2021 Semi-Annual Report (Unaudited)

JANUARY 31, 2021

iShares Trust • iShares China Large-Cap ETF | FXI | NYSE Arca • iShares MSCI China A ETF | CNYA | Cboe BZX The Markets in Review

Dear Shareholder, The 12-month reporting period as of January 31, 2021 has been a time of sudden change, as the emergence and spread of the coronavirus (or “COVID-19”) led to a vast disruption in the global economy and financial markets. The threat from the virus became increasingly apparent throughout February and March 2020, and countries around the world took economically disruptive countermeasures. Stay-at- home orders and closures of non-essential businesses became widespread, many workers were laid off, and unemployment claims spiked, causing a global recession and a sharp fall in equity prices. After markets hit their lowest point of the reporting period in late March 2020, a steady recovery ensued, as businesses began to re-open and governments learned to adapt to life with the virus. Equity prices continued to rise throughout the summer, fed by strong fiscal and monetary support and improving Rob Kapito economic indicators. Many equity indices neared or surpassed all-time highs late in the reporting period President, BlackRock, Inc. following a series of successful vaccine trials and passage of additional stimuli. In the United States, both large- and small-capitalization stocks posted a significant advance. International equities from developed economies grew at a more modest pace, lagging emerging market stocks, which rebounded sharply. Total Returns as of January 31, 2021 During the market downturn, the performance of different types of fixed-income securities initially 6-Month 12-Month diverged due to a reduced investor appetite for risk. U.S. Treasuries benefited from the risk-off environ- U.S. large cap equities ment and posted positive returns, as the 10-year U.S. Treasury yield (which is inversely related to bond 14.47% 17.25% prices) dropped to historic lows. In the corporate bond market, support from the U.S. Federal Reserve (the (S&P 500 Index) “Fed”) assuaged credit concerns and both investment-grade and high-yield bonds recovered to post U.S. small cap equities 40.89 30.17 positive returns. (Russell 2000 Index) Following the coronavirus outbreak, the Fed instituted two emergency interest rate cuts, pushing International equities short-term interest rates, already low as the year began, close to zero. To stabilize credit markets, the Fed (MSCI Europe, Australasia, 17.58 8.94 also implemented a new bond-buying program, as did several other central banks around the world, Far East Index) including the European Central Bank and the Bank of Japan. Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, Emerging market equities we believe that the global expansion is likely to accelerate as vaccination efforts continue to ramp up. (MSCI Emerging Markets 24.07 27.89 Index) Significant additional U.S. stimulus spending in early 2021 is being negotiated in Congress, which would provide a solid tailwind for economic growth. Inflation should increase somewhat as the expansion 3-month Treasury bills continues, but a shift in central bank policy means that moderate inflation is less likely to be followed by (ICE BofA 3-Month 0.06 0.54 interest rate hikes that could threaten the equity expansion. U.S. Treasury Bill Index) Overall, we favor a positive stance toward risk, with an overweight in both equities and credit. We see U.S. U.S. Treasury securities and Asian equities benefiting from structural growth trends in tech, while emerging markets should be (ICE BofA 10-Year (4.56) 4.91 particularly helped by a vaccine-led economic expansion. In credit, rising inflation should provide tailwinds U.S. Treasury Index) for inflation-protected bonds, and Euro area peripherals and Asian bonds also present attractive opportunities. We believe that international diversification and a focus on sustainability can help provide U.S. investment grade bonds portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift (Bloomberg Barclays (0.91) 4.72 toward sustainable investments. U.S. Aggregate Bond Index) Tax-exempt municipal bonds In this environment, our view is that investors need to think globally, extend their scope across a broad 2.06 3.85 array of asset classes, and be nimble as market conditions change. We encourage you to talk with your (S&P Municipal Bond Index) financial advisor and visit iShares.com for further insight about investing in today’s markets. U.S. high yield bonds (Bloomberg Barclays Sincerely, 6.72 7.38 U.S. Corporate High Yield 2% Issuer Capped Index)

Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

Rob Kapito President, BlackRock, Inc.

2 T H I S P A G E I S NO T P ART O F Y OUR F U ND R E P O RT Table of Contents

Page The Markets in Review ...... 2 Fund Summary ...... 4 About Fund Performance ...... 6 Shareholder Expenses ...... 6 Schedules of Investments ...... 7 Financial Statements: Statements of Assets and Liabilities ...... 17 Statements of Operations ...... 18 Statements of Changes in Net Assets ...... 19 Financial Highlights ...... 20 Notes to Financial Statements ...... 22 Statement Regarding Liquidity Risk Management Program ...... 30 Supplemental Information ...... 31 General Information ...... 32 Glossary of Terms Used in this Report ...... 33

3 Fund Summary as of January 31, 2021 iShares China Large-Cap ETF

Investment Objective

The iShares China Large-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization Chinese equities that trade on the Hong Kong Stock Exchange, as represented by the FTSE China 50 Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

Average Annual Total Returns Cumulative Total Returns 6 Months 1 Year 5 Years 10 Years 1 Year 5 Years 10 Years Fund NAV...... 20.25% 25.69% 12.48% 4.11% 25.69% 80.07% 49.59% Fund Market ...... 20.93 27.07 12.44 4.13 27.0779.69 49.90 Index ...... 20.9126.9713.39 4.90 26.97 87.4361.36

Index performance beginning on February 10, 2012 reflects net returns where dividends are reinvested into the Index net of withholding tax. Performance before this date reflects dividends being reinvested at gross.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 6 for more information.

Expense Example

Actual Hypothetical 5% Return Beginning Ending Expenses Beginning Ending Expenses Annualized Account Value Account Value Paid During Account Value Account Value Paid During Expense (08/01/20) (01/31/21) the Period (a) (08/01/20) (01/31/21) the Period (a) Ratio $ 1,000.00 $ 1,202.50 $ 4.11 $ 1,000.00 $ 1,021.50 $ 3.77 0.74%

(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 6 for more information. Portfolio Information

ALLOCATION BY SECTOR TEN LARGEST HOLDINGS Percent of Percent of Sector Total Investments(a) Security Total Investments(a) Consumer Discretionary ...... 32.6% Meituan, Class B ...... 10.1% Financials ...... 28.0 Tencent Holdings Ltd...... 9.7 Communication Services...... 14.8 Alibaba Group Holding Ltd...... 8.0 Health Care ...... 7.6 JD.com Inc., Class A...... 5.6 Real Estate...... 5.8 Ping An Insurance Group Co. of China Ltd., Class H...... 5.0 Information Technology ...... 3.8 Wuxi Biologics Cayman Inc...... 4.5 Energy ...... 2.9 NetEase Inc...... 4.4 Consumer Staples ...... 2.5 China Construction Bank Corp., Class H...... 4.2 Materials ...... 1.6 Industrial & Commercial Bank of China Ltd., Class H ...... 3.8 Industrials ...... 0.4 Xiaomi Corp., Class B...... 3.8

(a) Excludes money market funds.

4 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Fund Summary as of January 31, 2021 iShares MSCI China A ETF

Investment Objective

The iShares MSCI China A ETF (the “Fund”) seeks to track the investment results of an index composed of domestic Chinese equities that trade on the Shanghai or Shenzhen Stock Exchange, as represented by the MSCI China A Inclusion Index (the "Index"). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

Average Annual Total Returns Cumulative Total Returns Since Since 6 Months 1 Year Inception 1 Year Inception Fund NAV ...... 22.73% 50.85% 16.10% 50.85% 99.84% Fund Market...... 23.05 63.9716.00 63.97 99.07 Index...... 22.98 51.34 14.69 51.34 88.61

The inception date of the Fund was 6/13/16. The first day of secondary market trading was 6/15/16.

Index performance through April 25, 2018 reflects the performance of the MSCI China A International Index. Index performance beginning on April 26, 2018 reflects the performance of the MSCI China A Inclusion Index. Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

Expense Example

ALLOCATION BY SECTOR TEN LARGEST HOLDINGS Percent of Percent of Sector Total Investments(a) Security Total Investments(a) Financials ...... 20.5% Kweichow Moutai Co. Ltd., Class A ...... 6.4% Consumer Staples ...... 19.4 Wuliangye Yibin Co. Ltd., Class A ...... 2.7 Industrials ...... 13.3 China Merchants Bank Co. Ltd., Class A ...... 2.5 Information Technology ...... 12.5 Ping An Insurance Group Co. of China Ltd., Class A...... 2.1 Health Care ...... 11.2 Contemporary Amperex Technology Co. Ltd., Class A ...... 2.0 Materials ...... 8.5 China Tourism Group Duty Free Corp. Ltd., Class A ...... 1.4 Consumer Discretionary ...... 7.1 Jiangsu Hengrui Medicine Co. Ltd., Class A...... 1.3 Real Estate...... 2.5 Foshan Haitian Flavouring & Food Co. Ltd., Class A...... 1.3 Utilities...... 1.8 Industrial Bank Co. Ltd., Class A...... 1.1 Communication Services...... 1.7 Ping An Bank Co. Ltd., Class A ...... 1.1 Energy ...... 1.5

(a) Excludes money market funds.

