2018 SEMI-ANNUAL REPORT (UNAUDITED)

Transcription

1 FEBRUARY 28, SEMI-ANNUAL REPORT (UNAUDITED) ishares Trust ishares Adaptive Currency Hedged MSCI Eurozone ETF DEZU Cboe BZX ishares Currency Hedged MSCI Eurozone ETF HEZU NYSE Arca ishares Currency Hedged MSCI Germany ETF HEWG NASDAQ ishares Currency Hedged MSCI Italy ETF HEWI NYSE Arca ishares Currency Hedged MSCI Spain ETF HEWP NYSE Arca ishares Currency Hedged MSCI Switzerland ETF HEWL NYSE Arca

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3 Table of Contents Fund Performance Overviews... 5 About Fund Performance Shareholder Expenses Schedules of Investments ishares Adaptive Currency Hedged MSCI Eurozone ETF ishares Currency Hedged MSCI Eurozone ETF ishares Currency Hedged MSCI Germany ETF ishares Currency Hedged MSCI Italy ETF ishares Currency Hedged MSCI Spain ETF ishares Currency Hedged MSCI Switzerland ETF Financial Statements Financial Highlights Notes to Financial Statements Supplemental Information General Information Additional Financial Information Schedules of Investments ishares MSCI Eurozone ETF ishares MSCI Germany ETF ishares MSCI Italy ETF ishares MSCI Spain ETF ishares MSCI Switzerland ETF Financial Statements Financial Highlights Notes to Financial Statements... 85

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5 Fund Performance Overview ishares ADAPTIVE CURRENCY HEDGED MSCI EUROZONE ETF Performance as of February 28, 2018 The ishares Adaptive Currency Hedged MSCI Eurozone ETF (the Fund ) seeks to track the investment results of an index composed of large- and mid-capitalization equities from developed market countries which use the euro as their official currency while dynamically hedging currency risk for a U.S. dollar based investor, as represented by the MSCI EMU Adaptive Hedge to USD 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. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the ishares MSCI Eurozone ETF. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 3.96%, net of fees, while the total return for the Index was 4.96%. Average Annual Total Returns Cumulative Total Returns NAV MARKET INDEX NAV MARKET INDEX 1 Year 19.59% 19.51% 20.40% 19.59% 19.51% 20.40% Since Inception 11.61% 11.67% 12.31% 26.65% 26.80% 28.39% The inception date of the Fund was 1/5/16. The first day of secondary market trading was 1/7/16. 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 11 for more information. a b Beginning Account Value (9/1/17) Actual Ending Account Value (2/28/18) Expenses Paid During Period a,b Shareholder Expenses Beginning Account Value (9/1/17) Hypothetical 5% Return Ending Account Value (2/28/18) Expenses Paid During Period a,b Annualized Expense Ratio a $ 1, $ 1, $ 0.15 $ 1, $ 1, $ % Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests. 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 (181 days) and divided by the number of days in the year (365 days). See Shareholder Expenses on page 11 for more information. Sector ALLOCATION BY SECTOR 1 As of 2/28/18 Percentage of Total Investments 2 Financials 21.06% Industrials Consumer Discretionary Consumer Staples 9.70 Materials 8.81 Information Technology 8.44 Health Care 7.48 Energy 5.20 Utilities 4.80 Telecommunication Services 3.72 Real Estate 1.71 TOTAL % Country TEN LARGEST COUNTRIES 1 As of 2/28/18 Percentage of Total Investments 2 France 32.58% Germany Netherlands Spain 9.84 Italy 7.48 Belgium 3.41 Finland 3.11 Ireland 1.43 Austria 0.82 Portugal 0.46 TOTAL 99.83% 1 Table shown is for the ishares MSCI Eurozone ETF, the underlying fund in which the Fund invests. 2 Excludes money market funds. F UND P ERFORMANCE O VERVIEWS 5

6 Fund Performance Overview ishares CURRENCY HEDGED MSCI EUROZONE ETF Performance as of February 28, 2018 The ishares Currency Hedged MSCI Eurozone ETF (the Fund ) seeks to track the investment results of an index composed of large- and mid-capitalization equities from developed market countries which use the euro as their official currency while mitigating exposure to fluctuations between the value of the euro and the U.S. dollar, as represented by the MSCI EMU 100% Hedged to USD 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. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the ishares MSCI Eurozone ETF. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 3.35%, net of fees, while the total return for the Index was 4.30%. Average Annual Total Returns Cumulative Total Returns NAV MARKET INDEX NAV MARKET INDEX 1 Year 11.52% 11.45% 12.41% 11.52% 11.45% 12.41% Since Inception 7.30% 7.27% 7.93% 29.27% 29.13% 32.06% The inception date of the Fund was 7/9/14. The first day of secondary market trading was 7/10/14. 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 11 for more information. Beginning Account Value (9/1/17) Actual Ending Account Value (2/28/18) Expenses Paid During Period a,b Shareholder Expenses Beginning Account Value (9/1/17) Hypothetical 5% Return Ending Account Value (2/28/18) Expenses Paid During Period a,b Annualized Expense Ratio a $ 1, $ 1, $ 0.15 $ 1, $ 1, $ % 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 (181 days) and divided by the number of days in the year (365 days). See Shareholder Expenses on page 11 for more information. Sector ALLOCATION BY SECTOR 1 As of 2/28/18 Percentage of Total Investments 2 Financials 21.06% Industrials Consumer Discretionary Consumer Staples 9.70 Materials 8.81 Information Technology 8.44 Health Care 7.48 Energy 5.20 Utilities 4.80 Telecommunication Services 3.72 Real Estate 1.71 TOTAL % Country TEN LARGEST COUNTRIES 1 As of 2/28/18 Percentage of Total Investments 2 France 32.58% Germany Netherlands Spain 9.84 Italy 7.48 Belgium 3.41 Finland 3.11 Ireland 1.43 Austria 0.82 Portugal 0.46 TOTAL 99.83% 1 Table shown is for the ishares MSCI Eurozone ETF, the underlying fund in which the Fund invests. 2 Excludes money market funds ishares S EMI-ANNUAL R EPORT TO S HAREHOLDERS

