...............
2,619,300
176,620,223
Daiichi
Sankyo
Co.
Ltd.
.....................
7,026,007
138,377,257
Eisai
Co.
Ltd.
...........................
1,022,800
34,434,104
Kyowa
Kirin
Co.
Ltd.
.......................
923,500
17,166,136
Otsuka
Holdings
Co.
Ltd.
...................
1,694,700
116,782,273
Shionogi
&
Co.
Ltd.
.......................
2,950,300
69,663,333
Takeda
Pharmaceutical
Co.
Ltd.
...............
6,198,200
231,981,280
902,487,829
a
Professional
Services
 — 
1
.2
%
Recruit
Holdings
Co.
Ltd.
...................
5,489,700
238,885,762
a
Real
Estate
Management
&
Development
 — 
2
.4
%
Daito
Trust
Construction
Co.
Ltd.
..............
1,145,000
26,366,784
Daiwa
House
Industry
Co.
Ltd.
................
2,188,700
78,982,463
Hulic
Co.
Ltd.
...........................
1,798,600
23,835,644
Mitsubishi
Estate
Co.
Ltd.
...................
4,149,500
139,934,688
Mitsui
Fudosan
Co.
Ltd.
....................
10,308,900
138,962,111
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
MSCI
Japan
ETF
(Percentages
shown
are
based
on
Net
Assets)
8
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Real
Estate
Management
&
Development
(continued)
Sumitomo
Realty
&
Development
Co.
Ltd.
........
2,371,300
$
80,165,018
488,246,708
a
Semiconductors
&
Semiconductor
Equipment
 — 
7
.5
%
Advantest
Corp.
..........................
2,987,100
517,274,285
Disco
Corp.
.............................
359,200
172,705,302
Kioxia
Holdings
Corp.
(a)
.....................
735,100
99,344,622
Lasertec
Corp.
..........................
310,200
66,880,019
Renesas
Electronics
Corp.
..................
6,945,200
130,978,147
SCREEN
Holdings
Co.
Ltd.
..................
312,700
45,584,547
Tokyo
Electron
Ltd.
.......................
1,747,356
491,661,550
1,524,428,472
a
Software
 — 
0
.0
%
Oracle
Corp.
Japan
.......................
149,500
9,024,890
a
Specialty
Retail
 — 
2
.0
%
Fast
Retailing
Co.
Ltd.
.....................
743,100
325,821,567
Nitori
Holdings
Co.
Ltd.
(b)
....................
1,570,900
31,468,991
Sanrio
Co.
Ltd.
(b)
.........................
701,200
25,708,463
ZOZO,
Inc.
.............................
1,742,700
12,666,382
395,665,403
a
Technology
Hardware,
Storage
&
Peripherals
 — 
0
.9
%
Canon,
Inc.
.............................
3,380,050
102,151,243
FUJIFILM
Holdings
Corp.
...................
4,370,600
89,877,054
192,028,297
a
Textiles,
Apparel
&
Luxury
Goods
 — 
0
.4
%
Asics
Corp.
.............................
2,721,700
83,408,439
a
Tobacco
 — 
0
.9
%
Japan
Tobacco,
Inc.
.......................
4,681,800
179,122,899
a
Trading
Companies
&
Distributors
 — 
8
.1
%
ITOCHU
Corp.
..........................
23,178,400
335,595,998
Marubeni
Corp.
..........................
5,505,700
210,690,833
Security
Shares
Value
a
Trading
Companies
&
Distributors
(continued)
Mitsubishi
Corp.
..........................
12,576,000
$
424,383,854
Mitsui
&
Co.
Ltd.
.........................
9,638,900
361,359,394
MonotaRO
Co.
Ltd.
.......................
979,700
13,025,180
Sumitomo
Corp.
.........................
4,252,300
180,566,043
Toyota
Tsusho
Corp.
.......................
2,685,600
120,047,938
1,645,669,240
a
Wireless
Telecommunication
Services
 — 
3
.6
%
KDDI
Corp.
.............................
11,433,500
196,399,025
SoftBank
Corp.
..........................
112,163,000
153,416,831
SoftBank
Group
Corp.
.....................
14,483,500
370,863,638
720,679,494
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
16,025,376,214
)
..............................
20,269,900,301
a
Short-Term
Securities
Money
Market
Funds
 — 
0
.2
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
3.84
%
(c)
(d)
(e)
......................
28,264,731
28,278,864
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
3.64
%
(c)
(d)
............................
5,916,264
5,916,264
a
Total
Short-Term
Securities — 0.2%
(Cost:
$
34,194,432
)
.................................
34,195,128
Total
Investments
100.0%
(Cost:
$
16,059,570,646
)
..............................
20,304,095,429
Other
Assets
Less
Liabilities
0
.0
%
.....................
7,478,212
Net
Assets
100.0%
.................................
$
20,311,573,641
(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
$
31,361,067
$
$
(
3,082,177
)
(a)
$
1,086
$
(
1,112
)
$
28,278,864
28,264,731
$
85,930
(b)
$
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
5,730,000
186,264
(a)
5,916,264
5,916,264
146,486
$
$
1,086
$
(
1,112
)
$
34,195,128
$
232,416
$
(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.
iShares
®
MSCI
Japan
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
9
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
TOPIX
Index
.........................................................................
143
03/12/26
$
35,975
$
2,887,843
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)
.............
$
$
$
2,887,843
$
$
$
$
2,887,843
(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
..................................
$
$
$
13,546,629
$
$
$
$
13,546,629
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Futures
contracts
..................................
$
$
$
2,768,616
$
$
$
$
2,768,616
Futures
contracts:
Average
notional
value
of
contracts
long
...................................................................................
$
87,862,730
a
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
MSCI
Japan
ETF
10
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
.........................................
$
109,120,201
$
20,160,780,100
$
$
20,269,900,301
Short-Term
Securities
Money
Market
Funds
......................................
34,195,128
34,195,128
$
143,315,329
$
20,160,780,100
$
$
20,304,095,429
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
2,887,843
$
$
$
2,887,843
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
MSCI
Mexico
ETF
Schedule
of
Investments
(unaudited)
February
28,
2026
(Percentages
shown
are
based
on
Net
Assets)
11
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Banks
 — 
14
.4
%
Banco
del
Bajio
SA
(a)
......................
10,293,398
$
34,414,926
Grupo
Financiero
Banorte
SAB
de
CV
,
Class
O
....
23,699,929
270,260,659
Grupo
Financiero
Inbursa
SAB
de
CV
,
Series
O
....
18,383,598
46,754,244
Regional
SAB
de
CV
......................
3,302,820
31,014,519
382,444,348
a
Beverages
 — 
10
.5
%
Arca
Continental
SAB
de
CV
.................
5,864,577
70,584,689
Coca-Cola
Femsa
SAB
de
CV
................
3,231,972
35,926,647
Fomento
Economico
Mexicano
SAB
de
CV
.......
15,308,007
171,763,981
278,275,317
a
Capital
Markets
 — 
0
.6
%
Bolsa
Mexicana
de
Valores
SAB
de
CV
..........
7,615,199
16,820,472
a
Chemicals
 — 
1
.2
%
Alpek
SAB
de
CV
,
Class
A
(b)
(c)
................
30,903,600
14,750,180
Orbia
Advance
Corp.
SAB
de
CV
(b)
(c)
............
15,219,959
18,037,357
32,787,537
a
Construction
Materials
 — 
5
.5
%
Cemex
SAB
de
CV,
CPO
,
NVS
...............
94,711,458
118,568,055
GCC
SAB
de
CV
.........................
2,354,980
27,392,265
145,960,320
a
Consumer
Finance
 — 
1
.5
%
Gentera
SAB
de
CV
.......................
13,687,834
39,850,656
a
Consumer
Staples
Distribution
&
Retail
 — 
7
.1
%
Grupo
Comercial
Chedraui
SA
de
CV
(c)
..........
4,274,808
27,413,181
La
Comer
SAB
de
CV
......................
5,291,724
11,961,840
Wal-Mart
de
Mexico
SAB
de
CV
...............
45,905,719
148,576,517
187,951,538
a
Diversified
REITs
 — 
2
.6
%
Concentradora
Fibra
Danhos
SA
de
CV
(c)
.........
7,012,501
11,152,735
Fibra
Uno
Administracion
SA
de
CV
............
33,276,808
57,812,222
68,964,957
a
Diversified
Telecommunication
Services
 — 
0
.8
%
Grupo
Televisa
SAB,
CPO
(c)
..................
33,403,106
19,958,075
a
Food
Products
 — 
5
.3
%
Gruma
SAB
de
CV
,
Class
B
..................
1,949,221
34,943,821
Grupo
Bimbo
SAB
de
CV
,
Series
A
(c)
............
15,109,646
54,816,553
Sigma
Foods
SAB
de
CV
...................
44,082,069
49,528,977
139,289,351
a
Hotels,
Restaurants
&
Leisure
 — 
1
.0
%
Alsea
SAB
de
CV
(c)
.......................
7,662,047
27,027,602
a
Household
Products
 — 
1
.7
%
Kimberly-Clark
de
Mexico
SAB
de
CV
,
Class
A
.....
18,233,865
45,769,944
a
Industrial
Conglomerates
 — 
2
.0
%
Grupo
Carso
SAB
de
CV
,
Series
A1
(c)
...........
6,636,646
52,004,145
a
Industrial
REITs
 — 
3
.7
%
FIBRA
Macquarie
Mexico
(a)
..................
11,660,044
29,153,495
Fibra
MTY
SAPI
de
CV
.....................
8,606,092
7,390,785
Prologis
Property
Mexico
SA
de
CV
............
12,347,452
60,640,314
97,184,594
a
Security
Shares
Value
a
Insurance
 — 
1
.0
%
Qualitas
Controladora
SAB
de
CV
.............
2,679,130
$
26,122,373
a
Media
 — 
1
.0
%
Megacable
Holdings
SAB
de
CV,
CPO
..........
6,754,504
26,179,488
a
Metals
&
Mining
 — 
19
.0
%
Grupo
Mexico
SAB
de
CV
,
Series
B
............
29,527,744
375,534,884
Industrias
Penoles
SAB
de
CV
(b)
...............
2,042,321
129,692,483
505,227,367
a
Passenger
Airlines
 — 
0
.6
%
Controladora
Vuela
Cia
de
Aviacion
SAB
de
CV
,
Class
A
(b)
(c)
................................
17,665,161
15,365,469
a
Pharmaceuticals
 — 
0
.5
%
Genomma
Lab
Internacional
SAB
de
CV
,
Class
B
...
13,483,243
14,272,414
a
Real
Estate
Management
&
Development
 — 
1
.5
%
Corp
Inmobiliaria
Vesta
SAB
de
CV
............
11,015,152
40,569,684
a
Transportation
Infrastructure
 — 
10
.2
%
Grupo
Aeroportuario
del
Centro
Norte
SAB
de
CV
,
Class
B
..............................
3,373,614
51,536,646
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV
,
Class
B
4,055,984
105,838,997
Grupo
Aeroportuario
del
Sureste
SAB
de
CV
,
Class
B
2,032,906
73,075,782
Promotora
y
Operadora
de
Infraestructura
SAB
de
CV
2,377,458
39,171,043
269,622,468
a
Wireless
Telecommunication
Services
 — 
8
.0
%
America
Movil
SAB
de
CV
,
Series
B
............
163,946,115
213,143,277
a
a
Total
Long-Term
Investments — 99.7%
(Cost:
$
2,362,089,456
)
...............................
2,644,791,396
a
Short-Term
Securities
Money
Market
Funds
 — 
0
.7
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
3.84
%
(d)
(e)
(f)
......................
17,368,044
17,376,728
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
3.64
%
(d)
(e)
............................
1,704,441
1,704,441
a
Total
Short-Term
Securities — 0.7%
(Cost:
$
19,077,836
)
.................................
19,081,169
Total
Investments
100.4%
(Cost:
$
2,381,167,292
)
...............................
2,663,872,565
Liabilities
in
Excess
of
Other
Assets
(
0
.4
)
%
...............
(
10,479,884
)
Net
Assets
100.0%
.................................
$
2,653,392,681
(a)
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.
(b)
Non-income
producing
security.
(c)
All
or
a
portion
of
this
security
is
on
loan.
(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
®
MSCI
Mexico
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
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
.
$
19,384,512
$
$
(
2,007,814
)
(a)
$
157
$
(
127
)
$
17,376,728
17,368,044
$
130,144
(b)
$
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
690,640
1,013,801
(a)
1,704,441
1,704,441
19,256
$
$
157
$
(
127
)
$
19,081,169
$
149,400
$
(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
Mexican
BOLSA
Index
..................................................................
158
03/20/26
$
6,599
$
377,249
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)
.............
$
$
$
377,249
$
$
$
$
377,249
(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
..................................
$
$
$
758,695
$
$
$
$
758,695
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Futures
contracts
..................................
$
$
$
346,666
$
$
$
$
346,666
Futures
contracts:
Average
notional
value
of
contracts
long
...................................................................................
$
7,681,641
a
iShares
®
MSCI
Mexico
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
13
Schedule
of
Investments
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.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
2,644,791,396
$
$
$
2,644,791,396
Short-Term
Securities
Money
Market
Funds
......................................
19,081,169
19,081,169
$
2,663,872,565
$
$
$
2,663,872,565
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
377,249
$
$
$
377,249
(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
MSCI
Australia
ETF
iShares
MSCI
Japan
ETF
iShares
MSCI
Mexico
ETF
ASSETS
Investments,
at
value
unaffiliated
(a)
(b)
.....................................................
$
1,429,424,440
$
20,269,900,301
$
2,644,791,396
Investments,
at
value
affiliated
(c)
........................................................
584,786
34,195,128
19,081,169
Cash
............................................................................
1,809
Foreign
currency
collateral
pledged:
(d)
Futures
contracts
..................................................................
545,124
1,311,677
869,818
Foreign
currency,
at
value
(e)
.............................................................
2,408,140
5,650,227
7,960,007
Receivables:
Investments
sold
..................................................................
1,043,380
118,454,424
28,598,818
Securities
lending
income
affiliated
....................................................
6
7,523
20,564
Capital
shares
sold
.................................................................
250,786
Dividends
unaffiliated
.............................................................
5,372,767
21,184,062
2,216,144
Dividends
affiliated
...............................................................
1,216
12,894
3,701
Variation
margin
on
futures
contracts
.....................................................
26,593
369,573
5,279
Total
assets
.......................................................................
1,439,406,452
20,451,085,809
2,703,799,491
LIABILITIES
Collateral
on
securities
loaned
...........................................................
28,276,969
17,374,613
Payables:
Investments
purchased
..............................................................
1,115,079
104,403,410
32,139,284
Investment
advisory
fees
.............................................................
515,762
6,831,789
892,913
Total
liabilities
......................................................................
1,630,841
139,512,168
50,406,810
Commitments
and
contingent
liabilities
NET
ASSETS
......................................................................
$
1,437,775,611
$
20,311,573,641
$
2,653,392,681
NET
ASSETS
CONSIST
OF:
Paid-in
capital
......................................................................
$
1,804,850,921
$
18,760,892,818
$
2,846,476,364
Accumulated
earnings
(loss)
............................................................
(
367,075,310
)
1,550,680,823
(
193,083,683
)
NET
ASSETS
......................................................................
$
1,437,775,611
$
20,311,573,641
$
2,653,392,681
NET
ASSET
VALUE
Shares
outstanding
..................................................................
47,800,000
219,600,000
32,800,000
Net
asset
value
.....................................................................
$
30.08
$
92.49
$
80.90
Shares
authorized
...................................................................
1
billion
2.5246
billion
255
million
Par
value
.........................................................................
$                    0.001
$                    0.001
$                    0.001
(a)
Securities
loaned,
at
value
...........................................................
$
$
26,683,487
$
16,543,190
(b)
Investments,
at
cost
unaffiliated
......................................................
$
1,340,061,766
$
16,025,376,214
$
2,362,089,456
(c)
Investments,
at
cost
affiliated
........................................................
$
584,786
$
34,194,432
$
19,077,836
(d)
Foreign
currency
collateral
pledged,
at
cost
................................................
$
524,568
$
1,307,297
$
827,836
(e)
  Foreign
currency,
at
cost
.............................................................
$
2,360,885
$
5,650,858
$
7,773,382
15
Statements
of
Operations
Statements
of
Operations
(unaudited)
Six
Months
Ended
February
28,
2026
See
notes
to
financial
statements.
iShares
MSCI
Australia
ETF
iShares
MSCI
Japan
ETF
iShares
MSCI
Mexico
ETF
INVESTMENT
INCOME
Dividends
unaffiliated
............................................................
$
24,330,411
$
166,869,916
$
41,666,257
Dividends
affiliated
..............................................................
9,725
146,486
19,256
Interest
unaffiliated
..............................................................
7,510
962
22,772
Securities
lending
income
affiliated
net
...............................................
8,204
85,930
130,144
Foreign
taxes
withheld
.............................................................
(
111,510
)
(
16,682,183
)
(
5,015,018
)
Total
investment
income
..............................................................
24,244,340
150,421,111
36,823,411
EXPENSES
Investment
advisory
...............................................................
3,365,899
39,089,742
5,012,761
Commitment
costs
................................................................
6,727
20,439
9,829
Interest
expense
.................................................................
2
23,481
4
Total
expenses
....................................................................
3,372,628
39,133,662
5,022,594
Net
investment
income
...............................................................
20,871,712
111,287,449
31,800,817
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
unaffiliated
.........................................................
(
12,138,495
)
(
161,843,025
)
(
18,999,313
)
Investments
affiliated
...........................................................
(
725
)
1,086
157
Foreign
currency
transactions
.......................................................
439,327
(
7,501,172
)
392,186
Futures
contracts
...............................................................
10,727
13,546,629
758,695
In-kind
redemptions
unaffiliated
(a)
...................................................
56,477,072
515,918,324
98,630,204
44,787,906
360,121,842
80,781,929
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
unaffiliated
.........................................................
94,529,364
2,946,486,594
458,227,323
Investments
affiliated
...........................................................
(
88
)
(
1,112
)
(
127
)
Foreign
currency
translations
.......................................................
36,777
151,860
228,602
Futures
contracts
...............................................................
95,430
2,768,616
346,666
94,661,483
2,949,405,958
458,802,464
Net
realized
and
unrealized
gain
........................................................
139,449,389
3,309,527,800
539,584,393
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...............................
$
160,321,101
$
3,420,815,249
$
571,385,210
(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
MSCI
Australia
ETF
iShares
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
.......................................
$
20,871,712
$
47,223,744
$
111,287,449
$
240,608,900
Net
realized
gain
...........................................
44,787,906
6,298,559
360,121,842
780,363,083
Net
change
in
unrealized
appreciation
(depreciation)
...................
94,661,483
68,125,466
2,949,405,958
490,821,044
Net
increase
in
net
assets
resulting
from
operations
......................
160,321,101
121,647,769
3,420,815,249
1,511,793,027
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
............
(
22,713,754
)
(b)
(
48,422,833
)
(
577,680,708
)
(b)
(
329,818,132
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
....
(
238,135,068
)
25,815,061
2,336,856,621
(
1,627,826,063
)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
..............................
(
100,527,721
)
99,039,997
5,179,991,162
(
445,851,168
)
Beginning
of
period
...........................................
1,538,303,332
1,439,263,335
15,131,582,479
15,577,433,647
End
of
period
...............................................
$
1,437,775,611
$
1,538,303,332
$
20,311,573,641
$
15,131,582,479
(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
Statements
of
Changes
in
Net
Assets
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
MSCI
Mexico
ETF
Six
Months
Ended
02/28/26
(unaudited)
Year
Ended
08/31/25
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
...........................................................................
$
31,800,817
$
57,555,229
Net
realized
gain
...............................................................................
80,781,929
10,025,469
Net
change
in
unrealized
appreciation
(depreciation)
.......................................................
458,802,464
307,471,384
Net
increase
in
net
assets
resulting
from
operations
..........................................................
571,385,210
375,052,082
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
................................................
(
36,628,733
)
(b)
(
68,641,991
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
................................................
328,218,773
154,243,906
NET
ASSETS
Total
increase
in
net
assets
..........................................................................
862,975,250
460,653,997
Beginning
of
period
...............................................................................
1,790,417,431
1,329,763,434
End
of
period
...................................................................................
$
2,653,392,681
$
1,790,417,431
(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.
18
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
Australia
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
.......
$
27.08
$
25.89
$
22.24
$
21.95
$
25.96
$
21.12
Net
investment
income
(a)
...............
0
.41
0
.81
0
.83
1
.01
0
.93
0
.65
Net
realized
and
unrealized
gain
(loss)
(b)
.....
3
.03
1
.19
3
.78
0
.13
(
3
.31
)
4
.77
Net
increase
(decrease)
from
investment
operations
.........................
3
.44
2
.00
4
.61
1
.14
(
2
.38
)
5
.42
Distributions
from
net
investment
income
(c)
.....
(
0
.44
)
(d)
(
0
.81
)
(
0
.96
)
(
0
.85
)
(
1
.63
)
(
0
.58
)
Net
asset
value,
end
of
period
............
$
30.08
$
27.08
$
25.89
$
22.24
$
21.95
$
25.96
Total
Return
(e)
Based
on
net
asset
value
................
12.96
%
(f)
8
.01
%
21.13
%
5
.15
%
(
9
.53
)
%
25.69
%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
.......................
0
.49
%
(h)
0
.50
%
0
.50
%
0
.50
%
0
.50
%
0
.50
%
Net
investment
income
..................
3
.03
%
(h)
3
.19
%
3
.56
%
4
.48
%
3
.86
%
2
.69
%
Supplemental
Data
Net
assets,
end
of
period
(000)
............
$
1,437,776
$
1,538,303
$
1,439,263
$
2,072,410
$
1,615,410
$
1,505,880
Portfolio
turnover
rate
(i)
..................
3
%
6
%
5
%
4
%
15
%
4
%
(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.
19
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
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
.......
$
78.08
$
72.27
$
61.57
$
53.72
$
68.55
$
58.15
Net
investment
income
(a)
...............
0
.57
1
.18
0
.95
0
.92
1
.04
0
.91
Net
realized
and
unrealized
gain
(loss)
(b)
.....
16.90
6
.29
11.13
7
.48
(
14.44
)
10.25
Net
increase
(decrease)
from
investment
operations
.........................
17.47
7
.47
12.08
8
.40
(
13.40
)
11.16
Distributions
from
net
investment
income
(c)
.....
(
3
.06
)
(d)
(
1
.66
)
(
1
.38
)
(
0
.55
)
(
1
.43
)
(
0
.76
)
Net
asset
value,
end
of
period
............
$
92.49
$
78.08
$
72.27
$
61.57
$
53.72
$
68.55
Total
Return
(e)
Based
on
net
asset
value
................
22.95
%
(f)
10.63
%
19.92
%
15.68
%
(
19.81
)
%
19.21
%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
.......................
0
.49
%
(h)
0
.49
%
0
.50
%
0
.50
%
0
.50
%
0
.50
%
Net
investment
income
..................
1
.39
%
(h)
1
.68
%
1
.44
%
1
.61
%
1
.66
%
1
.37
%
Supplemental
Data
Net
assets,
end
of
period
(000)
............
$
20,311,574
$
15,131,582
$
15,577,434
$
13,603,868
$
9,661,520
$
11,906,294
Portfolio
turnover
rate
(i)
..................
2
%
6
%
6
%
3
%
4
%
6
%
(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.
20
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
Mexico
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
......
$
61.95
$
52.98
$
61.58
$
44.29
$
51.24
$
33.00
Net
investment
income
(a)
..............
1
.07
2
.04
1
.86
1
.65
1
.50
0
.80
Net
realized
and
unrealized
gain
(loss)
(b)
....
19.21
9
.59
(
8
.96
)
17.14
(
7
.04
)
18.32
Net
increase
(decrease)
from
investment
operations
........................
20.28
11.63
(
7
.10
)
18.79
(
5
.54
)
19.12
Distributions
from
net
investment
income
(c)
....
(
1
.33
)
(d)
(
2
.66
)
(
1
.50
)
(
1
.50
)
(
1
.41
)
(
0
.88
)
Net
asset
value,
end
of
period
...........
$
80.90
$
61.95
$
52.98
$
61.58
$
44.29
$
51.24
Total
Return
(e)
Based
on
net
asset
value
...............
33.12
%
(f)
22.86
%
(
11.91
)
%
42.93
%
(
10.98
)
%
58.30
%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
......................
0
.49
%
(h)
0
.50
%
0
.50
%
0
.50
%
0
.50
%
0
.50
%
Net
investment
income
.................
3
.09
%
(h)
3
.73
%
2
.98
%
2
.88
%
3
.06
%
1
.85
%
Supplemental
Data
Net
assets,
end
of
period
(000)
...........
$
2,653,393
$
1,790,417
$
1,329,763
$
1,533,393
$
806,143
$
1,178,526
Portfolio
turnover
rate
(i)
.................
5
%
7
%
10
%
11
%
11
%
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)
21
Notes
to
Financial
Statements
1.
Organization
iShares,
Inc.
(the
“Company”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Company
is
organized
as
a
Maryland
corporation
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
Australia
..............................................................................................................
Non-diversified
MSCI
Japan
...............................................................................................................
Diversified
MSCI
Mexico
...............................................................................................................
Non-diversified
Notes
to
Financial
Statements
(unaudited)
(continued)
22
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
Directors of
the
Company (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)
23
Notes
to
Financial
Statements
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
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
MSCI
Japan
Citigroup
Global
Markets,
Inc.
....................................
$
24,039
$
(21,601
)
$
$
2,438
HSBC
Bank
PLC
............................................
10,932,748
(10,932,748
)
Morgan
Stanley
.............................................
14,551,752
(14,551,752
)
State
Street
Bank
&
Trust
Co.
....................................
1,174,948
(1,174,948
)
$
26,683,487
$
(26,681,049
)
$
$
2,438
a
MSCI
Mexico
Barclays
Capital,
Inc.
.........................................
318,082
(318,082
)
BofA
Securities,
Inc.
..........................................
170,286
(170,286
)
Goldman
Sachs
&
Co.
LLC
.....................................
1,373,114
(1,373,114
)
J.P.
Morgan
Securities
LLC
.....................................
5,533,542
(5,533,542
)
Morgan
Stanley
.............................................
9,148,166
(9,148,166
)
$
16,543,190
$
(16,543,190
)
$
$
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)
24
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
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
Company, 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
directors).
For
its
investment
advisory
services
to
each
Fund,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on
each
Fund’s
allocable
portion
of
the
aggregate
of
the
average
daily
net
assets
of
the
Fund
and
certain
other
iShares
funds,
as
follows: 
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
for
the
iShares
MSCI
Japan
ETF. 
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.
Aggregate
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$7
billion
.
.
.
.
.
.
.
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.
.
.
0.59%
Over
$7
billion,
up
to
and
including
$11
billion
.
.
.
.
.
.
.
.
.
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.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.54
Over
$11
billion,
up
to
and
including
$24
billion
.
.
.
.
.
.
.
.
.
.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.49
Over
$24
billion,
up
to
and
including
$48
billion
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
.
.
.
.
.
.
.
.
.
0.44
Over
$48
billion,
up
to
and
including
$72
billion
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
.
.
.
.
.
0.40
Over
$72
billion,
up
to
and
including
$96
billion
.
.
.
.
.
.
.
.
.
.
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.
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.
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.
.
.
.
.
.
0.36
Over
$96
billion
.
.
.
.
.
.
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.
0.32
Notes
to
Financial
Statements
(unaudited)
(
continued)
25
Notes
to
Financial
Statements
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:
Directors and
Officers:
Certain
directors
and/or
officers
of
the
Company
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
Company’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
MSCI
Australia
.............................................................................................................
$
2,388
MSCI
Japan
..............................................................................................................
22,953
MSCI
Mexico
..............................................................................................................
30,746
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
MSCI
Australia
..........................................................................
$
10,788,174‌
$
8,153,179‌
$
(385,580‌)
MSCI
Japan
...........................................................................
56,477,618‌
82,152,671‌
(25,255,457‌)
iShares
ETF
Purchases
Sales
MSCI
Australia
..........................................................................................
$
42,748,878
$
38,903,843
MSCI
Japan
...........................................................................................
403,046,910
714,436,127
MSCI
Mexico
...........................................................................................
119,445,243
98,775,381
iShares
ETF
In-kind
Purchases
In-kind
Sales
MSCI
Australia
..........................................................................................
$
235,283,041
$
477,322,158
MSCI
Japan
...........................................................................................
3,823,590,136
1,611,666,641
MSCI
Mexico
...........................................................................................
865,664,045
565,196,834
iShares
ETF
Non-Expiring
Capital
Loss
Carryforwards
(a)
MSCI
Australia
.............................................................................................................
$
(480,572,998
)
MSCI
Japan
..............................................................................................................
(2,469,745,684
)
MSCI
Mexico
..............................................................................................................
(555,817,667
)
(a)
Amounts
available
to
offset
future
realized
capital
gains.
Notes
to
Financial
Statements
(unaudited)
(continued)
26
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
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
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.
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
MSCI
Australia
...................................................
$
1,368,018,752
$
173,954,996
$
(111,693,723
)
$
62,261,273
MSCI
Japan
....................................................
16,419,173,009
5,084,880,038
(1,197,069,775
)
3,887,810,263
MSCI
Mexico
....................................................
2,384,954,895
431,842,442
(152,547,523
)
279,294,919
Notes
to
Financial
Statements
(unaudited)
(
continued)
27
Notes
to
Financial
Statements
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.
Certain
Funds
invest
a
significant
portion
of
their
assets
in
securities
of
issuers
located
in
Asia
or
with
significant
exposure
to
Asian
issuers
or
countries.
Certain
Asian
countries
have
developed
increasingly
strained
relationships
with
the
U.S.
or
China;
if
these
relations
were
to
worsen,
they
could
adversely
affect
Asian
issuers
that
rely
on
the
U.S.
or
China
for
trade
and
the
region
as
a
whole.
The
Asian
financial
markets
have
experienced
volatility
and
adverse
trends
due
to
concerns
in
several
Asian
countries
regarding
monetary
policy,
government
intervention
in
the
markets,
rising
government
debt
levels
or
economic
downturns.
These
events
may
spread
to
other
countries
in
Asia
and
may
affect
the
value
and
liquidity
of
certain
of
the
Funds'
investments.
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
Company
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the
Company
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
Australia
Shares
sold
.........................................................
8,800,000
$
241,166,245
17,800,000
$
447,824,089
Shares
redeemed
.....................................................
(17,800,000
)
(479,301,313
)
(16,600,000
)
(422,009,028
)
(9,000,000
)
$
(238,135,068
)
1,200,000
$
25,815,061
MSCI
Japan
Shares
sold
.........................................................
45,450,000
$
3,960,729,913
39,150,000
$
2,742,665,611
Shares
redeemed
.....................................................
(19,650,000
)
(1,623,873,292
)
(60,900,000
)
(4,370,491,674
)
25,800,000
$
2,336,856,621
(21,750,000
)
$
(1,627,826,063
)
MSCI
Mexico
Shares
sold
.........................................................
12,400,000
$
897,639,234
32,200,000
$
1,699,922,042
Shares
redeemed
.....................................................
(8,500,000
)
(569,420,461
)
(28,400,000
)
(1,545,678,136
)
3,900,000
$
328,218,773
3,800,000
$
154,243,906
Notes
to
Financial
Statements
(unaudited)
(continued)
28
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
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.
Additional
Information
29
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
Directors,
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 Director
for
services
to
the
Funds
from
BFA’s
investment
advisory
fees.
Availability
of
Portfolio
Holdings
Information
A
description
of
the
Company’s policies
and
procedures
with
respect
to
the
disclosure
of
the
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
30
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Portfolio
Abbreviation
CPO
Certificate
of  Participation
(Ordinary)
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.
February
28,
2026
2026
Semi-Annual
Financial
Statements
and
Additional
Information
(Unaudited)
iShares,
Inc.
iShares
MSCI
Israel
ETF
|
EIS
|
NYSE
Arca
iShares
MSCI
Turkey
ETF
|
TUR
|
NASDAQ
iShares
MSCI
USA
Equal
Weighted
ETF
|
EUSA
|
NYSE
Arca
Table
of
Contents
Page
2
Schedules
of
Investments
.................................................................................................
3
Statements
of
Assets
and
Liabilities
...........................................................................................
19
Statements
of
Operations
.................................................................................................
20
Statements
of
Changes
in
Net
Assets
..........................................................................................
21
Financial
Highlights
.....................................................................................................
23
Notes
to
Financial
Statements
...............................................................................................
26
Additional
Information
....................................................................................................
34
Glossary
of
Terms
Used
in
these
Financial
Statements
................................................................................
35
iShares
®
MSCI
Israel
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
 — 
6
.1
%
Aryt
Industries
Ltd.
........................
119,261
$
2,257,634
Bet
Shemesh
Engines
Holdings
1997
Ltd.
(a)
.......
15,605
4,003,333
Elbit
Systems
Ltd.
........................
59,424
45,895,667
52,156,634
a
Banks
 — 
25
.2
%
Bank
Hapoalim
BM
.......................
2,663,242
67,215,220
Bank
Leumi
Le-Israel
BM
...................
3,157,579
76,443,453
FIBI
Holdings
Ltd.
........................
37,802
3,950,846
First
International
Bank
Of
Israel
Ltd.
(The)
.......
117,676
10,125,551
Israel
Discount
Bank
Ltd.
,
Class
A
.............
2,605,970
31,539,968
Mizrahi
Tefahot
Bank
Ltd.
...................
332,181
24,887,813
214,162,851
a
Broadline
Retail
 — 
1
.2
%
Global-e
Online
Ltd.
(a)
......................
234,864
8,213,194
Max
Stock
Ltd.
..........................
226,623
1,993,644
10,206,838
a
Building
Products
 — 
0
.2
%
Inrom
Construction
Industries
Ltd.
.............
224,624
1,435,652
a
Capital
Markets
 — 
1
.8
%
Etoro
Group
Ltd.
,
Class
A
(a)
(b)
.................
29,926
917,830
IBI
Investment
House
Ltd.
...................
6,915
816,750
Meitav
Investment
House
Ltd.
................
75,554
2,769,409
Tel
Aviv
Stock
Exchange
Ltd.
.................
197,485
9,632,178
YD
More
Investments
Ltd.
...................
79,101
1,005,076
15,141,243
a
Chemicals
 — 
1
.5
%
ICL
Group
Ltd.
...........................
1,645,039
7,796,682
Israel
Corp.
Ltd.
(b)
.........................
8,072
2,085,955
Turpaz
Industries
Ltd.
(a)
.....................
103,980
2,514,325
12,396,962
a
Communications
Equipment
 — 
0
.5
%
Gilat
Satellite
Networks
Ltd.
(a)
.................
155,005
2,386,382
Ituran
Location
and
Control
Ltd.
...............
33,735
1,619,280
4,005,662
a
Construction
&
Engineering
 — 
2
.0
%
Ashtrom
Group
Ltd.
.......................
107,023
2,324,655
Danya
Cebus
Ltd.
........................
24,221
1,360,817
Elco
Ltd.
...............................
23,287
1,128,181
Electra
Ltd.
.............................
89,849
2,728,843
Kvutzat
Acro
Ltd.
.........................
66,422
983,667
Shapir
Engineering
and
Industry
Ltd.
............
343,482
3,581,518
Shikun
&
Binui
Ltd.
(a)
(b)
.....................
805,954
4,248,412
Shikun
&
Binui
Soltec
Renewable
Energy
(a)
.......
557,421
553,933
16,910,026
a
Consumer
Finance
 — 
0
.2
%
Isracard
Ltd.
............................
415,896
1,980,156
a
Consumer
Staples
Distribution
&
Retail
 — 
1
.1
%
M
Yochananof
&
Sons
Ltd.
..................
10,960
1,263,377
Rami
Levy
Chain
Stores
Hashikma
Marketing
2006
Ltd.
19,093
2,450,165
Shufersal
Ltd.
...........................
426,688
5,979,571
9,693,113
a
Security
Shares
Value
a
Diversified
REITs
 — 
0
.6
%
REIT
1
Ltd.
.............................
429,099
$
3,204,971
Sella
Capital
Real
Estate
Ltd.
.................
515,711
1,506,504
4,711,475
a
Diversified
Telecommunication
Services
 — 
1
.8
%
Bezeq
The
Israeli
Telecommunication
Corp.
Ltd.
....
5,917,234
15,603,299
a
Electronic
Equipment,
Instruments
&
Components
 — 
2
.3
%
Nayax
Ltd.
(a)
............................
31,065
1,563,742
Next
Vision
Stabilized
Systems
Ltd.
............
154,908
17,672,333
19,236,075
a
Financial
Services
 — 
0
.2
%
Mivtach
Shamir
Holdings
Ltd.
.................
10,548
1,448,407
a
Food
Products
 — 
0
.8
%
Neto
Malinda
Trading
Ltd.
...................
25,386
1,473,798
Strauss
Group
Ltd.
........................
124,576
5,494,306
6,968,104
a
Health
Care
Equipment
&
Supplies
 — 
0
.2
%
Inmode
Ltd.
(a)
...........................
120,843
1,661,591
a
Hotels,
Restaurants
&
Leisure
 — 
0
.6
%
Fattal
Holdings
1998
Ltd.
(a)
..................
15,815
3,101,711
Isrotel
Ltd.
.............................
38,230
1,998,893
5,100,604
a
Household
Durables
 — 
0
.2
%
Azorim-Investment
Development
&
Construction
Co.
Ltd.
(b)
...............................
159,796
1,079,694
Electra
Consumer
Products
1970
Ltd.
...........
27,825
753,050
1,832,744
a
Independent
Power
and
Renewable
Electricity
Producers
 — 
5
.5
%
Doral
Group
Renewable
Energy
Resources
Ltd.
(a)
...
170,302
3,274,305
Energix-Renewable
Energies
Ltd.
..............
614,448
3,915,422
Enlight
Renewable
Energy
Ltd.
(a)
..............
281,260
19,292,879
Kenon
Holdings
Ltd.
.......................
44,659
3,533,562
Meshek
Energy
Renewable
Energies
Ltd.
(a)
.......
681,800
2,425,530
OPC
Energy
Ltd.
(a)
........................
353,605
11,163,208
OY
Nofar
Energy
Ltd.
(a)
.....................
56,844
3,010,050
46,614,956
a
Insurance
 — 
7
.5
%
Clal
Insurance
Enterprises
Holdings
Ltd.
(b)
........
153,203
11,459,372
Harel
Insurance
Investments
&
Financial
Services
Ltd.
240,624
12,660,850
IDI
Insurance
Co.
Ltd.
......................
17,980
1,312,511
Menora
Mivtachim
Holdings
Ltd.
...............
46,557
6,660,685
Migdal
Insurance
&
Financial
Holdings
Ltd.
(a)
......
1,240,878
6,721,438
Phoenix
Financial
Ltd.
.....................
486,268
24,862,001
63,676,857
a
IT
Services
 — 
1
.9
%
Formula
Systems
1985
Ltd.
..................
21,249
2,457,309
Matrix
IT
Ltd.
............................
108,491
3,274,302
One
Software
Technologies
Ltd.
...............
99,097
1,913,139
Wix.com
Ltd.
(a)
...........................
118,711
8,364,377
16,009,127
a
Machinery
 — 
0
.2
%
Kornit
Digital
Ltd.
(a)
........................
95,897
1,466,265
a
Marine
Transportation
 — 
0
.9
%
ZIM
Integrated
Shipping
Services
Ltd.
...........
256,881
7,405,879
a
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
MSCI
Israel
ETF
(Percentages
shown
are
based
on
Net
Assets)
4
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Oil,
Gas
&
Consumable
Fuels
 — 
1
.9
%
Delek
Group
Ltd.
.........................
19,498
$
5,982,095
Equital
Ltd.
(a)
............................
50,360
2,317,727
Oil
Refineries
Ltd.
........................
4,611,271
1,502,939
Paz
Retail
And
Energy
Ltd.
..................
21,791
5,351,407
Tamar
Petroleum
Ltd.
(c)
.....................
56,729
592,353
15,746,521
a
Passenger
Airlines
 — 
0
.4
%
El
Al
Israel
Airlines
........................
645,847
3,220,540
a
Personal
Care
Products
 — 
0
.1
%
Oddity
Tech
Ltd.
,
Class
A
(a)
..................
88,077
1,036,666
a
Pharmaceuticals
 — 
9
.7
%
Teva
Pharmaceutical
Industries
Ltd.
,
ADR
(a)
.......
2,443,289
82,729,766
a
Professional
Services
 — 
0
.5
%
Danel
Adir
Yeoshua
Ltd.
....................
10,645
1,501,386
Fiverr
International
Ltd.
(a)
(b)
...................
67,753
733,765
Hilan
Ltd.
..............................
34,249
2,193,071
4,428,222
a
Real
Estate
Management
&
Development
 — 
8
.2
%
Africa
Israel
Residences
Ltd.
(b)
................
13,689
1,208,145
Airport
City
Ltd.
(a)
.........................
122,321
2,148,320
Alony
Hetz
Properties
&
Investments
Ltd.
.........
322,815
3,793,513
Amot
Investments
Ltd.
.....................
526,468
3,494,740
Amram
Avraham
Construction
Co.
Ltd.
(a)
.........
55,900
819,781
Aura
Investments
Ltd.
(b)
....................
335,108
2,216,277
Azrieli
Group
Ltd.
.........................
90,275
12,972,786
Big
Shopping
Centers
Ltd.
...................
34,606
8,339,141
Blue
Square
Real
Estate
Ltd.
.................
11,630
1,564,478
Electra
Real
Estate
Ltd.
(a)
(b)
..................
67,976
1,211,630
G
City
Ltd.
.............................
201,936
506,229
Gav-Yam
Lands
Corp.
Ltd.
..................
116,709
1,366,052
Israel
Canada
T.R
Ltd.
(b)
....................
388,116
2,431,803
Isras
Holdings
Ltd.
(a)
.......................
8,305
863,480
Isras
Investment
Co.
Ltd.
...................
2,608
699,297
Mega
Or
Holdings
Ltd.
.....................
50,812
8,278,180
Melisron
Ltd.
............................
50,817
6,885,798
Mivne
Real
Estate
KD
Ltd.
...................
1,234,917
5,123,384
Prashkovsky
Investments
and
Construction
Ltd.
(a)
(b)
..
15,892
876,213
Summit
Real
Estate
Holdings
Ltd.
..............
78,326
1,416,832
YH
Dimri
Construction
&
Development
Ltd.
(b)
......
21,125
3,006,143
69,222,222
a
Semiconductors
&
Semiconductor
Equipment
 — 
8
.1
%
Camtek
Ltd.
(a)
...........................
63,413
10,565,070
Nova
Ltd.
(a)
.............................
63,205
27,759,381
Security
Shares
Value
a
Semiconductors
&
Semiconductor
Equipment
(continued)
Tower
Semiconductor
Ltd.
(a)
..................
239,630
$
30,368,542
68,692,993
a
Software
 — 
6
.5
%
Cellebrite
DI
Ltd.
(a)
(b)
.......................
234,603
3,129,604
Check
Point
Software
Technologies
Ltd.
(a)
(b)
.......
182,933
27,818,621
Monday.com
Ltd.
(a)
........................
92,032
6,685,205
Nice
Ltd.
(a)
.............................
131,368
15,044,006
Radware
Ltd.
(a)
..........................
73,842
1,709,442
Riskified
Ltd.
,
Class
A
(a)
.....................
173,705
772,987
55,159,865
a
Specialty
Retail
 — 
0
.4
%
Carasso
Motors
Ltd.
(a)
(b)
.....................
80,024
910,018
Delek
Automotive
Systems
Ltd.
...............
104,849
654,825
Fox
Wizel
Ltd.
...........................
17,620
1,592,940
Retailors
Ltd.
...........................
47,300
521,680
3,679,463
a
Textiles,
Apparel
&
Luxury
Goods
 — 
0
.1
%
Delta
Galil
Ltd.
(b)
.........................
25,403
1,232,604
a
Wireless
Telecommunication
Services
 — 
0
.8
%
Cellcom
Israel
Ltd.
........................
250,902
2,924,643
Partner
Communications
Co.
Ltd.
..............
319,145
3,904,926
6,829,569
a
Total
Long-Term
Investments — 99.2%
(Cost:
$
651,717,009
)
................................
841,802,951
a
Short-Term
Securities
Money
Market
Funds
 — 
1
.8
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
3.84
%
(d)
(e)
(f)
......................
8,342,287
8,346,458
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
3.64
%
(d)
(e)
............................
6,972,926
6,972,926
a
Total
Short-Term
Securities — 1.8%
(Cost:
$
15,319,215
)
.................................
15,319,384
Total
Investments
101.0%
(Cost:
$
667,036,224
)
................................
857,122,335
Liabilities
in
Excess
of
Other
Assets
(
1
.0
)
%
...............
(
8,464,888
)
Net
Assets
100.0%
.................................
$
848,657,447
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
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.
(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.
iShares
®
MSCI
Israel
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:
Institutional,
SL
Agency
Shares
$
5,111,922
$
3,231,504
(a)
$
$
3,212
$
(
180
)
$
8,346,458
8,342,287
$
89,196
(b)
$
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..
240,000
6,732,926
(a)
6,972,926
6,972,926
9,427
$
$
3,212
$
(
180
)
$
15,319,384
$
98,623
$
(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
.................................................................
86
03/20/26
$
6,253
$
(
40,303
)
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)
.............
$
$
$
40,303
$
$
$
$
40,303
(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
.................................
$
$
$
293,738
$
$
$
$
293,738
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Futures
contracts
.................................
$
$
$
(
24,237
)
$
$
$
$
(
24,237
)
Futures
contracts:
Average
notional
value
of
contracts
long
...................................................................................
$
3,751,729
a
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
MSCI
Israel
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
.........................................
$
179,369,176
$
662,433,775
$
$
841,802,951
Short-Term
Securities
Money
Market
Funds
......................................
15,319,384
15,319,384
$
194,688,560
$
662,433,775
$
$
857,122,335
Derivative
Financial
Instruments
(a)
Liabilities
Equity
Contracts
...........................................
$
(
40,303
)
$
$
$
(
40,303
)
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
MSCI
Turkey
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
Aerospace
&
Defense
 — 
10
.5
%
Aselsan
Elektronik
Sanayi
Ve
Ticaret
A.S.
........
4,968,394
$
36,440,050
a
Air
Freight
&
Logistics
 — 
0
.6
%
Reysas
Tasimacilik
ve
Lojistik
Ticaret
A.S.
(a)
(b)
......
4,280,544
1,947,956
a
Automobiles
 — 
3
.1
%
Ford
Otomotiv
Sanayi
A.S.
..................
2,874,239
7,595,536
Tofas
Turk
Otomobil
Fabrikasi
A.S.
.............
455,861
3,306,306
10,901,842
a
Banks
 — 
16
.3
%
Akbank
TAS
............................
11,326,050
23,288,175
Haci
Omer
Sabanci
Holding
A.S.
..............
3,842,153
8,831,246
Turkiye
Is
Bankasi
A.S.
,
Class
C
...............
31,743,716
12,244,112
Yapi
ve
Kredi
Bankasi
A.S.
(a)
.................
12,185,263
12,035,505
56,399,038
a
Beverages
 — 
1
.2
%
Anadolu
Efes
Biracilik
Ve
Malt
Sanayii
A.S.
(b)
......
9,390,302
4,060,239
a
Capital
Markets
 — 
1
.6
%
Is
Yatirim
Menkul
Degerler
A.S.
...............
1,518,908
1,667,441
Tera
Yatirim
Menkul
Degerler
A.S.
(a)
............
630,639
3,789,521
5,456,962
a
Chemicals
 — 
2
.4
%
Gubre
Fabrikalari
TAS
(a)
....................
301,010
3,651,221
Hektas
Ticaret
TAS
(a)
(b)
.....................
16,531,127
1,144,753
Petkim
Petrokimya
Holding
A.S.
(a)
(b)
.............
5,492,552
2,164,423
Sasa
Polyester
Sanayi
A.S.
(a)
.................
23,294,206
1,309,617
8,270,014
a
Construction
&
Engineering
 — 
0
.5
%
Ral
Yatirim
Holding
A.S.
(a)
...................
471,102
1,678,141
a
Construction
Materials
 — 
2
.0
%
Baticim
Bati
Anadolu
Cimento
Sanayii
A.S.
(a)
......
8,594,334
1,058,300
BatiSoke
Soke
Cimento
Sanayii
TAS
(a)
..........
1,054,835
700,118
Cimsa
Cimento
Sanayi
VE
Ticaret
A.S.
(b)
.........
1,029,114
1,199,658
Nuh
Cimento
Sanayi
A.S.
...................
334,494
2,070,887
Oyak
Cimento
Fabrikalari
A.S.
(b)
...............
3,522,408
1,967,794
6,996,757
a
Consumer
Finance
 — 
0
.3
%
Katilimevim
Tasarruf
Finansman
A.S.
...........
1,001,267
916,168
a
Consumer
Staples
Distribution
&
Retail
 — 
9
.7
%
BIM
Birlesik
Magazalar
A.S.
..................
1,633,861
24,885,460
Grainturk
Tarim
A.S.
(a)
......................
132,943
690,527
Migros
Ticaret
A.S.
(b)
.......................
386,920
5,705,421
Sok
Marketler
Ticaret
A.S.
(a)
..................
