iShares Russell Small/Mid-Cap Index Fund - NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09729

iShares Trust

(Exact name of registrant as specified in charter)

c/o: State Street Bank and Trust Company

100 Summer Street, 4^th Floor, Boston, MA 02110

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

Registrant’s telephone number, including area code: (415) 670-2000

Date of fiscal year end: March 31, 2023

Date of reporting period: September 30, 2022

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.


		SEPTEMBER 30, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

iShares Global 100 ETF | IOO | NYSE Arca

iShares Global Infrastructure ETF | IGF | NASDAQ

iShares Global Timber & Forestry ETF | WOOD | NASDAQ

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of September 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were steeper. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose notably during the reporting period as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is proving more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic’s restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy’s capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

Total Returns as of September 30, 2022

6-Month

12-Month

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

(20.20)%

(15.47)%

U.S. small cap equities
(Russell 2000^® Index)

(19.01)

(23.50)

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

(22.51)

(25.13)

Emerging market equities
(MSCI Emerging Markets Index)

(21.70)

(28.11)

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

0.58

0.63

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

(10.81)

(16.20)

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

(9.22)

(14.60)

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

(6.30)

(11.50)

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

(10.42)

(14.15)

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


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

Table of Contents


	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		7
Disclosure of Expenses		7
Schedules of Investments		8
Financial Statements:
Statements of Assets and Liabilities		16
Statements of Operations		17
Statements of Changes in Net Assets		18
Financial Highlights		20
Notes to Financial Statements		23
Board Review and Approval of Investment Advisory Contract		31
Supplemental Information		35
General Information		36
Glossary of Terms Used in this Report		37


Fund Summary as of September 30, 2022		iShares^® Global 100 ETF

Investment Objective

The iShares Global 100 ETF (the “Fund”) seeks to track the investment results of an index composed of 100 large-capitalization global equities, as represented by the S&P Global 100^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(20.69	)%		(14.59	)%		8.31	%		9.27	%		(14.59	)%		49.08	%		142.75	%
Fund Market		(20.83	)		(14.74	)		8.27			9.27			(14.74	)		48.81			142.63
Index		(20.75	)		(14.55	)		8.29			9.20			(14.55	)		48.92			141.12

Past performance is not an indication 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” for more information.

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 793.10	$ 1.89			$ 1,000.00	$ 1,023.00	$ 2.13		0.42	%

^(a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Information Technology	29.7	%
Health Care	13.6
Consumer Discretionary	12.4
Consumer Staples	12.0
Financials	8.9
Communication Services	8.2
Energy	7.0
Industrials	4.9
Materials	1.9
Other (each representing less than 1%)	1.4

^(a)

Excludes money market funds.

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
United States	74.0	%
United Kingdom	6.9
Switzerland	5.7
France	4.2
Japan	2.9
Germany	2.8
South Korea	1.3
Australia	1.2
Spain	0.7
Netherlands	0.3


4		2 0 2 2 I S H A R E S S E M I - 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


Fund Summary as of September 30, 2022		iShares^® Global Infrastructure ETF

Investment Objective

The iShares Global Infrastructure ETF (the “Fund”) seeks to track the investment results of an index composed of developed market equities in the infrastructure industry, as represented by the S&P Global Infrastructure Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(16.67	)%		(6.76	)%		1.31	%		4.87	%		(6.76	)%		6.73	%		60.86	%
Fund Market		(16.57	)		(6.60	)		1.31			4.91			(6.60	)		6.75			61.57
Index		(16.72	)		(6.72	)		1.22			4.76			(6.72	)		6.24			59.28

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 833.30	$ 1.88			$ 1,000.00	$ 1,023.00	$ 2.08		0.41	%

^(a)

Portfolio Information

INDUSTRY ALLOCATION


Industry	Percent of Total Investments	^(a)
Electric Utilities	24.7	%
Oil & Gas Storage & Transportation	20.1
Airport Services	18.6
Highways & Railtracks	17.7
Multi-Utilities	11.4
Marine Ports & Services	4.3
Independent Power Producers & Energy Traders	1.3
Water Utilities	1.3
Other (each representing less than 1%)	0.6

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
United States	41.3	%
Canada	9.7
Australia	8.8
Italy	7.3
Spain	6.2
Mexico	4.9
France	4.8
China	4.7
New Zealand	2.4
Japan	1.9

^(a)

Excludes money market funds.


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


Fund Summary as of September 30, 2022		iShares^® Global Timber & Forestry ETF

Investment Objective

The iShares Global Timber & Forestry ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in or related to the timber and forestry industry, as represented by the S&P Global Timber & Forestry Index^TM(the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(25.17	)%		(21.36	)%		1.49	%		6.77	%		(21.36	)%		7.66	%		92.44	%
Fund Market		(25.39	)		(21.41	)		1.41			6.74			(21.41	)		7.26			91.96
Index		(25.27	)		(21.43	)		1.40			6.64			(21.43	)		7.21			90.17

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 748.30	$ 1.80			$ 1,000.00	$ 1,023.00	$ 2.08		0.41	%

^(a)

Portfolio Information

INDUSTRY ALLOCATION


Industry	Percent of Total Investments	^(a)
Paper Products	39.0	%
Paper Packaging	20.8
Forest Products	19.4
Specialized REITs	17.7
Homebuilding	3.1

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
United States	31.4	%
Sweden	13.3
Canada	12.8
Japan	9.9
Brazil	9.3
Finland	8.1
Ireland	4.2
United Kingdom	4.0
South Africa	2.7
Portugal	2.3

^(a)

Excludes money market funds.


6		2 0 2 2 I S H A R E S S E M I - 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

About Fund Performance

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

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.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.


A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S		7

Schedule of Investments (unaudited)

September 30, 2022

iShares^® Global 100 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 1.2%
BHP Group Ltd.		1,112,995	$	27,666,957
Rio Tinto PLC		234,909		12,709,950


				40,376,907

France — 4.2%
AXA SA		433,494		9,464,432
Cie. de Saint-Gobain		115,523		4,130,593
Engie SA		409,442		4,712,632
L’Oreal SA		55,807		17,843,842
LVMH Moet Hennessy Louis Vuitton SE		58,698		34,606,854
Orange SA		414,677		3,750,560
Sanofi		255,159		19,429,459
Schneider Electric SE		125,150		14,135,787
Societe Generale SA		171,508		3,391,758
TotalEnergies SE		545,133		25,574,667
Vivendi SE		182,546		1,415,932


				138,456,516

Germany — 2.8%
Allianz SE, Registered		90,441		14,247,555
BASF SE		201,708		7,741,226
Bayer AG, Registered		214,954		9,903,900
Deutsche Bank AG, Registered		458,318		3,393,375
Deutsche Telekom AG, Registered		772,177		13,143,737
E.ON SE		496,376		3,813,544
Mercedes-Benz Group AG		182,738		9,240,517
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		30,768		7,406,492
RWE AG		148,650		5,463,778
Siemens AG, Registered		165,475		16,173,997


				90,528,121

Japan — 2.9%
Bridgestone Corp.		131,800		4,262,532
Canon Inc.		227,850		4,976,820
Honda Motor Co. Ltd.		376,100		8,163,541
Mitsubishi UFJ Financial Group Inc.		2,772,800		12,561,128
Nissan Motor Co. Ltd.		536,600		1,729,264
Panasonic Holdings Corp.		511,600		3,592,475
Seven & i Holdings Co. Ltd.		175,020		7,030,559
Sony Group Corp.		279,200		17,984,505
Toyota Motor Corp.		2,779,100		36,324,069


				96,624,893

Netherlands — 0.3%
ING Groep NV		861,504		7,381,734
Koninklijke Philips NV		195,124		3,004,226


				10,385,960

South Korea — 1.3%
Samsung Electronics Co. Ltd.		1,135,752		41,703,952


Spain — 0.7%
Banco Bilbao Vizcaya Argentaria SA		1,478,420		6,631,963
Banco Santander SA		3,805,579		8,855,197
Repsol SA		337,892		3,882,464
Telefonica SA		1,247,633		4,124,569


				23,494,193

Switzerland — 5.7%
ABB Ltd., Registered		391,133		10,098,830
Credit Suisse Group AG, Registered		552,443		2,185,233
Nestle SA, Registered		608,358		65,798,366
Novartis AG, Registered		531,754		40,539,288


Security	Shares		Value

Switzerland (continued)
Roche Holding AG, Bearer		6,044	$	2,360,971
Roche Holding AG, NVS		155,562		50,640,498
Swiss Re AG		63,606		4,691,196
UBS Group AG, Registered		812,842		11,792,682


				188,107,064

United Kingdom — 6.9%
Anglo American PLC		293,524		8,813,299
AstraZeneca PLC		342,781		37,681,717
Aviva PLC		637,106		2,732,445
Barclays PLC		3,427,815		5,454,117
BP PLC		4,614,920		22,051,869
Diageo PLC		516,222		21,729,587
GSK PLC		881,738		12,734,675
HSBC Holdings PLC		4,496,010		23,279,704
National Grid PLC		853,500		8,786,016
Prudential PLC		607,434		5,945,341
Shell PLC		1,692,345		41,983,576
Standard Chartered PLC		540,471		3,380,405
Unilever PLC		578,447		25,416,873
Vodafone Group PLC		5,877,549		6,578,150


				226,567,774

United States — 73.7%
3M Co.		122,581		13,545,200
Abbott Laboratories		387,409		37,485,695
Alphabet Inc., Class A^(a)		1,327,635		126,988,288
Alphabet Inc., Class C, NVS^(a)		1,187,213		114,150,530
Amazon.com Inc.^(a)		1,962,485		221,760,805
American Tower Corp.		102,998		22,113,671
Aon PLC, Class A		46,650		12,496,135
Apple Inc.		3,344,885		462,263,107
Bristol-Myers Squibb Co.		472,365		33,580,428
Caterpillar Inc.		116,991		19,195,883
Chevron Corp.		398,386		57,236,117
Citigroup Inc.		428,827		17,869,221
Coca-Cola Co. (The)		861,030		48,234,901
Colgate-Palmolive Co.		184,073		12,931,128
DuPont de Nemours Inc.		111,891		5,639,306
Emerson Electric Co.		130,125		9,527,752
Exxon Mobil Corp.		925,118		80,772,053
Ford Motor Co.		867,301		9,713,771
General Electric Co.		241,983		14,981,168
Goldman Sachs Group Inc. (The)		75,333		22,076,336
Honeywell International Inc.		149,678		24,991,736
HP Inc.		201,323		5,016,969
Intel Corp.		908,333		23,407,741
International Business Machines Corp.		199,804		23,738,713
Johnson & Johnson		582,230		95,113,093
Johnson Controls International PLC		153,546		7,557,534
JPMorgan Chase & Co.		648,745		67,793,852
Kimberly-Clark Corp.		74,275		8,358,909
Marsh & McLennan Companies Inc.		110,732		16,531,180
McDonald’s Corp.		162,903		37,588,238
Merck & Co. Inc.		560,414		48,262,854
Microsoft Corp.		1,651,328		384,594,291
Morgan Stanley		296,244		23,406,238
Nike Inc., Class B		278,867		23,179,425
PepsiCo Inc.		305,306		49,844,258
Pfizer Inc.		1,243,838		54,430,351
Philip Morris International Inc.		343,237		28,492,103
Procter & Gamble Co. (The)		528,620		66,738,275


8		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global 100 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Raytheon Technologies Corp.		326,846	$	26,755,614
Texas Instruments Inc.		202,345		31,318,959
Walmart Inc.		315,331		40,898,431


				2,430,580,259


Total Long-Term Investments — 99.7% (Cost: $2,875,388,678)				3,286,825,639


Short-Term Securities

Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%^(b)(c)		4,780,000		4,780,000


Total Short-Term Securities — 0.2% (Cost: $4,780,000)				4,780,000


Total Investments — 99.9% (Cost: $2,880,168,678)				3,291,605,639

Other Assets Less Liabilities — 0.1%				4,817,363


Net Assets — 100.0%			$	3,296,423,002

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

^(c)	Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	—	$	80	^(b)	$	—		$	(80	)	$	—	$	—		—	$	41,052	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		8,396,000		—			(3,616,000	)^(b)		—			—		4,780,000		4,780,000		34,959			—

									$	(80	)	$	—	$	4,780,000			$	76,011		$	—

^(a)

As of period end, the entity is no longer held.

^(b)

Represents net amount purchased (sold).

^(c)

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)


Long Contracts
Euro STOXX 50 Index		16		12/16/22	$	513	$	(48,853	)

FTSE 100 Index		16		12/16/22		1,223		(117,719	)
S&P 500 E-Mini Index		35		12/16/22		6,303		(848,383	)

							$	(1,014,955	)


S C H E D U L E O F I N V E S T M E N T S		9

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global 100 ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	1,014,955	$	—	$	—	$	—	$	1,014,955

^(a)

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

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(1,237,840	)	$	—	$	—	$	—	$	(1,237,840	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(2,008,505	)	$	—	$	—	$	—	$	(2,008,505	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	8,709,352

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

Fair Value Hierarchy as of Period End

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

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.


	Level 1			Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	2,430,580,259		$	856,245,380		$	—	$	3,286,825,639
Money Market Funds		4,780,000			—			—		4,780,000

	$	2,435,360,259		$	856,245,380		$	—	$	3,291,605,639

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(848,383	)	$	(166,572	)	$	—	$	(1,014,955	)

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


10		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited)

September 30, 2022

iShares^® Global Infrastructure ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 8.7%
Atlas Arteria Ltd.		18,891,493	$	75,226,945
Qube Holdings Ltd.		27,371,919		43,459,451
Transurban Group		19,943,460		157,501,815


				276,188,211

Belgium — 0.1%
Euronav NV		311,703		4,896,917


Brazil — 0.7%
Centrais Eletricas Brasileiras SA, ADR		1,805,482		14,498,020
Cia. de Saneamento Basico do Estado de Sao Paulo, ADR^(a)		484,587		4,414,588
Ultrapar Participacoes SA, ADR		1,532,672		3,356,552


				22,269,160

Canada — 9.7%
Enbridge Inc.		4,281,273		158,748,184
Gibson Energy Inc.		310,048		4,931,230
Keyera Corp.		467,338		9,621,814
Pembina Pipeline Corp.		1,173,962		35,660,365
TC Energy Corp.		2,139,661		86,184,340
Westshore Terminals Investment Corp.		568,743		10,919,075


				306,065,008

China — 4.7%
Beijing Capital International Airport Co. Ltd., Class H^(a)(b)		25,928,000		13,988,591
China Gas Holdings Ltd.		4,242,800		5,074,621
China Longyuan Power Group Corp. Ltd., Class H		4,736,000		5,918,089
China Merchants Port Holdings Co. Ltd.		20,756,000		26,069,749
China Power International Development Ltd.		7,066,000		2,797,257
China Resources Gas Group Ltd.		1,279,600		4,057,144
China Resources Power Holdings Co. Ltd.		2,524,000		3,897,538
COSCO SHIPPING Ports Ltd.		26,222,000		16,504,258
Guangdong Investment Ltd.		3,986,000		3,184,096
Hainan Meilan International Airport Co. Ltd., Class H^(b)		2,638,000		6,302,840
Jiangsu Expressway Co. Ltd., Class H		19,068,000		14,315,766
Kunlun Energy Co. Ltd.		5,648,000		4,065,006
Shenzhen Expressway Co. Ltd., Class H		9,502,000		6,944,662
Shenzhen International Holdings Ltd.		21,468,500		16,365,043
Yuexiu Transport Infrastructure Ltd.		14,654,000		5,951,290
Zhejiang Expressway Co. Ltd., Class H		21,116,000		14,349,069


				149,785,019

France — 4.8%
Aeroports de Paris^(b)		429,531		49,636,803
Gaztransport Et Technigaz SA		46,255		5,100,234
Getlink SE		6,223,839		96,515,197


				151,252,234

Germany — 1.9%
Fraport AG Frankfurt Airport Services Worldwide^(b)		574,671		20,664,386
Hamburger Hafen und Logistik AG		348,468		3,787,602
RWE AG		958,836		35,242,966


				59,694,954

Hong Kong — 0.6%
Atlas Corp.		1,351,539		18,786,392


Italy — 7.2%
Atlantia SpA		7,722,418		170,400,291
Enav SpA^(b)(c)		3,955,570		14,393,651
Enel SpA		10,955,930		44,932,717


				229,726,659


Security	Shares		Value

Japan — 1.9%
Japan Airport Terminal Co. Ltd.^(b)		1,443,900	$	60,343,146


Mexico — 4.9%
Grupo Aeroportuario del Centro Norte SAB de CV, ADR		527,583		26,453,012
Grupo Aeroportuario del Pacifico SAB de CV, ADR		562,699		71,338,979
Grupo Aeroportuario del Sureste SAB de CV, ADR		292,038		57,289,094


				155,081,085

New Zealand — 2.4%
Auckland International Airport Ltd.^(b)		18,719,612		75,034,138


Singapore — 1.3%
Hutchison Port Holdings Trust, Class U^(a)		78,704,400		14,458,943
SATS Ltd.^(b)		10,099,200		21,165,251
SIA Engineering Co. Ltd.^(b)		4,056,100		6,297,095


				41,921,289

Spain — 6.2%
Aena SME SA^(b)(c)		1,139,358		118,242,127
Iberdrola SA		8,306,525		77,451,559


				195,693,686

Switzerland — 1.4%
Flughafen Zurich AG, Registered^(b)		295,074		43,613,644


United Kingdom — 1.8%
National Grid PLC		5,496,314		56,579,614


United States — 41.1%
American Electric Power Co. Inc.		728,442		62,973,813
American Water Works Co. Inc.		257,761		33,550,172
Cheniere Energy Inc.		528,149		87,625,201
Consolidated Edison Inc.		502,774		43,117,898
Constellation Energy Corp.		463,445		38,553,990
Dominion Energy Inc.		1,180,436		81,579,932
DTE Energy Co.		274,709		31,605,270
DTE Midstream LLC^(b)		204,537		10,613,425
Duke Energy Corp.		1,091,766		101,556,073
Edison International		540,846		30,601,067
Equitrans Midstream Corp.		915,086		6,844,843
Eversource Energy		491,234		38,296,603
Exelon Corp.		1,406,247		52,678,013
Kinder Morgan Inc.		4,192,158		69,757,509
NextEra Energy Inc.		2,064,089		161,845,218
ONEOK Inc.		944,859		48,414,575
Public Service Enterprise Group Inc.		707,351		39,774,347
Sempra Energy		445,671		66,823,910
Southern Co. (The)		1,507,267		102,494,156
Targa Resources Corp.		479,039		28,905,213
WEC Energy Group Inc.		447,266		39,998,998
Williams Companies Inc. (The)		2,576,498		73,765,138
Xcel Energy Inc.		775,598		49,638,272

				1,301,013,636


Total Common Stocks — 99.4% (Cost: $3,283,581,379)				3,147,944,792


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Infrastructure ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Preferred Stocks

Brazil — 0.1%
Cia. Energetica de Minas Gerais, Preference Shares, ADR		2,078,017	$	4,197,594


Total Preferred Stocks — 0.1% (Cost: $3,557,236)				4,197,594


Total Long-Term Investments — 99.5% (Cost: $3,287,138,615)				3,152,142,386


Short-Term Securities

Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%^(d)(e)(f)		4,205,431		4,206,693
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%^(d)(e)		4,090,000		4,090,000

Total Short-Term Securities — 0.3% (Cost: $8,294,602)				8,296,693


Total Investments — 99.8% (Cost: $3,295,433,217)				3,160,439,079

Other Assets Less Liabilities — 0.2%				7,362,031


Net Assets — 100.0%			$	3,167,801,110

^(a)	All or a portion of this security is on loan.

^(b)	Non-income producing security.

^(c)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)	Affiliate of the Fund.

^(e)	Annualized 7-day yield as of period end.

^(f)	All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates


Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,940,677	$	2,269,034	^(a)	$	—		$	(4,046	)	$	1,028	$	4,206,693		4,205,431	$	64,792	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		6,110,000		—			(2,020,000	)^(a)		—			—		4,090,000		4,090,000		26,651			—

									$	(4,046	)	$	1,028	$	8,296,693			$	91,443		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)


Long Contracts
IBEX 35 Index		30		10/21/22	$	2,148	$	(189,394	)
S&P/TSX 60 Index		35		12/15/22		5,655		(282,806	)
SPI 200 Index		26		12/15/22		2,698		(164,713	)
Dow Jones U.S. Real Estate Index		51		12/16/22		1,620		(212,913	)

							$	(849,826	)


12		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Infrastructure ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	849,826	$	—	$	—	$	—	$	849,826

^(a)

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(746,848	)	$	—	$	—	$	—	$	(746,848	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(1,024,991	)	$	—	$	—	$	—	$	(1,024,991	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	16,145,102

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

Fair Value Hierarchy as of Period End


	Level 1			Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	1,803,215,281		$	1,344,729,511		$	—	$	3,147,944,792
Preferred Stocks		4,197,594			—			—		4,197,594
Money Market Funds		8,296,693			—			—		8,296,693

	$	1,815,709,568		$	1,344,729,511		$	—	$	3,160,439,079

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(495,719	)	$	(354,107	)	$	—	$	(849,826	)

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


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

Schedule of Investments (unaudited)

September 30, 2022

iShares^® Global Timber & Forestry ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Brazil — 9.2%
Dexco SA		992,523	$	1,720,335
Klabin SA		2,407,017		8,098,725
Suzano SA		1,136,781		9,377,730


				19,196,790

Canada — 12.7%
Canfor Corp.^(a)		334,435		4,868,779
Interfor Corp.^(a)(b)		266,911		4,672,174
Stella-Jones Inc.		148,248		4,161,912
West Fraser Timber Co. Ltd.		174,532		12,626,042


				26,328,907

China — 1.9%
Nine Dragons Paper Holdings Ltd.		6,478,000		4,027,267


Finland — 8.1%
Stora Enso OYJ, Class R		701,277		8,908,631
UPM-Kymmene OYJ		248,636		7,890,321


				16,798,952

Ireland — 4.1%
Smurfit Kappa Group PLC		301,651		8,626,974


Japan — 9.8%
Daio Paper Corp.		335,300		2,689,594
Nippon Paper Industries Co. Ltd.		603,200		3,921,863
Oji Holdings Corp.		2,028,100		7,525,562
Sumitomo Forestry Co. Ltd.		416,800		6,344,756


				20,481,775

Portugal — 2.3%
Altri SGPS SA		408,757		2,073,117
Navigator Co. SA (The)		766,342		2,618,173


				4,691,290

South Africa — 2.7%
Sappi Ltd.^(a)		2,318,366		5,587,460


Sweden — 13.2%
BillerudKorsnas AB^(b)		530,496		6,228,166
Holmen AB, Class B		242,146		9,188,644
Svenska Cellulosa AB SCA, Class B		951,400		12,071,820


				27,488,630


Security	Shares		Value

United Kingdom — 4.0%
Mondi PLC		542,275	$	8,330,660


United States — 31.1%
International Paper Co.		345,400		10,949,180
Mercer International Inc.		284,156		3,495,119
PotlatchDeltic Corp.		242,727		9,961,516
Rayonier Inc.		412,128		12,351,476
Sylvamo Corp.		141,062		4,782,002
Westrock Co.		291,242		8,996,465
Weyerhaeuser Co.		496,329		14,175,156

				64,710,914


Total Long-Term Investments — 99.1% (Cost: $253,040,349)				206,269,619


Short-Term Securities

Money Market Funds — 1.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%^(c)(d)(e)		2,772,598		2,773,430
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%^(c)(d)		460,000		460,000


Total Short-Term Securities — 1.5% (Cost: $3,233,430)				3,233,430


Total Investments — 100.6% (Cost: $256,273,779)				209,503,049

Liabilities in Excess of Other Assets — (0.6)%				(1,274,292	)


Net Assets — 100.0%			$	208,228,757

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Affiliate of the Fund.

^(d)	Annualized 7-day yield as of period end.

^(e)	All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates


Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	2,773,186	^(a)	$	—		$	244	$	—	$	2,773,430		2,772,598	$	15,376	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		470,000		—			(10,000	)^(a)		—		—		460,000		460,000		1,751			—

									$	244	$	—	$	3,233,430			$	17,127		$	—

^(a)

Represents net amount purchased (sold).

^(b)


14		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Timber & Forestry ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		9		12/16/22	$	1,621	$	(112,341	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	112,341	$	—	$	—	$	—	$	112,341

^(a)

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(184,344	)	$	—	$	—	$	—	$	(184,344	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(163,871	)	$	—	$	—	$	—	$	(163,871	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	1,378,763

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

Fair Value Hierarchy as of Period End


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	110,236,611		$	96,033,008	$	—	$	206,269,619
Money Market Funds		3,233,430			—		—		3,233,430

	$	113,470,041		$	96,033,008	$	—	$	209,503,049

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(112,341	)	$	—	$	—	$	(112,341	)

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


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

Statements of Assets and Liabilities (unaudited)

September 30, 2022


	iShares Global 100 ETF		iShares Global Infrastructure ETF				iShares Global Timber & Forestry ETF

ASSETS
Investments, at value — unaffiliated^(a)(b)	$	3,286,825,639	$	3,152,142,386			$	206,269,619
Investments, at value — affiliated^(c)		4,780,000		8,296,693				3,233,430
Cash		5,874		3,202				1,190
Foreign currency, at value^(d)		1,780,330		2,286,099				322,414
Cash pledged for futures contracts		354,000		152,999				51,000
Foreign currency collateral pledged for futures contracts^(e)		134,294		884,020				—
Receivables:
Investments sold		—		203,579,728				36,509,739
Securities lending income — affiliated		40,305		13,917				2,361
Dividends — unaffiliated		3,488,206		6,129,986				291,041
Dividends — affiliated		12,246		8,391				839
Tax reclaims		1,766,090		251,216				373,943

Total assets		3,299,186,984		3,373,748,637				247,055,576


LIABILITIES
Collateral on securities loaned, at value		—		4,203,757				2,773,291
Payables:
Investments purchased		—		200,496,256				35,962,562
Variation margin on futures contracts		97,082		40,686		��		12,817
Capital shares redeemed		15		—				—
Investment advisory fees		1,170,913		1,177,291				78,149
Professional fees		22,667		29,537				—
IRS compliance fee for foreign withholding tax claims		1,473,305		—				—

Total liabilities		2,763,982		205,947,527				38,826,819


NET ASSETS	$	3,296,423,002	$	3,167,801,110			$	208,228,757


NET ASSETS CONSIST OF
Paid-in capital	$	3,018,290,563	$	3,662,492,420			$	282,423,523
Accumulated earnings (loss)		278,132,439		(494,691,310	)			(74,194,766	)

NET ASSETS	$	3,296,423,002	$	3,167,801,110			$	208,228,757


NET ASSET VALUE
Shares outstanding		55,350,000		75,900,000				3,180,000

Net asset value	$	59.56	$	41.74			$	65.48

Shares authorized		Unlimited		Unlimited				Unlimited

Par value		None		None				None


^(a)Investments, at cost — unaffiliated	$	2,875,388,678	$	3,287,138,615			$	253,040,349
^(b)Securities loaned, at value	$	—	$	2,705,700			$	2,704,257
^(c)Investments, at cost — affiliated	$	4,780,000	$	8,294,602			$	3,233,430
^(d)Foreign currency, at cost	$	1,801,764	$	2,290,922			$	324,257
^(e)Foreign currency collateral pledged, at cost	$	146,417	$	949,635			$	—

See notes to financial statements.


16		2 0 2 2 I S H A R E S S E M I - 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

Statements of Operations (unaudited)

Six Months Ended September 30, 2022


	iShares Global 100 ETF			iShares Global Infrastructure ETF			iShares Global Timber & Forestry ETF

INVESTMENT INCOME
Dividends — unaffiliated	$	42,940,647		$	72,366,317		$	2,516,227
Dividends — affiliated		34,959			26,651			1,751
Securities lending income — affiliated — net		41,052			64,792			15,376
Other income — unaffiliated		901,649			64,110			—
Foreign taxes withheld		(1,990,014	)		(4,761,499	)		(176,626	)
Foreign withholding tax claims		2,347,966			234,723			—
IRS compliance fee for foreign withholding tax claims		(1,439,615	)		(48	)		195

Total investment income		42,836,644			67,995,046			2,356,923


EXPENSES
Investment advisory		7,191,024			7,116,273			564,149
Commitment costs		1,768			2,666			881
Professional		325,234			29,883			—

Total expenses		7,518,026			7,148,822			565,030

Net investment income		35,318,618			60,846,224			1,791,893


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(10,027,048	)		(85,124,354	)		(14,562,362	)
Investments — affiliated		(80	)		(4,046	)		244
Foreign currency transactions		(914,741	)		(1,120,670	)		(99,564	)
Futures contracts		(1,237,840	)		(746,848	)		(184,344	)
In-kind redemptions — unaffiliated^(a)		24,671,582			19,619,556			2,639,267

		12,491,873			(67,376,362	)		(12,206,759	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(878,027,963	)		(613,896,430	)		(63,008,911	)
Investments — affiliated		—			1,028			—
Foreign currency translations		(187,062	)		(10,744	)		(59,044	)
Futures contracts		(2,008,505	)		(1,024,991	)		(163,871	)

		(880,223,530	)		(614,931,137	)		(63,231,826	)

Net realized and unrealized loss		(867,731,657	)		(682,307,499	)		(75,438,585	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(832,413,039	)	$	(621,461,275	)	$	(73,646,692	)

^(a)	See Note 2 of the Notes to Financial Statements.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		17

Statements of Changes in Net Assets


	iShares Global 100 ETF						iShares Global Infrastructure ETF


	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	35,318,618		$	55,780,470		$	60,846,224		$	70,322,524
Net realized gain (loss)		12,491,873			116,816,003			(67,376,362	)		102,129,926
Net change in unrealized appreciation (depreciation)		(880,223,530	)		345,899,984			(614,931,137	)		292,894,503

Net increase (decrease) in net assets resulting from operations		(832,413,039	)		518,496,457			(621,461,275	)		465,346,953


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(40,097,757	)		(56,448,560	)		(50,404,211	)		(76,469,201	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		325,324,183			408,496,678			406,677,285			(19,508,370	)


NET ASSETS
Total increase (decrease) in net assets		(547,186,613	)		870,544,575			(265,188,201	)		369,369,382
Beginning of period		3,843,609,615			2,973,065,040			3,432,989,311			3,063,619,929


End of period	$	3,296,423,002		$	3,843,609,615		$	3,167,801,110		$	3,432,989,311

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

See notes to financial statements.