7 Fund Performance Overview ishares CURRENCY HEDGED MSCI GERMANY ETF Performance as of February 28, 2018 The ishares Currency Hedged MSCI Germany ETF (the Fund ) seeks to track the investment results of an index composed of large- and mid-capitalization German equities while mitigating exposure to fluctuations between the value of the euro and the U.S. dollar, as represented by the MSCI Germany 100% Hedged to USD 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. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the ishares MSCI Germany ETF. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 4.19%, net of fees, while the total return for the Index was 5.09%. Average Annual Total Returns Cumulative Total Returns NAV MARKET INDEX NAV MARKET INDEX 1 Year 6.52% 6.52% 7.51% 6.52% 6.52% 7.51% Since Inception 7.39% 7.39% 7.81% 33.76% 33.75% 35.93% The inception date of the Fund was 1/31/14. The first day of secondary market trading was 2/4/14. 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 11 for more information. Beginning Account Value (9/1/17) Actual Ending Account Value (2/28/18) Expenses Paid During Period a,b Shareholder Expenses Beginning Account Value (9/1/17) Hypothetical 5% Return Ending Account Value (2/28/18) Expenses Paid During Period a,b Annualized Expense Ratio a $ 1, $ 1, $ 0.30 $ 1, $ 1, $ % 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 (181 days) and divided by the number of days in the year (365 days). See Shareholder Expenses on page 11 for more information. Sector ALLOCATION BY SECTOR 1 As of 2/28/18 Percentage of Total Investments 2 Consumer Discretionary 19.44% Financials Materials Industrials Health Care Information Technology Telecommunication Services 4.23 Consumer Staples 3.50 Utilities 3.06 Real Estate 2.53 TOTAL % Security TEN LARGEST FUND HOLDINGS 1 As of 2/28/18 Percentage of Total Investments 2 Allianz SE Registered 7.19% SAP SE 7.11 Siemens AG Registered 6.96 Bayer AG Registered 6.67 BASF SE 6.66 Daimler AG Registered 5.69 Deutsche Telekom AG Registered 3.71 Deutsche Post AG Registered 3.06 adidas AG 2.88 Linde AG 2.87 TOTAL 52.80% 1 Table shown is for the ishares MSCI Germany ETF, the underlying fund in which the Fund invests. 2 Excludes money market funds. F UND P ERFORMANCE O VERVIEWS 7

8 Fund Performance Overview ishares CURRENCY HEDGED MSCI ITALY ETF Performance as of February 28, 2018 The ishares Currency Hedged MSCI Italy ETF (the Fund ) seeks to track the investment results of an index composed of large- and mid-capitalization Italian equities while mitigating exposure to fluctuations between the value of the euro and the U.S. dollar, as represented by the MSCI Italy 25/50 100% Hedged to USD 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. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the ishares MSCI Italy ETF. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 4.02%, net of fees, while the total return for the Index was 4.80%. Average Annual Total Returns Cumulative Total Returns NAV MARKET INDEX NAV MARKET INDEX 1 Year 22.08% 22.02% 22.95% 22.08% 22.02% 22.95% Since Inception 3.28% 3.23% 3.13% 9.02% 8.86% 8.58% The inception date of the Fund was 6/29/15. The first day of secondary market trading was 7/1/15. 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 11 for more information. Beginning Account Value (9/1/17) Actual Ending Account Value (2/28/18) Shareholder Expenses Beginning Account Value (9/1/17) Hypothetical 5% Return Ending Account Value (2/28/18) Expenses Paid During Period a,b Expenses Paid During Period a,b Annualized Expense Ratio a $ 1, $ 1, $ 0.00 $ 1, $ 1, $ % a Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying funds 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 (181 days) and divided by the number of days in the year (365 days). See Shareholder Expenses on page 11 for more information. Sector ALLOCATION BY SECTOR 1 As of 2/28/18 Percentage of Total Investments 2 Financials 36.64% Energy Utilities Industrials Consumer Discretionary Telecommunication Services 4.62 Consumer Staples 1.53 Health Care 1.45 TOTAL % Security TEN LARGEST FUND HOLDINGS 1 As of 2/28/18 Percentage of Total Investments 2 Intesa Sanpaolo SpA 12.49% Enel SpA UniCredit SpA Eni SpA Assicurazioni Generali SpA 4.52 Ferrari NV 4.45 Fiat Chrysler Automobiles NV 4.43 CNH Industrial NV 4.40 Atlantia SpA 4.23 Snam SpA 3.51 TOTAL 70.10% 1 Table shown is for the ishares MSCI Italy ETF, the underlying fund in which the Fund invests. 2 Excludes money market funds ishares S EMI-ANNUAL R EPORT TO S HAREHOLDERS