F U ND S U MMARY 5 About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of the fund's investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return ("Market Price") is the closing price. Prior to August 10, 2020, Market Price was determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

6 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Schedule of Investments (unaudited) iShares China Large-Cap ETF January 31, 2021 (Percentages shown are based on Net Assets)

Security s Value Security s Value Common Stocks Life Sciences Tools & Services — 5.3% WuXi AppTec Co. Ltd., Class H(b) ...... 1,230,960 $ 29,369,616 Automobiles — 6.1% Wuxi Biologics Cayman Inc.(b)(c) ...... 13,150,500 185,033,184 BYD Co. Ltd., Class H(a) ...... 3,711,500 $ 113,635,175 Geely Automobile Holdings Ltd...... 24,829,000 90,780,986 214,402,800 Great Wall Motor Co. Ltd., Class H ...... 14,551,500 45,603,339 Metals & Mining — 0.7% Zijin Mining Group Co. Ltd., Class H...... 26,934,000 30,012,156 250,019,500 Banks — 17.9% Oil, Gas & Consumable Fuels — 2.9% Agricultural Bank of China Ltd., Class H ...... 144,305,000 52,110,113 China Petroleum & Chemical Corp., Class H ...... 119,822,600 57,331,758 Bank of China Ltd., Class H ...... 357,272,000 121,181,782 China Shenhua Energy Co. Ltd., Class H ...... 15,955,500 29,590,473 Bank of Communications Co. Ltd., Class H ...... 34,159,200 18,502,891 PetroChina Co. Ltd., Class H...... 97,682,000 29,604,996 China CITIC Bank Corp. Ltd., Class H ...... 43,721,000 19,396,847 116,527,227 China Construction Bank Corp., Class H ...... 227,368,320 172,420,890 Pharmaceuticals — 0.6% China Everbright Bank Co. Ltd., Class H ...... 14,554,000 5,987,640 Hansoh Pharmaceutical Group Co. Ltd.(b)(c) ...... 4,506,000 24,639,940 China Merchants Bank Co. Ltd., Class H...... 17,765,438 136,439,553 China Minsheng Banking Corp. Ltd., Class H...... 29,918,600 17,131,952 Real Estate Management & Development — 5.8% Industrial & Commercial Bank of China Ltd., Class H . . . 244,094,995 155,828,424 China Evergrande Group(a)...... 11,267,000 21,709,084 Postal Savings Bank of China Co. Ltd., Class H(b) ...... 43,983,000 31,425,140 China Overseas Land & Investment Ltd...... 18,001,500 40,581,933 730,425,232 China Resources Land Ltd...... 12,927,333 51,516,936 Beverages — 1.6% China Vanke Co. Ltd., Class H ...... 8,891,500 31,936,170 (a) China Resources Beer Holdings Co. Ltd...... 7,392,000 65,303,301 Country Garden Holdings Co. Ltd...... 34,880,000 42,150,106 Longfor Group Holdings Ltd.(b) ...... 8,605,000 48,663,470 Capital Markets — 1.8% 236,557,699 (b)(c) China International Capital Corp. Ltd., Class H ..... 6,936,400 18,159,872 Technology Hardware, Storage & Peripherals — 3.8% (b) China Merchants Securities Co. Ltd., Class H ...... 5,570,200 8,606,176 Xiaomi Corp., Class B(b)(c)...... 41,316,000 155,590,732 CITIC Securities Co. Ltd., Class H(a) ...... 10,696,500 23,534,411 CSC Financial Co. Ltd., Class H(a)(b) ...... 4,236,500 6,217,733 Textiles, Apparel & Luxury Goods — 2.0% Guotai Junan Securities Co. Ltd., Class H(b)...... 3,544,400 5,156,255 ANTA Sports Products Ltd...... 4,885,000 80,830,233 Huatai Securities Co. Ltd., Class H(b) ...... 7,476,000 11,917,094 Tobacco — 0.9% 73,591,541 Smoore International Holdings Ltd.(b)(c) ...... 3,872,000 38,326,251 Construction Materials — 0.8% Anhui Conch Cement Co. Ltd., Class H ...... 5,558,500 32,940,162 Total Common Stocks — 99.9% (Cost: $3,417,051,889)...... 4,081,572,154 Diversified Telecommunication Services — 0.8% (b) China Tower Corp. Ltd., Class H ...... 219,054,000 31,641,118 Short-Term Investments Entertainment — 4.3% Money Market Funds — 1.5% NetEase Inc...... 7,726,800 177,578,333 BlackRock Cash Funds: Institutional, SL Agency (d)(e)(f) Health Care Technology — 1.7% Shares, 0.14% ...... 58,083,601 58,118,452 Alibaba Health Information Technology Ltd.(c) ...... 22,108,000 69,284,858 BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e) ...... 2,050,000 2,050,000 Hotels, Restaurants & Leisure — 0.9% 60,168,452 Haidilao International Holding Ltd.(b) ...... 4,310,000 36,324,987 Total Short-Term Investments — 1.5% Industrial Conglomerates — 0.4% (Cost: $60,150,181)...... 60,168,452 CITIC Ltd...... 23,040,000 18,006,848 Total Investments in Securities — 101.4% Insurance — 8.3% (Cost: $3,477,202,070)...... 4,141,740,606 China Life Insurance Co. Ltd., Class H...... 34,933,000 74,156,345 China Pacific Insurance Group Co. Ltd., Class H ...... 12,115,600 50,157,117 Other Assets, Less Liabilities — (1.4)%...... (56,442,360) People's Insurance Co. Group of China Ltd. (The), Net Assets — 100.0% ...... $ 4,085,298,246 Class H...... 38,504,000 11,868,241 Ping An Insurance Group Co. of China Ltd., Class H. ... 17,264,000 203,280,074 (a) All or a portion of this security is on loan. (b) Security exempt from registration pursuant to Rule 144A under the Securities Act of 339,461,777 1933, as amended. These securities may be resold in transactions exempt from Interactive Media & Services — 9.7% registration to qualified institutional investors. Tencent Holdings Ltd...... 4,493,900 394,977,057 (c) Non-income producing security. (d) Affiliate of the Fund. Internet & Direct Marketing Retail — 23.6% (e) (c) Annualized 7-day yield as of period-end. Alibaba Group Holding Ltd...... 10,226,200 325,493,292 (f) All or a portion of this security was purchased with cash collateral received from loaned (c) JD.com Inc., Class A ...... 5,088,550 226,935,082 securities. Meituan, Class B(c) ...... 8,993,900 412,702,028 965,130,402

S C HEDU LE O F I NVES TMENTS 7 Schedule of Investments (unaudited) (continued) iShares China Large-Cap ETF January 31, 2021

Affiliates Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Capital Gain Change in Distributions Unrealized Shares from Value at Purchases Proceeds Net Realized Appreciation Value at Held at Underlying Affiliated Issuer 07/31/20 at Cost from Sales Gain (Loss) (Depreciation) 01/31/21 01/31/21 Income Funds BlackRock Cash Funds: Institutional, SL Agency Shares ...... $118,923,752 $ — $(60,765,565)(a) $ 9,847 $ (49,582) $58,118,452 58,083,601 $299,273(b) $ — BlackRock Cash Funds: Treasury, SL Agency Shares ...... 3,650,000 — (1,600,000)(a) — — 2,050,000 2,050,000 2,021 — $ 9,847 $ (49,582) $60,168,452 $301,294 $ —

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

Futures Contracts

Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts MSCI Emerging Markets E-Mini Index ...... 36 03/19/21 $ 2,387 $ (108,858)

Derivative Financial Instruments Categorized by Risk Exposure As of January 31, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

Equity Contracts Liabilities — Derivative Financial Instruments Futures contracts Unrealized depreciation on futures contracts(a) ...... $108,858

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

For the six months ended January 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

Equity Contracts Net Realized Gain (Loss) from: Futures contracts ...... $569,893 Net Change in Unrealized Appreciation (Depreciation) on: Futures contracts ...... $425,004

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts: Average notional value of contracts — long ...... $23,530,724 For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

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

8 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Schedule of Investments (unaudited) (continued) iShares China Large-Cap ETF January 31, 2021

Fair Value Measurements (continued)

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of January 31, 2021. The breakdown of the Fund's investments into major categories is disclosed in the Schedule of Investments above.

Level 1 Level 2 Level 3 Total Investments Assets Common Stocks...... $4,081,572,154 $ — $ — $4,081,572,154 Money Market Funds ...... 60,168,452 — — 60,168,452 $4,141,740,606 $ — $ — $4,141,740,606 Derivative financial instruments(a) Liabilities Futures Contracts ...... $ (108,858) $ — $ — $ (108,858)

(a) Shown at the unrealized appreciation (depreciation) on the contracts. See notes to financial statements.

S C HEDU LE O F I NVES TMENTS 9 Schedule of Investments (unaudited) iShares MSCI China A ETF January 31, 2021 (Percentages shown are based on Net Assets)