18		2 0 2 2 I S H A R E S S E M I - 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

Statements of Changes in Net Assets (continued)


	iShares Global Timber & Forestry ETF


	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	1,791,893		$	5,956,846
Net realized gain (loss)		(12,206,759	)		41,102,186
Net change in unrealized appreciation (depreciation)		(63,231,826	)		(34,689,412	)

Net increase (decrease) in net assets resulting from operations		(73,646,692	)		12,369,620


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(5,365,819	)		(4,841,317	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(28,212,300	)		(24,124,346	)


NET ASSETS
Total decrease in net assets		(107,224,811	)		(16,596,043	)
Beginning of period		315,453,568			332,049,611

End of period	$	208,228,757		$	315,453,568

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		19

Financial Highlights

(For a share outstanding throughout each period)


	iShares Global 100 ETF


		Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19	^(a)		Year Ended 03/31/18	^(a)


Net asset value, beginning of period	$	75.96		$	65.92		$	44.71		$	47.57		$	45.54		$	40.90

Net investment income^(b)		0.67	^(c)		1.16			0.99			1.06			1.14			1.02
Net realized and unrealized gain (loss)^(d)		(16.29	)		10.08			21.16			(2.83	)		1.97			4.65

Net increase (decrease) from investment operations		(15.62	)		11.24			22.15			(1.77	)		3.11			5.67

Distributions from net investment income^(e)		(0.78	)		(1.20	)		(0.94	)		(1.09	)		(1.08	)		(1.03	)


Net asset value, end of period	$	59.56		$	75.96		$	65.92		$	44.71		$	47.57		$	45.54


Total Return^(f)
Based on net asset value		(20.69	)%^(c)(g)		17.11	%		49.88	%		(3.91	)%		7.00	%		13.97	%


Ratios to Average Net Assets^(h)
Total expenses		0.42	%⁽ⁱ⁾		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%

Total expenses excluding professional fees for foreign withholding tax claims		0.40	%⁽ⁱ⁾		0.40	%		N/A			0.40	%		N/A			N/A

Net investment income		1.96	%^(c)(i)		1.58	%		1.71	%		2.11	%		2.46	%		2.30	%


Supplemental Data
Net assets, end of period (000)	$	3,296,423		$	3,843,610		$	2,973,065		$	1,855,568		$	2,031,281		$	1,780,507

Portfolio turnover rate^(j)		1	%		2	%		3	%		5	%		9	%		8	%

^(a)	Per share amounts reflect a two-for-one stock split effective after the close of trading on May 1, 2018.

^(b)	Based on average shares outstanding.

^(c)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended September 30, 2022:

•

Net investment income per share by $0.04.

•

Total return by 0.05%.

•

Ratio of net investment income to average net assets by 0.11%.

^(d)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(f)	Where applicable, assumes the reinvestment of distributions.

^(g)	Not annualized.

^(h)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾	Annualized.

^(j)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


20		2 0 2 2 I S H A R E S S E M I - 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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Infrastructure ETF


		Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18


Net asset value, beginning of period	$	50.78		$	45.05		$	33.89		$	44.78		$	42.73		$	42.18

Net investment income^(a)		0.85			1.04			1.04			1.54			1.34			1.44
Net realized and unrealized gain (loss)^(b)		(9.19	)		5.84			11.14			(10.86	)		2.10			0.45

Net increase (decrease) from investment operations		(8.34	)		6.88			12.18			(9.32	)		3.44			1.89

Distributions from net investment income^(c)		(0.70	)		(1.15	)		(1.02	)		(1.57	)		(1.39	)		(1.34	)


Net asset value, end of period	$	41.74		$	50.78		$	45.05		$	33.89		$	44.78		$	42.73


Total Return^(d)
Based on net asset value		(16.67	)%^(e)(f)		15.54	%		36.27	%^(g)		(21.75	)%		8.40	%		4.37	%


Ratios to Average Net Assets^(h)
Total expenses		0.41	%⁽ⁱ⁾		0.40	%		0.43	%		0.46	%		0.46	%		0.47	%

Total expenses excluding professional fees for foreign withholding tax claims		0.41	%⁽ⁱ⁾		N/A			N/A			N/A			N/A			N/A

Net investment income		3.52	%^(f)(i)		2.23	%		2.57	%		3.38	%		3.15	%		3.24	%


Supplemental Data
Net assets, end of period (000)	$	3,167,801		$	3,432,989		$	3,063,620		$	2,741,647		$	2,825,830		$	2,503,687

Portfolio turnover rate^(j)		7	%		16	%		25	%		9	%		19	%		11	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended September 30, 2022:

•

Total return by 0.01%.

•

Ratio of net investment income to average net assets by 0.01%.

^(g)	Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(h)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾	Annualized.

^(j)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		21

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Timber & Forestry ETF


		Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18


Net asset value, beginning of period	$	89.11		$	85.14		$	48.10		$	63.82		$	78.11		$	57.39

Net investment income^(a)		0.53			1.58	^(b)		0.78			0.79			1.57			0.82
Net realized and unrealized gain (loss)^(c)		(22.62	)		3.53			37.04			(15.27	)		(14.25	)		20.75

Net increase (decrease) from investment operations		(22.09	)		5.11			37.82			(14.48	)		(12.68	)		21.57

Distributions from net investment income^(d)		(1.54	)		(1.14	)		(0.78	)		(1.24	)		(1.61	)		(0.85	)


Net asset value, end of period	$	65.48		$	89.11		$	85.14		$	48.10		$	63.82		$	78.11


Total Return^(e)
Based on net asset value		(25.17	)%^(f)		6.04	%^(b)		79.23	%		(23.04	)%		(16.22	)%		37.92	%


Ratios to Average Net Assets^(g)
Total expenses		0.41	%^(h)		0.41	%		0.43	%		0.46	%		0.46	%		0.47	%

Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.40	%		N/A			N/A			0.46	%		N/A

Net investment income		1.30	%^(h)		1.78	%^(b)		1.15	%		1.30	%		2.17	%		1.21	%


Supplemental Data
Net assets, end of period (000)	$	208,229		$	315,454		$	332,050		$	173,178		$	279,553		$	440,542

Portfolio turnover rate⁽ⁱ⁾		16	%		18	%		14	%		10	%		18	%		31	%

^(a)	Based on average shares outstanding.

^(b)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2022:

•

Net investment income per share by $0.07.

•

Total return by 0.09%.

•

Ratio of net investment income to average net assets by 0.07%.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


22		2 0 2 2 I S H A R E S S E M I - 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

Notes to Financial Statements (unaudited)

1.	*ORGANIZATION*

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

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


iShares ETF		Diversification Classification
Global 100		Diversified
Global Infrastructure		Diversified
Global Timber & Forestry		Non-diversified

2.	*SIGNIFICANT ACCOUNTING POLICIES*

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of September 30, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.


N O T E S T O F I N A N C I A L S T A T E M E N T S		23

Notes to Financial Statements (unaudited) (continued)

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

•

Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

•

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

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

•

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

•

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.


24		2 0 2 2 I S H A R E S S E M I - 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

Notes to Financial Statements (unaudited) (continued)

4.	*SECURITIES AND OTHER INVESTMENTS*

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:


iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount

Global Infrastructure
BofA Securities, Inc.	$	233,072	$	(233,072	)	$	—		$	—
HSBC Bank PLC		42,991		(42,991	)		—			—
Wells Fargo Bank N.A.		2,429,637		(2,429,637	)		—			—

	$	2,705,700	$	(2,705,700	)	$	—		$	—

Global Timber & Forestry
Morgan Stanley	$	2,704,257	$	(2,704,257	)	$	—		$	—

^(a)

Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.


N O T E S T O F I N A N C I A L S T A T E M E N T S		25

Notes to Financial Statements (unaudited) (continued)

equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

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

For its investment advisory services to the iShares Global 100 ETF, BFA is entitled to an annual investment advisory fee of 0.40%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

For its investment advisory services to each of the iShares Global Infrastructure and iShares Global Timber & Forestry ETFs, BFA is entitled to annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds as follows:


Aggregate Average Daily Net Assets	Investment Advisory Fees
First $10 billion		0.4800	%
Over $10 billion, up to and including $20 billion		0.4300
Over $20 billion, up to and including $30 billion		0.3800
Over $30 billion, up to and including $40 billion		0.3420
Over $40 billion		0.3078

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

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, the iShares Global 100 ETF (the “Group 1 Fund”), retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Pursuant to the current securities lending agreement, the iShares Global Infrastructure ETF and iShares Global Timber & Forestry ETF (the “Group 2 Fund”), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold: (1) the Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended September 30, 2022, the Funds paid BTC the following amounts for securities lending agent services:


iShares ETF	Amounts
Global 100	$	9,917
Global Infrastructure		16,461
Global Timber & Forestry		4,435


26		2 0 2 2 I S H A R E S S E M I - 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

Notes to Financial Statements (unaudited) (continued)

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended September 30, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Global 100	$	7,635,321	$	3,319,335	$	(2,025,835	)
Global Infrastructure		2,880,915		12,936,087		(3,027,619	)
Global Timber & Forestry		824,952		737,915		(195,978	)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7. PURCHASES AND SALES

For the six months ended September 30, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:


iShares ETF	Purchases		Sales
Global 100	$	85,352,183	$	36,054,417
Global Infrastructure		314,393,172		251,092,170
Global Timber & Forestry		43,141,972		48,258,996

For the six months ended September 30, 2022, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
Global 100	$	323,540,700	$	44,145,644
Global Infrastructure		432,452,842		83,802,219
Global Timber & Forestry		—		26,096,631

8.	*INCOME TAX INFORMATION*

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

Management has analyzed tax laws and regulations and their application to the Funds as of September 30, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of March 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:


iShares ETF	Amounts
Global 100	$	114,796,914
Global Infrastructure		279,792,184
Global Timber & Forestry		11,070,882

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


N O T E S T O F I N A N C I A L S T A T E M E N T S		27

Notes to Financial Statements (unaudited) (continued)

As of September 30, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Global 100	$	2,925,645,162	$	701,771,403	$	(336,825,881	)	$	364,945,522
Global Infrastructure		3,325,095,932		246,669,575		(412,176,254	)		(165,506,679	)
Global Timber & Forestry		257,911,047		7,120,803		(55,641,142	)		(48,520,339	)

9.	*LINE OF CREDIT*

The Funds, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 11, 2023. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the six months ended September 30, 2022, the Funds did not borrow under the Syndicated Credit Agreement.

10.

PRINCIPAL RISKS

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

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

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

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

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

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.


28		2 0 2 2 I S H A R E S S E M I - 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

Notes to Financial Statements (unaudited) (continued)

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but could be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

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

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial ConductAuthority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.


N O T E S T O F I N A N C I A L S T A T E M E N T S		29

Notes to Financial Statements (unaudited) (continued)

Transactions in capital shares were as follows:



	Six Months Ended 09/30/22						Year Ended 03/31/22
iShares ETF	Shares			Amount			Shares			Amount


Global 100
Shares sold		5,450,000		$	370,556,400			8,550,000		$	627,959,649
Shares redeemed		(700,000	)		(45,232,217	)		(3,050,000	)		(219,462,971	)

		4,750,000		$	325,324,183			5,500,000		$	408,496,678

Global Infrastructure
Shares sold		10,100,000		$	491,749,504			5,600,000		$	265,747,265
Shares redeemed		(1,800,000	)		(85,072,219	)		(6,000,000	)		(285,255,635	)

		8,300,000		$	406,677,285			(400,000	)	$	(19,508,370	)

Global Timber & Forestry
Shares sold		—		$	(4,767	)		1,380,000		$	129,168,563
Shares redeemed		(360,000	)		(28,207,533	)		(1,740,000	)		(153,292,909	)

		(360,000	)	$	(28,212,300	)		(360,000	)	$	(24,124,346	)

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

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

12. FOREIGN WITHHOLDING TAX CLAIMS

The Internal Revenue Service (“IRS”) has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which the iShares Global Infrastructure ETF is able to pass through to its shareholders as a foreign tax credit in the current year, the Fund will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.

The iShares Global 100 ETF is expected to seek a closing agreement with the Internal Revenue Service (“IRS”) to address any prior years’ U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Fund has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statements of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

13. SUBSEQUENT EVENTS

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


30		2 0 2 2 I S H A R E S S E M I - 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

Board Review and Approval of Investment Advisory Contract

iShares Global 100 ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		31

Board Review and Approval of Investment Advisory Contract (continued)

and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares Global Infrastructure ETF, iShares Global Timber & Forestry ETF (each the “Fund”)


32		2 0 2 2 I S H A R E S S E M I - 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

Board Review and Approval of Investment Advisory Contract (continued)

Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		33

Board Review and Approval of Investment Advisory Contract (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.


34		2 0 2 2 I S H A R E S S E M I - 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

Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

September 30, 2022


	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Global 100^(a)	$	0.779557	$	—	$	0.000555	$	0.780112		100	%		—	%		0	%^(b)		100	%
Global Infrastructure^(a)		0.510028		—		0.194926		0.704954		72			—			28			100
Global Timber & Forestry^(a)		0.880104		—		0.661798		1.541902		57			—			43			100

^(a)

The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

^(b)

Rounds to less than 1%.


S U P P L E M E N T A L I N F O R M A T I��O N		35

General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.


36		2 0 2 2 I S H A R E S S E M I - 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

Glossary of Terms Used in this Report


Portfolio Abbreviation

ADR		American Depositary Receipt

NVS		Non-Voting Shares


G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T		37

Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by S&P Dow Jones Indices LLC, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

iS-SAR-303-0922


		SEPTEMBER 30, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

iShares Global Comm Services ETF | IXP | NYSE Arca

iShares Global Consumer Discretionary ETF | RXI | NYSE Arca

iShares Global Consumer Staples ETF | KXI | NYSE Arca

iShares Global Energy ETF | IXC | NYSE Arca

iShares Global Financials ETF | IXG | NYSE Arca

iShares Global Healthcare ETF | IXJ | NYSE Arca

iShares Global Industrials ETF | EXI | NYSE Arca

iShares Global Materials ETF | MXI | NYSE Arca

iShares Global Tech ETF | IXN | NYSE Arca

iShares Global Utilities ETF | JXI | NYSE Arca

The Markets in Review

Dear Shareholder,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of September 30, 2022
	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	(20.20)%	(15.47)%

U.S. small cap equities (Russell 2000^® Index)	(19.01)	(23.50)

International equities (MSCI Europe, Australasia, Far East Index)	(22.51)	(25.13)

Emerging market equities (MSCI Emerging Markets Index)	(21.70)	(28.11)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.58	0.63

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(10.81)	(16.20)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(9.22)	(14.60)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(6.30)	(11.50)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(10.42)	(14.15)
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


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

Table of Contents


	Page

The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		14
Disclosure of Expenses		14
Schedules of Investments		15
Financial Statements:
Statements of Assets and Liabilities		51
Statements of Operations		54
Statements of Changes in Net Assets		57
Financial Highlights		62
Notes to Financial Statements		72
Board Review and Approval of Investment Advisory Contract		82
Supplemental Information		86
General Information		87
Glossary of Terms Used in this Report		88


Fund Summary as of September 30, 2022		iShares^® Global Comm Services ETF

Investment Objective

The iShares Global Comm Services ETF(the “Fund”) seeks to track the investment results of an index composed of global equities in the communication services sector, as represented by the S&P Global 1200 Communication Services 4.5/22.5/45 Capped Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(28.55	)%		(36.63	)%		(0.51	)%		2.39	%		(36.63	)%		(2.53	)%		26.62	%
Fund Market		(28.41	)		(36.55	)		(0.48	)		2.41			(36.55	)		(2.39	)		26.88
Index		(28.73	)		(36.50	)		(0.32	)		2.41			(36.50	)		(1.58	)		26.95

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 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

Index performance through June 23, 2019 reflects the performance of the S&P Global 1200 Communication Services Sector Index^TM. Index performance beginning on June 24, 2019 reflects the performance of S&P Global 1200 Communication Services 4.5/22.5/45 Capped Index^TM.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (04/01/22)		Ending Account Value (09/30/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/22)		Ending Account Value (09/30/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	714.50	$	1.76		$	1,000.00	$	1,023.00	$	2.08		0.41	%

^(a)

Portfolio Information

INDUSTRY ALLOCATION


Industry	Percent of Total Investments	^(a)
Interactive Media & Services	44.3	%
Diversified Telecommunication Services	20.5
Entertainment	16.4
Media	9.7
Wireless Telecommunication Services	9.1
Industrials	—	^(b)

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
United States	65.7	%
China	9.4
Japan	8.6
Canada	3.2
United Kingdom	2.6
Germany	2.1
France	1.3
Spain	1.3
Australia	1.2
South Korea	1.1
Other (each representing less than 1%)	3.5

^(a)

Excludes money market funds.

^(b)

Rounds to less than 0.1%.


4		2 0 2 2 I S H A R E S S E M I - 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


Fund Summary as of September 30, 2022		iShares^® Global Consumer Discretionary ETF

Investment Objective

The iShares Global Consumer Discretionary ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the consumer discretionary sector, as represented by the S&P Global 1200 Consumer Discretionary (Sector) Capped Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(21.24	)%		(24.90	)%		4.93	%		9.17	%		(24.90	)%		27.18	%		140.55	%
Fund Market		(21.53	)		(25.26	)		4.92			9.16			(25.26	)		27.13			140.22
Index		(21.59	)		(24.74	)		5.09			9.17			(24.74	)		28.18			140.41

Index performance through September 22, 2019 reflects the performance of the S&P Global 1200 Consumer Discretionary Sector Index^TM. Index performance beginning on September 23, 2019 reflects the performance of the S&P Global 1200 Consumer Discretionary (Sector) Capped Index^TM.

Expense Example


Actual							Hypothetical 5% Return								��

	Beginning Account Value (04/01/22)		Ending Account Value (09/30/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/22)		Ending Account Value (09/30/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	787.60	$	1.84		$	1,000.00	$	1,023.00	$	2.08		0.41	%

^(a)

Portfolio Information

INDUSTRY ALLOCATION


Industry	Percent of Total Investments	^(a)
Retailing	40.6	%
Automobiles & Components	25.6
Consumer Durables & Apparel	17.0
Consumer Services	16.8

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
United States	59.7	%
Japan	12.0
China	8.0
France	6.0
Germany	3.2
United Kingdom	2.1
Netherlands	2.0
Switzerland	1.3
Canada	1.3
Australia	1.2
Other (each representing less than 1%)	3.2

^(a)

Excludes money market funds.


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


Fund Summary as of September 30, 2022		iShares^® Global Consumer Staples ETF

Investment Objective

The iShares Global Consumer Staples ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the consumer staples sector, as represented by the S&P Global 1200 Consumer Staples (Sector) Capped Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(12.74	)%		(8.26	)%		3.50	%		6.27	%		(8.26	)%		18.76	%		83.67	%
Fund Market		(12.81	)		(8.59	)		3.49			6.25			(8.59	)		18.70			83.43
Index		(12.80	)		(8.22	)		3.47			6.24			(8.22	)		18.59			83.23

Index performance through June 23, 2019 reflects the performance of the S&P Global 1200 Consumer Staples Sector Index^TM. Index performance beginning on June 24, 2019 reflects the performance of the S&P Global 1200 Consumer Staples (Sector) Capped Index^TM.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (04/01/22)		Ending Account Value (09/30/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/22)		Ending Account Value (09/30/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	872.60	$	1.92		$	1,000.00	$	1,023.00	$	2.08		0.41	%

^(a)

Portfolio Information

INDUSTRY ALLOCATION


Industry	Percent of Total Investments	^(a)
Packaged Foods & Meats	22.0	%
Household Products	15.4
Soft Drinks	12.4
Hypermarkets & Super Centers	10.3
Tobacco	10.3
Personal Products	9.4
Food Retail	7.1
Distillers & Vintners	5.8
Brewers	4.1
Agricultural Products	1.4
Food Distributors	1.1
Other (each representing less than 1%)	0.7

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
United States	56.3	%
United Kingdom	12.6
Switzerland	9.3
Japan	5.8
France	4.8
Canada	2.1
Netherlands	1.7
Australia	1.6
Belgium	1.4
Other (each representing less than 1%)	4.4

^(a)

Excludes money market funds.


6		2 0 2 2 I S H A R E S S E M I - 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


Fund Summary as of September 30, 2022		iShares^® Global Energy ETF

Investment Objective

The iShares Global Energy ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the energy sector, as represented by the S&P Global 1200 Energy Sector Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(6.05	)%		29.63	%		4.15	%		2.01	%		29.63	%		22.52	%		22.07	%
Fund Market		(6.09	)		29.56			4.14			2.03			29.56			22.47			22.26
Index		(6.35	)		29.17			3.73			1.76			29.17			20.12			19.08

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (04/01/22)		Ending Account Value (09/30/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/22)		Ending Account Value (09/30/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	939.50	$	2.14		$	1,000.00	$	1,022.90	$	2.23		0.44	%

^(a)

Portfolio Information

INDUSTRY ALLOCATION


Industry	Percent of Total Investments	^(a)
Integrated Oil & Gas	55.3	%
Oil & Gas Exploration & Production	23.4
Oil & Gas Storage & Transportation	9.6
Oil & Gas Refining & Marketing	7.2
Oil & Gas Equipment & Services	4.1
Other (each representing less than 1%)	0.4

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
United States	59.7	%
United Kingdom	12.5
Canada	12.1
France	5.0
Australia	2.5
Brazil	2.1
Norway	1.9
Italy	1.2
Other (each representing less than 1%)	3.0

^(a)

Excludes money market funds.


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


Fund Summary as of September 30, 2022		iShares^® Global Financials ETF

Investment Objective

The iShares Global Financials ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the financials sector, as represented by the S&P Global 1200 Financials Sector Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(21.19	)%		(18.80	)%		0.98	%		6.54	%		(18.80	)%		5.00	%		88.44	%
Fund Market		(21.13	)		(19.03	)		0.95			6.54			(19.03	)		4.84			88.48
Index		(21.33	)		(18.85	)		1.06			6.64			(18.85	)		5.39			90.15

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (04/01/22)		Ending Account Value (09/30/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/22)		Ending Account Value (09/30/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	788.10	$	1.84		$	1,000.00	$	1,023.00	$	2.08		0.41	%

^(a)

Portfolio Information

INDUSTRY ALLOCATION


Industry	Percent of Total Investments	^(a)
Banks	45.5	%
Insurance	22.8
Capital Markets	20.4
Diversified Financial Services	8.8
Consumer Finance	2.5
Equity Real Estate Investment Trusts (REITs)	—	^(b)

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
United States	52.8	%
Canada	9.0
Australia	5.2
United Kingdom	5.1
Japan	4.5
Switzerland	3.0
China	2.6
Germany	2.6
Hong Kong	2.2
France	1.9
Singapore	1.6
Spain	1.3
Sweden	1.3
Italy	1.3
Brazil	1.2
Netherlands	1.1
Other (each representing less than 1%)	3.3

^(a)

Excludes money market funds.

^(b)

Rounds to less than 0.1%.


8		2 0 2 2 I S H A R E S S E M I - 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


Fund Summary as of September 30, 2022		iShares^® Global Healthcare ETF

Investment Objective

The iShares Global Healthcare ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the healthcare sector, as represented by the S&P Global 1200 Health Care Sector Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(13.21	)%		(8.86	)%		7.64	%		10.73	%		(8.86	)%		44.52	%		177.14	%
Fund Market		(13.42	)		(8.89	)		7.63			10.74			(8.89	)		44.44			177.47
Index		(13.23	)		(8.79	)		7.74			10.83			(8.79	)		45.17			179.64

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (04/01/22)		Ending Account Value (09/30/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/22)		Ending Account Value (09/30/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	867.90	$	1.92		$	1,000.00	$	1,023.00	$	2.08		0.41	%

^(a)

Portfolio Information

INDUSTRY ALLOCATION


Industry	Percent of Total Investments	^(a)
Pharmaceuticals	41.1	%
Health Care Providers & Services	18.1
Health Care Equipment & Supplies	16.9
Biotechnology	13.1
Life Sciences Tools & Services	10.6
Health Care Technology	0.2

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
United States	72.6	%
Switzerland	8.2
Japan	4.7
United Kingdom	3.8
Denmark	3.2
France	2.3
Australia	1.8
Germany	1.6
Other (each representing less than 1%)	1.8

^(a)

Excludes money market funds.


F U N D S U M M A R Y		9


Fund Summary as of September 30, 2022		iShares^® Global Industrials ETF

Investment Objective

The iShares Global Industrials ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the industrials sector, as represented by the S&P Global 1200 Industrials Sector Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(21.36	)%		(21.84	)%		2.00	%		7.50	%		(21.84	)%		10.40	%		106.19	%
Fund Market		(21.65	)		(22.09	)		1.94			7.52			(22.09	)		10.07			106.50
Index		(21.55	)		(21.83	)		2.10			7.55			(21.83	)		10.96			107.02

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (04/01/22)		Ending Account Value (09/30/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/22)		Ending Account Value (09/30/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	786.40	$	1.84		$	1,000.00	$	1,023.00	$	2.08		0.41	%

^(a)

Portfolio Information

INDUSTRY ALLOCATION


Industry	Percent of Total Investments	^(a)
Capital Goods	66.3	%
Transportation	20.7
Commercial & Professional Services	13.0

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
United States	53.6	%
Japan	14.7
France	6.5
United Kingdom	5.2
Canada	4.3
Sweden	3.2
Germany	3.1
Switzerland	2.5
Denmark	1.3
Ireland	1.1
Other (each representing less than 1%)	4.5

^(a)

Excludes money market funds.


10		2 0 2 2 I S H A R E S S E M I - 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


Fund Summary as of September 30, 2022		iShares^® Global Materials ETF

Investment Objective

The iShares Global Materials ETF(the “Fund”) seeks to track the investment results of an index composed of global equities in the materials sector, as represented by the S&P Global 1200 Materials Sector Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(25.76	)%		(16.24	)%		3.74	%		3.96	%		(16.24	)%		20.13	%		47.52	%
Fund Market		(25.87	)		(16.29	)		3.71			4.01			(16.29	)		19.95			48.12
Index		(25.86	)		(16.26	)		3.90			4.13			(16.26	)		21.09			49.90

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (04/01/22)		Ending Account Value (09/30/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/22)		Ending Account Value (09/30/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	742.40	$	1.79		$	1,000.00	$	1,023.00	$	2.08		0.41	%

^(a)

Portfolio Information

INDUSTRY ALLOCATION


Industry	Percent of Total Investments	^(a)
Chemicals	49.9	%
Metals & Mining	37.0
Construction Materials	5.6
Containers & Packaging	5.4
Paper & Forest Products	2.1

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
United States	31.1	%
Australia	17.0
Ireland	9.0
Canada	8.5
Japan	5.8
Switzerland	4.4
United Kingdom	4.2
France	3.9
Germany	3.0
Brazil	2.9
Netherlands	1.5
South Korea	1.5
Finland	1.3
Taiwan	1.2
Other (each representing less than 1%)	4.7

^(a)

Excludes money market funds.


F U N D S U M M A R Y		11


Fund Summary as of September 30, 2022		iShares^® Global Tech ETF

Investment Objective

The iShares Global Tech ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the technology sector, as represented by the S&P Global 1200 Information Technology Sector Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(26.71	)%		(24.84	)%		13.24	%		15.00	%		(24.84	)%		86.18	%		304.69	%
Fund Market		(27.03	)		(25.09	)		13.16			15.00			(25.09	)		85.52			304.72
Index		(26.70	)		(24.70	)		13.42			15.16			(24.70	)		87.72			310.27

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (04/01/22)		Ending Account Value (09/30/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/22)		Ending Account Value (09/30/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	732.90	$	1.78		$	1,000.00	$	1,023.00	$	2.08		0.41	%

^(a)

Portfolio Information

INDUSTRY ALLOCATION


Industry	Percent of Total Investments	^(a)
Software	28.8	%
Technology Hardware, Storage & Peripherals	25.6
Semiconductors & Semiconductor Equipment	21.8
IT Services	16.3
Electronic Equipment, Instruments & Components	4.5
Communications Equipment	3.0

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
United States	82.5	%
Taiwan	3.6
Japan	3.3
South Korea	2.8
Netherlands	2.7
Germany	1.2
Other (each representing less than 1%)	3.9

^(a)

Excludes money market funds.