9 Fund Performance Overview ishares CURRENCY HEDGED MSCI SPAIN ETF Performance as of February 28, 2018 The ishares Currency Hedged MSCI Spain ETF (the Fund ) seeks to track the investment results of an index composed of large- and mid-capitalization Spanish equities while mitigating exposure to fluctuations between the value of the euro and the U.S. dollar, as represented by the MSCI Spain 25/50 100% Hedged to USD 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. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the ishares MSCI Spain ETF. For the six-month reporting period ended February 28, 2018, the total return for the Fund was -2.07%, net of fees, while the total return for the Index was -1.17%. Average Annual Total Returns Cumulative Total Returns NAV MARKET INDEX NAV MARKET INDEX 1 Year 9.74% 9.85% 10.77% 9.74% 9.85% 10.77% Since Inception 1.12% 1.14% 1.43% 3.03% 3.08% 3.86% The inception date of the Fund was 6/29/15. The first day of secondary market trading was 7/1/15. 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 11 for more information. Beginning Account Value (9/1/17) Actual Ending Account Value (2/28/18) Shareholder Expenses Beginning Account Value (9/1/17) Hypothetical 5% Return Ending Account Value (2/28/18) Expenses Paid During Period a,b Expenses Paid During Period a,b Annualized Expense Ratio a $ 1, $ $ 0.15 $ 1, $ 1, $ % 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 (181 days) and divided by the number of days in the year (365 days). See Shareholder Expenses on page 11 for more information. Sector ALLOCATION BY SECTOR 1 As of 2/28/18 Percentage of Total Investments 2 Financials 43.99% Industrials Utilities Telecommunication Services 7.47 Energy 6.54 Information Technology 4.58 Consumer Discretionary 4.19 Health Care 2.43 TOTAL % Security TEN LARGEST FUND HOLDINGS 1 As of 2/28/18 Percentage of Total Investments 2 Banco Santander SA 20.99% Banco Bilbao Vizcaya Argentaria SA 9.78 Telefonica SA 7.47 Iberdrola SA 6.91 Repsol SA 4.75 Amadeus IT Group SA 4.58 CaixaBank SA 4.42 Abertis Infraestructuras SA 4.22 Industria de Diseno Textil SA 4.19 Aena SME SA 3.66 TOTAL 70.97% 1 Table shown is for the ishares MSCI Spain ETF, the underlying fund in which the Fund invests. 2 Excludes money market funds. F UND P ERFORMANCE O VERVIEWS 9

10 Fund Performance Overview ishares CURRENCY HEDGED MSCI SWITZERLAND ETF Performance as of February 28, 2018 The ishares Currency Hedged MSCI Switzerland ETF (the Fund ) seeks to track the investment results of an index composed of large- and mid-capitalization Swiss equities while mitigating exposure to fluctuations between the value of the Swiss franc and the U.S. dollar, as represented by the MSCI Switzerland 25/50 100% Hedged to USD 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. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the ishares MSCI Switzerland ETF. For the six-month reporting period ended February 28, 2018, the total return for the Fund was 1.44%, net of fees, while the total return for the Index was 2.03%. Average Annual Total Returns Cumulative Total Returns NAV MARKET INDEX NAV MARKET INDEX 1 Year 10.57% 10.66% 11.21% 10.57% 10.66% 11.21% Since Inception 6.54% 6.57% 6.67% 18.43% 18.53% 18.82% The inception date of the Fund was 6/29/15. The first day of secondary market trading was 7/1/15. 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 11 for more information. Beginning Account Value (9/1/17) Actual Ending Account Value (2/28/18) Shareholder Expenses Beginning Account Value (9/1/17) Hypothetical 5% Return Ending Account Value (2/28/18) Expenses Paid During Period a,b Expenses Paid During Period a,b Annualized Expense Ratio a $ 1, $ 1, $ 0.15 $ 1, $ 1, $ % 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 (181 days) and divided by the number of days in the year (365 days). See Shareholder Expenses on page 11 for more information. Sector ALLOCATION BY SECTOR 1 As of 2/28/18 Percentage of Total Investments 2 Health Care 30.18% Financials Consumer Staples Industrials Materials 7.18 Consumer Discretionary 6.71 Telecommunication Services 1.42 Real Estate 0.80 TOTAL % Security TEN LARGEST FUND HOLDINGS 1 As of 2/28/18 Percentage of Total Investments 2 Nestle SA Registered 19.08% Novartis AG Registered Roche Holding AG UBS Group AG 4.53 Zurich Insurance Group AG 4.46 Cie. Financiere Richemont SA Class A Registered 4.12 Credit Suisse Group AG Registered 4.05 ABB Ltd. Registered 4.04 Swiss Re AG 2.95 LafargeHolcim Ltd. Registered 2.49 TOTAL 71.52% 1 Table shown is for the ishares MSCI Switzerland ETF, the underlying fund in which the Fund invests. 2 Excludes money market funds ishares S EMI-ANNUAL R EPORT TO S HAREHOLDERS

11 About Fund Performance Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at 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. The price used to calculate market return ( Market Price ) is determined by using the midpoint between the highest bid and the lowest offer 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. Certain funds may have a NAV which is determined prior to the opening of regular trading on its listed exchange and their market returns are calculated using the midpoint of the bid/ask spread as of the opening of regular trading on the exchange. 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 a 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 on September 1, 2017 and held through February 28, 2018, is intended to help you understand your ongoing costs (in dollars and cents) of investing in a 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 corresponding to your Fund under the heading entitled Expenses Paid During Period. Hypothetical Example for Comparison Purposes The table also provides information about hypothetical account values and hypothetical expenses based on each 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 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. A BOUT F UND P ERFORMANCE / S HAREHOLDER E XPENSES 11