Security s Value Securitys Value Common Stocks Banks (continued) Huaxia Bank Co. Ltd., Class A...... 1,318,560 $ 1,248,627 Aerospace & Defense — 1.1% Industrial & Commercial Bank of China Ltd., Class A...... 5,420,500 4,283,118 AECC Aero-Engine Control Co. Ltd., ClassA...... 115,898 $ 377,471 Industrial Bank Co. Ltd., Class A...... 2,080,347 7,460,203 AECC Aviation Power Co. Ltd., Class A ...... 230,298 2,130,426 Jiangsu Changshu Rural Commercial Bank Co. Ltd., AVIC Electromechanical Systems Co. Ltd., Class A ...... 407,499 720,532 Class A ...... 279,100 300,692 AVIC Shenyang Aircraft Co. Ltd., Class A ...... 117,200 1,398,398 Ping An Bank Co. Ltd., Class A ...... 1,963,156 7,036,904 AVIC Xi'an Aircraft Industry Group Co. Ltd., Class A ...... 292,000 1,410,670 Postal Savings Bank of China Co. Ltd., Class A ...... 1,133,700 964,454 AVICOPTER PLC, Class A ...... 58,699 510,386 Qingdao Rural Commercial Bank Corp., Class A...... 556,700 391,492 China Aerospace Times Electronics Co. Ltd., Class A...... 263,797 272,739 Shanghai Pudong Development Bank Co. Ltd., Class A..... 2,930,020 4,530,361 China Avionics Systems Co. Ltd., Class A ...... 146,500 416,645 69,736,847 7,237,267 Beverages — 12.9% Air Freight & Logistics — 1.2% Anhui Gujing Distillery Co. Ltd., Class A...... 40,799 1,545,405 SF Holding Co. Ltd., Class A ...... 380,900 5,853,359 Anhui Kouzi Distillery Co. Ltd., Class A...... 58,600 581,574 Sinotrans Ltd., Class A ...... 439,500 261,995 Beijing Shunxin Agriculture Co. Ltd., Class A ...... 85,900 881,450 STO Express Co. Ltd., Class A ...... 29,241 41,263 Beijing Yanjing Brewery Co. Ltd., Class A ...... 293,000 298,383 YTO Express Group Co. Ltd., Class A...... 322,300 570,885 Chongqing Brewery Co. Ltd., Class A ...... 46,595 971,879 Yunda Holding Co. Ltd., Class A ...... 293,040 770,170 Jiangsu King's Luck Brewery JSC Ltd., Class A...... 117,200 1,014,685 7,497,672 Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A...... 146,500 4,639,722 Airlines — 0.5% JiuGui Liquor Co. Ltd., Class A ...... 29,300 805,907 Air China Ltd., Class A ...... 669,300 748,094 Kweichow Moutai Co. Ltd., Class A ...... 126,561 41,577,213 China Eastern Airlines Corp. Ltd., Class A...... 908,300 647,210 Luzhou Laojiao Co. Ltd., Class A ...... 146,500 5,860,773 (a) China Southern Airlines Co. Ltd., Class A ...... 908,324 822,076 Shanghai Bairun Investment Holding Group Co. Ltd., Spring Airlines Co. Ltd., Class A ...... 87,904 804,989 Class A ...... 56,500 1,046,386 3,022,369 Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A..... 87,944 5,111,733 Auto Components — 1.2% Sichuan Swellfun Co. Ltd., Class A ...... 56,000 781,539 Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Tsingtao Brewery Co. Ltd., Class A ...... 58,600 807,727 Class A ...... 29,397 977,291 Wuliangye Yibin Co. Ltd., Class A...... 393,014 17,762,855 Fuyao Glass Industry Group Co. Ltd., Class A ...... 205,100 1,878,541 83,687,231 Huayu Automotive Systems Co. Ltd., Class A...... 322,304 1,495,528 Biotechnology — 1.7% (a) Kuang-Chi Technologies Co. Ltd., Class A ...... 230,200 817,644 Beijing Tiantan Biological Products Corp. Ltd., Class A...... 127,318 760,945 Ningbo Joyson Electronic Corp., Class A ...... 146,500 606,318 BGI Genomics Co. Ltd., Class A ...... 44,700 964,551 Ningbo Tuopu Group Co. Ltd., Class A ...... 115,700 783,110 Chongqing Zhifei Biological Products Co. Ltd., Class A...... 157,300 3,857,747 Shandong Linglong Tyre Co. Ltd., Class A...... 117,200 781,618 Da An Gene Co. Ltd. of Sun Yat-Sen University, Class A .... 87,940 485,321 Weifu High-Technology Group Co. Ltd., Class A ...... 87,900 312,347 Hualan Biological Engineering Inc., Class A ...... 187,448 1,338,280 7,652,397 Jinyu Bio-Technology Co. Ltd., Class A...... 104,800 370,448 Automobiles — 2.0% Shanghai RAAS Blood Products Co. Ltd., Class A ...... 615,300 690,602 BYD Co. Ltd., Class A...... 181,873 6,973,777 Shenzhen Kangtai Biological Products Co. Ltd., Class A .... 60,998 1,400,511 Chongqing Changan Automobile Co. Ltd., Class A(a)...... 439,500 1,176,248 Walvax Biotechnology Co. Ltd., Class A...... 162,798 1,000,800 (a) FAW Jiefang Group Co. Ltd., Class A ...... 322,300 544,367 10,869,205 Great Wall Motor Co. Ltd., Class A...... 232,189 1,511,005 Building Products — 0.4% SAIC Motor Corp. Ltd., Class A ...... 791,106 2,694,475 Beijing New Building Materials PLC, Class A ...... 175,800 1,395,942 12,899,872 Guangdong Kinlong Hardware Products Co. Ltd., Class A. . . 29,300 784,075 Banks — 10.8% Zhejiang Weixing New Building Materials Co. Ltd., Class A. . 162,796 536,786 Agricultural Bank of China Ltd., Class A ...... 7,500,800 3,667,930 2,716,803 Bank of Beijing Co. Ltd., Class A...... 2,109,600 1,549,045 Capital Markets — 6.4% Bank of Chengdu Co. Ltd., Class A ...... 351,677 568,872 Caitong Securities Co. Ltd., Class A...... 351,647 598,302 Bank of China Ltd., Class A...... 3,545,300 1,744,677 Changjiang Securities Co. Ltd., Class A...... 556,700 668,042 Bank of Communications Co. Ltd., Class A ...... 3,895,702 2,697,264 China Galaxy Securities Co. Ltd., Class A ...... 439,500 732,085 Bank of Hangzhou Co. Ltd., Class A ...... 615,396 1,404,348 China Great Wall Securities Co. Ltd., Class A ...... 205,100 373,798 Bank of Jiangsu Co. Ltd., Class A...... 1,501,500 1,286,670 China Merchants Securities Co. Ltd., Class A...... 761,847 3,056,069 Bank of Nanjing Co. Ltd., Class A...... 996,280 1,237,298 CITIC Securities Co. Ltd., Class A ...... 1,084,100 4,771,174 Bank of Ningbo Co. Ltd., Class A ...... 615,310 3,675,631 CSC Financial Co. Ltd., Class A ...... 289,039 1,797,506 Bank of Shanghai Co. Ltd., Class A ...... 1,406,469 1,768,553 Dongxing Securities Co. Ltd., Class A...... 279,139 484,468 China Construction Bank Corp., Class A ...... 966,900 1,014,685 East Money Information Co. Ltd., Class A ...... 879,000 4,803,241 China Everbright Bank Co. Ltd., Class A ...... 3,984,800 2,505,327 Everbright Securities Co. Ltd., Class A ...... 380,900 972,702 China Merchants Bank Co. Ltd., Class A ...... 2,080,302 16,502,516 First Capital Securities Co. Ltd., Class A ...... 439,500 550,599 China Minsheng Banking Corp. Ltd., Class A ...... 3,545,380 2,812,461 Founder Securities Co. Ltd., Class A(a) ...... 849,700 1,280,819 China Zheshang Bank Co. Ltd., Class A...... 1,133,200 693,116 GF Securities Co. Ltd., Class A ...... 586,000 1,443,702 Chongqing Rural Commercial Bank Co. Ltd., Class A ...... 609,400 392,603

10 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Schedule of Investments (unaudited) (continued) iShares MSCI China A ETF January 31, 2021 (Percentages shown are based on Net Assets)