12		2 0 2 2 I S H A R E S S E M I - 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


Fund Summary as of September 30, 2022		iShares^® Global Utilities ETF

Investment Objective

The iShares Global Utilities ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the utilities sector, as represented by the S&P Global 1200 Utilities (Sector) Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(15.29	)%		(4.03	)%		4.77	%		6.35	%		(4.03	)%		26.22	%		85.09	%
Fund Market		(15.69	)		(4.20	)		4.73			6.33			(4.20	)		25.97			84.66
Index		(15.52	)		(4.29	)		4.45			6.06			(4.29	)		24.35			80.14

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (04/01/22)		Ending Account Value (09/30/22)		Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/22)		Ending Account Value (09/30/22)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	847.10	$	1.90		$	1,000.00	$	1,023.00	$	2.08		0.41	%

^(a)

Portfolio Information

INDUSTRY ALLOCATION


Industry	Percent of Total Investments	^(a)
Electric Utilities	61.8	%
Multi-Utilities	28.8
Gas Utilities	3.8
Independent Power and Renewable Electricity Producers	2.9
Water Utilities	2.7

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
United States	67.7	%
Spain	5.4
United Kingdom	5.2
Canada	4.4
Italy	3.6
Germany	3.1
France	3.0
Japan	2.0
Denmark	1.1
Australia	1.0
Other (each representing less than 1%)	3.5

^(a)

Excludes money market funds.


F U N D S U M M A R Y		13

About Fund Performance

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

Disclosure of Expenses


14		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited)

September 30, 2022

iShares^® Global Comm Services ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 1.1%
SEEK Ltd.		23,428	$	284,738
Telstra Corp. Ltd.		763,299		1,884,759

				2,169,497

Canada — 3.2%
BCE Inc.		60,234		2,525,611
Rogers Communications Inc., Class B, NVS		23,146		891,591
Shaw Communications Inc., Class B, NVS		29,619		720,239
TELUS Corp.		93,655		1,859,744

				5,997,185

China — 9.4%
Baidu Inc.^(a)		149,550		2,201,555
Kuaishou Technology^(a)(b)		128,800		826,142
NetEase Inc.		120,900		1,824,311
Tencent Holdings Ltd.		380,700		12,858,641

				17,710,649

Finland — 0.2%
Elisa OYJ		9,947		450,689


France — 1.3%
Orange SA		124,757		1,128,369
Publicis Groupe SA		15,589		738,648
Ubisoft Entertainment SA^(a)		6,314		173,525
Vivendi SE		53,455		414,627

				2,455,169

Germany — 2.1%
Deutsche Telekom AG, Registered		230,582		3,924,889


Italy — 0.1%
Telecom Italia SpA/Milano^(a)		682,664		126,270


Japan — 8.6%
Dentsu Group Inc.		16,000		454,840
KDDI Corp.		103,500		3,025,954
Nexon Co. Ltd.		30,700		542,400
Nintendo Co. Ltd.		77,000		3,105,739
Nippon Telegraph & Telephone Corp.		150,700		4,064,728
SoftBank Corp.		182,900		1,826,426
SoftBank Group Corp.		78,500		2,660,450
Z Holdings Corp.		175,200		464,396

				16,144,933

Mexico — 0.7%
America Movil SAB de CV, Series L, NVS		1,269,722		1,048,461
Grupo Televisa SAB, CPO		166,620		180,358
Sitios Latinoamerica SAB de CV		63,486		28,339

				1,257,158

Netherlands — 0.8%
Koninklijke KPN NV		215,496		583,211
Universal Music Group NV		50,305		942,214

				1,525,425

Norway — 0.2%
Telenor ASA		42,520		389,148


South Korea — 1.1%
Kakao Corp.		20,575		809,615
NAVER Corp.		9,851		1,312,313

				2,121,928

Spain — 1.3%
Cellnex Telecom SA^(b)		37,691		1,162,638


Security	Shares		Value

Spain (continued)
Telefonica SA		372,566	$	1,231,672

				2,394,310

Sweden — 0.6%
Embracer Group AB^(a)(c)		54,078		320,530
Tele2 AB, Class B		36,306		313,305
Telia Co. AB		162,096		466,850

				1,100,685

Switzerland — 0.4%
Swisscom AG, Registered		1,674		783,835


Taiwan — 0.5%
Chunghwa Telecom Co. Ltd.		251,120		898,792


United Kingdom — 2.6%
Auto Trader Group PLC^(b)		64,013		363,022
BT Group PLC		460,955		619,662
Informa PLC		99,297		567,571
Pearson PLC		49,979		477,279
Rightmove PLC		57,837		308,555
Vodafone Group PLC		1,770,425		1,981,459
WPP PLC		80,237		662,371

				4,979,919

United States — 65.7%
Activision Blizzard Inc.		47,027		3,495,987
Alphabet Inc., Class A^(a)		229,204		21,923,363
Alphabet Inc., Class C, NVS^(a)		204,958		19,706,712
AT&T Inc.		470,752		7,221,336
Charter Communications Inc., Class A^(a)		7,315		2,219,005
Comcast Corp., Class A		272,904		8,004,274
DISH Network Corp., Class A^(a)		16,579		229,288
Electronic Arts Inc.		17,446		2,018,677
Fox Corp., Class A, NVS		20,244		621,086
Fox Corp., Class B		9,144		260,604
Interpublic Group of Companies Inc. (The)		25,823		661,069
Live Nation Entertainment Inc.^(a)		9,382		713,407
Lumen Technologies Inc.		62,914		458,014
Match Group Inc.^(a)		18,687		892,304
Meta Platforms Inc, Class A^(a)		143,360		19,451,085
Netflix Inc.^(a)		29,378		6,916,756
News Corp., Class A, NVS		25,464		384,761
News Corp., Class B		8,019		123,653
Omnicom Group Inc.		13,522		853,103
Paramount Global, Class B, NVS		33,355		635,079
Take-Two Interactive Software Inc.^(a)		10,343		1,127,387
T-Mobile U.S. Inc.^(a)		39,762		5,334,868
Twitter Inc.^(a)		44,407		1,946,803
Verizon Communications Inc.		232,378		8,823,393
Walt Disney Co. (The)^(a)		85,347		8,050,782
Warner Bros. Discovery Inc.^(a)(c)		145,927		1,678,160

				123,750,956


Total Common Stocks — 99.9% (Cost: $265,876,852)				188,181,437


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Comm Services ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Preferred Stocks

Italy — 0.0%
Telecom Italia SpA/Milano, Preference Shares, NVS^(a)		389,747	$	70,203


Total Preferred Stocks — 0.0% (Cost: $316,302)				70,203


Total Long-Term Investments — 99.9% (Cost: $266,193,154)				188,251,640


Short-Term Securities

Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%^(d)(e)(f)		1,940,491		1,941,073
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%^(d)(e)		190,000		190,000


Total Short-Term Securities — 1.1% (Cost: $2,131,073)				2,131,073


Total Investments — 101.0% (Cost: $268,324,227)				190,382,713

Liabilities in Excess of Other Assets — (1.0)%				(1,937,608	)


Net Assets — 100.0%			$	188,445,105

^(a)	Non-income producing security.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)	All or a portion of this security is on loan.

^(d)	Affiliate of the Fund.

^(e)	Annualized 7-day yield as of period end.

^(f)	All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates



Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	1,939,801	^(a)	$	—		$	1,272	$	—	$	1,941,073		1,940,491	$	3,582	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		330,000		—			(140,000	)^(a)		—		—		190,000		190,000		1,191			—

									$	1,272	$	—	$	2,131,073			$	4,773		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Long Contracts
Mini TOPIX Index		3		12/08/22	$	38	$	(725	)
E-Mini S&P Communication Services Select Sector Index		2		12/16/22		126		(1,581	)

							$	(2,306	)


16		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Comm Services ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	2,306	$	—	$	—	$	—	$	2,306

^(a)

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total


Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(55,782	)	$	—	$	—	$	—	$	(55,782	)

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	4,509		$	—	$	—	$	—	$	4,509

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	202,461

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

Fair Value Hierarchy as of Period End



	Level 1			Level 2			Level 3		Total

Investments
Assets
Common Stocks	$	131,005,299		$	57,176,138		$	—	$	188,181,437
Preferred Stocks		—			70,203			—		70,203
Money Market Funds		2,131,073			—			—		2,131,073

	$	133,136,372		$	57,246,341		$	—	$	190,382,713

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(1,581	)	$	(725	)	$	—	$	(2,306	)

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		17

Schedule of Investments (unaudited)

September 30, 2022

iShares^® Global Consumer Discretionary ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 1.2%
Aristocrat Leisure Ltd.		41,460	$	874,250
Lottery Corp. Ltd. (The)^(a)		138,752		371,848
Wesfarmers Ltd.		70,683		1,932,369

				3,178,467

Brazil — 0.2%
Lojas Renner SA		61,673		318,406
Magazine Luiza SA^(a)		167,029		138,717

				457,123

Canada — 1.3%
Canadian Tire Corp. Ltd., Class A, NVS		3,473		369,714
Dollarama Inc.		17,964		1,031,270
Gildan Activewear Inc.		10,991		310,710
Magna International Inc.		16,753		794,747
Restaurant Brands International Inc.		19,081		1,015,001

				3,521,442

Chile — 0.0%
Falabella SA		44,865		89,473


China — 8.0%
Alibaba Group Holding Ltd.^(a)		986,900		9,848,606
ANTA Sports Products Ltd.		68,200		715,881
BYD Co. Ltd., Class H		54,500		1,342,637
JD.com Inc., Class A		147,000		3,708,543
Li Ning Co. Ltd.		145,500		1,104,037
Meituan, Class B^(a)(b)		254,200		5,342,380

				22,062,084

Denmark — 0.1%
Pandora A/S		5,954		278,446


France — 5.9%
Accor SA^(a)		10,493		219,677
Cie Generale des Etablissements Michelin SCA		44,518		997,457
Hermes International		2,172		2,554,532
Kering SA		4,513		2,001,734
LVMH Moet Hennessy Louis Vuitton SE		16,315		9,618,911
Renault SA^(a)		12,937		350,024
Sodexo SA		5,240		393,526
Valeo		13,795		208,440

				16,344,301

Germany — 2.4%
adidas AG		11,138		1,280,438
Bayerische Motoren Werke AG		19,890		1,348,095
Continental AG		6,734		298,810
Delivery Hero SE^(a)(b)		11,431		417,542
Mercedes-Benz Group AG		49,110		2,483,347
Puma SE		6,393		295,741
Volkswagen AG		1,779		289,922
Zalando SE^(a)(b)		13,891		271,332

				6,685,227

Ireland — 0.4%
Flutter Entertainment PLC, Class DI^(a)		9,535		1,051,059


Italy — 0.7%
Ferrari NV		7,979		1,477,597
Moncler SpA		12,967		529,372

				2,006,969

Japan — 11.9%
Aisin Corp.		11,500		296,007


Security	Shares		Value

Japan (continued)
Bandai Namco Holdings Inc.		13,900	$	905,839
Bridgestone Corp.		38,400		1,241,891
Denso Corp.		31,600		1,444,852
Fast Retailing Co. Ltd.		4,100		2,172,771
Honda Motor Co. Ltd.		106,243		2,306,086
Isuzu Motors Ltd.		38,900		430,134
Nissan Motor Co. Ltd.		147,500		475,338
Nitori Holdings Co. Ltd.		5,500		461,560
Oriental Land Co. Ltd./Japan		14,600		1,980,180
Pan Pacific International Holdings Corp.		33,300		587,438
Panasonic Holdings Corp.		145,400		1,021,005
Rakuten Group Inc.		58,500		250,350
Sekisui House Ltd.		42,800		708,866
Shimano Inc.		5,300		829,264
Sony Group Corp.		78,700		5,069,414
Subaru Corp.		38,488		581,644
Sumitomo Electric Industries Ltd.		49,500		502,500
Suzuki Motor Corp.		30,800		958,808
Toyota Motor Corp.		783,100		10,235,464
Yamaha Motor Co. Ltd.		22,013		412,434

				32,871,845

Netherlands — 2.0%
Prosus NV		74,976		3,900,746
Stellantis NV		134,841		1,592,801

				5,493,547

South Korea — 0.7%
Hyundai Motor Co.		8,792		1,072,963
Kia Corp.		16,679		830,146

				1,903,109

Spain — 0.5%
Industria de Diseno Textil SA		69,944		1,443,409


Sweden — 0.6%
Electrolux AB, Class B		15,171		157,678
Evolution AB^(b)		11,935		943,433
H & M Hennes & Mauritz AB, Class B		43,841		405,314

				1,506,425

Switzerland — 1.3%
Cie. Financiere Richemont SA, Class A, Registered		32,541		3,071,722
Swatch Group AG (The), Bearer		1,804		405,175
Swatch Group AG (The), Registered		3,464		145,117

				3,622,014

United Kingdom — 2.1%
Barratt Developments PLC		64,216		242,699
Berkeley Group Holdings PLC		7,005		255,931
Burberry Group PLC		25,241		504,201
Compass Group PLC		111,300		2,216,251
Entain PLC		36,705		438,862
InterContinental Hotels Group PLC		11,702		563,590
Kingfisher PLC		125,720		306,030
Next PLC		8,058		427,685
Persimmon PLC		19,907		272,253
Taylor Wimpey PLC		219,330		213,570
Whitbread PLC		12,624		319,999

				5,761,071

United States — 59.5%
Advance Auto Parts Inc.		3,780		590,966
Amazon.com Inc.^(a)		235,300		26,588,900
Aptiv PLC^(a)		16,890		1,320,967


18		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Consumer Discretionary ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
AutoZone Inc.^(a)		1,215	$	2,602,445
Bath & Body Works Inc.		14,034		457,508
Best Buy Co. Inc.		12,494		791,370
Booking Holdings Inc.^(a)		2,475		4,066,945
BorgWarner Inc.		14,764		463,590
Caesars Entertainment Inc.^(a)(c)		13,367		431,219
CarMax Inc.^(a)		9,923		655,116
Carnival Corp.^(a)		61,534		432,584
Chipotle Mexican Grill Inc.^(a)		1,732		2,602,780
Darden Restaurants Inc.		7,643		965,464
Dollar General Corp.		14,152		3,394,499
Dollar Tree Inc.^(a)		13,247		1,802,917
Domino’s Pizza Inc.		2,238		694,228
DR Horton Inc.		19,712		1,327,603
eBay Inc.		34,247		1,260,632
Etsy Inc.^(a)		7,893		790,326
Expedia Group Inc.^(a)		9,479		888,088
Ford Motor Co.		246,200		2,757,440
Garmin Ltd.		9,619		772,502
General Motors Co.		90,895		2,916,821
Genuine Parts Co.		8,818		1,316,704
Hasbro Inc.		8,094		545,697
Hilton Worldwide Holdings Inc.		17,101		2,062,723
Home Depot Inc. (The)		46,089		12,717,799
Las Vegas Sands Corp.^(a)		20,235		759,217
Lennar Corp., Class A		15,896		1,185,047
LKQ Corp.		16,250		766,187
Lowe’s Companies Inc.		39,843		7,482,914
Marriott International Inc./MD, Class A		17,198		2,410,128
McDonald’s Corp.		45,864		10,582,659
MGM Resorts International		20,811		618,503
Mohawk Industries Inc.^(a)		3,287		299,742
Newell Brands Inc., NVS		23,464		325,915
Nike Inc., Class B		78,776		6,547,861
Norwegian Cruise Line Holdings Ltd.^(a)		26,270		298,427
NVR Inc.^(a)(c)		193		769,506
O’Reilly Automotive Inc.^(a)		3,975		2,795,816
Pool Corp.^(c)		2,470		785,979
PulteGroup Inc.		14,433		541,237
Ralph Lauren Corp.		2,757		234,152
Ross Stores Inc.		21,815		1,838,350
Royal Caribbean Cruises Ltd.^(a)		13,676		518,320
Starbucks Corp.		71,528		6,026,949
Tapestry Inc.		15,699		446,323
Target Corp.		28,907		4,289,510
Tesla Inc.^(a)		107,390		28,485,197
TJX Companies Inc. (The)		73,038		4,537,121
Tractor Supply Co.		6,921		1,286,475
Ulta Beauty, Inc.^(a)		3,232		1,296,646
VF Corp.		20,586		615,727


Security	Shares		Value

United States (continued)
Whirlpool Corp.		3,407	$	459,298
Wynn Resorts Ltd.^(a)		6,361		400,934
Yum! Brands Inc.		17,738		1,886,259

				163,708,232


Total Common Stocks — 98.8% (Cost: $362,872,546)				271,984,243


Preferred Stocks

Germany — 0.8%
Bayerische Motoren Werke AG, Preference Shares, NVS		3,431		222,803
Porsche Automobil Holding SE, Preference Shares, NVS		9,546		537,851
Volkswagen AG, Preference Shares, NVS		11,441		1,397,998

				2,158,652

South Korea — 0.1%
Hyundai Motor Co.
Preference Shares, NVS		1,372		80,211
Series 2, Preference Shares, NVS		2,238		130,116

				210,327


Total Preferred Stocks — 0.9% (Cost: $3,875,076)				2,368,979


Total Long-Term Investments — 99.7% (Cost: $366,747,622)				274,353,222


Short-Term Securities

Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%^(d)(e)(f)		1,574,201		1,574,673
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%^(d)(e)		270,000		270,000


Total Short-Term Securities — 0.7% (Cost: $1,844,673)				1,844,673


Total Investments — 100.4% (Cost: $368,592,295)				276,197,895

Liabilities in Excess of Other Assets — (0.4)%				(969,763	)


Net Assets — 100.0%			$	275,228,132

^(a)	Non-income producing security.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)	All or a portion of this security is on loan.

^(d)	Affiliate of the Fund.

^(e)	Annualized 7-day yield as of period end.

^(f)	All or a portion of this security was purchased with the cash collateral from loaned securities.


S C H E D U L E O F I N V E S T M E N T S		19

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Consumer Discretionary ETF

Affiliates


Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,228,868	$	—	$	(649,364	)^(a)	$	(4,831	)	$	—	$	1,574,673		1,574,201	$	7,694	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		370,000		—		(100,000	)^(a)		—			—		270,000		270,000		2,863			—

								$	(4,831	)	$	—	$	1,844,673			$	10,557		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Long Contracts
TOPIX Index		1		12/08/22	$	127	$	(4,620	)
E-Mini Consumer Discretionary Index		3		12/16/22		434		(47,384	)
Euro STOXX 50 Index		8		12/16/22		257		(12,290	)

							$	(64,294	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	64,294	$	—	$	—	$	—	$	64,294

^(a)

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total


Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(119,025	)	$	—	$	—	$	—	$	(119,025	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(138,052	)	$	—	$	—	$	—	$	(138,052	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	743,622

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


20		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Consumer Discretionary ETF

Fair Value Hierarchy as of Period End



	Level 1			Level 2			Level 3		Total

Investments
Assets
Common Stocks	$	167,686,797		$	104,297,446		$	—	$	271,984,243
Preferred Stocks		—			2,368,979			—		2,368,979
Money Market Funds		1,844,673			—			—		1,844,673

	$	169,531,470		$	106,666,425		$	—	$	276,197,895


Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(47,384	)	$	(16,910	)	$	—	$	(64,294	)

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		21

Schedule of Investments (unaudited)

September 30, 2022

iShares^® Global Consumer Staples ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 1.6%
Coles Group Ltd.		470,130	$	4,956,282
Endeavour Group Ltd./Australia		441,069		1,982,223
Treasury Wine Estates Ltd.		256,040		2,060,187
Woolworths Group Ltd.		427,073		9,280,572

				18,279,264

Belgium — 1.4%
Anheuser-Busch InBev SA/NV		348,368		15,779,900


Brazil — 0.5%
Ambev SA, ADR		1,551,539		4,390,856
BRF SA, ADR^(a)(b)		228,500		534,690
Natura & Co. Holding SA		301,950		824,515

				5,750,061

Canada — 2.1%
Alimentation Couche-Tard Inc.		278,340		11,205,333
George Weston Ltd.		23,401		2,450,130
Loblaw Companies Ltd.		54,168		4,289,207
Metro Inc.		84,051		4,208,787
Saputo Inc.		85,173		2,030,439

				24,183,896

Chile — 0.0%
Cencosud SA		447,825		566,715


Denmark — 0.3%
Carlsberg A/S, Class B		34,758		4,064,478


Finland — 0.2%
Kesko OYJ, Class B		97,720		1,823,159


France — 4.8%
Carrefour SA		206,272		2,860,804
Danone SA		223,489		10,567,743
L’Oreal SA		88,930		28,434,656
Pernod Ricard SA		71,976		13,204,293

				55,067,496

Germany — 0.6%
Beiersdorf AG		34,462		3,386,316
HelloFresh SE^(a)		62,149		1,300,897
Henkel AG & Co. KGaA		35,015		1,984,412

				6,671,625

Ireland — 0.4%
Kerry Group PLC, Class A		54,938		4,896,749


Japan — 5.8%
Aeon Co. Ltd.		306,717		5,727,481
Ajinomoto Co. Inc.		188,900		5,162,880
Asahi Group Holdings Ltd.		179,898		5,608,510
Japan Tobacco Inc.		387,000		6,359,472
Kao Corp.		167,100		6,799,354
Kikkoman Corp.		68,000		3,854,991
Kirin Holdings Co. Ltd.		291,996		4,498,414
MEIJI Holdings Co. Ltd.		49,400		2,192,884
Nissin Foods Holdings Co. Ltd.		29,000		2,015,786
Seven & i Holdings Co. Ltd.		282,137		11,333,453
Shiseido Co. Ltd.		140,700		4,931,141
Unicharm Corp.		155,100		5,088,035
Yakult Honsha Co. Ltd.		55,720		3,235,370

				66,807,771


Security	Shares		Value

Mexico — 0.9%
Fomento Economico Mexicano SAB de CV		645,338	$	4,044,517
Wal-Mart de Mexico SAB de CV		1,781,539		6,265,618

				10,310,135

Netherlands — 1.7%
Heineken Holding NV		38,507		2,636,136
Heineken NV		82,986		7,247,255
Koninklijke Ahold Delhaize NV		367,905		9,371,066

				19,254,457

Norway — 0.3%
Mowi ASA		161,325		2,051,979
Orkla ASA		264,241		1,920,849

				3,972,828

Sweden — 0.8%
Essity AB, Class B		212,002		4,188,479
Swedish Match AB		538,085		5,322,591

				9,511,070

Switzerland — 9.2%
Barry Callebaut AG, Registered		1,255		2,365,692
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		366		3,537,137
Chocoladefabriken Lindt & Spruengli AG, Registered		38		3,784,281
Nestle SA, Registered		896,304		96,941,831

				106,628,941

United Kingdom — 12.5%
Associated British Foods PLC		127,458		1,780,921
British American Tobacco PLC		788,029		28,256,776
Diageo PLC		821,653		34,586,244
Haleon PLC^(a)		1,802,690		5,620,726
Imperial Brands PLC		339,115		6,973,172
J Sainsbury PLC		614,706		1,190,429
Marks & Spencer Group PLC^(a)		691,301		754,079
Ocado Group PLC^(a)		256,478		1,330,985
Reckitt Benckiser Group PLC		259,126		17,175,243
Tesco PLC		2,634,885		6,047,250
Unilever PLC		926,609		40,715,058

				144,430,883

United States — 56.0%
Altria Group Inc.		635,000		25,641,300
Archer-Daniels-Midland Co.		197,934		15,923,790
Brown-Forman Corp., Class B		64,327		4,282,248
Campbell Soup Co.		70,851		3,338,499
Church & Dwight Co. Inc.		86,078		6,149,412
Clorox Co. (The)		43,331		5,563,267
Coca-Cola Co. (The)^(b)		1,120,787		62,786,488
Colgate-Palmolive Co.		294,263		20,671,976
Conagra Brands Inc.		168,905		5,511,370
Constellation Brands Inc., Class A		56,055		12,874,712
Costco Wholesale Corp.		105,179		49,672,886
Estee Lauder Companies Inc. (The), Class A^(b)		81,553		17,607,293
General Mills Inc.		210,390		16,117,978
Hershey Co. (The)		51,672		11,392,126
Hormel Foods Corp.		102,550		4,659,872
JM Smucker Co. (The)		37,489		5,151,364
Kellogg Co.		89,623		6,243,138
Keurig Dr Pepper Inc.		298,919		10,707,279
Kimberly-Clark Corp.		118,782		13,367,726
Kraft Heinz Co. (The)		280,236		9,345,871
Kroger Co. (The)		229,090		10,022,688
Lamb Weston Holdings Inc.		50,564		3,912,642


22		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Consumer Staples ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
McCormick & Co. Inc./MD, NVS		88,121	$	6,280,384
Molson Coors Beverage Co., Class B		66,210		3,177,418
Mondelez International Inc., Class A		483,199		26,493,801
Monster Beverage Corp.^(a)(b)		136,015		11,827,864
PepsiCo Inc.		321,542		52,494,947
Philip Morris International Inc.		546,315		45,349,608
Procter & Gamble Co. (The)		778,824		98,326,529
Sysco Corp.		180,021		12,729,285
Tyson Foods Inc., Class A		101,893		6,717,806
Walgreens Boots Alliance Inc.		252,371		7,924,449
Walmart Inc.		410,396		53,228,361

				645,494,377


Total Common Stocks — 99.1% (Cost: $1,256,644,420)				1,143,493,805


Preferred Stocks

Germany — 0.3%
Henkel AG & Co. KGaA, Preference Shares, NVS		62,642		3,720,122


Total Preferred Stocks — 0.3% (Cost: $5,779,838)				3,720,122


Total Long-Term Investments — 99.4% (Cost: $1,262,424,258)				1,147,213,927


Security	Shares		Value

Short-Term Securities

Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%^(c)(d)(e)		3,467,404	$	3,468,445
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%^(c)(d)		800,000		800,000


Total Short-Term Securities — 0.4% (Cost: $4,268,445)				4,268,445


Total Investments — 99.8% (Cost: $1,266,692,703)				1,151,482,372

Other Assets Less Liabilities — 0.2%				1,918,413


Net Assets — 100.0%			$	1,153,400,785

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Affiliate of the Fund.

^(d)	Annualized 7-day yield as of period end.

^(e)	All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates



Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	404,159	$	3,063,921	^(a)	$	—		$	384	$	(19	)	$	3,468,445		3,467,404	$	2,482	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,390,000		—			(590,000	)^(a)		—		—			800,000		800,000		9,610			—

									$	384	$	(19	)	$	4,268,445			$	12,092		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Long Contracts
E-Mini Consumer Staples Index		69		12/16/22	$	4,654	$	(393,044	)
Euro STOXX 50 Index		2		12/16/22		64		(937	)
FTSE 100 Index		16		12/16/22		1,223		(81,618	)

							$	(475,599	)


S C H E D U L E O F I N V E S T M E N T S		23

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Consumer Staples ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	475,599	$	—	$	—	$	—	$	475,599

^(a)

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total


Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	34,243		$	—	$	—	$	—	$	34,243

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(701,074	)	$	—	$	—	$	—	$	(701,074	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	5,685,235

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

Fair Value Hierarchy as of Period End



	Level 1			Level 2			Level 3		Total

Investments
Assets
Common Stocks	$	691,925,910		$	451,567,895		$	—	$	1,143,493,805
Preferred Stocks		—			3,720,122			—		3,720,122
Money Market Funds		4,268,445			—			—		4,268,445

	$	696,194,355		$	455,288,017		$	—	$	1,151,482,372

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(393,044	)	$	(82,555	)	$	—	$	(475,599	)

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


24		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited)

September 30, 2022

iShares^® Global Energy ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 2.5%
Ampol Ltd.		189,487	$	3,504,910
Santos Ltd.		2,696,410		12,456,184
Woodside Energy Group Ltd.		1,525,819		31,174,793

				47,135,887

Austria — 0.2%
OMV AG		117,098		4,238,145


Brazil — 1.0%
Petroleo Brasileiro SA, ADR		1,495,173		18,450,435


Canada — 12.0%
Cameco Corp.		319,553		8,480,698
Canadian Natural Resources Ltd.		902,933		42,030,327
Cenovus Energy Inc.		1,117,302		17,163,752
Enbridge Inc.		1,627,101		60,332,366
Imperial Oil Ltd.		157,338		6,812,456
Pembina Pipeline Corp.		446,165		13,552,744
Suncor Energy Inc.		1,109,052		31,231,855
TC Energy Corp.		813,180		32,754,432
Tourmaline Oil Corp.		253,741		13,187,148

				225,545,778

Chile — 0.1%
Empresas COPEC SA		293,617		1,880,949


Colombia — 0.1%
Ecopetrol SA, ADR		197,911		1,767,345


Finland — 0.8%
Neste OYJ		345,298		15,051,368


France — 5.0%
TotalEnergies SE		1,978,428		92,817,050


Italy — 1.1%
Eni SpA		2,028,197		21,557,086


Japan — 0.9%
ENEOS Holdings Inc.		2,594,220		8,366,753
Inpex Corp.		847,800		7,907,499

				16,274,252

Norway — 1.9%
Aker BP ASA		250,159		7,180,699
Equinor ASA		842,087		27,770,945

				34,951,644

Portugal — 0.2%
Galp Energia SGPS SA		362,121		3,484,107


Spain — 0.8%
Repsol SA		1,227,402		14,103,158


United Kingdom — 12.4%
BP PLC		16,763,857		80,104,180
Shell PLC		6,147,494		152,506,601

				232,610,781


Security	Shares		Value

United States — 59.4%
APA Corp.		262,979	$	8,991,252
Baker Hughes Co.		813,037		17,041,255
Chevron Corp.		1,447,140		207,910,604
ConocoPhillips		1,022,998		104,693,615
Coterra Energy Inc.		639,333		16,699,378
Devon Energy Corp.		526,192		31,639,925
Diamondback Energy Inc.		142,840		17,206,506
EOG Resources Inc.		470,941		52,618,238
EQT Corp.		297,495		12,122,921
Exxon Mobil Corp.		3,349,076		292,407,826
Halliburton Co.		728,812		17,943,351
Hess Corp.		223,924		24,405,477
Kinder Morgan Inc.		1,593,233		26,511,397
Marathon Oil Corp.		544,501		12,294,833
Marathon Petroleum Corp.		400,690		39,800,538
Occidental Petroleum Corp.		598,831		36,798,165
ONEOK Inc.		359,094		18,399,977
Phillips 66		386,568		31,203,769
Pioneer Natural Resources Co.		191,791		41,528,505
Schlumberger NV		1,136,590		40,803,581
Valero Energy Corp.		316,591		33,827,748
Williams Companies Inc. (The)		979,200		28,034,496

				1,112,883,357


Total Common Stocks — 98.4% (Cost: $1,892,397,208)				1,842,751,342


Preferred Stocks

Brazil — 1.1%
Petroleo Brasileiro SA, Preference Shares, ADR		1,845,719		20,450,567


Total Preferred Stocks — 1.1% (Cost: $28,644,601)				20,450,567


Total Long-Term Investments — 99.5% (Cost: $1,921,041,809)				1,863,201,909


Short-Term Securities

Money Market Funds — 0.4%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%^(a)(b)		7,860,000		7,860,000


Total Short-Term Securities — 0.4% (Cost: $7,860,000)				7,860,000


Total Investments — 99.9% (Cost: $1,928,901,809)				1,871,061,909

Other Assets Less Liabilities — 0.1%				2,723,705


Net Assets — 100.0%			$	1,873,785,614

^(a)	Affiliate of the Fund.

