2021 Annual Report iShares Trust

• iShares Currency Hedged JPX-Nikkei 400 ETF | HJPX | NYSE Arca• iShares JPX-Nikkei 400 ETF | JPXN | NYSE Arca

MARCH 31, 2021

Dear Shareholder,

The 12-month reporting period as of March 31, 2021 reflected a remarkable period of disruption andadaptation, as the global economy dealt with the implications of the coronavirus (or “COVID-19”)pandemic. As the period began, the response to the virus’s spread was well underway, and countriesaround the world instituted economically disruptive countermeasures. Stay-at-home orders and closuresof non-essential businesses became widespread, many workers were laid off, and unemployment claimsspiked, causing a global recession and a sharp fall in equity prices.

As April 2020 began, stocks were near their lowest point since the beginning of the pandemic. However,a steady recovery began, as businesses started re-opening and governments learned to adapt to life withthe virus. Equity prices continued to rise throughout the summer, fed by strong fiscal and monetarysupport and improving economic indicators. Many equity indices neared or surpassed all-time highs latein the reporting period following the implementation of mass vaccination campaigns and passage of anadditional $1.9 trillion of fiscal stimulus. In the United States, both large- and small-capitalization stocksposted a significant advance. International equities also gained, as both developed countries andemerging markets rebounded substantially.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) was near all-time lows as theperiod began, reflecting a reduced investor appetite for risk. However, inflation concerns from a rapidlyexpanding economy raised yields late in the reporting period, leading to a negative overall return for mostU.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”)assuaged credit concerns and led to positive returns for corporate bonds, particularly high-yield corpo-rates, which gained substantially.

The Fed remained committed to accommodative monetary policy by maintaining near zero interest ratesand by announcing that inflation could exceed its 2% target for a sustained period without triggering a rateincrease. To stabilize credit markets, the Fed also continued purchasing significant quantities of bonds, asdid other influential central banks around the world, including the European Central Bank and the Bank ofJapan.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth,we believe that the global expansion will continue to accelerate as vaccination efforts ramp up andpent-up consumer demand leads to higher spending. In early 2021, President Biden signed one of thelargest economic rescue packages in U.S. history, which should provide a solid tailwind for economicgrowth. In our view, inflation is likely to increase somewhat as the expansion continues, but moderateinflation is less likely to be followed by interest rate hikes that could threaten the economic expansion dueto the change in Fed policy.

Overall, we favor a positive stance toward risk, with an overweight in equities. We see U.S. and Asianequities outside of Japan benefiting from structural growth trends in technology, while emerging marketsshould be particularly helped by a vaccine-led economic expansion. While we are neutral overall oncredit, rising inflation should provide tailwinds for inflation-protected bonds, and global high-yield andAsian bonds also present attractive opportunities. We believe that international diversification and a focuson sustainability can help provide portfolio resilience, and the disruption created by the coronavirusappears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broadarray of asset classes, and be nimble as market conditions change. We encourage you to talk with yourfinancial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob KapitoPresident, BlackRock, Inc.

Total Returns as of March 31, 2021

6-Month 12-Month

U.S. large cap equities(S&P 500� Index)

19.07% 56.35%

U.S. small cap equities(Russell 2000� Index)

48.05 94.85

International equities(MSCI Europe, Australasia,Far East Index)

20.08 44.57

Emerging market equities(MSCI Emerging MarketsIndex)

22.43 58.39

3-month Treasury bills(ICE BofA 3-MonthU.S. Treasury Bill Index)

0.06 0.12

U.S. Treasury securities(ICE BofA 10-YearU.S. Treasury Index)

(8.88) (8.23)

U.S. investment grade bonds(Bloomberg BarclaysU.S. Aggregate Bond Index)

(2.73) 0.71

Tax-exempt municipal bonds(S&P Municipal Bond Index)

1.46 5.29

U.S. high yield bonds(Bloomberg BarclaysU.S. Corporate High Yield 2%Issuer Capped Index)

7.35 23.65

Past performance is no guarantee of future results. Indexperformance is shown for illustrative purposes only. Youcannot invest directly in an index.

The Markets in Review

Rob KapitoPresident, BlackRock, Inc.

2 T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

Page

The Markets in Review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2Market Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4Fund Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5About Fund Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Shareholder Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Schedules of Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10Financial Statements

Statements of Assets and Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19Statements of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20Statements of Changes in Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24Report of Independent Registered Public Accounting Firm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32Important Tax Information (Unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33Statement Regarding Liquidity Risk Management Program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34Supplemental Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35Trustee and Officer Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36General Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38Glossary of Terms Used in this Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39

Table of Contents

iShares Trust

Global Market Overview

Global equity markets advanced significantly during the 12 months ended March 31, 2021 (“reporting period”). The MSCI ACWI, a broad global equity index that includesboth developed and emerging markets, returned 54.60% in U.S. dollar terms for the reporting period.