Security s Value Security s Value

Capital Markets (continued) Communications Equipment (continued) Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Fiberhome Telecommunication Technologies Co. Ltd., Class A ...... 205,100 $ 460,402 Class A ...... 117,299 $ 365,282 Guolian Securities Co. Ltd., Class A(a)...... 175,800 445,391 Guangzhou Haige Communications Group Inc. Co., Guosen Securities Co. Ltd., Class A ...... 439,500 870,587 Class A ...... 234,400 338,046 Guotai Junan Securities Co. Ltd., Class A ...... 761,845 1,937,240 Hengtong Optic-Electric Co. Ltd., Class A...... 234,400 447,939 Guoyuan Securities Co. Ltd., Class A ...... 439,544 550,654 Shenzhen Sunway Communication Co. Ltd., Class A ...... 87,900 438,296 Haitong Securities Co. Ltd., Class A...... 966,900 1,840,242 Tianjin 712 Communication & Broadcasting Co. Ltd., Hithink RoyalFlush Information Network Co. Ltd., Class A . . . 58,600 1,080,638 Class A ...... 87,900 565,200 Huaan Securities Co. Ltd., Class A...... 366,400 382,801 Yealink Network Technology Corp. Ltd., Class A...... 84,655 1,054,499 Huatai Securities Co. Ltd., Class A...... 732,500 1,977,471 Zhongji Innolight Co. Ltd., Class A ...... 81,788 657,691 Huaxi Securities Co. Ltd., Class A ...... 263,700 414,280 ZTE Corp., Class A ...... 380,900 1,903,421 Industrial Securities Co. Ltd., Class A ...... 703,260 900,685 6,837,707 Nanjing Securities Co. Ltd., Class A...... 380,962 626,889 Construction & Engineering — 1.2% Northeast Securities Co. Ltd., Class A...... 234,400 322,399 China Gezhouba Group Co. Ltd., Class A ...... 468,813 472,332 Orient Securities Co. Ltd., Class A ...... 615,323 970,509 China National Chemical Engineering Co. Ltd., Class A ..... 498,110 427,615 (a) Pacific Securities Co. Ltd. (The), Class A ...... 686,597 348,540 China Railway Group Ltd., Class A...... 2,021,700 1,660,257 SDIC Capital Co. Ltd., Class A...... 351,604 700,299 China State Construction Engineering Corp. Ltd., Class A. . . 4,160,600 3,106,733 Sealand Securities Co. Ltd., Class A ...... 586,000 470,317 Metallurgical Corp. of China Ltd., Class A ...... 1,845,900 808,091 Shanxi Securities Co. Ltd., Class A ...... 380,957 461,289 Power Construction Corp. of China Ltd., Class A ...... 1,523,600 894,058 Shenwan Hongyuan Group Co. Ltd., Class A ...... 2,285,400 1,660,393 Shanghai Construction Group Co. Ltd., Class A ...... 908,300 408,912 Sinolink Securities Co. Ltd., Class A ...... 308,288 681,027 Suzhou Gold Mantis Construction Decoration Co. Ltd., SooChow Securities Co. Ltd., Class A...... 380,960 517,476 Class A ...... 263,700 325,856 Southwest Securities Co. Ltd., Class A...... 657,800 504,456 8,103,854 Tianfeng Securities Co. Ltd., Class A...... 673,900 554,465 Construction Materials — 1.1% Western Securities Co. Ltd., Class A ...... 468,820 720,517 Anhui Conch Cement Co. Ltd., Class A ...... 410,200 3,211,986 Zheshang Securities Co. Ltd., Class A ...... 380,900 782,892 BBMG Corp., Class A...... 861,100 363,601 41,714,366 Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Chemicals — 3.8% Class A ...... 234,487 1,765,482 Guangzhou Tinci Materials Technology Co. Ltd., Class A.... 56,500 836,495 China Jushi Co. Ltd., Class A...... 351,600 1,229,739 Hengli Petrochemical Co. Ltd., Class A...... 586,015 3,511,550 Huaxin Cement Co. Ltd., Class A ...... 143,319 436,299 Hengyi Petrochemical Co. Ltd., Class A ...... 364,676 735,392 Tangshan Jidong Cement Co. Ltd., Class A ...... 133,697 281,647 Inner Mongolia Junzheng Energy & Chemical Industry 7,288,754 Group Co. Ltd., Class A ...... 849,700 774,295 Containers & Packaging — 0.3% Jiangsu Yangnong Chemical Co. Ltd., Class A...... 29,300 653,623 Yunnan Energy New Material Co. Ltd., Class A ...... 87,915 1,801,113 Kingfa Sci & Tech Co. Ltd., Class A ...... 263,700 1,148,275 Lomon Billions Group Co. Ltd., Class A ...... 175,800 1,084,823 Distributors — 0.1% Rongsheng Petro Chemical Co. Ltd., Class A...... 584,801 3,104,825 Liaoning Cheng Da Co. Ltd., Class A...... 146,500 511,027 Shandong Hualu Hengsheng Chemical Co. Ltd., Class A . . . 162,700 985,548 Wuchan Zhongda Group Co. Ltd., Class A ...... 527,499 349,665 Shandong Sinocera Functional Material Co. Ltd., Class A . . . 104,500 778,682 860,692 Shanghai Putailai New Energy Technology Co. Ltd., Diversified Consumer Services — 0.2% Class A ...... 39,600 610,446 Offcn Education Technology Co. Ltd., Class A ...... 175,800 1,082,094 Shenzhen Capchem Technology Co. Ltd., Class A...... 29,300 377,073 Sinoma Science & Technology Co. Ltd., Class A...... 175,800 689,374 Diversified Financial Services — 0.1% Sinopec Shanghai Petrochemical Co. Ltd., Class A ...... 618,831 329,510 Avic Capital Co. Ltd., Class A...... 900,501 574,551 Skshu Paint Co. Ltd., Class A...... 29,300 673,909 Oceanwide Holdings Co. Ltd., Class A ...... 439,590 199,949 Tongkun Group Co. Ltd., Class A ...... 175,897 633,504 774,500 Transfar Zhilian Co. Ltd., Class A ...... 146,433 136,848 Electrical Equipment — 4.3% Wanhua Chemical Group Co. Ltd., Class A...... 322,300 5,593,775 Contemporary Amperex Technology Co. Ltd., Class A...... 234,400 12,885,423 Weihai Guangwei Composites Co. Ltd., Class A ...... 58,695 808,399 Dongfang Electric Corp. Ltd., Class A ...... 263,790 511,065 Zhejiang Juhua Co. Ltd., Class A ...... 293,000 401,180 East Group Co. Ltd., Class A ...... 231,100 240,010 Zhejiang Longsheng Group Co. Ltd., Class A...... 322,300 685,463 Eve Energy Co. Ltd., Class A ...... 175,876 2,907,763 24,552,989 Fangda Carbon New Material Co. Ltd., Class A(a)...... 468,828 550,950 Commercial Services & Supplies — 0.3% Gotion High-tech Co. Ltd., Class A(a) ...... 134,100 761,718 Beijing Originwater Technology Co. Ltd., Class A ...... 322,300 361,744 Hongfa Technology Co. Ltd., Class A...... 75,400 648,227 Shanghai M&G Stationery Inc., Class A ...... 87,900 1,283,912 Jiangsu Zhongtian Technology Co. Ltd., Class A...... 308,200 502,371 1,645,656 NARI Technology Co. Ltd., Class A ...... 468,810 2,141,127 (a) Communications Equipment — 1.1% Shanghai Electric Group Co. Ltd., Class A ...... 849,750 708,383 Addsino Co. Ltd., Class A ...... 175,800 677,912 Sungrow Power Supply Co. Ltd., Class A...... 143,800 2,339,500 Beijing BDStar Navigation Co. Ltd., Class A(a) ...... 55,400 389,421 Sunwoda Electronic Co. Ltd., Class A...... 162,799 684,390

S C HEDU LE O F I NVES TMENTS 11 Schedule of Investments (unaudited) (continued) iShares MSCI China A ETF January 31, 2021 (Percentages shown are based on Net Assets)

Security s Value Security s Value

Electrical Equipment (continued) Food Products — 5.6% TBEA Co. Ltd., Class A...... 380,900 $ 753,918 Angel Yeast Co. Ltd., Class A...... 87,996 $ 718,951 Topsec Technologies Group Inc., Class A(a) ...... 117,200 377,891 Beijing Dabeinong Technology Group Co. Ltd., Class A ..... 439,500 632,472 Xinjiang Goldwind Science & Technology Co. Ltd., Class A. . 351,651 791,012 Chacha Food Co. Ltd., Class A ...... 58,600 566,837 Zhejiang Chint Electrics Co. Ltd., Class A ...... 234,400 1,345,999 Chongqing Fuling Zhacai Group Co. Ltd., Class A ...... 87,900 612,277 28,149,747 Foshan Haitian Flavouring & Food Co. Ltd., Class A ...... 273,104 8,358,488 Electronic Equipment, Instruments & Components — 5.0% Fu Jian Anjoy Foods Co. Ltd., Class A ...... 26,200 1,003,805 Accelink Technologies Co. Ltd., Class A...... 70,800 284,446 Fujian Sunner Development Co. Ltd., Class A...... 117,200 521,261 AVIC Jonhon Optronic Technology Co. Ltd., Class A ...... 116,700 1,259,095 Guangdong Haid Group Co. Ltd., Class A ...... 175,399 1,791,933 BOE Technology Group Co. Ltd., Class A ...... 3,457,403 3,316,969 Heilongjiang Agriculture Co. Ltd., Class A ...... 175,800 446,756 Chaozhou Three-Circle Group Co. Ltd., Class A ...... 175,800 1,066,265 Henan Shuanghui Investment & Development Co. Ltd., Foxconn Industrial Internet Co. Ltd., Class A ...... 615,300 1,364,967 Class A ...... 293,000 2,137,351 GoerTek Inc., Class A ...... 322,304 1,661,142 Inner Mongolia Yili Industrial Group Co. Ltd., Class A ...... 615,300 4,221,940 Guangzhou Shiyuan Electronic Technology Co. Ltd., Jiangxi Zhengbang Technology Co. Ltd., Class A...... 263,700 709,843 Class A ...... 58,667 1,242,256 Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Huagong Tech Co. Ltd., Class A ...... 117,200 414,643 Class A ...... 87,900 917,119 Lens Technology Co. Ltd., Class A ...... 515,500 2,672,871 Juewei Food Co. Ltd., Class A...... 58,600 820,190 Leyard Optoelectronic Co. Ltd., Class A ...... 263,700 258,311 Muyuan Foods Co. Ltd., Class A...... 368,428 5,084,606 Lingyi iTech Guangdong Co., Class A ...... 586,000 937,906 New Hope Liuhe Co. Ltd., Class A ...... 439,500 1,443,019 Luxshare Precision Industry Co. Ltd., Class A ...... 703,268 5,797,200 Qianhe Condiment and Food Co. Ltd., Class A ...... 79,700 569,635 Maxscend Microelectronics Co. Ltd., Class A ...... 14,900 1,461,861 Sanquan Food Co. Ltd., Class A ...... 87,900 392,992 OFILM Group Co. Ltd., Class A ...... 263,700 420,829 Toly Bread Co. Ltd., Class A ...... 58,699 508,382 Shengyi Technology Co. Ltd., Class A...... 234,482 928,587 Tongwei Co. Ltd., Class A ...... 434,093 3,099,870 Shennan Circuits Co. Ltd., Class A...... 43,467 724,309 Wens Foodstuffs Group Co. Ltd., Class A ...... 615,386 1,620,229 (a) Suzhou Dongshan Precision Manufacturing Co. Ltd., Yuan Longping High-Tech Agriculture Co. Ltd., Class A . . . 146,500 408,912 Class A ...... 162,700 551,119 36,586,868 Tianma Microelectronics Co. Ltd., Class A...... 261,700 651,645 Health Care Equipment & Supplies — 2.0% Unisplendour Corp. Ltd., Class A ...... 285,795 913,067 Autobio Diagnostics Co. Ltd., Class A ...... 29,300 601,770 Universal Scientific Industrial Shanghai Co. Ltd., Class A . . . 146,500 377,073 Guangzhou Wondfo Biotech Co. Ltd., Class A ...... 29,300 395,721 Visionox Technology Inc., Class A(a)...... 146,598 216,427 Intco Medical Technology Co. Ltd., Class A...... 35,400 1,286,933 Wingtech Technology Co. Ltd., Class A ...... 117,200 1,917,294 Jafron Biomedical Co. Ltd., Class A ...... 87,950 1,075,200 Wuhan Guide Infrared Co. Ltd., Class A...... 174,953 1,157,816 Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Wuhu Token Science Co. Ltd., Class A...... 263,700 308,663 Class A ...... 117,200 505,432 WUS Printed Circuit Kunshan Co. Ltd., Class A...... 175,800 468,316 Lepu Medical Technology Beijing Co. Ltd., Class A ...... 175,800 734,132 Wuxi Lead Intelligent Equipment Co. Ltd., Class A ...... 87,900 1,221,279 Ovctek China Inc., Class A ...... 58,600 1,001,949 Zhejiang Dahua Technology Co. Ltd., Class A ...... 308,200 1,166,458 Shandong Pharmaceutical Glass Co. Ltd., Class A ...... 56,500 330,844 32,760,814 Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Energy Equipment & Services — 0.1% Class A ...... 99,534 6,928,357 Offshore Oil Engineering Co. Ltd., Class A ...... 439,568 288,649 12,860,338 Yantai Jereh Oilfield Services Group Co. Ltd., Class A ...... 99,885 666,608 Health Care Providers & Services — 1.7% 955,257 Aier Eye Hospital Group Co. Ltd., Class A...... 417,148 5,098,393 Entertainment — 1.1% China National Accord Medicines Corp. Ltd., Class A ...... 29,398 175,247 Beijing Enlight Media Co. Ltd., Class A...... 278,900 567,182 China National Medicines Corp. Ltd., Class A...... 86,200 530,048 Beijing Kunlun Tech Co. Ltd., Class A ...... 117,200 436,295 Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A . . 44,297 1,075,990 China Film Co. Ltd., Class A...... 162,700 312,941 Huadong Medicine Co. Ltd., Class A ...... 175,825 719,770 (a) G-Bits Network Technology Xiamen Co. Ltd., Class A ...... 5,500 292,868 Jointown Pharmaceutical Group Co. Ltd., Class A ...... 191,800 563,045 (a) Giant Network Group Co. Ltd., Class A...... 175,812 471,623 Meinian Onehealth Healthcare Holdings Co. Ltd., Class A . 410,240 903,698 Mango Excellent Media Co. Ltd., Class A...... 175,880 2,211,589 Shanghai Pharmaceuticals Holding Co. Ltd., Class A ...... 191,809 537,761 (a) Perfect World Co. Ltd., Class A ...... 205,152 868,806 Topchoice Medical Corp., Class A ...... 29,300 1,382,524 Wuhu Sanqi Interactive Entertainment Network Technology 10,986,476 Group Co. Ltd., Class A ...... 205,193 1,029,525 Health Care Technology — 0.1% Zhejiang Century Huatong Group Co. Ltd., Class A(a) ...... 789,982 761,573 Winning Health Technology Group Co. Ltd., Class A ...... 234,488 554,400 6,952,402 Hotels, Restaurants & Leisure — 0.3% Food & Staples Retailing — 0.5% Shanghai Jinjiang International Hotels Co. Ltd., Class A..... 87,900 708,342 DaShenLin Pharmaceutical Group Co. Ltd., Class A ...... 56,500 869,210 Shenzhen Overseas Chinese Town Co. Ltd., Class A ...... 820,456 838,077 Laobaixing Pharmacy Chain JSC, Class A ...... 40,300 451,695 Songcheng Performance Development Co. Ltd., Class A.... 263,772 672,774 Yifeng Pharmacy Chain Co. Ltd., Class A ...... 58,698 924,895 Yonghui Superstores Co. Ltd., Class A ...... 966,975 1,023,770 2,219,193 3,269,570