^(b)	Annualized 7-day yield as of period end.


S C H E D U L E O F I N V E S T M E N T S		25

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Energy ETF

Affiliates



Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	—	$	423	^(b)	$	—	$	(423	)	$	—	$	—		—	$	2,470	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,430,000		4,430,000	^(b)		—		—			—		7,860,000		7,860,000		20,920			—

								$	(423	)	$	—	$	7,860,000			$	23,390		$	—

^(a)

As of period end, the entity is no longer held.

^(b)

Represents net amount purchased (sold).

^(c)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Long Contracts
E-Mini Energy Select Sector Index		115		12/16/22	$	8,665	$	(719,136	)
FTSE 100 Index		18		12/16/22		1,376		(110,939	)

							$	(830,075	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	830,075	$	—	$	—	$	—	$	830,075

^(a)

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total


Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(1,221,323	)	$	—	$	—	$	—	$	(1,221,323	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(895,461	)	$	—	$	—	$	—	$	(895,461	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	9,368,261

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


26		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Energy ETF

Fair Value Hierarchy as of Period End



	Level 1			Level 2			Level 3		Total

Investments
Assets
Common Stocks	$	1,360,527,864		$	482,223,478		$	—	$	1,842,751,342
Preferred Stocks		20,450,567			—			—		20,450,567
Money Market Funds		7,860,000			—			—		7,860,000

	$	1,388,838,431		$	482,223,478		$	—	$	1,871,061,909


Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(719,136	)	$	(110,939	)	$	—	$	(830,075	)

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		27

Schedule of Investments (unaudited)

September 30, 2022

iShares^® Global Financials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 5.1%
ASX Ltd.		20,290	$	933,811
Australia & New Zealand Banking Group Ltd.		313,308		4,586,452
Commonwealth Bank of Australia		179,815		10,460,725
Insurance Australia Group Ltd.		255,016		754,404
Macquarie Group Ltd.		38,242		3,730,895
Medibank Pvt Ltd.		293,218		655,389
National Australia Bank Ltd.		339,167		6,279,909
QBE Insurance Group Ltd.		159,688		1,184,828
Suncorp Group Ltd.		134,740		869,471
Westpac Banking Corp.		370,447		4,901,012

				34,356,896

Austria — 0.1%
Erste Group Bank AG		35,585		780,100


Belgium — 0.5%
Ageas SA/NV		19,138		697,996
Groupe Bruxelles Lambert NV		10,059		703,477
KBC Group NV		35,395		1,679,634

				3,081,107

Brazil — 0.4%
B3 SA - Brasil, Bolsa, Balcao		640,061		1,548,434
Banco do Brasil SA		148,008		1,056,896

				2,605,330

Canada — 8.9%
Bank of Montreal		71,524		6,268,803
Bank of Nova Scotia (The)		126,251		6,004,771
Brookfield Asset Management Inc., Class A		151,064		6,179,916
Canadian Imperial Bank of Commerce		95,362		4,173,878
Intact Financial Corp.		18,442		2,609,930
Manulife Financial Corp.		204,145		3,204,013
National Bank of Canada		36,147		2,265,615
Power Corp. of Canada		59,422		1,339,130
Royal Bank of Canada		147,555		13,285,131
Sun Life Financial Inc.		62,441		2,482,994
Toronto-Dominion Bank (The)		192,161		11,785,485

				59,599,666

Chile — 0.1%
Banco de Chile		4,500,611		395,985
Banco Santander Chile, ADR		15,512		217,323

				613,308

China — 2.6%
Bank of China Ltd., Class H		8,445,000		2,758,096
China Construction Bank Corp., Class H		10,430,720		6,020,626
China Merchants Bank Co. Ltd., Class H		350,000		1,619,750
Industrial & Commercial Bank of China Ltd., Class H		7,531,000		3,532,837
Ping An Insurance Group Co. of China Ltd., Class H		634,500		3,165,390

				17,096,699

Colombia — 0.0%
Bancolombia SA, ADR		11,820		288,053


Denmark — 0.3%
Danske Bank A/S		71,443		889,227
Tryg A/S		38,237		789,360

				1,678,587

Finland — 0.8%
Nordea Bank Abp		348,571		2,983,150


Security	Shares		Value

Finland (continued)
Sampo OYJ, Class A		53,530	$	2,285,281

				5,268,431

France — 1.9%
AXA SA		207,670		4,534,039
BNP Paribas SA		120,517		5,090,545
Credit Agricole SA		148,742		1,207,492
Societe Generale SA		85,697		1,694,752

				12,526,828

Germany — 2.5%
Allianz SE, Registered		43,206		6,806,425
Commerzbank AG^(a)		116,607		830,126
Deutsche Bank AG, Registered		220,398		1,631,821
Deutsche Boerse AG		19,908		3,263,452
Hannover Rueck SE		6,599		989,225
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		14,586		3,511,151

				17,032,200

Hong Kong — 2.2%
AIA Group Ltd.		1,270,800		10,580,558
Hong Kong Exchanges & Clearing Ltd.		128,400		4,389,021

				14,969,579

Italy — 1.3%
Assicurazioni Generali SpA		128,184		1,750,267
FinecoBank Banca Fineco SpA		64,746		799,645
Intesa Sanpaolo SpA		1,874,055		3,097,841
Mediobanca Banca di Credito Finanziario SpA		78,045		610,680
UniCredit SpA		213,959		2,166,139

				8,424,572

Japan — 4.5%
Dai-ichi Life Holdings Inc.		109,800		1,745,855
Daiwa Securities Group Inc.		148,500		582,847
Japan Exchange Group Inc.		59,700		806,849
Japan Post Holdings Co. Ltd.		255,600		1,693,403
Mitsubishi UFJ Financial Group Inc.		1,323,000		5,993,354
Mizuho Financial Group Inc.		271,310		2,936,830
MS&AD Insurance Group Holdings Inc.		49,900		1,321,487
Nomura Holdings Inc.		324,200		1,074,034
ORIX Corp.		127,400		1,784,754
Resona Holdings Inc.		247,100		904,253
Sompo Holdings Inc.		38,000		1,520,430
Sumitomo Mitsui Financial Group Inc.		145,500		4,033,475
Sumitomo Mitsui Trust Holdings Inc.		41,927		1,192,391
T&D Holdings Inc.		58,300		554,144
Tokio Marine Holdings Inc.		215,400		3,828,332

				29,972,438

Malta — 0.0%
BGP Holdings PLC, NVS^(b)		608,993		6


Mexico — 0.2%
Grupo Financiero Banorte SAB de CV, Class O		258,737		1,661,405


Netherlands — 1.1%
ABN AMRO Bank NV, CVA^(c)		44,503		398,763
Aegon NV		147,070		584,603
Euronext NV^(c)		10,792		682,984
EXOR NV^(a)		12,861		825,338
ING Groep NV		407,809		3,494,282
NN Group NV		31,733		1,234,221

				7,220,191


28		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Financials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Norway — 0.2%
DNB Bank ASA		94,164	$	1,494,199


Peru — 0.1%
Credicorp Ltd.		6,759		830,005


Singapore — 1.6%
DBS Group Holdings Ltd.^(d)		194,300		4,494,811
Oversea-Chinese Banking Corp. Ltd.		428,800		3,513,536
United Overseas Bank Ltd.		162,000		2,934,237


				10,942,584

South Korea — 0.4%
KB Financial Group Inc., ADR		41,000		1,235,740
Shinhan Financial Group Co. Ltd.		100		2,323
Shinhan Financial Group Co. Ltd., ADR		54,000		1,242,000


				2,480,063

Spain — 1.3%
Banco Bilbao Vizcaya Argentaria SA		711,090		3,189,839
Banco Santander SA		1,811,310		4,214,735
CaixaBank SA		455,863		1,468,278


				8,872,852

Sweden — 1.3%
EQT AB		29,649		572,882
Industrivarden AB, Class A		20,498		412,883
Industrivarden AB, Class C		17,915		357,301
Investor AB, Class B		191,464		2,793,692
Kinnevik AB, Class B^(a)		25,516		334,410
Skandinaviska Enskilda Banken AB, Class A		180,089		1,716,384
Svenska Handelsbanken AB, Class A		160,983		1,321,508
Swedbank AB, Class A		97,856		1,284,434


				8,793,494

Switzerland — 3.0%
Baloise Holding AG, Registered		5,042		644,240
Credit Suisse Group AG, Registered		266,957		1,055,970
Julius Baer Group Ltd.		23,134		1,009,546
Partners Group Holding AG		2,432		1,957,235
Swiss Life Holding AG, Registered		3,336		1,473,882
Swiss Re AG		29,994		2,212,177
UBS Group AG, Registered		372,920		5,410,310
Zurich Insurance Group AG		15,719		6,266,388


				20,029,748

Taiwan — 0.6%
Cathay Financial Holding Co. Ltd.		903,000		1,131,760
CTBC Financial Holding Co. Ltd.		2,022,000		1,257,891
Fubon Financial Holding Co. Ltd.		855,000		1,337,063


				3,726,714

United Kingdom — 5.1%
3i Group PLC		105,726		1,269,498
abrdn PLC		249,087		381,031
Admiral Group PLC		28,994		615,938
Aviva PLC		301,120		1,291,455
Barclays PLC		1,651,016		2,626,989
Direct Line Insurance Group PLC		138,431		285,605
Hargreaves Lansdown PLC		38,306		366,858
HSBC Holdings PLC		2,112,685		10,939,184
Intermediate Capital Group PLC		31,208		336,657
Legal & General Group PLC		626,839		1,496,252
Lloyds Banking Group PLC		7,571,043		3,422,015
London Stock Exchange Group PLC		36,422		3,075,797
M&G PLC		277,130		510,507


Security	Shares		Value

United Kingdom (continued)
NatWest Group PLC, NVS		539,074	$	1,342,682
Phoenix Group Holdings PLC		90,156		525,055
Prudential PLC		286,893		2,808,003
Schroders PLC		78,482		337,340
St. James’s Place PLC		57,341		653,010
Standard Chartered PLC		258,533		1,617,008


				33,900,884

United States — 52.5%
Aflac Inc.		60,672		3,409,766
Allstate Corp. (The)		28,977		3,608,506
American Express Co.		63,461		8,561,523
American International Group Inc.		80,455		3,820,003
Ameriprise Financial Inc.		11,507		2,899,189
Aon PLC, Class A		22,512		6,030,289
Arthur J Gallagher & Co.		22,380		3,831,904
Assurant Inc.		5,571		809,299
Bank of America Corp.		739,638		22,337,068
Bank of New York Mellon Corp. (The)		77,292		2,977,288
Berkshire Hathaway Inc., Class B^(a)		191,125		51,034,197
BlackRock Inc.^(e)		15,952		8,778,067
Brown & Brown Inc.		24,800		1,499,904
Capital One Financial Corp.		40,610		3,743,024
Cboe Global Markets Inc.		11,175		1,311,610
Charles Schwab Corp. (The)		161,556		11,611,030
Chubb Ltd.		44,419		8,078,928
Cincinnati Financial Corp.		16,903		1,514,002
Citigroup Inc.		205,176		8,549,684
Citizens Financial Group Inc.		51,434		1,767,272
CME Group Inc.		38,036		6,737,317
Comerica Inc.		13,906		988,717
Discover Financial Services		29,361		2,669,502
Everest Re Group Ltd.		4,165		1,093,063
FactSet Research Systems Inc.		3,979		1,592,038
Fifth Third Bancorp.		71,945		2,299,362
First Republic Bank/CA		19,037		2,485,280
Franklin Resources Inc.		29,652		638,111
Globe Life Inc.		9,538		950,939
Goldman Sachs Group Inc. (The)		36,048		10,563,866
Hartford Financial Services Group Inc. (The)		34,385		2,129,807
Huntington Bancshares Inc./OH		153,527		2,023,486
Intercontinental Exchange Inc.		58,498		5,285,294
Invesco Ltd.		48,132		659,408
JPMorgan Chase & Co.		309,997		32,394,686
KeyCorp		98,325		1,575,166
Lincoln National Corp.		16,954		744,450
Loews Corp.		21,284		1,060,795
M&T Bank Corp.		19,014		3,352,548
MarketAxess Holdings Inc.		3,999		889,737
Marsh & McLennan Companies Inc.		53,202		7,942,527
MetLife Inc.		70,706		4,297,511
Moody’s Corp.		16,828		4,091,055
Morgan Stanley		141,686		11,194,611
MSCI Inc.		8,616		3,634,143
Nasdaq Inc.		36,247		2,054,480
Northern Trust Corp.		21,720		1,858,363
PNC Financial Services Group Inc. (The)		43,793		6,543,550
Principal Financial Group Inc.		24,820		1,790,763
Progressive Corp. (The)		61,847		7,187,240
Prudential Financial Inc.		39,125		3,356,142
Raymond James Financial Inc.		20,320		2,008,022


S C H E D U L E O F I N V E S T M E N T S		29

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Financials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Regions Financial Corp.		97,288	$	1,952,570
S&P Global Inc.		36,048		11,007,257
Signature Bank/New York NY		6,799		1,026,649
State Street Corp.		38,611		2,347,935
SVB Financial Group^(a)		6,277		2,107,691
Synchrony Financial		52,352		1,475,803
T Rowe Price Group Inc.		23,898		2,509,529
Travelers Companies Inc. (The)		25,538		3,912,422
Truist Financial Corp.		139,454		6,071,827
U.S. Bancorp.		143,699		5,793,944
W R Berkley Corp.		22,095		1,426,895
Wells Fargo & Co.		402,504		16,188,711
Willis Towers Watson PLC		11,684		2,347,783
Zions Bancorp. NA		15,489		787,770

				351,221,318


Total Common Stocks — 98.6% (Cost: $887,114,524)				659,467,257


Preferred Stocks

Brazil — 0.8%
Banco Bradesco SA, Preference Shares, ADR		574,490		2,114,123
Itau Unibanco Holding SA, Preference Shares, ADR^(d)		515,801		2,666,691
Itausa SA, Preference Shares, NVS		496,709		895,934


				5,676,748


Total Preferred Stocks — 0.8% (Cost: $7,263,871)				5,676,748


Total Long-Term Investments — 99.4% (Cost: $894,378,395)				665,144,005


Security	Shares		Value

Short-Term Securities

Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%^(e)(f)(g)		252,059	$	252,135
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%^(e)(f)		1,440,000		1,440,000


Total Short-Term Securities — 0.3% (Cost: $1,692,127)				1,692,135


Total Investments — 99.7% (Cost: $896,070,522)				666,836,140

Other Assets Less Liabilities — 0.3%				2,250,498


Net Assets — 100.0%			$	669,086,638

^(a)	Non-income producing security.

^(b)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(c)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)	All or a portion of this security is on loan.

^(e)	Affiliate of the Fund.

^(f)	Annualized 7-day yield as of period end.

^(g)	All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates


Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	20,641	$	229,935	^(a)	$	—		$	1,551		$	8		$	252,135		252,059	$	4,183	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,000,000		—			(560,000	)^(a)		—			—			1,440,000		1,440,000		9,091			—
BlackRock Inc.		15,373,572		662,472			(3,358,898	)		(1,192,472	)		(2,706,607	)		8,778,067		15,952		159,298			—


									$	(1,190,921	)	$	(2,706,599	)	$	10,470,202			$	172,572		$	—

^(a)

Represents net amount purchased (sold).

^(b)


30		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Financials ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Long Contracts
E-Mini Financial Select Sector Index		29		12/16/22	$	2,716	$	(354,593	)
Euro STOXX 50 Index		14		12/16/22		450		(42,782	)
FTSE 100 Index		8		12/16/22		611		(55,515	)

							$	(452,890	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts			Total

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	452,890	$	—	$	—	$	—	��	$	452,890

^(a)

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(630,336	)	$	—	$	—	$	—	$	(630,336	)

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(377,665	)	$	—	$	—	$	—	$	(377,665	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	4,229,076

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

Fair Value Hierarchy as of Period End


S C H E D U L E O F I N V E S T M E N T S		31

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Financials ETF

Fair Value Hierarchy as of Period End (continued)


	Level 1			Level 2			Level 3		Total

Investments
Assets
Common Stocks	$	419,296,825		$	240,170,426		$	6	$	659,467,257
Preferred Stocks		5,676,748			—			—		5,676,748
Money Market Funds		1,692,135			—			—		1,692,135

	$	426,665,708		$	240,170,426		$	6	$	666,836,140

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(354,593	)	$	(98,297	)	$	—	$	(452,890	)

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


32		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited)

September 30, 2022

iShares^® Global Healthcare ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 1.8%
Cochlear Ltd.		35,748	$	4,440,527
CSL Ltd.		264,605		48,122,944
Ramsay Health Care Ltd.		100,957		3,705,881
Sonic Healthcare Ltd.		264,165		5,152,591


				61,421,943

Belgium — 0.1%
UCB SA		68,740		4,770,406


Brazil — 0.1%
Rede D’Or Sao Luiz SA^(a)		396,760		2,185,937


China — 0.3%
Wuxi Biologics Cayman Inc., New^(a)(b)		1,960,000		11,667,570


Denmark — 3.2%
Coloplast A/S, Class B		64,838		6,589,118
Genmab A/S^(b)		36,041		11,594,514
GN Store Nord AS		78,143		1,368,787
Novo Nordisk A/S, Class B		899,517		89,607,901


				109,160,320

France — 2.3%
EssilorLuxottica SA		167,493		22,766,120
Eurofins Scientific SE		69,976		4,154,077
Sanofi		633,569		48,244,048
Sartorius Stedim Biotech		13,284		4,074,689


				79,238,934

Germany — 1.5%
Bayer AG, Registered		538,575		24,814,577
Fresenius Medical Care AG & Co. KGaA		111,477		3,140,642
Fresenius SE & Co. KGaA		222,733		4,747,598
Merck KGaA		71,188		11,523,970
Siemens Healthineers AG^(a)		154,018		6,606,675


				50,833,462

Ireland — 0.3%
STERIS PLC		54,756		9,104,828


Japan — 4.7%
Astellas Pharma Inc.		1,005,875		13,325,115
Chugai Pharmaceutical Co. Ltd.		346,600		8,659,133
Daiichi Sankyo Co. Ltd.		1,065,600		29,784,426
Eisai Co. Ltd.		159,400		8,553,258
Hoya Corp.		200,900		19,358,431
M3 Inc.		231,800		6,472,263
Olympus Corp.		703,000		13,524,123
Ono Pharmaceutical Co. Ltd.		258,700		6,042,904
Otsuka Holdings Co. Ltd.		307,000		9,721,119
Shionogi & Co. Ltd.		153,200		7,398,659
Sysmex Corp.		93,300		4,985,597
Takeda Pharmaceutical Co. Ltd.		869,792		22,586,569
Terumo Corp.		414,900		11,662,924


				162,074,521

Netherlands — 0.7%
Argenx SE^(b)		30,185		10,742,130
Koninklijke Philips NV		488,363		7,519,077
QIAGEN NV^(b)		125,729		5,235,922


				23,497,129

South Korea — 0.2%
Celltrion Inc.		57,040		6,922,736


Security	Shares		Value

Spain — 0.0%
Grifols SA^(b)(c)		169,206	$	1,461,829


Sweden — 0.1%
Getinge AB, Class B		116,719		1,996,025


Switzerland — 8.1%
Alcon Inc.		273,925		15,911,053
Lonza Group AG, Registered		40,807		19,868,558
Novartis AG, Registered		1,320,009		100,633,422
Roche Holding AG, Bearer		14,732		5,754,770
Roche Holding AG, NVS		385,813		125,594,700
Sonova Holding AG, Registered		29,341		6,456,806
Straumann Holding AG		64,215		5,873,113


				280,092,422

United Kingdom — 3.8%
AstraZeneca PLC		850,882		93,536,966
GSK PLC		2,196,884		31,728,931
Smith & Nephew PLC		486,738		5,618,309


				130,884,206

United States — 72.3%
Abbott Laboratories		961,686		93,052,737
AbbVie Inc.		970,950		130,311,199
Abiomed Inc.^(b)		24,866		6,108,582
Agilent Technologies Inc.		164,550		20,001,053
Align Technology Inc.^(b)		39,807		8,244,428
AmerisourceBergen Corp.		85,210		11,531,469
Amgen Inc.		293,749		66,211,025
Baxter International Inc.		276,083		14,869,830
Becton Dickinson and Co.		156,741		34,926,597
Biogen Inc.^(b)		79,552		21,240,384
Bio-Rad Laboratories Inc., Class A^(b)		11,705		4,882,624
Bio-Techne Corp.		21,589		6,131,276
Boston Scientific Corp.^(b)		787,300		30,492,129
Bristol-Myers Squibb Co.		1,172,560		83,357,290
Cardinal Health Inc.		149,338		9,957,858
Catalent Inc.^(b)(c)		99,054		7,167,547
Centene Corp.^(b)		313,328		24,380,052
Charles River Laboratories International Inc.^(b)		28,164		5,542,675
Cigna Corp.		167,270		46,412,407
Cooper Companies Inc. (The)		26,958		7,114,216
CVS Health Corp.		720,925		68,754,617
Danaher Corp.		359,522		92,860,937
DaVita Inc.^(b)		30,521		2,526,223
DENTSPLY SIRONA Inc.		119,154		3,378,016
Dexcom Inc.^(b)		215,208		17,332,852
Edwards Lifesciences Corp.^(b)		340,969		28,174,268
Elevance Health Inc.		131,792		59,865,198
Eli Lilly & Co.		433,065		140,031,568
Gilead Sciences Inc.		688,678		42,484,546
HCA Healthcare Inc.		118,011		21,689,242
Henry Schein Inc.^(b)		74,603		4,906,639
Hologic Inc.^(b)		137,070		8,843,756
Humana Inc.		69,584		33,761,461
IDEXX Laboratories Inc.^(b)		45,616		14,861,693
Illumina Inc.^(b)		86,119		16,430,644
Incyte Corp.^(b)		101,191		6,743,368
Intuitive Surgical Inc.^(b)		196,254		36,785,850
IQVIA Holdings Inc.^(b)		102,740		18,610,324
Johnson & Johnson		1,443,808		235,860,475
Laboratory Corp. of America Holdings		49,553		10,148,950


S C H E D U L E O F I N V E S T M E N T S		33

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Healthcare ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
McKesson Corp.		79,079	$	26,876,580
Medtronic PLC		729,658		58,919,884
Merck & Co. Inc.		1,391,162		119,806,871
Mettler-Toledo International Inc.^(b)		12,325		13,361,779
Moderna Inc.^(b)		184,417		21,807,310
Molina Healthcare Inc.^(b)		31,829		10,498,477
Organon & Co.		140,703		3,292,450
PerkinElmer Inc.		69,677		8,384,233
Pfizer Inc.		3,082,050		134,870,508
Quest Diagnostics Inc.		63,900		7,839,891
Regeneron Pharmaceuticals Inc.^(b)		58,756		40,475,246
ResMed Inc.		80,250		17,518,575
Stryker Corp.		185,042		37,478,407
Teleflex Inc.		25,978		5,233,528
Thermo Fisher Scientific Inc.		215,142		109,117,871
UnitedHealth Group Inc.		513,670		259,423,897
Universal Health Services Inc., Class B		35,842		3,160,548
Vertex Pharmaceuticals Inc.^(b)		140,890		40,793,291
Viatris Inc.		670,661		5,714,032
Waters Corp.^(b)		32,800		8,840,584
West Pharmaceutical Services Inc.^(c)		40,583		9,986,665
Zimmer Biomet Holdings Inc.		114,959		12,018,963
Zoetis Inc.		257,285		38,152,793


				2,489,558,388


Total Common Stocks — 99.5% (Cost: $3,114,367,080)				3,424,870,656


Preferred Stocks

Germany — 0.1%
Sartorius AG, Preference Shares, NVS		14,774		5,110,390


Total Preferred Stocks — 0.1% (Cost: $5,123,706)				5,110,390


Total Long-Term Investments — 99.6% (Cost: $3,119,490,786)				3,429,981,046


Security	Shares		Value

Short-Term Securities

Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%^(d)(e)(f)		3,552,753	$	3,553,819
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%^(d)(e)		4,490,000		4,490,000


Total Short-Term Securities — 0.2% (Cost: $8,043,819)				8,043,819


Total Investments — 99.8% (Cost: $3,127,534,605)				3,438,024,865

Other Assets Less Liabilities — 0.2%				5,287,783


Net Assets — 100.0%			$	3,443,312,648

^(a)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)	Non-income producing security.

^(c)	All or a portion of this security is on loan.

^(d)	Affiliate of the Fund.

^(e)	Annualized 7-day yield as of period end.

^(f)	All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates


Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	6,065,148	$	—	$	(2,514,342	)^(a)	$	4,224	$	(1,211	)	$	3,553,819		3,552,753	$	8,995	^(b)	$	—	��
BlackRock Cash Funds: Treasury, SL Agency Shares		4,860,000		—		(370,000	)^(a)		—		—			4,490,000		4,490,000		32,500			—

								$	4,224	$	(1,211	)	$	8,043,819			$	41,495		$	—

^(a)

Represents net amount purchased (sold).