12 Schedule of Investments (Unaudited) ishares ADAPTIVE CURRENCY HEDGED MSCI EUROZONE ETF February 28, 2018 Security Shares Value INVESTMENT COMPANIES 99.65% EXCHANGE-TRADED FUNDS 99.65% ishares MSCI Eurozone ETF a 65,453 $2,856,369 2,856,369 TOTAL INVESTMENT COMPANIES (Cost: $2,238,528) 2,856,369 SHORT-TERM INVESTMENTS 0.04% Value TOTAL INVESTMENTS IN SECURITIES 99.69% (Cost: $2,239,727) $2,857,568 Other Assets, Less Liabilities 0.31% 8,975 NET ASSETS % $2,866,543 a Affiliate of the Fund. b Annualized 7-day yield as of period end. MONEY MARKET FUNDS 0.04% BlackRock Cash Funds: Treasury, SL Agency Shares 1.32% a,b 1,199 1,199 1,199 TOTAL SHORT-TERM INVESTMENTS (Cost: $1,199) 1,199 Affiliates (Note 2) Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows: Affiliated issuer Shares held at 08/31/17 Shares purchased Shares sold Shares held at 02/28/18 Value at 02/28/18 Income Change in unrealized Net realized appreciation gain (loss) a (depreciation) BlackRock Cash Funds: Institutional, SL Agency Shares b $ $ 193 c $ (135) $ BlackRock Cash Funds: Treasury, SL Agency Shares 1,353 (154) b 1,199 1,199 8 ishares MSCI Eurozone ETF 66,259 1,776 (2,582) 65,453 2,856,369 12,745 15, ,029 $2,857,568 $12,946 $ 15,486 $ 108,029 a b c Includes realized capital gain distributions from an affiliated fund, if any. Net of purchases and sales. Includes the Fund s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities ishares S EMI-ANNUAL R EPORT TO S HAREHOLDERS

13 Schedule of Investments (Unaudited) (Continued) ishares ADAPTIVE CURRENCY HEDGED MSCI EUROZONE ETF February 28, 2018 Forward Currency Contracts (Note 5) Forward currency contracts outstanding as of February 28, 2018 were as follows: Currency purchased Currency sold Counterparty Settlement date Unrealized appreciation (depreciation) EUR 1,211,000 USD 1,476,996 MS 03/02/2018 $ 424 USD 1,505,451 EUR 1,211,000 MS 03/02/ ,030 USD 2,157,530 EUR 1,757,000 MS 04/05/2018 8,319 36,773 EUR 1,211,000 USD 1,485,591 MS 03/02/2018 (8,171) USD 1,476,996 EUR 1,211,000 MS 03/02/2018 (424) (8,595) Net unrealized appreciation $ 28,178 Counterparty: MS Morgan Stanley and Co. International PLC Currency abbreviations: EUR Euro USD United States Dollar 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, see Note 1. The following table summarizes the value of the Fund s investments according to the fair value hierarchy as of February 28, 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 Investment companies $2,856,369 $ $ $2,856,369 Money market funds 1,199 1,199 Total $2,857,568 $ $ $2,857,568 Derivative financial instruments a Assets Forward currency contracts $ $36,773 $ $ 36,773 Liabilities Forward currency contracts (8,595) (8,595) Total $ $28,178 $ $ 28,178 a Shown at the unrealized appreciation (depreciation) on the contracts. See notes to financial statements. S CHEDULES OF I NVESTMENTS 13

14 Schedule of Investments (Unaudited) ishares CURRENCY HEDGED MSCI EUROZONE ETF February 28, 2018 Security Shares Value INVESTMENT COMPANIES 99.10% EXCHANGE-TRADED FUNDS 99.10% ishares MSCI Eurozone ETF a 45,852,897 $2,001,020,425 2,001,020,425 TOTAL INVESTMENT COMPANIES (Cost: $1,878,913,300) 2,001,020,425 SHORT-TERM INVESTMENTS 0.16% MONEY MARKET FUNDS 0.16% BlackRock Cash Funds: Treasury, SL Agency Shares 1.32% a,b,c 3,119,786 3,119,786 3,119,786 Value TOTAL INVESTMENTS IN SECURITIES 99.26% (Cost: $1,882,033,086) $2,004,140,211 Other Assets, Less Liabilities 0.74% 14,987,020 NET ASSETS % $2,019,127,231 a Affiliate of the Fund. b Annualized 7-day yield as of period end. c All or a portion of this security was purchased with cash collateral received in connection with outstanding forward currency contracts. TOTAL SHORT-TERM INVESTMENTS (Cost: $3,119,786) 3,119,786 Affiliates (Note 2) Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows: Affiliated issuer Shares held at 08/31/17 Shares purchased Shares sold Shares held at 02/28/18 Value at 02/28/18 Income Change in unrealized Net realized appreciation gain (loss) a (depreciation) BlackRock Cash Funds: Treasury, SL Agency Shares 3,119,786 b 3,119,786 $ 3,119,786 $ 6,455 $ $ ishares MSCI Eurozone ETF 42,763,824 17,603,086 (14,514,013) 45,852,897 2,001,020,425 8,450,846 68,551,892 5,158,059 $2,004,140,211 $8,457,301 $68,551,892 $ 5,158,059 a b Includes realized capital gain distributions from an affiliated fund, if any. Net of purchases and sales ishares S EMI-ANNUAL R EPORT TO S HAREHOLDERS