1,516,479
2,205,852
33,487,260
a
Diversified
REITs
 — 
1
.9
%
Peker
Gayrimenkul
Yatirim
Ortakligi
A.S.
(a)
........
11,632,695
3,415,618
Torunlar
Gayrimenkul
Yatirim
Ortakligi
A.S.
........
702,970
1,362,928
Ziraat
Gayrimenkul
Yatirim
Ortakligi
A.S.
.........
3,401,390
1,765,186
6,543,732
a
Electric
Utilities
 — 
0
.9
%
Enerjisa
Enerji
A.S.
(c)
......................
1,223,112
2,989,990
a
Security
Shares
Value
a
Electrical
Equipment
 — 
1
.4
%
Astor
Transformator
Enerji
Turizm
Insaat
Ve
Petrol
Sanayi
Ticaret
A.S.
(b)
.....................
1,097,347
$
4,695,624
a
Financial
Services
 — 
3
.3
%
Destek
Finans
Faktoring
A.S.
(a)
(b)
..............
307,325
10,500,163
Turkiye
Sinai
Kalkinma
Bankasi
A.S.
(a)
...........
3,345,553
989,798
11,489,961
a
Food
Products
 — 
1
.1
%
Efor
Yatirim
Sanayi
Ticaret
A.S.
...............
1,870,732
913,778
Ulker
Biskuvi
Sanayi
A.S.
...................
982,819
2,764,769
3,678,547
a
Gas
Utilities
 — 
1
.2
%
Ahlatci
Dogal
Gaz
Dagitim
Enerji
VE
Yatirim
A.S.
(a)
..
2,343,289
1,327,436
Aygaz
A.S.
.............................
154,168
862,532
Enerya
Enerji
A.S.
........................
8,123,909
1,852,815
4,042,783
a
Ground
Transportation
 — 
1
.4
%
LDR
Turizm
A.S.
.........................
854,678
1,644,809
Pasifik
Eurasia
Lojistik
Dis
Ticaret
A.S.
(a)
(b)
........
1,225,326
3,383,075
5,027,884
a
Health
Care
Providers
&
Services
 — 
1
.4
%
MLP
Saglik
Hizmetleri
A.S.
,
Class
B
(a)
(c)
..........
397,872
3,973,026
Selcuk
Ecza
Deposu
Ticaret
ve
Sanayi
A.S.
.......
426,433
825,029
4,798,055
a
Hotels,
Restaurants
&
Leisure
 — 
0
.4
%
TAB
Gida
Sanayi
Ve
Ticaret
A.S.
..............
229,382
1,360,006
a
Household
Durables
 — 
0
.2
%
Arcelik
A.S.
(a)
(b)
..........................
292,786
768,727
a
Independent
Power
and
Renewable
Electricity
Producers
 — 
1
.2
%
Aksa
Enerji
Uretim
A.S.
,
Class
B
(a)
(b)
............
838,149
1,282,275
Margun
Enerji
Uretim
Sanayi
VE
Ticaret
A.S.
(a)
.....
2,572,538
2,913,676
4,195,951
a
Industrial
Conglomerates
 — 
8
.4
%
AG
Anadolu
Grubu
Holding
A.S.
...............
1,240,061
953,459
Alarko
Holding
A.S.
(b)
......................
838,752
1,958,624
Kiler
Holding
A.S.
(a)
.......................
1,350,925
9,532,179
KOC
Holding
A.S.
........................
2,767,212
12,588,283
Turkiye
Sise
ve
Cam
Fabrikalari
A.S.
............
4,154,407
4,250,292
29,282,837
a
Industrial
REITs
 — 
0
.4
%
Reysas
Gayrimenkul
Yatirim
Ortakligi
A.S.
(a)
(b)
......
2,074,362
1,527,891
a
Insurance
 — 
1
.2
%
Anadolu
Anonim
Turk
Sigorta
Sirketi
............
2,195,167
1,298,093
Anadolu
Hayat
Emeklilik
A.S.
.................
315,190
804,942
Turkiye
Sigorta
A.S.
.......................
7,179,221
1,993,593
4,096,628
a
Machinery
 — 
0
.5
%
Otokar
Otomotiv
Ve
Savunma
Sanayi
A.S.
(a)
.......
101,606
889,651
Turk
Traktor
ve
Ziraat
Makineleri
A.S.
...........
88,662
1,031,432
1,921,083
a
Metals
&
Mining
 — 
6
.4
%
Borusan
Birlesik
Boru
Fabrikalari
Sanayi
ve
Ticaret
A.S.
(a)
...............................
8,808
130,037
Eregli
Demir
ve
Celik
Fabrikalari
TAS
(b)
..........
13,093,138
9,753,758
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
MSCI
Turkey
ETF
(Percentages
shown
are
based
on
Net
Assets)
8
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Metals
&
Mining
(continued)
Kardemir
Karabuk
Demir
Celik
Sanayi
ve
Ticaret
A.S.
,
Class
D
(a)
(b)
...........................
3,987,670
$
2,959,654
TR
Anadolu
Metal
Madencilik
Isletmeleri
A.S.
(a)
.....
921,320
3,539,828
Turk
Altin
Isletmeleri
A.S.
(a)
(b)
.................
4,227,479
5,869,628
22,252,905
a
Oil,
Gas
&
Consumable
Fuels
 — 
5
.0
%
Turkiye
Petrol
Rafinerileri
A.S.
................
3,495,601
17,409,079
a
Passenger
Airlines
 — 
5
.0
%
Pegasus
Hava
Tasimaciligi
A.S.
(a)
(b)
.............
999,480
4,477,530
Turk
Hava
Yollari
AO
......................
1,848,554
12,957,311
17,434,841
a
Personal
Care
Products
 — 
0
.3
%
EIS
Eczacibasi
Ilac
ve
Sinai
ve
Finansal
Yatirimlar
Sanayi
ve
Ticaret
A.S.
....................
363,275
950,895
a
Pharmaceuticals
 — 
0
.2
%
GEN
Ilac
VE
Saglik
Urunleri
Sanayi
VE
Ticaret
A.S.
(b)
4,488,510
797,907
a
Real
Estate
Management
&
Development
 — 
0
.6
%
LYDIA
HOLDING
A.S.
(a)
.....................
283,437
1,290,750
Tera
Yatirim
Teknoloji
Holding
A.S.
(a)
............
2,623,769
843,256
2,134,006
a
Residential
REITs
 — 
1
.4
%
Emlak
Konut
Gayrimenkul
Yatirim
Ortakligi
A.S.
(b)
...
9,181,678
4,964,194
a
Specialty
Retail
 — 
1
.2
%
Dogan
Sirketler
Grubu
Holding
A.S.
............
5,421,784
2,486,675
Dogus
Otomotiv
Servis
ve
Ticaret
A.S.
..........
313,373
1,562,086
4,048,761
a
Textiles,
Apparel
&
Luxury
Goods
 — 
1
.6
%
Aksa
Akrilik
Kimya
Sanayii
A.S.
...............
8,188,610
1,897,393
Isiklar
Enerji
ve
Yapi
Holding
A.S.
(a)
.............
409,550
775,119
Security
Shares
Value
a
Textiles,
Apparel
&
Luxury
Goods
(continued)
Mavi
Giyim
Sanayi
Ve
Ticaret
A.S.
,
Class
B
(c)
......
2,880,023
$
2,979,335
5,651,847
a
Transportation
Infrastructure
 — 
1
.6
%
TAV
Havalimanlari
Holding
A.S.
(a)
(b)
.............
770,549
5,424,118
a
Wireless
Telecommunication
Services
 — 
3
.5
%
Turkcell
Iletisim
Hizmetleri
A.S.
................
4,555,824
12,035,023
a
a
Total
Long-Term
Investments — 99.9%
(Cost:
$
303,086,441
)
................................
346,077,702
a
Short-Term
Securities
Money
Market
Funds
 — 
8
.9
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
3.84
%
(d)
(e)
(f)
......................
30,426,447
30,441,661
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
3.64
%
(d)
(e)
............................
179,457
179,457
a
Total
Short-Term
Securities — 8.9%
(Cost:
$
30,620,304
)
.................................
30,621,118
Total
Investments
108.8%
(Cost:
$
333,706,745
)
................................
376,698,820
Liabilities
in
Excess
of
Other
Assets
(
8
.8
)
%
...............
(
30,367,257
)
Net
Assets
100.0%
.................................
$
346,331,563
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
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.
(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.
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
$
13,965,882
$
16,476,117
(a)
$
$
(
366
)
$
28
$
30,441,661
30,426,447
$
386,405
(b)
$
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..
1
179,456
(a)
179,457
179,457
6,622
$
$
(
366
)
$
28
$
30,621,118
$
393,027
$
(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.
iShares
®
MSCI
Turkey
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
9
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
MSCI
Emerging
Markets
Index
.............................................................
1
03/20/26
$
80
$
9,561
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)
.............
$
$
$
9,561
$
$
$
$
9,561
(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
..................................
$
$
$
23,194
$
$
$
$
23,194
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Futures
contracts
..................................
$
$
$
9,873
$
$
$
$
9,873
Futures
contracts:
Average
notional
value
of
contracts
long
...................................................................................
$
40,093
a
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
MSCI
Turkey
ETF
10
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
.........................................
$
65,126,056
$
280,951,646
$
$
346,077,702
Short-Term
Securities
Money
Market
Funds
......................................
30,621,118
30,621,118
$
95,747,174
$
280,951,646
$
$
376,698,820
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
9,561
$
$
$
9,561
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
MSCI
USA
Equal
Weighted
ETF
Schedule
of
Investments
(unaudited)
February
28,
2026
(Percentages
shown
are
based
on
Net
Assets)
11
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
 — 
2
.9
%
Axon
Enterprise,
Inc.
(a)
(b)
....................
6,763
$
3,668,251
Boeing
Co.
(The)
(a)
........................
12,018
2,734,456
Curtiss-Wright
Corp.
.......................
4,222
2,956,793
FTAI
Aviation
Ltd.
.........................
10,222
3,125,888
General
Dynamics
Corp.
....................
8,540
3,049,207
General
Electric
Co.
.......................
8,888
3,042,007
HEICO
Corp.
...........................
3,579
1,143,347
HEICO
Corp.
,
Class
A
......................
6,767
1,624,825
Howmet
Aerospace,
Inc.
(b)
...................
11,524
3,025,396
L3Harris
Technologies,
Inc.
..................
8,493
3,096,038
Lockheed
Martin
Corp.
.....................
4,496
2,958,728
Northrop
Grumman
Corp.
...................
4,155
3,009,799
Rocket
Lab
Corp.
(a)
.......................
41,801
2,888,449
RTX
Corp.
.............................
14,371
2,911,852
Textron,
Inc.
............................
29,373
2,897,646
TransDigm
Group,
Inc.
.....................
2,256
2,939,094
45,071,776
a
Air
Freight
&
Logistics
 — 
0
.8
%
CH
Robinson
Worldwide,
Inc.
................
16,491
3,054,958
Expeditors
International
of
Washington,
Inc.
.......
19,857
2,879,860
FedEx
Corp.
............................
7,718
2,986,866
United
Parcel
Service,
Inc.
,
Class
B
............
25,326
2,936,803
11,858,487
a
Automobile
Components
 — 
0
.2
%
Aptiv
PLC
(a)
.............................
35,585
2,616,921
a
Automobiles
 — 
0
.7
%
Ford
Motor
Co.
..........................
208,240
2,934,102
General
Motors
Co.
.......................
36,327
2,859,298
Rivian
Automotive,
Inc.
,
Class
A
(a)
(b)
.............
177,922
2,727,544
Tesla,
Inc.
(a)
.............................
7,138
2,873,116
11,394,060
a
Banks
 — 
2
.7
%
Bank
of
America
Corp.
.....................
55,870
2,784,002
Citigroup,
Inc.
...........................
26,486
2,918,492
Citizens
Financial
Group,
Inc.
................
46,344
2,789,445
Fifth
Third
Bancorp
.......................
55,775
2,759,189
First
Citizens
BancShares,
Inc.
,
Class
A
..........
1,466
2,782,688
Huntington
Bancshares,
Inc.
.................
171,820
2,886,576
JPMorgan
Chase
&
Co.
....................
9,495
2,851,349
KeyCorp
...............................
141,133
2,927,098
M&T
Bank
Corp.
.........................
12,851
2,788,410
Pinnacle
Financial
Partners,
Inc.
...............
30,328
2,752,569
PNC
Financial
Services
Group,
Inc.
(The)
........
12,783
2,714,470
Regions
Financial
Corp.
....................
99,207
2,760,931
Truist
Financial
Corp.
......................
58,702
2,894,596
U.S.
Bancorp
...........................
50,418
2,755,848
Wells
Fargo
&
Co.
........................
33,542
2,731,996
42,097,659
a
Beverages
 — 
1
.0
%
Coca-Cola
Co.
(The)
......................
36,639
2,988,277
Constellation
Brands,
Inc.
,
Class
A
.............
19,282
3,043,857
Keurig
Dr
Pepper,
Inc.
.....................
100,873
3,054,434
Monster
Beverage
Corp.
(a)
...................
35,046
2,989,424
PepsiCo,
Inc.
...........................
18,069
3,067,032
15,143,024
a
Biotechnology
 — 
2
.4
%
AbbVie,
Inc.
............................
12,785
2,967,143
Alnylam
Pharmaceuticals,
Inc.
(a)
...............
8,812
2,933,691
Security
Shares
Value
a
Biotechnology
(continued)
Amgen,
Inc.
............................
7,820
$
3,035,411
Biogen,
Inc.
(a)
...........................
14,909
2,859,844
Gilead
Sciences,
Inc.
......................
18,842
2,806,516
Incyte
Corp.
(a)
...........................
28,764
2,912,930
Insmed,
Inc.
(a)
...........................
19,443
2,903,423
Natera,
Inc.
(a)
...........................
13,840
2,879,274
Neurocrine
Biosciences,
Inc.
(a)
................
22,858
3,022,971
Regeneron
Pharmaceuticals,
Inc.
..............
3,667
2,866,384
Revolution
Medicines,
Inc.
(a)
..................
29,038
2,962,457
United
Therapeutics
Corp.
(a)
..................
6,048
3,047,587
Vertex
Pharmaceuticals,
Inc.
(a)
................
6,118
3,039,606
38,237,237
a
Broadline
Retail
 — 
0
.6
%
Amazon.com,
Inc.
(a)
.......................
14,356
3,014,760
eBay,
Inc.
..............................
36,546
3,320,569
MercadoLibre,
Inc.
(a)
.......................
1,477
2,595,946
8,931,275
a
Building
Products
 — 
1
.4
%
Allegion
PLC
............................
17,878
2,881,040
Builders
FirstSource,
Inc.
(a)
..................
25,592
2,668,990
Carlisle
Companies,
Inc.
....................
7,156
2,824,974
Carrier
Global
Corp.
.......................
44,092
2,839,525
Johnson
Controls
International
PLC
............
20,461
2,952,522
Lennox
International,
Inc.
...................
5,163
2,942,600
Masco
Corp.
............................
38,514
2,758,373
Trane
Technologies
PLC
....................
6,177
2,855,750
22,723,774
a
Capital
Markets
 — 
4
.9
%
Ameriprise
Financial,
Inc.
...................
6,175
2,902,991
Ares
Management
Corp.
,
Class
A
..............
22,783
2,551,924
Bank
of
New
York
Mellon
Corp.
(The)
...........
24,714
2,943,437
BlackRock,
Inc.
(c)
.........................
2,722
2,894,112
Blackstone,
Inc.
..........................
22,695
2,572,932
Carlyle
Group,
Inc.
(The)
....................
54,687
2,843,177
Cboe
Global
Markets,
Inc.
...................
10,323
3,094,010
Charles
Schwab
Corp.
(The)
.................
31,898
3,036,690
CME
Group,
Inc.
,
Class
A
...................
9,655
3,084,773
Coinbase
Global,
Inc.
,
Class
A
(a)
...............
17,564
3,088,629
Goldman
Sachs
Group,
Inc.
(The)
.............
3,214
2,762,658
Interactive
Brokers
Group,
Inc.
,
Class
A
..........
39,953
2,844,254
Intercontinental
Exchange,
Inc.
...............
19,401
3,184,286
KKR
&
Co.,
Inc.
..........................
28,578
2,505,719
LPL
Financial
Holdings,
Inc.
..................
9,132
2,743,070
Moody's
Corp.
...........................
7,008
3,346,951
Morgan
Stanley
..........................
17,391
2,895,775
MSCI,
Inc.
,
Class
A
.......................
5,681
3,248,566
Nasdaq,
Inc.
............................
37,109
3,250,006
Northern
Trust
Corp.
.......................
19,944
2,853,787
Raymond
James
Financial,
Inc.
...............
18,642
2,853,717
Robinhood
Markets,
Inc.
,
Class
A
(a)
.............
38,595
2,927,431
S&P
Global,
Inc.
.........................
7,196
3,179,769
State
Street
Corp.
........................
23,213
2,985,656
T
Rowe
Price
Group,
Inc.
...................
31,130
2,945,832
Tradeweb
Markets,
Inc.
,
Class
A
...............
25,560
3,150,398
76,690,550
a
Chemicals
 — 
2
.2
%
Air
Products
and
Chemicals,
Inc.
..............
10,741
2,960,971
CF
Industries
Holdings,
Inc.
..................
30,976
3,083,351
Corteva,
Inc.
............................
38,658
3,097,279
Dow,
Inc.
..............................
94,910
2,916,584
DuPont
de
Nemours,
Inc.
...................
57,883
2,896,465
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
MSCI
USA
Equal
Weighted
ETF
(Percentages
shown
are
based
on
Net
Assets)
12
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Chemicals
(continued)
Ecolab,
Inc.
............................
9,554
$
2,945,976
International
Flavors
&
Fragrances,
Inc.
..........
35,909
2,952,797
Linde
PLC
.............................
5,984
3,040,351
LyondellBasell
Industries
N.V.
,
Class
A
..........
53,352
3,068,807
PPG
Industries,
Inc.
.......................
22,540
2,778,506
RPM
International,
Inc.
.....................
24,822
2,832,687
Sherwin-Williams
Co.
(The)
..................
7,949
2,882,228
35,456,002
a
Commercial
Services
&
Supplies
 — 
1
.3
%
Cintas
Corp.
............................
14,900
2,996,837
Copart,
Inc.
(a)
...........................
77,584
2,955,174
Republic
Services,
Inc.
,
Class
A
...............
13,197
3,022,113
Rollins,
Inc.
.............................
48,708
2,965,830
Veralto
Corp.
............................
31,693
3,087,849
Waste
Connections,
Inc.
....................
18,184
3,130,012
Waste
Management,
Inc.
....................
12,501
3,010,741
21,168,556
a
Communications
Equipment
 — 
1
.1
%
Arista
Networks,
Inc.
(a)
.....................
20,376
2,720,196
Ciena
Corp.
(a)
(b)
..........................
9,616
3,353,099
Cisco
Systems,
Inc.
.......................
37,641
2,990,954
F5,
Inc.
(a)
..............................
10,724
2,910,065
Lumentum
Holdings,
Inc.
(a)
..................
3,929
2,753,875
Motorola
Solutions,
Inc.
....................
6,311
3,043,543
17,771,732
a
Construction
&
Engineering
 — 
0
.8
%
AECOM
...............................
32,091
3,144,276
Comfort
Systems
USA,
Inc.
..................
2,169
3,100,304
EMCOR
Group,
Inc.
.......................
3,639
2,636,892
Quanta
Services,
Inc.
......................
5,539
3,118,900
12,000,372
a
Construction
Materials
 — 
0
.8
%
Amrize
Ltd.
(a)
(b)
...........................
50,664
3,292,653
CRH
PLC
..............................
23,870
2,863,923
Martin
Marietta
Materials,
Inc.
................
4,345
2,939,697
Vulcan
Materials
Co.
......................
9,432
2,923,920
12,020,193
a
Consumer
Finance
 — 
0
.7
%
American
Express
Co.
.....................
8,677
2,680,325
Capital
One
Financial
Corp.
..................
14,656
2,867,300
SoFi
Technologies,
Inc.
(a)
....................
150,696
2,676,361
Synchrony
Financial
.......................
41,088
2,839,592
11,063,578
a
Consumer
Staples
Distribution
&
Retail
 — 
1
.5
%
Casey's
General
Stores,
Inc.
.................
4,365
2,992,600
Costco
Wholesale
Corp.
....................
2,818
2,848,406
Dollar
General
Corp.
......................
19,518
3,049,492
Dollar
Tree,
Inc.
(a)
.........................
22,847
2,889,689
Kroger
Co.
(The)
.........................
41,943
2,862,190
Sysco
Corp.
............................
32,411
2,954,587
Target
Corp.
............................
25,054
2,850,895
Walmart,
Inc.
............................
22,091
2,826,544
23,274,403
a
Containers
&
Packaging
 — 
1
.1
%
Amcor
PLC
.............................
59,125
2,863,424
Avery
Dennison
Corp.
......................
14,996
2,944,465
Ball
Corp.
..............................
43,742
2,936,400
International
Paper
Co.
.....................
60,329
2,627,328
Packaging
Corp.
of
America
.................
12,084
2,805,180
Security
Shares
Value
a
Containers
&
Packaging
(continued)
Smurfit
Westrock
PLC
.....................
57,659
$
2,710,549
16,887,346
a
Distributors
 — 
0
.2
%
Genuine
Parts
Co.
........................
23,461
2,797,959
a
Diversified
REITs
 — 
0
.2
%
WP
Carey,
Inc.
..........................
39,950
2,982,268
a
Diversified
Telecommunication
Services
 — 
0
.7
%
AST
SpaceMobile,
Inc.
,
Class
A
(a)
..............
35,212
2,788,438
AT&T,
Inc.
..............................
101,276
2,836,741
Comcast
Corp.
,
Class
A
....................
92,132
2,852,407
Verizon
Communications,
Inc.
................
59,514
2,984,032
11,461,618
a
Electric
Utilities
 — 
3
.2
%
Alliant
Energy
Corp.
.......................
41,791
3,023,161
American
Electric
Power
Co.,
Inc.
..............
22,177
2,967,726
Constellation
Energy
Corp.
..................
9,612
3,170,807
Duke
Energy
Corp.
.......................
22,506
2,944,910
Edison
International
.......................
40,678
3,040,274
Entergy
Corp.
...........................
27,808
2,978,515
Evergy,
Inc.
.............................
36,284
3,035,519
Eversource
Energy
.......................
40,196
3,063,337
Exelon
Corp.
............................
61,210
3,028,059
FirstEnergy
Corp.
........................
60,227
3,081,213
NextEra
Energy,
Inc.
......................
31,373
2,941,846
NRG
Energy,
Inc.
.........................
16,837
3,013,149
Oklo,
Inc.
,
Class
A
(a)
(b)
......................
43,172
2,717,677
PG&E
Corp.
............................
161,824
3,074,656
PPL
Corp.
.............................
77,818
3,033,346
Southern
Co.
(The)
.......................
31,570
3,074,287
Xcel
Energy,
Inc.
.........................
36,085
3,008,046
51,196,528
a
Electrical
Equipment
 — 
1
.5
%
AMETEK,
Inc.
...........................
12,390
2,963,936
Bloom
Energy
Corp.
,
Class
A
(a)
................
20,081
3,126,009
Eaton
Corp.
PLC
.........................
7,393
2,779,177
Emerson
Electric
Co.
......................
19,602
2,955,002
GE
Vernova,
Inc.
.........................
3,547
3,098,659
Hubbell,
Inc.
,
Class
B
......................
5,526
2,827,267
Rockwell
Automation,
Inc.
...................
7,523
3,065,246
Vertiv
Holdings
Co.
,
Class
A
.................
11,945
3,044,661
23,859,957
a
Electronic
Equipment,
Instruments
&
Components
 — 
1
.9
%
Amphenol
Corp.
,
Class
A
...................
19,461
2,842,474
CDW
Corp.
.............................
23,534
2,886,210
Coherent
Corp.
(a)
.........................
13,228
3,425,126
Corning,
Inc.
............................
22,224
3,342,045
Flex
Ltd.
(a)
..............................
45,167
2,846,424
Jabil,
Inc.
..............................
11,279
2,988,822
Keysight
Technologies,
Inc.
(a)
.................
12,433
3,821,034
TE
Connectivity
PLC
......................
12,225
2,813,584
Teledyne
Technologies,
Inc.
(a)
.................
4,488
3,056,777
Zebra
Technologies
Corp.
,
Class
A
(a)
............
11,184
2,504,768
30,527,264
a
Energy
Equipment
&
Services
 — 
0
.6
%
Baker
Hughes
Co.
,
Class
A
..................
48,643
3,174,442
Halliburton
Co.
..........................
87,072
3,134,592
SLB
Ltd.
...............................
58,757
3,016,585
9,325,619
a
iShares
®
MSCI
USA
Equal
Weighted
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
(Percentages
shown
are
based
on
Net
Assets)
13
Schedule
of
Investments
Security
Shares
Value
a
Entertainment
 — 
1
.6
%
Electronic
Arts,
Inc.
.......................
14,585
$
2,925,313
Liberty
Media
Corp.-Liberty
Formula
One
,
Series
C
,
NVS
(a)
...............................
33,855
3,100,779
Live
Nation
Entertainment,
Inc.
(a)
..............
18,628
3,020,344
Netflix,
Inc.
(a)
(b)
...........................
37,748
3,632,868
ROBLOX
Corp.
,
Class
A
(a)
...................
46,366
3,183,490
Take-Two
Interactive
Software,
Inc.
(a)
............
15,258
3,226,762
Walt
Disney
Co.
(The)
.....................
27,733
2,940,807
Warner
Bros
Discovery,
Inc.
(a)
................
101,758
2,866,523
24,896,886
a
Financial
Services
 — 
2
.8
%
Affirm
Holdings,
Inc.
,
Class
A
(a)
................
56,997
2,677,719
Apollo
Global
Management,
Inc.
...............
24,525
2,565,315
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
............
5,995
3,027,175
Block,
Inc.
,
Class
A
(a)
......................
58,447
3,723,074
Corpay,
Inc.
(a)
...........................
8,605
2,797,486
Equitable
Holdings,
Inc.
....................
33,709
1,355,776
Fidelity
National
Information
Services,
Inc.
........
63,366
3,229,131
Fiserv,
Inc.
(a)
............................
46,238
2,880,165
Global
Payments,
Inc.
.....................
42,278
3,232,576
Jack
Henry
&
Associates,
Inc.
................
18,893
3,069,357
Mastercard,
Inc.
,
Class
A
....................
5,804
3,001,887
PayPal
Holdings,
Inc.
......................
71,982
3,326,288
Rocket
Companies,
Inc.
,
Class
A
..............
160,490
2,919,313
Toast,
Inc.
,
Class
A
(a)
......................
107,311
2,930,663
Visa,
Inc.
,
Class
A
........................
9,519
3,047,413
43,783,338
a
Food
Products
 — 
1
.7
%
Archer-Daniels-Midland
Co.
..................
42,683
2,946,834
Bunge
Global
SA
.........................
23,906
2,884,259
General
Mills,
Inc.
........................
64,055
2,897,208
Hershey
Co.
(The)
........................
13,220
3,123,622
Hormel
Foods
Corp.
.......................
125,281
3,207,194
Kraft
Heinz
Co.
(The)
......................
128,481
3,161,917
McCormick
&
Co.,
Inc.
,
NVS
.................
41,911
2,977,357
Mondelez
International,
Inc.
,
Class
A
............
48,404
2,980,718
Tyson
Foods,
Inc.
,
Class
A
..................
47,212
3,068,308
27,247,417
a
Gas
Utilities
 — 
0
.2
%
Atmos
Energy
Corp.
.......................
15,996
2,987,893
a
Ground
Transportation
 — 
1
.1
%
CSX
Corp.
.............................
70,936
3,028,258
JB
Hunt
Transport
Services,
Inc.
..............
13,060
3,048,334
Norfolk
Southern
Corp.
.....................
9,213
2,899,700
Old
Dominion
Freight
Line,
Inc.
...............
15,038
3,053,466
Uber
Technologies,
Inc.
(a)
...................
41,241
3,110,396
Union
Pacific
Corp.
.......................
11,006
2,916,370
18,056,524
a
Health
Care
Equipment
&
Supplies
 — 
3
.2
%
Abbott
Laboratories
.......................
25,885
3,011,720
Becton
Dickinson
&
Co.
....................
16,546
2,920,038
Boston
Scientific
Corp.
(a)
....................
38,451
2,954,959
Cooper
Companies,
Inc.
(The)
(a)
...............
35,721
2,988,776
Dexcom,
Inc.
(a)
..........................
41,431
3,042,278
Edwards
Lifesciences
Corp.
(a)
................
37,003
3,199,649
GE
HealthCare
Technologies,
Inc.
.............
35,758
3,013,327
Hologic,
Inc.
(a)
...........................
38,921
2,933,087
IDEXX
Laboratories,
Inc.
(a)
...................
4,659
3,059,705
Insulet
Corp.
(a)
...........................
11,868
2,926,767
Intuitive
Surgical,
Inc.
(a)
.....................
5,903
2,972,219
Medtronic
PLC
..........................
30,330
2,962,028
Security
Shares
Value
a
Health
Care
Equipment
&
Supplies
(continued)
ResMed,
Inc.
...........................
11,345
$
2,907,270
Solventum
Corp.
(a)
........................
39,683
2,944,479
STERIS
PLC
............................
11,905
3,004,227
Stryker
Corp.
...........................
7,850
3,041,561
Zimmer
Biomet
Holdings,
Inc.
................
30,040
2,957,138
50,839,228
a
Health
Care
Providers
&
Services
 — 
2
.4
%
Cardinal
Health,
Inc.
.......................
13,001
2,980,219
Cencora,
Inc.
...........................
8,157
3,035,546
Centene
Corp.
(a)
.........................
71,620
3,214,306
Cigna
Group
(The)
........................
10,168
2,946,890
CVS
Health
Corp.
........................
37,731
3,014,707
Elevance
Health,
Inc.
......................
8,590
2,748,800
HCA
Healthcare,
Inc.
......................
5,430
2,876,271
Humana,
Inc.
...........................
15,867
3,023,298
Labcorp
Holdings,
Inc.
.....................
10,511
3,038,940
McKesson
Corp.
.........................
3,089
3,049,986
Quest
Diagnostics,
Inc.
.....................
14,240
3,017,598
UnitedHealth
Group,
Inc.
....................
10,200
2,991,354
Universal
Health
Services,
Inc.
,
Class
B
.........
12,201
2,514,626
38,452,541
a
Health
Care
REITs
 — 
0
.6
%
Healthpeak
Properties,
Inc.
..................
171,310
3,028,761
Ventas,
Inc.
............................
33,615
2,896,268
Welltower,
Inc.
...........................
13,459
2,787,628
8,712,657
a
Health
Care
Technology
 — 
0
.2
%
Veeva
Systems,
Inc.
,
Class
A
(a)
...............
16,532
3,008,989
a
Hotels,
Restaurants
&
Leisure
 — 
3
.3
%
Airbnb,
Inc.
,
Class
A
(a)
......................
23,398
3,161,304
Booking
Holdings,
Inc.
.....................
707
2,997,220
Carnival
Corp.
...........................
88,697
2,798,390
Chipotle
Mexican
Grill,
Inc.
,
Class
A
(a)
...........
76,780
2,857,752
Darden
Restaurants,
Inc.
...................
13,246
2,832,657
Domino's
Pizza,
Inc.
.......................
7,817
3,146,421
DoorDash,
Inc.
,
Class
A
(a)
...................
17,965
3,170,283
DraftKings,
Inc.
,
Class
A
(a)
...................
130,090
3,101,346
Expedia
Group,
Inc.
.......................
14,598
3,148,643
Flutter
Entertainment
PLC
,
Class
DI
(a)
...........
23,701
2,515,624
Hilton
Worldwide
Holdings,
Inc.
...............
9,177
2,861,205
Hyatt
Hotels
Corp.
,
Class
A
..................
17,229
2,782,483
Las
Vegas
Sands
Corp.
....................
50,980
2,891,586
Marriott
International,
Inc.
,
Class
A
.............
8,072
2,758,445
McDonald's
Corp.
........................
8,805
3,003,033
Royal
Caribbean
Cruises
Ltd.
................
8,987
2,794,597
Starbucks
Corp.
..........................
30,631
3,002,451
Yum!
Brands,
Inc.
........................
17,973
3,022,340
52,845,780
a
Household
Durables
 — 
0
.9
%
DR
Horton,
Inc.
..........................
17,551
2,815,005
Garmin
Ltd.
.............................
13,428
3,395,001
Lennar
Corp.
,
Class
A
......................
24,394
2,789,698
NVR,
Inc.
(a)
.............................
394
2,962,009
PulteGroup,
Inc.
.........................
20,189
2,769,931
14,731,644
a
Household
Products
 — 
0
.9
%
Church
&
Dwight
Co.,
Inc.
...................
28,714
3,010,950
Clorox
Co.
(The)
.........................
23,656
3,008,097
Colgate-Palmolive
Co.
.....................
30,018
2,975,985
Kimberly-Clark
Corp.
......................
26,880
2,995,507
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
MSCI
USA
Equal
Weighted
ETF
(Percentages
shown
are
based
on
Net
Assets)
14
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Household
Products
(continued)
Procter
&
Gamble
Co.
(The)
.................
17,862
$
2,986,526
14,977,065
a
Independent
Power
and
Renewable
Electricity
Producers
 — 
0
.2
%
Vistra
Corp.
............................
16,800
2,921,352
a
Industrial
Conglomerates
 — 
0
.4
%
3M
Co.
................................
17,555
2,902,192
Honeywell
International,
Inc.
.................
12,064
2,938,670
5,840,862
a
Industrial
REITs
 — 
0
.2
%
Prologis,
Inc.
............................
20,427
2,912,277
a
Insurance
 — 
4
.3
%
Aflac,
Inc.
..............................
26,542
2,997,388
Allstate
Corp.
(The)
.......................
13,514
2,899,023
American
International
Group,
Inc.
.............
36,779
2,960,342
Aon
PLC
,
Class
A
........................
9,092
3,050,093
Arch
Capital
Group
Ltd.
(a)
...................
28,808
2,885,121
Arthur
J
Gallagher
&
Co.
....................
13,803
3,149,845
Brown
&
Brown,
Inc.
.......................
43,037
3,090,917
Chubb
Ltd.
.............................
8,709
2,968,550
Cincinnati
Financial
Corp.
...................
17,541
2,876,373
Erie
Indemnity
Co.
,
Class
A
,
NVS
..............
10,336
2,784,932
Everest
Group
Ltd.
........................
8,530
2,861,730
Fidelity
National
Financial,
Inc.
................
49,427
2,613,700
Hartford
Insurance
Group,
Inc.
(The)
............
21,335
3,004,608
Loews
Corp.
............................
27,385
3,012,898
Markel
Group,
Inc.
(a)
.......................
1,399
2,899,385
Marsh
&
McLennan
Companies,
Inc.
............
16,881
3,152,358
MetLife,
Inc.
............................
39,016
2,811,883
Principal
Financial
Group,
Inc.
................
33,221
3,169,948
Progressive
Corp.
(The)
....................
14,092
3,010,897
Prudential
Financial,
Inc.
....................
28,279
2,782,088
Travelers
Companies,
Inc.
(The)
...............
9,710
2,996,894
W
R
Berkley
Corp.
........................
41,086
2,945,866
Willis
Towers
Watson
PLC
...................
10,011
3,055,057
67,979,896
a
Interactive
Media
&
Services
 — 
1
.0
%
Alphabet,
Inc.
,
Class
A
.....................
5,082
1,584,364
Alphabet,
Inc.
,
Class
C
,
NVS
.................
4,432
1,380,258
Meta
Platforms,
Inc.
,
Class
A
.................
4,531
2,936,904
Pinterest,
Inc.
,
Class
A
(a)
....................
188,604
3,230,786
Reddit,
Inc.
,
Class
A
(a)
(b)
.....................
20,974
3,058,219
Snap,
Inc.
,
Class
A
,
NVS
(a)
..................
619,866
3,229,502
15,420,033
a
IT
Services
 — 
2
.1
%
Accenture
PLC
,
Class
A
....................
13,247
2,764,914
Cloudflare,
Inc.
,
Class
A
(a)
...................
15,070
2,594,903
Cognizant
Technology
Solutions
Corp.
,
Class
A
.....
44,657
2,877,251
CoreWeave,
Inc.
,
Class
A
(a)
(b)
.................
32,059
2,550,614
Gartner,
Inc.
(a)
...........................
18,708
2,940,898
GoDaddy,
Inc.
,
Class
A
(a)
....................
32,059
2,794,262
International
Business
Machines
Corp.
..........
11,284
2,710,530
MongoDB,
Inc.
,
Class
A
(a)
...................
8,242
2,707,250
Okta,
Inc.
,
Class
A
(a)
.......................
35,451
2,570,197
Snowflake,
Inc.
,
Class
A
(a)
...................
16,501
2,778,933
Twilio,
Inc.
,
Class
A
(a)
......................
26,928
3,257,211
VeriSign,
Inc.
...........................
13,478
3,072,175
33,619,138
a
Security
Shares
Value
a
Life
Sciences
Tools
&
Services
 — 
1
.5
%
Agilent
Technologies,
Inc.
...................
23,630
$
2,868,209
Danaher
Corp.
..........................
14,202
2,991,509
Illumina,
Inc.
(a)
...........................
25,117
3,377,232
IQVIA
Holdings,
Inc.
(a)
......................
17,820
3,186,394
Mettler-Toledo
International,
Inc.
(a)
.............
2,178
2,976,651
Thermo
Fisher
Scientific,
Inc.
.................
5,834
3,040,156
Waters
Corp.
(a)
..........................
9,148
2,921,688
West
Pharmaceutical
Services,
Inc.
............
11,984
3,048,011
24,409,850
a
Machinery
 — 
3
.3
%
Caterpillar,
Inc.
..........................
3,791
2,816,068
CNH
Industrial
N.V.
.......................
226,502
2,785,975
Cummins,
Inc.
...........................
4,898
2,859,795
Deere
&
Co.
............................
4,850
3,054,093
Dover
Corp.
............................
12,462
2,810,181
Fortive
Corp.
............................
51,836
3,068,691
Graco,
Inc.
.............................
30,883
2,900,531
IDEX
Corp.
.............................
14,028
2,938,445
Illinois
Tool
Works,
Inc.
.....................
9,931
2,886,246
Ingersoll
Rand,
Inc.
.......................
29,729
2,798,688
Nordson
Corp.
...........................
9,893
2,903,002
Otis
Worldwide
Corp.
......................
31,778
2,941,372
PACCAR,
Inc.
...........................
23,098
2,912,427
Parker-Hannifin
Corp.
......................
2,882
2,908,457
Pentair
PLC
............................
29,441
2,920,253
Snap-on,
Inc.
...........................
7,636
2,941,540
Westinghouse
Air
Brake
Technologies
Corp.
.......
11,208
2,958,352
Xylem,
Inc.
.............................
22,862
2,962,001
52,366,117
a
Media
 — 
1
.2
%
Charter
Communications,
Inc.
,
Class
A
(a)
(b)
........
12,318
2,890,172
EchoStar
Corp.
,
Class
A
(a)
...................
25,898
2,991,996
Fox
Corp.
,
Class
A
,
NVS
....................
30,737
1,731,723
Fox
Corp.
,
Class
B
........................
23,177
1,198,946
News
Corp.
,
Class
A
,
NVS
..................
126,666
3,076,717
Omnicom
Group,
Inc.
......................
43,047
3,671,479
Trade
Desk,
Inc.
(The)
,
Class
A
(a)
..............
115,647
2,754,711
18,315,744
a
Metals
&
Mining
 — 
0
.9
%
Freeport-McMoRan,
Inc.
....................
47,853
3,257,832
Newmont
Corp.
..........................
23,850
3,100,500
Nucor
Corp.
............................
15,982
2,826,896
Reliance,
Inc.
...........................
8,643
2,728,077
Steel
Dynamics,
Inc.
.......................
15,157
2,927,271
14,840,576
a
Mortgage
REITs
 — 
0
.2
%
Annaly
Capital
Management,
Inc.
..............
129,932
3,019,620
a
Multi-Utilities
 — 
1
.9
%
Ameren
Corp.
...........................
26,258
2,974,506
CenterPoint
Energy,
Inc.
....................
69,344
3,016,464
CMS
Energy
Corp.
........................
38,942
3,040,202
Consolidated
Edison,
Inc.
...................
25,637
2,884,675
Dominion
Energy,
Inc.
......................
44,819
2,829,872
DTE
Energy
Co.
.........................
20,433
3,028,988
NiSource,
Inc.
...........................
63,012
2,980,468
Public
Service
Enterprise
Group,
Inc.
...........
33,327
2,868,455
Sempra
...............................
31,312
3,014,406
WEC
Energy
Group,
Inc.
....................
25,188
2,945,988
29,584,024
a
iShares
®
MSCI
USA
Equal
Weighted
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
(Percentages
shown
are
based
on
Net
Assets)
15
Schedule
of
Investments
Security
Shares
Value
a
Oil,
Gas
&
Consumable
Fuels
 — 
3
.7
%
Cheniere
Energy,
Inc.
......................
13,241
$
3,121,301
Chevron
Corp.
...........................
15,999
2,987,973
ConocoPhillips
..........................
26,776
3,038,005
Coterra
Energy,
Inc.
.......................
94,118
2,879,069
Devon
Energy
Corp.
.......................
66,179
2,880,772
Diamondback
Energy,
Inc.
...................
17,489
3,044,485
EOG
Resources,
Inc.
......................
23,908
2,966,505
EQT
Corp.
.............................
50,681
3,112,827
Expand
Energy
Corp.
......................
28,693
3,096,548
Exxon
Mobil
Corp.
........................
19,678
3,000,895
Kinder
Morgan,
Inc.
.......................
91,697
3,050,759
Marathon
Petroleum
Corp.
..................
14,585
2,890,893
Occidental
Petroleum
Corp.
..................
64,209
3,408,214
ONEOK,
Inc.
............................
34,295
2,838,597
Phillips
66
..............................
18,515
2,857,420
Targa
Resources
Corp.
.....................
13,036
3,073,889
Texas
Pacific
Land
Corp.
....................
6,837
3,584,571
Valero
Energy
Corp.
.......................
14,842
3,037,267
Williams
Companies,
Inc.
(The)
...............
40,789
3,047,754
57,917,744
a
Passenger
Airlines
 — 
0
.3
%
Delta
Air
Lines,
Inc.
.......................
41,321
2,714,790
United
Airlines
Holdings,
Inc.
(a)
................
25,688
2,730,634
5,445,424
a
Personal
Care
Products
 — 
0
.4
%
Estee
Lauder
Companies,
Inc.
(The)
,
Class
A
......
26,076
2,854,540
Kenvue,
Inc.
............................
158,181
3,024,421
5,878,961
a
Pharmaceuticals
 — 
1
.3
%
Bristol-Myers
Squibb
Co.
....................
48,744
3,040,163
Eli
Lilly
&
Co.
...........................
2,821
2,967,664
Johnson
&
Johnson
.......................
11,891
2,954,081
Merck
&
Co.,
Inc.
.........................
23,840
2,951,869
Pfizer,
Inc.
.............................
109,340
3,023,251
Royalty
Pharma
PLC
,
Class
A
................
64,466
2,978,974
Zoetis,
Inc.
,
Class
A
.......................
23,038
3,020,282
20,936,284
a
Professional
Services
 — 
1
.8
%
Automatic
Data
Processing,
Inc.
...............
13,406
2,873,710
Broadridge
Financial
Solutions,
Inc.
............
17,250
3,206,257
Equifax,
Inc.
............................
15,409
3,219,865
Jacobs
Solutions,
Inc.
......................
21,453
2,957,511
Leidos
Holdings,
Inc.
......................
17,989
3,149,874
Paychex,
Inc.
...........................
30,999
2,903,056
SS&C
Technologies
Holdings,
Inc.
.............
40,774
3,069,874
TransUnion
.............................
39,061
3,068,242
Verisk
Analytics,
Inc.
,
Class
A
.................
16,553
3,435,906
27,884,295
a
Real
Estate
Management
&
Development
 — 
0
.6
%
CBRE
Group,
Inc.
,
Class
A
(a)
.................
20,682
3,053,904
CoStar
Group,
Inc.
(a)
.......................
64,055
2,858,775
Zillow
Group,
Inc.
,
Class
C
,
NVS
(a)
.............
66,590
2,971,246
8,883,925
a
Residential
REITs
 — 
1
.3
%
AvalonBay
Communities,
Inc.
................
16,464
2,917,915
Equity
Residential
........................
46,004
2,907,913
Essex
Property
Trust,
Inc.
...................
11,542
2,944,480
Invitation
Homes,
Inc.
......................
109,004
2,871,165
Mid-America
Apartment
Communities,
Inc.
........
21,884
2,929,392
Sun
Communities,
Inc.
.....................
22,632
3,088,363
Security
Shares
Value
a
Residential
REITs
(continued)
UDR,
Inc.
..............................
80,015
$
3,000,562
20,659,790
a
Retail
REITs
 — 
0
.7
%
Kimco
Realty
Corp.
.......................
126,942
2,989,484
Realty
Income
Corp.
.......................
43,886
2,940,362
Regency
Centers
Corp.
....................
37,867
2,991,493
Simon
Property
Group,
Inc.
..................
14,312
2,917,501
11,838,840
a
Semiconductors
&
Semiconductor
Equipment
 — 
4
.0
%
Advanced
Micro
Devices,
Inc.
(a)
...............
14,369
2,876,817
Analog
Devices,
Inc.
.......................
8,605
3,061,573
Applied
Materials,
Inc.
.....................
8,085
3,010,045
Astera
Labs,
Inc.
(a)
........................
23,601
2,804,507
Broadcom,
Inc.
..........................
8,756
2,797,980
Credo
Technology
Group
Holding
Ltd.
(a)
..........
23,373
2,624,087
Entegris,
Inc.
............................
22,513
2,981,847
First
Solar,
Inc.
(a)
.........................
12,897
2,543,288
Intel
Corp.
(a)
............................
63,215
2,883,236
KLA
Corp.
..............................
1,981
3,020,133
Lam
Research
Corp.
......................
12,304
2,877,783
Marvell
Technology,
Inc.
....................
36,965
3,019,671
Microchip
Technology,
Inc.
...................
37,086
2,768,099
Micron
Technology,
Inc.
.....................
7,278
3,001,229
Monolithic
Power
Systems,
Inc.
...............
2,478
2,831,710
NVIDIA
Corp.
...........................
15,483
2,743,433
NXP
Semiconductors
N.V.
...................
11,898
2,700,965
ON
Semiconductor
Corp.
(a)
..................
40,521
2,693,836
Qnity
Electronics,
Inc.
......................
26,061
3,303,492
QUALCOMM,
Inc.
........................
20,438
2,909,554
Teradyne,
Inc.
...........................
9,526
3,048,606
Texas
Instruments,
Inc.
.....................
12,910
2,738,340
63,240,231
a
Software
 — 
5
.4
%
Adobe,
Inc.
(a)
............................
11,131
2,920,886
AppLovin
Corp.
,
Class
A
(a)
...................
7,757
3,372,511
Atlassian
Corp.
,
Class
A
(a)
(b)
..................
35,637
2,677,408
Autodesk,
Inc.
(a)
..........................
12,949
3,183,771
Cadence
Design
Systems,
Inc.
(a)
..............
10,259
3,092,062
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
............
7,044
2,620,227
Datadog,
Inc.
,
Class
A
(a)
....................
23,817
2,666,551
Fair
Isaac
Corp.
(a)
.........................
2,161
3,045,627
Fortinet,
Inc.
(a)
...........................
35,625
2,815,444
Gen
Digital,
Inc.
..........................
128,628
2,903,134
HubSpot,
Inc.
(a)
..........................
11,827
3,128,360
Intuit,
Inc.
..............................
7,697
3,148,304
IREN
Ltd.
(a)
.............................
71,207
2,915,927
Microsoft
Corp.
..........................
7,200
2,827,728
Oracle
Corp.
............................
18,965
2,757,511
Palantir
Technologies,
Inc.
,
Class
A
(a)
...........
21,910
3,005,833
Palo
Alto
Networks,
Inc.
(a)
...................
17,830
2,655,243
PTC,
Inc.
(a)
.............................
18,961
2,969,103
Roper
Technologies,
Inc.
....................
9,251
3,235,352
Salesforce,
Inc.
..........................
15,816
3,080,799
Samsara,
Inc.
,
Class
A
(a)
....................
111,612
3,225,587
ServiceNow,
Inc.
(a)
........................
27,535
2,974,055
Strategy,
Inc.
,
Class
A
(a)
....................
22,736
2,944,312
Synopsys,
Inc.
(a)
.........................
6,944
2,874,816
Trimble,
Inc.
(a)
...........................
44,359
2,966,286
Tyler
Technologies,
Inc.
(a)
...................
9,362
3,320,608
Workday,
Inc.
,
Class
A
(a)
....................
20,496
2,741,545
Zoom
Communications,
Inc.
,
Class
A
(a)
..........
32,770
2,423,014
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
MSCI
USA
Equal
Weighted
ETF
(Percentages
shown
are
based
on
Net
Assets)
16
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Software
(continued)
Zscaler,
Inc.
(a)
...........................