The reporting period began near the height of uncertainty surrounding the coronavirus pandemic, which drove equity prices to a multi-year low. However, stocks began torecover as governments took measures to adapt to the economic and public health impact of the novel coronavirus. In November 2020, news that several vaccines underdevelopment showed high effectiveness rates boosted equities. Optimism about the growth outlook for the global economy led to further advances, and stocks moved pastpre-pandemic prices to reach all-time highs near the end of the reporting period.

The U.S. experienced a remarkable recovery from the depths of the pandemic-induced upheaval, and U.S. stocks rebounded to post substantial gains. As the reportingperiod began, unemployment reached its highest level since the Great Depression, and economic activity was declining, with a significant contraction in the second quarterof 2020. However, unprecedented fiscal stimulus began to reverse the downward economic momentum. Individuals began to receive direct payments in April 2020 as partof the U.S. $2.2 trillion CARES Act, and payments to support businesses that kept employees on payroll helped to stabilize the economy. Unemployment began to decline,decreasing each month between April 2020 and November 2020, yet remained elevated compared to pre-pandemic levels.

The U.S. Federal Reserve (“Fed”) also responded to the pandemic, acting to stabilize bond markets by continuing an unlimited, open-ended, bond buying program forU.S. Treasuries and mortgage-backed securities, which later expanded to include corporate bonds. In August 2020, the Fed revised its long-standing inflation policy,allowing inflation to exceed the 2% target to stimulate the economy.

Stocks in Europe also gained significantly, despite a recovery that trailed other major economies. European countries experienced some of the highest infection rates earlyin the pandemic, particularly Italy, Spain, and the U.K., and governments instituted a series of restrictions that weighed on economic growth. The European Central Bank(“ECB”) provided monetary stimulus by maintaining ultra-low interest rates and continuing a large bond-buying program. Growth resumed with a significant rebound in thethird quarter of 2020 as restrictions eased and Eurozone countries reached a deal for a collective €750 billion of stimulus spending. However, a new wave of casesbeginning in October 2020 led to renewed restrictions, weakening the fragile recovery. Consequently, the Eurozone economy contracted slightly in the fourth quarter of2020, even as much of the world was returning to growth. The continent also faced headwinds due to a slow vaccine rollout and another sharp increase in coronavirus casesin March 2021, which prompted the return of some restrictions.

Asia-Pacific regional stocks advanced notably amid a sharp rebound in economic activity. While the course of the pandemic varied by country, the Asia-Pacific region overallhad fewer cases and deaths per capita than other regions, despite an increase late in the reporting period. China returned to growth in the second quarter of 2020, earlierthan most countries. China’s restart helped the regional economy recover, as many Asia-Pacific countries rely on China as a major trading partner. In November 2020, 14countries joined China to form the world’s largest trade pact, the Regional Comprehensive Economic Partnership, designed to facilitate trade between its members.

Market Overview

4 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Investment Objective

The iShares Currency Hedged JPX-Nikkei 400 ETF (the “Fund”) seeks to track the investment results of an index composed of broad-based Japanese equities whilemitigating exposure to fluctuations between the value of the Japanese yen and the U.S. dollar, as represented by the JPX-Nikkei 400 Net Total Return USD Hedged 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 useof representative sampling, the Fund may or may not hold all of the securities that are included in the Index. The Fund currently seeks to achieve its investment objectiveby investing a substantial portion of its assets in one underlying fund, the iShares JPX-Nikkei 400 ETF.

Performance Average Annual Total Returns Cumulative Total Returns

1 Year 5 YearsSince

Inception 1 Year 5 YearsSince

Inception

Fund NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45.49% 10.88% 9.39% 45.49% 67.57% 63.91%Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44.55 10.73 9.37 44.55 66.48 63.77Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43.16 11.20 10.07 43.16 70.04 69.55

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

$16,391$16,955

8,000

9,000

10,000

11,000

12,000

13,000

14,000

15,000

16,000

$17,000

Mar 21Mar 20Mar 19Mar 18Mar 17Mar 16

Fund Index

The inception date of the Fund was 9/29/15. The first day of secondary market trading was 10/1/15.

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 andinvestors should not expect that such exceptional returns will be repeated.