^(b)


34		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Healthcare ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Long Contracts
E-Mini Health Care Sector Dec Index		96		12/16/22	$	11,793	$	(646,325	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	646,325	$	—	$	—	$	—	$	646,325

^(a)

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(1,562,141	)	$	—	$	—	$	—	$	(1,562,141	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(1,161,865	)	$	—	$	—	$	—	$	(1,161,865	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	12,642,280

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

Fair Value Hierarchy as of Period End


	Level 1			Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	2,500,849,153		$	924,021,503	$	—	$	3,424,870,656
Preferred Stocks		—			5,110,390		—		5,110,390
Money Market Funds		8,043,819			—		—		8,043,819

	$	2,508,892,972		$	929,131,893	$	—	$	3,438,024,865

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(646,325	)	$	—	$	—	$	(646,325	)

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		35

Schedule of Investments (unaudited)

September 30, 2022

iShares^® Global Industrials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 0.9%
Brambles Ltd.		82,842	$	606,025
Qantas Airways Ltd.^(a)		109,497		351,389
Transurban Group		179,037		1,413,930


				2,371,344

Brazil — 0.5%
CCR SA		64,582		150,011
Localiza Rent a Car SA		44,290		501,576
WEG SA		87,901		523,722


				1,175,309

Canada — 4.3%
CAE Inc.^(a)(b)		18,423		282,610
Canadian National Railway Co.		36,068		3,895,192
Canadian Pacific Railway Ltd.		54,276		3,623,115
SNC-Lavalin Group Inc.		10,428		173,630
Thomson Reuters Corp.		9,456		970,689
Waste Connections Inc.		15,044		2,032,767


				10,978,003

Denmark — 1.3%
AP Moller - Maersk A/S, Class A		176		310,950
AP Moller - Maersk A/S, Class B, NVS		331		601,503
DSV A/S		11,323		1,326,460
Vestas Wind Systems A/S		58,909		1,084,683


				3,323,596

Finland — 0.5%
Kone OYJ, Class B		23,829		918,096
Metso Outotec OYJ		40,218		266,709
Wartsila OYJ Abp		27,620		176,434


				1,361,239

France — 6.5%
Airbus SE		35,941		3,098,127
Alstom SA		17,946		290,290
Bouygues SA		12,304		321,854
Bureau Veritas SA		17,440		390,264
Cie. de Saint-Gobain		30,241		1,081,285
Eiffage SA		4,616		370,171
Getlink SE		23,507		364,531
Legrand SA		15,800		1,021,613
Safran SA		20,458		1,861,468
Schneider Electric SE		33,436		3,776,622
Teleperformance		3,426		869,121
Thales SA		6,258		689,594
Vinci SA		31,487		2,546,061


				16,681,001

Germany — 3.1%
Brenntag SE		9,063		547,876
Daimler Truck Holding AG^(a)		30,355		686,249
Deutsche Post AG, Registered		57,824		1,742,795
GEA Group AG		9,660		312,626
MTU Aero Engines AG		3,183		475,714
Siemens AG, Registered		43,745		4,275,761


				8,041,021

Hong Kong — 0.7%
CK Hutchison Holdings Ltd.		157,520		867,344
Techtronic Industries Co. Ltd.		108,000		1,030,549


				1,897,893


Security	Shares		Value

Ireland — 1.1%
Kingspan Group PLC		8,901	$	401,031
Ryanair Holdings PLC, ADR^(a)(b)		5,721		334,221
Trane Technologies PLC		13,641		1,975,353


				2,710,605

Italy — 0.4%
Atlantia SpA		30,014		662,279
Prysmian SpA		15,700		449,709


				1,111,988

Japan — 14.6%
AGC Inc.		13,400		417,167
ANA Holdings Inc.^(a)		28,500		536,145
Central Japan Railway Co.		12,000		1,408,691
Dai Nippon Printing Co. Ltd.		15,800		316,541
Daifuku Co. Ltd.		7,200		338,667
Daikin Industries Ltd.		17,100		2,631,159
East Japan Railway Co.		22,000		1,128,259
FANUC Corp.		11,300		1,586,681
Hankyu Hanshin Holdings Inc.		14,600		439,405
Hitachi Ltd.		56,700		2,412,929
ITOCHU Corp.		86,700		2,092,757
Japan Airlines Co. Ltd.^(a)		26,300		470,980
Kajima Corp.		27,900		264,450
Kintetsu Group Holdings Co. Ltd.		11,100		369,560
Komatsu Ltd.		56,600		1,030,590
Kubota Corp.		67,700		940,819
Makita Corp.		16,300		316,307
Marubeni Corp.		100,000		872,549
Mitsubishi Corp.		87,300		2,387,674
Mitsubishi Electric Corp.		125,000		1,131,006
Mitsubishi Heavy Industries Ltd.		19,400		645,230
Mitsui & Co. Ltd.		96,100		2,044,985
Nidec Corp.		31,300		1,752,052
Nippon Yusen KK		29,700		504,124
Obayashi Corp.		42,500		272,764
Odakyu Electric Railway Co. Ltd.		21,500		277,029
Recruit Holdings Co. Ltd.		99,100		2,854,638
Secom Co. Ltd.		12,600		718,440
SG Holdings Co. Ltd.		28,500		390,353
SMC Corp.		3,700		1,505,790
Sumitomo Corp.		74,300		917,930
Taisei Corp.		12,200		338,350
Tokyu Corp.		36,600		417,405
Toppan Inc.		20,100		299,411
Toshiba Corp.		25,300		901,320
TOTO Ltd.		9,400		313,899
Toyota Industries Corp.		11,900		568,472
Toyota Tsusho Corp.		13,800		427,452
West Japan Railway Co.		14,400		550,427
Yamato Holdings Co. Ltd.		19,600		294,341
Yaskawa Electric Corp.		15,600		448,938


				37,535,686

Netherlands — 0.9%
IMCD NV		3,257		386,155
Randstad NV		7,450		321,548
Wolters Kluwer NV		15,451		1,504,520


				2,212,223

Spain — 0.6%
ACS Actividades de Construccion y Servicios SA		13,442		302,033
Aena SME SA^(a)(c)		4,299		446,149


36		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Industrials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Spain (continued)
Ferrovial SA		28,842	$	654,673

				1,402,855

Sweden — 3.1%
Alfa Laval AB		17,239		427,475
Assa Abloy AB, Class B		58,510		1,096,246
Atlas Copco AB, Class A		150,600		1,399,730
Atlas Copco AB, Class B		90,702		751,830
Epiroc AB, Class A		36,706		525,097
Epiroc AB, Class B		23,006		290,098
Nibe Industrier AB, Class B		89,772		800,786
Sandvik AB		63,168		861,078
Skanska AB, Class B		23,452		291,878
SKF AB, Class B		22,855		306,180
Volvo AB, Class B		93,582		1,324,276


				8,074,674

Switzerland — 2.5%
ABB Ltd., Registered		99,965		2,581,039
Adecco Group AG, Registered		9,723		268,351
Geberit AG, Registered		2,084		893,594
Kuehne + Nagel International AG, Registered		3,323		676,669
Schindler Holding AG, Participation Certificates, NVS		2,458		381,480
Schindler Holding AG, Registered		1,282		193,163
SGS SA, Registered		360		770,308
Siemens Energy AG^(a)		23,269		256,209
VAT Group AG^(c)		1,602		325,092


				6,345,905

United Kingdom — 5.1%
Ashtead Group PLC		26,186		1,176,008
BAE Systems PLC		189,738		1,667,118
Bunzl PLC		19,598		598,777
CNH Industrial NV		58,773		657,802
DCC PLC		5,756		298,924
Experian PLC		56,607		1,657,033
Ferguson PLC		13,673		1,418,290
IMI PLC		15,519		191,909
Intertek Group PLC		9,565		392,443
Melrose Industries PLC		238,587		266,780
RELX PLC		115,660		2,826,237
Rentokil Initial PLC		109,512		580,465
Rolls-Royce Holdings PLC^(a)		481,113		368,461
Smiths Group PLC		22,002		366,487
Spirax-Sarco Engineering PLC		4,333		498,092
Weir Group PLC (The)		14,754		228,410


				13,193,236

United States — 53.3%
3M Co.		32,367		3,576,553
A O Smith Corp.		7,434		361,144
Alaska Air Group Inc.^(a)		7,454		291,824
Allegion PLC		5,136		460,596
American Airlines Group Inc.^(a)		38,165		459,507
AMETEK Inc.		13,386		1,518,106
Boeing Co. (The)^(a)		32,733		3,963,312
Carrier Global Corp.		49,218		1,750,192
Caterpillar Inc.		30,951		5,078,440
CH Robinson Worldwide Inc.		7,245		697,766
Cintas Corp.		5,030		1,952,596
Copart Inc.^(a)		12,463		1,326,063
CoStar Group Inc.^(a)		23,182		1,614,626
CSX Corp.		125,675		3,347,982


Security	Shares		Value

United States (continued)
Cummins Inc.		8,311	$	1,691,372
Deere & Co.		16,305		5,444,076
Delta Air Lines Inc.^(a)		37,281		1,046,105
Dover Corp.		8,375		976,357
Eaton Corp. PLC		23,279		3,104,487
Emerson Electric Co.		34,581		2,532,021
Equifax Inc.		7,119		1,220,410
Expeditors International of Washington Inc.		9,711		857,578
Fastenal Co.		33,568		1,545,471
FedEx Corp.		14,018		2,081,252
Fortive Corp.		20,803		1,212,815
Fortune Brands Home & Security Inc., NVS		7,417		398,219
Generac Holdings Inc.^(a)		3,735		665,353
General Dynamics Corp.		13,215		2,803,827
General Electric Co.		64,330		3,982,670
Honeywell International Inc.		39,477		6,591,475
Howmet Aerospace Inc.		21,622		668,768
Huntington Ingalls Industries Inc.		2,345		519,418
IDEX Corp.		4,383		875,943
Illinois Tool Works Inc.		16,478		2,976,751
Ingersoll Rand Inc.		23,498		1,016,523
Jacobs Solutions Inc., NVS		7,373		799,897
JB Hunt Transport Services Inc.		4,857		759,732
Johnson Controls International PLC		40,283		1,982,729
L3Harris Technologies Inc.^(b)		11,191		2,325,826
Leidos Holdings Inc.		7,994		699,235
Lockheed Martin Corp.		13,837		5,345,095
Masco Corp.		13,189		615,794
Nielsen Holdings PLC		20,718		574,303
Nordson Corp.		3,176		674,170
Norfolk Southern Corp.		13,795		2,892,122
Northrop Grumman Corp.		8,505		4,000,072
Old Dominion Freight Line Inc.^(b)		5,371		1,336,144
Otis Worldwide Corp.		24,576		1,567,949
PACCAR Inc.		20,272		1,696,564
Parker-Hannifin Corp.		7,552		1,829,925
Pentair PLC		9,476		385,010
Quanta Services Inc.		8,330		1,061,159
Raytheon Technologies Corp.		86,520		7,082,527
Republic Services Inc.		12,010		1,633,840
Robert Half International Inc.		6,408		490,212
Rockwell Automation Inc.		6,751		1,452,208
Rollins Inc.^(b)		13,766		477,405
Snap-on Inc.		3,132		630,628
Southwest Airlines Co.^(a)		34,948		1,077,796
Stanley Black & Decker Inc.		8,645		650,190
Textron Inc.^(b)		12,357		719,919
TransDigm Group Inc.		3,010		1,579,708
Union Pacific Corp.		36,584		7,127,295
United Airlines Holdings Inc.^(a)		19,107		621,551
United Parcel Service Inc., Class B		42,875		6,926,027
United Rentals Inc.^(a)		4,094		1,105,871
Verisk Analytics Inc.		9,159		1,561,884
Waste Management Inc.		22,081		3,537,597
Westinghouse Air Brake Technologies Corp.		10,526		856,290
WW Grainger Inc.		2,651		1,296,843


S C H E D U L E O F I N V E S T M E N T S		37

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Industrials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Xylem Inc./NY		10,493	$	916,668


				136,899,783


Total Common Stocks — 99.4% (Cost: $341,198,491)				255,316,361


Rights

Brazil — 0.0%
Localiza Rent a Car SA, (Expires 10/26/22, Strike Price BRL 50.35)		135		275


Total Rights — 0.0% (Cost: $—)				275


Total Long-Term Investments — 99.4% (Cost: $341,198,491)				255,316,636


Short-Term Securities

Money Market Funds — 2.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%^(d)(e)(f)		4,987,632		4,989,128


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%^(d)(e)		440,000	$	440,000


Total Short-Term Securities — 2.1% (Cost: $5,429,128)				5,429,128


Total Investments — 101.5% (Cost: $346,627,619)				260,745,764

Liabilities in Excess of Other Assets — (1.5)%				(3,975,636	)


Net Assets — 100.0%			$	256,770,128

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)	Affiliate of the Fund.

^(e)	Annualized 7-day yield as of period end.

^(f)	All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates


Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,815,249	$	2,170,178	^(a)	$	—	$	4,162	$	(461	)	$	4,989,128		4,987,632	$	8,641	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		310,000		130,000	^(a)		—		—		—			440,000		440,000		3,010			—

								$	4,162	$	(461	)	$	5,429,128			$	11,651		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
TOPIX Index		1		12/08/22	$	127	$	(4,620	)
Euro STOXX 50 Index		11		12/16/22		353		(18,312	)
XAI Industrial Index		11		12/16/22		921		(91,396	)

							$	(114,328	)


38		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Industrials ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	114,328	$	—	$	—	$	—	$	114,328

^(a)

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(170,404	)	$	—	$	—	$	—	$	(170,404	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(135,752	)	$	—	$	—	$	—	$	(135,752	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	1,372,357

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

Fair Value Hierarchy as of Period End



	Level 1			Level 2			Level 3		Total


Investments
Assets
Common Stocks	$	151,362,669		$	103,953,692		$	—	$	255,316,361
Rights		275			—			—		275
Money Market Funds		5,429,128			—			—		5,429,128

	$	156,792,072		$	103,953,692		$	—	$	260,745,764

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(91,396	)	$	(22,932	)	$	—	$	(114,328	)

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		39

Schedule of Investments (unaudited)

September 30, 2022

iShares^® Global Materials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 16.9%
BHP Group Ltd.		674,655	$	16,770,651
BlueScope Steel Ltd.		62,115		603,238
Fortescue Metals Group Ltd.		225,683		2,422,786
Glencore PLC		1,613,437		8,478,631
Mineral Resources Ltd.		22,294		935,778
Newcrest Mining Ltd.		118,380		1,299,716
Northern Star Resources Ltd.		155,622		779,245
OZ Minerals Ltd.		44,708		739,617
Rio Tinto Ltd.		49,472		2,992,677
Rio Tinto PLC		141,389		7,649,972
South32 Ltd.		616,830		1,464,298


				44,136,609

Belgium — 0.6%
Solvay SA		9,799		758,660
Umicore SA		27,425		805,124


				1,563,784

Brazil — 2.6%
Vale SA, ADR		515,874		6,871,442


Canada — 8.4%
Agnico Eagle Mines Ltd.		60,876		2,571,921
Barrick Gold Corp.		235,946		3,657,005
CCL Industries Inc., Class B, NVS		19,452		942,922
First Quantum Minerals Ltd.		74,247		1,260,428
Franco-Nevada Corp.		25,529		3,049,397
Kinross Gold Corp.		172,025		647,577
Nutrien Ltd.		71,823		5,989,800
Teck Resources Ltd., Class B		61,713		1,876,833
Wheaton Precious Metals Corp.		60,197		1,949,261


				21,945,144

Chile — 0.8%
Empresas CMPC SA		147,610		224,630
Sociedad Quimica y Minera de Chile SA, ADR		19,082		1,731,692


				1,956,322

Denmark — 0.8%
Chr Hansen Holding A/S		13,716		675,640
Novozymes A/S, Class B		27,865		1,400,275


				2,075,915

Finland — 1.3%
Stora Enso OYJ, Class R		81,397		1,034,022
UPM-Kymmene OYJ		71,134		2,257,397


				3,291,419

France — 3.9%
Air Liquide SA		69,741		7,971,332
ArcelorMittal SA		76,041		1,513,088
Arkema SA		8,417		613,422


				10,097,842

Germany — 3.0%
BASF SE		122,406		4,697,744
Covestro AG^(a)		25,795		737,522
HeidelbergCement AG		19,189		758,045
Symrise AG		17,627		1,718,850


				7,912,161

Ireland — 8.9%
CRH PLC		102,375		3,291,546
James Hardie Industries PLC		59,245		1,163,723
Linde PLC		66,417		17,905,359


Security	Shares		Value

Ireland (continued)
Smurfit Kappa Group PLC		34,599	$	989,503


				23,350,131

Japan — 5.7%
Asahi Kasei Corp.		184,900		1,225,390
JFE Holdings Inc.		77,400		718,691
Mitsubishi Chemical Group Corp.		189,800		869,449
Nippon Paint Holdings Co. Ltd.		142,700		963,926
Nippon Steel Corp.		126,829		1,760,166
Nitto Denko Corp.		20,000		1,082,915
Shin-Etsu Chemical Co. Ltd.		55,500		5,492,103
Sumitomo Chemical Co. Ltd.		219,000		753,271
Sumitomo Metal Mining Co. Ltd.		36,400		1,043,097
Toray Industries Inc.		216,200		1,064,100


				14,973,108

Mexico — 0.8%
Cemex SAB de CV, NVS^(b)		2,025,630		698,025
Grupo Mexico SAB de CV, Series B		415,558		1,405,586


				2,103,611

Netherlands — 1.5%
Akzo Nobel NV		24,101		1,365,803
Koninklijke DSM NV		23,294		2,650,636


				4,016,439

Norway — 0.7%
Norsk Hydro ASA		181,730		975,149
Yara International ASA		21,601		758,090


				1,733,239

Peru — 0.2%
Southern Copper Corp.		11,172		500,952


South Korea — 1.5%
LG Chem Ltd.		6,303		2,327,290
POSCO Holdings Inc.		10,071		1,469,034


				3,796,324

Sweden — 0.8%
Boliden AB		36,366		1,123,561
Svenska Cellulosa AB SCA, Class B		79,894		1,013,733


				2,137,294

Switzerland — 4.3%
Givaudan SA, Registered		1,058		3,196,220
Holcim AG		75,518		3,094,768
SIG Group AG		46,510		944,343
Sika AG, Registered		20,488		4,117,918


				11,353,249

Taiwan — 1.2%
Formosa Plastics Corp.		574,720		1,564,370
Nan Ya Plastics Corp.		747,940		1,569,485


				3,133,855

United Kingdom — 4.2%
Amcor PLC		200,273		2,148,929
Anglo American PLC		178,259		5,352,373
Croda International PLC		18,996		1,356,770
DS Smith PLC		183,644		519,354
Johnson Matthey PLC		26,650		538,042
Mondi PLC		64,664		993,396


				10,908,864

United States — 30.9%
Air Products and Chemicals Inc.		29,559		6,879,266
Albemarle Corp.		15,610		4,127,908


40		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Materials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Avery Dennison Corp.		10,829	$	1,761,878
Ball Corp.		41,757		2,017,698
Celanese Corp.		13,301		1,201,612
CF Industries Holdings Inc.		26,572		2,557,555
Corteva Inc.		95,768		5,473,141
Dow Inc.		95,710		4,204,540
DuPont de Nemours Inc.		66,755		3,364,452
Eastman Chemical Co.		16,390		1,164,510
Ecolab Inc.		33,043		4,772,070
FMC Corp.		16,790		1,774,703
Freeport-McMoRan Inc.		190,576		5,208,442
International Flavors & Fragrances Inc.		33,977		3,086,131
International Paper Co.		48,178		1,527,243
LyondellBasell Industries NV, Class A		33,941		2,555,079
Martin Marietta Materials Inc.		8,315		2,678,178
Mosaic Co. (The)		46,095		2,227,771
Newmont Corp.		105,774		4,445,681
Nucor Corp.		34,888		3,732,667
Packaging Corp. of America		12,493		1,402,839
PPG Industries Inc.		31,318		3,466,589
Sealed Air Corp.		19,456		865,987
Sherwin-Williams Co. (The)		31,433		6,435,907
Vulcan Materials Co.		17,712		2,793,360
Westrock Co.		33,759		1,042,816


				80,768,023


Total Common Stocks — 99.0% (Cost: $367,785,992)				258,625,727


Preferred Stocks

Brazil — 0.2%
Gerdau SA, Preference Shares, ADR		142,190		642,698


Security	Shares		Value

South Korea — 0.1%
LG Chem Ltd., Preference Shares, NVS		1,008	$	175,553


Total Preferred Stocks — 0.3% (Cost: $1,614,654)				818,251


Total Long-Term Investments — 99.3% (Cost: $369,400,646)				259,443,978


Short-Term Securities

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%^(c)(d		140,000		140,000


Total Short-Term Securities — 0.1% (Cost: $140,000)				140,000


Total Investments — 99.4% (Cost: $369,540,646)				259,583,978

Other Assets Less Liabilities — 0.6%				1,580,872


Net Assets — 100.0%			$	261,164,850

^(a)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)	Non-income producing security.

^(c)	Affiliate of the Fund.

^(d)	Annualized 7-day yield as of period end.

Affiliates


Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	—	$	20	^(b)	$	—		$	(20	)	$	—	$	—		—	$	158	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,490,000		—			(2,350,000	)^(b)		—			—		140,000		140,000		2,907			—

									$	(20	)	$	—	$	140,000			$	3,065		$	—

^(a)

As of period end, the entity is no longer held.

^(b)

Represents net amount purchased (sold).

^(c)


S C H E D U L E O F I N V E S T M E N T S		41

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Materials ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Long Contracts
S&P/TSX 60 Index		2		12/15/22	$	323	$	(22,888	)
FTSE 100 Index		7		12/16/22		535		(39,430	)
MSCI Emerging Markets Index		7		12/16/22		305		(23,780	)
S&P 500 E-Mini Index		3		12/16/22		540		(51,041	)

							$	(137,139	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	137,139	$	—	$	—	$	—	$	137,139

^(a)

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(329,672	)	$	—	$	—	$	—	$	(329,672	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(395,853	)	$	—	$	—	$	—	$	(395,853	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	1,586,300

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

Fair Value Hierarchy as of Period End


42		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Materials ETF

Fair Value Hierarchy as of Period End (continued)



	Level 1			Level 2			Level 3		Total

Investments
Assets
Common Stocks	$	134,199,782		$	124,425,945		$	—	$	258,625,727
Preferred Stocks		642,698			175,553			—		818,251
Money Market Funds		140,000			—			—		140,000

	$	134,982,480		$	124,601,498		$	—	$	259,583,978

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(97,709	)	$	(39,430	)	$	—	$	(137,139	)

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		43

Schedule of Investments (unaudited)

September 30, 2022

iShares^® Global Tech ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 0.1%
Computershare Ltd.		159,383	$	2,542,170


Brazil — 0.0%
Pagseguro Digital Ltd., Class A^(a)(b)		50,604		669,491


Canada — 0.8%
CGI Inc.^(a)		61,125		4,601,577
Constellation Software Inc.		5,658		7,872,867
Open Text Corp.		75,778		2,002,863
Shopify Inc., Class A^(a)		344,052		9,262,891


				23,740,198

China — 0.2%
Xiaomi Corp., Class B^(a)(c)		4,190,600		4,745,313


Finland — 0.2%
Nokia OYJ		1,567,114		6,727,715


France — 0.9%
Capgemini SE		45,904		7,349,250
Dassault Systemes SE		200,750		6,930,905
Edenred		72,971		3,361,827
STMicroelectronics NV, New		189,272		5,883,492
Worldline SA/France^(a)(c)		69,776		2,757,944


				26,283,418

Germany — 1.2%
Infineon Technologies AG		377,578		8,262,925
SAP SE		317,064		25,839,174


				34,102,099

Ireland — 0.1%
Seagate Technology Holdings PLC		56,916		3,029,639


Italy — 0.1%
Nexi SpA^(a)(c)		246,807		1,993,736


Japan — 3.3%
Advantest Corp.		58,800		2,715,422
Canon Inc.		304,700		6,655,418
FUJIFILM Holdings Corp.		118,300		5,403,329
Fujitsu Ltd.		54,300		5,954,100
Keyence Corp.		58,240		19,251,832
Kyocera Corp.		103,500		5,214,198
Lasertec Corp.		22,800		2,293,268
Murata Manufacturing Co. Ltd.		186,200		8,570,259
NEC Corp.		83,000		2,657,681
Nomura Research Institute Ltd.		131,400		3,209,212
NTT Data Corp.		194,400		2,511,083
Obic Co. Ltd.		19,700		2,641,645
Omron Corp.		62,300		2,854,415
Renesas Electronics Corp.^(a)		412,300		3,456,409
Ricoh Co. Ltd.		187,100		1,369,984
Rohm Co. Ltd.		26,500		1,736,709
TDK Corp.		117,500		3,627,266
Tokyo Electron Ltd.		45,700		11,260,246


				91,382,476

Netherlands — 2.7%
Adyen NV^(a)(c)		8,917		11,120,937
ASM International NV		13,440		3,009,311
ASML Holding NV		117,879		48,834,772


Security	Shares		Value

Netherlands (continued)
NXP Semiconductors NV		75,618	$	11,154,411


				74,119,431

New Zealand — 0.1%
Xero Ltd.^(a)		38,988		1,804,231


South Korea — 2.5%
Samsung Electronics Co. Ltd.		1,488,790		54,667,240
Samsung SDI Co. Ltd.		16,058		6,040,112
SK Hynix Inc.		154,115		8,815,406


				69,522,758

Spain — 0.2%
Amadeus IT Group SA^(a)		128,234		5,945,265


Sweden — 0.4%
Hexagon AB, Class B		602,723		5,628,910
Telefonaktiebolaget LM Ericsson, Class B		890,951		5,208,007


				10,836,917

Switzerland — 0.5%
Logitech International SA, Registered		48,547		2,219,449
TE Connectivity Ltd.		92,779		10,239,090
Temenos AG, Registered		18,469		1,245,123


				13,703,662

Taiwan — 3.6%
Delta Electronics Inc.		567,000		4,503,749
Hon Hai Precision Industry Co. Ltd.		3,605,378		11,544,842
MediaTek Inc.		465,000		8,024,229
Taiwan Semiconductor Manufacturing Co. Ltd.		5,491,600		72,793,305
United Microelectronics Corp.		3,353,000		3,752,332


				100,618,457

United Kingdom — 0.2%
Halma PLC		105,953		2,383,133
Sage Group PLC (The)		312,752		2,410,249


				4,793,382

United States — 82.3%
Accenture PLC, Class A		183,436		47,198,083
Adobe Inc.^(a)		136,039		37,437,933
Advanced Micro Devices Inc.^(a)		466,408		29,551,611
Akamai Technologies Inc.^(a)(b)		45,955		3,691,106
Amphenol Corp., Class A		173,130		11,592,785
Analog Devices Inc.		150,533		20,975,268
Ansys Inc.^(a)		24,830		5,504,811
Apple Inc.		4,380,647		605,405,415
Applied Materials Inc.^(b)		254,720		20,869,210
Arista Networks Inc.^(a)		71,476		8,068,926
Autodesk Inc.^(a)		62,667		11,706,196
Automatic Data Processing Inc.		120,281		27,206,359
Broadcom Inc.		117,550		52,193,375
Broadridge Financial Solutions Inc.		34,214		4,937,764
Cadence Design Systems Inc.^(a)		79,976		13,070,478
CDW Corp./DE		39,388		6,147,679
Ceridian HCM Holding Inc.^(a)		44,392		2,480,625
Cisco Systems Inc.		1,201,002		48,040,080
Citrix Systems Inc.		36,950		3,839,105
Cognizant Technology Solutions Corp., Class A		149,328		8,577,400
Corning Inc.		218,831		6,350,476
DXC Technology Co.^(a)		73,076		1,788,900
Enphase Energy Inc.^(a)		38,916		10,798,023
EPAM Systems Inc.^(a)(b)		16,513		5,980,843
F5 Inc.^(a)		17,830		2,580,536


44		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Tech ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Fidelity National Information Services Inc.		176,193	$	13,314,905
Fiserv Inc.^(a)(b)		185,472		17,354,615
FleetCor Technologies Inc.^(a)		22,323		3,932,643
Fortinet Inc.^(a)		191,734		9,419,891
Gartner Inc.^(a)(b)		23,239		6,429,999
Global Payments Inc.^(b)		80,837		8,734,438
Hewlett Packard Enterprise Co.		378,488		4,534,286
HP Inc.		263,907		6,576,562
Intel Corp.		1,190,682		30,683,875
International Business Machines Corp.		261,912		31,117,765
Intuit Inc.		81,813		31,687,811
Jack Henry & Associates Inc.		20,590		3,752,939
Juniper Networks Inc.		89,845		2,346,751
Keysight Technologies Inc.^(a)		51,799		8,151,091
KLA Corp.		41,124		12,445,356
Lam Research Corp.		39,904		14,604,864
Mastercard Inc., Class A		248,300		70,601,622
Microchip Technology Inc.		161,142		9,834,496
Micron Technology Inc.		321,899		16,127,140
Microsoft Corp.		2,162,670		503,685,843
Monolithic Power Systems Inc.		12,771		4,640,981
Motorola Solutions Inc.		48,210		10,797,594
NetApp Inc.		64,534		3,991,428
NortonLifeLock Inc.		173,405		3,492,377
Nvidia Corp.		726,124		88,144,192
ON Semiconductor Corp.^(a)(b)		125,075		7,795,925
Oracle Corp.		440,493		26,900,908
Paychex Inc.		93,228		10,461,114
Paycom Software Inc.^(a)		13,669		4,510,633
PayPal Holdings Inc.^(a)		333,365		28,692,726
PTC Inc.^(a)		31,183		3,261,742
Qorvo Inc.^(a)		32,127		2,551,205
Qualcomm Inc.		325,652		36,792,163
Roper Technologies Inc.		30,591		11,001,747
Salesforce Inc.^(a)		288,541		41,503,737
ServiceNow Inc.^(a)		58,583		22,121,527
Skyworks Solutions Inc.		46,340		3,951,412
SolarEdge Technologies Inc.^(a)		15,953		3,692,481
Synopsys Inc.^(a)		44,373		13,556,395
Teledyne Technologies Inc.^(a)(b)		13,244		4,469,453
Teradyne Inc.		46,118		3,465,768
Texas Instruments Inc.		265,730		41,129,689
Trimble Inc.^(a)		70,771		3,840,742


Security	Shares		Value

United States (continued)
Tyler Technologies Inc.^(a)		12,085	$	4,199,538
VeriSign Inc.^(a)		27,362		4,752,779
Visa Inc., Class A^(b)		474,464		84,288,530
Western Digital Corp.^(a)		91,687		2,984,412
Zebra Technologies Corp., Class A^(a)(b)		14,969		3,922,028


				2,282,243,105


Total Common Stocks — 99.4% (Cost: $2,790,498,612)				2,758,803,463


Preferred Stocks

South Korea — 0.3%
Samsung Electronics Co. Ltd., Preference Shares, NVS		237,653		7,719,654


Total Preferred Stocks — 0.3% (Cost: $7,794,415)				7,719,654


Total Long-Term Investments — 99.7% (Cost: $2,798,293,027)				2,766,523,117


Short-Term Securities

Money Market Funds — 1.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%^(d)(e)(f)		28,166,236		28,174,686
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%^(d)(e)		3,270,000		3,270,000


Total Short-Term Securities — 1.2% (Cost: $31,444,686)				31,444,686


Total Investments — 100.9% (Cost: $2,829,737,713)				2,797,967,803

Liabilities in Excess of Other Assets — (0.9)%				(23,926,135	)


Net Assets — 100.0%			$	2,774,041,668

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)	Affiliate of the Fund.

^(e)	Annualized 7-day yield as of period end.

^(f)	All or a portion of this security was purchased with the cash collateral from loaned securities.