16,951
$
2,491,627
84,983,631
a
Specialized
REITs
 — 
2
.0
%
American
Tower
Corp.
.....................
15,170
2,910,516
Crown
Castle,
Inc.
........................
32,052
2,869,936
Digital
Realty
Trust,
Inc.
....................
16,184
2,867,805
Equinix,
Inc.
............................
3,057
2,978,313
Extra
Space
Storage,
Inc.
...................
19,753
2,983,296
Gaming
and
Leisure
Properties,
Inc.
............
61,692
3,017,356
Iron
Mountain,
Inc.
........................
26,817
2,905,086
Public
Storage
...........................
9,669
2,968,963
SBA
Communications
Corp.
,
Class
A
............
14,333
2,883,226
VICI
Properties,
Inc.
,
Class
A
.................
96,198
2,906,141
Weyerhaeuser
Co.
........................
109,580
2,687,997
31,978,635
a
Specialty
Retail
 — 
2
.4
%
AutoZone,
Inc.
(a)
.........................
780
2,929,352
Best
Buy
Co.,
Inc.
........................
44,463
2,755,372
Burlington
Stores,
Inc.
(a)
....................
9,338
2,865,552
Carvana
Co.
,
Class
A
(a)
.....................
8,346
2,788,899
Dick's
Sporting
Goods,
Inc.
..................
14,116
2,874,441
Home
Depot,
Inc.
(The)
....................
7,699
2,931,163
Lowe's
Companies,
Inc.
....................
10,443
2,762,905
O'Reilly
Automotive,
Inc.
(a)
...................
31,623
2,968,767
Ross
Stores,
Inc.
.........................
14,669
3,016,533
TJX
Companies,
Inc.
(The)
..................
18,406
2,975,514
Tractor
Supply
Co.
........................
55,572
2,880,853
Ulta
Beauty,
Inc.
(a)
........................
4,112
2,815,857
Williams-Sonoma,
Inc.
.....................
13,766
2,830,978
37,396,186
a
Technology
Hardware,
Storage
&
Peripherals
 — 
1
.9
%
Apple,
Inc.
.............................
11,014
2,909,679
Dell
Technologies,
Inc.
,
Class
C
...............
25,206
3,732,504
Everpure,
Inc.
,
Class
A
(a)
....................
40,221
2,582,993
Hewlett
Packard
Enterprise
Co.
...............
134,525
2,888,252
HP,
Inc.
...............................
158,725
3,014,188
IonQ,
Inc.
(a)
(b)
............................
88,184
3,383,620
NetApp,
Inc.
............................
29,057
2,877,515
Seagate
Technology
Holdings
PLC
.............
7,023
2,864,260
Super
Micro
Computer,
Inc.
(a)
.................
96,983
3,141,279
Western
Digital
Corp.
......................
10,273
2,873,358
30,267,648
a
Security
Shares
Value
a
Textiles,
Apparel
&
Luxury
Goods
 — 
0
.7
%
Deckers
Outdoor
Corp.
(a)
....................
24,811
$
2,909,586
Lululemon
Athletica,
Inc.
(a)
...................
16,303
3,018,827
NIKE,
Inc.
,
Class
B
.......................
45,363
2,820,671
Tapestry,
Inc.
............................
18,991
2,952,531
11,701,615
a
Tobacco
 — 
0
.4
%
Altria
Group,
Inc.
.........................
43,808
3,024,504
Philip
Morris
International,
Inc.
................
15,906
2,971,718
5,996,222
a
Trading
Companies
&
Distributors
 — 
0
.9
%
Fastenal
Co.
............................
63,697
2,932,610
Ferguson
Enterprises,
Inc.
...................
11,214
2,924,163
United
Rentals,
Inc.
.......................
3,379
2,838,360
Watsco,
Inc.
............................
6,895
2,877,490
WW
Grainger,
Inc.
........................
2,563
2,933,943
14,506,566
a
Water
Utilities
 — 
0
.2
%
American
Water
Works
Co.,
Inc.
...............
21,519
2,927,230
a
Wireless
Telecommunication
Services
 — 
0
.2
%
T-Mobile
U.S.,
Inc.
........................
13,284
2,883,824
a
a
Total
Long-Term
Investments — 99.7%
(Cost:
$
1,359,030,261
)
...............................
1,573,654,660
a
Short-Term
Securities
Money
Market
Funds
 — 
1
.5
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
3.84
%
(c)
(d)
(e)
......................
21,357,838
21,368,517
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
3.64
%
(c)
(d)
............................
2,328,106
2,328,106
a
Total
Short-Term
Securities — 1.5%
(Cost:
$
23,687,749
)
.................................
23,696,623
Total
Investments
101.2%
(Cost:
$
1,382,718,010
)
...............................
1,597,351,283
Liabilities
in
Excess
of
Other
Assets
(
1
.2
)
%
...............
(
19,032,375
)
Net
Assets
100.0%
.................................
$
1,578,318,908
(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
.
$
28,522,969
$
$
(
7,153,502
)
(a)
$
2,093
$
(
3,043
)
$
21,368,517
21,357,838
$
32,804
(b)
$
iShares
®
MSCI
USA
Equal
Weighted
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
17
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
(continued)
Affiliated
Issuer
Value
at
08/31/25
Purchases
at
Cost
Proceeds
from
Sales
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
$
1,856,694
$
471,412
(a)
$
$
$
$
2,328,106
2,328,106
$
45,982
$
BlackRock,
Inc.
...
2,806,579
615,352
(
391,430
)
151,669
(
288,058
)
2,894,112
2,722
25,294
$
$
153,762
$
(
291,101
)
$
26,590,735
$
104,080
$
(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
..................................................................
4
03/20/26
$
1,378
$
(
2,043
)
E-Mini
S&P
MidCap
400
Index
............................................................
8
03/20/26
2,862
43,051
$
41,008
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)
.............
$
$
$
43,051
$
$
$
$
43,051
Liabilities
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
.............
$
$
$
2,043
$
$
$
$
2,043
(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
..................................
$
$
$
165,178
$
$
$
$
165,178
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Futures
contracts
..................................
$
$
$
10,501
$
$
$
$
10,501
Futures
contracts:
Average
notional
value
of
contracts
long
...................................................................................
$
3,628,843
a
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
MSCI
USA
Equal
Weighted
ETF
18
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
.........................................
$
1,573,654,660
$
$
$
1,573,654,660
Short-Term
Securities
Money
Market
Funds
......................................
23,696,623
23,696,623
$
1,597,351,283
$
$
$
1,597,351,283
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
43,051
$
$
$
43,051
Liabilities
Equity
Contracts
...........................................
(
2,043
)
(
2,043
)
$
41,008
$
$
$
41,008
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
19
Statements
of
Assets
and
Liabilities
Statements
of
Assets
and
Liabilities
(unaudited)
February
28,
2026
See
notes
to
financial
statements.
iShares
MSCI
Israel
ETF
iShares
MSCI
Turkey
ETF
iShares
MSCI
USA
Equal
Weighted
ETF
ASSETS
Investments,
at
value
unaffiliated
(a)
(b)
.....................................................
$
841,802,951
$
346,077,702
$
1,570,760,548
Investments,
at
value
affiliated
(c)
........................................................
15,319,384
30,621,118
26,590,735
Cash
............................................................................
31
18,311
Cash
pledged:
Futures
contracts
..................................................................
3,000
243,000
Foreign
currency
collateral
pledged:
(d)
Futures
contracts
..................................................................
437,192
Foreign
currency,
at
value
(e)
.............................................................
1,126,270
320,955
Receivables:
Investments
sold
..................................................................
15,614,617
4,804,095
145,044,340
Securities
lending
income
affiliated
....................................................
16,788
78,575
4,528
Dividends
unaffiliated
.............................................................
68,188
1,687,991
Dividends
affiliated
...............................................................
2,498
486
6,512
Interest
unaffiliated
...............................................................
2,348
Total
assets
.......................................................................
874,390,236
381,905,962
1,744,355,965
LIABILITIES
Collateral
on
securities
loaned
...........................................................
8,337,869
30,442,602
21,373,593
Payables:
Investments
purchased
..............................................................
16,949,560
4,990,520
144,533,044
Deferred
foreign
capital
gain
tax
........................................................
98,991
Investment
advisory
fees
.............................................................
329,072
141,067
107,180
Variation
margin
on
futures
contracts
.....................................................
17,297
210
23,240
Total
liabilities
......................................................................
25,732,789
35,574,399
166,037,057
Commitments
and
contingent
liabilities
NET
ASSETS
......................................................................
$
848,657,447
$
346,331,563
$
1,578,318,908
NET
ASSETS
CONSIST
OF:
Paid-in
capital
......................................................................
$
739,799,772
$
634,577,691
$
1,354,466,323
Accumulated
earnings
(loss)
............................................................
108,857,675
(
288,246,128
)
223,852,585
NET
ASSETS
......................................................................
$
848,657,447
$
346,331,563
$
1,578,318,908
NET
ASSET
VALUE
Shares
outstanding
..................................................................
7,150,000
8,450,000
14,600,000
Net
asset
value
.....................................................................
$
118.69
$
40.99
$
108.10
Shares
authorized
...................................................................
500
million
200
million
500
million
Par
value
.........................................................................
$                    0.001
$                    0.001
$                    0.001
(a)
Securities
loaned,
at
value
...........................................................
$
7,704,975
$
28,885,718
$
20,836,816
(b)
Investments,
at
cost
unaffiliated
......................................................
$
651,717,009
$
303,086,441
$
1,356,564,683
(c)
Investments,
at
cost
affiliated
........................................................
$
15,319,215
$
30,620,304
$
26,153,327
(d)
Foreign
currency
collateral
pledged,
at
cost
................................................
$
436,101
$
$
(e)
  Foreign
currency,
at
cost
.............................................................
$
1,129,028
$
322,611
$
20
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
Israel
ETF
iShares
MSCI
Turkey
ETF
iShares
MSCI
USA
Equal
Weighted
ETF
INVESTMENT
INCOME
Dividends
unaffiliated
............................................................
$
3,590,790
$
1,194,271
$
12,543,090
Dividends
affiliated
..............................................................
9,427
6,622
71,276
Interest
unaffiliated
..............................................................
2,823
242
5,571
Securities
lending
income
affiliated
net
...............................................
89,196
386,405
32,804
Foreign
taxes
withheld
.............................................................
(
894,912
)
(
172,375
)
(
5,355
)
Total
investment
income
..............................................................
2,797,324
1,415,165
12,647,386
EXPENSES
Investment
advisory
...............................................................
1,576,986
592,600
653,346
Commitment
costs
................................................................
2,515
886
Interest
expense
.................................................................
879
3,734
321
Total
expenses
....................................................................
1,580,380
597,220
653,667
Net
investment
income
...............................................................
1,216,944
817,945
11,993,719
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
unaffiliated
(a)
........................................................
(
1,551,782
)
(
4,534,378
)
7,690,621
Investments
affiliated
...........................................................
3,212
(
366
)
2,093
Foreign
currency
transactions
.......................................................
(
18,965
)
(
6,846
)
Futures
contracts
...............................................................
293,738
23,194
165,178
In-kind
redemptions
unaffiliated
(b)
...................................................
386,506
68,346,340
In-kind
redemptions
affiliated
(b)
....................................................
151,669
(
1,273,797
)
(
4,131,890
)
76,355,901
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
unaffiliated
(c)
........................................................
127,049,492
47,656,359
2,579,228
Investments
affiliated
...........................................................
(
180
)
28
(
291,101
)
Foreign
currency
translations
.......................................................
16,638
(
1,356
)
Futures
contracts
...............................................................
(
24,237
)
9,873
10,501
127,041,713
47,664,904
2,298,628
Net
realized
and
unrealized
gain
........................................................
125,767,916
43,533,014
78,654,529
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...............................
$
126,984,860
$
44,350,959
$
90,648,248
(a)
Net
of
foreign
capital
gain
tax
and
capital
gain
tax
refund,
if
applicable
of
...........................
$
(
4,640
)
$
$
(b)
See
Note
2
of
the
Notes
to
Financial
Statements.
(c)
Net
of
reduction
in
deferred
foreign
capital
gain
tax
of
........................................
$
20,018
$
$
21
Statements
of
Changes
in
Net
Assets
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
iShares
MSCI
Israel
ETF
iShares
MSCI
Turkey
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
.......................................
$
1,216,944
$
3,279,756
$
817,945
$
3,225,103
Net
realized
gain
(loss)
.......................................
(
1,273,797
)
6,954,127
(
4,131,890
)
(
4,799,522
)
Net
change
in
unrealized
appreciation
(depreciation)
...................
127,041,713
72,038,299
47,664,904
(
6,848,065
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..............
126,984,860
82,272,182
44,350,959
(
8,422,484
)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
............
(
5,660,871
)
(b)
(
2,973,066
)
(
2,065,929
)
(b)
(
2,779,974
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
....
323,858,175
169,691,511
129,570,654
(
33,722,207
)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
..............................
445,182,164
248,990,627
171,855,684
(
44,924,665
)
Beginning
of
period
...........................................
403,475,283
154,484,656
174,475,879
219,400,544
End
of
period
...............................................
$
848,657,447
$
403,475,283
$
346,331,563
$
174,475,879
(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.
22
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
MSCI
USA
Equal
Weighted
ETF
Six
Months
Ended
02/28/26
(unaudited)
Year
Ended
08/31/25
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
...........................................................................
$
11,993,719
$
19,743,659
Net
realized
gain
...............................................................................
76,355,901
40,397,339
Net
change
in
unrealized
appreciation
(depreciation)
.......................................................
2,298,628
85,614,400
Net
increase
in
net
assets
resulting
from
operations
..........................................................
90,648,248
145,755,398
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
................................................
(
14,191,311
)
(b)
(
17,388,853
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
........................................
(
63,454,818
)
627,858,260
NET
ASSETS
Total
increase
in
net
assets
..........................................................................
13,002,119
756,224,805
Beginning
of
period
...............................................................................
1,565,316,789
809,091,984
End
of
period
...................................................................................
$
1,578,318,908
$
1,565,316,789
(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.
23
Financial
Highlights
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
MSCI
Israel
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
......
$
94.94
$
67.17
$
55.04
$
66.35
$
72.22
$
56.70
Net
investment
income
(a)
..............
0
.23
1
.07
0
.66
1
.04
1
.16
0
.26
Net
realized
and
unrealized
gain
(loss)
(b)
....
24.61
27.74
12.25
(
11.47
)
(
5
.74
)
15.38
Net
increase
(decrease)
from
investment
operations
........................
24.84
28.81
12.91
(
10.43
)
(
4
.58
)
15.64
Distributions
from
net
investment
income
(c)
....
(
1
.09
)
(d)
(
1
.04
)
(
0
.78
)
(
0
.88
)
(
1
.29
)
(
0
.12
)
Net
asset
value,
end
of
period
...........
$
118.69
$
94.94
$
67.17
$
55.04
$
66.35
$
72.22
Total
Return
(e)
Based
on
net
asset
value
...............
26.28
%
(f)
43.16
%
23.62
%
(
15.74
)
%
(
6
.38
)
%
27.59
%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
......................
0
.55
%
(h)
0
.59
%
0
.59
%
0
.59
%
0
.58
%
0
.57
%
Net
investment
income
.................
0
.42
%
(h)
1
.34
%
1
.13
%
1
.82
%
1
.64
%
0
.40
%
Supplemental
Data
Net
assets,
end
of
period
(000)
...........
$
848,657
$
403,475
$
154,485
$
143,116
$
162,562
$
162,485
Portfolio
turnover
rate
(i)
.................
10
%
8
%
7
%
12
%
13
%
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.
24
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
Turkey
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
......
$
35.25
$
37.19
$
37.37
$
22.60
$
23.91
$
19.99
Net
investment
income
(a)
..............
0
.14
0
.64
0
.66
0
.74
0
.66
0
.70
Net
realized
and
unrealized
gain
(loss)
(b)
....
5
.96
(
1
.97
)
0
.01
15.28
(
1
.33
)
3
.99
Net
increase
(decrease)
from
investment
operations
........................
6
.10
(
1
.33
)
0
.67
16.02
(
0
.67
)
4
.69
Distributions
from
net
investment
income
(c)
....
(
0
.36
)
(d)
(
0
.61
)
(
0
.85
)
(
1
.25
)
(
0
.64
)
(
0
.77
)
Net
asset
value,
end
of
period
...........
$
40.99
$
35.25
$
37.19
$
37.37
$
22.60
$
23.91
Total
Return
(e)
Based
on
net
asset
value
...............
17.48
%
(f)
(
3
.40
)
%
1
.81
%
72.12
%
(
2
.41
)
%
23.59
%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
......................
0
.55
%
(h)
0
.59
%
0
.59
%
0
.59
%
0
.58
%
0
.57
%
Net
investment
income
.................
0
.76
%
(h)
1
.87
%
1
.74
%
2
.37
%
3
.23
%
2
.98
%
Supplemental
Data
Net
assets,
end
of
period
(000)
...........
$
346,332
$
174,476
$
219,401
$
226,086
$
290,408
$
301,262
Portfolio
turnover
rate
(i)
.................
5
%
15
%
14
%
29
%
18
%
22
%
(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.
25
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
MSCI
USA
Equal
Weighted
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
.......
$
102.64
$
94.08
$
79.36
$
74.32
$
87.61
$
62.79
Net
investment
income
(a)
...............
0
.85
1
.58
1
.44
1
.27
1
.25
1
.03
Net
realized
and
unrealized
gain
(loss)
(b)
.....
5
.61
8
.47
14.59
5
.05
(
13.32
)
24.72
Net
increase
(decrease)
from
investment
operations
.........................
6
.46
10.05
16.03
6
.32
(
12.07
)
25.75
Distributions
from
net
investment
income
(c)
.....
(
1
.00
)
(d)
(
1
.49
)
(
1
.31
)
(
1
.28
)
(
1
.22
)
(
0
.93
)
Net
asset
value,
end
of
period
............
$
108.10
$
102.64
$
94.08
$
79.36
$
74.32
$
87.61
Total
Return
(e)
Based
on
net
asset
value
................
6
.35
%
(f)
10.80
%
20.43
%
8
.69
%
(
13.93
)
%
41.36
%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
.......................
0
.09
%
(h)
0
.09
%
0
.09
%
0
.09
%
0
.10
%
0
.15
%
Total
expenses
after
fees
waived
...........
0
.09
%
(h)
0
.09
%
0
.09
%
0
.09
%
0
.09
%
0
.15
%
Net
investment
income
..................
1
.65
%
(h)
1
.63
%
1
.69
%
1
.69
%
1
.52
%
1
.34
%
Supplemental
Data
Net
assets,
end
of
period
(000)
............
$
1,578,319
$
1,565,317
$
809,092
$
555,533
$
412,468
$
473,092
Portfolio
turnover
rate
(i)
..................
18
%
31
%
26
%
28
%
27
%
30
%
(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)
26
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
1.
Organization
iShares,
Inc.
(the
“Company”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Company
is
organized
as
a
Maryland
corporation
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
Israel
................................................................................................................
Non-diversified
MSCI
Turkey
...............................................................................................................
Non-diversified
MSCI
USA
Equal
Weighted
.....................................................................................................
Diversified
Notes
to
Financial
Statements
(unaudited)
(
continued)
27
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
Directors of
the
Company (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)
28
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: 
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
MSCI
Israel
BNP
Paribas
SA
.............................................
$
112,056
$
(112,056
)
$
$
BofA
Securities,
Inc.
..........................................
1,100,568
(1,100,568
)
Goldman
Sachs
&
Co.
LLC
.....................................
3,403,273
(3,403,273
)
J.P.
Morgan
Securities
LLC
.....................................
378,503
(378,503
)
Jefferies
LLC
...............................................
11,893
(11,893
)
Morgan
Stanley
.............................................
932,092
(932,092
)
National
Financial
Services
LLC
..................................
695,014
(695,014
)
SG
Americas
Securities
LLC
....................................
844,555
(844,555
)
UBS
AG
..................................................
227,021
(227,021
)
$
7,704,975
$
(7,704,975
)
$
$
a
MSCI
Turkey
BNP
Paribas
SA
.............................................
785,906
(785,906
)
BofA
Securities,
Inc.
..........................................
5,029,366
(5,029,366
)
Goldman
Sachs
&
Co.
LLC
.....................................
7,195,052
(7,195,052
)
HSBC
Bank
PLC
............................................
6,966,301
(6,966,301
)
Morgan
Stanley
.............................................
8,909,093
(8,909,093
)
$
28,885,718
$
(28,885,718
)
$
$
a
MSCI
USA
Equal
Weighted
Barclays
Bank
PLC
...........................................
5,003,475
(4,825,250
)
178,225
BofA
Securities,
Inc.
..........................................
6,101
(6,101
)
Citigroup
Global
Markets,
Inc.
....................................
30,711
(30,711
)
Goldman
Sachs
&
Co.
LLC
.....................................
3,400,239
(3,400,239
)
HSBC
Bank
PLC
............................................
139,540
(139,540
)
J.P.
Morgan
Securities
LLC
.....................................
4,682,702
(4,682,702
)
Morgan
Stanley
.............................................
37,257
(37,257
)
UBS
AG
..................................................
7,516,962
(7,516,962
)
Wells
Fargo
Bank
NA
.........................................
19,829
(19,829
)
$
20,836,816
$
(20,658,591
)
$
$
178,225
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.
Notes
to
Financial
Statements
(unaudited)
(
continued)
29
Notes
to
Financial
Statements
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
each
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BlackRock
Finance,
Inc.
BlackRock
Finance,
Inc.’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent
the
collateral
received
does
not
cover
the
value
of
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
each
Fund.
5.
Derivative
Financial
Instruments
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk).
Futures
contracts
are
exchange-traded
agreements
between
the Funds
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the Funds
are
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any,
are
shown
as
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the Funds
agree
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets. 
6.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates 
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the
Company, 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
directors).
For
its
investment
advisory
services
to
the
iShares
MSCI
Israel
and
iShares
MSCI
Turkey ETFs,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by the
Funds,
based
on each
Fund's
allocable
portion
of
the
aggregate
of
the
average
daily
net
assets
of
the
Fund
and
certain
other
iShares
funds,
as
follows: 
For
its
investment
advisory
services
to
the
iShares
MSCI
USA
Equal
Weighted
ETF,
BFA
is
entitled
to
an
annual
investment
advisory
fee
of
0.09%,
accrued
daily
and
paid
monthly
by
the
Fund,
based
on
the
average
daily
net
assets
of
the
Fund.
Distributor:
 BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
each
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Funds.
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
for
the
iShares
MSCI
Israel
ETF. 
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
(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.
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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.
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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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.
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.
.
.
.
.
.
.
.
.
0.5100
Over
$24
billion,
up
to
and
including
$32
billion
.
.
.
.
.
.
.
.
.
.
.
.
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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)
30
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
investment
fees each
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
distribution
fee
or
service
fee.
BlackRock
Cash
Funds:
Institutional
may
impose
a
discretionary
liquidity
fee
of
up
to
2%
on
all
redemptions.
Discretionary
liquidity
fees
may
be
imposed
or
terminated
at
any
time
at
the
discretion
of
the
board
of
directors
of
the
money
market
fund,
or
its
delegate,
if
it
is
determined
that
such
fee
would
be,
or
would
not
be,
respectively,
in
the
best
interest
of
the
money
market
fund.
Additionally,
BlackRock
Cash
Funds:
Institutional
will
impose
a
mandatory
liquidity
fee
if
the
money
market
fund’s
total
net
redemptions
on
a
single
day
exceed
5%
of
the
money
market
fund’s
net
assets,
unless
the
amount
of
the
fee
is
less
than
0.01%
of
the
value
of
the
shares
redeemed.
BlackRock
Cash
Funds:
Institutional
will
determine
the
size
of
the
mandatory
liquidity
fee
by
making
a
good
faith
estimate
of
certain
costs
the
money
market
fund
would
incur
if
it
were
to
sell
a
pro
rata
amount
of
each
security
in
the
portfolio
to
satisfy
the
amount
of
net
redemptions
on
that
day.
There
is
no
limit
to
the
size
of
a
mandatory
liquidity
fee.
If
BlackRock
Cash
Funds:
Institutional
cannot
estimate
the
costs
of
selling
a
pro
rata
amount
of
each
portfolio
security
in
good
faith
and
supported
by
data,
it
is
required
to
apply
a
default
liquidity
fee
of
1%
on
the
value
of
shares
redeemed
on
that
day.
Securities
lending
income
is
generally
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral
(and
excludes
collateral
investment
fees),
and
any
fees
or
other
payments
to
and
from
borrowers
of
securities. Each
Fund
retains
a
portion
of
the
securities
lending
income
and
remits
the
remaining
portion
to
BTC
as
compensation
for
its
services
as
securities
lending
agent. 
Pursuant
to
the
current
securities
lending
agreement,
the iShares
MSCI
USA
Equal
Weighted
ETF (the
“Group
1 Fund”),
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
Pursuant
to
the
current
securities
lending
agreement,
the
iShares
MSCI Israel
and
iShares
MSCI
Turkey
ETFs
(the
“Group
2 Funds”),
retains
82%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
the
iShares
ETF
Complex
in
a
given
calendar
year
exceeds
a
specific
threshold:
(1) the
Group
1
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
84%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees,
and
(2) each
Group
2
Fund
will
retain
for
the
remainder
of
that
calendar
year
85%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
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:
Directors and
Officers:
Certain
directors
and/or
officers
of
the
Company
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:
iShares
ETF
Amounts
MSCI
Israel
...............................................................................................................
$
21,973
MSCI
Turkey
..............................................................................................................
85,660
MSCI
USA
Equal
Weighted
....................................................................................................
11,809
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
MSCI
Israel
............................................................................
$
31,655‌
$
14,567,346‌
$
(2,202,705‌)
MSCI
USA
Equal
Weighted
.................................................................
113,513,545‌
116,015,634‌
18,790,808‌
iShares
ETF
Purchases
Sales
MSCI
Israel
............................................................................................
$
91,400,412
$
60,225,111
MSCI
Turkey
...........................................................................................
14,428,846
10,997,930
MSCI
USA
Equal
Weighted
.................................................................................
267,433,949
270,594,018
iShares
ETF
In-kind
Purchases
In-kind
Sales
MSCI
Israel
............................................................................................
$
287,909,094
$
Notes
to
Financial
Statements
(unaudited)
(
continued)
31
Notes
to
Financial
Statements
8.
Income
Tax
Information
Each
Fund
is
treated
as
an
entity
separate
from
the
Company’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.
Line
of
Credit
The
iShares
MSCI Israel
ETF
and
iShares
MSCI
Turkey
ETF,
along
with
certain
other
iShares
funds
(“Participating
Funds”), are
parties to
a
$900
million
credit
agreement
(“Syndicated
Credit
Agreement”)
with
a
group
of
lenders,
which
expires
on
October
14,
2026.
The
line
of
credit
may
be
used
for
temporary
or
emergency
purposes,
including
redemptions,
settlement
of
trades
and
rebalancing
of
portfolio
holdings
in
certain
target
markets.
The
Funds
may
borrow
up
to
the
aggregate
commitment
amount
subject
to
asset
coverage
and
other
limitations
as
specified
in
the
Syndicated
Credit
Agreement.
The
Syndicated
Credit
Agreement
has
the
following
terms:
a
commitment
fee
of
0.15%
per
annum
on
the
unused
portion
of
the
credit
agreement
and
interest
at
a
rate
equal
to
the
higher
of
(a)
Daily
Simple
Secured
Overnight
Financing
Rate
(“SOFR”)
plus
0.10%
and
1.00%
per
annum
or
(b)
the
U.S.
Federal
Funds
rate
plus
1.00%
per
annum
on
amounts
borrowed.
The
commitment
fee
is
generally
allocated
to
each
Participating
Fund
based
on
the
lesser
of
a
Participating
Fund’s
relative
exposure
to
certain
target
markets
or
a
Participating
Fund’s
maximum
borrowing
amount
as
set
forth
by
the
terms
of
the
Syndicated
Credit
Agreement.
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.
iShares
ETF
In-kind
Purchases
In-kind
Sales
MSCI
Turkey
...........................................................................................
126,735,256
1,683,373
MSCI
USA
Equal
Weighted
.................................................................................
155,941,945
219,051,487
iShares
ETF
Non-Expiring
Capital
Loss
Carryforwards
(a)
MSCI
Israel
...............................................................................................................
$
(75,087,308
)
MSCI
Turkey
..............................................................................................................
(324,229,305
)
MSCI
USA
Equal
Weighted
....................................................................................................
(68,984,682
)
(a)
Amounts
available
to
offset
future
realized
capital
gains.
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
MSCI
Israel
.....................................................
$
670,129,737
$
234,942,043
$
(47,989,748
)
$
186,952,295
MSCI
Turkey
....................................................
337,409,804
56,020,111
(16,721,534
)
39,298,577
MSCI
USA
Equal
Weighted
..........................................
1,384,347,833
279,788,601
(66,744,143
)
213,044,458
Notes
to
Financial
Statements
(unaudited)
(continued)
32
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries.
A
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that
a
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
A
Fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause each
Fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of
a
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
a
Fund
invests. A
Fund’s
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/
or
errors
by
pricing
services
or
other
third-party
service
providers.
Counterparty
Credit
Risk:
The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds.
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures,
there
is
less
counterparty
credit
risk
to
the
Funds
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, a
Fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in
exchange-traded
futures
with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Funds.
Geographic/Asset
Class
Risk:
A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
Certain Funds
invest
a
significant
portion
of
their
assets
in
issuers
located
in
a
single
country
or
a
limited
number
of
countries.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
in
that
country
or
those
countries
may
have
a
significant
impact
on
the
fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
Fund’s
portfolio.
Unanticipated
or
sudden
political
or
social
developments
may
cause
uncertainty
in
the
markets
and
as
a
result
adversely
affect
the
Fund’s
investments.
Foreign
issuers
may
not
be
subject
to
the
same
uniform
accounting,
auditing
and
financial
reporting
standards
and
practices
as
used
in
the
United
States.
Foreign
securities
markets
may
also
be
more
volatile
and
less
liquid
than
U.S.
securities
and
may
be
less
subject
to
governmental
supervision
not
typically
associated
with
investing
in
U.S.
securities.
Certain
Funds
invest
a
significant
portion
of
their
assets
in
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
certain
Funds
invest.
Certain
Funds invest
a
significant
portion
of
their assets
in
securities
of
issuers
located
in
Europe
or
with
significant
exposure
to
European
issuers
or
countries.
The
European
financial
markets
have
recently
experienced
volatility
and
adverse
trends
due
to
concerns
about
economic
downturns
in,
or
rising
government
debt
levels
of,
several
European
countries
as
well
as
acts
of
war
in
the
region.
These
events
may
spread
to
other
countries
in
Europe
and
may
affect
the
value
and
liquidity
of
certain
of
the
Funds’
investments.
Responses
to
the
financial
problems
by
European
governments,
central
banks
and
others,
including
austerity
measures
and
reforms,
may
not
work,
may
result
in
social
unrest
and
may
limit
future
growth
and
economic
recovery
or
have
other
unintended
consequences.
Further
defaults
or
restructurings
by
governments
and
others
of
their
debt
could
have
additional
adverse
effects
on
economies,
financial
markets
and
asset
valuations
around
the
world.
The
United
Kingdom
has
withdrawn
from
the
European
Union,
and
one
or
more
other
countries
may
withdraw
from
the
European
Union
and/or
abandon
the
Euro,
the
common
currency
of
the
European
Union.
These
events
and
actions
have
adversely
affected,
and
may
in
the
future
adversely
affect,
the
value
and
exchange
rate
of
the
Euro
and
may
continue
to
significantly
affect
the
economies
of
every
country
in
Europe,
including
countries
that
do
not
use
the
Euro
and
non-European
Union
member
states.
The
impact
of
these
actions,
especially
if
they
occur
in
a
disorderly
fashion,
is
not
clear
but
could
be
significant
and
far
reaching. In
addition,
Russia
launched
a
large-scale
invasion
of
Ukraine
on
February
24,
2022.
The
extent
and
duration
of
the
military
action,
resulting
sanctions
and
resulting
future
market
disruptions
in
the
region
are
impossible
to
predict,
but have
been,
and
may
continue
to
be, significant
and
have
a
severe
adverse
effect
on
the
region,
including
significant
negative
impacts
on
the
economy
and
the
markets
for
certain
securities
and
commodities,
such
as
oil
and
natural
gas,
as
well
as
other
sectors.
Certain
Funds
invest
a
significant
portion
of
their
assets
in
securities
of
issuers
located
in
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
Notes
to
Financial
Statements
(unaudited)
(
continued)
33
Notes
to
Financial
Statements
the
U.S.
or
China
for
trade
and
the
region
as
a
whole.
The
Asian
financial
markets
have
experienced
volatility
and
adverse
trends
due
to
concerns
in
several
Asian
countries
regarding
monetary
policy,
government
intervention
in
the
markets,
rising
government
debt
levels
or
economic
downturns.
These
events
may
spread
to
other
countries
in
Asia
and
may
affect
the
value
and
liquidity
of
certain
of
the
Funds'
investments.
Certain Funds
invest
a
significant
portion
of
their
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
Fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
Fund's
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedule
of
Investments. 
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
11.
Capital
Share
Transactions 
Capital
shares
are
issued
and
redeemed
by each
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of each
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the
Company
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the
Company
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
MSCI
Israel
Shares
sold
.........................................................
2,900,000
$
323,858,175
2,500,000
$
212,847,471
Shares
redeemed
.....................................................
(550,000
)
(43,155,960
)
2,900,000
$
323,858,175
1,950,000
$
169,691,511
MSCI
Turkey
Shares
sold
.........................................................
3,550,000
$
131,270,112
2,450,000
$
82,335,201
Shares
redeemed
.....................................................
(50,000
)
(1,699,458
)
(3,400,000
)
(116,057,408
)
3,500,000
$
129,570,654
(950,000
)
$
(33,722,207
)
MSCI
USA
Equal
Weighted
Shares
sold
.........................................................
1,500,000
$
156,829,294
8,150,000
$
769,354,873
Shares
redeemed
.....................................................
(2,150,000
)
(220,284,112
)
(1,500,000
)
(141,496,613
)
(650,000
)
$
(63,454,818
)
6,650,000
$
627,858,260
Additional
Information
34
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
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mail.
To
enroll
in
electronic
delivery:
Go
to
icsdelivery.com
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
Directors,
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 Director
for
services
to
the
Funds
from
BFA’s
investment
advisory
fees.
Availability
of
Portfolio
Holdings
Information
A
description
of
the
Company’s policies
and
procedures
with
respect
to
the
disclosure
of
the
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
35
Glossary
of
Terms
Used
in
these
Financial
Statements
Portfolio
Abbreviation
ADR
American
Depositary
Receipt
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.
February
28,
2026
2026
Semi-Annual
Financial
Statements
and
Additional
Information
(Unaudited)
iShares,
Inc.
iShares
Emerging
Markets
Equity
Factor
ETF
|
EMGF
|
Cboe
BZX
Exchange
iShares
MSCI
Emerging
Markets
ex
China
ETF
|
EMXC
|
NASDAQ
Table
of
Contents
Page
2
Schedules
of
Investments
.................................................................................................
3
Statements
of
Assets
and
Liabilities
...........................................................................................
19
Statements
of
Operations
.................................................................................................
20
Statements
of
Changes
in
Net
Assets
..........................................................................................
21
Financial
Highlights
.....................................................................................................
22
Notes
to
Financial
Statements
...............................................................................................
24
Additional
Information
...................................................................................................
32
Glossary
of
Terms
Used
in
these
Financial
Statements
................................................................................
33
iShares
®
Emerging
Markets
Equity
Factor
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
Brazil
 — 
3
.2
%
Ambev
SA
.............................
325,260
$
1,032,279
B3
SA
-
Brasil
Bolsa
Balcao
..................
1,805,588
6,304,501
Banco
do
Brasil
SA
.......................
493,236
2,592,941
BB
Seguridade
Participacoes
SA
..............
233,648
1,580,594
CPFL
Energia
SA
.........................
246,751
2,423,469
CSN
Mineracao
SA
.......................
1,646,322
1,746,999
Embraer
SA
............................
233,281
4,205,565
NU
Holdings
Ltd.
,
Class
A
(a)
..................
501,010
7,505,130
Petroleo
Brasileiro
SA
-
Petrobras
..............
695,685
5,798,619
Suzano
SA
.............................
236,327
2,673,747
TIM
SA
...............................
809,508
4,405,593
Vale
SA
...............................
647,783
11,179,043
Vibra
Energia
SA
.........................
246,125
1,436,469
WEG
SA
..............................
159,138
1,542,799
54,427,748
a
Chile
 — 
0
.8
%
Banco
de
Chile
..........................
6,648,902
1,371,347
Banco
de
Credito
e
Inversiones
SA
.............
16,512
1,131,274
Cencosud
SA
...........................
729,490
2,279,782
Colbun
SA
.............................
12,028,504
2,003,326
Empresas
CMPC
SA
......................
558,393
827,571
Enel
Chile
SA
...........................
45,937,278
3,845,126
Falabella
SA
............................
99,005
735,118
Latam
Airlines
Group
SA
....................
7,402,750
208,027
Quinenco
SA
............................
80,604
406,382
12,807,953
a
China
 — 
22
.5
%
37
Interactive
Entertainment
Network
Technology
Group
Co.
Ltd.
,
Class
A
...................
364,500
1,299,490
3SBio,
Inc.
(a)
(b)
...........................
690,000
1,945,088
Agricultural
Bank
of
China
Ltd.
,
Class
A
..........
2,387,200
2,226,850
Agricultural
Bank
of
China
Ltd.
,
Class
H
..........
3,922,000
2,655,570
AIMA
Technology
Group
Co.
Ltd.
,
Class
A
........
138,100
589,124
Akeso,
Inc.
(a)
(b)
...........................
98,000
1,335,119
Alibaba
Group
Holding
Ltd.
..................
2,478,048
44,844,589
All
Winner
Technology
Co.
Ltd.
,
Class
A
..........
59,900
371,532
Aluminum
Corp.
of
China
Ltd.
,
Class
H
..........
1,648,000
2,971,754
Anker
Innovations
Technology
Co.
Ltd.
,
Class
A
....
64,600
909,089
Atour
Lifestyle
Holdings
Ltd.
,
ADR
.............
90,665
3,560,415
Bank
of
Beijing
Co.
Ltd.
,
Class
A
..............
1,709,000
1,342,619
Bank
of
China
Ltd.
,
Class
H
..................
15,164,000
8,973,284
Bank
of
Communications
Co.
Ltd.
,
Class
A
........
593,800
566,771
Bank
of
Communications
Co.
Ltd.
,
Class
H
.......
2,082,000
1,822,108
Bank
of
Qingdao
Co.
Ltd.
,
Class
A
.............
594,300
457,364
Bank
of
Shanghai
Co.
Ltd.
,
Class
A
.............
1,205,100
1,700,280
Beijing
Aosaikang
Pharmaceutical
Co.
Ltd.
,
Class
A
..
134,400
300,950
Beijing
Compass
Technology
Development
Co.
Ltd.
,
Class
A
(a)
.............................
98,235
1,659,322
Beijing
Kingsoft
Office
Software,
Inc.
,
Class
A
......
23,502
1,032,148
Beijing
Teamsun
Technology
Co.
Ltd.
,
Class
A
.....
139,700
588,468
Beijing
Ultrapower
Software
Co.
Ltd.
,
Class
A
......
319,200
540,663
Bohai
Leasing
Co.
Ltd.
,
Class
A
(a)
..............
274,600
210,239
Bosideng
International
Holdings
Ltd.
............
3,820,000
2,368,056
BYD
Co.
Ltd.
,
Class
A
......................
320,200
4,158,447
BYD
Co.
Ltd.
,
Class
H
.....................
70,400
848,679
Cambricon
Technologies
Corp.
Ltd.
,
Class
A
(a)
.....
4,276
732,457
Chengdu
Kanghong
Pharmaceutical
Group
Co.
Ltd.
,
Class
A
..............................
110,200
469,310
China
CITIC
Bank
Corp.
Ltd.
,
Class
H
...........
323,000
297,191
China
CITIC
Financial
Asset
Management
Co.
Ltd.
,
Class
H
(a)
(b)
...........................
17,514,000
1,899,369
Security
Shares
Value
a
China
(continued)
China
Construction
Bank
Corp.
,
Class
H
.........
15,420,000
$
15,688,211
China
Hongqiao
Group
Ltd.
..................
763,000
3,441,495
China
Merchants
Bank
Co.
Ltd.
,
Class
H
.........
427,500
2,659,348
China
Merchants
Securities
Co.
Ltd.
,
Class
A
......
76,700
185,383
China
Merchants
Securities
Co.
Ltd.
,
Class
H
(b)
.....
1,149,600
2,065,943
China
Nonferrous
Mining
Corp.
Ltd.
............
997,000
1,905,665
China
Pacific
Insurance
Group
Co.
Ltd.
,
Class
H
....
211,000
965,738
China
Petroleum
&
Chemical
Corp.
,
Class
H
......
6,426,000
4,471,653
China
Resources
Beverage
Holdings
Co.
Ltd.
(c)
....
1,064,600
1,366,106
China
Resources
Sanjiu
Medical
&
Pharmaceutical
Co.
Ltd.
,
Class
A
..........................
131,119
551,976
China
Shenhua
Energy
Co.
Ltd.
,
Class
H
.........
279,500
1,602,510
China
Taiping
Insurance
Holdings
Co.
Ltd.
........
376,400
1,096,050
China
Tower
Corp.
Ltd.
,
Class
H
(b)
..............
908,500
1,292,728
China-Singapore
Suzhou
Industrial
Park
Development
Group
Co.
Ltd.
,
Class
A
...................
136,800
191,297
Chongqing
Afari
Technology
Co.
Ltd.
,
Class
A
(a)
....
520,100
882,009
Chongqing
Rural
Commercial
Bank
Co.
Ltd.
,
Class
H
5,625,000
4,234,891
Chow
Tai
Fook
Jewellery
Group
Ltd.
............
231,200
386,190
CITIC
Securities
Co.
Ltd.
,
Class
H
.............
383,500
1,372,728
CMOC
Group
Ltd.
,
Class
H
..................
1,440,000
4,430,068
COFCO
Sugar
Holding
Co.
Ltd.
,
Class
A
.........
342,700
785,215
COSCO
SHIPPING
Holdings
Co.
Ltd.
,
Class
H
.....
978,500
1,898,813
CSC
Financial
Co.
Ltd.
,
Class
H
(b)
..............
1,452,500
2,221,151
Datang
International
Power
Generation
Co.
Ltd.
,
Class
H
..................................
390,000
132,013
Dong-E-E-Jiao
Co.
Ltd.
,
Class
A
...............
102,200
809,174
Dosilicon
Co.
Ltd.
,
Class
A
(a)
.................
7,367
150,264
East
Money
Information
Co.
Ltd.
,
Class
A
.........
158,900
521,144
Eastroc
Beverage
Group
Co.
Ltd.
,
Class
A
........
14,800
520,764
Focus
Media
Information
Technology
Co.
Ltd.
,
Class
A
158,100
162,744
Fujian
Wanchen
Food
Group
Co.
Ltd.
,
Class
A
.....
29,600
888,753
G-bits
Network
Technology
Xiamen
Co.
Ltd.
,
Class
A
.
10,900
665,647
GCL
System
Integration
Technology
Co.
Ltd.
,
Class
A
(a)
925,600
674,691
GD
Power
Development
Co.
Ltd.
,
Class
A
........
1,626,000
1,163,655
Giant
Biogene
Holding
Co.
Ltd.
(b)
(c)
.............
322,800
1,314,231
Goneo
Group
Co.
Ltd.
,
Class
A
...............
148,871
944,240
Great
Wall
Motor
Co.
Ltd.
,
Class
H
.............
424,000
694,758
Guangdong
Dongfang
Precision
Science
&
Technology
Co.
Ltd.
,
Class
A
.......................
193,400
508,032
Guangdong
Provincial
Expressway
Development
Co.
Ltd.
,
Class
B
..........................
569,235
640,829
Guosen
Securities
Co.
Ltd.
,
Class
A
............
791,800
1,448,847
Guosheng
Securities,
Inc.
,
Class
A
(a)
............
290,000
673,914
H
World
Group
Ltd.
.......................
294,900
1,627,934
Haidilao
International
Holding
Ltd.
(b)
............
304,000
682,395
Hainan
Haide
Capital
Management
Co.
Ltd.
,
Class
A
(a)
268,775
227,506
Hansoh
Pharmaceutical
Group
Co.
Ltd.
(b)
.........
78,000
347,255
Hengdian
Group
DMEGC
Magnetics
Co.
Ltd.
,
Class
A
276,800
891,885
Hisense
Home
Appliances
Group
Co.
Ltd.
,
Class
H
..
475,000
1,453,316
Horizon
Robotics
,
Class
B
(a)
(c)
.................
622,800
653,293
Huatai
Securities
Co.
Ltd.
,
Class
H
(b)
(c)
...........
1,607,800
3,438,516
Hubei
Jumpcan
Pharmaceutical
Co.
Ltd.
,
Class
A
...
143,900
582,752
Hytera
Communications
Corp.
Ltd.
,
Class
A
(a)
......
117,000
188,738
Industrial
&
Commercial
Bank
of
China
Ltd.
,
Class
A
.
413,100
416,607
Industrial
&
Commercial
Bank
of
China
Ltd.
,
Class
H
.
14,390,000
11,835,168
Industrial
Bank
Co.
Ltd.
,
Class
A
...............
389,500
1,039,484
Inner
Mongolia
ERDOS
Resources
Co.
Ltd.
,
Class
B
.
513,600
638,405
Jack
Technology
Co.
Ltd.
,
Class
A
.............
76,800
497,146
JD
Health
International,
Inc.
(a)
(b)
...............
27,700
200,481
JD.com,
Inc.
,
Class
A
......................
85,000
1,128,433
JF
SmartInvest
Holdings
Ltd.
.................
283,800
1,292,051
Jiangsu
Phoenix
Publishing
&
Media
Corp.
Ltd.
,
Class
A
..................................
119,000
174,083
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
Emerging
Markets
Equity
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
4
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
China
(continued)
Jiangxi
Copper
Co.
Ltd.
,
Class
H
..............
208,000
$
1,206,591
Jinduicheng
Molybdenum
Co.
Ltd.
,
Class
A
.......
488,300
1,744,905
Jinneng
Holding
Shanxi
Coal
Industry
Co.
Ltd.
,
Class
A
88,100
217,450
Kingboard
Holdings
Ltd.
....................
185,000
955,325
Kingnet
Network
Co.
Ltd.
,
Class
A
.............
357,600
1,180,116
Kingsoft
Corp.
Ltd.
........................
228,000
757,214
Kuaishou
Technology
,
Class
B
(b)
...............
589,400
4,673,666
Kunlun
Energy
Co.
Ltd.
.....................
396,000
424,490
Kweichow
Moutai
Co.
Ltd.
,
Class
A
.............
8,000
1,695,466
Lakala
Payment
Co.
Ltd.
,
Class
A
..............
127,500
532,024
Laopu
Gold
Co.
Ltd.
,
Class
H
.................
13,100
1,204,561
Li
Auto,
Inc.
,
Class
A
(a)
.....................
237,100
2,081,779
Livzon
Pharmaceutical
Group,
Inc.
,
Class
A
.......
22,400
115,666
Loncin
Motor
Co.
Ltd.
,
Class
A
................
328,300
752,633
Meihua
Holdings
Group
Co.
Ltd.
,
Class
A
.........
468,500
782,277
Meitu,
Inc.
(a)
(b)
...........................
3,479,000
2,505,920
Meituan
,
Class
B
(a)
(b)
(c)
......................
802,120
8,259,427
Midea
Group
Co.
Ltd.
,
Class
A
................
226,300
2,591,298
MotoMotion
China
Corp.
,
Class
A
..............
8,300
107,436
NetEase
Cloud
Music,
Inc.
(a)
(b)
................
103,550
2,041,788
NetEase,
Inc.
...........................
332,700
7,494,127
New
China
Life
Insurance
Co.
Ltd.
,
Class
H
.......
287,300
2,021,791
Neway
Valve
Suzhou
Co.
Ltd.
,
Class
A
..........
129,200
1,052,963
Newland
Digital
Technology
Co.
Ltd.
,
Class
A
......
168,200
616,423
Nongfu
Spring
Co.
Ltd.
,
Class
H
(b)
..............
589,000
3,553,567
Northeast
Securities
Co.
Ltd.
,
Class
A
...........
394,300
516,395
Opple
Lighting
Co.
Ltd.
,
Class
A
...............
84,100
229,004
Orient
Securities
Co.
Ltd.
,
Class
H
(b)
............
1,358,000
1,067,363
Pacific
Securities
Co.
Ltd.
(The)
,
Class
A
(a)
........
339,100
206,393
PDD
Holdings,
Inc.
,
ADR
(a)
..................
126,196
13,090,311
People's
Insurance
Co.
Group
of
China
Ltd.
(The)
,
Class
H
.............................
3,856,000
3,149,875
PetroChina
Co.
Ltd.
,
Class
A
.................
3,603,200
5,711,201
PetroChina
Co.
Ltd.
,
Class
H
.................
1,666,000
2,029,140
PICC
Property
&
Casualty
Co.
Ltd.
,
Class
H
.......
725,000
1,495,925
Ping
An
Healthcare
and
Technology
Co.