12 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Schedule of Investments (unaudited) (continued) iShares MSCI China A ETF January 31, 2021 (Percentages shown are based on Net Assets)

Security s Value Security s Value

Household Durables — 1.6% Machinery (continued) Guangdong Xinbao Electrical Appliances Holdings Co. Ltd., Zhejiang Dingli Machinery Co. Ltd., Class A...... 56,398 $ 1,017,356 Class A ...... 56,500 $ 433,290 Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A...... 380,931 1,358,345 Haier Smart Home Co. Ltd., Class A ...... 644,600 3,187,151 Zhengzhou Yutong Bus Co. Ltd., Class A...... 234,400 507,251 Hangzhou Robam Appliances Co. Ltd., Class A ...... 87,900 525,491 Zoomlion Heavy Industry Science and Technology Co. Ltd., Jason Furniture Hangzhou Co. Ltd., Class A ...... 56,500 645,461 Class A ...... 673,900 1,301,424 Joyoung Co. Ltd., Class A ...... 87,900 384,669 20,454,380 NavInfo Co. Ltd., Class A...... 205,100 477,595 Marine — 0.3% Oppein Home Group Inc., Class A ...... 41,383 961,073 COSCO SHIPPING Holdings Co. Ltd., Class A(a) ...... 996,200 1,919,204 Shenzhen MTC Co. Ltd., Class A(a) ...... 468,800 485,418 Suofeiya Home Collection Co. Ltd., Class A ...... 58,600 288,467 Media — 0.6% TCL Technology Group Corp., Class A ...... 1,347,800 1,797,304 China South Publishing & Media Group Co. Ltd., Class A . . . 175,882 256,656 Xiamen Intretech Inc., Class A ...... 52,186 559,641 Focus Media Information Technology Co. Ltd., Class A...... 1,494,360 2,519,347 Zhejiang Supor Co. Ltd., Class A ...... 58,698 725,336 Leo Group Co. Ltd., Class A...... 673,900 329,541 10,470,896 NanJi E-Commerce Co. Ltd., Class A ...... 263,700 399,952 Household Products — 0.1% Oriental Pearl Group Co. Ltd., Class A ...... 351,699 476,091 C&S Paper Co. Ltd., Class A ...... 146,500 533,542 3,981,587 Metals & Mining — 3.2% Independent Power and Renewable Electricity Producers — 1.8% Aluminum Corp. of China Ltd., Class A(a) ...... 1,318,500 654,987 China National Nuclear Power Co. Ltd., Class A ...... 1,377,108 1,100,977 Baoshan Iron & Steel Co. Ltd., Class A...... 1,875,270 1,909,724 China Yangtze Power Co. Ltd., Class A ...... 2,225,188 6,798,212 Chifeng Jilong Gold Mining Co. Ltd., Class A(a) ...... 173,100 440,163 Huadian Power International Corp. Ltd., Class A...... 686,300 343,062 China Molybdenum Co. Ltd., Class A ...... 1,816,600 1,708,972 Huaneng Power International Inc., Class A ...... 732,500 474,184 China Northern Rare Earth Group High-Tech Co. Ltd., SDIC Power Holdings Co. Ltd., Class A ...... 673,900 909,113 Class A(a) ...... 366,400 1,012,461 Shanghai Electric Power Co. Ltd., Class A ...... 249,905 263,419 Ganfeng Lithium Co. Ltd., Class A ...... 112,750 2,096,893 Shenergy Co. Ltd., Class A ...... 468,831 371,912 GEM Co. Ltd., Class A ...... 498,196 617,945 Shenzhen Energy Group Co. Ltd., Class A ...... 410,218 398,013 Guangdong HEC Technology Holding Co. Ltd., Class A(a) . . . 58,600 42,301 Sichuan Chuantou Energy Co. Ltd., Class A...... 439,500 747,095 Guangdong Hongda Blasting Co. Ltd., Class A ...... 86,800 415,967 11,405,987 Hesteel Co. Ltd., Class A(a) ...... 1,084,100 346,689 Insurance — 3.2% Hunan Valin Steel Co. Ltd., Class A ...... 615,340 481,447 China Life Insurance Co. Ltd., Class A ...... 293,000 1,644,291 Inner Mongolia BaoTou Steel Union Co. Ltd., Class A(a) . .... 4,600,100 821,236 China Pacific Insurance Group Co. Ltd., Class A...... 644,600 3,471,343 Jiangsu Shagang Co. Ltd., Class A ...... 234,400 354,421 Hubei Biocause Pharmaceutical Co. Ltd., Class A ...... 498,100 306,980 Jiangxi Copper Co. Ltd., Class A...... 205,100 599,859 New China Life Insurance Co. Ltd., Class A ...... 205,100 1,538,811 Pangang Group Vanadium Titanium & Resources Co. Ltd., People's Insurance Co. Group of China Ltd. (The), Class A . 586,000 548,552 Class A(a) ...... 879,000 266,089 Ping An Insurance Group Co. of China Ltd., Class A ...... 1,084,123 13,309,082 Shandong Gold Mining Co. Ltd., Class A ...... 380,928 1,313,392 20,819,059 Shandong Nanshan Aluminum Co. Ltd., Class A...... 1,259,900 651,303 IT Services — 0.3% Shanxi Taigang Stainless Steel Co. Ltd., Class A ...... 556,700 307,662 Beijing Sinnet Technology Co. Ltd., Class A ...... 175,899 447,827 Tongling Nonferrous Metals Group Co. Ltd., Class A ...... 1,093,500 388,738 China TransInfo Technology Co. Ltd., Class A ...... 175,800 485,782 Xiamen Tungsten Co. Ltd., Class A ...... 175,898 483,323 DHC Software Co. Ltd., Class A ...... 322,300 371,751 Yintai Gold Co. Ltd., Class A...... 293,020 363,452 (a) Lakala Payment Co. Ltd., Class A...... 85,600 381,381 Zhejiang Huayou Cobalt Co. Ltd., Class A ...... 117,200 1,801,579 Wangsu Science & Technology Co. Ltd., Class A ...... 58,523 54,601 Zhongjin Gold Corp. Ltd., Class A...... 468,800 613,505 Zijin Mining Group Co. Ltd., Class A...... 1,992,400 2,969,277 1,741,342 Life Sciences Tools & Services — 1.0% 20,661,385 Hangzhou Tigermed Consulting Co. Ltd., Class A...... 29,304 761,481 Multiline Retail — 0.1% Maccura Biotechnology Co. Ltd., Class A...... 56,500 397,767 Wangfujing Group Co. Ltd., Class A...... 85,600 424,568 WuXi AppTec Co. Ltd., Class A ...... 215,040 5,552,887 Oil, Gas & Consumable Fuels — 1.3% 6,712,135 China Merchants Energy Shipping Co. Ltd., Class A ...... 673,999 507,462 Machinery — 3.2% China Petroleum & Chemical Corp., Class A ...... 2,834,043 1,737,826 China Shipbuilding Industry Co. Ltd., Class A(a)...... 2,285,400 1,447,522 China Shenhua Energy Co. Ltd., Class A...... 586,099 1,583,154 Hefei Meiya Optoelectronic Technology Inc., Class A ...... 75,287 524,770 COSCO SHIPPING Energy Transportation Co. Ltd., Inner Mongolia First Machinery Group Co. Ltd., Class A. .... 172,800 286,227 Class A ...... 351,649 347,192 Jiangsu Hengli Hydraulic Co. Ltd., Class A ...... 133,724 2,432,365 Guanghui Energy Co. Ltd., Class A(a) ...... 849,700 321,854 Sany Heavy Industry Co. Ltd., Class A ...... 849,700 5,336,965 PetroChina Co. Ltd., Class A ...... 2,109,600 1,339,449 Shenzhen Inovance Technology Co. Ltd., Class A ...... 175,841 2,597,358 Shaanxi Coal Industry Co. Ltd., Class A...... 861,100 1,356,821 Siasun Robot & Automation Co. Ltd., Class A(a)...... 162,700 300,312 Shanxi Coking Coal Energy Group Co. Ltd., Class A...... 468,860 350,827 Weichai Power Co. Ltd., Class A...... 615,300 2,019,272 Shanxi Lu'an Environmental Energy Development Co. Ltd., XCMG Construction Machinery Co. Ltd., Class A ...... 791,100 658,263 Class A ...... 380,900 322,854 Yantai Eddie Precision Machinery Co. Ltd., Class A...... 56,500 666,950 Shanxi Meijin Energy Co. Ltd., Class A(a)...... 424,600 467,995