15 Schedule of Investments (Unaudited) (Continued) ishares CURRENCY HEDGED MSCI EUROZONE ETF February 28, 2018 Forward Currency Contracts (Note 5) Forward currency contracts outstanding as of February 28, 2018 were as follows: Currency purchased Currency sold Counterparty Settlement date Unrealized appreciation (depreciation) EUR 155,857,434 USD 190,091,519 CITI 03/02/2018 $ 54,581 USD 115,615,015 EUR 92,288,000 BOA 03/02/2018 3,023,636 USD 193,872,314 EUR 155,857,434 CITI 03/02/2018 3,726,214 USD 352,048 EUR 288,000 JPM 03/02/ USD 1,845,113,890 EUR 1,481,714,911 SSB 03/02/ ,421,409 USD 23,993,212 EUR 19,543,000 UBS 03/02/ ,749 EUR 21,124,000 USD 25,832,793 BOA 04/05/2018 6,670 USD 192,371,714 EUR 155,857,434 CITI 04/05/2018 1,722,571 USD 1,879,489,593 EUR 1,523,973,911 SSB 04/05/ ,322,375 61,428,893 EUR 14,322,000 USD 17,638,418 BBP 03/02/2018 (165,575) EUR 4,614,000 USD 5,726,348 BOA 03/02/2018 (97,267) EUR 155,857,434 USD 191,876,087 CITI 03/02/2018 (1,729,987) EUR 4,291,000 USD 5,357,729 JPM 03/02/2018 (122,708) EUR 1,562,736,911 USD 1,922,729,173 SSB 03/02/2018 (16,189,836) EUR 7,870,000 USD 9,788,699 UBS 03/02/2018 (187,298) USD 190,091,519 EUR 155,857,434 CITI 03/02/2018 (54,580) EUR 14,054,000 USD 17,192,843 BBP 04/05/2018 (1,600) EUR 22,421,000 USD 27,442,239 SSB 04/05/2018 (16,249) (18,565,100) Net unrealized appreciation $ 42,863,793 Counterparties: BBP Barclays Bank PLC Wholesale BOA Bank of America N.A. CITI Citibank N.A. London JPM JPMorgan Chase Bank N.A. SSB State Street Bank London UBS UBS AG London Currency abbreviations: EUR Euro USD United States Dollar S CHEDULES OF I NVESTMENTS 15

16 Schedule of Investments (Unaudited) (Continued) ishares CURRENCY HEDGED MSCI EUROZONE ETF February 28, 2018 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, see Note 1. The following table summarizes the value of the Fund s investments according to the fair value hierarchy as of February 28, 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 Investment companies $2,001,020,425 $ $ $2,001,020,425 Money market funds 3,119,786 3,119,786 Total $2,004,140,211 $ $ $2,004,140,211 Derivative financial instruments a Assets Forward currency contracts $ $ 61,428,893 $ $ 61,428,893 Liabilities Forward currency contracts (18,565,100) (18,565,100) Total $ $ 42,863,793 $ $ 42,863,793 a Shown at the unrealized appreciation (depreciation) on the contracts. See notes to financial statements ishares S EMI-ANNUAL R EPORT TO S HAREHOLDERS

17 Schedule of Investments (Unaudited) ishares CURRENCY HEDGED MSCI GERMANY ETF February 28, 2018 Security Shares Value INVESTMENT COMPANIES 99.07% EXCHANGE-TRADED FUNDS 99.07% ishares MSCI Germany ETF a 19,073,980 $618,569, ,569,171 TOTAL INVESTMENT COMPANIES (Cost: $576,765,815) 618,569,171 SHORT-TERM INVESTMENTS 0.15% MONEY MARKET FUNDS 0.15% BlackRock Cash Funds: Treasury, SL Agency Shares 1.32% a,b,c 933, , ,524 Value TOTAL INVESTMENTS IN SECURITIES 99.22% (Cost: $577,699,339) $619,502,695 Other Assets, Less Liabilities 0.78% 4,892,523 NET ASSETS % $624,395,218 a Affiliate of the Fund. b Annualized 7-day yield as of period end. c All or a portion of this security was purchased with cash collateral received in connection with outstanding forward currency contracts. TOTAL SHORT-TERM INVESTMENTS (Cost: $933,524) 933,524 Affiliates (Note 2) Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows: Affiliated issuer Shares held at 08/31/17 Shares purchased Shares sold Shares held at 02/28/18 Value at 02/28/18 Income Net realized gain (loss) a Change in unrealized appreciation (depreciation) BlackRock Cash Funds: Treasury, SL Agency Shares 933,524 b 933,524 $ 933,524 $ 2,254 $ $ ishares MSCI Germany ETF 25,676,573 2,783,704 (9,386,297) 19,073, ,569,171 1,739,784 29,871,017 13,144,257 $619,502,695 $1,742,038 $29,871,017 $ 13,144,257 a b Includes realized capital gain distributions from an affiliated fund, if any. Net of purchases and sales. S CHEDULES OF I NVESTMENTS 17