Ltd.
(a)
(b)
(c)
...
205,100
344,473
Ping
An
Insurance
Group
Co
of
China
Ltd.
,
Class
H
..
941,000
8,140,251
Pop
Mart
International
Group
Ltd.
(b)
.............
163,800
4,819,478
Postal
Savings
Bank
of
China
Co.
Ltd.
,
Class
H
(b)
...
4,690,000
2,951,219
Qfin
Holdings,
Inc.
,
ADR
....................
33,110
482,082
Qunabox
Group
Ltd.
(a)
......................
234,600
672,964
Quzhou
Xin'an
Development
Co.
Ltd.
,
Class
A
(a)
....
760,400
413,287
Rockchip
Electronics
Co.
Ltd.
,
Class
A
..........
21,600
564,606
SAIC
Motor
Corp.
Ltd.
,
Class
A
...............
290,800
606,461
Sangfor
Technologies,
Inc.
,
Class
A
............
68,400
1,309,553
Sensteed
Hi-tech
Group
,
Class
A
(a)
.............
1,638,400
1,181,383
Seres
Group
Co.
Ltd.
,
Class
A
................
94,416
1,475,423
Shaanxi
Coal
Industry
Co.
Ltd.
,
Class
A
..........
243,100
839,245
Shanghai
Construction
Group
Co.
Ltd.
,
Class
A
.....
1,388,000
604,899
Shanghai
MicroPort
MedBot
Group
Co.
Ltd.
,
Class
H
(a)
101,500
361,157
Shanghai
Pudong
Development
Bank
Co.
Ltd.
,
Class
A
443,548
628,076
Shanghai
Rural
Commercial
Bank
Co.
Ltd.
,
Class
A
..
156,000
191,224
Shanxi
Xinghuacun
Fen
Wine
Factory
Co.
Ltd.
,
Class
A
27,000
633,517
Shenwan
Hongyuan
Group
Co.
Ltd.
,
Class
A
......
1,207,400
880,834
Shenzhen
SC
New
Energy
Technology
Corp.
,
Class
A
55,400
997,781
Shenzhen
Transsion
Holdings
Co.
Ltd.
,
Class
A
....
34,764
292,270
Shenzhen
Zhaowei
Machinery
&
Electronic
Co.
Ltd.
,
Class
A
..............................
34,100
589,719
Sichuan
Biokin
Pharmaceutical
Co.
Ltd.
,
Class
A
(a)
..
40,836
1,573,569
Sichuan
Changhong
Electric
Co.
Ltd.
,
Class
A
.....
111,600
167,900
Sichuan
Kelun-Biotech
Biopharmaceutical
Co.
Ltd.
,
Class
H
(a)
............................
60,800
2,997,972
Simcere
Pharmaceutical
Group
Ltd.
(b)
...........
1,319,000
2,096,853
Security
Shares
Value
a
China
(continued)
Sino
Biopharmaceutical
Ltd.
.................
691,000
$
532,853
Sinotrans
Ltd.
,
Class
H
.....................
630,000
422,286
Sinotruk
Hong
Kong
Ltd.
....................
675,000
3,553,386
Suzhou
Zelgen
Biopharmaceutical
Co.
Ltd.
,
Class
A
(a)
38,375
459,766
TAL
Education
Group
,
ADR
(a)
.................
13,816
145,482
Tencent
Holdings
Ltd.
......................
860,900
56,641,905
Tingyi
Cayman
Islands
Holding
Corp.
...........
1,032,000
1,723,388
Uni-President
China
Holdings
Ltd.
.............
2,329,000
2,298,218
Universal
Scientific
Industrial
Shanghai
Co.
Ltd.
,
Class
A
..................................
190,300
1,316,741
Vantone
Neo
Development
Group
Co.
Ltd.
,
Class
A
(a)
.
277,300
502,392
Vipshop
Holdings
Ltd.
,
ADR
..................
162,776
2,835,558
Weichai
Power
Co.
Ltd.
,
Class
H
..............
862,000
3,587,047
Wolong
Electric
Group
Co.
Ltd.
,
Class
A
.........
21,200
138,196
Wuliangye
Yibin
Co.
Ltd.
,
Class
A
..............
6,800
103,031
Wuxi
Taiji
Industry
Ltd.
Co.
,
Class
A
............
331,700
533,678
XD,
Inc.
...............................
281,000
2,644,097
Xiamen
Bank
Co.
Ltd.
,
Class
A
................
426,300
449,237
Xiamen
Xiangyu
Co.
Ltd.
,
Class
A
..............
460,000
569,537
XPeng,
Inc.
,
Class
A
(a)
.....................
58,000
508,458
Yixintang
Pharmaceutical
Group
Co.
Ltd.
,
Class
A
...
109,500
216,716
Yonghui
Superstores
Co.
Ltd.
,
Class
A
(a)
.........
695,100
430,584
Yum
China
Holdings,
Inc.
...................
20,650
1,142,428
Yutong
Bus
Co.
Ltd.
,
Class
A
.................
64,700
279,986
Zhejiang
Leapmotor
Technology
Co.
Ltd.
,
Class
H
(a)
(b)
145,800
760,402
Zhejiang
Semir
Garment
Co.
Ltd.
,
Class
A
........
410,600
331,405
Zhongshan
Broad
Ocean
Motor
Co.
Ltd.
,
Class
A
...
389,800
617,002
Zhuhai
Zhumian
Group
Co.
Ltd.
(a)
..............
183,800
189,142
ZTE
Corp.
,
Class
H
(c)
......................
176,000
609,810
381,024,098
a
Colombia
 — 
0
.3
%
Grupo
Cibest
SA
.........................
139,111
3,041,014
Interconexion
Electrica
SA
ESP
...............
313,774
2,299,783
5,340,797
a
Czech
Republic
 — 
0
.4
%
CEZ
A.S.
..............................
35,352
2,008,225
Komercni
Banka
A.S.
......................
83,279
4,773,719
6,781,944
a
Egypt
 — 
0
.2
%
Abou
Kir
Fertilizers
&
Chemical
Industries
........
694,321
1,009,576
Eastern
Co.
SAE
.........................
690,366
590,302
ElSewedy
Electric
Co.
.....................
214,093
345,875
Talaat
Moustafa
Group
.....................
594,298
1,079,528
3,025,281
a
Greece
 — 
0
.7
%
Eurobank
SA
............................
228,526
1,058,866
Hellenic
Telecommunications
Organization
SA
.....
73,434
1,525,379
JUMBO
SA
.............................
39,139
1,147,842
National
Bank
of
Greece
SA
.................
232,044
3,774,585
OPAP
Holding
SA
........................
111,605
2,083,585
Piraeus
Bank
SA
(a)
........................
287,050
2,754,128
12,344,385
a
Hong
Kong
 — 
0
.4
%
BOC
Hong
Kong
Holdings
Ltd.
................
844,000
4,827,472
Guming
Holdings
Ltd.
(c)
.....................
476,800
1,732,895
6,560,367
a
Hungary
 — 
0
.3
%
MOL
Hungarian
Oil
&
Gas
PLC
...............
135,006
1,494,385
OTP
Bank
Nyrt
..........................
25,694
3,167,875
iShares
®
Emerging
Markets
Equity
Factor
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
(Percentages
shown
are
based
on
Net
Assets)
5
Schedule
of
Investments
Security
Shares
Value
a
Hungary
(continued)
Richter
Gedeon
Nyrt
.......................
6,036
$
225,987
4,888,247
a
India
 — 
13
.5
%
3M
India
Ltd.
............................
4,555
1,878,563
ABB
India
Ltd.
...........................
72,357
4,833,366
AIA
Engineering
Ltd.
.......................
4,520
191,414
Ajanta
Pharma
Ltd.
.......................
58,609
1,931,691
Authum
Investment
&
Infrastucture
Ltd.
..........
43,178
228,918
Axis
Bank
Ltd.
...........................
159,344
2,427,087
Bajaj
Auto
Ltd.
...........................
27,509
3,018,067
Bajaj
Finance
Ltd.
........................
67,502
740,303
Bharat
Electronics
Ltd.
.....................
1,059,059
5,185,627
Bharat
Petroleum
Corp.
Ltd.
.................
531,960
2,253,673
Bharti
Airtel
Ltd.
..........................
278,684
5,770,090
Britannia
Industries
Ltd.
....................
37,270
2,459,028
CG
Power
&
Industrial
Solutions
Ltd.
............
67,174
535,547
Cipla
Ltd.
..............................
129,879
1,928,700
Coal
India
Ltd.
...........................
584,062
2,766,984
Cochin
Shipyard
Ltd.
(b)
.....................
61,895
1,015,232
Colgate-Palmolive
India
Ltd.
.................
75,623
1,875,303
Coromandel
International
Ltd.
................
4,891
119,447
CRISIL
Ltd.
.............................
14,065
676,806
Cummins
India
Ltd.
.......................
74,426
4,013,561
Dr
Reddy's
Laboratories
Ltd.
.................
205,859
2,921,083
Elitecon
International
Ltd.
...................
295,884
189,253
Emami
Ltd.
.............................
217,471
1,106,896
GAIL
India
Ltd.
..........................
145,307
271,142
GE
Vernova
T&D
India
Ltd.
..................
154,742
6,548,826
General
Insurance
Corp.
of
India
(b)
.............
384,341
1,617,257
Gillette
India
Ltd.
.........................
21,791
1,999,332
GlaxoSmithKline
Pharmaceuticals
Ltd.
..........
98,876
2,799,802
Glenmark
Pharmaceuticals
Ltd.
...............
133,488
3,136,829
Godrej
Properties
Ltd.
(a)
....................
105,729
2,013,490
HCL
Technologies
Ltd.
.....................
235,267
3,601,115
HDB
Financial
Services
Ltd.
.................
49,037
380,395
HDFC
Asset
Management
Co.
Ltd.
(b)
............
3,112
92,366
HDFC
Bank
Ltd.
.........................
1,037,119
10,137,839
Hero
MotoCorp
Ltd.
.......................
28,985
1,821,252
Hexaware
Technologies
Ltd.
.................
175,726
916,637
Hindalco
Industries
Ltd.
....................
348,094
3,542,605
Hindustan
Aeronautics
Ltd.
..................
80,605
3,467,097
Hindustan
Petroleum
Corp.
Ltd.
...............
243,712
1,175,501
Hindustan
Zinc
Ltd.
.......................
608,198
4,048,980
Hitachi
Energy
India
Ltd.
....................
6,421
1,805,927
Housing
&
Urban
Development
Corp.
Ltd.
........
413,487
849,441
ICICI
Bank
Ltd.
..........................
689,836
10,490,133
Indian
Oil
Corp.
Ltd.
.......................
843,974
1,739,577
Indian
Railway
Finance
Corp.
Ltd.
(b)
............
883,277
1,006,295
Indian
Renewable
Energy
Development
Agency
Ltd.
(a)
188,041
253,030
Info
Edge
India
Ltd.
.......................
70,144
794,518
Infosys
Ltd.
.............................
568,975
8,155,046
InterGlobe
Aviation
Ltd.
(b)
...................
42,377
2,254,790
ITC
Hotels
Ltd.
(a)
.........................
633,848
1,228,449
Jindal
Steel
Ltd.
..........................
24,755
338,971
JSW
Steel
Ltd.
..........................
16,120
224,521
Kotak
Mahindra
Bank
Ltd.
...................
296,335
1,354,301
L&T
Technology
Services
Ltd.
(b)
...............
31,651
1,222,782
Larsen
&
Toubro
Ltd.
......................
114,124
5,369,060
LIC
Housing
Finance
Ltd.
...................
132,390
783,578
Lodha
Developers
Ltd.
(b)
....................
22,894
249,142
Lupin
Ltd.
..............................
70,347
1,788,024
Mahindra
&
Mahindra
Ltd.
...................
166,849
6,236,217
Marico
Ltd.
.............................
122,978
1,066,355
Maruti
Suzuki
India
Ltd.
....................
8,198
1,340,163
Security
Shares
Value
a
India
(continued)
Mazagon
Dock
Shipbuilders
Ltd.
..............
23,777
$
581,627
Motilal
Oswal
Financial
Services
Ltd.
............
125,511
1,001,878
Mphasis
Ltd.
............................
19,761
499,536
Multi
Commodity
Exchange
of
India
Ltd.
.........
44,553
1,198,819
Muthoot
Finance
Ltd.
......................
17,984
663,729
National
Aluminium
Co.
Ltd.
..................
903,015
3,523,354
NBCC
India
Ltd.
.........................
721,205
735,121
Nestle
India
Ltd.
.........................
210,375
2,989,356
Nippon
Life
India
Asset
Management
Ltd.
(b)
.......
98,116
1,005,025
NMDC
Ltd.
.............................
4,065,110
3,658,110
NTPC
Green
Energy
Ltd.
(a)
..................
2,524,100
2,501,691
NTPC
Ltd.
.............................
776,231
3,262,681
Oil
&
Natural
Gas
Corp.
Ltd.
.................
724,053
2,231,528
Oil
India
Ltd.
............................
191,455
1,020,882
One
97
Communications
Ltd.
(a)
................
17,389
210,264
Page
Industries
Ltd.
.......................
4,198
1,483,302
Pidilite
Industries
Ltd.
......................
53,946
885,509
Polycab
India
Ltd.
........................
4,894
463,693
Power
Finance
Corp.
Ltd.
...................
1,186,421
5,403,040
Power
Grid
Corp.
of
India
Ltd.
................
849,796
2,794,322
Premier
Energies
Ltd.
(b)
.....................
70,333
565,370
Procter
&
Gamble
Hygiene
&
Health
Care
Ltd.
.....
2,157
269,407
REC
Ltd.
..............................
757,773
2,918,481
Reliance
Industries
Ltd.
....................
573,318
8,798,904
SBI
Life
Insurance
Co.
Ltd.
(b)
.................
38,832
870,170
Shriram
Finance
Ltd.
......................
76,296
907,134
Siemens
Energy
India
Ltd.
...................
100,422
3,239,492
Solar
Industries
India
Ltd.
...................
4,950
735,887
State
Bank
of
India
........................
83,351
1,102,042
Sun
Pharmaceutical
Industries
Ltd.
.............
162,634
3,117,873
Tata
Consultancy
Services
Ltd.
...............
276,356
8,031,817
Tata
Investment
Corp.
Ltd.
...................
285,471
2,066,501
Tata
Motors
Passenger
Vehicles
Ltd.
............
46,066
194,015
Tata
Steel
Ltd.
...........................
734,344
1,716,980
Tech
Mahindra
Ltd.
.......................
44,035
658,969
Titan
Co.
Ltd.
...........................
11,907
567,207
Trent
Ltd.
..............................
19,961
857,694
TVS
Motor
Co.
Ltd.
.......................
50,914
2,168,485
United
Spirits
Ltd.
........................
10,608
161,004
Vedanta
Ltd.
............................
157,488
1,245,609
Vishal
Mega
Mart
Ltd.
(a)
.....................
2,160,372
2,807,810
WAAREE
Energies
Ltd.
....................
20,110
598,882
Wipro
Ltd.
..............................
1,450,993
3,215,521
Zydus
Lifesciences
Ltd.
....................
97,728
994,574
228,110,719
a
Indonesia
 — 
1
.1
%
Adaro
Andalan
Indonesia
PT
.................
7,046,000
3,882,594
Alamtri
Resources
Indonesia
Tbk
PT
............
27,200,800
3,792,576
Aneka
Tambang
Tbk
......................
5,117,700
1,330,670
Bank
Central
Asia
Tbk
PT
...................
5,246,600
2,240,244
Bank
CIMB
Niaga
Tbk
PT
...................
5,401,600
595,878
Bumi
Resources
Minerals
Tbk
PT
(a)
.............
6,790,200
392,503
GoTo
Gojek
Tokopedia
Tbk
PT
,
Class
A
(a)
.........
231,352,700
841,664
Hanjaya
Mandala
Sampoerna
Tbk
PT
...........
16,718,400
902,484
Pertamina
Geothermal
Energy
PT
(b)
............
8,306,500
537,581
Telkom
Indonesia
Persero
Tbk
PT
.............
3,781,800
798,543
Unilever
Indonesia
Tbk
PT
..................
4,604,900
653,723
United
Tractors
Tbk
PT
.....................
1,966,600
3,349,591
19,318,051
a
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
Emerging
Markets
Equity
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
6
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Kuwait
 — 
0
.3
%
National
Bank
of
Kuwait
SAKP
................
841,453
$
2,584,240
Warba
Bank
KSCP
(a)
......................
2,206,903
2,077,869
4,662,109
a
Malaysia
 — 
0
.7
%
Genting
Bhd
............................
538,400
391,164
Hong
Leong
Financial
Group
Bhd
(c)
.............
112,200
614,165
IJM
Corp.
Bhd
...........................
478,300
308,119
KLCCP
Stapled
Group
.....................
51,300
121,163
Nestle
Malaysia
Bhd
.......................
52,600
1,485,670
Petronas
Dagangan
Bhd
....................
394,800
2,230,070
Public
Bank
Bhd
.........................
1,638,500
2,074,717
Sime
Darby
Bhd
.........................
1,047,200
657,352
Telekom
Malaysia
Bhd
.....................
224,200
429,191
Westports
Holdings
Bhd
....................
426,100
673,883
YTL
Corp.
Bhd
(c)
.........................
5,189,740
2,450,200
YTL
Power
International
Bhd
.................
592,020
429,771
11,865,465
a
Mexico
 — 
1
.7
%
America
Movil
SAB
de
CV
,
Series
B
............
3,286,415
4,272,607
Arca
Continental
SAB
de
CV
.................
65,275
785,635
Cemex
SAB
de
CV
,
ADR
....................
158,914
1,988,014
Coca-Cola
Femsa
SAB
de
CV
................
766,389
8,519,191
Fomento
Economico
Mexicano
SAB
de
CV
.......
325,142
3,648,266
Gruma
SAB
de
CV
,
Class
B
..................
107,545
1,927,967
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV
,
Class
B
35,248
919,780
Grupo
Financiero
Banorte
SAB
de
CV
,
Class
O
....
248,431
2,832,967
Grupo
Mexico
SAB
de
CV
,
Series
B
............
217,491
2,766,058
Wal-Mart
de
Mexico
SAB
de
CV
...............
157,682
510,347
28,170,832
a
Philippines
 — 
0
.4
%
Bank
of
the
Philippine
Islands
................
717,878
1,444,097
DMCI
Holdings,
Inc.
.......................
3,250,000
543,874
International
Container
Terminal
Services,
Inc.
.....
255,590
3,186,174
Manila
Electric
Co.
........................
204,030
2,257,368
7,431,513
a
Poland
 — 
1
.1
%
Asseco
Poland
SA
........................
46,338
2,289,683
Bank
Handlowy
w
Warszawie
SA
..............
2,818
93,851
Bank
Polska
Kasa
Opieki
SA
.................
9,276
587,734
Budimex
SA
............................
13,474
3,038,827
LPP
SA
...............................
344
1,990,578
mBank
SA
(a)
............................
5,658
1,644,418
Modivo
SA
(a)
............................
18,396
570,820
Orange
Polska
SA
........................
539,392
2,117,340
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
...
8,171
211,700
Tauron
Polska
Energia
SA
(a)
..................
2,033,257
6,693,991
19,238,942
a
Qatar
 — 
0
.4
%
Industries
Qatar
QSC
......................
79,997
265,358
Mesaieed
Petrochemical
Holding
Co.
...........
2,217,397
635,990
Ooredoo
QPSC
..........................
1,260,358
4,688,110
Qatar
National
Bank
QPSC
..................
106,352
563,164
6,152,622
a
Russia
 — 
0
.0
%
PhosAgro
PJSC
,
GDR
(a)
(d)
...................
986
10
T-Tekhnologii
MKPAO
,
GDR
(a)
(d)
(e)
..............
135,475
18
United
Co.
RUSAL
International
PJSC
(a)
(d)
........
3,441,260
445
473
a
Security
Shares
Value
a
Saudi
Arabia
 — 
1
.9
%
Al
Rajhi
Bank
...........................
100,655
$
2,699,377
Alinma
Bank
............................
156,620
1,163,335
Arab
National
Bank
.......................
204,517
1,121,937
Arabian
Internet
&
Communications
Services
Co.
...
19,956
993,398
Astra
Industrial
Group
Co.
...................
40,046
1,364,139
Banque
Saudi
Fransi
......................
165,359
873,370
Dar
Al
Arkan
Real
Estate
Development
Co.
(a)
......
57,809
307,811
Elm
Co.
...............................
17,975
3,064,257
Etihad
Etisalat
Co.
........................
131,720
2,254,686
Nahdi
Medical
Co.
........................
109,600
2,900,797
Riyad
Bank
.............................
86,016
634,720
Riyadh
Cables
Group
Co.
...................
34,003
1,067,891
SABIC
Agri-Nutrients
Co.
...................
75,998
2,504,921
SAL
Saudi
Logistics
Services
.................
88,068
3,796,691
Saudi
Arabian
Oil
Co.
(b)
.....................
260,994
1,739,403
Saudi
Aramco
Base
Oil
Co.
..................
68,113
1,654,628
Saudi
Energy
Co.
........................
885,773
3,190,947
Saudi
Telecom
Co.
........................
140,410
1,564,169
32,896,477
a
South
Africa
 — 
3
.1
%
Anglogold
Ashanti
PLC
.....................
49,022
6,271,550
Bid
Corp.
Ltd.
...........................
29,498
778,290
Bidvest
Group
Ltd.
........................
63,695
1,008,915
Clicks
Group
Ltd.
.........................
76,142
1,523,533
Exxaro
Resources
Ltd.
.....................
470,865
5,859,044
FirstRand
Ltd.
...........................
262,274
1,634,384
Gold
Fields
Ltd.
..........................
87,850
5,148,538
Harmony
Gold
Mining
Co.
Ltd.
................
69,130
1,573,035
Mr
Price
Group
Ltd.
.......................
82,710
951,512
MTN
Group
Ltd.
..........................
441,165
5,738,284
Naspers
Ltd.
,
Class
N
......................
98,542
5,483,927
Nedbank
Group
Ltd.
.......................
102,201
2,021,717
NEPI
Rockcastle
N.V.
(a)
.....................
345,837
3,215,179
Sasol
Ltd.
(a)
.............................
128,676
1,172,450
Shoprite
Holdings
Ltd.
.....................
5,447
90,484
Standard
Bank
Group
Ltd.
...................
136,705
2,753,170
Tiger
Brands
Ltd.
.........................
82,795
1,656,173
Valterra
Platinum
Ltd.
......................
21,016
2,467,532
Woolworths
Holdings
Ltd.
...................
1,049,892
3,590,022
52,937,739
a
South
Korea
 — 
20
.0
%
Alteogen,
Inc.
...........................
1,189
336,826
APR
Corp.
(a)
............................
10,870
2,361,401
CJ
Corp.
..............................
19,811
3,010,277
CJ
Logistics
Corp.
........................
5,528
505,974
Coway
Co.
Ltd.
(a)
(c)
........................
45,733
2,598,353
DB
Insurance
Co.
Ltd.
.....................
27,899
3,544,433
Doosan
Bobcat,
Inc.
(a)
......................
49,125
2,215,181
Doosan
Enerbility
Co.
Ltd.
(a)
..................
4,787
353,785
E-MART,
Inc.
............................
16,526
1,205,759
Hana
Financial
Group,
Inc.
..................
103,430
8,748,854
Hankook
Tire
&
Technology
Co.
Ltd.
............
70,930
3,592,760
Hanmi
Pharm
Co.
Ltd.
(a)
....................
4,938
2,034,454
Hanmi
Science
Co.
Ltd.
(a)
...................
66,326
2,011,739
Hanmi
Semiconductor
Co.
Ltd.
................
14,387
3,242,306
Hanwha
Aerospace
Co.
Ltd.
.................
4,633
3,851,334
HD
Hyundai
Co.
Ltd.
......................
6,571
1,336,702
HD
Hyundai
Electric
Co.
Ltd.
.................
4,263
3,112,227
HD
Hyundai
Heavy
Industries
Co.
Ltd.
...........
4,680
1,959,865
HD
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.
5,183
1,621,269
Hyosung
Heavy
Industries
Corp.
..............
2,044
4,006,633
Hyundai
Glovis
Co.
Ltd.
....................
17,754
3,574,770
Hyundai
Marine
&
Fire
Insurance
Co.
Ltd.
(a)
.......
11,544
275,662
iShares
®
Emerging
Markets
Equity
Factor
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
(Percentages
shown
are
based
on
Net
Assets)
7
Schedule
of
Investments
Security
Shares
Value
a
South
Korea
(continued)
Hyundai
Mobis
Co.
Ltd.
.....................
17,874
$
6,424,853
Hyundai
Motor
Co.
........................
42,387
19,872,055
Hyundai
Rotem
Co.
Ltd.
....................
11,190
1,789,088
KB
Financial
Group,
Inc.
....................
78,145
8,624,716
KCC
Corp.
.............................
13,556
6,136,789
Kia
Corp.
..............................
77,618
11,082,886
Korea
Electric
Power
Corp.
..................
32,373
1,301,204
Korea
Gas
Corp.
.........................
7,728
221,422
Korea
Investment
Holdings
Co.
Ltd.
............
19,649
3,533,157
Krafton,
Inc.
(a)
...........................
6,496
1,121,779
KT&G
Corp.
............................
26,044
2,950,960
LG
CNS
Co.
Ltd.
(c)
........................
10,885
562,428
LG
Electronics,
Inc.
.......................
9,124
923,032
LG
Innotek
Co.
Ltd.
.......................
3,345
741,105
LG
Uplus
Corp.
..........................
89,760
1,032,662
LS
Corp.
(a)
.............................
8,439
1,671,931
LS
Electric
Co.
Ltd.
.......................
4,157
2,276,450
Meritz
Financial
Group,
Inc.
(a)
.................
4,030
355,503
Mirae
Asset
Securities
Co.
Ltd.
(c)
..............
200,946
10,072,864
NAVER
Corp.
...........................
11,653
2,058,553
POSCO
Holdings,
Inc.
.....................
4,141
1,188,469
S-1
Corp.
(c)
.............................
4,590
279,654
Samsung
Biologics
Co.
Ltd.
(a)
(b)
...............
1,606
1,981,457
Samsung
C&T
Corp.
......................
19,278
4,697,921
Samsung
Electro-Mechanics
Co.
Ltd.
...........
13,020
4,069,268
Samsung
Electronics
Co.
Ltd.
................
738,126
110,476,247
Samsung
Episholdings
Co.
Ltd.
(a)
(c)
.............
3,078
1,444,317
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
.......
9,406
3,465,541
Samsung
Life
Insurance
Co.
Ltd.
..............
24,619
3,941,116
Samsung
SDS
Co.
Ltd.
.....................
2,088
282,963
Samsung
Securities
Co.
Ltd.
.................
35,394
2,629,884
Samyang
Foods
Co.
Ltd.
(c)
..................
479
406,609
Shinhan
Financial
Group
Co.
Ltd.
..............
86,907
5,845,059
SK
hynix,
Inc.
...........................
69,960
51,727,863
SK
Square
Co.
Ltd.
(a)
......................
12,257
5,501,159
SK
Telecom
Co.
Ltd.
.......................
27,472
1,518,471
SK,
Inc.
...............................
4,374
1,221,313
Woori
Financial
Group,
Inc.
..................
9,279
232,203
339,163,515
a
Taiwan
 — 
21
.2
%
Accton
Technology
Corp.
...................
141,000
6,204,745
Acer,
Inc.
..............................
791,000
690,855
Advantech
Co.
Ltd.
.......................
101,291
1,074,235
ASE
Technology
Holding
Co.
Ltd.
..............
468,000
5,639,200
Asia
Vital
Components
Co.
Ltd.
...............
58,000
3,189,214
Asustek
Computer,
Inc.
.....................
157,000
2,653,000
AUO
Corp.
(a)
............................
3,008,800
1,583,479
Caliway
Biopharmaceuticals
Co.
Ltd.
(a)
..........
51,000
262,876
Cathay
Financial
Holding
Co.
Ltd.
..............
1,693,000
4,293,431
Chicony
Electronics
Co.
Ltd.
.................
433,000
1,729,751
China
Airlines
Ltd.
........................
297,000
198,476
Chroma
ATE,
Inc.
.........................
96,000
4,171,581
Chunghwa
Telecom
Co.
Ltd.
.................
188,000
809,052
Compal
Electronics,
Inc.
....................
1,503,000
1,507,834
CTBC
Financial
Holding
Co.
Ltd.
..............
3,631,000
6,459,033
Delta
Electronics,
Inc.
......................
318,000
14,339,834
E.Sun
Financial
Holding
Co.
Ltd.
..............
672,000
755,734
Elite
Material
Co.
Ltd.
......................
27,000
2,067,732
Far
EasTone
Telecommunications
Co.
Ltd.
........
323,000
949,262
First
Financial
Holding
Co.
Ltd.
................
118,850
113,299
Fortune
Electric
Co.
Ltd.
....................
57,330
1,933,812
Fubon
Financial
Holding
Co.
Ltd.
..............
2,116,920
6,349,010
Global
Unichip
Corp.
......................
52,000
4,553,535
Gold
Circuit
Electronics
Ltd.
..................
25,000
649,429
Security
Shares
Value
a
Taiwan
(continued)
Hon
Hai
Precision
Industry
Co.
Ltd.
.............
1,538,000
$
11,763,838
Inventec
Corp.
...........................
481,000
704,553
Jentech
Precision
Industrial
Co.
Ltd.
............
5,000
487,583
King
Slide
Works
Co.
Ltd.
...................
28,000
3,013,223
King
Yuan
Electronics
Co.
Ltd.
................
18,000
185,212
Largan
Precision
Co.
Ltd.
...................
4,000
320,597
Lite-On
Technology
Corp.
...................
791,718
4,321,552
MediaTek,
Inc.
...........................
296,000
18,233,470
Mega
Financial
Holding
Co.
Ltd.
...............
769,688
990,161
Novatek
Microelectronics
Corp.
...............
547,000
6,830,176
Pou
Chen
Corp.
..........................
711,000
703,668
Powertech
Technology,
Inc.
..................
235,000
1,908,379
President
Chain
Store
Corp.
.................
201,000
1,439,528
Quanta
Computer,
Inc.
.....................
376,000
3,450,624
Realtek
Semiconductor
Corp.
................
279,000
4,270,080
Shanghai
Commercial
&
Savings
Bank
Ltd.
(The)
...
1,032,000
1,318,422
Silicon
Motion
Technology
Corp.
,
ADR
...........
14,855
1,919,712
SinoPac
Financial
Holdings
Co.
Ltd.
............
2,768,270
2,920,135
Synnex
Technology
International
Corp.
..........
1,360,000
3,124,501
Taiwan
Cooperative
Financial
Holding
Co.
Ltd.
.....
6,862,799
5,239,003
Taiwan
Mobile
Co.
Ltd.
.....................
100,000
343,734
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.....
3,002,000
187,319,281
Tripod
Technology
Corp.
....................
18,000
222,341
TS
Financial
Holding
Co.
Ltd.
.................
3,757,000
3,058,447
Uni-President
Enterprises
Corp.
...............
1,311,000
3,031,230
United
Integrated
Services
Co.
Ltd.
.............
116,000
4,123,084
United
Microelectronics
Corp.
................
1,730,000
3,579,120
Voltronic
Power
Technology
Corp.
..............
42,000
1,235,259
Wistron
Corp.
...........................
406,000
1,734,482
Wiwynn
Corp.
...........................
15,000
1,885,068
Yuanta
Financial
Holding
Co.
Ltd.
..............
4,990,981
7,777,719
359,632,591
a
Thailand
 — 
0
.9
%
Advanced
Info
Service
PCL
,
NVDR
.............
188,100
2,298,527
Bumrungrad
Hospital
PCL
,
NVDR
.............
198,900
1,359,651
Delta
Electronics
Thailand
PCL
,
NVDR
..........
208,200
1,864,601
Krung
Thai
Bank
PCL
,
NVDR
................
3,409,600
3,754,608
PTT
Exploration
&
Production
PCL
,
NVDR
(c)
.......
716,600
3,169,670
PTT
PCL
,
NVDR
.........................
861,300
1,025,069
Thai
Union
Group
PCL
,
NVDR
................
2,299,300
916,317
TIDLOR
Holdings
PCL
,
NVDR
................
937,800
600,299
TMBThanachart
Bank
PCL
,
NVDR
(c)
............
3,853,000
292,329
15,281,071
a
Turkey
 — 
0
.6
%
Akbank
TAS
............................
943,613
1,940,220
Anadolu
Efes
Biracilik
Ve
Malt
Sanayii
A.S.
.......
5,019,044
2,170,167
BIM
Birlesik
Magazalar
A.S.
..................
45,821
697,903
KOC
Holding
A.S.
........................
53,587
243,772
Tofas
Turk
Otomobil
Fabrikasi
A.S.
.............
55,759
404,413
Turkcell
Iletisim
Hizmetleri
A.S.
................
548,197
1,448,160
Turkiye
Garanti
Bankasi
A.S.
(c)
................
696,292
2,544,347
Yapi
ve
Kredi
Bankasi
A.S.
(a)
.................
1,310,507
1,294,401
10,743,383
a
United
Arab
Emirates
 — 
2
.5
%
Abu
Dhabi
Islamic
Bank
PJSC
................
1,070,920
7,436,506
Abu
Dhabi
National
Oil
Co.
for
Distribution
PJSC
...
1,441,848
1,570,192
Aldar
Properties
PJSC
.....................
688,630
2,024,872
Emaar
Development
PJSC
..................
1,759,559
9,269,535
Emaar
Properties
PJSC
....................
958,545
4,230,456
Emirates
Integrated
Telecommunications
Co.
PJSC
..
2,441,045
7,277,179
Emirates
NBD
Bank
PJSC
...................
675,919
6,072,699
Emirates
Telecommunications
Group
Co.
PJSC
....
334,920
1,849,193
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
Emerging
Markets
Equity
Factor
ETF
(Percentages
shown
are
based
on
Net
Assets)
8
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
United
Arab
Emirates
(continued)
First
Abu
Dhabi
Bank
PJSC
..................
403,477
$
2,155,217
41,885,849
a
Total
Common
Stocks — 98.2%
(Cost:
$
1,148,465,473
)
...............................
1,664,692,171
a
Preferred
Stocks
Brazil
 — 
0
.9
%
Cia
Energetica
de
Minas
Gerais
,
Preference
Shares
,
NVS
................................
1,594,088
3,753,173
Gerdau
SA
,
Preference
Shares
,
NVS
...........
1,580,144
6,469,760
Itau
Unibanco
Holding
SA
,
Preference
Shares
,
NVS
.
389,396
3,553,291
Petroleo
Brasileiro
SA
-
Petrobras
,
Preference
Shares
,
NVS
................................
178,871
1,372,280
15,148,504
a
Chile
 — 
0
.0
%
Embotelladora
Andina
SA
,
Class
B,
Preference
Shares
149,007
717,956
a
India
 — 
0
.0
%
TVS
Motor
Co.
Ltd.
,
6.00
%
(a)
.................
144,200
15,850
a
South
Korea
 — 
0
.6
%
Doosan
Co.
Ltd.
,
Preference
Shares
,
NVS
........
5,140
2,196,193
Doosan
Co.
Ltd.
,
Preference
Shares
,
NVS
........
2,385
942,401
Hanwha
Corp.
,
Preference
Shares
,
NVS
(a)
........
52,228
2,037,493
Samsung
C&T
Corp.
,
Preference
Shares
,
NVS
(c)
....
3,856
582,256
Security
Shares
Value
a
South
Korea
(continued)
Samsung
Electronics
Co.
Ltd.
,
Preference
Shares
,
NVS
................................
40,257
$
4,043,392
9,801,735
a
Total
Preferred
Stocks — 1.5%
(Cost:
$
17,356,845
)
.................................
25,684,045
a
Total
Long-Term
Investments — 99.7%
(Cost:
$
1,165,822,318
)
...............................
1,690,376,216
a
Short-Term
Securities
Money
Market
Funds
 — 
1
.6
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
3.84
%
(f)
(g)
(h)
......................
21,322,786
21,333,447
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
3.64
%
(f)
(g)
.............................
6,868,645
6,868,645
a
Total
Short-Term
Securities — 1.6%
(Cost:
$
28,200,315
)
.................................
28,202,092
Total
Investments
—  101.3%
(Cost:
$
1,194,022,633
)
...............................
1,718,578,308
Liabilities
in
Excess
of
Other
Assets
(
1
.3
)
%
...............
(
22,843,382
)
Net
Assets
100.0%
.................................
$
1,695,734,926
(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)
All
or
a
portion
of
this
security
is
on
loan.
(d)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(e)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(f)
Affiliate
of
the
Fund.
(g)
Annualized
7-day
yield
as
of
period
end.
(h)
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
$
14,749,532
$
6,585,301
(a)
$
$
(
1,387
)
$
1
$
21,333,447
21,322,786
$
312,045
(b)
$
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..
2,020,000
4,848,645
(a)
6,868,645
6,868,645
116,921
$
$
(
1,387
)
$
1
$
28,202,092
$
428,966
$
(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.
iShares
®
Emerging
Markets
Equity
Factor
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
9
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
MSCI
Emerging
Markets
Index
.............................................................
53
03/20/26
$
4,250
$
55,998
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)
.............
$
$
$
55,998
$
$
$
$
55,998
(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
..................................
$
$
$
672,125
$
$
$
$
672,125
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Futures
contracts
..................................
$
$
$
52,955
$
$
$
$
52,955
Futures
contracts:
Average
notional
value
of
contracts
long
...................................................................................
$
4,019,103
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
221,896,014
$
1,442,795,684
$
473
$
1,664,692,171
Preferred
Stocks
.........................................
15,866,460
9,817,585
25,684,045
Short-Term
Securities
Money
Market
Funds
......................................
28,202,092
28,202,092
$
265,964,566
$
1,452,613,269
$
473
$
1,718,578,308
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
Emerging
Markets
Equity
Factor
ETF
10
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
55,998
$
$
$
55,998
(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)
iShares
®
MSCI
Emerging
Markets
ex
China
ETF
Schedule
of
Investments
(unaudited)
February
28,
2026
(Percentages
shown
are
based
on
Net
Assets)
11
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Brazil
 — 
4
.4
%
Ambev
SA
.............................
9,558,222
$
30,334,979
Axia
Energia
............................
2,446,917
29,244,632
B3
SA
-
Brasil
Bolsa
Balcao
..................
10,732,894
37,475,627
Banco
Bradesco
SA
.......................
3,242,003
11,617,204
Banco
BTG
Pactual
SA
.....................
2,441,226
29,171,853
Banco
do
Brasil
SA
.......................
3,561,823
18,724,496
BB
Seguridade
Participacoes
SA
..............
1,465,796
9,915,889
Caixa
Seguridade
Participacoes
SA
............
1,254,101
4,351,986
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
SABESP
.............................
998,367
29,969,511
Cia
Paranaense
de
Energia
-
Copel
............
3,634,477
10,393,335
CPFL
Energia
SA
.........................
458,256
4,500,769
Embraer
SA
............................
1,428,344
25,750,035
Energisa
SA
............................
593,373
6,232,934
Eneva
SA
(a)
.............................
1,954,059
8,157,000
Engie
Brasil
Energia
SA
....................
558,232
3,667,464
Equatorial
SA
...........................
2,406,427
19,766,827
JBS
N.V.
,
Class
A
(a)
(b)
......................
840,799
14,201,095
Klabin
SA
..............................
1,729,199
6,935,011
Localiza
Rent
a
Car
SA
.....................
1,873,265
18,548,119
MBRF
Global
Foods
Co.
SA
.................
1,312,908
5,296,194
Motiva
Infraestrutura
de
Mobilidade
SA
..........
2,016,938
6,550,672
NU
Holdings
Ltd.
,
Class
A
(a)
..................
6,890,075
103,213,324
Petroleo
Brasileiro
SA
-
Petrobras
..............
7,627,799
63,578,631
Porto
Seguro
SA
.........................
396,642
4,048,820
PRIO
SA
(a)
.............................
1,689,043
17,952,980
Raia
Drogasil
SA
.........................
2,678,155
13,102,141
Rede
D'Or
Sao
Luiz
SA
(c)
...................
1,622,406
12,753,918
Rumo
SA
..............................
2,653,525
8,266,223
StoneCo
Ltd.
,
Class
A
(a)
....................
453,593
7,620,362
Suzano
SA
.............................
1,410,763
15,961,037
Telefonica
Brasil
SA
.......................
1,655,159
13,941,240
TIM
SA
...............................
1,713,793
9,326,992
TOTVS
SA
.............................
1,101,145
8,127,831
Ultrapar
Participacoes
SA
...................
1,526,301
7,681,374
Vale
SA
...............................
7,367,589
127,145,343
Vibra
Energia
SA
.........................
2,202,996
12,857,435
WEG
SA
..............................
3,421,097
33,166,590
XP,
Inc.
,
Class
A
.........................
817,727
17,605,662
807,155,535
a
Chile
 — 
0
.6
%
Banco
de
Chile
..........................
93,291,262
19,241,483
Banco
de
Credito
e
Inversiones
SA
.............
181,329
12,423,256
Banco
Santander
Chile
.....................
137,103,637
11,782,442
Cencosud
SA
...........................
2,539,660
7,936,874
Empresas
CMPC
SA
......................
2,226,351
3,299,581
Empresas
Copec
SA
......................
791,420
6,532,883
Enel
Chile
SA
...........................
57,329,127
4,798,667
Falabella
SA
............................
1,278,868
9,495,674
Latam
Airlines
Group
SA
....................
642,013,615
18,041,430
Plaza
SA
..............................
1,587,725
7,422,676
100,974,966
a
Colombia
 — 
0
.1
%
Grupo
Cibest
SA
.........................
529,602
11,577,280
Interconexion
Electrica
SA
ESP
...............
920,335
6,745,526
18,322,806
a
Czech
Republic
 — 
0
.2
%
CEZ
A.S.
..............................
274,437
15,589,818
Komercni
Banka
A.S.
......................
153,088
8,775,310
Security
Shares
Value
a
Czech
Republic
(continued)
Moneta
Money
Bank
A.S.
(c)
..................
526,786
$
5,067,917
29,433,045
a
Egypt
 — 
0
.1
%
Commercial
International
Bank
-
Egypt
(CIB)
......
4,986,189
13,882,299
Eastern
Co.
SAE
.........................
3,144,873
2,689,047
Talaat
Moustafa
Group
.....................
1,430,189
2,597,903
19,169,249
a
Greece
 — 
0
.6
%
Alpha
Bank
SA
..........................
3,272,512
14,393,891
Eurobank
SA
............................
5,100,747
23,634,113
Hellenic
Telecommunications
Organization
SA
.....
316,480
6,573,957
JUMBO
SA
.............................
223,789
6,563,131
National
Bank
of
Greece
SA
.................
1,743,168
28,355,552
OPAP
Holding
SA
........................
346,847
6,475,384
Piraeus
Bank
SA
(a)
........................
2,241,078
21,502,231
Public
Power
Corp.
SA
.....................
351,218
7,859,918
115,358,177
a
Hungary
 — 
0
.4
%
MOL
Hungarian
Oil
&
Gas
PLC
...............
853,003
9,441,913
OTP
Bank
Nyrt
..........................
455,944
56,214,429
Richter
Gedeon
Nyrt
.......................
284,547
10,653,421
76,309,763
a
India
 — 
16
.9
%
ABB
India
Ltd.
...........................
109,829
7,336,454
Adani
Enterprises
Ltd.
.....................
326,512
7,770,126
Adani
Ports
&
Special
Economic
Zone
Ltd.
........
1,114,095
18,650,713
Adani
Power
Ltd.
(a)
........................
5,974,418
9,217,505
Aditya
Birla
Capital
Ltd.
(a)
...................
1,453,613
5,506,392
Alkem
Laboratories
Ltd.
....................
92,340
5,726,458
Ambuja
Cements
Ltd.
......................
1,250,165
6,870,752
APL
Apollo
Tubes
Ltd.
.....................
373,610
9,187,121
Apollo
Hospitals
Enterprise
Ltd.
...............
218,510
18,819,547
Ashok
Leyland
Ltd.
.......................
6,013,820
13,964,890
Asian
Paints
Ltd.
.........................
782,133
20,467,108
Astral
Ltd.
..............................
242,393
4,448,521
AU
Small
Finance
Bank
Ltd.
(c)
................
1,090,092
11,477,982
Aurobindo
Pharma
Ltd.
.....................
538,998
7,253,412
Avenue
Supermarts
Ltd.
(a)
(c)
..................
330,858
14,031,357
Axis
Bank
Ltd.
...........................
4,596,087
70,006,410
Bajaj
Auto
Ltd.
...........................
137,085
15,039,869
Bajaj
Finance
Ltd.
........................
5,699,589
62,508,073
Bajaj
Finserv
Ltd.
.........................
785,628
17,229,004
Bajaj
Holdings
&
Investment
Ltd.
..............
54,388
6,465,795
Balkrishna
Industries
Ltd.
...................
157,948
4,144,757
Bank
of
Baroda
..........................
2,151,526
7,622,021
Bharat
Electronics
Ltd.
.....................
7,469,913
36,576,037
Bharat
Forge
Ltd.
.........................
489,104
10,297,124
Bharat
Heavy
Electricals
Ltd.
.................
2,147,676
6,258,195
Bharat
Petroleum
Corp.
Ltd.
.................
3,148,717
13,339,684
Bharti
Airtel
Ltd.
..........................
5,220,397
108,087,161
Bosch
Ltd.
.............................
15,296
6,126,473
Britannia
Industries
Ltd.
....................
222,053
14,650,781
BSE
Ltd.
..............................
358,713
10,702,256
Canara
Bank
............................
3,792,291
6,565,261
CG
Power
&
Industrial
Solutions
Ltd.
............
1,456,822
11,614,570
Cholamandalam
Investment
and
Finance
Co.
Ltd.
...
861,901
16,421,797
Cipla
Ltd.
..............................
1,153,768
17,133,423
Coal
India
Ltd.
...........................
3,817,539
18,085,524
Colgate-Palmolive
India
Ltd.
.................
251,413
6,234,551
Coromandel
International
Ltd.
................
249,052
6,082,319
Cummins
India
Ltd.
.......................
281,304
15,169,842
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
MSCI
Emerging
Markets
ex
China
ETF
(Percentages
shown
are
based
on
Net
Assets)
12
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
India
(continued)
Dabur
India
Ltd.
..........................
1,099,159
$
6,268,360
Divi's
Laboratories
Ltd.
.....................
244,739
17,274,201
Dixon
Technologies
India
Ltd.
................
74,223
8,604,277
DLF
Ltd.
...............................
1,506,872
10,012,484
Dr
Reddy's
Laboratories
Ltd.
.................
1,111,413
15,770,647
Eicher
Motors
Ltd.
........................
280,688
24,733,612
Eternal
Ltd.
(a)
............................
4,913,420
13,296,355
Fortis
Healthcare
Ltd.
......................
992,336
10,302,505
FSN
E-Commerce
Ventures
Ltd.
(a)
.............
2,341,221
6,861,474
GAIL
India
Ltd.
..........................
4,749,891
8,863,273
GE
Vernova
T&D
India
Ltd.
..................
257,346
10,891,123
GMR
Airports
Ltd.
(a)
.......................
5,374,773
5,955,129
Godrej
Consumer
Products
Ltd.
...............
839,444
11,243,638
Godrej
Properties
Ltd.
(a)
....................
309,052
5,885,549
Grasim
Industries
Ltd.
......................
557,601
17,170,229
Havells
India
Ltd.
.........................
453,717
6,967,621
HCL
Technologies
Ltd.
.....................
1,938,054
29,664,831
HDFC
Asset
Management
Co.
Ltd.
(c)
............
393,908
11,691,357
HDFC
Bank
Ltd.
.........................
22,996,889
224,794,607
HDFC
Life
Insurance
Co.
Ltd.
(c)
...............
2,005,342
15,777,407
Hero
MotoCorp
Ltd.
.......................
245,286
15,412,375
Hindalco
Industries
Ltd.
....................
2,754,525
28,033,216
Hindustan
Aeronautics
Ltd.
..................
408,928
17,589,393
Hindustan
Petroleum
Corp.
Ltd.
...............
1,961,883
9,462,788
Hindustan
Unilever
Ltd.
.....................
1,673,645
43,031,019
Hitachi
Energy
India
Ltd.
....................
26,911
7,568,804
Hyundai
Motor
India
Ltd.
....................
334,883
7,970,824
ICICI
Bank
Ltd.
..........................
10,098,362
153,562,811
ICICI
Lombard
General
Insurance
Co.
Ltd.
(c)
.......
501,884
10,503,827
ICICI
Prudential
Life
Insurance
Co.
Ltd.
(c)
.........
736,759
5,304,648
IDFC
First
Bank
Ltd.
.......................
7,506,419
6,067,902
Indian
Hotels
Co.
Ltd.
(The)
..................
1,762,737
12,944,255
Indian
Oil
Corp.
Ltd.
.......................
5,832,466
12,021,722
Indus
Towers
Ltd.
(a)
.......................
2,709,981
13,577,607
IndusInd
Bank
Ltd.
(a)
.......................
1,173,555
12,348,679
Info
Edge
India
Ltd.
.......................
742,562
8,410,971
Infosys
Ltd.
.............................
6,598,469
94,575,008
InterGlobe
Aviation
Ltd.