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 redemptionor sale of fund shares. See “About Fund Performance” on page 9 for more information.

Expense Example Actual Hypothetical 5% Return

BeginningAccount Value

(10/01/20)

EndingAccount Value

(03/31/21)

ExpensesPaid Duringthe Period (a)(b)

BeginningAccount Value

(10/01/20)

EndingAccount Value

(03/31/21)

ExpensesPaid Duringthe Period (a)(b)

AnnualizedExpense

Ratio (a)

$ 1,000.00 $ 1,216.10 $ 0.06 $ 1,000.00 $ 1,024.90 $ 0.05 0.01%

(a) Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests.(b) 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 (182 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, maybe paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

Fund Summary as of March 31, 2021 iShares� Currency Hedged JPX-Nikkei 400 ETF

F U N D S U M M A R Y 5

Portfolio Management Commentary

Japanese stocks advanced for the reporting period in U.S. dollar terms as the economy recovered from the coronavirus pandemic and its worst recession since World WarII. A massive government stimulus program, including bond and stock purchases, supported the recovery in equities. Amid a global economic reopening, foreign demanddrove higher exports and capital spending. Consumer confidence and spending improved from pandemic-induced lows.

Industrials sector stocks were the largest contributors to the Index’s return, as a rebound in exports drove gains in the capital goods industry. Machinery stocks advancedamid high demand for robots and automation equipment from electric vehicle (“EV”) and technology product manufacturers, especially in China. Trading companies anddistributors benefited from rising commodity prices and strong demand for basic goods such as chemicals.

Consumer discretionary stocks were solid contributors to the Index’s performance, led by the automobiles and components industry. While pandemic-related restrictionsslowed economies, temporarily closed factories, and upset supply chains, sales of EVs remained strong, supported by more stringent emissions standards, incentives, andnew models. Total vehicle sales started to recover in the second half of the reporting period as economies reopened, particularly in China and the U.S. Consumer electronicsstocks also contributed, benefiting from increased demand as homebound consumers increased spending on home entertainment.

The information technology sector was also a strong contributor, led by the technology hardware and equipment industry. The ongoing adoption of robotics and automatedsystems in manufacturing along with the rising demand for smartphone components supported the industry. Within the communication services sector, wirelesstelecommunication services stocks drove a notable contribution, largely due to gains in the portfolio companies of a technology conglomerate. Entertainment stocks alsocontributed, benefiting from rising sales of video games and consoles.

The Japanese yen declined by approximately 3% against the U.S. dollar for the reporting period. Climbing U.S. bond yields and expectations for higher economic growthworked against the Japanese yen, particularly near the end of the reporting period.

The Japanese yen’s negative performance meant hedging activity contributed to the Index’s return. A fully hedged investor seeks to bypass the currency fluctuations — bothon the upside and on the downside — related to holding foreign-currency-denominated securities. The Index’s hedging activity offset the negative impact of the Japaneseyen’s performance relative to the U.S. dollar, resulting in an Index return that was relatively close to the return of Japanese equities measured in Japanese yen.

Portfolio Information

ALLOCATION BY INVESTMENT TYPE

Investment TypePercent ofNet Assets

Investment Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99.7%Short-term Investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.0(a)

Forward foreign currency exchange contracts, net cumulativeappreciation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.7Other assets less liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3.4)

(a) Rounds to less than 0.1%.

ALLOCATION BY SECTOR (of the UNDERLYING FUND)

SectorPercent of

Total Investment(a)

Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.1%Consumer Discretionary. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.6Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.8Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.2Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.7Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.6Communication Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.8Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.4Real Estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8 (a)

Excludes money market funds.

Fund Summary as of March 31, 2021 (continued) iShares� Currency Hedged JPX-Nikkei 400 ETF

6 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Investment Objective

The iShares JPX-Nikkei 400 ETF (the “Fund”) seeks to track the investment results of a broad-based benchmark composed of Japanese equities, as represented by theJPX-Nikkei Index 400 (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to theIndex. 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

1 Year 5 Years 10 Years 1 Year 5 Years 10 Years

Fund NAV. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38.91% 9.83% 6.76% 38.91% 59.78% 92.28%Fund Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40.50 9.95 6.87 40.50 60.67 94.41Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39.32 10.17 7.04 39.32 62.30 97.44

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

$19,228$19,744

8,000

10,000

12,000

14,000

16,000

18,000

$20,000

Mar 21Mar 20Mar 19Mar 18Mar 17Mar 16Mar 15Mar 14Mar 13Mar 12

Fund 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 andinvestors should not expect that such exceptional returns will be repeated.