S C H E D U L E O F I N V E S T M E N T S		45

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Tech ETF

Affiliates



Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,105,132	$	27,074,044	^(a)	$	—		$	(3,876	)	$	(614	)	$	28,174,686		28,166,236	$	15,400	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,810,000		—			(540,000	)^(a)		—			—			3,270,000		3,270,000		19,186			—


									$	(3,876	)	$	(614	)	$	31,444,686			$	34,586		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Long Contracts
E-Mini Technology Select Sector Index		91		12/16/22	$	10,952	$	(1,023,075	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	1,023,075	$	—	$	—	$	—	$	1,023,075

^(a)

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total


Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(895,146	)	$	—	$	—	$	—	$	(895,146	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(1,670,718	)	$	—	$	—	$	—	$	(1,670,718	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts

Average notional value of contracts — long

9,327,025

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


46		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Tech ETF

Fair Value Hierarchy as of Period End



	Level 1			Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	2,327,236,829		$	431,566,634	$	—	$	2,758,803,463
Preferred Stocks		—			7,719,654		—		7,719,654
Money Market Funds		31,444,686			—		—		31,444,686


	$	2,358,681,515		$	439,286,288	$	—	$	2,797,967,803


Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(1,023,075	)	$	—	$	—	$	(1,023,075	)

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		47

Schedule of Investments (unaudited)

September 30, 2022

iShares^® Global Utilities ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 1.0%
APA Group		127,404	$	783,909
Origin Energy Ltd.		182,639		605,990


				1,389,899

Austria — 0.2%
Verbund AG		3,562		304,114


Brazil — 0.8%
Centrais Eletricas Brasileiras SA		142,631		1,136,162


Canada — 4.4%
Algonquin Power & Utilities Corp.		71,421		780,210
Brookfield Infrastructure Partners LP^(a)		48,574		1,742,384
Emera Inc.		28,149		1,138,920
Fortis Inc.		50,749		1,928,047
Hydro One Ltd.^(b)		33,642		822,693


				6,412,254

Chile — 0.2%
Enel Americas SA		2,163,089		227,926


Colombia — 0.1%
Interconexion Electrica SA ESP		48,617		174,009


Denmark — 1.1%
Orsted AS^(b)		20,056		1,598,478


Finland — 0.4%
Fortum OYJ		46,146		620,067


France — 3.0%
Electricite de France SA		65,928		764,596
Engie SA		196,213		2,258,390
Veolia Environnement SA		69,815		1,334,317


				4,357,303

Germany — 3.1%
E.ON SE		238,017		1,828,631
RWE AG		71,691		2,635,073


				4,463,704

Hong Kong — 0.9%
CLP Holdings Ltd.		178,000		1,345,276


Italy — 3.6%
Enel SpA		819,139		3,359,472
Snam SpA		221,619		895,769
Terna - Rete Elettrica Nazionale		149,162		908,475


				5,163,716

Japan — 2.0%
Chubu Electric Power Co. Inc.		80,400		723,084
Kansai Electric Power Co. Inc. (The)		89,300		747,115
Osaka Gas Co. Ltd.		44,300		667,866
Tokyo Gas Co. Ltd.		43,500		734,326


				2,872,391

Portugal — 0.9%
EDP - Energias de Portugal SA		311,110		1,350,221


Spain — 5.4%
Enagas SA		23,897		369,900
Endesa SA		34,193		513,564
Iberdrola SA		621,053		5,790,812
Naturgy Energy Group SA		20,079		464,499


Security	Shares		Value

Spain (continued)
Red Electrica Corp. SA		46,224	$	709,335


				7,848,110

United Kingdom — 5.2%
National Grid PLC		410,942		4,230,279
Severn Trent PLC		26,859		702,137
SSE PLC		111,133		1,876,591
United Utilities Group PLC		73,321		723,983


				7,532,990

United States — 67.6%
AES Corp. (The)		70,811		1,600,329
Alliant Energy Corp.		26,604		1,409,746
Ameren Corp.		27,393		2,206,506
American Electric Power Co. Inc.		54,465		4,708,499
American Water Works Co. Inc.		19,274		2,508,704
Atmos Energy Corp.		14,833		1,510,741
CenterPoint Energy Inc.		66,737		1,880,649
CMS Energy Corp.		30,766		1,791,812
Consolidated Edison Inc.		37,592		3,223,890
Constellation Energy Corp.		34,653		2,882,783
Dominion Energy Inc.		88,258		6,099,510
DTE Energy Co.		20,541		2,363,242
Duke Energy Corp.		81,628		7,593,037
Edison International		40,440		2,288,095
Entergy Corp.		21,568		2,170,388
Evergy Inc.		24,333		1,445,380
Eversource Energy		36,731		2,863,549
Exelon Corp.		105,143		3,938,657
FirstEnergy Corp.		57,550		2,129,350
NextEra Energy Inc.		184,022		14,429,165
NiSource Inc.		43,037		1,084,102
NRG Energy Inc.		24,930		954,071
PG&E Corp.^(a)		168,464		2,105,800
Pinnacle West Capital Corp.		11,985		773,152
PPL Corp.		78,048		1,978,517
Public Service Enterprise Group Inc.		52,889		2,973,948
Sempra Energy		33,323		4,996,451
Southern Co. (The)		112,694		7,663,192
WEC Energy Group Inc.		33,443		2,990,807
Xcel Energy Inc.		57,989		3,711,296


				98,275,368


Total Long-Term Investments — 99.9% (Cost: $178,708,209)				145,071,988


Short-Term Securities

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%^(c)(d)		180,000		180,000


Total Short-Term Securities — 0.1% (Cost: $180,000)				180,000


Total Investments — 100.0% (Cost: $178,888,209)				145,251,988

Other Assets Less Liabilities — 0.0%				25,966


Net Assets — 100.0%			$	145,277,954

^(a)	Non-income producing security.


48		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Utilities ETF

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)	Affiliate of the Fund.

^(d)	Annualized 7-day yield as of period end.

Affiliates


Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	20,246	$	—	$	(20,092	)^(b)	$	(151	)	$	(3	)	$	—		—	$	1,248	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		190,000		—		(10,000	)^(b)		—			—			180,000		180,000		2,175			—


								$	(151	)	$	(3	)	$	180,000			$	3,423		$	—

^(a)

As of period end, the entity is no longer held.

^(b)

Represents net amount purchased (sold).

^(c)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Long Contracts
E-Mini Utilities Select Sector Index		3		12/16/22	$	199	$	(35,227	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	35,227	$	—	$	—	$	—	$	35,227

^(a)


S C H E D U L E O F I N V E S T M E N T S		49

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Utilities ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(14,812	)	$	—	$	—	$	—	$	(14,812	)

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(58,323	)	$	—	$	—	$	—	$	(58,323	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts

Average notional value of contracts — long

531,216

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

Fair Value Hierarchy as of Period End



	Level 1			Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	106,225,719		$	38,846,269	$	—	$	145,071,988
Money Market Funds		180,000			—		—		180,000


	$	106,405,719		$	38,846,269	$	—	$	145,251,988

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(35,227	)	$	—	$	—	$	(35,227	)

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


50		2 0 2 2 I S H A R E S S E M I - 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

Statements of Assets and Liabilities (unaudited)

September 30, 2022


	iShares Global Comm Services ETF			iShares Global Consumer Discretionary ETF			iShares Global Consumer Staples ETF			iShares Global Energy ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	188,251,640		$	274,353,222		$	1,147,213,927		$	1,863,201,909
Investments, at value — affiliated^(c)		2,131,073			1,844,673			4,268,445			7,860,000
Cash		5,056			6,781			343			2,748
Foreign currency, at value^(d)		106,816			343,547			1,312,878			2,812,411
Cash pledged for futures contracts		11,999			45,001			269,000			837,000
Foreign currency collateral pledged for futures contracts^(e)		—			39,849			87,252			90,441
Receivables:
Investments sold		—			118,894			1,977			11,628,571
Securities lending income — affiliated		1,160			340			633			—
Capital shares sold		205,429			—			133,830			11,927
Dividends — unaffiliated		287,886			402,327			3,261,605			5,872,720
Dividends — affiliated		285			968			2,798			8,882
Tax reclaims		20,426			112,028			958,774			495,932


Total assets		191,021,770			277,267,630			1,157,511,462			1,892,822,541


LIABILITIES
Collateral on securities loaned, at value		1,939,749			1,574,673			3,468,445			—
Payables:
Investments purchased		205,429			—			133,842			16,749,042
Variation margin on futures contracts		2,309			12,497			90,676			71,070
Capital shares redeemed		—			345,079			—			—
Investment advisory fees		69,663			107,249			417,714			685,336
Professional fees		22,667			—			—			—
IRS compliance fee for foreign withholding tax claims		336,848			—			—			1,531,479


Total liabilities		2,576,665			2,039,498			4,110,677			19,036,927


NET ASSETS	$	188,445,105		$	275,228,132		$	1,153,400,785		$	1,873,785,614


NET ASSETS CONSIST OF
Paid-in capital	$	374,508,364		$	399,082,938		$	1,292,107,499		$	2,005,570,875
Accumulated loss		(186,063,259	)		(123,854,806	)		(138,706,714	)		(131,785,261	)


NET ASSETS	$	188,445,105		$	275,228,132		$	1,153,400,785		$	1,873,785,614


NET ASSET VALUE
Shares outstanding		3,600,000			2,250,000			21,500,000			56,250,000


Net asset value	$	52.35		$	122.32		$	53.65		$	33.31


Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited


Par value		None			None			None			None


^(a)Investments, at cost — unaffiliated	$	266,193,154		$	366,747,622		$	1,262,424,258		$	1,921,041,809
^(b)Securities loaned, at value	$	1,878,401		$	1,549,233		$	3,332,265		$	—
^(c)Investments, at cost — affiliated	$	2,131,073		$	1,844,673		$	4,268,445		$	7,860,000
^(d)Foreign currency, at cost	$	107,483		$	348,979		$	1,339,983		$	2,829,123
^(e)Foreign currency collateral pledged, at cost	$	80		$	40,993		$	90,738		$	93,531

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		51

Statements of Assets and Liabilities (unaudited) (continued)

September 30, 2022


	iShares Global Financials ETF			iShares Global Healthcare ETF		iShares Global Industrials ETF			iShares Global Materials ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	656,365,938		$	3,429,981,046	$	255,316,636		$	259,443,978
Investments, at value — affiliated^(c)		10,470,202			8,043,819		5,429,128			140,000
Cash		—			106,825		39,181			3,561
Foreign currency, at value^(d)		1,419,388			2,246,266		212,776			640,006
Cash pledged for futures contracts		216,000			631,000		55,999			45,000
Foreign currency collateral pledged for futures contracts^(e)		88,218			—		42,791			49,693
Receivables:
Investments sold		163,738			581		334			—
Securities lending income — affiliated		695			741		5,589			—
Capital shares sold		—			1,746,006		—			—
Dividends — unaffiliated		1,066,288			3,844,467		527,537			648,892
Dividends — affiliated		2,447			9,564		753			948
Tax reclaims		942,590			2,788,683		232,563			301,475


Total assets		670,735,504			3,449,398,998		261,863,287			261,273,553


LIABILITIES
Bank overdraft		70,283			—		—			—
Collateral on securities loaned, at value		250,751			3,553,819		4,985,917			—
Payables:
Investments purchased		713,112			1,166,413		—			163
Variation margin on futures contracts		32,149			166,052		10,580			12,575
Capital shares redeemed		332,822			—		—			—
Investment advisory fees		249,749			1,200,066		96,662			95,965


Total liabilities		1,648,866			6,086,350		5,093,159			108,703


NET ASSETS	$	669,086,638		$	3,443,312,648	$	256,770,128		$	261,164,850


NET ASSETS CONSIST OF
Paid-in capital	$	1,037,370,135		$	3,158,309,779	$	371,007,525		$	474,322,554
Accumulated earnings (loss)		(368,283,497	)		285,002,869		(114,237,397	)		(213,157,704	)


NET ASSETS	$	669,086,638		$	3,443,312,648	$	256,770,128		$	261,164,850


NET ASSET VALUE
Shares outstanding		10,900,000			45,700,000		2,850,000			3,850,000


Net asset value	$	61.38		$	75.35	$	90.09		$	67.84


Shares authorized		Unlimited			Unlimited		Unlimited			Unlimited


Par value		None			None		None			None


^(a)Investments, at cost — unaffiliated	$	880,535,809		$	3,119,490,786	$	341,198,491		$	369,400,646
^(b)Securities loaned, at value	$	237,021		$	3,391,609	$	4,814,908		$	—
^(c)Investments, at cost — affiliated	$	15,534,713		$	8,043,819	$	5,429,128		$	140,000
^(d)Foreign currency, at cost	$	1,448,953		$	2,319,435	$	216,853		$	639,368
^(e)Foreign currency collateral pledged, at cost	$	94,645		$	—	$	44,586		$	54,471

See notes to financial statements.


52		2 0 2 2 I S H A R E S S E M I - 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

Statements of Assets and Liabilities (unaudited) (continued)

September 30, 2022


	iShares Global Tech ETF		iShares Global Utilities ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	2,766,523,117	$	145,071,988
Investments, at value — affiliated^(c)		31,444,686		180,000
Cash		3,682		11,185
Foreign currency, at value^(d)		3,165,057		196,714
Cash pledged for futures contracts		556,000		23,000
Foreign currency collateral pledged for futures contracts^(e)		—		9,801
Receivables:
Investments sold		659,937		2,147,673
Securities lending income — affiliated		2,086		—
Dividends — unaffiliated		2,026,546		197,249
Dividends — affiliated		6,745		602
Tax reclaims		39,678		44,114
Other assets		10,270		—


Total assets		2,804,437,804		147,882,326


LIABILITIES
Collateral on securities loaned, at value		28,173,737		—
Payables:
Investments purchased		1,272		2,225,456
Variation margin on futures contracts		128,131		5,665
Capital shares redeemed		1,042,112		240,854
Investment advisory fees		1,050,884		60,951
Professional fees		—		22,667
IRS compliance fee for foreign withholding tax claims		—		48,779


Total liabilities		30,396,136		2,604,372


NET ASSETS	$	2,774,041,668	$	145,277,954


NET ASSETS CONSIST OF
Paid-in capital	$	2,447,578,390	$	223,279,590
Accumulated earnings (loss)		326,463,278		(78,001,636	)


NET ASSETS	$	2,774,041,668	$	145,277,954


NET ASSET VALUE
Shares outstanding		65,650,000		2,650,000


Net asset value	$	42.26	$	54.82


Shares authorized		Unlimited		Unlimited


Par value		None		None


^(a)Investments, at cost — unaffiliated	$	2,798,293,027	$	178,708,209
^(b)Securities loaned, at value	$	27,331,213	$	—
^(c)Investments, at cost — affiliated	$	31,444,686	$	180,000
^(d)Foreign currency, at cost	$	3,316,330	$	199,002
^(e)Foreign currency collateral pledged, at cost	$	—	$	9,802

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		53

Statements of Operations (unaudited)

Six Months Ended September 30, 2022


	iShares Global Comm Services ETF			iShares Global Consumer Discretionary ETF			iShares Global Consumer Staples ETF			iShares Global Energy ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	2,097,596		$	2,904,235		$	16,820,744		$	67,902,516
Dividends — affiliated		1,191			2,863			9,610			20,920
Non-cash dividends — unaffiliated		106,557			—			—			—
Securities lending income — affiliated — net		3,582			7,694			2,482			2,470
Other income — unaffiliated		—			—			82			884,375
Foreign taxes withheld		(96,320	)		(221,223	)		(729,927	)		(2,090,717	)
Foreign withholding tax claims		—			—			44,934			2,544,232
IRS compliance fee for foreign withholding tax claims		(4,798	)		—			—			(1,531,479	)


Total investment income		2,107,808			2,693,569			16,147,925			67,732,317


EXPENSES
Investment advisory		500,816			656,713			2,283,955			4,432,970
Commitment costs		159			163			176			1,534
Professional		—			—			4,501			342,881


Total expenses		500,975			656,876			2,288,632			4,777,385


Net investment income		1,606,833			2,036,693			13,859,293			62,954,932


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(6,374,104	)		(9,291,218	)		(9,261,814	)		(23,239,388	)
Investments — affiliated		1,272			(4,831	)		384			(423	)
Foreign currency transactions		(63,679	)		(92,249	)		(302,054	)		(836,638	)
Futures contracts		(55,782	)		(119,025	)		34,243			(1,221,323	)
In-kind redemptions — unaffiliated^(a)		6,005,855			3,492,248			—			142,905,421


		(486,438	)		(6,015,075	)		(9,529,241	)		117,607,649

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(69,621,881	)		(71,068,999	)		(159,657,011	)		(298,181,125	)
Investments — affiliated		—			—			(19	)		—
Foreign currency translations		(6,468	)		(17,756	)		(120,572	)		(197,463	)
Futures contracts		4,509			(138,052	)		(701,074	)		(895,461	)


		(69,623,840	)		(71,224,807	)		(160,478,676	)		(299,274,049	)


Net realized and unrealized loss		(70,110,278	)		(77,239,882	)		(170,007,917	)		(181,666,400	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(68,503,445	)	$	(75,203,189	)	$	(156,148,624	)	$	(118,711,468	)

^(a)	See Note 2 of the Notes to Financial Statements.

See notes to financial statements.


54		2 0 2 2 I S H A R E S S E M I - 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

Statements of Operations (unaudited) (continued)

Six Months Ended September 30, 2022


	iShares Global Financials ETF			iShares Global Healthcare ETF			iShares Global Industrials ETF			iShares Global Materials ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	19,910,173		$	29,748,822		$	3,750,279		$	11,184,401
Dividends — affiliated		168,389			32,500			3,010			2,907
Securities lending income — affiliated — net		4,183			8,995			8,641			158
Foreign taxes withheld		(1,540,047	)		(952,246	)		(224,692	)		(735,578	)


Total investment income		18,542,698			28,838,071			3,537,238			10,451,888


EXPENSES
Investment advisory		1,786,395			7,371,650			652,284			1,039,788
Commitment costs		2,288			—			37			1,220


Total expenses		1,788,683			7,371,650			652,321			1,041,008


Net investment income		16,754,015			21,466,421			2,884,917			9,410,880


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(12,781,566	)		(13,362,264	)		(3,348,267	)		(4,419,259	)
Investments — affiliated		(45,403	)		4,224			4,162			(20	)
Foreign currency transactions		(334,013	)		(509,226	)		(113,564	)		(387,672	)
Futures contracts		(630,336	)		(1,562,141	)		(170,404	)		(329,672	)
In-kind redemptions — unaffiliated^(a)		(29,230,269	)		63,781,797			583,950			(1,965,836	)
In-kind redemptions — affiliated		(1,145,518	)		—			—			—


		(44,167,105	)		48,352,390			(3,044,123	)		(7,102,459	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(181,851,660	)		(573,443,090	)		(73,819,705	)		(145,161,584	)
Investments — affiliated		(2,706,599	)		(1,211	)		(461	)		—
Foreign currency translations		(134,723	)		(342,120	)		(30,106	)		(48,525	)
Futures contracts		(377,665	)		(1,161,865	)		(135,752	)		(395,853	)


		(185,070,647	)		(574,948,286	)		(73,986,024	)		(145,605,962	)


Net realized and unrealized loss		(229,237,752	)		(526,595,896	)		(77,030,147	)		(152,708,421	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(212,483,737	)	$	(505,129,475	)	$	(74,145,230	)	$	(143,297,541	)

^(a)	See Note 2 of the Notes to Financial Statements.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		55

Statements of Operations (unaudited) (continued)

Six Months Ended September 30, 2022


	iShares Global Tech ETF			iShares Global Utilities ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	23,361,506		$	3,445,696
Dividends — affiliated		19,186			2,175
Non-cash dividends — unaffiliated		—			200,653
Securities lending income — affiliated — net		15,400			1,248
Foreign taxes withheld		(1,238,205	)		(170,698	)
IRS compliance fee for foreign withholding tax claims		—			(510	)


Total investment income		22,157,887			3,478,564


EXPENSES
Investment advisory		7,533,319			380,481
Commitment costs		10,309			17


Total expenses		7,543,628			380,498


Net investment income		14,614,259			3,098,066


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(6,849,786	)		(3,226,109	)
Investments — affiliated		(3,876	)		(151	)
Foreign currency transactions		(624,208	)		(31,938	)
Futures contracts		(895,146	)		(14,812	)
In-kind redemptions — unaffiliated^(a)		423,270,296			1,821,975


		414,897,280			(1,451,035	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(1,649,139,253	)		(31,406,765	)
Investments — affiliated		(614	)		(3	)
Foreign currency translations		(135,269	)		(7,920	)
Futures contracts		(1,670,718	)		(58,323	)


		(1,650,945,854	)		(31,473,011	)


Net realized and unrealized loss		(1,236,048,574	)		(32,924,046	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,221,434,315	)	$	(29,825,980	)

^(a)	See Note 2 of the Notes to Financial Statements.

See notes to financial statements.


56		2 0 2 2 I S H A R E S S E M I - 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

Statements of Changes in Net Assets


	iShares Global Comm Services ETF						iShares Global Consumer Discretionary ETF


	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	1,606,833		$	2,759,004		$	2,036,693		$	2,686,489
Net realized gain (loss)		(486,438	)		59,321,532			(6,015,075	)		70,684,647
Net change in unrealized appreciation (depreciation)		(69,623,840	)		(79,134,138	)		(71,224,807	)		(98,094,515	)


Net decrease in net assets resulting from operations		(68,503,445	)		(17,053,602	)		(75,203,189	)		(24,723,379	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(1,943,469	)		(5,514,816	)		(1,977,916	)		(4,140,498	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		18,622,072			(57,541,140	)		(6,455,726	)		(43,016,116	)


NET ASSETS
Total decrease in net assets		(51,824,842	)		(80,109,558	)		(83,636,831	)		(71,879,993	)
Beginning of period		240,269,947			320,379,505			358,864,963			430,744,956


End of period	$	188,445,105		$	240,269,947		$	275,228,132		$	358,864,963

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		57

Statements of Changes in Net Assets (continued)


	iShares Global Consumer Staples ETF						iShares Global Energy ETF


	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	13,859,293		$	16,123,906		$	62,954,932		$	70,477,381
Net realized gain (loss)		(9,529,241	)		23,776,879			117,607,649			113,122,772
Net change in unrealized appreciation (depreciation)		(160,478,676	)		6,967,202			(299,274,049	)		516,085,873


Net increase (decrease) in net assets resulting from operations		(156,148,624	)		46,867,987			(118,711,468	)		699,686,026


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(10,058,458	)		(15,010,694	)		(44,959,911	)		(64,194,482	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		297,832,944			464,010,197			(243,385,726	)		337,330,459


NET ASSETS
Total increase (decrease) in net assets		131,625,862			495,867,490			(407,057,105	)		972,822,003
Beginning of period		1,021,774,923			525,907,433			2,280,842,719			1,308,020,716


End of period	$	1,153,400,785		$	1,021,774,923		$	1,873,785,614		$	2,280,842,719

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

See notes to financial statements.


58		2 0 2 2 I S H A R E S S E M I - 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

Statements of Changes in Net Assets (continued)


	iShares Global Financials ETF						iShares Global Healthcare ETF


	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	16,754,015		$	51,081,838		$	21,466,421		$	41,847,005
Net realized gain (loss)		(44,167,105	)		76,434,346			48,352,390			75,337,909
Net change in unrealized appreciation (depreciation)		(185,070,647	)		(57,062,400	)		(574,948,286	)		301,309,666


Net increase (decrease) in net assets resulting from operations		(212,483,737	)		70,453,784			(505,129,475	)		418,494,580


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(19,368,809	)		(47,722,673	)		(23,730,127	)		(39,505,134	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(261,206,137	)		666,670,761			480,166,935			407,814,541


NET ASSETS
Total increase (decrease) in net assets		(493,058,683	)		689,401,872			(48,692,667	)		786,803,987
Beginning of period		1,162,145,321			472,743,449			3,492,005,315			2,705,201,328


End of period	$	669,086,638		$	1,162,145,321		$	3,443,312,648		$	3,492,005,315

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		59

Statements of Changes in Net Assets (continued)


	iShares Global Industrials ETF						iShares Global Materials ETF


	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	2,884,917		$	5,417,472		$	9,410,880		$	26,924,199
Net realized gain (loss)		(3,044,123	)		15,679,431			(7,102,459	)		92,748,979
Net change in unrealized appreciation (depreciation)		(73,986,024	)		(14,934,079	)		(145,605,962	)		(43,739,735	)


Net increase (decrease) in net assets resulting from operations		(74,145,230	)		6,162,824			(143,297,541	)		75,933,443


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(3,446,052	)		(6,438,398	)		(17,208,535	)		(25,613,809	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(42,119,704	)		(45,709,099	)		(305,356,638	)		(46,291,020	)


NET ASSETS
Total increase (decrease) in net assets		(119,710,986	)		(45,984,673	)		(465,862,714	)		4,028,614
Beginning of period		376,481,114			422,465,787			727,027,564			722,998,950


End of period	$	256,770,128		$	376,481,114		$	261,164,850		$	727,027,564

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

See notes to financial statements.


60		2 0 2 2 I S H A R E S S E M I - 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

Statements of Changes in Net Assets (continued)


	iShares Global Tech ETF						iShares Global Utilities ETF

	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	14,614,259		$	26,880,272		$	3,098,066		$	4,609,122
Net realized gain (loss)		414,897,280			1,095,104,060			(1,451,035	)		(1,772,830	)
Net change in unrealized appreciation (depreciation)		(1,650,945,854	)		(517,913,046	)		(31,473,011	)		13,096,496


Net increase (decrease) in net assets resulting from operations		(1,221,434,315	)		604,071,286			(29,825,980	)		15,932,788


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(12,275,060	)		(32,243,037	)		(2,547,249	)		(4,448,043	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(994,212,034	)		(616,406,539	)		(2,750,486	)		17,649,357


NET ASSETS
Total increase (decrease) in net assets		(2,227,921,409	)		(44,578,290	)		(35,123,715	)		29,134,102
Beginning of period		5,001,963,077			5,046,541,367			180,401,669			151,267,567


End of period	$	2,774,041,668		$	5,001,963,077		$	145,277,954		$	180,401,669

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		61

Financial Highlights

(For a share outstanding throughout each period)


	iShares Global Comm Services ETF
	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18


Net asset value, beginning of period	$	73.93		$	80.09		$	51.81		$	56.22		$	57.19		$	59.45

Net investment income^(a)		0.42			0.74	^(b)		0.66			0.78			1.82			2.21
Net realized and unrealized gain (loss)^(c)		(21.41	)		(5.42	)		28.33			(3.85	)		(0.62	)		(2.41	)

Net increase (decrease) from investment operations		(20.99	)		(4.68	)		28.99			(3.07	)		1.20			(0.20	)

Distributions from net investment income^(d)		(0.59	)		(1.48	)		(0.71	)		(1.34	)		(2.17	)		(2.06	)


Net asset value, end of period	$	52.35		$	73.93		$	80.09		$	51.81		$	56.22		$	57.19


Total Return^(e)
Based on net asset value		(28.55	)%^(f)		(6.03	)%^(b)		56.20	%		(5.70	)%		2.37	%		(0.46	)%


Ratios to Average Net Assets^(g)
Total expenses		0.41	%^(h)		0.43	%		0.43	%		0.46	%		0.46	%		0.47	%

Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.41	%		N/A			N/A			N/A			N/A

Net investment income		1.32	%^(h)		0.89	%^(b)		0.96	%		1.34	%		3.28	%		3.71	%


Supplemental Data
Net assets, end of period (000)	$	188,445		$	240,270		$	320,380		$	225,363		$	236,105		$	400,339

Portfolio turnover rate⁽ⁱ⁾		6	%		18	%		13	%		24	%		79	%		3	%

^(a)	Based on average shares outstanding.

^(b)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2022:

•

Net investment income per share by $0.10.

•

Total return by 0.15%.

•

Ratio of net investment income to average net assets by 0.12%.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


62		2 0 2 2 I S H A R E S S E M I - 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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Consumer Discretionary ETF
	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18


Net asset value, beginning of period	$	156.03		$	162.55		$	95.12		$	113.27		$	111.45		$	96.61

Net investment income^(a)		0.88			1.02	^(b)		1.06			1.75			1.70			1.42
Net realized and unrealized gain (loss)^(c)		(33.96	)		(5.95	)		67.38			(18.03	)		1.87			14.79

Net increase (decrease) from investment operations		(33.08	)		(4.93	)		68.44			(16.28	)		3.57			16.21

Distributions from net investment income^(d)		(0.63	)		(1.59	)		(1.01	)		(1.87	)		(1.75	)		(1.37	)


Net asset value, end of period	$	122.32		$	156.03		$	162.55		$	95.12		$	113.27		$	111.45


Total Return^(e)
Based on net asset value		(21.24	)%^(f)		(3.13	)%^(b)		72.21	%		(14.71	)%^(g)		3.32	%		16.81	%


Ratios to Average Net Assets^(h)
Total expenses		0.41	%⁽ⁱ⁾		0.40	%		0.43	%		0.46	%		0.46	%		0.47	%

Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.40	%		N/A			N/A			N/A			N/A

Net investment income		1.27	%⁽ⁱ⁾		0.60	%^(b)		0.75	%		1.47	%		1.51	%		1.35	%


Supplemental Data
Net assets, end of period (000)	$	275,228		$	358,865		$	430,745		$	156,949		$	203,889		$	278,617

Portfolio turnover rate^(j)		8	%		12	%		34	%		17	%		30	%		6	%

^(a)	Based on average shares outstanding.

^(b)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2022:

•

Net investment income per share by $0.03.

•

Total return by 0.02%.

•

Ratio of net investment income to average net assets by 0.02%.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(h)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾	Annualized.