(c)
....................
387,851
20,636,730
ITC
Ltd.
...............................
6,148,044
21,215,164
Jindal
Stainless
Ltd.
.......................
674,276
5,764,305
Jindal
Steel
Ltd.
..........................
731,450
10,015,765
Jio
Financial
Services
Ltd.
...................
5,857,822
16,471,474
JSW
Energy
Ltd.
.........................
894,114
4,796,427
JSW
Steel
Ltd.
..........................
1,245,250
17,343,975
Jubilant
Foodworks
Ltd.
....................
799,329
4,571,530
Kalyan
Jewellers
India
Ltd.
..................
825,754
3,728,268
Kotak
Mahindra
Bank
Ltd.
...................
11,165,537
51,028,376
L&T
Finance
Ltd.
.........................
1,638,810
5,120,123
Larsen
&
Toubro
Ltd.
......................
1,377,259
64,794,307
Lodha
Developers
Ltd.
(c)
....................
610,976
6,648,904
LTIMindtree
Ltd.
(c)
........................
152,238
7,490,388
Lupin
Ltd.
..............................
497,063
12,633,953
Mahindra
&
Mahindra
Ltd.
...................
1,899,988
71,014,737
Mankind
Pharma
Ltd.
......................
256,951
6,357,580
Marico
Ltd.
.............................
1,063,660
9,223,106
Maruti
Suzuki
India
Ltd.
....................
255,935
41,838,821
Max
Healthcare
Institute
Ltd.
.................
1,584,070
19,067,290
Mphasis
Ltd.
............................
255,978
6,470,835
MRF
Ltd.
..............................
4,686
7,266,387
Muthoot
Finance
Ltd.
......................
247,964
9,151,519
Nestle
India
Ltd.
.........................
1,381,719
19,633,750
NHPC
Ltd.
.............................
6,254,771
5,181,587
NMDC
Ltd.
.............................
6,194,107
5,573,951
NTPC
Ltd.
.............................
8,879,873
37,324,193
Security
Shares
Value
a
India
(continued)
Oberoi
Realty
Ltd.
........................
261,909
$
4,389,681
Oil
&
Natural
Gas
Corp.
Ltd.
.................
6,437,810
19,841,298
Oil
India
Ltd.
............................
1,013,181
5,402,515
One
97
Communications
Ltd.
(a)
................
782,628
9,463,377
Oracle
Financial
Services
Software
Ltd.
..........
44,123
3,376,658
Page
Industries
Ltd.
.......................
12,228
4,320,585
PB
Fintech
Ltd.
(a)
.........................
704,604
11,481,429
Persistent
Systems
Ltd.
....................
225,192
11,752,022
Petronet
LNG
Ltd.
........................
1,591,595
5,659,022
Phoenix
Mills
Ltd.
(The)
....................
409,872
7,483,026
PI
Industries
Ltd.
.........................
154,410
5,298,555
Pidilite
Industries
Ltd.
......................
625,526
10,267,838
Polycab
India
Ltd.
........................
108,417
10,272,210
Power
Finance
Corp.
Ltd.
...................
3,042,779
13,857,017
Power
Grid
Corp.
of
India
Ltd.
................
9,463,542
31,118,272
Prestige
Estates
Projects
Ltd.
................
359,021
5,500,599
Punjab
National
Bank
......................
4,826,088
6,872,849
Rail
Vikas
Nigam
Ltd.
......................
1,055,162
3,672,155
REC
Ltd.
..............................
2,441,043
9,401,414
Reliance
Industries
Ltd.
....................
12,391,555
190,177,368
Samvardhana
Motherson
International
Ltd.
.......
8,630,183
12,665,814
SBI
Cards
&
Payment
Services
Ltd.
(a)
...........
583,876
4,979,809
SBI
Life
Insurance
Co.
Ltd.
(c)
.................
925,497
20,739,072
Shree
Cement
Ltd.
........................
18,503
5,303,783
Shriram
Finance
Ltd.
......................
2,876,384
34,199,255
Siemens
Energy
India
Ltd.
...................
182,217
5,878,099
Siemens
Ltd.
(a)
..........................
185,739
6,986,073
Solar
Industries
India
Ltd.
...................
55,580
8,262,752
SRF
Ltd.
..............................
300,936
8,490,677
State
Bank
of
India
........................
3,745,657
49,523,960
Sun
Pharmaceutical
Industries
Ltd.
.............
1,955,372
37,486,631
Sundaram
Finance
Ltd.
.....................
135,357
8,210,205
Supreme
Industries
Ltd.
....................
129,969
5,688,390
Suzlon
Energy
Ltd.
(a)
......................
21,084,433
9,907,805
Swiggy
Ltd.
(a)
...........................
2,812,314
9,348,432
Tata
Communications
Ltd.
...................
233,249
4,097,577
Tata
Consultancy
Services
Ltd.
...............
1,840,924
53,503,325
Tata
Consumer
Products
Ltd.
.................
1,216,473
15,263,974
Tata
Motors
Ltd.
(a)
........................
4,133,207
22,956,645
Tata
Motors
Passenger
Vehicles
Ltd.
............
4,107,965
17,301,378
Tata
Power
Co.
Ltd.
(The)
...................
3,311,329
13,766,918
Tata
Steel
Ltd.
...........................
15,248,115
35,651,829
Tech
Mahindra
Ltd.
.......................
1,102,577
16,499,699
Titan
Co.
Ltd.
...........................
719,330
34,266,311
Torrent
Pharmaceuticals
Ltd.
.................
244,464
11,660,371
Torrent
Power
Ltd.
........................
365,340
6,304,442
Trent
Ltd.
..............................
371,652
15,969,326
Tube
Investments
of
India
Ltd.
................
217,745
6,588,137
TVS
Motor
Co.
Ltd.
.......................
484,794
20,647,922
UltraTech
Cement
Ltd.
.....................
240,718
33,562,581
Union
Bank
of
India
Ltd.
....................
3,131,785
6,971,172
United
Spirits
Ltd.
........................
599,451
9,098,220
UPL
Ltd.
...............................
1,010,916
7,092,181
Varun
Beverages
Ltd.
......................
2,761,720
13,725,518
Vedanta
Ltd.
............................
2,797,789
22,128,364
Vishal
Mega
Mart
Ltd.
(a)
.....................
4,394,547
5,711,541
Vodafone
Idea
Ltd.
(a)
.......................
55,276,459
6,445,713
Voltas
Ltd.
.............................
448,620
7,700,410
WAAREE
Energies
Ltd.
....................
180,568
5,377,369
Wipro
Ltd.
..............................
5,390,915
11,946,714
Yes
Bank
Ltd.
(a)
..........................
32,036,121
7,302,587
Zydus
Lifesciences
Ltd.
....................
422,660
4,301,393
3,070,987,502
a
iShares
®
MSCI
Emerging
Markets
ex
China
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
(Percentages
shown
are
based
on
Net
Assets)
13
Schedule
of
Investments
Security
Shares
Value
a
Indonesia
 — 
1
.2
%
Amman
Mineral
Internasional
PT
(a)
.............
29,706,700
$
13,551,440
Astra
International
Tbk
PT
...................
42,190,300
16,787,440
Bank
Central
Asia
Tbk
PT
...................
112,924,027
48,217,402
Bank
Mandiri
Persero
Tbk
PT
................
77,446,500
24,308,271
Bank
Negara
Indonesia
Persero
Tbk
PT
.........
30,798,400
8,072,353
Bank
Rakyat
Indonesia
Persero
Tbk
PT
..........
140,074,371
32,598,007
Barito
Pacific
Tbk
PT
(a)
.....................
47,181,405
5,600,418
Barito
Renewables
Energy
Tbk
PT
(a)
............
16,249,700
7,972,191
Bumi
Resources
Minerals
Tbk
PT
(a)
.............
115,564,300
6,680,114
Chandra
Asri
Pacific
Tbk
PT
.................
17,307,400
6,919,650
Charoen
Pokphand
Indonesia
Tbk
PT
...........
14,726,900
3,730,850
Dian
Swastatika
Sentosa
Tbk
PT
(a)
.............
2,023,700
9,527,022
GoTo
Gojek
Tokopedia
Tbk
PT
,
Class
A
(a)
.........
1,789,288,039
6,509,452
Petrindo
Jaya
Kreasi
Tbk
PT
.................
45,552,000
4,335,744
Sumber
Alfaria
Trijaya
Tbk
PT
................
37,396,900
3,719,104
Telkom
Indonesia
Persero
Tbk
PT
.............
101,792,800
21,493,976
United
Tractors
Tbk
PT
.....................
2,885,300
4,914,357
224,937,791
a
Kuwait
 — 
0
.8
%
Boubyan
Bank
KSCP
......................
3,165,763
7,008,656
Gulf
Bank
KSCP
.........................
4,090,633
4,521,440
Kuwait
Finance
House
KSCP
.................
22,353,148
58,597,794
Mabanee
Co.
KPSC
.......................
1,324,357
4,231,728
Mobile
Telecommunications
Co.
KSCP
..........
3,935,964
6,955,638
National
Bank
of
Kuwait
SAKP
................
16,711,249
51,322,685
Warba
Bank
KSCP
(a)
......................
4,785,071
4,505,284
137,143,225
a
Malaysia
 — 
1
.5
%
AMMB
Holdings
Bhd
......................
5,199,200
8,587,537
Axiata
Group
Bhd
(b)
.......................
5,753,800
3,368,634
CELCOMDIGI
BHD
(b)
......................
6,873,600
5,635,257
CIMB
Group
Holdings
Bhd
..................
16,575,000
34,225,815
Gamuda
Bhd
(b)
..........................
9,261,500
9,962,908
Hong
Leong
Bank
Bhd
.....................
1,319,800
7,894,139
IHH
Healthcare
Bhd
.......................
4,486,900
10,490,873
IOI
Corp.
Bhd
...........................
5,178,700
5,265,744
Kuala
Lumpur
Kepong
Bhd
..................
991,300
4,840,581
Malayan
Banking
Bhd
......................
12,383,900
38,050,824
Maxis
Bhd
(b)
............................
4,811,900
4,797,160
MISC
Bhd
..............................
2,593,600
5,377,680
MR
DIY
Group
M
Bhd
(c)
.....................
6,707,150
3,085,500
Nestle
Malaysia
Bhd
.......................
137,100
3,872,344
Petronas
Chemicals
Group
Bhd
...............
5,068,400
3,908,209
Petronas
Dagangan
Bhd
....................
596,100
3,367,134
Petronas
Gas
Bhd
........................
1,628,300
7,508,524
Press
Metal
Aluminium
Holdings
Bhd
...........
7,619,600
13,952,932
Public
Bank
Bhd
.........................
28,789,100
36,453,608
QL
Resources
Bhd
(b)
.......................
3,197,250
3,352,552
RHB
Bank
Bhd
..........................
3,571,100
7,706,053
SD
Guthrie
Bhd
..........................
4,023,200
5,945,361
Sunway
Bhd
(b)
...........................
5,323,500
8,004,317
Telekom
Malaysia
Bhd
.....................
2,247,900
4,303,206
Tenaga
Nasional
Bhd
......................
5,317,900
19,638,784
YTL
Corp.
Bhd
(b)
.........................
6,390,560
3,017,136
YTL
Power
International
Bhd
(b)
................
6,189,920
4,493,513
267,106,325
a
Mexico
 — 
2
.6
%
America
Movil
SAB
de
CV
,
Series
B
............
36,693,025
47,703,915
Arca
Continental
SAB
de
CV
.................
1,042,357
12,545,567
Cemex
SAB
de
CV,
CPO
,
NVS
...............
30,764,763
38,514,011
Coca-Cola
Femsa
SAB
de
CV
................
1,065,663
11,845,925
Fibra
Uno
Administracion
SA
de
CV
............
5,752,700
9,994,239
Security
Shares
Value
a
Mexico
(continued)
Fomento
Economico
Mexicano
SAB
de
CV
.......
3,466,571
$
38,896,770
Gruma
SAB
de
CV
,
Class
B
..................
325,859
5,841,697
Grupo
Aeroportuario
del
Centro
Norte
SAB
de
CV
,
Class
B
..............................
590,024
9,013,437
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV
,
Class
B
791,359
20,650,141
Grupo
Aeroportuario
del
Sureste
SAB
de
CV
,
Class
B
364,477
13,101,659
Grupo
Bimbo
SAB
de
CV
,
Series
A
.............
2,641,551
9,583,330
Grupo
Carso
SAB
de
CV
,
Series
A1
............
1,162,133
9,106,367
Grupo
Comercial
Chedraui
SA
de
CV
...........
655,764
4,205,236
Grupo
Financiero
Banorte
SAB
de
CV
,
Class
O
....
5,127,842
58,475,026
Grupo
Financiero
Inbursa
SAB
de
CV
,
Series
O
....
3,089,247
7,856,754
Grupo
Mexico
SAB
de
CV
,
Series
B
............
6,306,771
80,209,735
Industrias
Penoles
SAB
de
CV
(a)
...............
404,633
25,695,206
Kimberly-Clark
de
Mexico
SAB
de
CV
,
Class
A
.....
3,033,972
7,615,760
Prologis
Property
Mexico
SA
de
CV
............
2,158,782
10,602,124
Promotora
y
Operadora
de
Infraestructura
SAB
de
CV
390,694
6,437,082
Sigma
Foods
SAB
de
CV
...................
7,438,653
8,357,795
Wal-Mart
de
Mexico
SAB
de
CV
...............
10,595,179
34,291,910
470,543,686
a
Netherlands
 — 
0
.0
%
X5
Retail
Group
N.V.
,
GDR
(a)
(d)
(e)
...............
67,732
9
a
Peru
 — 
0
.6
%
Cia
de
Minas
Buenaventura
SAA
,
ADR
..........
331,052
14,457,041
Credicorp
Ltd.
...........................
136,311
47,215,404
Southern
Copper
Corp.
.....................
184,884
40,360,177
102,032,622
a
Philippines
 — 
0
.5
%
Ayala
Corp.
.............................
515,630
5,365,091
Ayala
Land,
Inc.
..........................
13,559,100
4,913,447
Bank
of
the
Philippine
Islands
................
3,847,438
7,739,579
BDO
Unibank,
Inc.
........................
4,960,854
11,797,671
International
Container
Terminal
Services,
Inc.
.....
2,080,780
25,938,913
Jollibee
Foods
Corp.
......................
1,042,640
3,872,492
Manila
Electric
Co.
........................
585,160
6,474,154
Metropolitan
Bank
&
Trust
Co.
................
3,678,037
4,911,278
PLDT,
Inc.
.............................
155,000
3,761,557
SM
Investments
Corp.
.....................
455,825
5,572,819
SM
Prime
Holdings,
Inc.
....................
20,828,400
7,759,498
88,106,499
a
Poland
 — 
1
.4
%
Allegro.eu
SA
(a)
(c)
.........................
1,643,728
12,791,445
Asseco
Poland
SA
........................
100,307
4,956,435
Bank
Millennium
SA
(a)
......................
1,271,787
6,185,136
Bank
Polska
Kasa
Opieki
SA
.................
369,568
23,416,106
Budimex
SA
(b)
...........................
26,075
5,880,765
CD
Projekt
SA
...........................
132,146
8,974,154
Dino
Polska
SA
(a)
(c)
........................
1,007,305
11,326,235
KGHM
Polska
Miedz
SA
(a)
...................
286,287
26,997,426
LPP
SA
...............................
2,266
13,112,355
mBank
SA
(a)
............................
30,111
8,751,337
ORLEN
SA
.............................
1,179,943
38,005,004
PGE
Polska
Grupa
Energetyczna
SA
(a)
..........
1,850,002
5,842,569
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
...
1,783,765
46,214,938
Powszechny
Zaklad
Ubezpieczen
SA
...........
1,230,175
23,306,658
Santander
Bank
Polska
SA
..................
83,311
13,836,803
Zabka
Group
SA
(a)
........................
827,434
5,177,694
254,775,060
a
Qatar
 — 
0
.7
%
Al
Rayan
Bank
..........................
12,635,169
8,055,000
Commercial
Bank
PSQC
(The)
................
6,575,518
8,749,918
Dukhan
Bank
...........................
4,129,071
4,052,829
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
MSCI
Emerging
Markets
ex
China
ETF
(Percentages
shown
are
based
on
Net
Assets)
14
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Qatar
(continued)
Industries
Qatar
QSC
......................
3,063,220
$
10,161,007
Mesaieed
Petrochemical
Holding
Co.
...........
10,428,881
2,991,192
Nebras
Energy
..........................
963,549
3,899,403
Ooredoo
QPSC
..........................
1,952,466
7,262,519
Qatar
Fuel
QSC
..........................
522,982
2,123,639
Qatar
Gas
Transport
Co.
Ltd.
.................
5,853,985
7,918,279
Qatar
International
Islamic
Bank
QSC
...........
2,142,629
6,633,387
Qatar
Islamic
Bank
QPSC
...................
3,666,268
23,826,880
Qatar
National
Bank
QPSC
..................
9,484,630
50,223,845
135,897,898
a
Russia
 — 
0
.0
%
Alrosa
PJSC
(a)
(d)
..........................
1,271,273
165
Mobile
TeleSystems
PJSC
(a)
(d)
................
418,880
54
Moscow
Exchange
MICEX-RTS
PJSC
(a)
(d)
........
631,870
82
Ozon
Holdings
PLC
,
ADR
(a)
(d)
.................
534
PhosAgro
PJSC
,
GDR
(a)
(d)
...................
433
4
PhosAgro
PJSC
,
GDR
(a)
(d)
(e)
..................
1
Polyus
PJSC
(a)
(d)
.........................
133,970
2
Rosneft
Oil
Co.
PJSC
(a)
(d)
....................
532,936
69
Sberbank
of
Russia
PJSC
(a)
(d)
.................
4,933,827
638
Severstal
PAO
(a)
(d)
........................
109,143
14
T-Tekhnologii
MKPAO
,
GDR
(a)
(d)
(e)
..............
58,085
8
United
Co.
RUSAL
International
PJSC
(a)
(d)
........
1,500,930
194
VK
IPJSC
,
GDR
(a)
(d)
.......................
873
VTB
Bank
PJSC
(a)
(d)
.......................
232,194
1,230
a
Saudi
Arabia
 — 
3
.4
%
ACWA
Power
Co.
(a)
.......................
309,435
13,646,936
Ades
Holding
Co.
.........................
708,753
3,375,426
Al
Rajhi
Bank
...........................
3,971,040
106,495,800
Alinma
Bank
............................
2,480,071
18,421,367
Almarai
Co.
JSC
.........................
1,004,599
10,680,897
Arab
National
Bank
.......................
1,794,977
9,846,862
Arabian
Internet
&
Communications
Services
Co.
...
46,903
2,334,804
Bank
AlBilad
............................
1,484,465
10,089,936
Bank
Al-Jazira
...........................
1,258,413
3,867,755
Banque
Saudi
Fransi
......................
2,442,936
12,902,749
Bupa
Arabia
for
Cooperative
Insurance
Co.
.......
166,344
7,877,635
Co.
for
Cooperative
Insurance
(The)
............
152,263
5,500,405
Dar
Al
Arkan
Real
Estate
Development
Co.
(a)
......
1,062,266
5,656,156
Dr
Sulaiman
Al
Habib
Medical
Services
Group
Co.
..
179,357
11,045,740
Elm
Co.
...............................
49,056
8,362,738
Etihad
Etisalat
Co.
........................
773,865
13,246,454
Jabal
Omar
Development
Co.
(a)
...............
1,167,906
4,629,610
Jarir
Marketing
Co.
........................
1,230,819
4,588,837
Makkah
Construction
&
Development
Co.
........
196,962
4,101,078
Mouwasat
Medical
Services
Co.
...............
191,961
3,256,785
Riyad
Bank
.............................
2,964,111
21,872,430
SABIC
Agri-Nutrients
Co.
...................
476,940
15,720,114
SAL
Saudi
Logistics
Services
.................
69,526
2,997,328
Saudi
Arabian
Mining
Co.
(a)
..................
2,761,445
51,562,824
Saudi
Arabian
Oil
Co.
(c)
.....................
12,251,738
81,652,087
Saudi
Awwal
Bank
........................
2,045,376
18,621,857
Saudi
Basic
Industries
Corp.
.................
1,822,260
26,331,412
Saudi
Energy
Co.
........................
1,734,350
6,247,898
Saudi
Investment
Bank
(The)
.................
1,260,073
4,535,174
Saudi
National
Bank
(The)
...................
5,958,501
66,210,862
Saudi
Tadawul
Group
Holding
Co.
.............
96,985
3,537,164
Saudi
Telecom
Co.
........................
4,040,242
45,008,354
Yanbu
National
Petrochemical
Co.
.............
540,452
3,632,999
607,858,473
a
Security
Shares
Value
a
South
Africa
 — 
5
.2
%
Absa
Group
Ltd.
.........................
1,738,236
$
29,706,047
Anglogold
Ashanti
PLC
.....................
1,021,989
130,746,503
Bid
Corp.
Ltd.
...........................
677,936
17,886,995
Bidvest
Group
Ltd.
........................
660,036
10,454,824
Capitec
Bank
Holdings
Ltd.
..................
178,081
53,064,462
Clicks
Group
Ltd.
.........................
479,427
9,592,901
Discovery
Ltd.
...........................
1,174,841
19,282,923
FirstRand
Ltd.
...........................
10,286,717
64,102,596
Gold
Fields
Ltd.
..........................
1,818,160
106,555,106
Harmony
Gold
Mining
Co.
Ltd.
................
1,168,515
26,589,255
Impala
Platinum
Holdings
Ltd.
................
1,840,701
40,892,432
MTN
Group
Ltd.
..........................
3,553,658
46,222,842
Naspers
Ltd.
,
Class
N
......................
1,590,644
88,520,374
Nedbank
Group
Ltd.
.......................
931,908
18,434,792
NEPI
Rockcastle
N.V.
(a)
.....................
1,251,277
11,632,878
Northam
Platinum
Holdings
Ltd.
...............
725,517
19,860,187
OUTsurance
Group
Ltd.
....................
1,730,815
7,985,743
Pepkor
Holdings
Ltd.
(c)
.....................
7,169,412
11,936,556
Reinet
Investments
SCA
....................
279,793
9,887,967
Remgro
Ltd.
............................
1,017,846
12,393,448
Sanlam
Ltd.
............................
3,695,434
24,682,307
Sasol
Ltd.
(a)
.............................
1,173,048
10,688,400
Shoprite
Holdings
Ltd.
.....................
960,782
15,960,189
Sibanye
Stillwater
Ltd.
(a)
....................
5,748,120
25,534,345
Standard
Bank
Group
Ltd.
...................
2,687,778
54,130,501
Valterra
Platinum
Ltd.
......................
539,051
63,291,083
Vodacom
Group
Ltd.
......................
1,261,503
12,892,503
942,928,159
a
South
Korea
 — 
22
.7
%
Alteogen,
Inc.
(b)
..........................
81,861
23,190,030
Amorepacific
Corp.
(b)
......................
59,198
6,224,085
APR
Corp.
(a)
(b)
...........................
48,977
10,639,772
Celltrion,
Inc.
............................
306,302
50,711,801
DB
Insurance
Co.
Ltd.
.....................
93,535
11,883,171
Doosan
Co.
Ltd.
.........................
14,753
13,127,060
Doosan
Enerbility
Co.
Ltd.
(a)
..................
911,317
67,351,145
Ecopro
BM
Co.
Ltd.
(a)
......................
99,441
15,316,181
Ecopro
Co.
Ltd.
(a)
.........................
207,068
26,589,881
Hana
Financial
Group,
Inc.
..................
566,829
47,946,478
Hanjin
Kal
Corp.
(a)
(b)
.......................
47,024
5,096,760
Hankook
Tire
&
Technology
Co.
Ltd.
............
151,513
7,674,466
Hanmi
Semiconductor
Co.
Ltd.
................
87,428
19,703,086
Hanwha
Aerospace
Co.
Ltd.
.................
68,058
56,575,461
Hanwha
Ocean
Co.
Ltd.
(a)
(b)
..................
280,603
27,532,412
Hanwha
Systems
Co.
Ltd.
(a)
..................
152,774
12,064,739
HD
Hyundai
Co.
Ltd.
......................
88,806
18,065,311
HD
Hyundai
Electric
Co.
Ltd.
.................
47,425
34,622,881
HD
Hyundai
Heavy
Industries
Co.
Ltd.
...........
74,720
31,290,838
HD
Hyundai
Marine
Solution
Co.
Ltd.
...........
31,426
4,024,039
HD
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.
86,595
27,087,367
HLB,
Inc.
(a)
(b)
............................
243,387
8,749,340
HMM
Co.
Ltd.
...........................
489,055
7,248,798
HYBE
Co.
Ltd.
(a)
.........................
47,320
12,722,077
Hyosung
Heavy
Industries
Corp.
..............
11,452
22,448,122
Hyundai
Engineering
&
Construction
Co.
Ltd.
......
155,786
17,842,079
Hyundai
Glovis
Co.
Ltd.
....................
76,720
15,447,581
Hyundai
Mobis
Co.
Ltd.
.....................
119,685
43,021,069
Hyundai
Motor
Co.
........................
270,283
126,715,233
Hyundai
Rotem
Co.
Ltd.
....................
155,547
24,869,277
Industrial
Bank
of
Korea
....................
565,626
10,129,758
Kakao
Corp.
............................
633,853
27,426,670
KakaoBank
Corp.
........................
341,267
6,430,825
KB
Financial
Group,
Inc.
....................
737,253
81,369,218
Kia
Corp.
..............................
476,155
67,989,016
iShares
®
MSCI
Emerging
Markets
ex
China
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
(Percentages
shown
are
based
on
Net
Assets)
15
Schedule
of
Investments
Security
Shares
Value
a
South
Korea
(continued)
Korea
Aerospace
Industries
Ltd.
...............
148,545
$
19,738,516
Korea
Electric
Power
Corp.
..................
513,484
20,639,035
Korea
Investment
Holdings
Co.
Ltd.
............
85,390
15,354,281
Korean
Air
Lines
Co.
Ltd.
(a)
..................
374,559
7,299,128
Krafton,
Inc.
(a)
...........................
58,060
10,026,249
KT&G
Corp.
............................
192,411
21,801,457
LG
Chem
Ltd.
...........................
101,389
29,481,684
LG
Corp.
..............................
183,434
13,726,197
LG
Display
Co.
Ltd.
(a)
(b)
.....................
617,704
6,164,724
LG
Electronics,
Inc.
.......................
215,556
21,806,772
LG
Energy
Solution
Ltd.
(a)
(b)
..................
95,456
28,368,873
LG
Uplus
Corp.
..........................
287,113
3,303,149
LIG
Nex1
Co.
Ltd.
(a)
.......................
27,050
9,549,131
LS
Electric
Co.
Ltd.
.......................
30,416
16,656,365
Meritz
Financial
Group,
Inc.
(a)
.................
161,996
14,290,334
Mirae
Asset
Securities
Co.
Ltd.
(b)
..............
403,858
20,244,277
NAVER
Corp.
...........................
286,819
50,667,814
NH
Investment
&
Securities
Co.
Ltd.
............
297,992
7,364,301
POSCO
Future
M
Co.
Ltd.
(a)
(b)
................
72,612
12,464,384
POSCO
Holdings,
Inc.
.....................
148,328
42,570,196
Posco
International
Corp.
...................
106,199
5,341,312
Samsung
Biologics
Co.
Ltd.
(a)
(c)
................
23,554
29,060,541
Samsung
C&T
Corp.
......................
173,361
42,246,928
Samsung
Electro-Mechanics
Co.
Ltd.
...........
114,003
35,630,475
Samsung
Electronics
Co.
Ltd.
................
9,619,589
1,439,775,993
Samsung
Episholdings
Co.
Ltd.
(a)
..............
14,872
6,978,519
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
.......
61,098
22,510,907
Samsung
Heavy
Industries
Co.
Ltd.
(a)
...........
1,430,960
28,802,663
Samsung
Life
Insurance
Co.
Ltd.
..............
163,460
26,167,382
Samsung
SDI
Co.
Ltd.
(a)
....................
122,854
39,828,623
Samsung
SDS
Co.
Ltd.
.....................
87,175
11,813,854
Samyang
Foods
Co.
Ltd.
....................
8,442
7,166,171
Shinhan
Financial
Group
Co.
Ltd.
..............
888,717
59,771,978
SK
Biopharmaceuticals
Co.
Ltd.
(a)
..............
63,108
5,253,981
SK
hynix,
Inc.
...........................
1,109,449
820,317,694
SK
Innovation
Co.
Ltd.
.....................
137,777
12,235,211
SK
Square
Co.
Ltd.
(a)
......................
187,773
84,275,859
SK
Telecom
Co.
Ltd.
.......................
207,224
11,453,978
SK,
Inc.
...............................
74,394
20,772,379
S-Oil
Corp.
(a)
............................
92,481
7,071,887
Woori
Financial
Group,
Inc.
..................
1,349,129
33,761,403
Yuhan
Corp.
............................
115,623
8,849,653
4,119,730,285
a
Taiwan
 — 
28
.9
%
Accton
Technology
Corp.
...................
1,018,000
44,797,382
Advantech
Co.
Ltd.
.......................
947,280
10,046,319
Airtac
International
Group
...................
278,439
10,653,542
Alchip
Technologies
Ltd.
....................
153,976
16,854,874
ASE
Technology
Holding
Co.
Ltd.
..............
6,747,000
81,298,467
Asia
Cement
Corp.
........................
4,616,000
5,285,295
Asia
Vital
Components
Co.
Ltd.
...............
674,000
37,060,862
ASPEED
Technology,
Inc.
...................
60,000
18,519,784
Asustek
Computer,
Inc.
.....................
1,416,000
23,927,691
Bizlink
Holding,
Inc.
.......................
353,000
15,598,751
Caliway
Biopharmaceuticals
Co.
Ltd.
(a)
..........
2,074,000
10,690,288
Catcher
Technology
Co.
Ltd.
.................
1,047,000
6,393,911
Cathay
Financial
Holding
Co.
Ltd.
..............
19,313,379
48,978,538
Chailease
Holding
Co.
Ltd.
..................
3,083,671
10,214,924
Chang
Hwa
Commercial
Bank
Ltd.
.............
14,283,671
9,864,076
China
Airlines
Ltd.
........................
5,772,000
3,857,257
China
Steel
Corp.
........................
24,002,000
15,880,042
Chroma
ATE,
Inc.
.........................
758,000
32,938,111
Chunghwa
Telecom
Co.
Ltd.
.................
7,683,000
33,063,552
Compal
Electronics,
Inc.
....................
8,469,000
8,496,237
Security
Shares
Value
a
Taiwan
(continued)
CTBC
Financial
Holding
Co.
Ltd.
..............
33,967,000
$
60,422,468
Delta
Electronics,
Inc.
......................
3,934,000
177,399,081
E
Ink
Holdings,
Inc.
.......................
1,721,000
10,186,462
E.Sun
Financial
Holding
Co.
Ltd.
..............
29,358,995
33,017,229
Elite
Material
Co.
Ltd.
......................
612,000
46,868,591
eMemory
Technology,
Inc.
...................
127,000
10,100,104
Eva
Airways
Corp.
........................
5,361,000
6,490,903
Evergreen
Marine
Corp.
Taiwan
Ltd.
............
2,192,400
13,758,936
Far
Eastern
New
Century
Corp.
...............
6,359,000
5,849,276
Far
EasTone
Telecommunications
Co.
Ltd.
........
3,550,000
10,433,065
First
Financial
Holding
Co.
Ltd.
................
23,466,111
22,370,029
Formosa
Chemicals
&
Fibre
Corp.
.............
7,048,000
11,395,231
Formosa
Plastics
Corp.
.....................
7,661,000
12,566,807
Fortune
Electric
Co.
Ltd.
....................
322,310
10,871,917
Fubon
Financial
Holding
Co.
Ltd.
..............
17,011,504
51,020,449
Gigabyte
Technology
Co.
Ltd.
................
1,062,000
8,047,260
Global
Unichip
Corp.
......................
175,000
15,324,396
Globalwafers
Co.
Ltd.
......................
523,000
7,532,354
Gold
Circuit
Electronics
Ltd.
..................
651,000
16,911,139
Hon
Hai
Precision
Industry
Co.
Ltd.
.............
25,416,200
194,403,155
Hon
Precision,
Inc.
........................
101,000
15,708,605
Hotai
Motor
Co.
Ltd.
.......................
592,591
11,070,412
Hua
Nan
Financial
Holdings
Co.
Ltd.
............
18,259,090
22,174,131
Innolux
Corp.
...........................
15,416,636
13,083,236
International
Games
System
Co.
Ltd.
...........
447,000
9,889,929
Inventec
Corp.
...........................
5,427,000
7,949,288
Jentech
Precision
Industrial
Co.
Ltd.
............
171,000
16,675,325
KGI
Financial
Holding
Co.
Ltd.
................
32,309,785
22,574,780
King
Slide
Works
Co.
Ltd.
...................
115,000
12,375,737
King
Yuan
Electronics
Co.
Ltd.
................
2,226,000
22,904,530
Largan
Precision
Co.
Ltd.
...................
201,000
16,109,985
Lite-On
Technology
Corp.
...................
3,989,000
21,773,753
Lotes
Co.
Ltd.
...........................
169,000
9,492,045
MediaTek,
Inc.
...........................
3,083,000
189,911,444
Mega
Financial
Holding
Co.
Ltd.
...............
24,067,666
30,961,726
Nan
Ya
Plastics
Corp.
......................
10,455,000
30,332,803
Novatek
Microelectronics
Corp.
...............
1,142,000
14,259,710
Pegatron
Corp.
..........................
3,964,000
9,277,988
PharmaEssentia
Corp.
.....................
598,693
13,827,509
President
Chain
Store
Corp.
.................
1,140,000
8,164,485
Quanta
Computer,
Inc.
.....................
5,463,000
50,135,003
Realtek
Semiconductor
Corp.
................
999,000
15,289,641
Shanghai
Commercial
&
Savings
Bank
Ltd.
(The)
...
7,844,678
10,021,896
SinoPac
Financial
Holdings
Co.
Ltd.
............
25,219,721
26,603,256
Taiwan
Business
Bank
.....................
14,874,122
7,793,645
Taiwan
Cooperative
Financial
Holding
Co.
Ltd.
.....
22,329,230
17,045,947
Taiwan
High
Speed
Rail
Corp.
................
3,896,000
3,371,773
Taiwan
Mobile
Co.
Ltd.
.....................
3,488,000
11,989,457
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
.....
49,811,000
3,108,114,833
TCC
Group
Holdings
Co.
Ltd.
................
13,590,671
11,444,015
Teco
Electric
and
Machinery
Co.
Ltd.
............
2,437,000
6,362,840
TS
Financial
Holding
Co.
Ltd.
.................
42,922,067
34,941,405
Unimicron
Technology
Corp.
.................
2,683,282
40,588,579
Uni-President
Enterprises
Corp.
...............
9,709,000
22,448,673
United
Microelectronics
Corp.
................
22,903,000
47,383,002
Vanguard
International
Semiconductor
Corp.
......
2,276,718
9,651,914
Wan
Hai
Lines
Ltd.
........................
1,438,015
3,514,716
Wistron
Corp.
...........................
6,086,000
26,000,145
Wiwynn
Corp.
...........................
226,000
28,401,692
Yageo
Corp.
............................
3,337,840
31,266,255
Yang
Ming
Marine
Transport
Corp.
.............
3,482,000
6,377,615
Yuanta
Financial
Holding
Co.
Ltd.
..............
21,541,771
33,569,720
Zhen
Ding
Technology
Holding
Ltd.
.............
1,529,000
10,108,780
5,230,330,978
a
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
MSCI
Emerging
Markets
ex
China
ETF
(Percentages
shown
are
based
on
Net
Assets)
16
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Thailand
 — 
1
.5
%
Advanced
Info
Service
PCL
,
NVDR
.............
2,083,500
$
25,459,755
Airports
of
Thailand
PCL
,
NVDR
(b)
..............
8,690,200
15,228,141
Bangkok
Dusit
Medical
Services
PCL
,
NVDR
......
23,029,600
16,037,090
Bumrungrad
Hospital
PCL
,
NVDR
.............
1,190,700
8,139,448
Central
Pattana
PCL
,
NVDR
.................
4,113,200
9,249,349
Charoen
Pokphand
Foods
PCL
,
NVDR
..........
7,928,300
5,350,479
CP
ALL
PCL
,
NVDR
(b)
......................
11,185,100
18,622,631
Delta
Electronics
Thailand
PCL
,
NVDR
(b)
.........
6,337,500
56,795,374
Gulf
Development
PCL
,
Class
R
,
NVDR
(a)
........
9,174,065
18,290,694
Kasikornbank
PCL
,
NVDR
...................
1,178,300
7,617,005
Krung
Thai
Bank
PCL
,
NVDR
................
7,001,000
7,709,413
Minor
International
PCL
,
NVDR
...............
6,197,600
5,182,529
PTT
Exploration
&
Production
PCL
,
NVDR
(b)
.......
2,825,600
12,498,214
PTT
PCL
,
NVDR
.........................
20,600,300
24,517,280
SCB
X
PCL
,
NVDR
.......................
1,725,700
8,239,620
Siam
Cement
PCL
(The)
,
NVDR
(b)
.............
1,602,100
11,591,281
TMBThanachart
Bank
PCL
,
NVDR
.............
50,408,300
3,824,508
True
Corp.
PCL
,
NVDR
.....................
21,404,782
9,975,391
264,328,202
a
Turkey
 — 
0
.6
%
Akbank
TAS
............................
6,520,340
13,406,864
Aselsan
Elektronik
Sanayi
Ve
Ticaret
A.S.
(b)
.......
2,791,384
20,473,049
BIM
Birlesik
Magazalar
A.S.
..................
916,789
13,963,683
Eregli
Demir
ve
Celik
Fabrikalari
TAS
(b)
..........
7,218,315
5,377,297
Ford
Otomotiv
Sanayi
A.S.
..................
1,430,439
3,780,114
Haci
Omer
Sabanci
Holding
A.S.
..............
2,386,756
5,485,994
KOC
Holding
A.S.
........................
1,535,813
6,986,543
Turk
Hava
Yollari
AO
......................
1,126,414
7,895,521
Turkcell
Iletisim
Hizmetleri
A.S.
................
2,478,173
6,546,537
Turkiye
Is
Bankasi
A.S.
,
Class
C
...............
18,243,308
7,036,766
Turkiye
Petrol
Rafinerileri
A.S.
................
1,988,508
9,903,331
Yapi
ve
Kredi
Bankasi
A.S.
(a)
.................
6,964,695
6,879,098
107,734,797
a
United
Arab
Emirates
 — 
1
.8
%
Abu
Dhabi
Commercial
Bank
PJSC
............
6,405,696
26,434,913
Abu
Dhabi
Islamic
Bank
PJSC
................
2,987,849
20,747,729
Abu
Dhabi
National
Oil
Co.
for
Distribution
PJSC
...
6,462,844
7,038,123
ADNOC
Drilling
Co.
PJSC
...................
6,517,188
9,084,549
Adnoc
Gas
PLC
..........................
12,484,997
11,554,439
ADNOC
Logistics
&
Services
.................
3,695,137
5,508,812
Air
Arabia
PJSC
..........................
4,139,719
6,085,658
Aldar
Properties
PJSC
.....................
7,864,221
23,124,236
Dubai
Electricity
&
Water
Authority
PJSC
.........
12,257,839
10,016,537
Dubai
Islamic
Bank
PJSC
...................
5,924,045
13,379,845
Emaar
Development
PJSC
..................
2,034,792
10,719,491
Emaar
Properties
PJSC
....................
13,435,846
59,297,957
Emirates
NBD
Bank
PJSC
...................
3,864,067
34,716,165
Emirates
Telecommunications
Group
Co.
PJSC
....
7,101,628
39,210,197
First
Abu
Dhabi
Bank
PJSC
..................
9,016,225
48,161,156
Salik
Co.
PJSC
..........................
3,723,163
6,487,318
331,567,125
a
Total
Common
Stocks — 96.7%
(Cost:
$
10,306,313,872
)
..............................
17,522,733,407
a
Preferred
Stocks
Brazil
 — 
1
.6
%
Axia
Energia
,
Class
B,
Preference
Shares
,
NVS
....
507,997
6,625,316
Axia
Energia
,
Class
C,
Preference
Shares
,
NVS
(a)
...
758,368
8,733,843
Security
Shares
Value
a
Brazil
(continued)
Banco
Bradesco
SA
,
Preference
Shares
,
NVS
.....
10,825,864
$
44,663,420
Cia
Energetica
de
Minas
Gerais
,
Preference
Shares
,
NVS
................................
3,443,777
8,108,142
Gerdau
SA
,
Preference
Shares
,
NVS
...........
2,606,529
10,672,202
Itau
Unibanco
Holding
SA
,
Preference
Shares
,
NVS
.
11,009,835
100,466,221
Itausa
SA
,
Preference
Shares
,
NVS
............
12,159,516
33,846,931
Petroleo
Brasileiro
SA
-
Petrobras
,
Preference
Shares
,
NVS
................................
9,385,805
72,006,966
285,123,041
a
Chile
 — 
0
.1
%
Sociedad
Quimica
y
Minera
de
Chile
SA
,
Class
B,
Preference
Shares
(a)
.....................
290,291
22,154,575
a
Colombia
 — 
0
.1
%
Grupo
Cibest
SA
,
Preference
Shares
...........
914,932
15,513,852
a
India
 — 
0
.0
%
TVS
Motor
Co.
Ltd.
,
6.00
%
(a)
.................
1,926,488
211,757
a
South
Korea
 — 
1
.1
%
Hyundai
Motor
Co.
,
Series
1,
Preference
Shares
,
NVS
45,352
10,140,604
Hyundai
Motor
Co.
,
Series
2,
Preference
Shares
,
NVS
71,437
16,064,709
Samsung
Electronics
Co.
Ltd.
,
Preference
Shares
,
NVS
................................
1,662,390
166,969,581
193,174,894
a
Total
Preferred
Stocks — 2.9%
(Cost:
$
297,650,592
)
................................
516,178,119
a
Total
Long-Term
Investments — 99.6%
(Cost:
$
10,603,964,464
)
..............................
18,038,911,526
a
Short-Term
Securities
Money
Market
Funds
 — 
1
.1
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
3.84
%
(f)
(g)
(h)
......................
116,830,075
116,888,491
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
3.64
%
(f)
(g)
.............................
89,923,857
89,923,857
a
Total
Short-Term
Securities — 1.1%
(Cost:
$
206,807,593
)
................................
206,812,348
Total
Investments
—  100.7%
(Cost:
$
10,810,772,057
)
..............................
18,245,723,874
Liabilities
in
Excess
of
Other
Assets
(
0
.7
)
%
...............
(
118,869,074
)
Net
Assets
100.0%
.................................
$
18,126,854,800
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
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.
(d)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(e)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(f)
Affiliate
of
the
Fund.
(g)
Annualized
7-day
yield
as
of
period
end.
(h)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
iShares
®
MSCI
Emerging
Markets
ex
China
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
17
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:
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
.
$
147,844,844
$
$
(
30,956,750
)
(a)
$
2,227
$
(
1,830
)
$
116,888,491
116,830,075
$
1,444,580
(b)
$
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
87,860,000
2,063,857
(a)
89,923,857
89,923,857
1,726,980
$
$
2,227
$
(
1,830
)
$
206,812,348
$
3,171,560
$
(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
MSCI
Emerging
Markets
Index
............................................................
595
03/20/26
$
47,710
$
(
25,446
)
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)
.............
$
$
$
25,446
$
$
$
$
25,446
(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
..................................
$
$
$
3,723,865
$
$
$
$
3,723,865
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Futures
contracts
..................................
$
$
$
2,209
$
$
$
$
2,209
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
MSCI
Emerging
Markets
ex
China
ETF
18
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
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
...................................................................................
$
31,431,838
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
2,399,123,821
$
15,123,608,347
$
1,239
$
17,522,733,407
Preferred
Stocks
.........................................
300,636,893
215,541,226
516,178,119
Short-Term
Securities
Money
Market
Funds
......................................
206,812,348
206,812,348
$
2,906,573,062
$
15,339,149,573
$
1,239
$
18,245,723,874
Derivative
Financial
Instruments
(a)
Liabilities
Equity
Contracts
...........................................
$
(
25,446
)
$
$
$
(
25,446
)
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
19
Statements
of
Assets
and
Liabilities
Statements
of
Assets
and
Liabilities
(unaudited)
February
28,
2026
See
notes
to
financial
statements.
iShares
Emerging
Markets
Equity
Factor
ETF
iShares
MSCI
Emerging
Markets
ex
China
ETF
ASSETS
Investments,
at
value
unaffiliated
(a)
(b)
.....................................................................
$
1,690,376,216
$
18,038,911,526
Investments,
at
value
affiliated
(c)
........................................................................
28,202,092
206,812,348
Cash
pledged:
Futures
contracts
..................................................................................
142,000
Foreign
currency,
at
value
(d)
.............................................................................
1,289,082
9,320,463
Receivables:
Investments
sold
..................................................................................
1,326
117,626,016
Securities
lending
income
affiliated
....................................................................
51,004
176,710
Capital
shares
sold
.................................................................................
348
73,162,583
Dividends
unaffiliated
.............................................................................
2,808,953
29,231,622
Dividends
affiliated
...............................................................................
22,443
248,515
Tax
reclaims
.....................................................................................
70,497
1,723,164
Variation
margin
on
futures
contracts
.....................................................................
178,799
Foreign
withholding
tax
claims
.........................................................................
42,466
1,617,452
Total
assets
.......................................................................................
1,723,185,226
18,478,830,399
LIABILITIES
Collateral
on
securities
loaned
...........................................................................
21,538,549
116,978,761
Payables:
Investments
purchased
..............................................................................
129,809
150,097,165
Deferred
foreign
capital
gain
tax
........................................................................
5,466,085
81,640,511
Interest
expense
..................................................................................
4,585
Investment
advisory
fees
.............................................................................
304,838
3,217,764
Professional
fees
..................................................................................
6,434
15,952
Variation
margin
on
futures
contracts
.....................................................................
25,446
Total
liabilities
......................................................................................
27,450,300
351,975,599
Commitments
and
contingent
liabilities
NET
ASSETS
......................................................................................
$
1,695,734,926
$
18,126,854,800
NET
ASSETS
CONSIST
OF:
Paid-in
capital
......................................................................................
$
1,325,208,032
$
11,670,093,589
Accumulated
earnings
................................................................................
370,526,894
6,456,761,211
NET
ASSETS
......................................................................................
$
1,695,734,926
$
18,126,854,800
NET
ASSET
VALUE
Shares
outstanding
..................................................................................
25,500,000
207,100,000
Net
asset
value
.....................................................................................
$
66.50
$
87.53
Shares
authorized
...................................................................................
525
million
2
billion
Par
value
.........................................................................................
$                    0.001
$                    0.001
(a)
Securities
loaned,
at
value
...........................................................................
$
20,237,632
$
111,352,303
(b)
Investments,
at
cost
unaffiliated
......................................................................
$
1,165,822,318
$
10,603,964,464
(c)
Investments,
at
cost
affiliated
........................................................................
$
28,200,315
$
206,807,593
(d)
  Foreign
currency,
at
cost
.............................................................................
$
1,289,969
$
9,309,820
20
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Statements
of
Operations
(unaudited)
Six
Months
Ended
February
28,
2026
iShares
Emerging
Markets
Equity
Factor
ETF
iShares
MSCI
Emerging
Markets
ex
China
ETF
INVESTMENT
INCOME
Dividends
unaffiliated
............................................................................
$
12,495,386
$
118,642,423
Dividends
affiliated
..............................................................................
116,921
1,726,980
Interest
unaffiliated
..............................................................................
28,581
105,021
Securities
lending
income
affiliated
net
...............................................................
312,045
1,444,580
Foreign
taxes
withheld
.............................................................................
(
1,603,085
)
(
15,600,789
)
Total
investment
income
..............................................................................
11,349,848
106,318,215
EXPENSES
Investment
advisory
...............................................................................
1,626,089
17,280,981
Commitment
costs
................................................................................
10,129
20,439
Professional
....................................................................................
4,095
16,152
Interest
expense
.................................................................................
15,032
16,275
Total
expenses
....................................................................................
1,655,345
17,333,847
Net
investment
income
...............................................................................
9,694,503
88,984,368
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
unaffiliated
(a)
........................................................................
(
978,676
)
90,559,390
Investments
affiliated
...........................................................................
(
1,387
)
2,227
Foreign
currency
transactions
.......................................................................
(
111,214
)
(
1,107,363
)
Futures
contracts
...............................................................................
672,125
3,723,865
In-kind
redemptions
unaffiliated
(b)
...................................................................
37,515,382
(
419,152
)
130,693,501
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
unaffiliated
(c)
........................................................................
309,073,688
4,707,600,023
Investments
affiliated
...........................................................................
1
(
1,830
)
Foreign
currency
translations
.......................................................................
27,774
597,611
Futures
contracts
...............................................................................
52,955
2,209
309,154,418
4,708,198,013
Net
realized
and
unrealized
gain
........................................................................
308,735,266
4,838,891,514
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...............................................
$
318,429,769
$
4,927,875,882
(a)
Net
of
foreign
capital
gain
tax
and
capital
gain
tax
refund,
if
applicable
of
...........................................