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 iscalculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

Index performance through September 3, 2015 reflects the performance of the S&P/TOPIX 150TM. Index performance beginning on September 4, 2015 reflects the performance of theJPX-Nikkei Index 400.

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 redemptionor sale of fund shares. See “About Fund Performance” on page 9 for more information.

Expense Example Actual Hypothetical 5% Return

BeginningAccount Value

(10/01/20)

EndingAccount Value

(03/31/21)

ExpensesPaid Duringthe Period (a)

BeginningAccount Value

(10/01/20)

EndingAccount Value

(03/31/21)

ExpensesPaid Duringthe Period (a)

AnnualizedExpense

Ratio

$ 1,000.00 $ 1,160.60 $ 2.59 $ 1,000.00 $ 1,022.50 $ 2.42 0.48%

(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 ofdays in the period (182 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, maybe paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 9 for more information.

Fund Summary as of March 31, 2021 iShares� JPX-Nikkei 400 ETF

F U N D S U M M A R Y 7

Portfolio Management Commentary

Japanese stocks advanced for the reporting period as the economy recovered from the coronavirus pandemic and its worst recession since World War II. A massivegovernment stimulus program, including bond and stock purchases, supported the recovery in equities. Amid a global economic reopening, foreign demand drove higherexports and capital spending. Consumer confidence and spending improved from pandemic-induced lows.

Industrials sector stocks were the largest contributors to the Index’s return, as a rebound in exports drove gains in the capital goods industry. Machinery stocks advancedamid high demand for robots and automation equipment from electric vehicle (“EV”) and technology product manufacturers, especially in China. Trading companies anddistributors benefited from rising commodity prices and strong demand for basic goods such as chemicals.

Consumer discretionary stocks were solid contributors to the Index’s performance, led by the automobiles and components industry. While pandemic-related restrictionsslowed economies, temporarily closed factories, and upset supply chains, sales of EVs remained strong, supported by more stringent emissions standards, incentives, andnew models. Total vehicle sales started to recover in the second half of the reporting period as economies reopened, particularly in China and the U.S. Consumer electronicsstocks also contributed, benefiting from increased demand as homebound consumers increased spending on home entertainment.

The information technology sector was also a strong contributor, led by the technology hardware and equipment industry. The ongoing adoption of robotics and automatedsystems in manufacturing along with the rising demand for smartphone components supported the industry. Within the communication services sector, wirelesstelecommunication services stocks drove a notable contribution, largely due to gains in the portfolio companies of a technology conglomerate. Entertainment stocks alsocontributed, benefiting from rising sales of video games and consoles.

Portfolio Information

ALLOCATION BY SECTOR

SectorPercent of

Total Investments(a)

Industrials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.1%Consumer Discretionary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.6Information Technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.8Health Care . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10.2Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.7Consumer Staples . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.6Communication Services. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.8Materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.4Real Estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7Utilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8

TEN LARGEST HOLDINGS

SecurityPercent of

Total Investments(a)

SoftBank Group Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9%Sony Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8Mitsubishi UFJ Financial Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 1.8Recruit Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7Shin-Etsu Chemical Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6Nidec Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6Nippon Telegraph & Telephone Corp. . . . . . . . . . . . . . . . . . . . . . . . . 1.5Toyota Motor Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Keyence Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Daikin Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4

(a) Excludes money market funds.

Fund Summary as of March 31, 2021 (continued) iShares� JPX-Nikkei 400 ETF

8 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. Thesecircumstances 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, currentperformance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performanceresults 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 oron 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 orless 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 betweenthe 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. Sinceshares 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 sharesof 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 gaindistributions 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 doesnot incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may bepayable 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) ongoingcosts, 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 (orfrom 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 andcents) 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 feewaivers, 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 valuedivided 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 yourFund’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 yourFund 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 commissionsand 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 determinethe relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

About Fund Performance

A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S 9

Security Shares

Value

Investment CompaniesExchange-Traded Funds — 99.7%iShares JPX-Nikkei 400 ETF(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48,004 $ 3,532,614

Total Investment Companies — 99.7%(Cost: $2,865,883) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,532,614

Short-Term InvestmentsMoney Market Funds — 0.0%BlackRock Cash Funds: Treasury, SL Agency Shares,

0.00%(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 1,000

Total Short-Term Investments — 0.0%(Cost: $1,000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000

Total Investments in Securities — 99.7%(Cost: $2,866,883) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,533,614

Other Assets, Less Liabilities — 0.3% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,123

Net Assets — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,542,737

(a) Affiliate of the Fund.(b) Annualized 7-day yield as of period-end.