^(j)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		63

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Consumer Staples ETF
		Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19	^(a)		Year Ended 03/31/18	^(a)


Net asset value, beginning of period	$	62.11		$	58.11		$	47.96		$	51.67		$	50.14		$	49.65

Net investment income^(b)		0.74	^(c)		1.37			1.34			1.18			1.20			1.12
Net realized and unrealized gain (loss)^(d)		(8.60	)		4.09			10.17			(3.69	)		1.70			0.52

Net increase (decrease) from investment operations		(7.86	)		5.46			11.51			(2.51	)		2.90			1.64

Distributions from net investment income^(e)		(0.60	)		(1.46	)		(1.36	)		(1.20	)		(1.37	)		(1.15	)


Net asset value, end of period	$	53.65		$	62.11		$	58.11		$	47.96		$	51.67		$	50.14


Total Return^(f)
Based on net asset value		(12.74	)%^(c)(g)		9.42	%		24.21	%		(5.10	)%		6.07	%		3.19	%


Ratios to Average Net Assets^(h)
Total expenses		0.41	%⁽ⁱ⁾		0.40	%		0.43	%		0.46	%		0.46	%		0.47	%

Total expenses excluding professional fees for foreign withholding tax claims		0.41	%⁽ⁱ⁾		N/A			N/A			N/A			N/A			N/A

Net investment income		2.50	%^(c)(i)		2.22	%		2.46	%		2.21	%		2.43	%		2.18	%


Supplemental Data
Net assets, end of period (000)	$	1,153,401		$	1,021,775		$	525,907		$	683,380		$	738,832		$	536,507

Portfolio turnover rate^(j)		5	%		8	%		7	%		7	%		7	%		5	%

^(a)	Per share amounts reflect a two-for-one stock split effective after the close of trading on May 1, 2018.

^(b)	Based on average shares outstanding.

^(c)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended September 30, 2022:

•

Net investment income per share by $0.00.

•

Total return by 0.00%.

•

Ratio of net investment income to average net assets by 0.01%.

^(d)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(f)	Where applicable, assumes the reinvestment of distributions.

^(g)	Not annualized.

^(h)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾	Annualized.

^(j)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


64		2 0 2 2 I S H A R E S S E M I - 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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Energy ETF
		Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18


Net asset value, beginning of period	$	36.12		$	24.63		$	17.06		$	33.70		$	33.91		$	33.19

Net investment income^(a)		1.06	^(b)		1.22			0.94			1.13			1.11			1.14
Net realized and unrealized gain (loss)^(c)		(3.11	)		11.37			7.62			(15.61	)		(0.29	)		0.66

Net increase (decrease) from investment operations		(2.05	)		12.59			8.56			(14.48	)		0.82			1.80

Distributions from net investment income^(d)		(0.76	)		(1.10	)		(0.99	)		(2.16	)		(1.03	)		(1.08	)


Net asset value, end of period	$	33.31		$	36.12		$	24.63		$	17.06		$	33.70		$	33.91


Total Return^(e)
Based on net asset value		(6.05	)%^(b)(f)		52.61	%		51.36	%		(45.73	)%		2.56	%		5.56	%


Ratios to Average Net Assets^(g)
Total expenses		0.43	%^(h)(i)		0.40	%		0.43	%		0.46	%		0.46	%		0.47	%

Total expenses excluding professional fees for foreign withholding tax claims		0.41	%^(h)		N/A			N/A			N/A			N/A			N/A

Net investment income		5.84	%^(b)(h)		4.33	%		4.65	%		3.78	%		3.17	%		3.39	%


Supplemental Data
Net assets, end of period (000)	$	1,873,786		$	2,280,843		$	1,308,021		$	616,818		$	1,031,245		$	1,154,552

Portfolio turnover rate^(j)		5	%		6	%		5	%		7	%		6	%		4	%

^(a)	Based on average shares outstanding.

^(b)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended September 30, 2022:

•

Net investment income per share by $0.04.

•

Total return by 0.11%.

•

Ratio of net investment income to average net assets by 0.20%.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Professional fees were not annualized in the calculation of the expense ratio. If this expense was annualized, the total expenses would have been 0.44%.

^(j)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		65

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Financials ETF
		Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18


Net asset value, beginning of period	$	79.60		$	73.29		$	47.23		$	61.61		$	68.93		$	60.82

Net investment income^(a)		1.36			1.65	^(b)		1.36			1.71			1.84			1.47
Net realized and unrealized gain (loss)^(c)		(18.04	)		6.01			26.09			(14.12	)		(7.38	)		8.12

Net increase (decrease) from investment operations		(16.68	)		7.66			27.45			(12.41	)		(5.54	)		9.59

Distributions from net investment income^(d)		(1.54	)		(1.35	)		(1.39	)		(1.97	)		(1.78	)		(1.48	)


Net asset value, end of period	$	61.38		$	79.60		$	73.29		$	47.23		$	61.61		$	68.93


Total Return^(e)
Based on net asset value		(21.19	)%^(f)		10.48	%^(b)		58.99	%		(20.99	)%^(g)		(8.02	)%		15.91	%


Ratios to Average Net Assets^(h)
Total expenses		0.41	%⁽ⁱ⁾		0.40	%		0.43	%		0.46	%		0.46	%		0.47	%

Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.40	%		0.43	%		N/A			0.46	%		N/A

Net investment income		3.85	%⁽ⁱ⁾		2.07	%^(b)		2.28	%		2.66	%		2.84	%		2.19	%


Supplemental Data
Net assets, end of period (000)	$	669,087		$	1,162,145		$	472,743		$	203,073		$	341,918		$	634,120

Portfolio turnover rate^(j)		2	%		12	%		4	%		7	%		7	%		4	%

^(a)	Based on average shares outstanding.

^(b)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2022:

•

Net investment income per share by $0.01.

•

Total return by 0.02%.

•

Ratio of net investment income to average net assets by 0.01%.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Includes payment received from an affiliate, which had no impact on the Fund’s total return.

^(h)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾	Annualized.

^(j)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


66		2 0 2 2 I S H A R E S S E M I - 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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Healthcare ETF
		Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19	^(a)		Year Ended 03/31/18	^(a)


Net asset value, beginning of period	$	87.41		$	76.96		$	60.95		$	61.13		$	55.61		$	51.44

Net investment income^(b)		0.49			1.07			1.02			0.96			0.92			0.79
Net realized and unrealized gain (loss)^(c)		(12.00	)		10.39			15.96			(0.16	)		5.80			4.20

Net increase (decrease) from investment operations		(11.51	)		11.46			16.98			0.80			6.72			4.99

Distributions from net investment income^(d)		(0.55	)		(1.01	)		(0.97	)		(0.98	)		(1.20	)		(0.82	)


Net asset value, end of period	$	75.35		$	87.41		$	76.96		$	60.95		$	61.13		$	55.61


Total Return^(e)
Based on net asset value		(13.21	)%^(f)		14.94	%		28.03	%		1.23	%		12.29	%		9.70	%


Ratios to Average Net Assets^(g)
Total expenses		0.41	%^(h)		0.40	%		0.43	%		0.46	%		0.46	%		0.47	%

Net investment income		1.20	%^(h)		1.27	%		1.41	%		1.52	%		1.55	%		1.42	%


Supplemental Data
Net assets, end of period (000)	$	3,443,313		$	3,492,005		$	2,705,201		$	1,947,392		$	2,121,287		$	1,568,110

Portfolio turnover rate⁽ⁱ⁾		2	%		4	%		5	%		5	%		8	%		4	%

^(a)	Per share amounts reflect a two-for-one stock split effective after the close of trading on May 1, 2018.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		67

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Industrials ETF
		Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18


Net asset value, beginning of period	$	115.84		$	115.74		$	71.50		$	88.88		$	91.22		$	80.47

Net investment income^(a)		0.94			1.53	^(b)		1.32			1.61			1.65			1.43
Net realized and unrealized gain (loss)^(c)		(25.54	)		0.32			44.27			(17.32	)		(2.27	)		10.69

Net increase (decrease) from investment operations		(24.60	)		1.85			45.59			(15.71	)		(0.62	)		12.12

Distributions from net investment income^(d)		(1.15	)		(1.75	)		(1.35	)		(1.67	)		(1.72	)		(1.37	)


Net asset value, end of period	$	90.09		$	115.84		$	115.74		$	71.50		$	88.88		$	91.22


Total Return^(e)
Based on net asset value		(21.36	)%^(f)		1.54	%^(b)		64.27	%		(18.08	)%		(0.59	)%		15.14	%


Ratios to Average Net Assets^(g)
Total expenses		0.41	%^(h)		0.41	%		0.43	%		0.46	%		0.46	%		0.47	%

Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.40	%		0.43	%		N/A			N/A			N/A

Net investment income		1.82	%^(h)		1.27	%^(b)		1.34	%		1.75	%		1.87	%		1.61	%


Supplemental Data
Net assets, end of period (000)	$	256,770		$	376,481		$	422,466		$	146,580		$	217,744		$	360,338

Portfolio turnover rate⁽ⁱ⁾		3	%		7	%		8	%		5	%		5	%		6	%

^(a)	Based on average shares outstanding.

^(b)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2022:

•

Net investment income per share by $0.05.

•

Total return by 0.05%.

•

Ratio of net investment income to average net assets by 0.04%.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


68		2 0 2 2 I S H A R E S S E M I - 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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Materials ETF
		Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18


Net asset value, beginning of period	$	93.81		$	86.59		$	49.67		$	64.22		$	67.34		$	59.25

Net investment income^(a)		1.52			3.16	^(b)		2.07			1.54			1.91			1.33
Net realized and unrealized gain (loss)^(c)		(25.23	)		7.23			35.84			(13.63	)		(3.44	)		7.99

Net increase (decrease) from investment operations		(23.71	)		10.39			37.91			(12.09	)		(1.53	)		9.32

Distributions from net investment income^(d)		(2.26	)		(3.17	)		(0.99	)		(2.46	)		(1.59	)		(1.23	)


Net asset value, end of period	$	67.84		$	93.81		$	86.59		$	49.67		$	64.22		$	67.34


Total Return^(e)
Based on net asset value		(25.76	)%^(f)		12.19	%^(b)		76.78	%		(19.66	)%		(2.14	)%		15.84	%


Ratios to Average Net Assets^(g)
Total expenses		0.41	%^(h)		0.40	%		0.43	%		0.45	%		0.46	%		0.47	%

Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.40	%		N/A			N/A			0.46	%		N/A

Net investment income		3.71	%^(h)		3.48	%^(b)		2.76	%		2.43	%		2.91	%		2.02	%


Supplemental Data
Net assets, end of period (000)	$	261,165		$	727,028		$	722,999		$	129,132		$	208,704		$	400,667

Portfolio turnover rate⁽ⁱ⁾		5	%		6	%		4	%		12	%		11	%		8	%

^(a)	Based on average shares outstanding.

^(b)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2022:

•

Net investment income per share by $0.01.

•

Total return by (0.01)%.

•

Ratio of net investment income to average net assets by 0.01%.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		69

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Tech ETF
		Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22	^(a)		Year Ended 03/31/21	^(a)		Year Ended 03/31/20	^(a)		Year Ended 03/31/19	^(a)		Year Ended 03/31/18	^(a)


Net asset value, beginning of period	$	57.86		$	51.13		$	30.49		$	28.48		$	26.31		$	20.68

Net investment income^(b)		0.20			0.29	^(c)		0.33			0.38			0.30			0.20
Net realized and unrealized gain (loss)^(d)		(15.62	)		6.81			20.62			2.00			2.10			5.67

Net increase (decrease) from investment operations		(15.42	)		7.10			20.95			2.38			2.40			5.87

Distributions from net investment income^(e)		(0.18	)		(0.37	)		(0.31	)		(0.37	)		(0.23	)		(0.24	)


Net asset value, end of period	$	42.26		$	57.86		$	51.13		$	30.49		$	28.48		$	26.31


Total Return^(f)
Based on net asset value		(26.71	)%^(g)		13.89	%^(c)		68.97	%		8.33	%		9.19	%		28.49	%


Ratios to Average Net Assets^(h)
Total expenses		0.41	%⁽ⁱ⁾		0.40	%		0.43	%		0.46	%		0.46	%		0.47	%

Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.40	%		0.43	%		N/A			0.46	%		N/A

Net investment income		0.80	%⁽ⁱ⁾		0.50	%^(c)		0.75	%		1.21	%		1.09	%		0.82	%


Supplemental Data
Net assets, end of period (000)	$	2,774,042		$	5,001,963		$	5,046,541		$	2,752,872		$	2,819,178		$	1,538,998

Portfolio turnover rate^(j)		2	%		7	%		4	%		7	%		17	%		5	%

^(a)	Per share amounts reflect a six-for-one stock split effective after the close of trading on July 16, 2021.

^(b)	Based on average shares outstanding.

^(c)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2022:

•

Net investment income per share by $0.00.

•

Total return by 0.01%.

•

Ratio of net investment income to average net assets by 0.00%.

^(d)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(f)	Where applicable, assumes the reinvestment of distributions.

^(g)	Not annualized.

^(h)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾	Annualized.

^(j)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


70		2 0 2 2 I S H A R E S S E M I - 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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Utilities ETF
		Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18


Net asset value, beginning of period	$	65.60		$	60.51		$	50.71		$	54.08		$	48.78		$	48.09

Net investment income^(a)		1.05			1.81			1.71			1.62			1.78			1.79
Net realized and unrealized gain (loss)^(b)		(10.98	)		5.08			9.68			(2.98	)		5.07			0.69

Net increase (decrease) from investment operations		(9.93	)		6.89			11.39			(1.36	)		6.85			2.48

Distributions from net investment income^(c)		(0.85	)		(1.80	)		(1.59	)		(2.01	)		(1.55	)		(1.79	)


Net asset value, end of period	$	54.82		$	65.60		$	60.51		$	50.71		$	54.08		$	48.78


Total Return^(d)
Based on net asset value		(15.29	)%^(e)		11.59	%		22.70	%		(2.84	)%		14.40	%		5.13	%


Ratios to Average Net Assets^(f)
Total expenses		0.41	%^(g)		0.42	%		0.43	%		0.46	%		0.46	%		0.47	%

Total expenses excluding professional fees for foreign withholding tax claims		N/A			N/A			N/A			N/A			0.46	%		N/A

Net investment income		3.35	%^(g)		2.91	%		3.03	%		2.87	%		3.53	%		3.58	%


Supplemental Data
Net assets, end of period (000)	$	145,278		$	180,402		$	151,268		$	152,123		$	208,222		$	131,708

Portfolio turnover rate^(h)		5	%		9	%		7	%		6	%		8	%		4	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		71

Notes to Financial Statements (unaudited)

1.	*ORGANIZATION*

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



iShares ETF		Diversification Classification

Global Comm Services		Non-diversified
Global Consumer Discretionary		Diversified
Global Consumer Staples		Diversified
Global Energy		Non-diversified
Global Financials		Diversified
Global Healthcare		Diversified
Global Industrials		Diversified
Global Materials		Diversified
Global Tech		Non-diversified
Global Utilities		Diversified

2.	*SIGNIFICANT ACCOUNTING POLICIES*


72		2 0 2 2 I S H A R E S S E M I - 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

Notes to Financial Statements (unaudited) (continued)

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

•

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

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

•


N O T E S T O F I N A N C I A L S T A T E M E N T S		73

Notes to Financial Statements (unaudited) (continued)

or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4.	*SECURITIES AND OTHER INVESTMENTS*

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:



iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount
Global Comm Services
J.P. Morgan Securities LLC	$	1,661,371	$	(1,661,371	)	$	—		$	—
Morgan Stanley		217,030		(206,288	)		—			10,742


	$	1,878,401	$	(1,867,659	)	$	—		$	10,742


Global Consumer Discretionary
BofA Securities, Inc.	$	1,539,555	$	(1,539,555	)	$	—		$	—
ING Financial Markets LLC		9,678		(9,678	)		—			—


	$	1,549,233	$	(1,549,233	)	$	—		$	—


Global Consumer Staples
Barclays Bank PLC	$	416,183	$	(416,183	)	$	—		$	—
Citigroup Global Markets, Inc.		36,036		(36,036	)		—			—
Jefferies LLC		608,134		(608,134	)		—			—
SG Americas Securities LLC		2,220,198		(2,220,198	)		—			—
UBS AG		8,190		(8,190	)		—			—
Wells Fargo Bank N.A.		43,524		(43,524	)		—			—


	$	3,332,265	$	(3,332,265	)	$	—		$	—


Global Financials
Morgan Stanley	$	231,334	$	(231,334	)	$	—		$	—
SG Americas Securities LLC		5,687		(5,687	)		—			—


	$	237,021	$	(237,021	)	$	—		$	—


Global Healthcare
Goldman Sachs & Co. LLC	$	1,401,319	$	(1,401,319	)	$	—		$	—
RBC Capital Markets LLC		123,040		(123,040	)		—			—
UBS AG		1,867,250		(1,867,250	)		—			—


	$	3,391,609	$	(3,391,609	)	$	—		$	—


74		2 0 2 2 I S H A R E S S E M I - 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

Notes to Financial Statements (unaudited) (continued)



iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount
Global Industrials
BNP Paribas SA	$	3,422,014	$	(3,422,014	)	$	—		$	—
BofA Securities, Inc.		495,138		(495,138	)		—			—
Scotia Capital (USA), Inc.		226,845		(226,845	)		—			—
UBS Securities LLC		467,001		(467,001	)		—			—
Wells Fargo Bank N.A.		203,910		(203,910	)		—			—


	$	4,814,908	$	(4,814,908	)	$	—		$	—

Global Tech
BNP Paribas SA	$	1,350,733	$	(1,350,733	)	$	—		$	—
BofA Securities, Inc.		4,866,747		(4,866,747	)		—			—
Goldman Sachs & Co. LLC		2,664,750		(2,664,750	)		—			—
Morgan Stanley		640,147		(640,147	)		—			—
SG Americas Securities LLC		3,177,821		(3,177,821	)		—			—
UBS AG		13,524,255		(13,524,255	)		—			—
UBS Securities LLC		968,415		(968,415	)		—			—
Wells Fargo Bank N.A.		138,345		(138,345	)		—			—


	$	27,331,213	$	(27,331,213	)	$	—		$	—

^(a)

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*


N O T E S T O F I N A N C I A L S T A T E M E N T S		75

Notes to Financial Statements (unaudited) (continued)

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds as follows:


Aggregate Average Daily Net Assets	Investment Advisory Fees

First $10 billion		0.4800	%
Over $10 billion, up to and including $20 billion		0.4300
Over $20 billion, up to and including $30 billion		0.3800
Over $30 billion, up to and including $40 billion		0.3420
Over $40 billion		0.3078

Pursuant to the current securities lending agreement, each of iShares Global Comm Services ETF and iShares Global Tech ETF (the “Group 1 Funds”), retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Pursuant to the current securities lending agreement, each of iShares Global Consumer Discretionary ETF, iShares Global Consumer Staples ETF, iShares Global Energy ETF, iShares Global Financials ETF, iShares Global Healthcare ETF, iShares Global Industrials ETF, iShares Global Materials ETF and iShares Global Utilities ETF (the “Group 2 Funds”), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.


iShares ETF	Amounts
Global Comm Services	$	1,084
Global Consumer Discretionary		3,094
Global Consumer Staples		814
Global Energy		840
Global Financials		1,299
Global Healthcare		3,685
Global Industrials		2,623
Global Materials		68
Global Tech		6,444
Global Utilities		294

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.


76		2 0 2 2 I S H A R E S S E M I - 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

Notes to Financial Statements (unaudited) (continued)

For the six months ended September 30, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)

Global Comm Services	$	1,828,403	$	4,096,850	$	(2,416,237	)
Global Consumer Discretionary		4,362,783		7,889,546		(3,878,260	)
Global Consumer Staples		14,284,247		13,179,351		(2,363,204	)
Global Energy		15,708,847		17,705,081		(3,038,778	)
Global Financials		1,109,650		4,556,346		(1,515,729	)
Global Healthcare		7,664,412		12,043,753		(3,500,218	)
Global Industrials		2,282,849		4,096,463		(9,621	)
Global Materials		372,972		1,528,359		(280,521	)
Global Tech		12,513,337		5,089,476		(2,885,369	)
Global Utilities		1,676,231		2,265,245		(178,404	)

7.	*PURCHASES AND SALES*

For the six months ended September 30, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:


iShares ETF	Purchases		Sales

Global Comm Services	$	29,137,464	$	14,648,064
Global Consumer Discretionary		39,825,173		25,955,067
Global Consumer Staples		77,289,101		59,602,263
Global Energy		136,156,992		97,133,426
Global Financials		20,448,388		38,882,534
Global Healthcare		96,230,246		72,130,899
Global Industrials		10,034,098		12,663,847
Global Materials		26,675,832		39,123,260
Global Tech		60,418,294		159,385,121
Global Utilities		10,299,195		9,482,142

For the six months ended September 30, 2022, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
Global Comm Services	$	137,473,811	$	133,580,481
Global Consumer Discretionary		184,503,228		204,650,229
Global Consumer Staples		282,054,250		—
Global Energy		233,408,080		504,418,411
Global Financials		—		243,662,336
Global Healthcare		595,938,041		144,877,499
Global Industrials		14,181,739		54,520,841
Global Materials		8,779,330		301,339,204
Global Tech		115,292,684		1,008,439,758
Global Utilities		31,805,563		34,735,476

8.	*INCOME TAX INFORMATION*


N O T E S T O F I N A N C I A L S T A T E M E N T S		77

Notes to Financial Statements (unaudited) (continued)

As of March 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:


iShares ETF	Amounts
Global Comm Services	$	103,298,108
Global Consumer Discretionary		23,915,694
Global Consumer Staples		18,264,523
Global Energy		194,620,291
Global Financials		95,814,627
Global Healthcare		67,956,469
Global Industrials		24,121,065
Global Materials		89,618,604
Global Tech		46,874,482
Global Utilities		42,422,177


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Global Comm Services	$	272,498,148	$	1,893,332	$	(84,011,073	)	$	(82,117,741	)
Global Consumer Discretionary		370,690,730		2,619,467		(97,176,596	)		(94,557,129	)
Global Consumer Staples		1,269,858,101		36,759,901		(155,611,229	)		(118,851,328	)
Global Energy		1,958,540,620		140,734,653		(229,043,439	)		(88,308,786	)
Global Financials		899,386,802		4,359,144		(237,362,696	)		(233,003,552	)
Global Healthcare		3,144,519,548		579,730,468		(286,871,476	)		292,858,992
Global Industrials		349,275,301		4,838,430		(93,482,295	)		(88,643,865	)
Global Materials		376,451,144		6,112,041		(123,116,346	)		(117,004,305	)
Global Tech		2,844,844,530		337,185,667		(385,085,469	)		(47,899,802	)
Global Utilities		180,823,230		2,925,044		(38,531,513	)		(35,606,469	)

9.	*LINE OF CREDIT*

The iShares Global Comm Services ETF, iShares Global Consumer Discretionary ETF, iShares Global Consumer Staples ETF, iShares Global Energy ETF, iShares Global Financials ETF, iShares Global Industrials ETF, iShares Global Materials ETF, iShares Global Tech ETF and iShares Global Utilities ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 11, 2023. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the six months ended September 30, 2022, the Funds did not borrow under the Syndicated Credit Agreement.

10.

PRINCIPAL RISKS


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Notes to Financial Statements (unaudited) (continued)

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.


N O T E S T O F I N A N C I A L S T A T E M E N T S		79

Notes to Financial Statements (unaudited) (continued)

11.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:



	Six Months Ended 09/30/22						Year Ended 03/31/22

iShares ETF	Shares			Amount			Shares			Amount

Global Comm Services
Shares sold		2,600,000		$	155,399,447			2,400,000		$	180,066,363
Shares redeemed		(2,250,000	)		(136,777,375	)		(3,150,000	)		(237,607,503	)


		350,000		$	18,622,072			(750,000	)	$	(57,541,140	)

Global Consumer Discretionary
Shares sold		1,550,000		$	203,996,878			1,350,000		$	226,608,040
Shares redeemed		(1,600,000	)		(210,452,604	)		(1,700,000	)		(269,624,156	)


		(50,000	)	$	(6,455,726	)		(350,000	)	$	(43,016,116	)

Global Consumer Staples
Shares sold		5,050,000		$	297,832,944			9,150,000		$	571,394,685
Shares redeemed		—			—			(1,750,000	)		(107,384,488	)


		5,050,000		$	297,832,944			7,400,000		$	464,010,197

Global Energy
Shares sold		7,650,000		$	275,564,636			46,650,000		$	1,309,027,739
Shares redeemed		(14,550,000	)		(518,950,362	)		(36,600,000	)		(971,697,280	)


		(6,900,000	)	$	(243,385,726	)		10,050,000		$	337,330,459

Global Financials
Shares sold		—		$	4,480			42,650,000		$	3,390,727,688
Shares redeemed		(3,700,000	)		(261,210,617	)		(34,500,000	)		(2,724,056,927	)


		(3,700,000	)	$	(261,206,137	)		8,150,000		$	666,670,761

Global Healthcare
Shares sold		7,600,000		$	627,333,218			6,950,000		$	589,227,954
Shares redeemed		(1,850,000	)		(147,166,283	)		(2,150,000	)		(181,413,413	)


		5,750,000		$	480,166,935			4,800,000		$	407,814,541

Global Industrials
Shares sold		150,000		$	14,671,617			800,000		$	96,528,258
Shares redeemed		(550,000	)		(56,791,321	)		(1,200,000	)		(142,237,357	)


		(400,000	)	$	(42,119,704	)		(400,000	)	$	(45,709,099	)

Global Materials
Shares sold		100,000		$	9,205,128			3,650,000		$	336,899,964
Shares redeemed		(4,000,000	)		(314,561,766	)		(4,250,000	)		(383,190,984	)


		(3,900,000	)	$	(305,356,638	)		(600,000	)	$	(46,291,020	)


80		2 0 2 2 I S H A R E S S E M I - 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

Notes to Financial Statements (unaudited) (continued)



	Six Months Ended 09/30/22						Year Ended 03/31/22

iShares ETF	Shares			Amount			Shares			Amount

Global Tech
Shares sold		2,700,000		$	140,163,554			27,900,000	^(a)	$	1,627,576,238
Shares redeemed		(23,500,000	)		(1,134,375,588	)		(40,150,000	)^(a)		(2,243,982,777	)


		(20,800,000	)	$	(994,212,034	)		(12,250,000	)	$	(616,406,539	)

Global Utilities
Shares sold		500,000		$	32,654,322			1,050,000		$	66,190,402
Shares redeemed		(600,000	)		(35,404,808	)		(800,000	)		(48,541,045	)


		(100,000	)	$	(2,750,486	)		250,000		$	17,649,357

^(a)

Share transactions reflect a six-for-one stock split effective after the close of trading on July 16, 2021.

12.

FOREIGN WITHHOLDING TAX CLAIMS

The iShares Global Consumer Staples ETF and iShares Global Energy ETF have filed claims to recover taxes withheld by Sweden on dividend income based upon certain provisions in the Treaty on the Functioning of the European Union. The Funds have recorded a receivable for all recoverable taxes withheld by Sweden based upon determinations made by Swedish tax authorities. Professional and other fees associated with the filing of tax claims in Sweden that result in the recovery of foreign withholding taxes have been approved by the Board as appropriate expenses of the Funds. The Funds continue to evaluate developments in Sweden, for potential impacts to the receivables and associated professional fees payable. Swedish tax claims receivable and related liabilities are disclosed in the Statements of Assets and Liabilities. Collection of this receivable, and any subsequent payment of associated liabilities, depends upon determinations made by Swedish tax authorities.

The Internal Revenue Service (“IRS”) has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which the iShares Global Consumer Staples ETF is able to pass through to shareholders as a foreign tax credit in the current year, the Fund will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.

The iShares Global Comm Services ETF, iShares Global Energy ETF, iShares Global Financials ETF, iShares Global Industrials ETF and iShares Global Utilities ETF are expected to seek a closing agreement with the Internal Revenue Service (“IRS”) to address any prior years’ U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Funds paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Funds have accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statements of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

13.

SUBSEQUENT EVENTS


N O T E S T O F I N A N C I A L S T A T E M E N T S		81

Board Review and Approval of Investment Advisory Contract

iShares Global Comm Services ETF, iShares Global Consumer Discretionary ETF, iShares Global Consumer Staples ETF, iShares Global Energy ETF, iShares Global Financials ETF, iShares Global Healthcare ETF, iShares Global Industrials ETF, iShares Global Materials ETF, iShares Global Tech ETF(each the “Fund”)


82		2 0 2 2 I S H A R E S S E M I - 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

Board Review and Approval of Investment Advisory Contract (continued)

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		83

Board Review and Approval of Investment Advisory Contract (continued)

iShares Global Utilities ETF (the “Fund”)

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.