$
(
174,332
)
$
(
296,570
)
(b)
See
Note
2
of
the
Notes
to
Financial
Statements.
(c)
Net
of
increase
in
deferred
foreign
capital
gain
tax
of
.........................................................
$
(
520,970
)
$
(
17,308,230
)
21
Statements
of
Changes
in
Net
Assets
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
iShares
Emerging
Markets
Equity
Factor
ETF
iShares
MSCI
Emerging
Markets
ex
China
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
.......................................
$
9,694,503
$
22,479,214
$
88,984,368
$
364,139,689
Net
realized
gain
(loss)
.......................................
(
419,152
)
(
10,564,086
)
130,693,501
(
274,327,076
)
Net
change
in
unrealized
appreciation
(depreciation)
...................
309,154,418
118,887,663
4,708,198,013
805,839,330
Net
increase
in
net
assets
resulting
from
operations
......................
318,429,769
130,802,791
4,927,875,882
895,651,943
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
............
(
18,610,144
)
(b)
(
28,880,125
)
(
246,711,917
)
(b)
(
435,173,384
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
....
438,234,840
187,765,922
953,663,995
(
4,162,033,416
)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
..............................
738,054,465
289,688,588
5,634,827,960
(
3,701,554,857
)
Beginning
of
period
...........................................
957,680,461
667,991,873
12,492,026,840
16,193,581,697
End
of
period
...............................................
$
1,695,734,926
$
957,680,461
$
18,126,854,800
$
12,492,026,840
(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.
22
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
Emerging
Markets
Equity
Factor
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
......
$
53.20
$
47.38
$
41.82
$
43.38
$
53.61
$
44.03
Net
investment
income
(a)
..............
0
.43
1
.39
(b)
1
.29
1
.46
1
.64
1
.23
Net
realized
and
unrealized
gain
(loss)
(c)
....
13.70
6
.22
6
.77
(
1
.38
)
(
10.49
)
9
.24
Net
increase
(decrease)
from
investment
operations
........................
14.13
7
.61
8
.06
0
.08
(
8
.85
)
10.47
Distributions
from
net
investment
income
(d)
....
(
0
.83
)
(e)
(
1
.79
)
(
2
.50
)
(
1
.64
)
(
1
.38
)
(
0
.89
)
Net
asset
value,
end
of
period
...........
$
66.50
$
53.20
$
47.38
$
41.82
$
43.38
$
53.61
Total
Return
(f)
Based
on
net
asset
value
...............
26.87
%
(g)
16.50
%
(b)
20.07
%
0
.30
%
(
16.80
)
%
23.97
%
Ratios
to
Average
Net
Assets
(h)
Total
expenses
......................
0
.25
%
(i)
0
.26
%
0
.26
%
0
.33
%
0
.45
%
0
.45
%
Total
expenses
excluding
professional
fees
for
foreign
withholding
tax
claims
...........
0
.25
%
(i)
0
.25
%
0
.26
%
N/A
N/A
N/A
Net
investment
income
.................
1
.49
%
(i)
2
.87
%
(b)
2
.93
%
3
.51
%
3
.41
%
2
.44
%
Supplemental
Data
Net
assets,
end
of
period
(000)
...........
$
1,695,735
$
957,680
$
667,992
$
606,434
$
832,808
$
761,199
Portfolio
turnover
rate
(j)
.................
9
%
20
%
29
%
121
%
54
%
49
%
(a)
Based
on
average
shares
outstanding.
(b)
Reflects
the
positive
effect
of
foreign
withholding
tax
claims,
net
of
the
associated
professional
fees,
which
resulted
in
the
following
increases
for
the
year
ended
August
31,
2025:
Net
investment
income
per
share
by
$0.00.
Total
return
by
0.01%.
Ratio
of
net
investment
income
to
average
net
assets
by
0.01%.
(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.
23
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
MSCI
Emerging
Markets
ex
China
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
......
$
63.41
$
60.65
$
51.16
$
49.62
$
62.82
$
46.00
Net
investment
income
(a)
..............
0
.47
1
.42
(b)
1
.45
1
.45
1
.86
1
.58
Net
realized
and
unrealized
gain
(loss)
(c)
....
24.99
3
.05
9
.17
1
.31
(
13.73
)
16.09
Net
increase
(decrease)
from
investment
operations
........................
25.46
4
.47
10.62
2
.76
(
11.87
)
17.67
Distributions
from
net
investment
income
(d)
....
(
1
.34
)
(e)
(
1
.71
)
(
1
.13
)
(
1
.22
)
(
1
.33
)
(
0
.85
)
Net
asset
value,
end
of
period
...........
$
87.53
$
63.41
$
60.65
$
51.16
$
49.62
$
62.82
Total
Return
(f)
Based
on
net
asset
value
...............
40.72
%
(g)
7
.62
%
(b)
20.98
%
5
.69
%
(
19.17
)
%
38.66
%
Ratios
to
Average
Net
Assets
(h)
Total
expenses
......................
0
.25
%
(i)
0
.25
%
0
.25
%
0
.25
%
0
.25
%
0
.25
%
Total
expenses
after
fees
waived
..........
0
.25
%
(i)
0
.25
%
0
.25
%
0
.25
%
0
.25
%
0
.22
%
Net
investment
income
.................
1
.29
%
(i)
2
.41
%
(b)
2
.58
%
2
.89
%
3
.34
%
2
.65
%
Supplemental
Data
Net
assets,
end
of
period
(000)
...........
$
18,126,855
$
12,492,027
$
16,193,582
$
5,147,101
$
2,307,162
$
1,281,467
Portfolio
turnover
rate
(j)
.................
8
%
15
%
12
%
13
%
21
%
51
%
(a)
Based
on
average
shares
outstanding.
(b)
Reflects
the
positive
effect
of
foreign
withholding
tax
claims,
net
of
the
associated
professional
fees,
which
resulted
in
the
following
increases
for
the
year
ended
August
31,
2025:
Net
investment
income
per
share
by
$0.01.
Total
return
by
0.06%.
Ratio
of
net
investment
income
to
average
net
assets
by
0.01%.
(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)
24
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
1.
Organization
iShares,
Inc.
(the
“Company”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Company
is
organized
as
a
Maryland
corporation
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
Emerging
Markets
Equity
Factor
.................................................................................................
Diversified
MSCI
Emerging
Markets
ex
China
................................................................................................
Diversified
Notes
to
Financial
Statements
(unaudited)
(
continued)
25
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
Directors of
the
Company (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)
26
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
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
Emerging
Markets
Equity
Factor
Citigroup
Global
Markets
Ltd.
........................................
$
109,477‌
$
(109,477‌)
$
—‌
$
—‌
Citigroup
Global
Markets,
Inc.
........................................
140,772‌
(140,772‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
2,256,571‌
(2,256,571‌)
—‌
—‌
Goldman
Sachs
International
........................................
5,368,032‌
(5,368,032‌)
—‌
—‌
HSBC
Bank
PLC
................................................
397,710‌
(397,710‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
1,363,867‌
(1,363,867‌)
—‌
—‌
J.P.
Morgan
Securities
PLC
.........................................
1,067,000‌
(1,067,000‌)
—‌
—‌
Jefferies
LLC
...................................................
102,657‌
(102,657‌)
—‌
—‌
Macquarie
Bank
Ltd.
..............................................
1,325,295‌
(1,325,295‌)
—‌
—‌
Morgan
Stanley
.................................................
7,175,926‌
(7,175,926‌)
—‌
—‌
SG
Americas
Securities
LLC
........................................
113,002‌
(113,002‌)
—‌
—‌
State
Street
Bank
&
Trust
Co.
........................................
9,771‌
(9,771‌)
—‌
—‌
UBS
AG
......................................................
807,552‌
(807,552‌)
—‌
—‌
$
20,237,632‌
$
(20,237,632‌)
$
—‌
$
—‌
a
MSCI
Emerging
Markets
ex
China
BofA
Securities,
Inc.
..............................................
1,921,022‌
(1,921,022‌)
—‌
—‌
Citigroup
Global
Markets
Ltd.
........................................
890,274‌
(890,274‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
1,365,514‌
(1,365,514‌)
—‌
—‌
Goldman
Sachs
International
........................................
78,926,768‌
(78,926,768‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
19,932,289‌
(19,932,289‌)
—‌
—‌
Macquarie
Bank
Ltd.
..............................................
2,220,850‌
(2,220,850‌)
—‌
—‌
Morgan
Stanley
.................................................
4,284,052‌
(4,284,052‌)
—‌
—‌
UBS
AG
......................................................
1,787,888‌
(1,787,888‌)
—‌
—‌
Wells
Fargo
Securities
LLC
.........................................
23,646‌
(23,646‌)
—‌
—‌
$
111,352,303‌
$
(111,352,303‌)
$
—‌
$
—‌
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.
Notes
to
Financial
Statements
(unaudited)
(
continued)
27
Notes
to
Financial
Statements
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
each
Fund.
5.
Derivative
Financial
Instruments
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk).
Futures
contracts
are
exchange-traded
agreements
between
the Funds
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the Funds
are
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any,
are
shown
as
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the Funds
agree
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets. 
6.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates 
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the
Company, 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
directors).
For
its
investment
advisory
services
to
each
Fund,
BFA
is
entitled
to
an
annual
investment
advisory
fee
of
0.25%,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on
the
average
daily
net
assets
of
each
Fund. 
Expense
Waivers:
A
fund
may
incur
its
pro
rata
share
of
fees
and
expenses
attributable
to
its
investments
in
other
investment
companies
(“acquired
fund
fees
and
expenses”).
The
total
of
the
investment
advisory
fee
and
any
other
fund
expenses,
if
any,
is
a
fund’s
total
annual
operating
expenses.
Total
expenses
as
shown
in
the
Statements
of
Operations
does
not
include
acquired
fund
fees
and
expenses.
For
each
of
the
iShares
Emerging
Markets
Equity
Factor
and
iShares
MSCI
Emerging
Markets
ex
China
ETFs,
BFA
has
contractually
agreed
to
waive
a
portion
of
its
investment
advisory
fee
for
each
Fund
through
December
31,
2026
and
December
31,
2027,
respectively,
in
an
amount
equal
to
the
acquired
fund
fees
and
expenses,
if
any,
attributable
to
each
Fund’s
investments
in
other
iShares
funds.
For
the six
months
ended
February
28,
2026,
there
were
no
fees
waived
by
BFA
pursuant
to
these
arrangements.
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.
Notes
to
Financial
Statements
(unaudited)
(continued)
28
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:
Directors and
Officers:
Certain
directors
and/or
officers
of
the
Company
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
Company’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.
iShares
ETF
Amounts
Emerging
Markets
Equity
Factor
................................................................................................
$
67,520
MSCI
Emerging
Markets
ex
China
...............................................................................................
322,368
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
Emerging
Markets
Equity
Factor
.............................................................
$
4,626,765‌
$
2,616,222‌
$
(174,110‌)
MSCI
Emerging
Markets
ex
China
............................................................
12,476,206‌
20,291,352‌
709,944‌
iShares
ETF
Purchases
Sales
Emerging
Markets
Equity
Factor
.............................................................................
$
501,277,381
$
117,582,316
MSCI
Emerging
Markets
ex
China
............................................................................
1,724,710,992
1,133,732,272
iShares
ETF
In-kind
Purchases
In-kind
Sales
Emerging
Markets
Equity
Factor
...............................................................................
$
45,794,234‌
$
—‌
MSCI
Emerging
Markets
ex
China
..............................................................................
265,591,163‌
142,086,050‌
Notes
to
Financial
Statements
(unaudited)
(
continued)
29
Notes
to
Financial
Statements
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.
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 iShares
MSCI
Emerging
Markets
ex
China
ETF
did
not
borrow
under
the
Syndicated
Credit
Agreement.
For
the six
months
ended
February
28,
2026,
the
maximum
amount
borrowed,
the
average
daily
borrowing
and
the
weighted
average
interest
rate,
if
any,
under
the
Syndicated
Credit
Agreement
were
as
follows:
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.
Market
Risk:
Investments
in
the
securities
of
issuers
domiciled
in
countries
with
emerging
capital
markets
involve
certain
additional
risks
that
do
not
generally
apply
to
investments
in
securities
of
issuers
in
more
developed
capital
markets,
such
as
(i)
low
or
nonexistent
trading
volume,
resulting
in
a
lack
of
liquidity
and
increased
volatility
in
prices
for
such
securities;
(ii)
lack
of
reliable
settlement
procedures
and
significant
delays
in
registering
the
transfer
of
securities;
(iii)
uncertain
national
policies
and
social,
political
and
economic
instability,
increasing
the
potential
for
expropriation
of
assets,
confiscatory
taxation,
high
rates
of
inflation
or
unfavorable
diplomatic
developments;
(iv)
lack
of
publicly
available
or
reliable
information
about
issuers
as
a
result
of
not
being
subject
to
the
same
degree
of
regulatory
requirements
and
accounting,
auditing
and
financial
reporting
standards;
and
(v)
possible
fluctuations
in
exchange
rates,
differing
legal
systems
and
the
existence
or
possible
imposition
of
exchange
controls,
custodial
restrictions
or
other
foreign
or
U.S.
governmental
laws
or
restrictions
applicable
to
such
investments.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries.
A
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that
a
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
A
Fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
iShares
ETF
Non-Expiring
Capital
Loss
Carryforwards
(a)
Emerging
Markets
Equity
Factor
.................................................................................................
$
(129,275,227‌)
MSCI
Emerging
Markets
ex
China
................................................................................................
(828,073,871‌)
(a)
Amounts
available
to
offset
future
realized
capital
gains.
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Emerging
Markets
Equity
Factor
......................................
$
1,213,817,681
$
561,762,262
$
(56,945,637
)
$
504,816,625
MSCI
Emerging
Markets
ex
China
.....................................
10,986,284,132
7,640,934,448
(381,520,152
)
7,259,414,296
iShares
ETF
Maximum
Amount
Borrowed
Average
Borrowing
Weighted
Average
Interest
Rate
Emerging
Markets
Equity
Factor
............................................................
$
10,500,000‌
$
333,702‌
5.00
%
Notes
to
Financial
Statements
(unaudited)
(continued)
30
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
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.
Investment
percentages
in
specific
countries
are
presented
in
the
Schedule
of
Investments.
The Funds
invest
a
significant
portion
of
their
assets
in
securities
of
issuers
located
in
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.
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)
31
Notes
to
Financial
Statements
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
Company
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the
Company
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.
Foreign
Withholding
Tax
Claims
The
iShares
Emerging
Markets
Equity
Factor
ETF
and
iShares
MSCI
Emerging
Markets
ex
China
ETF
have
filed
European
Union
Discrimination
Claims
(“ECJ
Claims”)
to
recover
taxes
withheld
by
either
Finland
or
Poland
(the
“ECJ
Paying
Countries”)
on
dividend
income
based
upon
certain
provisions
in
the
Treaty
on
the
Functioning
of
the
European
Union.
The
Funds
have
recorded
receivables
for
all
recoverable
taxes
withheld
by
the
ECJ
Paying
Countries
based
upon
previous
determinations
made
by
the
local
tax
authorities.
Professional
and
other
fees
associated
with
the
filing
of
these
claims
for
foreign
withholding
taxes
have
been
approved
by
the
Board
as
appropriate
expenses
of
the Funds.
Based
upon
the
Fund’s
evaluation
of
the
facts
and
circumstances
related
to
the
outstanding
ECJ
Claims,
ECJ
Paying
Countries’
tax
claim
receivables
and
related
liabilities
are
disclosed
in
the
Statements
of
Assets
and
Liabilities.
The
collection
of
these
receivables,
and
any
payment
of
associated
liabilities,
depends
upon
future
determinations
made
by
the
local
tax
authorities,
the
outcome
of
which
is
uncertain.
If
such
future
determinations
are
unfavorable,
the
potential
negative
impact
to
the
Funds,
as
of February
28,
2026, are
$42,466
or
$0.00
per
share
and
$1,617,452
or
$0.01
per
share,
respectively. 
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.
Six
Months
Ended
02/28/26
Year
Ended
08/31/25
iShares
ETF
Shares
Amount
Shares
Amount
Emerging
Markets
Equity
Factor
Shares
sold
.........................................................
7,500,000
$
438,234,840
3,900,000
$
187,765,922
Shares
redeemed
.....................................................
7,500,000
$
438,234,840
3,900,000
$
187,765,922
MSCI
Emerging
Markets
ex
China
Shares
sold
.........................................................
22,400,000
$
1,788,578,511
16,800,000
$
1,025,553,083
Shares
redeemed
.....................................................
(12,300,000
)
(834,914,516
)
(86,800,000
)
(5,187,586,499
)
10,100,000
$
953,663,995
(70,000,000
)
$
(4,162,033,416
)
Additional
Information
32
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
Directors,
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 Director
for
services
to
the
Funds
from
BFA’s
investment
advisory
fees.
Availability
of
Portfolio
Holdings
Information
A
description
of
the
Company’s policies
and
procedures
with
respect
to
the
disclosure
of
the
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
33
Glossary
of
Terms
Used
in
these
Financial
Statements
Portfolio
Abbreviation
ADR
American
Depositary
Receipt
CPO
Certificate
of  Participation
(Ordinary)
GDR
Global
Depositary
Receipt
IPJSC
International
Public
Joint
Stock
Company
JSC
Joint
Stock
Company
NVDR
Non-Voting
Depository
Receipt
NVS
Non-Voting
Shares
PCL
Public
Company
Limited
PJSC
Public
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
STOXX
Ltd.
or
MSCI,
Inc.,
nor
do
these
companies
make
any
representation
regarding
the
advisability
of
investing
in
the
iShares
Funds.
BlackRock
is
not
affiliated
with
the
companies
listed
above.
©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,
Inc.
iShares
MSCI
Austria
ETF
|
EWO
|
NYSE
Arca
iShares
MSCI
Netherlands
ETF
|
EWN
|
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
Austria
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
.1
%
Frequentis
AG
...........................
18,513
$
1,633,744
a
Air
Freight
&
Logistics
 — 
2
.9
%
Oesterreichische
Post
AG
...................
98,332
4,071,847
a
Banks
 — 
38
.2
%
BAWAG
Group
AG
(a)
(b)
.....................
112,516
17,426,798
Erste
Group
Bank
AG
......................
258,194
30,646,127
Raiffeisen
Bank
International
AG
..............
129,468
6,431,958
54,504,883
a
Chemicals
 — 
2
.0
%
Lenzing
AG
(b)
(c)
..........................
99,051
2,859,103
a
Commercial
Services
&
Supplies
 — 
3
.3
%
DO
&
CO
AG
...........................
18,749
4,774,148
a
Construction
&
Engineering
 — 
2
.4
%
Porr
AG
...............................
75,786
3,492,609
a
Construction
Materials
 — 
4
.2
%
Wienerberger
AG
,
Bearer
...................
182,214
5,980,767
a
Electric
Utilities
 — 
7
.3
%
EVN
AG
...............................
109,608
3,814,692
Verbund
AG
............................
92,351
6,575,750
10,390,442
a
Electronic
Equipment,
Instruments
&
Components
 — 
3
.0
%
AT&S
Austria
Technologie
&
Systemtechnik
AG
(b)
...
71,443
4,324,385
a
Insurance
 — 
8
.5
%
UNIQA
Insurance
Group
AG
.................
287,792
5,687,848
Vienna
Insurance
Group
AG
Wiener
Versicherung
Gruppe
..............................
82,053
6,400,484
12,088,332
a
Security
Shares
Value
a
Machinery
 — 
6
.8
%
ANDRITZ
AG
...........................
74,593
$
6,475,824
Palfinger
AG
............................
70,288
3,219,687
9,695,511
a
Metals
&
Mining
 — 
4
.9
%
voestalpine
AG
..........................
121,231
6,938,065
a
Oil,
Gas
&
Consumable
Fuels
 — 
9
.9
%
OMV
AG
..............................
218,012
14,122,856
a
Real
Estate
Management
&
Development
 — 
4
.4
%
CA
Immobilien
Anlagen
AG
..................
113,057
3,529,736
CPI
Europe
AG
(b)
(c)
........................
144,430
2,739,597
6,269,333
a
Total
Long-Term
Investments — 98.9%
(Cost:
$
111,674,577
)
................................
141,146,025
a
Short-Term
Securities
Money
Market
Funds
 — 
3
.2
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
3.84
%
(d)
(e)
(f)
......................
4,462,970
4,465,202
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
3.64
%
(d)
(e)
............................
46,510
46,510
a
Total
Short-Term
Securities — 3.2%
(Cost:
$
4,511,398
)
..................................
4,511,712
Total
Investments
102.1%
(Cost:
$
116,185,975
)
................................
145,657,737
Liabilities
in
Excess
of
Other
Assets
(
2
.1
)
%
...............
(
2,966,811
)
Net
Assets
100.0%
.................................
$
142,690,926
(a)
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.
(b)
Non-income
producing
security.
(c)
All
or
a
portion
of
this
security
is
on
loan.
(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.
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
$
4,207,450
$
257,706
(a)
$
$
140
$
(
94
)
$
4,465,202
4,462,970
$
40,178
(b)
$
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..
39,043
7,467
(a)
46,510
46,510
909
$
$
140
$
(
94
)
$
4,511,712
$
41,087
$
(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
®
MSCI
Austria
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:
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
Euro
STOXX
50
Index
..................................................................
20
03/20/26
$
1,454
$
78,786
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)
.............
$
$
$
78,786
$
$
$
$
78,786
(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
..................................
$
$
$
123,598
$
$
$
$
123,598
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Futures
contracts
..................................
$
$
$
61,519
$
$
$
$
61,519
Futures
contracts:
Average
notional
value
of
contracts
long
...................................................................................
$
1,582,936
a
iShares
®
MSCI
Austria
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.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
4,774,148
$
136,371,877
$
$
141,146,025
Short-Term
Securities
Money
Market
Funds
......................................
4,511,712
4,511,712
$
9,285,860
$
136,371,877
$
$
145,657,737
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
78,786
$
$
$
78,786
(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
Netherlands
ETF
(Percentages
shown
are
based
on
Net
Assets)
6
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
 — 
1
.1
%
CSG
N.V.
,
Class
A
(a)
.......................
94,334
$
3,547,933
a
Air
Freight
&
Logistics
 — 
1
.2
%
Ferrari
Group
PLC
........................
29,414
357,288
InPost
SA
(a)
.............................
163,147
2,928,473
PostNL
N.V.
(b)
...........................
354,938
479,442
3,765,203
a
Banks
 — 
10
.1
%
ABN
AMRO
Bank
N.V.,
CVA
(c)
................
199,482
6,681,201
ING
Groep
N.V.
..........................
910,335
26,265,836
32,947,037
a
Beverages
 — 
6
.6
%
Coca-Cola
Europacific
Partners
PLC
............
71,814
7,930,420
Heineken
Holding
N.V.
.....................
54,865
4,752,754
Heineken
N.V.
...........................
95,459
8,841,303
21,524,477
a
Biotechnology
 — 
0
.4
%
Pharming
Group
N.V.
(a)
.....................
755,652
1,248,481
a
Broadline
Retail
 — 
6
.3
%
Prosus
N.V.
,
Class
N
(a)
.....................
400,564
20,589,158
a
Capital
Markets
 — 
2
.3
%
Allfunds
Group
PLC
.......................
229,593
2,284,618
CVC
Capital
Partners
PLC
(c)
.................
154,747
2,207,995
Flow
Traders
Ltd.
(a)
........................
36,779
1,148,053
Van
Lanschot
Kempen
N.V.
..................
30,067
2,006,237
7,646,903
a
Chemicals
 — 
3
.4
%
Akzo
Nobel
N.V.
.........................
66,442
4,667,473
Corbion
N.V.
,
Class
C
......................
56,367
1,297,654
DSM-Firmenich
AG
.......................
66,673
4,761,765
OCI
N.V.
(a)
.............................
113,489
486,361
11,213,253
a
Construction
&
Engineering
 — 
1
.9
%
Fugro
N.V.
,
Class
C
.......................
121,184
1,536,998
Koninklijke
BAM
Groep
N.V.
.................
202,538
2,285,610
Koninklijke
Heijmans
N.V.
...................
23,972
2,526,937
6,349,545
a
Consumer
Staples
Distribution
&
Retail
 — 
4
.3
%
Koninklijke
Ahold
Delhaize
N.V.
...............
277,785
13,710,200
Sligro
Food
Group
N.V.
.....................
27,077
462,324
14,172,524
a
Diversified
Telecommunication
Services
 — 
2
.4
%
Koninklijke
KPN
N.V.
......................
1,352,851
7,690,439
a
Electrical
Equipment
 — 
1
.2
%
Signify
N.V.
(c)
............................
94,038
2,190,975
TKH
Group
N.V.
.........................
40,830
1,886,441
4,077,416
a
Energy
Equipment
&
Services
 — 
0
.9
%
SBM
Offshore
N.V.
........................
77,641
2,999,565
a
Entertainment
 — 
2
.5
%
Universal
Music
Group
N.V.
..................
358,778
8,078,740
a
Security
Shares
Value
a
Financial
Services
 — 
4
.0
%
Adyen
N.V.
(a)
(c)
...........................
8,064
$
9,469,776
EXOR
N.V.
.............................
42,606
3,739,064
13,208,840
a
Food
Products
 — 
2
.1
%
JDE
Peet's
N.V.
..........................
84,220
3,157,366
Magnum
Ice
Cream
Co.
N.V.
(The)
(a)
............
223,580
3,549,551
6,706,917
a
Health
Care
Equipment
&
Supplies
 — 
2
.6
%
Koninklijke
Philips
N.V.
.....................
261,173
8,369,379
a
Hotels,
Restaurants
&
Leisure
 — 
0
.6
%
Basic-Fit
N.V.
(a)
(c)
.........................
51,887
1,928,159
a
Insurance
 — 
4
.9
%
Aegon
Ltd.
.............................
539,971
4,109,365
ASR
Nederland
N.V.
.......................
62,124
4,514,103
NN
Group
N.V.
..........................
91,491
7,503,867
16,127,335
a
Machinery
 — 
0
.8
%
Aalberts
N.V.
............................
66,248
2,753,150
a
Media
 — 
0
.4
%
Havas
N.V.
(a)
............................
69,209
1,411,486
a
Metals
&
Mining
 — 
0
.4
%
AMG
Critical
Materials
N.V.
..................
33,196
1,311,601
a
Oil,
Gas
&
Consumable
Fuels
 — 
0
.8
%
Koninklijke
Vopak
N.V.
.....................
45,481
2,499,952
a
Pharmaceuticals
 — 
0
.2
%
Pharvaris
N.V.
(a)
(b)
.........................
24,415
693,142
a
Professional
Services
 — 
3
.3
%
Arcadis
N.V.
............................
54,067
1,912,198
Randstad
N.V.
...........................
72,446
2,388,689
Wolters
Kluwer
N.V.
.......................
82,157
6,637,097
10,937,984
a
Retail
REITs
 — 
0
.8
%
Eurocommercial
Properties
N.V.
...............
47,306
1,590,028
Wereldhave
N.V.
.........................
39,845
1,096,157
2,686,185
a
Semiconductors
&
Semiconductor
Equipment
 — 
28
.5
%
ASM
International
N.V.
.....................
15,098
12,733,463
ASML
Holding
N.V.
.......................
51,101
74,321,711
BE
Semiconductor
Industries
N.V.
.............
27,793
6,228,066
93,283,240
a
Software
 — 
2
.2
%
Nebius
Group
N.V.
,
Class
A
(a)
.................
72,741
6,633,252
TomTom
N.V.
(a)
..........................
62,576
388,393
7,021,645
a
Trading
Companies
&
Distributors
 — 
3
.7
%
AerCap
Holdings
N.V.
......................
60,205
8,997,035
IMCD
N.V.
.............................
31,514
3,036,059
12,033,094
a
Total
Long-Term
Investments — 99.9%
(Cost:
$
313,354,975
)
................................
326,822,783
iShares
®
MSCI
Netherlands
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
(Percentages
shown
are
based
on
Net
Assets)
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: 
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
 — 
0
.1
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
3.84
%
(d)
(e)
(f)
......................
39,050
$
39,069
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
3.64
%
(d)
(e)
............................
268,267
268,267
a
Total
Short-Term
Securities — 0.1%
(Cost:
$
307,329
)
...................................
307,336
Security
Value
Total
Investments
100
.0
%
(Cost:
$
313,662,304
)
................................
$
327,130,119
Liabilities
in
Excess
of
Other
Assets
0
.0
%
................
(
15,861
)
Net
Assets
100.0%
.................................
$
327,114,258
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
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.
(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.
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
.
$
2,084,759
$
$
(
2,045,777
)
(a)
$
314
$
(
227
)
$
39,069
39,050
$
5,857
(b)
$
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
93,449
174,818
(a)
268,267
268,267
4,786
$
$
314
$
(
227
)
$
307,336
$
10,643
$
(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
..................................................................
4
03/20/26
$
291
$
6,075
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)
.............
$
$
$
6,075
$
$
$
$
6,075
(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
®
MSCI
Netherlands
ETF
8
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
..................................
$
$
$
52,667
$
$
$
$
52,667
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Futures
contracts
..................................
$
$
$
4,753
$
$
$
$
4,753
Futures
contracts:
Average
notional
value
of
contracts
long
...................................................................................
$
375,842
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
45,418,821
$
281,403,962
$
$
326,822,783
Short-Term
Securities
Money
Market
Funds
......................................
307,336
307,336
$
45,726,157
$
281,403,962
$
$
327,130,119
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
6,075
$
$
$
6,075
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
9
Statements
of
Assets
and
Liabilities
Statements
of
Assets
and
Liabilities
(unaudited)
February
28,
2026
See
notes
to
financial
statements.
iShares
MSCI
Austria
ETF
iShares
MSCI
Netherlands
ETF
ASSETS
Investments,
at
value
unaffiliated
(a)
(b)
....................................................................
$
141,146,025
$
326,822,783
Investments,
at
value
affiliated
(c)
.......................................................................
4,511,712
307,336
Foreign
currency
collateral
pledged:
(d)
Futures
contracts
.................................................................................
101,618
30,722
Foreign
currency,
at
value
(e)
............................................................................
124,310
261,758
Receivables:
Investments
sold
.................................................................................
3,971,751
2,130,786
Securities
lending
income
affiliated
...................................................................
3,907
109
Dividends
unaffiliated
............................................................................
24,046
Dividends
affiliated
..............................................................................
106
678
Tax
reclaims
....................................................................................
1,284,295
23,183
Total
assets
......................................................................................
151,143,724
329,601,401
LIABILITIES
Collateral
on
securities
loaned
..........................................................................
4,464,736
30,785
Payables:
Investments
purchased
.............................................................................
3,930,708
2,328,784
Investment
advisory
fees
............................................................................
53,335
126,375
Variation
margin
on
futures
contracts
....................................................................
4,019
1,199
Total
liabilities
.....................................................................................
8,452,798
2,487,143
Commitments
and
contingent
liabilities
NET
ASSETS
.....................................................................................
$
142,690,926
$
327,114,258
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.....................................................................................
$
162,268,321
$
334,028,706
Accumulated
loss
..................................................................................
(
19,577,395
)
(
6,914,448
)
NET
ASSETS
.....................................................................................
$
142,690,926
$
327,114,258
NET
ASSET
VALUE
Shares
outstanding
.................................................................................
3,750,000
5,200,000
Net
asset
value
....................................................................................
$
38.05
$
62.91
Shares
authorized
..................................................................................
100
million
255
million
Par
value
........................................................................................
$                    0.001
$                    0.001
(a)
Securities
loaned,
at
value
..........................................................................
$
4,218,691
$
29,974
(b)
Investments,
at
cost
unaffiliated
.....................................................................
$
111,674,577
$
313,354,975
(c)
Investments,
at
cost
affiliated
.......................................................................
$
4,511,398
$
307,329
(d)
Foreign
currency
collateral
pledged,
at
cost
...............................................................
$
99,993
$
30,606
(e)
  Foreign
currency,
at
cost
............................................................................
$
124,422
$
262,408
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
Austria
ETF
iShares
MSCI
Netherlands
ETF
INVESTMENT
INCOME
Dividends
unaffiliated
............................................................................
$
$
1,066,680
Dividends
affiliated
..............................................................................
909
4,786
Interest
unaffiliated
..............................................................................
6,520
143
Securities
lending
income
affiliated
net
...............................................................
40,178
5,857
Foreign
taxes
withheld
.............................................................................
(
885
)
(
117,710
)
Total
investment
income
..............................................................................
46,722
959,756
EXPENSES
Investment
advisory
...............................................................................
283,904
751,966
Commitment
costs
................................................................................
543
1,572
Interest
expense
.................................................................................
26
9
Total
expenses
....................................................................................
284,473
753,547
Net
investment
income
(loss)
...........................................................................
(
237,751
)
206,209
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
unaffiliated
.........................................................................
324,349
(
5,856,603
)
Investments
affiliated
...........................................................................
140
314
Foreign
currency
transactions
.......................................................................
(
4,115
)
64,812
Futures
contracts
...............................................................................
123,598
52,667
In-kind
redemptions
unaffiliated
(a)
...................................................................
4,029,658
39,794,270
4,473,630
34,055,460
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
unaffiliated
.........................................................................
20,799,201
27,235,464
Investments
affiliated
...........................................................................
(
94
)
(
227
)
Foreign
currency
translations
.......................................................................
16,744
(
2,448
)
Futures
contracts
...............................................................................
61,519
4,753
20,877,370
27,237,542
Net
realized
and
unrealized
gain
........................................................................
25,351,000
61,293,002
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...............................................
$
25,113,249
$
61,499,211
(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
Austria
ETF
iShares
MSCI
Netherlands
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
(loss)
....................................
$
(
237,751
)
$
3,322,275
$
206,209
$
6,144,911
Net
realized
gain
............................................
4,473,630
9,790,208
34,055,460
6,790,593
Net
change
in
unrealized
appreciation
(depreciation)
....................
20,877,370
8,691,060
27,237,542
3,301,448
Net
increase
in
net
assets
resulting
from
operations
.......................
25,113,249
21,803,543
61,499,211
16,236,952
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.............
(
4,701,200
)
(
10,804,465
)
(b)
(
6,071,307
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.....
10,068,420
26,238,693
24,572,990
(
53,006,138
)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...............................
35,181,669
43,341,036
75,267,736
(
42,840,493
)
Beginning
of
period
............................................
107,509,257
64,168,221
251,846,522
294,687,015
End
of
period
................................................
$
142,690,926
$
107,509,257
$
327,114,258
$
251,846,522
(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
Austria
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
.......
$
30.72
$
23.33
$
20.24
$
17.36
$
25.28
$
15.67
Net
investment
income
(loss)
(a)
...........
(
0
.07
)
1
.18
1
.16
0
.91
0
.97
0
.54
Net
realized
and
unrealized
gain
(loss)
(b)
.....
7
.40
7
.63
3
.54
2
.96
(
8
.01
)
9
.50
Net
increase
(decrease)
from
investment
operations
.........................
7
.33
8
.81
4
.70
3
.87
(
7
.04
)
10.04
Distributions
from
net
investment
income
(c)
.....
(
1
.42
)
(
1
.61
)
(
0
.99
)
(
0
.88
)
(
0
.43
)
Net
asset
value,
end
of
period
............
$
38.05
$
30.72
$
23.33
$
20.24
$
17.36
$
25.28
Total
Return
(d)
Based
on
net
asset
value
................
23.87
%
(e)
39.27
%
24.05
%
22.61
%
(
28.58
)
%
64.50
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
.......................
0
.49
%
(g)
0
.49
%
0
.50
%
0
.50
%
0
.50
%
0
.50
%
Net
investment
income
(loss)
..............
(
0
.41
)
%
(g)
4
.62
%
5
.41
%
4
.68
%
4
.32
%
2
.55
%
Supplemental
Data
Net
assets,
end
of
period
(000)
............
$
142,691
$
107,509
$
64,168
$
53,649
$
62,502
$
89,752
Portfolio
turnover
rate
(h)
..................
7
%
24
%
22
%
21
%
19
%
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)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
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
Netherlands
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
.......
$
53.02
$
50.81
$
41.18
$
34.26
$
52.87
$
35.38
Net
investment
income
(a)
...............
0
.04
1
.15
0
.82
0
.72
0
.84
0
.40
Net
realized
and
unrealized
gain
(loss)
(b)
.....
12.01
2
.17
9
.72
6
.91
(
18.78
)
17.55
Net
increase
(decrease)
from
investment
operations
.........................
12.05
3
.32
10.54
7
.63
(
17.94
)
17.95
Distributions
from
net
investment
income
(c)
.....
(
2
.16
)
(d)
(
1
.11
)
(
0
.91
)
(
0
.71
)
(
0
.67
)
(
0
.46
)
Net
asset
value,
end
of
period
............
$
62.91
$
53.02
$
50.81
$
41.18
$
34.26
$
52.87
Total
Return
(e)
Based
on
net
asset
value
................
23.18
%
(f)
6
.66
%
25.72
%
22.27
%
(
34.09
)
%
50.92
%
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
.13
%
(h)
2
.34
%
1
.79
%
1
.84
%
1
.94
%
0
.90
%
Supplemental
Data
Net
assets,
end
of
period
(000)
............
$
327,114
$
251,847
$
294,687
$
249,117
$
306,659
$
330,434
Portfolio
turnover
rate
(i)
..................
13
%
12
%
13
%
11
%
10
%
36
%
(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,
Inc.
(the
“Company”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Company
is
organized
as
a
Maryland
corporation
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
Austria
...............................................................................................................
Non-diversified
MSCI
Netherlands
...........................................................................................................
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
Directors of
the
Company (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
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
MSCI
Austria
Barclays
Capital,
Inc.
.............................................
$
2,837,214‌
$
(2,837,214‌)
$
—‌
$
—‌
BNP
Paribas
SA
.................................................
151,050‌
(151,050‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
1,230,427‌
(1,230,427‌)
—‌
—‌
$
4,218,691‌
$
(4,218,691‌)
$
—‌
$
—‌
a
MSCI
Netherlands
J.P.
Morgan
Securities
LLC
.........................................
18,618‌
(18,618‌)
—‌
—‌
SG
Americas
Securities
LLC
........................................
11,356‌
(11,356‌)
—‌
—‌
$
29,974‌
$
(29,974‌)
$
—‌
$
—‌
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.
Notes
to
Financial
Statements
(unaudited)
(
continued)
17
Notes
to
Financial
Statements
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
Company, 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
directors).
For
its
investment
advisory
services
to
each
Fund,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on
each
Fund’s
allocable
portion
of
the
aggregate
of
the
average
daily
net
assets
of
the
Fund
and
certain
other
iShares
funds,
as
follows: 
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:
Directors and
Officers:
Certain
directors
and/or
officers
of
the
Company
are
directors
and/or
officers
of
BlackRock
or
its
affiliates.
Aggregate
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$7
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
.
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.
.
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.
.
.
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.
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.
.
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.
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.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.59%
Over
$7
billion,
up
to
and
including
$11
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
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.
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.
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.
.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.54
Over
$11
billion,
up
to
and
including
$24
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.49
Over
$24
billion,
up
to
and
including
$48
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
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.
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.
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.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.44
Over
$48
billion,
up
to
and
including
$72
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.40
Over
$72
billion,
up
to
and
including
$96
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.36
Over
$96
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
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.
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.
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.
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.
.
.
.
0.32
iShares
ETF
Amounts
MSCI
Austria
..............................................................................................................
$
9,404
MSCI
Netherlands
..........................................................................................................
1,559
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
Company’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:
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
MSCI
Austria
...........................................................................
$
2,383,222‌
$
2,068,737‌
$
204,424‌
MSCI
Netherlands
.......................................................................
5,563,127‌
10,406,176‌
112,886‌
iShares
ETF
Purchases
Sales
MSCI
Austria
...........................................................................................
$
8,922,942
$
8,705,868
MSCI
Netherlands
.......................................................................................
41,483,452
51,069,034
iShares
ETF
In-kind
Purchases
In-kind
Sales
MSCI
Austria
...........................................................................................
$
24,447,073
$
14,496,278
MSCI
Netherlands
.......................................................................................
177,715,929
153,373,813
iShares
ETF
Non-Expiring
Capital
Loss
Carryforwards
(a)
MSCI
Austria
..............................................................................................................
$
(52,384,691
)
MSCI
Netherlands
..........................................................................................................
(44,187,043
)
(a)
Amounts
available
to
offset
future
realized
capital
gains.
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
MSCI
Austria
....................................................
$
117,235,732
$
32,183,665
$
(3,682,874
)
$
28,500,791
MSCI
Netherlands
................................................
314,591,813
51,228,772
(38,684,391
)
12,544,381
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
Company
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the
Company
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
Austria
Shares
sold
.........................................................
700,000
$
24,758,280
3,650,000
$
95,668,475
Shares
redeemed
.....................................................
(450,000
)
(14,689,860
)
(2,900,000
)
(69,429,782
)
250,000
$
10,068,420
750,000
$
26,238,693
MSCI
Netherlands
Shares
sold
.........................................................
3,050,000
$
180,699,828
2,750,000
$
128,988,275
Shares
redeemed
.....................................................
(2,600,000
)
(156,126,838
)
(3,800,000
)
(181,994,413
)
450,000
$
24,572,990
(1,050,000
)
$
(53,006,138
)
Notes
to
Financial
Statements
(unaudited)
(
continued)
21
Notes
to
Financial
Statements
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.
Additional
Information
22
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
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Delivery
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Changes
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Not
applicable.
Proxy
Results
Not
applicable.
Remuneration
Paid
to
Directors,
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 Director
for
services
to
the
Funds
from
BFA’s
investment
advisory
fees.
Availability
of
Portfolio
Holdings
Information
A
description
of
the
Company’s policies
and
procedures
with
respect
to
the
disclosure
of
the
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
23
Glossary
of
Terms
Used
in
these
Financial
Statements
Portfolio
Abbreviation
REIT
Real
Estate
Investment
Trust
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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,
Inc.
iShares
MSCI
Eurozone
ETF
|
EZU
|
Cboe
BZX
Exchange
iShares
MSCI
Italy
ETF
|
EWI
|
NYSE
Arca
iShares
MSCI
Switzerland
ETF
|
EWL
|
NYSE
Arca
Table
of
Contents
Page
2
Schedules
of
Investments
.................................................................................................
3
Statements
of
Assets
and
Liabilities
...........................................................................................
13
Statements
of
Operations
.................................................................................................
14
Statements
of
Changes
in
Net
Assets
..........................................................................................
15
Financial
Highlights
.....................................................................................................
17
Notes
to
Financial
Statements
...............................................................................................
20
Additional
Information
...................................................................................................
28
Glossary
of
Terms
Used
in
these
Financial
Statements
................................................................................
29
iShares
®
MSCI
Eurozone
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
Austria
 — 0.9%
BAWAG
Group
AG
(a)(b)
.....................
100,158
$
15,512,756
Erste
Group
Bank
AG
......................
398,915
47,348,891
OMV
AG
..............................
191,719
12,419,591
Raiffeisen
Bank
International
AG
..............
170,697
8,480,211
Verbund
AG
............................
90,082
6,414,189
90,175,638
a
Belgium
 — 3.2%
Ageas
SA/N.V.
..........................
194,098
14,407,239
Anheuser-Busch
InBev
SA/N.V.
...............
1,285,747
104,550,774
Argenx
SE
(a)
............................
80,495
62,273,236
D'ieteren
Group
..........................
28,236
6,105,214
Elia
Group
SA/N.V.,
Class
B
.................
57,547
9,143,282
Financiere
de
Tubize
SA
....................
26,250
7,051,661
Groupe
Bruxelles
Lambert
N.V.
...............
104,705
10,506,113
KBC
Group
N.V.
.........................
297,833
40,336,406
Lotus
Bakeries
N.V.
.......................
531
6,604,138
Sofina
SA
..............................
21,448
6,370,949
Syensqo
SA
............................
94,271
5,374,920
UCB
SA
...............................
164,081
49,287,209
322,011,141
a
Finland
 — 2.5%
Elisa
OYJ
..............................
185,538
9,529,997
Fortum
OYJ
............................
585,525
13,690,503
Kesko
OYJ,
Class
B
.......................
353,703
8,715,920
Kone
OYJ,
Class
B
.......................
442,115
33,332,478
Metso
OYJ
.............................
862,927
17,940,019
Neste
OYJ
.............................
549,749
13,737,596
Nokia
OYJ
.............................
6,871,735
52,740,688
Orion
OYJ,
Class
B
.......................
142,949
11,451,244
Sampo
OYJ,
Class
A
......................
3,136,134
34,758,053
Stora
Enso
OYJ,
Class
R
...................
761,386
10,327,943
UPM-Kymmene
OYJ
......................
683,487
21,765,784
Wartsila
OYJ
Abp
.........................
652,411
28,330,681
256,320,906
a
France
 — 29.5%
Accor
SA
..............................
244,238
14,176,831
Aeroports
de
Paris
SA
.....................
44,601
6,223,353
Air
Liquide
SA
...........................
753,639
158,471,609
Airbus
SE
..............................
772,927
167,843,332
Alstom
SA
(a)
............................
451,157
15,008,587
Amundi
SA
(b)
............................
80,800
7,707,746
ArcelorMittal
SA
..........................
554,448
36,321,275
AXA
SA
...............................
2,175,249
106,374,217
Ayvens
SA
(b)
............................
458,827
5,824,463
BioMerieux
.............................
54,165
6,401,859
BNP
Paribas
SA
.........................
1,307,400
146,797,022
Bollore
SE
.............................
911,040
5,321,791
Bouygues
SA
...........................
250,635
15,510,838
Bureau
Veritas
SA
........................
443,211
15,402,239
Capgemini
SE
...........................
199,677
25,234,542
Carrefour
SA
............................
766,452
14,536,018
Cie
de
Saint-Gobain
SA
....................
582,295
59,010,798
Cie
Generale
des
Etablissements
Michelin
SCA
....
849,675
34,361,883
Covivio
SA
.............................
72,827
5,338,064
Credit
Agricole
SA
........................
1,385,743
30,615,175
Danone
SA
.............................
839,736
72,216,436
Dassault
Aviation
SA
......................
25,592
10,278,744
Dassault
Systemes
SE
.....................
873,627
19,131,346
Eiffage
SA
.............................
88,894
15,329,099
Engie
SA
..............................
2,375,787
81,164,198
Security
Shares
Value
a
France
(continued)
EssilorLuxottica
SA
.......................
391,708
$
103,679,951
Eurofins
Scientific
SE
......................
154,339
12,436,672
Euronext
N.V.
(b)
..........................
101,157
16,712,830
Gecina
SA
.............................
59,792
5,520,169
Getlink
SE
.............................
392,411
8,520,134
Hermes
International
SCA
...................
41,196
99,013,077
Ipsen
SA
..............................
49,344
9,632,074
Kering
SA
..............................
96,668
32,416,505
Klepierre
SA
............................
280,529
11,805,655
Legrand
SA
............................
339,929
61,570,355
L'Oreal
SA
.............................
312,445
146,394,889
LVMH
Moet
Hennessy
Louis
Vuitton
SE
..........
324,402
207,299,468
Orange
SA
.............................
2,415,511
52,036,260
Pernod
Ricard
SA
........................
261,388
24,120,995
Publicis
Groupe
SA
.......................
296,372
26,390,468
Renault
SA
.............................
250,994
9,492,116
Rexel
SA
..............................
291,257
12,613,731
Safran
SA
..............................
462,540
186,282,786
Sanofi
SA
..............................
1,427,649
139,625,934
Sartorius
Stedim
Biotech
....................
38,132
8,240,417
Schneider
Electric
SE
......................
713,162
233,068,331
Societe
Generale
SA
......................
897,790
77,803,012
Sodexo
SA
.............................
115,545
6,324,592
STMicroelectronics
N.V.
....................
880,715
29,385,107
Thales
SA
..............................
120,342
36,525,863
TotalEnergies
SE
.........................
2,583,210
206,919,268
Unibail-Rodamco-Westfield
..................
158,316
19,835,036
Veolia
Environnement
SA
...................
820,082
34,727,785
Vinci
SA
...............................
643,282
106,775,857
2,999,770,802
a
Germany
 — 25.5%
adidas
AG
.............................
221,970
41,183,209
Allianz
SE,
Registered
.....................
494,833
222,218,223
BASF
SE
..............................
1,160,955
66,499,670
Bayer
AG,
Registered
......................
1,277,896
63,231,344
Bayerische
Motoren
Werke
AG
...............
365,307
38,285,427
Beiersdorf
AG
...........................
126,536
16,006,278
Brenntag
SE
............................
159,127
9,787,157
Commerzbank
AG
........................
950,669
38,568,282
Continental
AG
..........................
143,692
12,382,509
CTS
Eventim
AG
&
Co.
KGaA
................
80,829
6,545,539
Daimler
Truck
Holding
AG
...................
597,516
30,147,147
Delivery
Hero
SE,
Class
A
(a)(b)
.................
254,793
5,860,210
Deutsche
Bank
AG,
Registered
...............
2,360,940
83,702,744
Deutsche
Boerse
AG
......................
244,933
66,938,452
Deutsche
Lufthansa
AG,
Registered
(c)
...........
779,766
8,329,029
Deutsche
Post
AG
........................
1,196,697
70,467,654
Deutsche
Telekom
AG,
Registered
.............
4,785,348
192,180,282
E.ON
SE
..............................