Affiliates

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

Affiliated IssuerValue at

03/31/20Purchases

at CostProceeds

from SalesNet Realized

Gain (Loss)

Change inUnrealized

Appreciation(Depreciation)

Value at03/31/21

SharesHeld at

03/31/21 Income

CapitalGain

Distributionsfrom

UnderlyingFunds

BlackRock Cash Funds: Treasury, SL Agency Shares. . . . $ 1,000 $ 0(a) $ — $ — $ — $ 1,000 1,000 $ 2 $ —iShares JPX-Nikkei 400 ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,476,780 358,360 (246,850) (14,242) 958,566 3,532,614 48,004 42,289 —

$ (14,242) $ 958,566 $3,533,614 $42,291 $ —

(a) Represents net amount purchased (sold).

Forward Foreign Currency Exchange Contracts

Currency Purchased Currency Sold Counterparty Settlement Date

UnrealizedAppreciation

(Depreciation)

USD 3,449,642 JPY 367,381,000 MS 04/05/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 131,575

USD 3,545,322 JPY 391,622,000 MS 05/10/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,160

138,735

JPY 367,381,000 USD 3,325,830 MS 04/05/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,762)

USD 14,435 JPY 1,598,000 MS 05/10/21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3)

(7,765)

Net unrealized appreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 130,970

Schedule of InvestmentsMarch 31, 2021

iShares� Currency Hedged JPX-Nikkei 400 ETF(Percentages shown are based on Net Assets)

10 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Derivative Financial Instruments Categorized by Risk Exposure

As of March 31, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

ForeignCurrency

ExchangeContracts

Assets — Derivative Financial InstrumentsForward foreign currency exchange contracts

Unrealized appreciation on forward foreign currency exchange contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 138,735

Liabilities — Derivative Financial InstrumentsForward foreign currency exchange contracts

Unrealized depreciation on forward foreign currency exchange contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,765

For the year ended March 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

ForeignCurrency

ExchangeContracts

Net Realized Gain (Loss) from:Forward foreign currency exchange contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ (60,049)

Net Change in Unrealized Appreciation (Depreciation) on:Forward foreign currency exchange contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 188,220

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Forward foreign currency exchange contracts:Average amounts purchased — in USD. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,727,976Average amounts sold — in USD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,764,226

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

Derivative Financial Instruments - Offsetting as of Year End

The Fund's derivative assets and liabilities (by type) were as follows:

Assets Liabilities

Derivative Financial Instruments:Forward foreign currency exchange contracts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $138,735 $ 7,765

Total derivative assets and liabilities in the Statement of Assets and Liabilities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138,735 7,765Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — —

Total derivative assets and liabilities subject to an MNA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138,735 7,765

The following tables present the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateralreceived and pledged by the Fund:

Counterparty

DerivativeAssets

Subject toan MNA by

Counterparty

DerivativesAvailablefor Offset(a)

Net Amountof Derivative

Assets(b)

Morgan Stanley & Co. International PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $138,735 $ (7,765) $130,970

Counterparty

DerivativeLiabilities

Subject toan MNA by

Counterparty

DerivativesAvailablefor Offset(a)

Net Amountof Derivative

Liabilities

Morgan Stanley & Co. International PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,765 $(7,765) $ —

Schedule of Investments (continued)March 31, 2021

iShares� Currency Hedged JPX-Nikkei 400 ETF

S C H E D U L E O F I N V E S T M E N T S 11

(a) The amount of derivatives available for offset is limited to the amount of derivatives assets and/or liabilities that are subject to an MNA.(b) Net amount represents the net amount receivable from the counterparty in the event of default.

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 valuationof financial instruments, refer to the Notes to Financial Statements.

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

Level 1 Level 2 Level 3 Total

InvestmentsAssets

Investment Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,532,614 $ — $ — $3,532,614Money Market Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 — — 1,000

$3,533,614 $ — $ — $3,533,614

Derivative financial instruments(a)

AssetsForward Foreign Currency Exchange Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ 138,735 $ — $ 138,735

LiabilitiesForward Foreign Currency Exchange Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (7,765) — (7,765)

$ — $ 130,970 $ — $ 130,970

(a) Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

Schedule of Investments (continued)March 31, 2021

iShares� Currency Hedged JPX-Nikkei 400 ETF

12 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Security Shares

Value

Common StocksAir Freight & Logistics — 0.2%Yamato Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 $ 175,783

Airlines — 0.6%ANA Holdings Inc.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,000 279,312Japan Airlines Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,400 232,471