18 Schedule of Investments (Unaudited) (Continued) ishares CURRENCY HEDGED MSCI GERMANY ETF February 28, 2018 Forward Currency Contracts (Note 5) Forward currency contracts outstanding as of February 28, 2018 were as follows: Currency purchased Currency sold Counterparty Settlement date Unrealized appreciation (depreciation) EUR 53,510,800 USD 65,264,447 CITI 03/02/2018 $ 18,739 USD 9,979,024 EUR 7,996,000 BNY 03/02/ ,903 USD 66,527,837 EUR 53,510,800 CITI 03/02/2018 1,244,651 USD 1,407,485 EUR 1,125,000 NSI 03/02/ ,985 USD 617,430,020 EUR 495,658,200 SSB 03/02/ ,726,919 EUR 13,905,000 USD 17,004,591 BOA 04/05/2018 4,391 USD 66,047,310 EUR 53,510,800 CITI 04/05/ ,413 USD 586,690,993 EUR 475,715,200 SSB 04/05/2018 4,782,947 19,627,948 EUR 4,627,000 USD 5,786,327 BOA 03/02/2018 (141,386) EUR 113,857,600 USD 139,647,443 CITI 03/02/2018 (778,628) EUR 7,463,000 USD 9,313,488 JPM 03/02/2018 (208,627) EUR 475,715,200 USD 585,177,268 SSB 03/02/2018 (4,804,631) EUR 10,138,000 USD 12,605,626 UBS 03/02/2018 (237,264) EUR 7,548,000 USD 9,238,393 SSB 04/05/2018 (5,470) (6,176,006) Net unrealized appreciation $ 13,451,942 Counterparties: BNY Bank of New York BOA Bank of America N.A. CITI Citibank N.A. London JPM JPMorgan Chase Bank N.A. NSI Nomura Securities International Inc. SSB State Street Bank London UBS UBS AG London Currency abbreviations: EUR Euro USD United States Dollar ishares S EMI-ANNUAL R EPORT TO S HAREHOLDERS

19 Schedule of Investments (Unaudited) (Continued) ishares CURRENCY HEDGED MSCI GERMANY ETF February 28, 2018 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, see Note 1. The following table summarizes the value of the Fund s investments according to the fair value hierarchy as of February 28, 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 Investment companies $618,569,171 $ $ $618,569,171 Money market funds 933, ,524 Total $619,502,695 $ $ $619,502,695 Derivative financial instruments a Assets Forward currency contracts $ $19,627,948 $ $ 19,627,948 Liabilities Forward currency contracts (6,176,006) (6,176,006) Total $ $13,451,942 $ $ 13,451,942 a Shown at the unrealized appreciation (depreciation) on the contracts. See notes to financial statements. S CHEDULES OF I NVESTMENTS 19

20 Schedule of Investments (Unaudited) ishares CURRENCY HEDGED MSCI ITALY ETF February 28, 2018 Security Shares Value INVESTMENT COMPANIES 99.35% EXCHANGE-TRADED FUNDS 99.35% ishares MSCI Italy ETF a 136,039 $4,313,797 4,313,797 TOTAL INVESTMENT COMPANIES (Cost: $3,752,645) 4,313,797 SHORT-TERM INVESTMENTS 0.05% Value TOTAL INVESTMENTS IN SECURITIES 99.40% (Cost: $3,754,664) $4,315,816 Other Assets, Less Liabilities 0.60% 25,956 NET ASSETS % $4,341,772 a Affiliate of the Fund. b Annualized 7-day yield as of period end. MONEY MARKET FUNDS 0.05% BlackRock Cash Funds: Treasury, SL Agency Shares 1.32% a,b 2,019 2,019 2,019 TOTAL SHORT-TERM INVESTMENTS (Cost: $2,019) 2,019 Affiliates (Note 2) Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows: Affiliated issuer Shares held at 08/31/17 Shares purchased Shares sold Shares held at 02/28/18 Value at 02/28/18 Income Change in unrealized Net realized appreciation gain (loss) a (depreciation) BlackRock Cash Funds: Institutional, SL Agency Shares b $ $ 59 c $ $ BlackRock Cash Funds: Treasury, SL Agency Shares 2,813 (794) b 2,019 2, ishares MSCI Italy ETF 194,240 (65,621) 136,039 4,313,797 23, ,029 (160,622) $4,315,816 $23,752 $ 399,029 $ (160,622) a b c Includes realized capital gain distributions from an affiliated fund, if any. Net of purchases and sales. Includes the Fund s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities ishares S EMI-ANNUAL R EPORT TO S HAREHOLDERS

21 Schedule of Investments (Unaudited) (Continued) ishares CURRENCY HEDGED MSCI ITALY ETF February 28, 2018 Forward Currency Contracts (Note 5) Forward currency contracts outstanding as of February 28, 2018 were as follows: Currency purchased Currency sold Counterparty Settlement date Unrealized appreciation (depreciation) EUR 3,692,000 USD 4,502,948 MS 03/02/2018 $ 1,293 USD 4,595,445 EUR 3,692,000 MS 03/02/ ,205 EUR 32,000 USD 39,133 MS 04/05/ USD 4,458,350 EUR 3,625,000 MS 04/05/ , ,658 EUR 3,692,000 USD 4,530,315 MS 03/02/2018 (26,074) USD 4,502,948 EUR 3,692,000 MS 03/02/2018 (1,293) EUR 49,000 USD 59,961 MS 04/05/2018 (23) (27,390) Net unrealized appreciation $ 89,268 Counterparty: MS Morgan Stanley and Co. International PLC Currency abbreviations: EUR Euro USD United States Dollar 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, see Note 1. The following table summarizes the value of the Fund s investments according to the fair value hierarchy as of February 28, 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 Investment companies $4,313,797 $ $ $4,313,797 Money market funds 2,019 2,019 Total $4,315,816 $ $ $4,315,816 Derivative financial instruments a Assets Forward currency contracts $ $116,658 $ $ 116,658 Liabilities Forward currency contracts (27,390) (27,390) Total $ $ 89,268 $ $ 89,268 a Shown at the unrealized appreciation (depreciation) on the contracts. See notes to financial statements. S CHEDULES OF I NVESTMENTS 21