2,920,359
67,909,708
Evonik
Industries
AG
(c)
.....................
333,573
5,799,892
Fresenius
Medical
Care
AG
..................
285,987
13,321,276
Fresenius
SE
&
Co.
KGaA
...................
549,476
32,939,183
GEA
Group
AG
..........................
190,711
14,786,516
Hannover
Rueck
SE
.......................
78,434
23,767,239
Heidelberg
Materials
AG
....................
174,071
38,781,699
Henkel
AG
&
Co.
KGaA
....................
135,160
12,241,160
Hensoldt
AG
(c)
...........................
82,574
7,243,778
HOCHTIEF
AG
..........................
20,306
9,794,830
Infineon
Technologies
AG
...................
1,698,687
91,550,441
Knorr-Bremse
AG
........................
94,183
12,327,260
LEG
Immobilien
SE
.......................
98,274
8,221,336
Mercedes-Benz
Group
AG
...................
939,378
64,994,269
Merck
KGaA
............................
168,113
25,471,770
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
MSCI
Eurozone
ETF
(Percentages
shown
are
based
on
Net
Assets)
4
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Germany
(continued)
MTU
Aero
Engines
AG
.....................
70,102
$
30,216,552
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen,
Registered
...................
169,938
110,905,454
Nemetschek
SE
..........................
75,070
5,980,649
QIAGEN
N.V.
...........................
268,997
13,374,319
Rational
AG
............................
6,679
5,788,752
Rheinmetall
AG
..........................
59,838
118,369,949
RWE
AG
..............................
822,424
52,905,437
SAP
SE
...............................
1,358,289
272,869,790
Scout24
SE
(b)
...........................
97,432
8,281,156
Siemens
AG,
Registered
....................
988,576
285,840,656
Siemens
Energy
AG
.......................
1,008,080
195,242,533
Siemens
Healthineers
AG
(b)
..................
440,317
21,839,540
Symrise
AG,
Class
A
......................
173,142
15,816,441
Talanx
AG
..............................
84,058
10,572,855
Vonovia
SE
.............................
992,992
33,669,874
Zalando
SE
(a)(b)
..........................
294,506
7,159,360
2,590,316,830
a
Ireland
 — 1.2%
AIB
Group
PLC
..........................
2,779,415
28,849,769
Bank
of
Ireland
Group
PLC
..................
1,235,780
24,062,231
Kerry
Group
PLC,
Class
A
...................
210,005
18,660,106
Kingspan
Group
PLC
......................
200,138
19,814,399
Ryanair
Holdings
PLC
.....................
1,095,910
35,414,414
126,800,919
a
Italy
 — 9.1%
Banca
Mediolanum
SpA
....................
294,148
6,309,047
Banca
Monte
dei
Paschi
di
Siena
SpA
...........
2,568,960
25,070,459
Banco
BPM
SpA
.........................
1,471,278
21,672,141
BPER
Banca
SpA
........................
1,913,243
26,945,984
Buzzi
SpA
..............................
101,512
5,852,512
Davide
Campari-Milano
N.V.
.................
800,279
6,028,463
Enel
SpA
..............................
10,579,511
127,218,064
Eni
SpA
...............................
2,660,567
62,136,839
Ferrari
N.V.
.............................
163,961
61,948,115
FinecoBank
Banca
Fineco
SpA
...............
791,826
18,634,905
Generali
...............................
1,108,742
47,211,444
Intesa
Sanpaolo
SpA
......................
18,120,482
124,334,582
Italgas
SpA
.............................
792,697
10,215,964
Leonardo
SpA
...........................
526,423
35,465,678
Moncler
SpA
............................
303,838
20,959,710
Poste
Italiane
SpA
(b)
.......................
596,435
15,978,465
Prysmian
SpA
...........................
366,613
44,158,871
Recordati
Industria
Chimica
e
Farmaceutica
SpA
...
149,407
8,536,204
Snam
SpA
.............................
2,616,060
20,313,147
Stellantis
N.V.
...........................
2,611,599
21,190,153
Telecom
Italia
SpA
(a)
.......................
14,961,084
11,226,196
Tenaris
SA
.............................
488,238
13,345,445
Terna
-
Rete
Elettrica
Nazionale
...............
1,832,889
22,055,708
UniCredit
SpA
...........................
1,823,542
155,269,774
Unipol
Assicurazioni
SpA
....................
467,147
11,621,915
923,699,785
a
Netherlands
 — 14.7%
ABN
AMRO
Bank
N.V.,
CVA
(b)
................
756,403
25,334,020
Adyen
N.V.
(a)(b)
...........................
32,817
38,537,901
Aegon
Ltd.
.............................
1,636,998
12,458,119
AerCap
Holdings
N.V.
......................
217,798
32,547,733
Akzo
Nobel
N.V.
.........................
223,053
15,669,213
ASM
International
N.V.
.....................
60,851
51,320,967
ASML
Holding
N.V.
.......................
504,886
734,310,315
ASR
Nederland
N.V.
.......................
204,105
14,830,836
BE
Semiconductor
Industries
N.V.
.............
94,997
21,287,646
Security
Shares
Value
a
Netherlands
(continued)
Coca-Cola
Europacific
Partners
PLC
............
270,317
$
29,851,106
CSG
N.V.,
Class
A
(a)
.......................
259,434
9,757,399
CVC
Capital
Partners
PLC
(b)
.................
280,627
4,004,103
DSM-Firmenich
AG
.......................
224,998
16,069,289
EXOR
N.V.
.............................
121,528
10,665,189
Heineken
Holding
N.V.
.....................
168,676
14,611,782
Heineken
N.V.
...........................
374,247
34,662,328
ING
Groep
N.V.
..........................
3,798,668
109,602,718
InPost
SA
(a)
.............................
325,287
5,838,871
JDE
Peet's
N.V.
..........................
222,901
8,356,447
Koninklijke
Ahold
Delhaize
N.V.
...............
1,163,578
57,428,901
Koninklijke
KPN
N.V.
......................
5,044,985
28,678,804
Koninklijke
Philips
N.V.
.....................
997,749
31,973,210
Magnum
Ice
Cream
Co.
N.V.
(The)
(a)
............
640,074
10,161,801
NN
Group
N.V.
..........................
342,100
28,058,201
Prosus
N.V.,
Class
N
(a)
.....................
1,701,939
87,480,378
Randstad
N.V.
...........................
140,009
4,616,376
Universal
Music
Group
N.V.
..................
1,429,633
32,191,588
Wolters
Kluwer
N.V.
.......................
301,061
24,321,375
1,494,626,616
a
Portugal
 — 0.6%
Banco
Comercial
Portugues
SA,
Class
R
.........
9,803,934
10,297,499
EDP
Renovaveis
SA
.......................
409,037
6,462,032
EDP
SA
...............................
4,089,122
21,756,362
Galp
Energia
SGPS
SA,
Class
B
..............
542,001
11,760,824
Jeronimo
Martins
SGPS
SA
..................
369,617
9,713,917
59,990,634
a
Spain
 — 10.8%
Acciona
SA
.............................
32,325
9,381,277
ACS
Actividades
de
Construccion
y
Servicios
SA
...
230,822
29,784,078
Aena
SME
SA
(b)
..........................
976,919
30,790,720
Amadeus
IT
Group
SA
.....................
586,200
36,257,615
Banco
Bilbao
Vizcaya
Argentaria
SA
............
7,425,986
171,997,727
Banco
de
Sabadell
SA
.....................
6,566,408
24,722,713
Banco
Santander
SA
......................
19,107,247
240,981,829
Bankinter
SA
............................
881,523
14,627,417
CaixaBank
SA
...........................
5,063,251
62,405,945
Cellnex
Telecom
SA
(b)
......................
621,356
23,615,081
Endesa
SA
.............................
415,177
16,937,645
Ferrovial
SE
............................
668,397
49,814,786
Grifols
SA,
Class
A
........................
393,799
4,940,593
Iberdrola
SA
............................
8,369,223
197,540,943
Indra
Sistemas
SA
........................
103,403
7,640,077
Industria
de
Diseno
Textil
SA
.................
1,418,902
94,750,559
International
Consolidated
Airlines
Group
SA,
Class
DI
1,533,185
8,670,928
Mapfre
SA
.............................
1,219,118
5,666,566
Naturgy
Energy
Group
SA
...................
317,625
9,885,553
Redeia
Corp.
SA
.........................
392,304
7,291,586
Repsol
SA
.............................
1,467,287
33,205,543
Telefonica
SA
...........................
4,822,855
21,886,649
1,102,795,830
a
Sweden
 — 0.8%
Nordea
Bank
Abp
........................
4,028,665
77,956,821
a
United
States
 — 0.2%
Nebius
Group
N.V.,
Class
A
(a)
.................
277,653
25,319,177
a
Total
Common
Stocks — 99.0%
(Cost:
$8,012,513,982)
...............................
10,069,785,099
iShares
®
MSCI
Eurozone
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
(Percentages
shown
are
based
on
Net
Assets)
5
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Security
Shares
Value
a
Preferred
Stocks
Germany
 — 0.8%
Bayerische
Motoren
Werke
AG,
Preference
Shares,
NVS
................................
70,736
$
7,381,994
Dr
Ing
hc
F
Porsche
AG,
Preference
Shares,
NVS
(b)(c)
148,798
7,254,147
Henkel
AG
&
Co.
KGaA,
Preference
Shares,
NVS
...
208,365
20,438,217
Porsche
Automobil
Holding
SE,
Preference
Shares,
NVS
................................
200,194
8,464,624
Sartorius
AG,
Preference
Shares,
NVS
..........
34,265
9,698,749
Volkswagen
AG,
Preference
Shares,
NVS
........
267,835
31,845,754
85,083,485
a
Italy
 — 0.1%
Telecom
Italia
SpA,
Preference
Shares,
NVS
(a)
.....
7,840,697
6,855,564
a
Total
Preferred
Stocks — 0.9%
(Cost:
$149,158,258)
................................
91,939,049
a
Total
Long-Term
Investments — 99.9%
(Cost:
$8,161,672,240)
...............................
10,161,724,148
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
 — 
0.3%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
3.84%
(d)(e)(f)
......................
26,768,775
$
26,782,160
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
3.64%
(d)(e)
............................
3,503,761
3,503,761
a
Total
Short-Term
Securities — 0.3%
(Cost:
$30,285,371)
.................................
30,285,921
Total
Investments
—  100.2%
(Cost:
$8,191,957,611)
...............................
10,192,010,069
Liabilities
in
Excess
of
Other
Assets
(0.2)%
...............
(16,131,177)
Net
Assets
100.0%
.................................
$
10,175,878,892
(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)
All
or
a
portion
of
this
security
is
on
loan.
(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.
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
$
15,895,703
$
10,887,491
(a)
$
$
(1,035
)
$
1
$
26,782,160
26,768,775
$
42,175
(b)
$
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
4,150,000
(646,239
)
(a)
3,503,761
3,503,761
67,223
$
$
(1,035
)
$
1
$
30,285,921
$
109,398
$
(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
..................................................................
169
03/20/26
$
12,287
$
346,414
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
MSCI
Eurozone
ETF
6
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. 
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
Assets
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.............
$
$
$
346,414
$
$
$
$
346,414
(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
..................................
$
$
$
2,416,445
$
$
$
$
2,416,445
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Futures
contracts
..................................
$
$
$
120,716
$
$
$
$
120,716
Futures
contracts:
Average
notional
value
of
contracts
long
...................................................................................
$
24,644,025
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
258,374,300
$
9,811,410,799
$
$
10,069,785,099
Preferred
Stocks
.........................................
91,939,049
91,939,049
Short-Term
Securities
Money
Market
Funds
......................................
30,285,921
30,285,921
$
288,660,221
$
9,903,349,848
$
$
10,192,010,069
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
346,414
$
$
$
346,414
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
MSCI
Italy
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
Aerospace
&
Defense
 — 
4
.2
%
Leonardo
SpA
..........................
422,190
$
28,443,390
a
Automobiles
 — 
7
.0
%
Ferrari
N.V.
............................
78,353
29,603,507
Stellantis
N.V.
..........................
2,226,813
18,068,053
47,671,560
a
Banks
 — 
40
.7
%
Banca
Monte
dei
Paschi
di
Siena
SpA
..........
1,949,107
19,021,319
Banco
BPM
SpA
........................
1,259,312
18,549,851
BPER
Banca
SpA
.......................
1,580,709
22,262,598
FinecoBank
Banca
Fineco
SpA
..............
692,207
16,290,463
Intesa
Sanpaolo
SpA
.....................
12,880,256
88,378,512
UniCredit
SpA
..........................
1,301,809
110,845,590
275,348,333
a
Beverages
 — 
1
.0
%
Davide
Campari-Milano
N.V.
................
927,000
6,983,047
a
Construction
Materials
 — 
0
.6
%
Buzzi
SpA
.............................
72,627
4,187,194
a
Diversified
Telecommunication
Services
 — 
1
.6
%
Telecom
Italia
SpA
(a)
......................
14,280,787
10,715,729
a
Electric
Utilities
 — 
16
.1
%
Enel
SpA
.............................
7,510,875
90,317,877
Terna
-
Rete
Elettrica
Nazionale
..............
1,550,520
18,657,877
108,975,754
a
Electrical
Equipment
 — 
4
.5
%
Prysmian
SpA
..........................
252,683
30,435,898
a
Energy
Equipment
&
Services
 — 
1
.9
%
Tenaris
SA
............................
462,670
12,646,572
a
Financial
Services
 — 
3
.2
%
Banca
Mediolanum
SpA
...................
338,244
7,254,842
Poste
Italiane
SpA
(b)
......................
528,979
14,171,322
21,426,164
a
Gas
Utilities
 — 
3
.4
%
Italgas
SpA
............................
444,202
5,724,698
Snam
SpA
............................
2,256,514
17,521,349
23,246,047
a
Security
Shares
Value
a
Insurance
 — 
6
.1
%
Generali
..............................
698,985
$
29,763,544
Unipol
Assicurazioni
SpA
...................
454,154
11,298,668
41,062,212
a
Oil,
Gas
&
Consumable
Fuels
 — 
4
.8
%
Eni
SpA
..............................
1,375,913
32,134,084
a
Pharmaceuticals
 — 
1
.3
%
Recordati
Industria
Chimica
e
Farmaceutica
SpA
..
156,152
8,921,572
a
Textiles,
Apparel
&
Luxury
Goods
 — 
2
.7
%
Moncler
SpA
...........................
265,137
18,289,992
a
a
Total
Common
Stocks — 99.1%
(Cost:
$
571,912,410
)
...............................
670,487,548
a
Preferred
Stocks
Diversified
Telecommunication
Services
 — 
0
.6
%
Telecom
Italia
SpA
,
Preference
Shares
,
NVS
(a)
....
4,486,892
3,923,143
a
a
Total
Preferred
Stocks — 0.6%
(Cost:
$
3,941,462
)
.................................
3,923,143
Total
Long-Term
Investments — 99.7%
(Cost:
$
575,853,872
)
...............................
674,410,691
a
Short-Term
Securities
Money
Market
Funds
 — 
0
.0
%
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
3.64
%
(c)
(d)
...........................
277,602
277,602
a
Total
Short-Term
Securities — 0.0%
(Cost:
$
277,602
)
..................................
277,602
Total
Investments
99.7%
(Cost:
$
576,131,474
)
...............................
674,688,293
Other
Assets
Less
Liabilities
0
.3
%
....................
2,050,283
Net
Assets
100.0%
................................
$
676,738,576
(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:
Institutional,
SL
Agency
Shares
(a)
$
$
$
(
2,138
)
(b)
$
2,138
$
$
$
11,683
(c)
$
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
MSCI
Italy
ETF
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:
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
(continued)
Affiliated
Issuer
Value
at
08/31/25
Purchases
at
Cost
Proceeds
from
Sales
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
..
$
347,098
$
$
(
69,496
)
(b)
$
$
$
277,602
277,602
$
6,229
$
$
$
2,138
$
$
277,602
$
17,912
$
(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
FTSE/MIB
Index
......................................................................
7
03/20/26
$
1,955
$
60,343
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)
.............
$
$
$
60,343
$
$
$
$
60,343
(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
..................................
$
$
$
315,260
$
$
$
$
315,260
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Futures
contracts
..................................
$
$
$
46,634
$
$
$
$
46,634
Futures
contracts:
Average
notional
value
of
contracts
long
...................................................................................
$
1,984,770
a
iShares
®
MSCI
Italy
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
9
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
.........................................
$
$
670,487,548
$
$
670,487,548
Preferred
Stocks
.........................................
3,923,143
3,923,143
Short-Term
Securities
Money
Market
Funds
......................................
277,602
277,602
$
277,602
$
674,410,691
$
$
674,688,293
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
60,343
$
$
$
60,343
(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
Switzerland
ETF
(Percentages
shown
are
based
on
Net
Assets)
10
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Common
Stocks
Banks
 — 
0
.4
%
Banque
Cantonale
Vaudoise
,
Registered
.........
50,179
$
7,676,669
a
Building
Products
 — 
2
.1
%
Belimo
Holding
AG
,
Registered
...............
10,975
10,938,571
Geberit
AG
,
Registered
.....................
31,407
26,408,790
37,347,361
a
Capital
Markets
 — 
6
.7
%
Julius
Baer
Group
Ltd.
.....................
210,535
17,901,774
Partners
Group
Holding
AG
..................
20,983
23,317,381
UBS
Group
AG
,
Registered
..................
1,813,132
75,335,348
116,554,503
a
Chemicals
 — 
4
.0
%
EMS-Chemie
Holding
AG
,
Registered
...........
10,145
8,416,507
Givaudan
SA
,
Registered
...................
8,214
32,990,634
Sika
AG
,
Registered
.......................
139,591
28,832,935
70,240,076
a
Construction
Materials
 — 
2
.3
%
Holcim
AG
(a)
............................
447,725
41,159,908
a
Diversified
Telecommunication
Services
 — 
1
.4
%
Swisscom
AG
,
Registered
...................
25,233
23,668,547
a
Electric
Utilities
 — 
0
.4
%
BKW
AG
..............................
31,966
6,281,282
a
Electrical
Equipment
 — 
4
.5
%
ABB
Ltd.
,
Registered
......................
844,483
78,651,943
a
Food
Products
 — 
15
.1
%
Barry
Callebaut
AG
,
Registered
...............
4,962
9,326,414
Chocoladefabriken
Lindt
&
Spruengli
AG
,
Participation
Certificates
,
NVS
.......................
958
15,816,233
Chocoladefabriken
Lindt
&
Spruengli
AG
,
Registered
.
106
17,460,838
Nestle
SA
,
Registered
.....................
2,031,384
221,949,827
264,553,312
a
Health
Care
Equipment
&
Supplies
 — 
3
.8
%
Alcon
AG
..............................
444,350
38,519,962
Sonova
Holding
AG
,
Registered
...............
52,598
13,712,579
Straumann
Holding
AG
,
Registered
.............
114,310
13,685,839
65,918,380
a
Insurance
 — 
10
.1
%
Helvetia
Baloise
Holding
AG
.................
88,748
23,046,038
Swiss
Life
Holding
AG
,
Registered
.............
26,033
29,811,882
Swiss
Re
AG
............................
258,788
45,556,834
Zurich
Insurance
Group
AG
..................
104,512
78,835,977
177,250,731
a
Life
Sciences
Tools
&
Services
 — 
2
.4
%
Lonza
Group
AG
,
Registered
.................
61,552
42,812,029
a
Security
Shares
Value
a
Machinery
 — 
2
.7
%
Schindler
Holding
AG
,
Participation
Certificates
,
NVS
41,688
$
15,871,932
Schindler
Holding
AG
,
Registered
..............
28,120
10,251,051
VAT
Group
AG
(b)
.........................
29,335
20,689,533
46,812,516
a
Marine
Transportation
 — 
0
.7
%
Kuehne
+
Nagel
International
AG
,
Registered
......
54,805
12,751,877
a
Pharmaceuticals
 — 
33
.6
%
Galderma
Group
AG
.......................
148,540
28,030,981
Novartis
AG
,
Registered
....................
1,505,147
253,078,041
Roche
Holding
AG
,
NVS
....................
572,133
272,579,986
Sandoz
Group
AG
........................
384,543
33,875,240
587,564,248
a
Professional
Services
 — 
1
.2
%
SGS
SA
,
Registered
.......................
161,555
20,408,508
a
Real
Estate
Management
&
Development
 — 
0
.9
%
Swiss
Prime
Site
AG
,
Registered
..............
86,824
16,567,731
a
Specialty
Retail
 — 
0
.5
%
Avolta
AG
(a)
.............................
126,730
8,331,140
a
Technology
Hardware,
Storage
&
Peripherals
 — 
0
.8
%
Logitech
International
SA
,
Registered
...........
150,126
13,773,049
a
Textiles,
Apparel
&
Luxury
Goods
 — 
4
.9
%
Cie
Financiere
Richemont
SA
,
Class
A,
Registered
..
371,424
75,717,621
Swatch
Group
AG
(The)
,
Bearer
...............
37,455
9,582,545
85,300,166
a
Total
Long-Term
Investments — 98.5%
(Cost:
$
1,306,055,771
)
...............................
1,723,623,976
a
Short-Term
Securities
Money
Market
Funds
 — 
0
.0
%
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
3.64
%
(c)
(d)
............................
766,755
766,755
a
Total
Short-Term
Securities — 0.0%
(Cost:
$
766,755
)
...................................
766,755
Total
Investments
98.5%
(Cost:
$
1,306,822,526
)
...............................
1,724,390,731
Other
Assets
Less
Liabilities
1
.5
%
.....................
26,867,597
Net
Assets
100.0%
.................................
$
1,751,258,328
(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
Switzerland
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:
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)
$
29,411
$
$
(
29,411
)
(b)
$
3
$
(
3
)
$
$
2
(c)
$
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
620,000
146,755
(b)
766,755
766,755
6,931
$
$
3
$
(
3
)
$
766,755
$
6,933
$
(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
Swiss
Market
Index
....................................................................
150
03/20/26
$
27,172
$
2,101,074
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)
.............
$
$
$
2,101,074
$
$
$
$
2,101,074
(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
..................................
$
$
$
2,543,753
$
$
$
$
2,543,753
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Futures
contracts
..................................
$
$
$
1,565,689
$
$
$
$
1,565,689
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
MSCI
Switzerland
ETF
12
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
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
...................................................................................
$
26,722,203
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
$
1,723,623,976
$
$
1,723,623,976
Short-Term
Securities
Money
Market
Funds
......................................
766,755
766,755
$
766,755
$
1,723,623,976
$
$
1,724,390,731
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
2,101,074
$
$
$
2,101,074
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
13
Statements
of
Assets
and
Liabilities
Statements
of
Assets
and
Liabilities
(unaudited)
February
28,
2026
See
notes
to
financial
statements.
iShares
MSCI
Eurozone
ETF
iShares
MSCI
Italy
ETF
iShares
MSCI
Switzerland
ETF
ASSETS
Investments,
at
value
unaffiliated
(a)
(b)
.....................................................
$
10,161,724,148
$
674,410,691
$
1,723,623,976
Investments,
at
value
affiliated
(c)
........................................................
30,285,921
277,602
766,755
Foreign
currency
collateral
pledged:
(d)
Futures
contracts
..................................................................
1,200,506
232,775
1,616,429
Foreign
currency,
at
value
(e)
.............................................................
16,839,082
2,337,219
2,379,037
Receivables:
Investments
sold
..................................................................
60,360,776
37,309,703
32,622,411
Securities
lending
income
affiliated
....................................................
6,148
Dividends
unaffiliated
.............................................................
875,158
Dividends
affiliated
...............................................................
9,503
668
1,010
Tax
reclaims
.....................................................................
2,187,056
24,598,358
Variation
margin
on
futures
contracts
.....................................................
383,373
Foreign
withholding
tax
claims
.........................................................
48,658
Total
assets
.......................................................................
10,273,536,956
714,568,658
1,785,991,349
LIABILITIES
Collateral
on
securities
loaned
...........................................................
26,782,880
Payables:
Investments
purchased
..............................................................
67,142,103
37,527,690
34,101,848
Investment
advisory
fees
.............................................................
3,654,466
293,687
631,173
Professional
fees
..................................................................
69,775
Variation
margin
on
futures
contracts
.....................................................
8,840
8,705
Total
liabilities
......................................................................
97,658,064
37,830,082
34,733,021
Commitments
and
contingent
liabilities
NET
ASSETS
......................................................................
$
10,175,878,892
$
676,738,576
$
1,751,258,328
NET
ASSETS
CONSIST
OF:
Paid-in
capital
......................................................................
$
9,427,896,798
$
768,150,037
$
1,477,198,142
Accumulated
earnings
(loss)
............................................................
747,982,094
(
91,411,461
)
274,060,186
NET
ASSETS
......................................................................
$
10,175,878,892
$
676,738,576
$
1,751,258,328
NET
ASSET
VALUE
Shares
outstanding
..................................................................
148,400,000
11,775,000
26,875,000
Net
asset
value
.....................................................................
$
68.57
$
57.47
$
65.16
Shares
authorized
...................................................................
1.5
billion
295.4
million
318.625
million
Par
value
.........................................................................
$                    0.001
$                    0.001
$                    0.001
(a)
Securities
loaned,
at
value
...........................................................
$
24,484,262
$
$
(b)
Investments,
at
cost
unaffiliated
......................................................
$
8,161,672,240
$
575,853,872
$
1,306,055,771
(c)
Investments,
at
cost
affiliated
........................................................
$
30,285,371
$
277,602
$
766,755
(d)
Foreign
currency
collateral
pledged,
at
cost
................................................
$
1,200,073
$
230,085
$
1,599,324
(e)
  Foreign
currency,
at
cost
.............................................................
$
16,677,437
$
2,313,772
$
2,349,378
14
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
Eurozone
ETF
iShares
MSCI
Italy
ETF
iShares
MSCI
Switzerland
ETF
INVESTMENT
INCOME
Dividends
unaffiliated
............................................................
$
57,039,091
$
10,454,906
$
1,702,485
Dividends
affiliated
..............................................................
67,223
6,229
6,931
Interest
unaffiliated
..............................................................
11,196
234
12,610
Securities
lending
income
affiliated
net
...............................................
42,175
11,683
2
Foreign
taxes
withheld
.............................................................
(
5,343,872
)
(
1,518,457
)
(
305,231
)
Foreign
withholding
tax
claims
........................................................
730,689
Total
investment
income
..............................................................
52,546,502
8,954,595
1,416,797
EXPENSES
Investment
advisory
...............................................................
21,128,420
1,659,338
3,592,878
Professional
....................................................................
73,786
Commitment
costs
................................................................
3,423
6,898
Interest
expense
.................................................................
1,040
1
3,840
Total
expenses
....................................................................
21,203,246
1,662,762
3,603,616
Net
investment
income
(loss)
...........................................................
31,343,256
7,291,833
(
2,186,819
)
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
unaffiliated
.........................................................
(
57,407,924
)
(
939,290
)
2,875,565
Investments
affiliated
...........................................................
(
1,035
)
2,138
3
Foreign
currency
transactions
.......................................................
506,926
72,875
22,319
Futures
contracts
...............................................................
2,416,445
315,260
2,543,753
In-kind
redemptions
unaffiliated
(a)
...................................................
57,726,990
79,379,161
1,791,871
3,241,402
78,830,144
7,233,511
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
unaffiliated
.........................................................
1,252,068,143
3,600,444
247,479,503
Investments
affiliated
...........................................................
1
(
3
)
Foreign
currency
translations
.......................................................
(
130,241
)
23,446
953,323
Futures
contracts
...............................................................
120,716
46,634
1,565,689
1,252,058,619
3,670,524
249,998,512
Net
realized
and
unrealized
gain
........................................................
1,255,300,021
82,500,668
257,232,023
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...............................
$
1,286,643,277
$
89,792,501
$
255,045,204
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
15
Statements
of
Changes
in
Net
Assets
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
iShares
MSCI
Eurozone
ETF
iShares
MSCI
Italy
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
.......................................
$
31,343,256
$
204,952,516
$
7,291,833
$
15,571,547
Net
realized
gain
...........................................
3,241,402
721,131,600
78,830,144
82,535,955
Net
change
in
unrealized
appreciation
(depreciation)
...................
1,252,058,619
488,350,600
3,670,524
42,698,171
Net
increase
in
net
assets
resulting
from
operations
......................
1,286,643,277
1,414,434,716
89,792,501
140,805,673
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
............
(
82,664,079
)
(b)
(
208,470,395
)
(
8,688,896
)
(b)
(
14,782,535
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
....
1,095,571,957
(
1,223,226,445
)
(
108,261,211
)
107,548,426
NET
ASSETS
Total
increase
(decrease)
in
net
assets
..............................
2,299,551,155
(
17,262,124
)
(
27,157,606
)
233,571,564
Beginning
of
period
...........................................
7,876,327,737
7,893,589,861
703,896,182
470,324,618
End
of
period
...............................................
$
10,175,878,892
$
7,876,327,737
$
676,738,576
$
703,896,182
(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.
16
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
MSCI
Switzerland
ETF
Six
Months
Ended
02/28/26
(unaudited)
Year
Ended
08/31/25
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
(loss)
........................................................................
$
(
2,186,819
)
$
22,421,516
Net
realized
gain
................................................................................
7,233,511
57,258,291
Net
change
in
unrealized
appreciation
(depreciation)
........................................................
249,998,512
(
11,662,297
)
Net
increase
in
net
assets
resulting
from
operations
...........................................................
255,045,204
68,017,510
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................................................
(
24,431,240
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.........................................
175,277,311
(
33,593,171
)
NET
ASSETS
Total
increase
in
net
assets
...........................................................................
430,322,515
9,993,099
Beginning
of
period
................................................................................
1,320,935,813
1,310,942,714
End
of
period
....................................................................................
$
1,751,258,328
$
1,320,935,813
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
17
Financial
Highlights
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
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
.
$
59.85
$
51.36
$
44.76
$
35.23
$
50.86
$
39.52
Net
investment
income
(a)
.........
0
.23
(b)
1
.42
1
.28
(b)
1
.25
(b)
1
.06
(b)
1
.21
(b)
Net
realized
and
unrealized
gain
(loss)
(c)
9
.10
8
.61
6
.71
9
.32
(
15.04
)
11.24
Net
increase
(decrease)
from
investment
operations
...................
9
.33
10.03
7
.99
10.57
(
13.98
)
12.45
Distributions
from
net
investment
income
(d)
(
0
.61
)
(e)
(
1
.54
)
(
1
.39
)
(
1
.04
)
(
1
.65
)
(
1
.11
)
Net
asset
value,
end
of
period
......
$
68.57
$
59.85
$
51.36
$
44.76
$
35.23
$
50.86
Total
Return
(f)
Based
on
net
asset
value
..........
15.67
%
(b)
(g)
19.78
%
18.02
%
(b)
30.09
%
(b)
(
27.98
)
%
(b)
31.72
%
(b)
Ratios
to
Average
Net
Assets
(h)
Total
expenses
.................
0
.49
%
(i)
0
.50
%
0
.51
%
0
.51
%
0
.53
%
0
.65
%
Total
expenses
excluding
professional
fees
for
foreign
withholding
tax
claims
....
0
.49
%
(i)
0
.49
%
0
.50
%
0
.50
%
0
.50
%
0
.50
%
Net
investment
income
............
0
.72
%
(b)
(i)
2
.66
%
2
.70
%
(b)
2
.96
%
(b)
2
.39
%
(b)
2
.64
%
(b)
Supplemental
Data
Net
assets,
end
of
period
(000)
......
$
10,175,879
$
7,876,328
$
7,893,590
$
7,775,037
$
4,787,972
$
8,243,943
Portfolio
turnover
rate
(j)
............
2
%
4
%
4
%
3
%
6
%
5
%
(a)
Based
on
average
shares
outstanding.
(b)
Reflects
the
positive
effect
of
foreign
withholding
tax
claims,
net
of
the
associated
professional
fees,
which
resulted
in
the
following
increases
for
the
six
months
ended
February
28,
2026
and
the
years
ended
August
31,
2024,
August
31,
2023,
August
31,
2022
and
August
31,
2021,
respectively:
Net
investment
income
per
share
by
$0.00,
$0.04,
$0.02,
$0.10
and
$0.53.
Total
return
by
0.00%,
0.08%,
0.05%,
0.22%
and
1.07%.
Ratio
of
net
investment
income
to
average
net
assets
by
0.02%,
0.08%,
0.05%,
0.22%
and
1.16%.
(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
MSCI
Italy
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
.......
$
51.01
$
38.95
$
32.07
$
23.12
$
32.89
$
25.76
Net
investment
income
(a)
...............
0
.57
1
.43
1
.40
1
.19
1
.08
0
.83
Net
realized
and
unrealized
gain
(loss)
(b)
.....
6
.59
12.01
6
.81
8
.91
(
9
.58
)
6
.95
Net
increase
(decrease)
from
investment
operations
.........................
7
.16
13.44
8
.21
10.10
(
8
.50
)
7
.78
Distributions
from
net
investment
income
(c)
.....
(
0
.70
)
(d)
(
1
.38
)
(
1
.33
)
(
1
.15
)
(
1
.27
)
(
0
.65
)
Net
asset
value,
end
of
period
............
$
57.47
$
51.01
$
38.95
$
32.07
$
23.12
$
32.89
Total
Return
(e)
Based
on
net
asset
value
................
14.17
%
(f)
35.27
%
26.02
%
44.24
%
(
26.50
)
%
30.30
%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
.......................
0
.49
%
(h)
0
.50
%
0
.50
%
0
.50
%
0
.50
%
0
.50
%
Net
investment
income
..................
2
.14
%
(h)
3
.37
%
4
.00
%
4
.10
%
3
.56
%
2
.70
%
Supplemental
Data
Net
assets,
end
of
period
(000)
............
$
676,739
$
703,896
$
470,325
$
346,409
$
194,248
$
594,545
Portfolio
turnover
rate
(i)
..................
8
%
13
%
18
%
24
%
14
%
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.
19
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
MSCI
Switzerland
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
.......
$
55.33
$
52.97
$
46.10
$
40.66
$
50.74
$
41.87
Net
investment
income
(loss)
(a)
...........
(
0
.09
)
0
.95
0
.89
0
.87
0
.76
0
.75
Net
realized
and
unrealized
gain
(loss)
(b)
.....
9
.92
2
.43
7
.00
5
.59
(
9
.98
)
9
.06
Net
increase
(decrease)
from
investment
operations
.........................
9
.83
3
.38
7
.89
6
.46
(
9
.22
)
9
.81
Distributions
from
net
investment
income
(c)
.....
(
1
.02
)
(
1
.02
)
(
1
.02
)
(
0
.86
)
(
0
.94
)
Net
asset
value,
end
of
period
............
$
65.16
$
55.33
$
52.97
$
46.10
$
40.66
$
50.74
Total
Return
(d)
Based
on
net
asset
value
................
17.78
%
(e)
6
.45
%
17.32
%
15.92
%
(
18.24
)
%
23.49
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
.......................
0
.49
%
(g)
0
.50
%
0
.50
%
0
.50
%
0
.50
%
0
.50
%
Net
investment
income
(loss)
..............
(
0
.30
)
%
(g)
1
.84
%
1
.90
%
1
.99
%
1
.62
%
1
.66
%
Supplemental
Data
Net
assets,
end
of
period
(000)
............
$
1,751,258
$
1,320,936
$
1,310,943
$
1,227,303
$
1,351,808
$
1,763,380
Portfolio
turnover
rate
(h)
..................
6
%
9
%
6
%
10
%
8
%
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)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
Notes
to
Financial
Statements
(unaudited)
20
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
1.
Organization
iShares,
Inc.
(the
“Company”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Company
is
organized
as
a
Maryland
corporation
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.  Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis. 
Foreign
Currency
Translation:
Each
Fund’s
books
and
records
are
maintained
in
U.S.
dollars.
Securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
using
exchange
rates
determined
as
of
the
close
of
trading
on
the
New
York
Stock
Exchange
(“NYSE”).
Purchases
and
sales
of
investments
are
recorded
at
the
rates
of
exchange
prevailing
on
the
respective
dates
of
such
transactions.
Generally,
when
the
U.S.
dollar
rises
in
value
against
a
foreign
currency,
the
investments
denominated
in
that
currency
will
lose
value;
the
opposite
effect
occurs
if
the
U.S.
dollar
falls
in
relative
value.
Each
Fund
does
not
isolate
the
effect
of
fluctuations
in
foreign
exchange
rates
from
the
effect
of
fluctuations
in
the
market
prices
of
investments
for
financial
reporting
purposes.
Accordingly,
the
effects
of
changes
in
exchange
rates
on
investments
are
not
segregated
in
the
Statements
of
Operations
from
the
effects
of
changes
in
market
prices
of
those
investments,
but
are
included
as
a
component
of
net
realized
and
unrealized
gain
(loss)
from
investments.
Each
Fund
reports
realized
currency
gains
(losses)
on
foreign
currency
related
transactions
as
components
of
net
realized
gain
(loss)
for
financial
reporting
purposes,
whereas
such
components
are
generally
treated
as
ordinary
income
for
U.S.
federal
income
tax
purposes.
Foreign
Taxes:
The
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its
Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Foreign
taxes
withheld”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
February
28,
2026,
if
any,
are
disclosed
in
the
Statements
of
Assets
and
Liabilities.
Consistent
with
U.S.
GAAP
accrual
requirements,
for
uncertain
tax
positions,
each
Fund
recognizes
tax
reclaims
when
the
Fund
determines
that
it
is
more
likely
than
not
that
the
Fund
will
sustain
its
position
that
it
is
due
the
reclaim. 
The Funds
file
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Funds
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statements
of
Operations
include
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
Cash:
 The
Funds
may
maintain
cash
at
their
custodian
which,
at
times
may
exceed
United
States
federally
insured
limits.
The
Funds
may,
at
times,
have
outstanding
cash
disbursements
that
exceed
deposited
cash
amounts
at
the
custodian
during
the
reporting
period.
The
Funds
are
obligated
to
repay
the
custodian
for
any
overdraft,
including
any
related
costs
or
expenses,
where
applicable.
For
financial
reporting
purposes,
overdraft
fees,
if
any,
are
included
in
interest
expense
in
the
Statements
of
Operations. 
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the
Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments. 
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.
iShares
ETF
Diversification
Classification
MSCI
Eurozone
.............................................................................................................
Diversified
MSCI
Italy
.................................................................................................................
Non-diversified
MSCI
Switzerland
...........................................................................................................
Non-diversified
Notes
to
Financial
Statements
(unaudited)
(
continued)
21
Notes
to
Financial
Statements
Distributions:
Dividends
and
distributions
paid
by
each
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income,
and net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Funds. 
Indemnifications:
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Funds,
which
cannot
be
predicted
with
any
certainty.
Segment
Reporting:
The
Chief
Financial
Officer
acts
as
the
Funds’
Chief
Operating
Decision
Maker
(“CODM”)
and
is
responsible
for
assessing
performance
and
allocating
resources
with
respect
to
each
Fund.
The
CODM
has
concluded
that
each
Fund
operates
as
a
single
operating
segment
since each
Fund
has
a
single
investment
strategy
as
disclosed
in its
prospectus,
against
which
the
CODM
assesses
performance.
The
financial
information
provided
to
and
reviewed
by
the
CODM
is
presented
within each
Fund’s
financial
statements.
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
Each
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Directors of
the
Company (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)
22
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
Eurozone
Goldman
Sachs
&
Co.
LLC
.....................................
$
13,631,139
$
(13,631,139
)
$
$
HSBC
Bank
PLC
............................................
10,505,670
(10,505,670
)
Morgan
Stanley
.............................................
347,453
(347,453
)
$
24,484,262
$
(24,484,262
)
$
$
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)
23
Notes
to
Financial
Statements
6.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates 
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the
Company, 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
directors).
For
its
investment
advisory
services
to
each
Fund,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on
each
Fund’s
allocable
portion
of
the
aggregate
of
the
average
daily
net
assets
of
the
Fund
and
certain
other
iShares
funds,
as
follows: 
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
for
the
iShares
MSCI
Switzerland ETF.
Prior
to November
10, 2025,
ETF
Services
were
performed
by
State
Street
Bank
and
Trust
Company
for
the
iShares
MSCI Eurozone
ETF. 
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:
Directors and
Officers:
Certain
directors
and/or
officers
of
the
Company
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
Eurozone
............................................................................................................
$
12,582
MSCI
Italy
................................................................................................................
2,968
MSCI
Switzerland
..........................................................................................................
1
Notes
to
Financial
Statements
(unaudited)
(continued)
24
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
Company’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:
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
MSCI
Eurozone
.........................................................................
$
49,595,190‌
$
47,937,645‌
$
(24,283,808‌)
MSCI
Italy
.............................................................................
35,684,124‌
19,800,732‌
322,052‌
MSCI
Switzerland
.......................................................................
51,629,812‌
21,553,987‌
(77,237‌)
iShares
ETF
Purchases
Sales
MSCI
Eurozone
.........................................................................................
$
219,775,549
$
175,332,203
MSCI
Italy
.............................................................................................
64,074,066
57,477,475
MSCI
Switzerland
.......................................................................................
86,868,279
80,234,416
iShares
ETF
In-kind
Purchases
In-kind
Sales
MSCI
Eurozone
.........................................................................................
$
1,201,725,717
$
199,271,035
MSCI
Italy
.............................................................................................
145,362,617
261,201,455
MSCI
Switzerland
.......................................................................................
176,601,303
6,598,784
iShares
ETF
Non-Expiring
Capital
Loss
Carryforwards
(a)
MSCI
Eurozone
.............................................................................................................
$
(1,171,165,263‌)
MSCI
Italy
.................................................................................................................
(269,162,822‌)
MSCI
Switzerland
...........................................................................................................
(146,038,820‌)
(a)
Amounts
available
to
offset
future
realized
capital
gains.
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
MSCI
Eurozone
..................................................
$
8,240,493,513
$
2,699,640,286
$
(747,777,316
)
$
1,951,862,970
MSCI
Italy
......................................................
577,524,022
124,120,733
(26,896,119
)
97,224,614
MSCI
Switzerland
................................................
1,314,462,092
454,289,719
(42,260,006
)
412,029,713
Notes
to
Financial
Statements
(unaudited)
(
continued)
25
Notes
to
Financial
Statements
9.
Line
of
Credit
The
iShares
MSCI
Italy
ETF
and
iShares
MSCI
Switzerland
ETF,
along
with
certain
other
iShares
funds
(“Participating
Funds”), are
parties to
a
$900
million
credit
agreement
(“Syndicated
Credit
Agreement”)
with
a
group
of
lenders,
which
expires
on
October
14,
2026.
The
line
of
credit
may
be
used
for
temporary
or
emergency
purposes,
including
redemptions,
settlement
of
trades
and
rebalancing
of
portfolio
holdings
in
certain
target
markets.
The
Funds
may
borrow
up
to
the
aggregate
commitment
amount
subject
to
asset
coverage
and
other
limitations
as
specified
in
the
Syndicated
Credit
Agreement.
The
Syndicated
Credit
Agreement
has
the
following
terms:
a
commitment
fee
of
0.15%
per
annum
on
the
unused
portion
of
the
credit
agreement
and
interest
at
a
rate
equal
to
the
higher
of
(a)
Daily
Simple
Secured
Overnight
Financing
Rate
(“SOFR”)
plus
0.10%
and
1.00%
per
annum
or
(b)
the
U.S.
Federal
Funds
rate
plus
1.00%
per
annum
on
amounts
borrowed.
The
commitment
fee
is
generally
allocated
to
each
Participating
Fund
based
on
the
lesser
of
a
Participating
Fund’s
relative
exposure
to
certain
target
markets
or
a
Participating
Fund’s
maximum
borrowing
amount
as
set
forth
by
the
terms
of
the
Syndicated
Credit
Agreement.
During
the
six
months
ended
February
28,
2026,
the iShares
MSCI Italy
ETF
and
iShares
MSCI
Switzerland
ETF
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.
Certain Funds
invest
a
significant
portion
of
their
assets
in
issuers
located
in
a
single
country
or
a
limited
number
of
countries.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
in
that
country
or
those
countries
may
have
a
significant
impact
on
the
fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
Fund’s
portfolio.
Unanticipated
or
sudden
political
or
social
developments
may
cause
uncertainty
in
the
markets
and
as
a
result
adversely
affect
the
Fund’s
investments.
Foreign
issuers
may
not
be
subject
to
the
same
uniform
accounting,
auditing
and
financial
reporting
standards
and
practices
as
used
in
the
United
States.
Foreign
securities
markets
may
also
be
more
volatile
and
less
liquid
than
U.S.
securities
and
may
be
less
subject
to
governmental
supervision
not
typically
associated
with
investing
in
U.S.
securities.
Notes
to
Financial
Statements
(unaudited)
(continued)
26
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Certain
Funds invest
a
significant
portion
of
their assets
in
securities
of
issuers
located
in
Europe
or
with
significant
exposure
to
European
issuers
or
countries.
The
European
financial
markets
have
recently
experienced
volatility
and
adverse
trends
due
to
concerns
about
economic
downturns
in,
or
rising
government
debt
levels
of,
several
European
countries
as
well
as
acts
of
war
in
the
region.
These
events
may
spread
to
other
countries
in
Europe
and
may
affect
the
value
and
liquidity
of
certain
of
the
Funds’
investments.
Responses
to
the
financial
problems
by
European
governments,
central
banks
and
others,
including
austerity
measures
and
reforms,
may
not
work,
may
result
in
social
unrest
and
may
limit
future
growth
and
economic
recovery
or
have
other
unintended
consequences.
Further
defaults
or
restructurings
by
governments
and
others
of
their
debt
could
have
additional
adverse
effects
on
economies,
financial
markets
and
asset
valuations
around
the
world.
The
United
Kingdom
has
withdrawn
from
the
European
Union,
and
one
or
more
other
countries
may
withdraw
from
the
European
Union
and/or
abandon
the
Euro,
the
common
currency
of
the
European
Union.
These
events
and
actions
have
adversely
affected,
and
may
in
the
future
adversely
affect,
the
value
and
exchange
rate
of
the
Euro
and
may
continue
to
significantly
affect
the
economies
of
every
country
in
Europe,
including
countries
that
do
not
use
the
Euro
and
non-European
Union
member
states.
The
impact
of
these
actions,
especially
if
they
occur
in
a
disorderly
fashion,
is
not
clear
but
could
be
significant
and
far
reaching. In
addition,
Russia
launched
a
large-scale
invasion
of
Ukraine
on
February
24,
2022.
The
extent
and
duration
of
the
military
action,
resulting
sanctions
and
resulting
future
market
disruptions
in
the
region
are
impossible
to
predict,
but have
been,
and
may
continue
to
be, significant
and
have
a
severe
adverse
effect
on
the
region,
including
significant
negative
impacts
on
the
economy
and
the
markets
for
certain
securities
and
commodities,
such
as
oil
and
natural
gas,
as
well
as
other
sectors.
Certain Funds
invest
a
significant
portion
of
their
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
Fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
Fund’s
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedule
of
Investments.
Certain Funds
invest
a
significant
portion
of their
assets
within
the
financials
sector.
Performance
of
companies
in
the
financials
sector
may
be
adversely
impacted
by
many
factors,
including,
among
others,
changes
in
government
regulations,
economic
conditions,
and
interest
rates,
credit
rating downgrades,
adverse
public
perception,
exposure
concentration
and
decreased
liquidity
in
credit
markets.
The
impact
of
changes
in capital
requirements
and
recent
or
future
regulation
on
any
individual
financial
company,
or
on
the
financials
sector
as
a
whole,
cannot
be
predicted,
but
may
negatively
impact
the
Funds.
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
Company
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the
Company
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.
Six
Months
Ended
02/28/26
Year
Ended
08/31/25
iShares
ETF
Shares
Amount
Shares
Amount
MSCI
Eurozone
Shares
sold
.........................................................
20,100,000
$
1,296,580,044
32,500,000
$
1,742,884,360
Shares
redeemed
.....................................................
(3,300,000
)
(201,008,087
)
(54,600,000
)
(2,966,110,805
)
16,800,000
$
1,095,571,957
(22,100,000
)
$
(1,223,226,445
)
MSCI
Italy
Shares
sold
.........................................................
2,925,000
$
153,722,981
10,650,000
$
472,085,091
Shares
redeemed
.....................................................
(4,950,000
)
(261,984,192
)
(8,925,000
)
(364,536,665
)
(2,025,000
)
$
(108,261,211
)
1,725,000
$
107,548,426
MSCI
Switzerland
Shares
sold
.........................................................
3,125,000
$
182,096,024
5,875,000
$
304,432,493
Shares
redeemed
.....................................................
(125,000
)
(6,818,713
)
(6,750,000
)
(338,025,664
)
3,000,000
$
175,277,311
(875,000
)
$
(33,593,171
)
Notes
to
Financial
Statements
(unaudited)
(
continued)
27
Notes
to
Financial
Statements
From
time
to
time,
settlement
of
securities
related
to
in-kind
contributions
or
in-kind
redemptions
may
be
delayed.
In
such
cases,
securities
related
to
in-kind
transactions
are
reflected
as
a
receivable
or
a
payable
in
the
Statements
of
Assets
and
Liabilities.
12.
Foreign
Withholding
Tax
Claims
The iShares
MSCI
Eurozone
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
$48,658
or
$0.00
per
share. 
Certain
of
the
outstanding
foreign tax
reclaims
are
not
deemed
by
the
Funds
to
meet
the
recognition
criteria
under
U.S.