511,783Auto Components — 2.9%Aisin Seiki Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 152,036Bridgestone Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,000 485,973Denso Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,400 691,482Koito Manufacturing Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,500 167,873NGK Spark Plug Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 55,341Nifco Inc./Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 58,425Stanley Electric Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 95,421Sumitomo Electric Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,800 252,076Sumitomo Rubber Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 47,240Toyo Tire Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400 42,527Toyoda Gosei Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 42,107Toyota Boshoku Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 26,498Toyota Industries Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 356,923TS Tech Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 23,877Yokohama Rubber Co. Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400 43,005

2,540,804Automobiles — 3.9%Honda Motor Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,800 1,105,332Isuzu Motors Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,600 146,339Mazda Motor Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,400 117,546Subaru Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,600 271,262Suzuki Motor Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,800 400,181Toyota Motor Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,084 1,254,115Yamaha Motor Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,700 164,377

3,459,152Banks — 5.3%Aozora Bank Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400 55,037Chiba Bank Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,200 99,728Concordia Financial Group Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,000 113,774Fukuoka Financial Group Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 75,982Mebuki Financial Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,000 56,688Mitsubishi UFJ Financial Group Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . 294,400 1,576,439Mizuho Financial Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,050 897,900Resona Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,600 208,634Seven Bank Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,200 34,802Shinsei Bank Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 64,760Sumitomo Mitsui Financial Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 32,000 1,160,398Sumitomo Mitsui Trust Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 8,804 307,463

4,651,605Beverages — 1.2%Asahi Group Holdings Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,400 439,059Ito En Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 98,317Kirin Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,000 383,801Suntory Beverage & Food Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 119,167

1,040,344Building Products — 1.9%AGC Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 167,602Aica Kogyo Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 57,774Daikin Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,900 1,191,746Nichias Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 40,688

Security Shares

Value

Building Products (continued)Sanwa Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 $ 52,452TOTO Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 196,923

1,707,185Capital Markets — 1.1%Daiwa Securities Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,400 178,102Japan Exchange Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,800 300,597Nomura Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,400 370,412SBI Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,600 152,036

1,001,147Chemicals — 5.2%Air Water Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 84,272Asahi Kasei Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,400 350,632Daicel Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,600 43,178Denka Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 64,000DIC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 41,513JSR Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 145,086Kansai Paint Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 128,362KH Neochem Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 20,257Kuraray Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,200 82,295Mitsubishi Chemical Holdings Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . 30,400 228,316Mitsubishi Gas Chemical Co. Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 117,893Mitsui Chemicals Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 126,516Nippon Paint Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,000 274,253Nippon Sanso Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 76,163Nissan Chemical Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400 128,362Nitto Denko Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 273,955NOF Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 83,837Shin-Etsu Chemical Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,400 1,414,697Showa Denko KK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 91,222Sumitomo Chemical Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,000 186,679Teijin Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 69,032Tokai Carbon Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 77,625Tokuyama Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 40,442Toray Industries Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,800 211,493Tosoh Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,200 138,005Ube Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400 51,214

4,549,299Commercial Services & Supplies — 0.6%Park24 Co. Ltd.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400 44,937Pilot Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 25,557Secom Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 404,547Sohgo Security Services Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 75,728

550,769Construction & Engineering — 1.2%COMSYS Holdings Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400 74,063Hazama Ando Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 30,733Kajima Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,200 159,233Kumagai Gumi Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 21,756Kyowa Exeo Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400 63,464Kyudenko Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 30,624Maeda Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 27,685Nippo Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 43,729Nishimatsu Construction Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 900 22,871Obayashi Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,400 132,271Penta-Ocean Construction Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 50,331Shimizu Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,400 116,764Sumitomo Mitsui Construction Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 3,220 14,541Taisei Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 185,484Toda Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,600 41,100

Schedule of InvestmentsMarch 31, 2021

iShares� JPX-Nikkei 400 ETF(Percentages shown are based on Net Assets)

S C H E D U L E O F I N V E S T M E N T S 13

Security Shares

Value

Construction & Engineering (continued)Tokyu Construction Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 $ 8,717

1,023,366Construction Materials — 0.1%Taiheiyo Cement Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 84,300

Consumer Finance — 0.1%Acom Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,800 41,014AEON Financial Service Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400 32,253Orient Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,000 16,724

89,991Distributors — 0.1%PALTAC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 43,366

Diversified Financial Services — 0.8%Financial Products Group Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 10,454Fuyo General Lease Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 55,167Mitsubishi UFJ Lease & Finance Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . 10,400 62,871ORIX Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,000 473,339Tokyo Century Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 53,864Zenkoku Hosho Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 73,557

729,252Diversified Telecommunication Services — 1.5%Nippon Telegraph & Telephone Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 49,600 1,275,685