S C HEDU LE O F I NVES TMENTS 13 Schedule of Investments (unaudited) (continued) iShares MSCI China A ETF January 31, 2021 (Percentages shown are based on Net Assets)

Security s Value Security s Value

Oil, Gas & Consumable Fuels (continued) Real Estate Management & Development (continued) Yanzhou Coal Mining Co. Ltd., Class A...... 293,000 $ 395,267 Poly Developments and Holdings Group Co. Ltd., Class A . . 1,201,300 $ 2,575,420 8,730,701 RiseSun Real Estate Development Co. Ltd., Class A...... 453,737 442,351 Paper & Forest Products — 0.1% Seazen Holdings Co. Ltd., Class A...... 228,772 1,500,488 Shandong Sun Paper Industry JSC Ltd., Class A ...... 263,700 647,619 Shanghai Lingang Holdings Corp. Ltd., Class A...... 146,500 431,882 Shanghai Zhangjiang High-Tech Park Development Co. Personal Products — 0.2% Ltd., Class A ...... 146,500 392,538 By-Health Co. Ltd., Class A...... 162,700 561,222 Xinhu Zhongbao Co. Ltd., Class A ...... 879,000 412,096 Proya Cosmetics Co. Ltd., Class A...... 17,900 516,855 Yango Group Co. Ltd., Class A ...... 439,500 413,461 Shanghai Jahwa United Co. Ltd., Class A ...... 75,400 463,755 Youngor Group Co. Ltd., Class A ...... 439,594 484,521 1,541,832 Zhongtian Financial Group Co. Ltd., Class A(a) ...... 732,592 307,064 Pharmaceuticals — 4.7% 16,039,908 Apeloa Pharmaceutical Co. Ltd., Class A...... 117,200 409,549 Road & Rail — 0.4% Asymchem Laboratories Tianjin Co. Ltd., Class A...... 28,500 1,298,453 Beijing-Shanghai High Speed Railway Co. Ltd., Class A .... 1,142,700 956,145 Betta Pharmaceuticals Co. Ltd., Class A ...... 44,612 893,466 Daqin Railway Co. Ltd., Class A ...... 1,465,046 1,448,751 Changchun High & New Technology Industry Group Inc., 2,404,896 Class A ...... 38,140 2,691,734 Semiconductors & Semiconductor Equipment — 3.8% Chengdu Kanghong Pharmaceutical Group Co. Ltd., GCL System Integration Technology Co. Ltd., Class A(a) . . . . 527,400 330,769 Class A ...... 75,400 475,928 Gigadevice Semiconductor Beijing Inc., Class A ...... 41,398 1,169,644 China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Hangzhou First Applied Material Co. Ltd., Class A ...... 56,500 873,684 Class A ...... 104,500 402,482 Hangzhou Silan Microelectronics Co. Ltd., Class A ...... 146,500 510,344 Dong-E-E-Jiao Co. Ltd., Class A ...... 58,600 297,928 Ingenic Semiconductor Co. Ltd., Class A(a) ...... 29,300 309,755 Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., JA Solar Technology Co. Ltd., Class A(a) ...... 114,700 635,852 Class A ...... 146,500 631,335 LONGi Green Energy Technology Co. Ltd., Class A...... 380,924 6,359,920 Hubei Jumpcan Pharmaceutical Co. Ltd., Class A ...... 87,900 253,125 NAURA Technology Group Co. Ltd., Class A ...... 45,300 1,409,285 Humanwell Healthcare Group Co. Ltd., Class A...... 114,700 485,391 Sanan Optoelectronics Co. Ltd., Class A ...... 468,896 2,152,438 Jiangsu Hengrui Medicine Co. Ltd., Class A ...... 532,052 8,570,120 SG Micro Corp., Class A ...... 12,900 607,787 Jilin Aodong Pharmaceutical Group Co. Ltd., Class A ...... 117,260 280,515 Shenzhen Goodix Technology Co. Ltd., Class A ...... 43,300 937,635 Joincare Pharmaceutical Group Industry Co. Ltd., Class A . . 205,100 390,673 Shenzhen SC New Energy Technology Corp., Class A...... 29,300 606,500 Livzon Pharmaceutical Group Inc., Class A...... 58,600 323,218 Tianjin Zhonghuan Semiconductor Co. Ltd., Class A ...... 322,399 1,364,339 Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Tianshui Huatian Technology Co. Ltd., Class A ...... 293,000 645,436 Class A ...... 87,920 436,758 TongFu Microelectronics Co. Ltd., Class A(a)...... 146,500 624,285 Shandong Buchang Pharmaceuticals Co. Ltd., Class A . .... 117,223 403,988 Unigroup Guoxin Microelectronics Co. Ltd., Class A ...... 58,600 1,099,469 Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A . . . 205,163 1,448,194 Will Semiconductor Co. Ltd. Shanghai, Class A...... 87,900 3,951,348 Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Wuxi Taiji Industry Co. Ltd., Class A...... 234,400 296,200 Class A ...... 104,500 301,577 Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A ...... 117,200 636,066 Class A ...... 142,201 886,100 Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A ...... 117,200 445,028 24,770,790 Sichuan Kelun Pharmaceutical Co. Ltd., Class A ...... 146,500 433,247 Software — 1.9% Tianjin Chase Sun Pharmaceutical Co. Ltd., Class A...... 322,384 203,691 360 Security Technology Inc., Class A...... 498,100 1,258,076 Tonghua Dongbao Pharmaceutical Co. Ltd., Class A...... 205,100 355,967 Beijing E-Hualu Information Technology Co. Ltd., Class A . . . 29,300 124,812 Yifan Pharmaceutical Co. Ltd., Class A...... 146,596 415,097 Beijing Shiji Information Technology Co. Ltd., Class A...... 87,972 456,818 Yunnan Baiyao Group Co. Ltd., Class A ...... 123,200 2,543,122 Beijing Thunisoft Corp. Ltd., Class A ...... 87,900 267,453 Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A. 58,699 2,720,512 China National Software & Service Co. Ltd., Class A...... 56,400 547,658 Zhejiang Huahai Pharmaceutical Co. Ltd., Class A...... 150,904 574,179 Zhejiang NHU Co. Ltd., Class A...... 234,498 1,352,387 Hundsun Technologies Inc., Class A ...... 108,459 1,635,392 Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A ...... 58,600 846,025 Iflytek Co. Ltd., Class A...... 234,450 1,701,511 Sangfor Technologies Inc., Class A ...... 39,600 1,827,650 30,519,755 Shanghai Baosight Software Co. Ltd., Class A...... 87,900 908,522 Real Estate Management & Development — 2.5% Thunder Software Technology Co. Ltd., Class A ...... 45,400 1,037,519 China Fortune Land Development Co. Ltd., Class A ...... 380,900 558,786 Venustech Group Inc., Class A ...... 58,699 301,712 China Merchants Property Operation & Service Co. Ltd., Yonyou Network Technology Co. Ltd., Class A...... 322,349 2,156,283 Class A ...... 58,600 176,210 China Merchants Shekou Industrial Zone Holdings Co. Ltd., 12,223,406 Class A ...... 673,952 1,236,657 Specialty Retail — 1.6% China Vanke Co. Ltd., Class A ...... 996,200 4,297,718 China Tourism Group Duty Free Corp. Ltd., Class A ...... 197,141 8,997,610 Financial Street Holdings Co. Ltd., Class A ...... 308,266 289,045 Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A ..... 322,300 523,353 Gemdale Corp., Class A...... 468,818 788,199 Suning.com Co. Ltd., Class A...... 937,600 962,104 Greenland Holdings Corp. Ltd., Class A ...... 806,900 675,167 10,483,067 Jiangsu Zhongnan Construction Group Co. Ltd., Class A.... 380,900 457,672 Technology Hardware, Storage & Peripherals — 0.4% Jinke Properties Group Co. Ltd., Class A ...... 556,700 600,633 China Greatwall Technology Group Co. Ltd., Class A ...... 293,000 787,804 GRG Banking Equipment Co. Ltd., Class A...... 263,700 369,249

14 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Schedule of Investments (unaudited) (continued) iShares MSCI China A ETF January 31, 2021 (Percentages shown are based on Net Assets)

Security s Value Securitys Value

Technology Hardware, Storage & Peripherals (continued) Water Utilities — 0.0% Inspur Electronic Information Industry Co. Ltd., Class A ..... 148,260 $ 597,261 Luenmei Quantum Co. Ltd., Class A ...... 175,835 $ 264,777 Ninestar Corp., Class A ...... 112,910 471,682 Shenzhen Kaifa Technology Co. Ltd., Class A ...... 146,500 470,318 Total Common Stocks — 99.9% (Cost: $424,382,162) ...... 648,010,647 2,696,314 Textiles, Apparel & Luxury Goods — 0.0% Total Investments in Securities — 99.9% Zhejiang Semir Garment Co. Ltd., Class A ...... 234,400 313,302 (Cost: $424,382,162) ...... 648,010,647