22 Schedule of Investments (Unaudited) ishares CURRENCY HEDGED MSCI SPAIN ETF February 28, 2018 Security Shares Value INVESTMENT COMPANIES 99.34% EXCHANGE-TRADED FUNDS 99.34% ishares MSCI Spain ETF a 1,128,309 $37,064,951 37,064,951 TOTAL INVESTMENT COMPANIES (Cost: $35,782,202) 37,064,951 SHORT-TERM INVESTMENTS 1.32% MONEY MARKET FUNDS 1.32% BlackRock Cash Funds: Treasury, SL Agency Shares 1.32% a,b,c 492, , ,736 Value TOTAL INVESTMENTS IN SECURITIES % (Cost: $36,274,938) $37,557,687 Other Assets, Less Liabilities (0.66)% (247,989) NET ASSETS % $37,309,698 a Affiliate of the Fund. b Annualized 7-day yield as of period end. c All or a portion of this security was purchased with cash collateral received in connection with outstanding forward currency contracts. TOTAL SHORT-TERM INVESTMENTS (Cost: $492,736) 492,736 Affiliates (Note 2) Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows: Affiliated issuer Shares held at 08/31/17 Shares purchased Shares sold Shares held at 02/28/18 Value at Net realized Change in unrealized appreciation 02/28/18 Income gain (loss) a (depreciation) BlackRock Cash Funds: Institutional, SL Agency Shares b $ $ 2,610 c $ (201) $ BlackRock Cash Funds: Treasury, SL Agency Shares 492,736 b 492, , ishares MSCI Spain ETF 1,589, ,396 (1,250,371) 1,128,309 37,064, ,557 7,194,344 (8,657,199) $37,557,687 $618,709 $ 7,194,143 $ (8,657,199) a b c Includes realized capital gain distributions from an affiliated fund, if any. Net of purchases and sales. Includes the Fund s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities ishares S EMI-ANNUAL R EPORT TO S HAREHOLDERS

23 Schedule of Investments (Unaudited) (Continued) ishares CURRENCY HEDGED MSCI SPAIN ETF February 28, 2018 Forward Currency Contracts (Note 5) Forward currency contracts outstanding as of February 28, 2018 were as follows: Currency purchased Currency sold Counterparty Settlement date Unrealized appreciation (depreciation) EUR 32,040,000 USD 39,077,586 MS 03/02/2018 $ 11,220 USD 39,870,528 EUR 32,040,000 MS 03/02/ ,722 EUR 650,000 USD 794,889 MS 04/05/ USD 38,831,308 EUR 31,573,000 MS 04/05/ ,337 1,003,488 EUR 32,040,000 USD 39,313,097 MS 03/02/2018 (224,290) USD 39,077,586 EUR 32,040,000 MS 03/02/2018 (11,220) EUR 353,000 USD 431,962 MS 04/05/2018 (163) (235,673) Net unrealized appreciation $ 767,815 Counterparty: MS Morgan Stanley and Co. International PLC Currency abbreviations: EUR Euro USD United States Dollar 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, see Note 1. The following table summarizes the value of the Fund s investments according to the fair value hierarchy as of February 28, 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 Investment companies $37,064,951 $ $ $37,064,951 Money market funds 492, ,736 Total $37,557,687 $ $ $37,557,687 Derivative financial instruments a Assets Forward currency contracts $ $1,003,488 $ $ 1,003,488 Liabilities Forward Currency Contracts (235,673) (235,673) Total $ $ 767,815 $ $ 767,815 a Shown at the unrealized appreciation (depreciation) on the contracts. See notes to financial statements. S CHEDULES OF I NVESTMENTS 23

24 Schedule of Investments (Unaudited) ishares CURRENCY HEDGED MSCI SWITZERLAND ETF February 28, 2018 Security Shares Value INVESTMENT COMPANIES 99.35% EXCHANGE-TRADED FUNDS 99.35% ishares MSCI Switzerland ETF a 146,876 $5,128,910 5,128,910 TOTAL INVESTMENT COMPANIES (Cost: $4,927,925) 5,128,910 SHORT-TERM INVESTMENTS 0.02% Value TOTAL INVESTMENTS IN SECURITIES 99.37% (Cost: $4,929,294) $5,130,279 Other Assets, Less Liabilities 0.63% 32,348 NET ASSETS % $5,162,627 a Affiliate of the Fund. b Annualized 7-day yield as of period end. MONEY MARKET FUNDS 0.02% BlackRock Cash Funds: Treasury, SL Agency Shares 1.32% a,b 1,369 1,369 1,369 TOTAL SHORT-TERM INVESTMENTS (Cost: $1,369) 1,369 Affiliates (Note 2) Investments in issuers considered to be affiliates of the Fund during the six months ended February 28, 2018, for purposes of Section 2(a)(3) of the 1940 Act were as follows: Affiliated issuer Shares held at 08/31/17 Shares purchased Shares sold Shares held at 02/28/18 Value at 02/28/18 Income Change in unrealized Net realized appreciation gain (loss) a (depreciation) BlackRock Cash Funds: Institutional, SL Agency Shares b $ $ 533 c $ 2 $ BlackRock Cash Funds: Treasury, SL Agency Shares 3,245 (1,876) b 1,369 1, ishares MSCI Switzerland ETF 191,281 8,675 (53,080) 146,876 5,128, ,422 (59,226) $5,130,279 $ 546 $ 202,424 $ (59,226) a b c Includes realized capital gain distributions from an affiliated fund, if any. Net of purchases and sales. Includes the Fund s portion of securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities ishares S EMI-ANNUAL R EPORT TO S HAREHOLDERS