Electric Utilities — 0.8%Chubu Electric Power Co. Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,400 185,701Chugoku Electric Power Co. Inc. (The) . . . . . . . . . . . . . . . . . . . . . . . . 6,400 78,711Hokkaido Electric Power Co. Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 18,281Kansai Electric Power Co. Inc. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . 17,600 190,813Kyushu Electric Power Co. Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,400 102,776Tohoku Electric Power Co. Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,200 105,919

682,201Electrical Equipment — 2.5%Fuji Electric Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400 100,127Furukawa Electric Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 43,004Mitsubishi Electric Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,400 708,177Nidec Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,200 1,361,738

2,213,046Electronic Equipment, Instruments & Components — 6.1%Alps Alpine Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 52,851Anritsu Corp.(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 69,966Azbil Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 137,991Daiwabo Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,000 30,443Hamamatsu Photonics KK. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 189,394Hitachi Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22,400 1,014,386Horiba Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 50,534Keyence Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,744 1,248,334Kyocera Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,200 457,738Murata Manufacturing Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,600 1,088,246Omron Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 312,760Shimadzu Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,600 202,968Taiyo Yuden Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400 112,941TDK Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400 332,959Yokogawa Electric Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 88,528

5,390,039Entertainment — 2.3%Akatsuki Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 8,100Capcom Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 156,163Daiichikosho Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 31,059

Security Shares

Value

Entertainment (continued)GungHo Online Entertainment Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 890 $ 17,607Koei Tecmo Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,040 46,729Konami Holdings Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 95,421Nexon Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,200 363,873Nintendo Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,900 1,062,796Square Enix Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,900 105,747Toei Animation Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 21,448Toho Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 130,027

2,038,970Food & Staples Retailing — 2.3%Aeon Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,600 525,452Ain Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 51,692Cosmos Pharmaceutical Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400 62,516Create SD Holdings Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 26,063Kobe Bussan Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 85,864Kusuri no Aoki Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500 38,371Lawson Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 78,624Matsumotokiyoshi Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 71,385Seven & i Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,600 710,849Sugi Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 63,493Sundrug Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 58,642Tsuruha Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,000 129,231Welcia Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400 82,534Yaoko Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 49,231

2,033,947Food Products — 1.8%Ajinomoto Co. Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,200 229,625Ariake Japan Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 48,579Calbee Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400 61,292Kagome Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 50,896Kewpie Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 72,977Kikkoman Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 190,842Kotobuki Spirits Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 52,054Maruha Nichiro Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 19,005MEIJI Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 206,190Morinaga & Co. Ltd./Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 900 32,213Morinaga Milk Industry Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 42,136NH Foods Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 68,706Nichirei Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400 61,879Nippon Suisan Kaisha Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 30,813Nissin Foods Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 118,878Toyo Suisan Kaisha Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400 100,995Yakult Honsha Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 162,172

1,549,252Gas Utilities — 0.4%Osaka Gas Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,800 171,779Tokyo Gas Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,800 196,109

367,888Health Care Equipment & Supplies — 3.1%Asahi Intecc Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,600 154,570Hoya Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,200 1,082,769Japan Lifeline Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 20,286Nihon Kohden Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 46,769Olympus Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,600 530,766Sysmex Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,600 388,507Terumo Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,400 521,137

2,744,804Health Care Providers & Services — 0.3%Alfresa Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 92,655

Schedule of Investments (continued)March 31, 2021

iShares� JPX-Nikkei 400 ETF(Percentages shown are based on Net Assets)

14 2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Value

Health Care Providers & Services (continued)Medipal Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 $ 92,264Ship Healthcare Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 45,032

229,951Health Care Technology — 0.6%M3 Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 548,127

Hotels, Restaurants & Leisure — 1.2%HIS Co. Ltd.(a)(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 16,036KOMEDA Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 14,588McDonald's Holdings Co. Japan Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,800 83,077Oriental Land Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 722,172Skylark Holdings Co. Ltd.(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 71,935Sushiro Global Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400 106,208Zensho Holdings Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400 61,488

1,075,504Household Durables — 3.9%Casio Computer Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 75,475Haseko Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 67,287Iida Group Holdings Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 96,869Nikon Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,200 67,439Open House Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 68,344Panasonic Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,600 638,965Rinnai Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 89,701Sekisui Chemical Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,600 184,615Sekisui House Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,000 343,747Sharp Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,600 96,796Sony Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,200 1,594,968Sumitomo Forestry Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 86,371

3,410,577Household Products — 0.7%Lion Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,600 109,415Pigeon Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 121,629Unicharm Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,600 403,548

634,592Independent Power and Renewable Electricity Producers — 0.1%Electric Power Development Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 70,009

Industrial Conglomerates — 0.1%Keihan Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400 99,909TOKAI Holdings Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400 20,764