Trading Companies & Distributors — 0.1% Other Assets, Less Liabilities — 0.1% ...... 541,703 Xiamen C & D Inc., Class A...... 279,100 334,921 Net Assets — 100.0%...... $ 648,552,350 Transportation Infrastructure — 0.4% (a) Non-income producing security. Guangzhou Baiyun International Airport Co. Ltd., Class A . . . 234,498 502,003 Shanghai International Airport Co. Ltd., Class A ...... 104,522 1,281,851 Shanghai International Port Group Co. Ltd., Class A ...... 908,300 621,829 Shenzhen Airport Co. Ltd., Class A ...... 191,800 233,138 2,638,821

Futures Contracts

Value/ Notional Unrealized Number of Expiration Amount Appreciation Description Contracts Date (000) (Depreciation) Long Contracts FTSE China 50 E-mini Index ...... 1 02/25/21 $ 18 $ (846)

Equity Contracts Liabilities — Derivative Financial Instruments Futures contracts Unrealized depreciation on futures contracts(a) ...... $ 846

For the six months ended January 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

Equity Contracts Net Realized Gain (Loss) from: Futures contracts ...... $ 2,211 Net Change in Unrealized Appreciation (Depreciation) on: Futures contracts ...... $ (846)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts: Average notional value of contracts — long...... $6,041 For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

S C HEDU LE O F I NVES TMENTS 15 Schedule of Investments (unaudited) (continued) iShares MSCI China A ETF January 31, 2021

Fair Value Measurements (continued)

Level 1 Level 2 Level 3 Total Investments Assets Common Stocks ...... $648,010,647 $ — $ — $648,010,647 Derivative financial instruments(a) Liabilities Futures Contracts...... $ (846) $ — $ — $ (846)

(a) Shown at the unrealized appreciation (depreciation) on the contracts. See notes to financial statements.

16 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Statements of Assets and Liabilities (unaudited) January 31, 2021

iShares iShares China Large-Cap MSCI China ETF A ETF

ASSETS Investments in securities, at value (including securities on loan)(a): Unaffiliated(b) ...... $ 4,081,572,154 $648,010,647 Affiliated(c) ...... 60,168,452 — Cash...... 3,137 312,633 Foreign currency, at value(d)...... 3,931,907 694,162 Cash pledged: Futures contracts ...... 251,984 2,000 Receivables: Investments sold...... — 32,539 Securities lending income — Affiliated ...... 74,472 — Dividends...... 201 450 Total assets ...... 4,146,002,307 649,052,431

LIABILITIES Collateral on securities loaned, at value...... 57,957,353 — Payables: Investments purchased...... — 369,512 Variation margin on futures contracts...... 90,715 — Investment advisory fees ...... 2,655,993 130,569 Total liabilities ...... 60,704,061 500,081

NET ASSETS ...... $ 4,085,298,246 $648,552,350

NET ASSETS CONSIST OF: Paid-in capital ...... $ 5,752,016,590 $439,286,929 Accumulated earnings (loss) ...... (1,666,718,344) 209,265,421 NET ASSETS ...... $ 4,085,298,246 $648,552,350

Shares outstanding ...... 82,950,000 14,650,000 Net asset value...... $ 49.25 $ 44.27 Shares authorized ...... Unlimited Unlimited Par value...... None None

(a) Securities loaned, at value ...... $ 39,636,162 $ — (b) Investments, at cost — Unaffiliated ...... $ 3,417,051,889 $424,382,162 (c) Investments, at cost — Affiliated...... $ 60,150,181 $ — (d) Foreign currency, at cost ...... $ 3,932,265 $ 694,091

See notes to financial statements.

F INANC IAL S T ATEMENTS 17 Statements of Operations (unaudited) Six Months Ended January 31, 2021

iShares China iShares Large-Cap MSCI China ETF A ETF

INVESTMENT INCOME Dividends — Unaffiliated ...... $ 16,047,075 $ 1,113,507 Dividends — Affiliated ...... 2,021 — Interest—Unaffiliated ...... — 495 Securities lending income — Affiliated — net...... 299,273 — Foreign taxes withheld ...... (1,130,223) (112,703) Total investment income ...... 15,218,146 1,001,299

EXPENSES Investment advisory fees...... 13,775,495 1,660,417 Commitment fees...... — 1,738 Total expenses ...... 13,775,495 1,662,155

Less: Investment advisory fees waived ...... — (997,988) Total expenses after fees waived ...... 13,775,495 664,167 Net investment income ...... 1,442,651 337,132

REALIZED AND UNREALIZED GAIN (LOSS) Net realized gain (loss) from: Investments — Unaffiliated ...... (396,667,273) 228,367 Investments —Affiliated...... 9,847 — In-kind redemptions — Unaffiliated...... 145,834,203 — Futures contracts ...... 569,893 2,211 Foreign currency transactions ...... (1,734) 42,467 Net realized gain (loss)...... (250,255,064) 273,045 Net change in unrealized appreciation (depreciation) on: Investments — Unaffiliated ...... 940,790,377 112,379,829 Investments —Affiliated...... (49,582) — Futures contracts ...... 425,004 (846) Foreign currency translations ...... (956) (104) Net change in unrealized appreciation (depreciation) ...... 941,164,843 112,378,879 Net realized and unrealized gain ...... 690,909,779 112,651,924 NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ...... $ 692,352,430 $112,989,056

See notes to financial statements.

18 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Statements of Changes in Net Assets

iShares iShares China Large-Cap ETF MSCI China A ETF Six Months Ended Six Months Ended 01/31/21 Year Ended 01/31/21 Year Ended (unaudited) 07/31/20 (unaudited) 07/31/20

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS Net investment income...... $ 1,442,651 $ 90,387,550 $ 337,132 $ 5,417,031 Net realized gain (loss)...... (250,255,064) 136,500,623 273,045 (8,566,578) Net change in unrealized appreciation (depreciation) ...... 941,164,843 (248,556,366) 112,378,879 95,860,338 Net increase (decrease) in net assets resulting from operations...... 692,352,430 (21,668,193) 112,989,056 92,710,791

DISTRIBUTIONS TO SHAREHOLDERS(a) Decrease in net assets resulting from distributions to shareholders...... (59,162,637) (109,484,134) (4,886,608) (3,307,597)

CAPITAL SHARE TRANSACTIONS Net increase (decrease) in net assets derived from capital share transactions ...... 22,398,391 (1,478,548,428) 56,444,841 252,612,876

NET ASSETS Total increase (decrease) in net assets ...... 655,588,184 (1,609,700,755) 164,547,289 342,016,070 Beginning of period...... 3,429,710,062 5,039,410,817 484,005,061 141,988,991 End of period...... $4,085,298,246 $ 3,429,710,062 $648,552,350 $484,005,061

(a) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F INANC IAL S T ATEMENTS 19 Financial Highlights (For a share outstanding throughout each period)

iShares China Large-Cap ETF Six Months Ended 01/31/21 Year Ended Year Ended Year Ended Year Ended Year Ended (unaudited) 07/31/20 07/31/19 07/31/18 07/31/17 07/31/16

Net asset value, beginning of period ...... $ 41.57 $ 41.63 $ 43.14 $ 42.57 $ 35.11 $ 40.66 Net investment income(a) ...... 0.02 0.89 1.07 1.27 0.86 0.65 Net realized and unrealized gain (loss)(b) ...... 8.34 0.17 (1.73) 0.80 7.47 (5.18) Net increase (decrease) from investment operations...... 8.36 1.06 (0.66) 2.07 8.33 (4.53)

Distributions(c) From net investment income...... (0.68) (1.12) (0.85) (1.50) (0.87) (1.02) Total distributions ...... (0.68) (1.12) (0.85) (1.50) (0.87) (1.02)

Net asset value, end of period ...... $ 49.25 $ 41.57 $ 41.63 $ 43.14 $ 42.57 $ 35.11

Total Return Based on net asset value ...... 20.25%(d) 2.59% (1.44)% 4.73% 24.23% (11.13)%

Ratios to Average Net Assets Total expenses ...... 0.74%(e) 0.74% 0.74% 0.74% 0.74% 0.74% Net investment income...... 0.08%(e) 2.18% 2.55% 2.75% 2.26% 1.87%

Supplemental Data Net assets, end of period (000)...... $4,085,298 $3,429,710 $5,039,411 $4,096,070 $3,346,303 $3,586,773 Portfolio turnover rate(f) ...... 38%(d) 18% 14% 18% 15% 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) Not annualized. (e) Annualized. (f) Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

20 2021 I S H ARES S EMI-AN N U AL R E P O RT TO S HAREHO LDERS Financial Highlights (continued) (For a share outstanding throughout each period)

iShares MSCI China A ETF Six Months Ended Period From 01/31/21 Year Ended Year Ended Year Ended Year Ended 06/13/16(a) (unaudited) 07/31/20 07/31/19 07/31/18 07/31/17 to 07/31/16

Net asset value, beginning of period...... $ 36.39 $ 28.68 $ 27.06 $ 29.19 $ 25.68 $24.13 Net investment income(b) ...... 0.02 0.59 0.84 0.56 0.30 0.28 Net realized and unrealized gain (loss)(c) ...... 8.21 7.47 1.67 (2.38) 3.66 1.27 Net increase (decrease) from investment operations ...... 8.23 8.06 2.51 (1.82) 3.96 1.55

Distributions(d) From net investment income ...... (0.35) (0.35) (0.19) (0.31) (0.45) — From net realized gain...... — — (0.70) — — — Total distributions ...... (0.35) (0.35) (0.89) (0.31) (0.45) —