GAAP
as
of
February
28,
2026 and
have
not
been
recorded
in
the
applicable
Fund’s
net
asset
value.
The
recognition
by
the
Funds
of
these
amounts
would
have
a
positive
impact
on
the
applicable
Fund's
performance.
If
a
Fund
receives
a
tax
refund
that
has
not
been
previously
recorded,
investors
in
the
Fund
at
the
time
the
claim
is
successful
will
benefit
from
any
resulting
increase
in
the
Fund’s
NAV.
Investors
who
sold
their
shares
prior
to
such
time
will
not
benefit
from
such
NAV
increase. 
The
Internal
Revenue
Service
(“IRS”)
has
issued
guidance
to
address
U.S.
income
tax
liabilities
attributable
to
fund
shareholders
resulting
from
the
recovery
of
foreign
taxes
withheld
in
prior
calendar
years.
These
withheld
foreign
taxes
were
passed
through
to
shareholders
in
the
form
of
foreign
tax
credits
in
the
year
the
taxes
were
withheld.
Assuming
there
are
sufficient
foreign
taxes
paid
which
the iShares
MSCI
Eurozone
ETF is
able
to
pass
through
to
shareholders
as
a
foreign
tax
credit
in
the
current
year,
the Fund
will
be
able
to
offset
the
prior
years’
withholding
taxes
recovered
against
the
foreign
taxes
paid
in
the
current
year.
Accordingly,
no
federal
income
tax
liability
is
recorded
by
the
Fund.
13.
Subsequent
Events
Management
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
28
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Electronic
Delivery
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can
sign
up
for
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announcing
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iShares.com
.
Once
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you
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mail.
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delivery:
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not
listed,
electronic
delivery
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available.
Please
contact
your
broker-dealer
or
financial
advisor.
Changes
in
and
Disagreements
with
Accountants
Not
applicable.
Proxy
Results
Not
applicable.
Remuneration
Paid
to
Directors,
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 Director
for
services
to
the
Funds
from
BFA’s
investment
advisory
fees.
Availability
of
Portfolio
Holdings
Information
A
description
of
the
Company’s policies
and
procedures
with
respect
to
the
disclosure
of
the
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
29
Glossary
of
Terms
Used
in
these
Financial
Statements
Portfolio
Abbreviation
NVS
Non-Voting
Shares
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to
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This
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be
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unless
it
is
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or
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by
the
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Investing
involves
risk,
including
possible
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of
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The
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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
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Funds.
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affiliated
with
the
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above.
©2026
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
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subsidiaries.
All
other
marks
are
the
property
of
their
respective
owners.
February
28,
2026
2026
Semi-Annual
Financial
Statements
and
Additional
Information
(Unaudited)
iShares,
Inc.
iShares
MSCI
Global
Metals
&
Mining
Producers
ETF
|
PICK
|
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
...................................................................................................
20
Glossary
of
Terms
Used
in
these
Financial
Statements
................................................................................
21
iShares
®
MSCI
Global
Metals
&
Mining
Producers
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
Australia
 — 
21
.4
%
Arafura
Rare
Earths
Ltd.
(a)
...................
4,787,444
$
885,816
BHP
Group
Ltd.
..........................
6,200,943
251,604,903
BlueScope
Steel
Ltd.
......................
533,229
10,622,360
Brazilian
Rare
Earths
Ltd.
(a)
..................
106,307
405,502
Champion
Iron
Ltd.
.......................
454,206
1,732,709
Deterra
Royalties
Ltd.
......................
534,456
1,641,148
Develop
Global
Ltd.
(a)
......................
319,659
1,318,542
Elevra
Lithium
Ltd.
(a)
.......................
184,373
1,069,177
Fortescue
Ltd.
...........................
2,066,121
31,035,657
IGO
Ltd.
(a)
..............................
830,929
5,082,407
Iluka
Resources
Ltd.
.......................
526,709
2,526,962
Imdex
Ltd.
.............................
623,450
1,883,453
IperionX
Ltd.
(a)
...........................
369,355
1,765,949
Leo
Lithium
Ltd.
(b)
.........................
1,454,959
10
Liontown
Ltd.
(a)
..........................
2,339,616
2,830,203
Lynas
Rare
Earths
Ltd.
(a)
....................
1,109,218
14,701,839
Macmahon
Holdings
Ltd.
....................
1,433,558
761,029
Mineral
Resources
Ltd.
(a)
....................
216,345
9,350,565
Nickel
Industries
Ltd.
(a)
.....................
2,658,049
1,905,377
Perenti
Ltd.
.............................
1,032,320
1,726,211
PLS
Group
Ltd.
(a)
(c)
........................
3,923,055
14,436,470
Rio
Tinto
Ltd.
...........................
453,881
53,957,370
Sandfire
Resources
Ltd.
(a)
...................
561,641
8,056,149
Sims
Ltd.
..............................
201,956
3,154,390
South32
Ltd.
............................
5,477,863
17,944,832
Stanmore
Resources
Ltd.
...................
450,700
845,574
Vulcan
Energy
Resources
Ltd.
(a)
...............
460,777
1,225,467
Vulcan
Steel
Ltd.
(c)
........................
90,706
464,121
WA1
Resources
Ltd.
(a)
.....................
63,539
791,419
443,725,611
a
Austria
 — 
0
.4
%
voestalpine
AG
..........................
131,355
7,517,463
a
Belgium
 — 
0
.2
%
Bekaert
SA
.............................
41,063
2,119,292
Viohalco
SA
............................
60,155
1,123,851
3,243,143
a
Brazil
 — 
3
.8
%
Cia
Brasileira
de
Aluminio
(a)
..................
234,783
464,849
Cia
Siderurgica
Nacional
SA
(a)
................
735,895
1,237,377
Vale
SA
...............................
4,433,404
76,508,974
78,211,200
a
Canada
 — 
7
.6
%
AbraSilver
Resource
Corp.
(a)
.................
164,369
2,122,018
Almonty
Industries,
Inc.
,
CDI
(a)
................
224,462
4,141,863
Altius
Minerals
Corp.
(c)
.....................
48,782
1,723,401
Americas
Gold
&
Silver
Corp.
(a)
(c)
..............
267,448
2,625,365
Capstone
Copper
Corp.
(a)
...................
1,004,873
10,394,603
Collective
Mining
Ltd.
(a)
.....................
67,605
1,408,055
ERO
Copper
Corp.
(a)
......................
119,900
4,101,414
First
Quantum
Minerals
Ltd.
(a)
................
868,335
25,998,168
Foran
Mining
Corp.
(a)
......................
349,117
1,878,611
Hudbay
Minerals,
Inc.
......................
484,193
13,719,482
Ivanhoe
Electric,
Inc.
(a)
.....................
113,631
1,953,317
Ivanhoe
Mines
Ltd.
,
Class
A
(a)
(c)
...............
955,928
10,932,500
Labrador
Iron
Ore
Royalty
Corp.
...............
78,044
1,786,250
Lithium
Americas
Corp.
(a)
(c)
...................
272,518
1,378,523
Lundin
Mining
Corp.
.......................
834,494
26,587,815
Major
Drilling
Group
International,
Inc.
(a)
(c)
.........
97,825
1,306,676
NGEx
Minerals
Ltd.
(a)
......................
171,684
3,967,215
Security
Shares
Value
a
Canada
(continued)
NioCorp
Developments
Ltd.
(a)
(c)
................
137,243
$
727,388
Northern
Dynasty
Minerals
Ltd.
(a)
..............
668,291
1,033,755
Sigma
Lithium
Corp.
(a)
(c)
....................
79,790
1,149,774
Solaris
Resources,
Inc.
(a)
....................
110,095
1,186,464
Taseko
Mines
Ltd.
(a)
.......................
440,713
3,925,562
Teck
Resources
Ltd.
,
Class
B
................
557,834
32,761,322
Vizsla
Silver
Corp.
(a)
(c)
......................
420,738
1,841,432
158,650,973
a
Chile
 — 
0
.0
%
CAP
SA
(a)
..............................
80,231
653,571
a
China
 — 
4
.2
%
Aluminum
Corp.
of
China
Ltd.
,
Class
A
..........
940,365
1,878,611
Aluminum
Corp.
of
China
Ltd.
,
Class
H
..........
4,546,000
8,197,568
Baiyin
Nonferrous
Group
Co.
Ltd.
,
Class
A
........
534,000
836,499
Baoshan
Iron
&
Steel
Co.
Ltd.
,
Class
A
..........
1,570,893
1,648,395
Chengtun
Mining
Group
Co.
Ltd.
,
Class
A
........
222,900
548,084
China
Hanking
Holdings
Ltd.
.................
856,000
449,697
China
Hongqiao
Group
Ltd.
..................
3,481,000
15,700,974
China
Nonferrous
Mining
Corp.
Ltd.
............
1,661,000
3,174,833
China
Northern
Rare
Earth
Group
High-Tech
Co.
Ltd.
,
Class
A
..............................
260,769
2,371,516
China
Rare
Earth
Resources
And
Technology
Co.
Ltd.
,
Class
A
(a)
.............................
72,200
683,924
Citic
Pacific
Special
Steel
Group
Co.
Ltd.
,
Class
A
...
235,700
619,059
CMOC
Group
Ltd.
,
Class
A
..................
1,261,700
4,405,187
CMOC
Group
Ltd.
,
Class
H
..................
4,533,000
13,945,486
Guangdong
HEC
Technology
Holding
Co.
Ltd.
,
Class
A
(a)
.................................
219,000
1,197,218
Henan
Shenhuo
Coal
Industry
&
Electricity
Power
Co.
Ltd.
,
Class
A
..........................
163,700
773,555
Hunan
Valin
Steel
Co.
Ltd.
,
Class
A
.............
491,000
479,712
Inner
Mongolia
BaoTou
Steel
Union
Co.
Ltd.
,
Class
A
.
3,268,621
1,543,422
Inner
Mongolia
Xingye
Silver&Tin
Mining
Co.
Ltd.
,
Class
A
..............................
126,900
1,021,676
Jiangxi
Copper
Co.
Ltd.
,
Class
A
..............
149,325
1,262,329
Jiangxi
Copper
Co.
Ltd.
,
Class
H
..............
1,261,000
7,314,957
Jinduicheng
Molybdenum
Co.
Ltd.
,
Class
A
.......
240,100
857,980
Maanshan
Iron
&
Steel
Co.
Ltd.
,
Class
H
(a)
........
1,712,000
597,872
MMG
Ltd.
(a)
.............................
5,187,600
7,122,454
Shandong
Hongqiao
Aluminum
Industry
Holding
Co.
Ltd.
,
Class
A
(a)
.........................
151,800
646,508
Shandong
Nanshan
Aluminum
Co.
Ltd.
,
Class
A
....
847,030
872,990
Shanjin
International
Gold
Co.
Ltd.
,
Class
A
.......
204,040
925,158
Shougang
Fushan
Resources
Group
Ltd.
.........
2,508,000
1,079,136
Sinomine
Resource
Group
Co.
Ltd.
,
Class
A
.......
52,000
689,794
Tiangong
International
Co.
Ltd.
(c)
..............
1,650,000
888,300
Tianshan
Aluminum
Group
Co.
Ltd.
,
Class
A
.......
327,760
843,185
Tongling
Nonferrous
Metals
Group
Co.
Ltd.
,
Class
A
.
998,200
1,152,757
Western
Mining
Co.
Ltd.
,
Class
A
..............
170,800
861,734
Western
Superconducting
Technologies
Co.
Ltd.
,
Class
A
..................................
42,889
563,417
Xiamen
Tungsten
Co.
Ltd.
,
Class
A
.............
110,799
1,132,610
Xinjiang
Xinxin
Mining
Industry
Co.
Ltd.
,
Class
H
....
810,000
302,984
Yunnan
Aluminium
Co.
Ltd.
,
Class
A
............
246,400
1,118,268
87,707,849
a
Finland
 — 
0
.2
%
Outokumpu
OYJ
.........................
463,462
3,129,335
a
France
 — 
1
.8
%
APERAM
SA
............................
53,831
2,826,922
ArcelorMittal
SA
..........................
520,908
34,124,106
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
iShares
®
MSCI
Global
Metals
&
Mining
Producers
ETF
(Percentages
shown
are
based
on
Net
Assets)
4
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
France
(continued)
Eramet
SA
(c)
............................
10,097
$
702,553
37,653,581
a
Germany
 — 
0
.7
%
Aurubis
AG
.............................
30,260
6,131,169
Salzgitter
AG
............................
29,341
1,872,693
thyssenkrupp
AG
.........................
610,138
7,528,652
15,532,514
a
Hong
Kong
 — 
0
.1
%
China
Metal
Recycling
Holdings
Ltd.
(a)
(b)
..........
132,000
Jiaxin
International
Resources
Investment
Ltd.
(a)
....
105,600
1,320,776
Jinchuan
Group
International
Resources
Co.
Ltd.
(a)
(b)
(c)
2,398,000
156,937
1,477,713
a
India
 — 
4
.6
%
APL
Apollo
Tubes
Ltd.
.....................
220,803
5,429,576
Ashapura
Minechem
Ltd.
...................
88,717
515,376
Godawari
Power
and
Ispat
Ltd.
...............
292,051
855,462
Gravita
India
Ltd.
.........................
40,306
715,603
Hindalco
Industries
Ltd.
....................
1,651,237
16,804,888
Hindustan
Copper
Ltd.
.....................
357,536
2,228,993
Jindal
Saw
Ltd.
..........................
275,040
561,270
Jindal
Stainless
Ltd.
.......................
402,498
3,440,907
Jindal
Steel
Ltd.
..........................
436,292
5,974,158
JSW
Steel
Ltd.
..........................
748,667
10,427,514
Kirloskar
Ferrous
Industries
Ltd.
...............
78,540
343,290
Maharashtra
Seamless
Ltd.
..................
48,573
300,004
Mishra
Dhatu
Nigam
Ltd.
(d)
..................
53,291
203,317
MOIL
Ltd.
..............................
75,734
256,136
National
Aluminium
Co.
Ltd.
..................
1,010,879
3,944,214
NMDC
Ltd.
.............................
3,760,601
3,384,088
NMDC
Steel
Ltd.
(a)
........................
922,786
411,885
PTC
Industries
Ltd.
(a)
......................
6,164
1,215,430
Ramkrishna
Forgings
Ltd.
...................
98,620
598,865
Ratnamani
Metals
&
Tubes
Ltd.
...............
33,968
916,942
Sandur
Manganese
&
Iron
Ores
Ltd.
(The)
........
140,154
333,768
Sarda
Energy
&
Minerals
Ltd.
................
105,470
640,011
Surya
Roshni
Ltd.
........................
80,901
199,275
Tata
Steel
Ltd.
,
GDR
(e)
.....................
5,974
136,805
Tata
Steel
Ltd.
...........................
9,112,605
21,306,308
Usha
Martin
Ltd.
.........................
186,471
859,693
Vedanta
Ltd.
............................
1,676,005
13,255,913
Welspun
Corp.
Ltd.
.......................
112,077
1,019,572
96,279,263
a
Indonesia
 — 
0
.8
%
Amman
Mineral
Internasional
PT
(a)
.............
17,746,412
8,095,461
Bumi
Resources
Minerals
Tbk
PT
(a)
.............
69,423,300
4,012,966
Merdeka
Copper
Gold
Tbk
PT
(a)
...............
11,909,086
2,663,841
Petrosea
Tbk
PT
.........................
3,660,400
1,334,672
Vale
Indonesia
Tbk
PT
.....................
2,623,800
1,233,601
17,340,541
a
Japan
 — 
6
.1
%
Aichi
Steel
Corp.
.........................
37,800
846,798
Daido
Steel
Co.
Ltd.
.......................
155,400
2,368,414
Dowa
Holdings
Co.
Ltd.
....................
64,700
4,778,992
JFE
Holdings,
Inc.
........................
700,800
9,865,231
JX
Advanced
Metals
Corp.
..................
679,500
18,033,456
Kobe
Steel
Ltd.
..........................
458,000
6,664,777
Kyoei
Steel
Ltd.
..........................
19,000
322,798
Maruichi
Steel
Tube
Ltd.
....................
213,000
2,216,151
Mitsubishi
Materials
Corp.
...................
149,600
5,740,431
Mitsui
Kinzoku
Co.
Ltd.
.....................
70,100
16,472,518
Nippon
Light
Metal
Holdings
Co.
Ltd.
............
66,640
1,329,148
Security
Shares
Value
a
Japan
(continued)
Nippon
Steel
Corp.
........................
5,907,525
$
23,999,243
Nittetsu
Mining
Co.
Ltd.
.....................
53,300
1,426,370
Osaka
Steel
Co.
Ltd.
(c)
.....................
13,400
223,657
Sumitomo
Metal
Mining
Co.
Ltd.
...............
300,100
24,373,535
Tokyo
Steel
Manufacturing
Co.
Ltd.
.............
65,100
674,821
UACJ
Corp.
............................
179,052
3,164,243
Yamato
Kogyo
Co.
Ltd.
.....................
45,300
3,768,610
Yodoko
Ltd.
............................
129,800
1,198,182
127,467,375
a
Malaysia
 — 
0
.4
%
Press
Metal
Aluminium
Holdings
Bhd
...........
4,536,600
8,307,375
a
Mexico
 — 
2
.3
%
Grupo
Mexico
SAB
de
CV
,
Series
B
............
3,800,448
48,334,231
a
Netherlands
 — 
0
.3
%
AMG
Critical
Materials
N.V.
..................
37,748
1,491,455
Constellium
SE
,
Class
A
(a)
...................
153,612
3,823,402
5,314,857
a
Norway
 — 
0
.8
%
Norsk
Hydro
ASA
.........................
1,689,356
15,674,565
a
Peru
 — 
1
.6
%
Cia
de
Minas
Buenaventura
SAA
,
ADR
..........
203,339
8,879,814
Southern
Copper
Corp.
.....................
111,118
24,257,060
33,136,874
a
Poland
 — 
1
.0
%
Grupa
Kety
SA
..........................
11,897
3,602,388
Jastrzebska
Spolka
Weglowa
SA
(a)
.............
63,043
479,141
KGHM
Polska
Miedz
SA
(a)
...................
171,565
16,178,916
20,260,445
a
Qatar
 — 
0
.1
%
Qatar
Aluminum
Manufacturing
Co.
.............
3,452,498
1,648,046
a
Russia
 — 
0
.0
%
Alrosa
PJSC
(a)
(b)
..........................
2,886,002
373
GMK
Norilskiy
Nickel
PAO
(a)
(b)
................
47,600
Novolipetsk
Steel
PJSC
(a)
(b)
..................
11,120
2
Severstal
PAO
(a)
(b)
........................
233,400
30
United
Co.
RUSAL
International
PJSC
(a)
(b)
........
3,450,000
446
851
a
Saudi
Arabia
 — 
1
.6
%
Advanced
Building
Industries
Co.
(a)
.............
35,502
345,803
Al
Masane
Al
Kobra
Mining
Co.
...............
43,748
1,139,053
East
Pipes
Integrated
Co.
for
Industry
...........
18,151
678,674
Saudi
Arabian
Mining
Co.
(a)
..................
1,656,485
30,930,561
Saudi
Steel
Pipe
Co.
......................
25,116
257,361
33,351,452
a
South
Africa
 — 
4
.4
%
African
Rainbow
Minerals
Ltd.
................
127,640
2,010,459
Impala
Platinum
Holdings
Ltd.
................
1,107,350
24,600,538
Northam
Platinum
Holdings
Ltd.
...............
440,824
12,067,046
Sibanye
Stillwater
Ltd.
(a)
....................
3,466,329
15,398,154
Valterra
Platinum
Ltd.
......................
323,902
38,029,998
92,106,195
a
South
Korea
 — 
1
.5
%
Hyundai
Steel
Co.
........................
105,535
3,403,526
Poongsan
Corp.
(a)
........................
20,463
1,644,170
POSCO
Holdings,
Inc.
.....................
88,924
25,521,224
SeAH
Besteel
Holdings
Corp.
................
19,030
915,523
iShares
®
MSCI
Global
Metals
&
Mining
Producers
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2026
(Percentages
shown
are
based
on
Net
Assets)
5
Schedule
of
Investments
Security
Shares
Value
a
South
Korea
(continued)
SeAH
Steel
Holdings
Corp.
..................
1
$
99
31,484,542
a
Spain
 — 
0
.2
%
Acerinox
SA
............................
228,618
3,635,776
a
Sweden
 — 
2
.0
%
Alleima
AB
.............................
230,666
2,100,578
Boliden
AB
(a)
............................
347,020
27,507,481
Granges
AB
............................
130,090
2,303,646
SSAB
AB
,
Class
A
........................
267,313
2,386,007
SSAB
AB
,
Class
B
........................
773,242
6,827,479
41,125,191
a
Taiwan
 — 
0
.9
%
Century
Iron
&
Steel
Industrial
Co.
Ltd.
..........
201,000
820,700
China
Steel
Corp.
........................
14,240,612
9,421,778
Chung
Hung
Steel
Corp.
(a)
...................
1,006,000
581,210
EVERGREEN
Steel
Corp.
...................
223,000
733,090
Feng
Hsin
Steel
Co.
Ltd.
....................
505,918
1,097,390
Gloria
Material
Technology
Corp.
..............
478,000
533,906
TA
Chen
Stainless
Pipe
.....................
2,300,721
2,709,280
Tung
Ho
Steel
Enterprise
Corp.
...............
550,700
1,293,221
Yieh
Phui
Enterprise
Co.
Ltd.
(a)
................
1,069,831
499,285
17,689,860
a
Turkey
 — 
0
.2
%
Borusan
Birlesik
Boru
Fabrikalari
Sanayi
ve
Ticaret
A.S.
(a)
...............................
2,905
42,888
Eregli
Demir
ve
Celik
Fabrikalari
TAS
...........
4,255,530
3,170,165
Kardemir
Karabuk
Demir
Celik
Sanayi
ve
Ticaret
A.S.
,
Class
D
(a)
(c)
...........................
934,289
693,431
TR
Anadolu
Metal
Madencilik
Isletmeleri
A.S.
(a)
.....
220,384
846,743
4,753,227
a
United
Kingdom
 — 
15
.7
%
Anglo
American
PLC
......................
1,366,385
68,172,453
Antofagasta
PLC
.........................
482,826
27,739,677
ATALAYA
MINING
COPPER
SA
...............
120,520
1,660,974
Glencore
PLC
(a)
..........................
12,179,610
88,005,175
Hill
&
Smith
PLC
.........................
97,256
3,124,572
Rio
Tinto
PLC
...........................
1,378,247
136,542,559
325,245,410
a
United
States
 — 
14
.4
%
Alcoa
Corp.
.............................
317,068
19,683,580
Alpha
Metallurgical
Resources,
Inc.
(a)
...........
13,625
2,216,106
American
Battery
Technology
Co.
(a)
(c)
............
144,461
533,061
Century
Aluminum
Co.
(a)
....................
69,417
3,579,141
Cleveland-Cliffs,
Inc.
(a)
.....................
697,217
7,432,333
Commercial
Metals
Co.
.....................
135,416
9,925,993
Compass
Minerals
International,
Inc.
(a)
...........
43,652
1,100,030
Freeport-McMoRan,
Inc.
....................
1,753,148
119,354,316
Kaiser
Aluminum
Corp.
.....................
19,549
2,544,107
Materion
Corp.
(c)
.........................
25,255
4,118,080
Metallus,
Inc.
(a)
..........................
47,303
804,151
MP
Materials
Corp.
,
Class
A
(a)
(c)
...............
173,453
10,211,178
Nucor
Corp.
............................
279,417
49,423,279
Ramaco
Resources,
Inc.
,
Class
A
(a)
.............
46,999
711,565
Reliance,
Inc.
...........................
63,837
20,149,511
Ryerson
Holding
Corp.
.....................
56,111
1,467,864
Steel
Dynamics,
Inc.
.......................
169,390
32,714,291
SunCoke
Energy,
Inc.
......................
105,474
601,202
TMC
the
metals
Co.,
Inc.
(a)
(c)
.................
249,771
1,566,064
Trilogy
Metals,
Inc.
(a)
(c)
......................
131,569
582,851
United
States
Antimony
Corp.
(a)
(c)
..............
144,461
1,291,481
Security
Shares
Value
a
United
States
(continued)
USA
Rare
Earth,
Inc.
,
Class
A
(a)
(c)
..............
93,136
$
1,760,270
Warrior
Met
Coal,
Inc.
......................
64,155
5,340,262
Worthington
Steel,
Inc.
.....................
39,667
1,648,561
298,759,277
a
Total
Common
Stocks — 99.3%
(Cost:
$
1,581,806,288
)
...............................
2,059,418,306
a
Preferred
Stocks
Brazil
 — 
0
.5
%
Bradespar
SA
,
Preference
Shares
,
NVS
.........
307,981
1,491,694
Cia
de
Ferro
Ligas
da
Bahia
FERBASA
,
Preference
Shares
,
NVS
..........................
187,701
310,486
Gerdau
SA
,
Preference
Shares
,
NVS
...........
1,566,719
6,414,792
Metalurgica
Gerdau
SA
,
Preference
Shares
,
NVS
...
993,619
1,810,280
Usinas
Siderurgicas
de
Minas
Gerais
SA
Usiminas
,
Class
A,
Preference
Shares
,
NVS
(a)
...........
608,500
839,187
10,866,439
a
Russia
 — 
0
.0
%
Mechel
PJSC
,
Preference
Shares
,
NVS
(a)
(b)
.......
96,000
13
a
Total
Preferred
Stocks — 0.5%
(Cost:
$
8,779,853
)
..................................
10,866,452
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
1,590,586,141
)
...............................
2,070,284,758
a
Short-Term
Securities
Money
Market
Funds
 — 
1
.4
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
3.84
%
(f)
(g)
(h)
......................
26,849,235
26,862,660
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
3.64
%
(f)
(g)
.............................
2,930,609
2,930,609
a
Total
Short-Term
Securities — 1.4%
(Cost:
$
29,792,169
)
.................................
29,793,269
Total
Investments
—  101.2%
(Cost:
$
1,620,378,310
)
...............................
2,100,078,027
Liabilities
in
Excess
of
Other
Assets
(
1
.2
)
%
...............
(
25,278,266
)
Net
Assets
100.0%
.................................
$
2,074,799,761
(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)
All
or
a
portion
of
this
security
is
on
loan.
(d)
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.
(e)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(f)
Affiliate
of
the
Fund.
(g)
Annualized
7-day
yield
as
of
period
end.
(h)
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
Global
Metals
&
Mining
Producers
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
$
11,004,168
$
15,859,823
(a)
$
$
(
1,563
)
$
232
$
26,862,660
26,849,235
$
136,960
(b)
$
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..
790,000
2,140,609
(a)
2,930,609
2,930,609
52,492
$
$
(
1,563
)
$
232
$
29,793,269
$
189,452
$
(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
Energy
Select
Sector
Index
..........................................................
5
03/20/26
$
586
$
14,570
MSCI
Emerging
Markets
Index
.............................................................
35
03/20/26
2,806
20,829
$
35,399
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)
.............
$
$
$
35,399
$
$
$
$
35,399
(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
..................................
$
$
$
448,557
$
$
$
$
448,557
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on:
Futures
contracts
..................................
$
$
$
23,422
$
$
$
$
23,422
iShares
®
MSCI
Global
Metals
&
Mining
Producers
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.
The
Fund
may
hold
assets
and/or
liabilities
in
which
the
fair
value
approximates
the
carrying
amount
for
financial
statement
purposes.
As
of
period
end,
bank
borrowings
payable
of $585,231
are
categorized
as
Level
2
within
the
fair
value
hierarchy.
See
notes
to
financial
statements.
Futures
contracts:
Average
notional
value
of
contracts
long
...................................................................................
$
2,019,108
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
628,232,775
$
1,431,027,733
$
157,798
$
2,059,418,306
Preferred
Stocks
.........................................
10,866,439
13
10,866,452
Short-Term
Securities
Money
Market
Funds
......................................
29,793,269
29,793,269
$
668,892,483
$
1,431,027,733
$
157,811
$
2,100,078,027
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
35,399
$
$
$
35,399
(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
Global
Metals
&
Mining
Producers
ETF
ASSETS
Investments,
at
value
unaffiliated
(a)
(b)
....................................................................................
$
2,070,284,758
Investments,
at
value
affiliated
(c)
.......................................................................................
29,793,269
Cash
...........................................................................................................
637,000
Cash
pledged:
Futures
contracts
.................................................................................................
88,000
Foreign
currency,
at
value
(d)
............................................................................................
2,083,019
Receivables:
Investments
sold
.................................................................................................
11,827,988
Securities
lending
income
affiliated
...................................................................................
21,049
Capital
shares
sold
................................................................................................
2,126,178
Dividends
unaffiliated
............................................................................................
2,228,981
Dividends
affiliated
..............................................................................................
12,000
Tax
reclaims
....................................................................................................
114,295
Variation
margin
on
futures
contracts
....................................................................................
365
Foreign
withholding
tax
claims
........................................................................................
34,422
Total
assets
......................................................................................................
2,119,251,324
LIABILITIES
Bank
borrowings
...................................................................................................
585,231
Collateral
on
securities
loaned
..........................................................................................
26,855,567
Payables:
Investments
purchased
.............................................................................................
12,578,325
Deferred
foreign
capital
gain
tax
.......................................................................................
3,840,890
Investment
advisory
fees
............................................................................................
574,845
Professional
fees
.................................................................................................
16,705
Total
liabilities
.....................................................................................................
44,451,563
Commitments
and
contingent
liabilities
NET
ASSETS
.....................................................................................................
$
2,074,799,761
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.....................................................................................................
$
1,797,393,387
Accumulated
earnings
...............................................................................................
277,406,374
NET
ASSETS
.....................................................................................................
$
2,074,799,761
NET
ASSET
VALUE
Shares
outstanding
.................................................................................................
32,350,000
Net
asset
value
....................................................................................................
$
64.14
Shares
authorized
..................................................................................................
500
million
Par
value
........................................................................................................
$                    0.001
(a)
Securities
loaned,
at
value
..........................................................................................
$
25,699,491
(b)
Investments,
at
cost
unaffiliated
.....................................................................................
$
1,590,586,141
(c)
Investments,
at
cost
affiliated
.......................................................................................
$
29,792,169
(d)
  Foreign
currency,
at
cost
............................................................................................
$
2,064,652
9
Statement
of
Operations
Statement
of
Operations
(unaudited)
Six
Months
Ended
February
28,
2026
See
notes
to
financial
statements.
iShares
MSCI
Global
Metals
&
Mining
Producers
ETF
INVESTMENT
INCOME
Dividends
unaffiliated
............................................................................................
$
10,339,732
Dividends
affiliated
..............................................................................................
52,492
Interest
unaffiliated
..............................................................................................
2,695
Securities
lending
income
affiliated
net
...............................................................................
136,960
Foreign
taxes
withheld
.............................................................................................
(
522,059
)
Foreign
withholding
tax
claims
........................................................................................
317,425
Total
investment
income
..............................................................................................
10,327,245
EXPENSES
Investment
advisory
...............................................................................................
2,246,882
Professional
....................................................................................................
18,513
Commitment
costs
................................................................................................
4,010
Interest
expense
.................................................................................................
6,381
Total
expenses
....................................................................................................
2,275,786
Net
investment
income
...............................................................................................
8,051,459
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
unaffiliated
(a)
........................................................................................
7,999,566
Investments
affiliated
...........................................................................................
(
1,563
)
Foreign
currency
transactions
.......................................................................................
(
113,989
)
Futures
contracts
...............................................................................................
448,557
In-kind
redemptions
unaffiliated
(b)
...................................................................................
18,695,804
27,028,375
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
unaffiliated
(c)
........................................................................................
546,018,878
Investments
affiliated
...........................................................................................
232
Foreign
currency
translations
.......................................................................................
85,572
Futures
contracts
...............................................................................................
23,422
546,128,104
Net
realized
and
unrealized
gain
........................................................................................
573,156,479
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...............................................................
$
581,207,938
(a)
Net
of
foreign
capital
gain
tax
and
capital
gain
tax
refund,
if
applicable
of
...........................................................
$
(
353,804
)
(b)
See
Note
2
of
the
Notes
to
Financial
Statements.
(c)
Net
of
increase
in
deferred
foreign
capital
gain
tax
of
.........................................................................
$
(
2,591,854
)
10
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
iShares
MSCI
Global
Metals
&
Mining
Producers
ETF
Six
Months
Ended
02/28/26
(unaudited)
Year
Ended
08/31/25
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
...........................................................................
$
8,051,459
$
21,812,938
Net
realized
gain
(loss)
...........................................................................
27,028,375
(
40,057,498
)
Net
change
in
unrealized
appreciation
(depreciation)
.......................................................
546,128,104
74,981,010
Net
increase
in
net
assets
resulting
from
operations
..........................................................
581,207,938
56,736,450
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
................................................
(
15,990,668
)
(b)
(
27,831,516
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
........................................
688,609,195
(
174,382,061
)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
..................................................................
1,253,826,465
(
145,477,127
)
Beginning
of
period
...............................................................................
820,973,296
966,450,423
End
of
period
...................................................................................
$
2,074,799,761
$
820,973,296
(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
Global
Metals
&
Mining
Producers
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
.....
$
41.05
$
39.29
$
40.26
$
36.62
$
45.61
$
27.79
Net
investment
income
(a)
.............
0
.35
(b)
1
.03
1
.23
(b)
1
.83
2
.67
2
.13
Net
realized
and
unrealized
gain
(loss)
(c)
...
23.52
2
.06
(
0
.67
)
3
.66
(
8
.08
)
16.86
Net
increase
(decrease)
from
investment
operations
.......................
23.87
3
.09
0
.56
5
.49
(
5
.41
)
18.99
Distributions
from
net
investment
income
(d)
...
(
0
.78
)
(e)
(
1
.33
)
(
1
.53
)
(
1
.85
)
(
3
.58
)
(
1
.17
)
Net
asset
value,
end
of
period
..........
$
64.14
$
41.05
$
39.29
$
40.26
$
36.62
$
45.61
Total
Return
(f)
Based
on
net
asset
value
..............
58.75
%
(b)
(g)
8
.29
%
1
.20
%
(b)
14.96
%
(
12.69
)
%
68.77
%
Ratios
to
Average
Net
Assets
(h)
Total
expenses
.....................
0
.39
%
(i)
0
.39
%
0
.39
%
0
.39
%
0
.39
%
0
.39
%
Total
expenses
excluding
professional
fees
for
foreign
withholding
tax
claims
..........
0
.39
%
(i)
0
.39
%
0
.39
%
N/A
N/A
N/A
Net
investment
income
................
1
.40
%
(b)
(i)
2
.71
%
3
.00
%
(b)
4
.50
%
6
.23
%
5
.11
%
Supplemental
Data
Net
assets,
end
of
period
(000)
..........
$
2,074,800
$
820,973
$
966,450
$
1,463,447
$
1,222,991
$
1,106,060
Portfolio
turnover
rate
(j)
................
5
%
10
%
11
%
13
%
19
%
17
%
(a)
Based
on
average
shares
outstanding.
(b)
Reflects
the
positive
effect
of
foreign
withholding
tax
claims,
net
of
the
associated
professional
fees,
which
resulted
in
the
following
increases
for
the
six
months
ended
February
28,
2026
and
the
year
ended
August
31,
2024,
respectively:
Net
investment
income
per
share
by
$0.01
and
$0.00.
Total
return
by
0.03%
and
0.01%.
Ratio
of
net
investment
income
to
average
net
assets
by
0.05%
and
0.00%.
(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)
12
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
1.
Organization
iShares,
Inc.
(the
“Company”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Company
is
organized
as
a
Maryland
corporation
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.
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.
Consistent
with
U.S.
GAAP
accrual
requirements,
for
uncertain
tax
positions,
each
Fund
recognizes
tax
reclaims
when
the
Fund
determines
that
it
is
more
likely
than
not
that
the
Fund
will
sustain
its
position
that
it
is
due
the
reclaim. 
The
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.
iShares
ETF
Diversification
Classification
MSCI
Global
Metals
&
Mining
Producers
...........................................................................................
Non-diversified
Notes
to
Financial
Statements
(unaudited)
(
continued)
13
Notes
to
Financial
Statements
Indemnifications:
In
the
normal
course
of
business,
the
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Fund,
which
cannot
be
predicted
with
any
certainty.
Segment
Reporting:
The
Chief
Financial
Officer
acts
as
the
Fund’s
Chief
Operating
Decision
Maker
(“CODM”)
and
is
responsible
for
assessing
performance
and
allocating
resources
with
respect
to
the
Fund.
The
CODM
has
concluded
that
the
Fund
operates
as
a
single
operating
segment
since
the
Fund
has
a
single
investment
strategy
as
disclosed
in
its
prospectus,
against
which
the
CODM
assesses
performance.
The
financial
information
provided
to
and
reviewed
by
the
CODM
is
presented
within
the
Fund’s
financial
statements.
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
The
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Directors of
the
Company (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.
Notes
to
Financial
Statements
(unaudited)
(continued)
14
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
4.
Securities
and
Other
Investments
Securities
Lending:
The
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
an
approved
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
Government.
The
initial
collateral
received
by
the
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
market
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
market value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
or
excess
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
the
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
in
money
market
funds
managed
by BFA,
or
its
affiliates
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
also
disclosed
in
the
Fund’s Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
cash
collateral
are
disclosed
in
the
Statement
of
Assets
and
Liabilities.
Securities
lending
transactions
are
entered
into
by
the
Fund
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”)
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency)
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Fund,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the Fund
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
As
of
period
end,
the
following
table
is
a
summary
of
the
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA: 
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
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
MSCI
Global
Metals
&
Mining
Producers
Barclays
Bank
PLC
...............................................
$
287,182‌
$
(287,182‌)
$
—‌
$
—‌
BNP
Paribas
SA
.................................................
3,977,810‌
(3,977,810‌)
—‌
—‌
BofA
Securities,
Inc.
..............................................
345,392‌
(345,392‌)
—‌
—‌
Citadel
Clearing
LLC
..............................................
641,683‌
(641,683‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................................
5,198,040‌
(5,198,040‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
2,739,802‌
(2,739,802‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
5,197,104‌
(5,197,104‌)
—‌
—‌
Jefferies
LLC
...................................................
72,363‌
(72,363‌)
—‌
—‌
Macquarie
Bank
Ltd.
..............................................
77,524‌
(77,524‌)
—‌
—‌
Morgan
Stanley
.................................................
3,444,241‌
(3,444,241‌)
—‌
—‌
National
Financial
Services
LLC
......................................
428,241‌
(428,241‌)
—‌
—‌
SG
Americas
Securities
LLC
........................................
31,231‌
(31,231‌)
—‌
—‌
State
Street
Bank
&
Trust
Co.
........................................
8,940‌
(8,940‌)
—‌
—‌
TD
Securities
(USA)
LLC
...........................................
93,665‌
(93,665‌)
—‌
—‌
UBS
AG
......................................................
3,105,683‌
(3,105,683‌)
—‌
—‌
UBS
Securities
LLC
..............................................
50,590‌
(50,590‌)
—‌
—‌
$
25,699,491‌
$
(25,699,491‌)
$
—‌
$
—‌
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.
Notes
to
Financial
Statements
(unaudited)
(
continued)
15
Notes
to
Financial
Statements
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. 
6.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates 
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the
Company, 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
directors).
For
its
investment
advisory
services
to the
Fund,
BFA
is
entitled
to
an
annual
investment
advisory
fee
of
0.39%,
accrued
daily
and
paid
monthly
by
the
Fund,
based
on
the
average
daily
net
assets
of the
Fund. 
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
Statement
of
Operations
does
not
include
acquired
fund
fees
and
expenses.
For
the
Fund,
BFA
has
contractually
agreed
to
waive
a
portion
of
its
investment
advisory
fee
through
December
31,
2028
in
an
amount
equal
to
the
acquired
fund
fees
and
expenses,
if
any,
attributable
to
the
Fund’s
investments
in
other
iShares
funds. 
For
six
months
ended
February
28,
2026,
there
were
no
fees
waived
by
BFA
pursuant
to
these
arrangements.
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. 
Prior
to
September
8,
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
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.
Notes
to
Financial
Statements
(unaudited)
(continued)
16
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
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
$34,179 for
securities
lending
agent
services.
Directors and
Officers:
Certain
directors
and/or
officers
of
the
Company
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.
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
Company’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
$198,114,121 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
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
MSCI
Global
Metals
&
Mining
Producers
.......................................................
$
5,851,190‌
$
3,736,018‌
$
(341,483‌)
iShares
ETF
Purchases
Sales
MSCI
Global
Metals
&
Mining
Producers
.......................................................................
$
190,529,957
$
59,651,731
iShares
ETF
In-kind
Purchases
In-kind
Sales
MSCI
Global
Metals
&
Mining
Producers
.........................................................................
$
647,562,414‌
$
101,615,898‌
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
MSCI
Global
Metals
&
Mining
Producers
................................
$
1,646,595,765
$
495,042,309
$
(41,524,648
)
$
453,517,661
Notes
to
Financial
Statements
(unaudited)
(
continued)
17
Notes
to
Financial
Statements
Funds
rate
plus
1.00%
per
annum
on
amounts
borrowed.
The
commitment
fee
is
generally
allocated
to
each
Participating
Fund
based
on
the
lesser
of
a
Participating
Fund’s
relative
exposure
to
certain
target
markets
or
a
Participating
Fund’s
maximum
borrowing
amount
as
set
forth
by
the
terms
of
the
Syndicated
Credit
Agreement.
For
the six
months
ended
February
28,
2026,
the
maximum
amount
borrowed,
the
average
daily
borrowing
and
the
weighted
average
interest
rate,
if
any,
under
the
Syndicated
Credit
Agreement
were
as
follows:
10.
Principal
Risks
In
the
normal
course
of
business,
the
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation,
tariffs or international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Fund
and
its
investments. The
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
BFA
uses
an
indexing
approach
to
try
to
achieve
the
Fund’s
investment
objective.
The
Fund
is
not
actively
managed,
and
BFA
generally
does
not
attempt
to
take
defensive
positions
under
any
market
conditions,
including
declining
markets.
The
Fund
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
mandatory
and
discretionary
liquidity
fees
under
certain
circumstances.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries. The
Fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that the
Fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment. The
Fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause the
Fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of the
Fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
the
Fund
invests. The
Fund’s
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/or
errors
by
pricing
services
or
other
third-party
service
providers.
The
price
the
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from
the
Fund's
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs
may
significantly
impact
the
resulting
fair
value
and
therefore
the
Fund's
results
of
operations.
As
a
result,
the
price
received
upon
the
sale
of
an
investment
may
be
less
than
the
value
ascribed
by
the
Fund,
and
the
Fund
could
realize
a
greater
than
expected
loss
or
lesser
than
expected
gain
upon
the
sale
of
the
investment.
Counterparty
Credit
Risk:
The
Fund
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Fund
manages
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Fund
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Fund’s
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statement
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Fund.
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures, there
is
less
counterparty
credit
risk
to
the
Fund
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, the
Fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in
exchange-traded
futures
with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Fund.
Geographic/Asset
Class
Risk:
A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
the
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
The
Fund
invests
a
significant
portion
of
its
assets
in
issuers
located
in
a
single
country
or
a
limited
number
of
countries.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
in
that
country
or
those
countries
may
have
a
significant
impact
on
the
fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
Fund’s
portfolio.
Unanticipated
or
sudden
political
or
social
developments
may
cause
uncertainty
in
the
markets
and
as
a
result
adversely
affect
the
Fund’s
investments.
Foreign
issuers
may
not
be
subject
to
the
same
uniform
accounting,
auditing
and
financial
reporting
standards
and
practices
iShares
ETF
Maximum
Amount
Borrowed
Average
Borrowing
Weighted
Average
Interest
Rate
MSCI
Global
Metals
&
Mining
Producers
......................................................
$
585,000‌
$
7,459‌
4.89
%
Notes
to
Financial
Statements
(unaudited)
(continued)
18
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
as
used
in
the
United
States.
Foreign
securities
markets
may
also
be
more
volatile
and
less
liquid
than
U.S.
securities
and
may
be
less
subject
to
governmental
supervision
not
typically
associated
with
investing
in
U.S.
securities.
Investment
percentages
in
specific
countries
are
presented
in
the
Schedule
of
Investments.
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
Fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
Fund’s
portfolio.
The
Fund
has
substantial
exposure
to
certain
commodity
markets
through
investments
in
commodity-linked
instruments
and
through
commodity-related
equities.
Any
negative
changes
in
commodity
markets
that
may
be
due
to
changes
in
supply
and
demand
for
the
commodities,
market
events,
regulatory
developments
or
other
factors
that
the
Fund
cannot
control
could
have
an
adverse
impact
on
the
Fund’s
portfolios.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
11.
Capital
Share
Transactions 
Capital
shares
are
issued
and
redeemed
by the
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of
the
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the
Company
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the
Company
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.
Foreign
Withholding
Tax
Claims
The
Fund
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
Statement
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
$34,422
or
$0.00
per
share. 
Certain
of
the
outstanding
foreign tax
reclaims
are
not
deemed
by
the
Fund
to
meet
the
recognition
criteria
under
U.S.
GAAP
as
of February
28,
2026
and
have
not
been
recorded
in
the
applicable
Fund’s
net
asset
value.
The
recognition
by
the
Fund
of
these
amounts
would
have
a
positive
impact
on
the
applicable
Fund's
performance.
If
a
Fund
receives
a
tax
refund
that
has
not
been
previously
recorded,
investors
in
the
Fund
at
the
time
the
claim
is
successful
will
benefit
from
any
resulting
increase
in
the
Fund’s
NAV.
Investors
who
sold
their
shares
prior
to
such
time
will
not
benefit
from
such
NAV
increase. 
The
Internal
Revenue
Service
(“IRS”)
has
issued
guidance
to
address
U.S.
income
tax
liabilities
attributable
to
fund
shareholders
resulting
from
the
recovery
of
foreign
taxes
withheld
in
prior
calendar
years.
These
withheld
foreign
taxes
were
passed
through
to
shareholders
in
the
form
of
foreign
tax
credits
in
the
year
the
taxes
were
withheld.
Six
Months
Ended
02/28/26
Year
Ended
08/31/25
iShares
ETF
Shares
Amount
Shares
Amount
MSCI
Global
Metals
&
Mining
Producers
Shares
sold
.........................................................
14,950,000
$
812,683,645
400,000
$
14,426,687
Shares
redeemed
.....................................................
(2,600,000
)
(124,074,450
)
(5,000,000
)
(188,808,748
)
12,350,000
$
688,609,195
(4,600,000
)
$
(174,382,061
)
Notes
to
Financial
Statements
(unaudited)
(
continued)
19
Notes
to
Financial
Statements
Assuming
there
are
sufficient
foreign
taxes
paid
which
the
Fund
is
able
to
pass
through
to
shareholders
as
a
foreign
tax
credit
in
the
current
year,
the Fund
will
be
able
to
offset
the
prior
years’
withholding
taxes
recovered
against
the
foreign
taxes
paid
in
the
current
year.
Accordingly,
no
federal
income
tax
liability
is
recorded
by
the
Fund.
13.
Subsequent
Events
Management
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.
Additional
Information
20
2026
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
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Delivery
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can
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shareholder
report
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posted
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.
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have
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Changes
in
and
Disagreements
with
Accountants
Not
applicable.
Proxy
Results
Not
applicable.
Remuneration
Paid
to
Directors,
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 Director
for
services
to
the
Fund
from
BFA’s
investment
advisory
fees.
Availability
of
Portfolio
Holdings
Information
A
description
of
the
Company’s policies
and
procedures
with
respect
to
the
disclosure
of
the
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus.
The
Fund
discloses its
portfolio
holdings
daily
and
provides
information
regarding its
top
holdings
in
Fund
fact
sheets,
when
available, at
iShares.com
.
Glossary
of
Terms
Used
in
these
Financial
Statements
21
Glossary
of
Terms
Used
in
these
Financial
Statements
Portfolio
Abbreviation
ADR
American
Depositary
Receipt
GDR
Global
Depositary
Receipt
NVS
Non-Voting
Shares
PJSC
Public
Joint
Stock
Company
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1-800-474-2737
This
report
is
intended
for
the
Fund’s
shareholders.
It
may
not
be
distributed
to
prospective
investors
unless
it
is
preceded
or
accompanied
by
the
current
prospectus.
Investing
involves
risk,
including
possible
loss
of
principal.
The
iShares
Funds
are
distributed
by
BlackRock
Investments,
LLC
(together
with
its
affiliates,
“BlackRock”).
The
iShares
Funds
are
not
sponsored,
endorsed,
issued,
sold
or
promoted
by
MSCI
Inc.,
nor
does
this
company
make
any
representation
regarding
the
advisability
of
investing
in
the
iShares
Funds.
BlackRock
is
not
affiliated
with
the
company
listed
above.
©2026
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
its
subsidiaries.
All
other
marks
are
the
property
of
their
respective
owners.
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, Inc.
 
By:     /s/ Jessica Tan____________________
Jessica Tan
President (principal executive officer) of
          iShares, Inc.
 
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, Inc.
 
Date: April 21, 2026
 
By:     /s/ Trent Walker___________________
 
          Trent Walker
Treasurer and Chief Financial Officer (principal financial officer) of
iShares, Inc.
 
Date: April 21, 2026