120,673Insurance — 2.2%Dai-ichi Life Holdings Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,000 413,104MS&AD Insurance Group Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . 11,200 329,311Sompo Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 307,113T&D Holdings Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,600 175,508Tokio Marine Holdings Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,200 724,235

1,949,271Interactive Media & Services — 0.5%Dip Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 20,988Kakaku.com Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 87,457Mixi Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 900 22,561Z Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,400 310,927

441,933Internet & Direct Marketing Retail — 0.4%Rakuten Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,800 248,282ZOZO Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 94,697

342,979

Security Shares

Value

IT Services — 2.6%Digital Garage Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 $ 32,615Fujitsu Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,100 593,665GMO Payment Gateway Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 900 119,566Infocom Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 20,373Itochu Techno-Solutions Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400 77,430NEC Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 377,629Nihon Unisys Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 49,376Nomura Research Institute Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,064 249,947NS Solutions Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 25,412NTT Data Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,800 182,927Obic Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 292,923Otsuka Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400 112,507SCSK Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 47,493TIS Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 114,722

2,296,585Leisure Products — 1.0%Bandai Namco Holdings Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 285,720Shimano Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 381,900Yamaha Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 174,045

841,665Machinery — 6.3%Amada Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,200 80,405Daifuku Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400 235,439DMG Mori Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 52,532FANUC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 947,873Fuji Corp./Aichi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400 61,575Hino Motors Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,600 48,246Hitachi Construction Machinery Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . 2,400 76,996Hoshizaki Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 143,059IHI Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 65,014Japan Steel Works Ltd. (The) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 38,038Komatsu Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,800 643,577Kubota Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,000 547,222Makita Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,600 240,471MINEBEA MITSUMI Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,800 225,296MISUMI Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,600 162,932Mitsubishi Heavy Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,000 249,701Miura Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 86,588Nabtesco Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400 109,901NGK Insulators Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,600 102,574NSK Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,600 98,606OSG Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400 42,809SMC Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,400 814,787Sumitomo Heavy Industries Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400 66,787Takeuchi Manufacturing Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 22,407THK Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,200 110,914Yaskawa Electric Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 239,348

5,513,097Media — 0.3%Dentsu Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 154,208Hakuhodo DY Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 106,860

261,068Metals & Mining — 0.9%Asahi Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 30,668JFE Holdings Inc.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,625 168,062Nippon Steel Corp.(a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,604 368,832Sumitomo Metal Mining Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,600 242,194

809,756

Schedule of Investments (continued)March 31, 2021

iShares� JPX-Nikkei 400 ETF(Percentages shown are based on Net Assets)

S C H E D U L E O F I N V E S T M E N T S 15

Security Shares

Value

Multiline Retail — 0.6%Izumi Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 $ 31,385J Front Retailing Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,600 53,263Marui Group Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,000 75,258Pan Pacific International Holdings Corp.. . . . . . . . . . . . . . . . . . . . . . . 9,600 226,838Ryohin Keikaku Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,400 151,631Seria Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 27,982

566,357Oil, Gas & Consumable Fuels — 0.8%Cosmo Energy Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 38,183ENEOS Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69,600 315,940Idemitsu Kosan Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 123,974Inpex Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,200 158,726Iwatani Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 900 55,629

692,452Paper & Forest Products — 0.2%Oji Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,800 134,776

Personal Products — 2.0%Fancl Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 54,081Kao Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,200 741,227Kobayashi Pharmaceutical Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,300 121,529Kose Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 113,376Pola Orbis Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 38,574Rohto Pharmaceutical Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400 64,138Shiseido Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,000 604,507

1,737,432Pharmaceuticals — 6.1%Astellas Pharma Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,040 616,725Chugai Pharmaceutical Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,400 584,992Daiichi Sankyo Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,609 1,097,638Eisai Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,200 349,129Hisamitsu Pharmaceutical Co. Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,200 78,299Kaken Pharmaceutical Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 31,385Kyowa Kirin Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 143,783Nippon Shinyaku Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 119,167Ono Pharmaceutical Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,400 272,000Otsuka Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,600 407,196Santen Pharmaceutical Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,800 121,289Sawai Pharmaceutical Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 38,407Shionogi & Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,600 301,640Sumitomo Dainippon Pharma Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 3,200 55,804Takeda Pharmaceutical Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,800 1,182,878

5,400,332Professional Services — 2.4%BayCurrent Consulting Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 68,552Benefit One Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 42,556en-japan Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 24,724IR Japan Holdings Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 200 24,199Meitec Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 44,235Nihon M&A Center Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,200 195,019Outsourcing Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,400 38,747Persol Holdings Co. Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,800 94,002Recruit Holdings Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29,600 1,446,784SMS Co. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,600 48,941TechnoPro Holdings Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 800 66,751UT Group C