Net asset value, end of period ...... $ 44.27 $ 36.39 $ 28.68 $ 27.06 $ 29.19 $25.68

Total Return Based on net asset value...... 22.73%(e) 28.40% 9.97% (6.33)%(f) 15.65% 6.47%(e)(g)

Ratios to Average Net Assets Total expenses...... 0.60%(h) 0.63% 0.65% 0.65% 0.65% 0.65%(h) Total expenses after fees waived ...... 0.24%(h) 0.24% 0.24% 0.55% 0.65% 0.65%(h) Net investment income ...... 0.12%(h) 1.98% 3.10% 1.81% 1.13% 8.42%(h)

Supplemental Data Net assets, end of period (000) ...... $648,552 $484,005 $141,989 $13,529 $10,217 $8,989 Portfolio turnover rate(i)...... 18%(e)(j) 31%(j) 44%(j) 154% 13% 1%(e)

(a) Commencement of operations. (b) Based on average shares outstanding. (c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. (d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations. (e) Not annualized. (f) Includes payment received from an affiliate, which impacted the Fund’s total return. Excluding the payment from an affiliate, the Fund’s total return would have been -6.54%. (g) The total return disclosed is based on the net asset value (“NAV”) calculated daily for the creation and redemption of shares in the Fund, which may differ from the NAV calculated for financial reporting purposes. Based on the NAV calculated for financial reporting purposes, the total return for the Fund was 6.42%. (h) Annualized. (i) Portfolio turnover rate includes portfolio transactions that are executed as a result of the Fund offering and redeeming Creation Units solely for cash in U.S. dollars ("cash creations"). (j) Portfolio turnover rate excluding cash creations was as follows:...... 12% 28% 22% — — —

See notes to financial statements.

F INANC IAL H I G HLIG HTS 21 Notes to Financial Statements (unaudited)

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

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

Diversification iShares ETF Classification China Large-Cap ...... Non-diversified MSCI China A ...... Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. 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 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. 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 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 “Other foreign taxes”, 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 January 31, 2021, if any, are disclosed in the statement 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 statement of operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, 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 or obligations.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains orr 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. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

22 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Notes to Financial Statements (unaudited) (continued)

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.

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. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). 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 a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

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

If events (e.g., a market closure, 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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global 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 Global Valuation Committee, or its delegate, 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 Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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. 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 for identical assets or liabilities that each Fund has the ability to access; • Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and • Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global 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 Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned

N O TES TO F INANC IAL S T ATEMENTS 23 Notes to Financial Statements (unaudited) (continued) 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 BlackRock Fund Advisors (“BFA”), the Funds' investment adviser, or its affiliates is disclosed in the schedules 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 as of January 31, 2021:

Market Value of Cash Collateral Non-Cash Collateral iShares ETF and Counterparty Securities on Loan Received(a) Received Net Amount China Large-Cap HSBC Bank PLC...... $ 17,823 $ 17,823 $ — $ — JPMorgan Securities LLC ...... 18,370,229 18,370,229 — — Macquarie Bank Limited...... 17,337,982 17,337,982 — — Morgan Stanley & Co. LLC ...... 3,910,128 3,910,128 — — $ 39,636,162 $ 39,636,162 $ — $ —

(a) Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund's statement of assets and liabilities. The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’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 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 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 statement of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statement of operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

24 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Notes to Financial Statements (unaudited) (continued)

For its investment advisory services to the iShares China Large-Cap ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund as follows:

Average Daily Net Assets Investment Advisory Fee First $6 billion...... 0.74% Over $6 billion, up to and including $9 billion...... 0.67 Over $9 billion, up to and including $12 billion ...... 0.60 Over $12 billion ...... 0.54

For its investment advisory services to the iShares MSCI China A ETF, BFA is entitled to an annual investment advisory fee of 0.60%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

Expense Waivers: BFA may from time to time voluntarily waive and/or reimburse fees or expenses in order to limit total annual fund operating expenses (excluding acquired fund fees and expenses, if any). BFA has elected to implement a voluntary fee waiver in order to limit the Fund’s total annual operating expenses after fee waiver to 0.24%, and currently intends to keep such voluntary fee waiver for the Fund in place through December 31, 2021. Any such voluntary waiver or reimbursement may be eliminated by BFA at any time.

This amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended January 31, 2021, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

iShares ETF Amounts waived MSCI China A ...... $ 997,988

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

Securities Lending: The U.S. Securities and Exchange Commission (the “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. 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 efffectively 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. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of 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 all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified 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 the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its statement of operations. For the six months ended January 31, 2021, the Funds paid BTC the following amounts for securities lending agent services:

Fees Paid iShares ETF to BTC China Large-Cap...... $ 81,581

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees 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 January 31, 2021, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

N O TES TO F INANC IAL S T ATEMENTS 25 Notes to Financial Statements (unaudited) (continued)

Net Realized iShares ETF Purchases Sales Gain (Loss) China Large-Cap ...... $8,019,551 $17,208,815 $ 11,467,666

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 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 January 31, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF Purchases Sales China Large-Cap ...... $ 1,926,104,094 $ 1,393,952,182 MSCI China A ...... 147,692,341 95,793,326

For the six months ended January 31, 2021, purchases and sales related to in-kind transactions were as follows:

In-kind In-kind iShares ETF Purchases Sales China Large-Cap ...... $ — $510,735,612

8. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2021, 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.

As of July 31, 2020, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF Non-Expiring China Large-Cap ...... $ 2,003,214,295 MSCI China A ...... 5,057,935

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of January 31, 2021, 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:

Net Unrealized Gross Unrealized Gross Unrealized Appreciation iShares ETF Tax Cost Appreciation Depreciation (Depreciation) China Large-Cap ...... $ 3,551,108,420 $ 1,029,841,481 $ (439,318,153) $ 590,523,328 MSCI China A ...... 433,858,020 231,784,502 (17,632,721) 214,151,781

9. LINE OF CREDIT

The iShares MSCI China A ETF, along with certain other iShares funds (“Participating Funds”), is a party to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on July 15, 2021. 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 Credit Agreement sets specific sub limits on aggregate borrowings based on two tiers of Participating Funds: $300 million with respect to the funds within Tier 1 and $200 million with respect to Tier 2, including the Fund. The Fund may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. The Credit Agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each

26 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Notes to Financial Statements (unaudited) (continued)

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 Credit Agreement.

During the six months ended January 31, 2021, the Fund did not borrow under the credit agreement.

10. PRINCIPAL RISKS

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

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

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 redemption gates or liquidity fees under certain circumstances.

Market Risk: The iShares MSCI China A ETF invests in A-shares (i.e., equity securities of companies based in the People’s Republic of China (“China” or “PRC”) that trade on the Shanghai Stock Exchange and Shenzhen Stock Exchange) primarily through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program (together, “Stock Connect”). Investing in A-shares through Stock Connect is subject to trading, clearance and settlement procedures, which could pose risks to the Fund. Trading through Stock Connect is subject to a daily quota, which limits the maximum net purchases under Stock Connect each day. The daily quota may restrict the Fund’s ability to invest in A-shares on a timely basis and could affect the Fund’s ability to effectively pursue its investment strategy. Additionally, the Fund may be subject to the risk of price fluctuations on days when the Chinese markets are open, but Stock Connect is not trading. The A-shares market has a higher propensity for trading suspensions than many other global equity markets.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund's investments. The duration of this pandemic and its effects cannot be determined with certainty.

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

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 the Manager 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 statement 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.

N O TES TO F INANC IAL S T ATEMENTS 27 Notes to Financial Statements (unaudited) (continued)

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

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

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds' investments.

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021, and it is expected that LIBOR will cease to be published after that time. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

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 Year Ended 01/31/21 07/31/20 iShares ETF Shares Amount Shares Amount China Large-Cap Shares sold ...... 11,550,000 $ 544,063,074 14,400,000 $ 587,905,012 Shares redeemed...... (11,100,000) (521,664,683)(52,950,000) (2,066,453,440) Net increase (decrease) ...... 450,000 $ 22,398,391 (38,550,000) $ (1,478,548,428) MSCI China A Shares sold ...... 2,150,000 $ 86,390,589 8,700,000 $ 262,711,214 Shares redeemed...... (800,000) (29,945,748) (350,000) (10,098,338) Net increase ...... 1,350,000 $ 56,444,841 8,350,000 $ 252,612,876

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust's administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors 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.

28 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Notes to Financial Statements (unaudited) (continued)

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

12. SUBSEQUENT EVENTS

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

N O TES TO F INANC IAL S T ATEMENTS 29 Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares China Large-Cap ETF and iShares MSCI China A ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 2, 2020 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2019 through September 30, 2020 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and closures in certain countries and the impact of the coronavirus outbreak on the Funds and the overall market.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a Fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following enhancements to the Program: (1) certain single country emerging market ETFs were added to a $300 million credit agreement with State Street Bank and Trust Company; and (2) certain updates were made to the RATS and HLIM calculation methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

30 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by the third quarter of 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities so that a failure to comply with the limits would result in a statutory violation and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

S U PPLEMENTAL I NFO RMATION 31 General Information

Electronic Delivery

Shareholders can sign up for email 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.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference off the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if theirr 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.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings forr the first and third quarters of each fiscal year available at ishares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

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 at iShares.com.

32 2021 I S HARES S E MI-AN N U AL R EPO RT TO S H AREHO LDERS Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity

JSC Joint Stock Company

G LOSSARY O F T E RMS U S ED IN THIS R E P O RT 33 THIS PAGE INTENTIONALLY LEFT BLANK. THIS PAGE INTENTIONALLY LEFT BLANK. Want to know more? iShares.com | 1-800-474-2737

This report is intended for the Funds' shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus. Investing involves risk, including possible loss of principal. The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”). The iShares Funds are not sponsored, endorsed, issued, sold or promoted by FTSE International Limited 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 ©2021 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners. iS-SAR-106-0121