25 Schedule of Investments (Unaudited) (Continued) ishares CURRENCY HEDGED MSCI SWITZERLAND ETF February 28, 2018 Forward Currency Contracts (Note 5) Forward currency contracts outstanding as of February 28, 2018 were as follows: Currency purchased Currency sold Counterparty Settlement date Unrealized appreciation (depreciation) CHF 5,329,000 USD 5,638,855 MS 03/02/2018 $ 3,881 USD 5,718,541 CHF 5,329,000 MS 03/02/ ,805 CHF 141,000 USD 149,664 MS 04/05/ USD 5,411,975 CHF 5,067,000 MS 04/05/ , ,781 CHF 5,329,000 USD 5,678,056 MS 03/02/2018 (35,320) USD 5,638,855 CHF 5,329,000 MS 03/02/2018 (3,881) CHF 46,000 USD 48,865 MS 04/05/2018 (5) (39,206) Net unrealized appreciation $ 70,575 Counterparty: MS Morgan Stanley and Co. International PLC Currency abbreviations: CHF Swiss Franc USD United States Dollar 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, see Note 1. The following table summarizes the value of the Fund s investments according to the fair value hierarchy as of February 28, 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 Investment companies $5,128,910 $ $ $5,128,910 Money market funds 1,369 1,369 Total $5,130,279 $ $ $5,130,279 Derivative financial instruments a Assets Forward currency contracts $ $109,781 $ $ 109,781 Liabilities Forward currency contracts (39,206) (39,206) Total $ $ 70,575 $ $ 70,575 a Shown at the unrealized appreciation (depreciation) on the contracts. See notes to financial statements. S CHEDULES OF I NVESTMENTS 25

26 Statements of Assets and Liabilities (Unaudited) ishares TRUST February 28, 2018 ishares Adaptive Currency Hedged MSCI Eurozone ETF ishares Currency Hedged MSCI Eurozone ETF ishares Currency Hedged MSCI Germany ETF ASSETS Investments in securities, at cost: Affiliated (Note 2) $2,239,727 $1,882,033,086 $577,699,339 Total cost of investments in securities $2,239,727 $1,882,033,086 $577,699,339 Investments in securities, at fair value (Note 1): Affiliated (Note 2) $2,857,568 $2,004,140,211 $619,502,695 Cash 970,000 Receivables: Dividends and interest 131 2, Unrealized appreciation on forward currency contracts (Note 1) 36,773 61,428,893 19,627,948 Total Assets 2,894,472 2,066,541, ,131,364 LIABILITIES Payables: Investment securities purchased 19,268 25,309,274 7,867,991 Due to broker for collateral on forward currency contracts 3,110, ,000 Capital shares redeemed 383,376 Unrealized depreciation on forward currency contracts (Note 1) 8,595 18,565,100 6,176,006 Investment advisory fees (Note 2) 66 46,569 32,149 Total Liabilities 27,929 47,414,319 14,736,146 NET ASSETS $2,866,543 $2,019,127,231 $624,395,218 Net assets consist of: Paid-in capital $2,385,926 $2,017,014,248 $645,384,790 Undistributed (distributions in excess of) net investment income (228) 69, Accumulated net realized loss (165,174) (162,927,483) (76,245,662) Net unrealized appreciation 646, ,970,918 55,255,298 NET ASSETS $2,866,543 $2,019,127,231 $624,395,218 Shares outstanding a 100,000 68,050,000 22,400,000 Net asset value per share $ $ $ a No par value, unlimited number of shares authorized. See notes to financial statements ishares S EMI-ANNUAL R EPORT TO S HAREHOLDERS

27 Statements of Assets and Liabilities (Unaudited) (Continued) ishares TRUST February 28, 2018 ishares Currency Hedged MSCI Italy ETF ishares Currency Hedged MSCI Spain ETF ishares Currency Hedged MSCI Switzerland ETF ASSETS Investments in securities, at cost: Affiliated (Note 2) $3,754,664 $36,274,938 $4,929,294 Total cost of investments in securities $3,754,664 $36,274,938 $4,929,294 Investments in securities, at fair value (Note 1): Affiliated (Note 2) $4,315,816 $37,557,687 $5,130,279 Receivables: Dividends and interest Unrealized appreciation on forward currency contracts (Note 1) 116,658 1,003, ,781 Total Assets 4,432,475 38,561,402 5,240,062 LIABILITIES Payables: Investment securities purchased 63, ,203 38,109 Due to broker for collateral on forward currency contracts 460,000 Unrealized depreciation on forward currency contracts (Note 1) 27, ,673 39,206 Investment advisory fees (Note 2) Total Liabilities 90,703 1,251,704 77,435 NET ASSETS $4,341,772 $37,309,698 $5,162,627 Net assets consist of: Paid-in capital $4,116,976 $35,579,473 $5,038,064 Undistributed (distributions in excess of) net investment income (4,631) 86 (311) Accumulated net realized loss (420,993) (320,425) (146,686) Net unrealized appreciation 650,420 2,050, ,560 NET ASSETS $4,341,772 $37,309,698 $5,162,627 Shares outstanding a 250,000 1,700, ,000 Net asset value per share $ $ $ a No par value, unlimited number of shares authorized. See notes to financial statements. F INANCIAL S TATEMENTS 27