84		2 0 2 2 I S H A R E S S E M I - 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

Board Review and Approval of Investment Advisory Contract (continued)

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		85

Supplemental Information (unaudited)

Section 19(a) Notices

September 30, 2022


	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Global Comm Services^(a)	$	0.330011	$	—	$	0.258919	$	0.588930		56	%		—	%		44	%		100	%
Global Consumer Discretionary^(a)		0.618612		—		0.009298		0.627910		99			—			1			100
Global Consumer Staples^(a)		0.591013		—		0.004162		0.595175		99			—			1			100
Global Energy^(a)		0.706877		—		0.053866		0.760743		93			—			7			100
Global Financials^(a)		1.436879		—		0.100328		1.537207		93			—			7			100
Global Healthcare^(a)		0.533060		—		0.017523		0.550583		97			—			3			100
Global Tech^(a)		0.155711		—		0.019647		0.175358		89			—			11			100
Global Utilities^(a)		0.764932		—		0.084151		0.849083		90			—			10			100

^(a)


86		2 0 2 2 I S H A R E S S E M I - 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

General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records


G E N E R A L I N F O R M A T I O N		87

Glossary of Terms Used in this Report

Portfolio Abbreviation



ADR		American Depositary Receipt

CPO		Certificates of Participation (Ordinary)

NVS		Non-Voting Shares


88		2 0 2 2 I S H A R E S S E M I - 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

Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

iS-SAR-300-0922


		SEPTEMBER 30, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

iShares Asia 50 ETF | AIA | NASDAQ

iShares Blockchain and Tech ETF | IBLC | NYSE Arca

iShares Emerging Markets Infrastructure ETF | EMIF | NASDAQ

iShares Europe ETF | IEV | NYSE Arca

iShares India 50 ETF | INDY | NASDAQ

iShares International Developed Property ETF | WPS | NYSE Arca

iShares International Developed Small Cap Value Factor ETF | ISVL | Cboe BZX

iShares International Dividend Growth ETF | IGRO | Cboe BZX

iShares Latin America 40 ETF | ILF | NYSE Arca

The Markets in Review

Dear Shareholder,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of September 30, 2022

	6-Month		12-Month

U.S. large cap equities (S&P 500^® Index)		(20.20)%		(15.47)%

U.S. small cap equities (Russell 2000^® Index)		(19.01)		(23.50)

International equities (MSCI Europe, Australasia, Far East Index)		(22.51)		(25.13)

Emerging market equities (MSCI Emerging Markets Index)		(21.70)		(28.11)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.58		0.63

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(10.81)		(16.20)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(9.22)		(14.60)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(6.30)		(11.50)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(10.42)		(14.15)

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


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

Table of Contents


	Page

The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		13
Disclosure of Expenses		13
Schedules of Investments		14
Financial Statements:
Statements of Assets and Liabilities		53
Statements of Operations		56
Statements of Changes in Net Assets		59
Financial Highlights		64
Notes to Financial Statements		73
Board Review and Approval of Investment Advisory Contract		85
Supplemental Information		97
General Information		98
Glossary of Terms Used in this Report		99


Fund Summary as of September 30, 2022		iShares^® Asia 50 ETF

Investment Objective

The iShares Asia 50 ETF (the “Fund”) seeks to track the investment results of an index composed of 50 of the largest Asian equities, as represented by the S&P Asia 50^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns							Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years	1 Year			5 Years			10 Years

Fund NAV		(26.30	)%		(35.05	)%		(1.94	)%	3.21%		(35.05	)%		(9.34	)%	37.21%
Fund Market		(26.68	)		(35.05	)		(2.21	)	3.24		(35.05	)		(10.58	)	37.60
Index		(27.11	)		(34.67	)		(1.32	)	3.83		(34.67	)		(6.45	)	45.61

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(04/01/22)

(09/30/22)

the Period

^(a)

(04/01/22)

(09/30/22)

the Period

^(a)

Ratio

$ 1,000.00

$ 737.00

$ 2.18

$ 1,000.00

$ 1,022.60

$ 2.54

0.50

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector		Percent of Total Investments^(a)

Information Technology		31.9%
Financials		23.6
Consumer Discretionary		19.7
Communication Services		16.5
Materials		2.7
Health Care		1.7
Industrials		1.6
Real Estate		1.6
Utilities		0.7

^(a)

Excludes money market funds.

GEOGRAPHIC ALLOCATION



Country/Geographic Region		Percent of Total Investments^(a)

China		42.2%
Taiwan		21.2
South Korea		20.3
Hong Kong		11.0
Singapore		5.3


4		2 0 2 2 I S H A R E S S E M I - 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


Fund Summary as of September 30, 2022		iShares^® Blockchain and Tech ETF

Investment Objective

The iShares Blockchain and Tech ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. and non-U.S. companies that are involved in the development, innovation, and utilization of blockchain and crypto technologies; as represented by the NYSE FactSet Global Blockchain Technologies Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


		Cumulative Total Returns

		Since Inception

Fund NAV		(43.15)%
Fund Market		(43.10)
Index		(42.94)

The inception date of the Fund was April 25, 2022. The first day of secondary market trading was April 27, 2022.

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(04/25/22)

^(a)

(09/30/22)

the Period

^(b)

(04/01/22)

(09/30/22)

the Period

^(b)

Ratio

$ 1,000.00

$ 568.50

$ 1.60

$ 1,000.00

$ 1,022.70

$ 2.38

0.47

^(a)

Commencement of operations.

^(b)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 158/365 for actual expenses and 183/365 for hypothetical expenses (to reflect the six month period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Information Technology	74.9	%
Financials	20.7
Industrials	3.5
Communication Services	0.9

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Coinbase Global Inc., Class A	13.3	%
Marathon Digital Holdings Inc.	11.4
Block Inc.	11.1
Riot Blockchain Inc.	10.5
Canaan Inc.	4.8
PayPal Holdings Inc.	4.2
Galaxy Digital Holdings Ltd.	4.2
International Business Machines Corp.	4.2
Nvidia Corp.	4.0
Advanced Micro Devices Inc.	3.5


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


Fund Summary as of September 30, 2022		iShares^® Emerging Markets Infrastructure ETF

Investment Objective

The iShares Emerging Markets Infrastructure ETF (the “Fund”) seeks to track the investment results of an index composed of 30 of the largest equities in the emerging markets infrastructure industry, as represented by the S&P Emerging Markets Infrastructure Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns							Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years	1 Year			5 Years			10 Years

Fund NAV		(16.27	)%		(22.34	)%		(8.28	)%	(2.66)%		(22.34	)%		(35.09	)%	(23.59)%
Fund Market		(16.32	)		(22.09	)		(8.27	)	(2.60)		(22.09	)		(35.04	)	(23.13)
Index		(15.93	)		(21.92	)		(7.93	)	(1.99)		(21.92	)		(33.83	)	(18.21)

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(04/01/22)

(09/30/22)

the Period

^(a)

(04/01/22)

(09/30/22)

the Period

^(a)

Ratio

$ 1,000.00

$ 837.30

$ 2.76

$ 1,000.00

$ 1,022.10

$ 3.04

0.60

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Industrials	39.7	%
Utilities	39.4
Energy	20.9

^(a)

Excludes money market funds.

GEOGRAPHIC ALLOCATION



Country/Geographic Region	Percent of Total Investments	^(a)

China	40.2	%
Brazil	22.7
Mexico	14.9
Thailand	10.6
Qatar	7.4
South Korea	4.2
Russia	0.0


6		2 0 2 2 I S H A R E S S E M I - 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


Fund Summary as of September 30, 2022		iShares^® Europe ETF

Investment Objective

The iShares Europe ETF (the “Fund”) seeks to track the investment results of an index composed of European equities, as represented by the S&P Europe 350^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns							Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years	1 Year			5 Years			10 Years

Fund NAV		(22.78	)%		(24.78	)%		(1.45	)%	3.25%		(24.78	)%		(7.04	)%	37.64%
Fund Market		(22.88	)		(24.74	)		(1.46	)	3.24		(24.74	)		(7.07	)	37.57
Index		(23.06	)		(24.58	)		(1.08	)	3.64		(24.58	)		(5.27	)	42.96

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(04/01/22)

(09/30/22)

the Period

^(a)

(04/01/22)

(09/30/22)

the Period

^(a)

Ratio

$ 1,000.00

$ 772.20

$ 3.07

$ 1,000.00

$ 1,021.60

$ 3.50

0.69

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Health Care	16.4	%
Financials	16.0
Consumer Staples	14.3
Industrials	14.0
Consumer Discretionary	9.8
Materials	7.2
Information Technology	7.1
Energy	6.8
Utilities	4.1
Communication Services	3.6
Real Estate	0.7

^(a)

Excludes money market funds.

GEOGRAPHIC ALLOCATION



Country/Geographic Region	Percent of Total Investments	^(a)
United Kingdom	23.9	%
France	17.5
Switzerland	17.1
Germany	11.5
Netherlands	7.4
Sweden	4.5
Denmark	4.2
Spain	3.7
Italy	2.8
Finland	2.1
Australia	1.6
Belgium	1.2
Norway	1.1
Ireland	1.0
Other (each representing less than 1%)	0.4


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


Fund Summary as of September 30, 2022		iShares^® India 50 ETF

Investment Objective

The iShares India 50 ETF (the “Fund”) seeks to track the investment results of an index composed of 50 of the largest Indian equities, as represented by the Nifty 50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns							Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years	1 Year			5 Years			10 Years

Fund NAV		(8.60	)%^(a)		(11.91	)%		6.29	%	6.68%		(11.91	)%		35.66	%	90.85%
Fund Market		(8.60	)		(12.27	)		6.13		6.72		(12.27	)		34.65		91.55
Index		(7.96	)		(10.25	)		8.34		8.17		(10.25	)		49.26		119.33

^(a)

The NAV total return presented in the table for the six-months period differs from the same period return disclosed in the financial highlights. The total return in the financial highlights is calculated in the same manner but differs due to certain adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(04/01/22)

(09/30/22)

the Period

^(a)

(04/01/22)

(09/30/22)

the Period

^(a)

Ratio

$ 1,000.00

$ 914.00

$ 4.70

$ 1,000.00

$ 1,020.20

$ 4.96

0.98

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Financials	36.8	%
Information Technology	13.8
Energy	12.5
Consumer Staples	9.2
Consumer Discretionary	7.2
Materials	6.8
Industrials	5.0
Health Care	4.1
Communication Services	2.6
Utilities	2.0

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Reliance Industries Ltd.	10.8	%
HDFC Bank Ltd.	8.2
ICICI Bank Ltd.	7.9
Infosys Ltd.	6.8
Housing Development Finance Corp. Ltd.	5.5
Tata Consultancy Services Ltd.	4.1
ITC Ltd.	3.9
Kotak Mahindra Bank Ltd.	3.5
Hindustan Unilever Ltd.	3.2
Larsen & Toubro Ltd.	3.0


8		2 0 2 2 I S H A R E S S E M I - 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


Fund Summary as of September 30, 2022		iShares^® International Developed Property ETF

Investment Objective

The iShares International Developed Property ETF (the “Fund”) seeks to track the investment results of an index composed of real estate equities in developed non-U.S. markets, as represented by the S&P Developed ex-U.S. Property Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns							Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years	1 Year			5 Years			10 Years

Fund NAV		(28.34	)%		(30.09	)%		(3.88	)%	1.33%		(30.09	)%		(17.94	)%	14.16%
Fund Market		(28.45	)		(30.26	)		(3.96	)	1.34		(30.26	)		(18.28	)	14.28
Index		(28.71	)		(30.24	)		(3.73	)	1.43		(30.24	)		(17.32	)	15.27

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(04/01/22)

(09/30/22)

the Period

^(a)

(04/01/22)

(09/30/22)

the Period

^(a)

Ratio

$ 1,000.00

$ 716.60

$ 2.07

$ 1,000.00

$ 1,022.70

$ 2.43

0.48

^(a)

Portfolio Information

INDUSTRY ALLOCATION



Industry		Percent of Total Investments^(a)

Real Estate Operating Companies		20.0%
Diversified Real Estate Activities		18.7
Retail REITs		13.6
Industrial REITs		13.4
Diversified REITs		12.0
Office REITs		9.0
Real Estate Development		4.2
Residential REITs		4.1
Health Care REITs		2.1
Specialized REITs		1.6
Hotel & Resort REITs		1.3
Other (each representing less than 1%)		—^(b)

^(a)

Excludes money market funds.

^(b)

Rounds to less than 0.1%.

GEOGRAPHIC ALLOCATION



Country/Geographic Region		Percent of Total Investments^(a)

Japan		30.8%
Hong Kong		12.5
Australia		12.0
United Kingdom		8.9
Singapore		8.8
Germany		4.7
Canada		3.9
Sweden		3.7
France		2.9
Israel		2.9
Switzerland		2.4
Belgium		2.3
Other (each representing less than 1%)		4.2


F U N D S U M M A R Y		9


Fund Summary as of September 30, 2022		iShares^® International Developed Small Cap Value Factor ETF

Investment Objective

The iShares International Developed Small Cap Value Factor ETF (the “Fund”) seeks to track the investment results of an index composed of international developed market small-capitalization stocks, excluding the U.S. and Korea, with prominent value characteristics, as represented by the FTSE Developed ex US ex Korea Small Cap Focused Value Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns						Cumulative Total Returns

	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		(23.23	)%		(24.97	)%		(14.82	)%		(24.97	)%		(21.72	)%
Fund Market		(23.05	)		(24.67	)		(14.70	)		(24.67	)		(21.55	)
Index		(23.53	)		(24.82	)		(14.48	)		(24.82	)		(21.18	)

The inception date of the Fund was March 23, 2021. The first day of secondary market trading was March 25, 2021.

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(04/01/22)

(09/30/22)

the Period

^(a)

(04/01/22)

(09/30/22)

the Period

^(a)

Ratio

$ 1,000.00

$ 767.70

$ 1.33

$ 1,000.00

$ 1,023.60

$ 1.52

0.30

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector		Percent of Total Investments^(a)

Industrials		21.8%
Financials		18.1
Real Estate		14.9
Materials		13.8
Consumer Discretionary		8.7
Consumer Staples		4.8
Energy		4.7
Health Care		4.1
Information Technology		3.9
Utilities		3.3
Communication Services		1.9

^(a)

Excludes money market funds.

GEOGRAPHIC ALLOCATION



Country/Geographic Region		Percent of Total Investments^(a)

Japan		18.5%
Canada		18.0
United Kingdom		17.6
Australia		10.2
Switzerland		7.8
Sweden		6.0
Germany		2.5
Finland		2.4
Belgium		2.3
France		2.2
Singapore		1.9
Austria		1.9
Italy		1.9
Denmark		1.8
New Zealand		1.2
Norway		1.1
Other (each representing less than 1%)		2.7


10		2 0 2 2 I S H A R E S S E M I - 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


Fund Summary as of September 30, 2022		iShares^® International Dividend Growth ETF

Investment Objective

The iShares International Dividend Growth ETF (the “Fund”) seeks to track the investment results of an index composed of international equities with a history of consistently growing dividends, as represented by the Morningstar^® Global ex-US Dividend Growth Index^SM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns							Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			Since Inception	1 Year			5 Years			Since Inception

Fund NAV		(20.97	)%		(20.12	)%		0.62	%	3.40%		(20.12	)%		3.15	%	23.73%
Fund Market		(21.02	)		(20.36	)		0.37		3.42		(20.36	)		1.89		23.89
Index		(21.17	)		(20.05	)		0.66		3.44		(20.05	)		3.34		24.05

The inception date of the Fund was May 17, 2016. The first day of secondary market trading was May 19, 2016.

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(04/01/22)

(09/30/22)

the Period

^(a)

(04/01/22)

(09/30/22)

the Period

^(a)

Ratio

$ 1,000.00

$ 790.30

$ 0.67

$ 1,000.00

$ 1,024.30

$ 0.76

0.15

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector		Percent of Total Investments^(a)

Financials		24.1%
Health Care		13.7
Industrials		12.5
Consumer Staples		12.5
Utilities		9.2
Materials		6.9
Information Technology		6.9
Communication Services		6.3
Consumer Discretionary		2.8
Real Estate		2.6
Energy		2.5

^(a)

Excludes money market funds.

GEOGRAPHIC ALLOCATION



Country/Geographic Region		Percent of Total Investments^(a)

Canada		19.9%
Japan		19.1
Switzerland		12.3
United Kingdom		10.2
China		7.5
Germany		5.3
France		4.4
Hong Kong		3.7
Italy		3.2
India		2.5
Spain		2.3
Australia		2.3
Ireland		1.2
Mexico		1.0
Other (each representing less than 1%)		5.1


F U N D S U M M A R Y		11


Fund Summary as of September 30, 2022		iShares^® Latin America 40 ETF

Investment Objective

The iShares Latin America 40 ETF (the “Fund”) seeks to track the investment results of an index composed of 40 of the largest Latin American equities, as represented by the S&P Latin America 40^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns							Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years	1 Year			5 Years			10 Years

Fund NAV		(18.48	)%		(0.40	)%		(3.43	)%	(2.45)%		(0.40	)%		(16.01	)%	(21.93)%
Fund Market		(18.59	)		(0.29	)		(3.45	)	(2.44)		(0.29	)		(16.10	)	(21.86)
Index		(18.19	)		0.19			(3.14	)	(2.06)		0.19			(14.73	)	(18.76)

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(04/01/22)

(09/30/22)

the Period

^(a)

(04/01/22)

(09/30/22)

the Period

^(a)

Ratio

$ 1,000.00

$ 815.20

$ 2.18

$ 1,000.00

$ 1,022.70

$ 2.43

0.48

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)
Financials	29.8	%
Materials	24.3
Energy	14.2
Consumer Staples	12.6
Industrials	5.4
Communication Services	5.0
Utilities	3.7
Consumer Discretionary	2.4
Health Care	1.1
Other (each representing less than 1%)	1.5

^(a)

Excludes money market funds.

GEOGRAPHIC ALLOCATION



Country/Geographic Region	Percent of Total Investments	^(a)
Brazil	65.2	%
Mexico	22.2
Chile	7.5
Peru	3.3
Colombia	1.8


12		2 0 2 2 I S H A R E S S E M I - 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

About Fund Performance

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 using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

Disclosure of Expenses


A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S		13

Schedule of Investments (unaudited)

September 30, 2022

iShares^® Asia 50 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

China — 42.1%
Alibaba Group Holding Ltd.^(a)		9,339,600	$	93,203,004
ANTA Sports Products Ltd.		639,800		6,715,846
Baidu Inc.^(a)		1,338,600		19,705,797
Bank of China Ltd., Class H		45,880,000		14,984,182
BYD Co. Ltd., Class H		512,000		12,613,397
China Construction Bank Corp., Class H		58,150,960		33,564,816
China Merchants Bank Co. Ltd., Class H		1,947,500		9,012,753
Industrial & Commercial Bank of China Ltd., Class H		41,987,115		19,696,408
JD.com Inc., Class A		1,390,850		35,088,617
Kuaishou Technology^(a)(b)		1,146,100		7,351,251
Li Ning Co. Ltd.		1,376,500		10,444,721
Meituan, Class B^(a)(b)		2,405,200		50,548,746
NetEase Inc.		1,080,400		16,302,611
Ping An Insurance Group Co. of China Ltd., Class H		3,647,500		18,196,627
Tencent Holdings Ltd.		3,574,600		120,736,793
Wuxi Biologics Cayman Inc., New^(a)(b)		2,114,000		12,584,308
Xiaomi Corp., Class B^(a)(b)		8,526,200		9,654,819

				490,404,696

Hong Kong — 11.0%
AIA Group Ltd.		7,041,200		58,624,348
CK Hutchison Holdings Ltd.		1,582,148		8,711,696
CLP Holdings Ltd.		986,000		7,451,923
Hong Kong Exchanges & Clearing Ltd.		706,400		24,146,453
Link REIT		1,247,300		8,706,786
Sun Hung Kai Properties Ltd.		891,000		9,833,319
Techtronic Industries Co. Ltd.		1,084,000		10,343,662

				127,818,187

Singapore — 5.2%
DBS Group Holdings Ltd.		1,076,500		24,903,061
Oversea-Chinese Banking Corp. Ltd.		2,387,374		19,561,856
United Overseas Bank Ltd.		909,000		16,464,329

				60,929,246

South Korea — 18.6%
Celltrion Inc.		60,532		7,346,547
Hyundai Motor Co.		83,229		10,157,144
Kakao Corp.		184,032		7,241,554
KB Financial Group Inc.		228,979		6,914,825
Kia Corp.		157,999		7,863,921
LG Chem Ltd.		27,908		10,304,620
NAVER Corp.		87,998		11,722,762
POSCO Holdings Inc.		44,674		6,516,494
Samsung Electronics Co. Ltd.		3,028,688		111,211,128
Samsung SDI Co. Ltd.		32,458		12,208,866
Shinhan Financial Group Co. Ltd.		302,087		7,017,224
SK Hynix Inc.		317,808		18,178,675

				216,683,760

Taiwan — 21.2%
Cathay Financial Holding Co. Ltd.		5,044,000		6,321,813


Security	Shares		Value

Taiwan (continued)
Chunghwa Telecom Co. Ltd.		2,248,551	$	8,047,867
CTBC Financial Holding Co. Ltd.		11,519,359		7,166,220
Delta Electronics Inc.		1,136,000		9,023,384
Formosa Plastics Corp.		2,551,071		6,943,935
Fubon Financial Holding Co. Ltd.		4,686,600		7,328,981
Hon Hai Precision Industry Co. Ltd.		7,116,052		22,786,431
MediaTek Inc.		944,112		16,291,980
Nan Ya Plastics Corp.		3,316,510		6,959,399
Taiwan Semiconductor Manufacturing Co. Ltd.		11,167,343		148,027,497
United Microelectronics Corp.		6,839,000		7,653,504

				246,551,011


Total Common Stocks — 98.1% (Cost: $1,462,608,136)				1,142,386,900


Preferred Stocks

South Korea — 1.6%
Hyundai Motor Co.
Preference Shares, NVS		14,385		840,991
Series 2, Preference Shares, NVS		21,450		1,247,084
LG Chem Ltd., Preference Shares, NVS		4,643		808,623
Samsung Electronics Co. Ltd., Preference Shares, NVS		485,443		15,768,587

				18,665,285


Total Preferred Stocks — 1.6% (Cost: $22,040,348)				18,665,285


Total Long-Term Investments — 99.7% (Cost: $1,484,648,484)				1,161,052,185


Short-Term Securities

Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury,
SL Agency Shares, 2.81%^(c)(d)		630,000		630,000


Total Short-Term Securities — 0.0% (Cost: $630,000)				630,000


Total Investments — 99.7% (Cost: $1,485,278,484)				1,161,682,185

Other Assets Less Liabilities — 0.3%				3,278,431


Net Assets — 100.0%			$	1,164,960,616

^(a)	Non-income producing security.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)	Affiliate of the Fund.

^(d)	Annualized 7-day yield as of period end.


14		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Asia 50 ETF

Affiliates


Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	—	$	0	^(b)	$	—	$	—	$	—	$	—		—	$	1,095	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		630,000	^(b)		—		—		—		630,000		630,000		10,246			—

								$	—	$	—	$	630,000			$	11,341		$	—

^(a)

As of period end, the entity is no longer held.

^(b)

Represents net amount purchased (sold).

^(c)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)


Long Contracts
FTSE Taiwan Index		20		10/28/22	$	934	$	(38,323	)

MSCI China Index		77		12/16/22		1,642		(119,902	)
MSCI Emerging Markets Index		22		12/16/22		959		(65,887	)

							$	(224,112	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	224,112	$	—	$	—	$	—	$	224,112

^(a)

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total


Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(728,914	)	$	—	$	—	$	—	$	(728,914	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(464,208	)	$	—	$	—	$	—	$	(464,208	)


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Asia 50 ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts
Average notional value of contracts — long	$	8,185,864

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

Fair Value Hierarchy as of Period End



	Level 1			Level 2			Level 3		Total


Investments
Assets
Common Stocks	$	—		$	1,142,386,900		$	—	$	1,142,386,900
Preferred Stocks		—			18,665,285			—		18,665,285
Money Market Funds		630,000			—			—		630,000

	$	630,000		$	1,161,052,185		$	—	$	1,161,682,185


Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(65,887	)	$	(158,225	)	$	—	$	(224,112	)

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


16		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited)

September 30, 2022

iShares^® Blockchain and Tech ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Banks — 0.3%
Silvergate Capital Corp., Class A^(a)		256	$	19,290


Capital Markets — 20.3%
Allfunds Group PLC		2,686		19,630
Bakkt Holdings Inc.^(a)(b)		34,192		77,958
Coinbase Global Inc., Class A^(a)(b)		11,906		767,818
Galaxy Digital Holdings Ltd.^(a)(b)		57,592		244,318
Robinhood Markets Inc., Class A^(a)(b)		3,432		34,663
SBI Holdings Inc/Japan		2,000		35,890
Voyager Digital Ltd.^(a)(c)		57,043		—

				1,180,277

Interactive Media & Services — 0.9%
Z Holdings Corp.		19,200		50,893


IT Services — 24.5%
Block Inc.^(a)		11,720		644,483
Core Scientific Inc.^(a)		133,160		173,108
DXC Technology Co.^(a)		1,832		44,847
GMO internet group Inc.		500		8,777
International Business Machines Corp.		2,024		240,471
NTT Data Corp.		5,200		67,169
PayPal Holdings Inc.^(a)		2,848		245,127

				1,423,982

Professional Services — 3.5%
Wolters Kluwer NV		2,088		203,316


Semiconductors & Semiconductor Equipment — 8.8%
Advanced Micro Devices Inc.^(a)		3,232		204,780
Ambarella Inc.^(a)		296		16,629
Amlogic Shanghai Co. Ltd.^(a)		1,501		13,583
MaxLinear Inc.^(a)		594		19,376
Nano Labs Ltd., NVS^(b)		14,896		23,983
Nvidia Corp.		1,896		230,155

				508,506

Software — 36.5%
Applied Blockchain Inc., NVS^(a)		39,632		67,374
Argo Blockchain PLC^(a)		285,935		102,521
Bit Digital Inc.^(a)(b)		43,406		52,087
Bitfarms Ltd/Canada^(a)(b)		103,364		108,532


Security	Shares		Value

Software (continued)
Cleanspark Inc.^(a)		22,932	$	72,924
Hive Blockchain Technologies Ltd.^(a)		43,780		164,613
Hut 8 Mining Corp.^(a)(b)		93,896		167,135
Iris Energy Ltd.^(a)(b)		25,630		105,852
Marathon Digital Holdings Inc.^(a)(b)		61,756		661,407
Riot Blockchain Inc.^(a)(b)		86,926		609,351
YGSOFT Inc.		9,600		7,518

				2,119,314

Technology Hardware, Storage & Peripherals — 5.0%
Canaan Inc., ADR^(a)(b)		85,591		280,739
GRG Banking Equipment Co. Ltd., Class A		8,800		10,005

				290,744


Total Long-Term Investments — 99.8% (Cost: $7,499,883)				5,796,322


Short-Term Securities

Money Market Funds — 33.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%^(d)(e)(f)		1,820,457		1,821,003
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%^(d)(e)		100,000		100,000


Total Short-Term Securities — 33.0% (Cost: $1,920,748)				1,921,003


Total Investments — 132.8% (Cost: $9,420,631)				7,717,325

Liabilities in Excess of Other Assets — (32.8)%				(1,907,500	)


Net Assets — 100.0%			$	5,809,825

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)	Affiliate of the Fund.

^(e)	Annualized 7-day yield as of period end.

^(f)	All or a portion of this security was purchased with the cash collateral from loaned securities.


S C H E D U L E O F I N V E S T M E N T S		17

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Blockchain and Tech ETF

Affiliates




Affiliated Issuer	Value at 04/25/22^(a)		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	1,820,725	^(b)	$	—	$	23	$	255	$	1,821,003		1,820,457	$	8,406	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		100,000	^(b)		—		—		—		100,000		100,000		94			—


								$	23	$	255	$	1,921,003			$	8,500		$	—

^(a)

Commencement of operations.

^(b)

Represents net amount purchased (sold).

^(c)

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	5,277,020	$	519,302	$	—	$	5,796,322
Money Market Funds		1,921,003		—		—		1,921,003


	$	7,198,023	$	519,302	$	—	$	7,717,325

See notes to financial statements.


18		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited)

September 30, 2022

iShares^® Emerging Markets Infrastructure ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Brazil — 20.0%
CCR SA		328,944	$	764,071
Centrais Eletricas Brasileiras SA, ADR		233,558		1,875,471
Cia. de Saneamento Basico do Estado de Sao Paulo, ADR		62,601		570,295
Ultrapar Participacoes SA, ADR^(a)		352,380		771,712

				3,981,549

China — 40.3%
Beijing Capital International Airport Co. Ltd., Class H^(a)(b)		504,000		271,916
CGN Power Co. Ltd., Class H^(c)		2,058,000		444,511
China Gas Holdings Ltd.		546,000		653,046
China Longyuan Power Group Corp. Ltd., Class H		619,000		773,500
China Merchants Port Holdings Co. Ltd.		390,000		489,844
China Oilfield Services Ltd., Class H		882,000		873,470
China Power International Development Ltd.		903,000		357,476
China Resources Gas Group Ltd.		164,600		521,886
China Resources Power Holdings Co. Ltd.		330,000		509,583
China Suntien Green Energy Corp. Ltd., Class H^(a)		903,000		329,383
COSCO SHIPPING Energy Transportation Co. Ltd., Class H^(b)		640,000		530,512
COSCO SHIPPING Ports Ltd.		504,000		317,220
Guangdong Investment Ltd.^(a)		514,000		410,593
Jiangsu Expressway Co. Ltd., Class H		362,000		271,780
Kunlun Energy Co. Ltd.		726,000		522,520
Shenzhen Expressway Co. Ltd., Class H		168,000		122,785
Shenzhen International Holdings Ltd.		409,999		312,535
Zhejiang Expressway Co. Ltd., Class H		420,000		285,405

				7,997,965

Mexico — 14.9%
Grupo Aeroportuario del Centro Norte SAB de CV, ADR		10,080		505,411
Grupo Aeroportuario del Pacifico SAB de CV, ADR		10,751		1,363,012
Grupo Aeroportuario del Sureste SAB de CV, ADR		5,586		1,095,806

				2,964,229

Qatar — 7.4%
Qatar Gas Transport Co. Ltd.		1,316,335		1,463,795


South Korea — 4.2%
Korea Electric Power Corp., ADR^(a)(b)		94,323		641,396
SK Discovery Co. Ltd.		4,351		90,111
SK Gas Ltd.		1,439		100,530

				832,037

Thailand — 10.6%
Airports of Thailand PCL, NVDR^(b)		1,096,600		2,100,425


Total Common Stocks — 97.4% (Cost: $19,972,063)				19,340,000


Security	Shares		Value

Preferred Stocks

Brazil — 2.7%
Cia. Energetica de Minas Gerais, Preference Shares, ADR		268,637	$	542,647


Russia — 0.0%
Transneft PJSC, Preference Shares, NVS^(d)		640		—


Total Preferred Stocks — 2.7% (Cost: $1,934,186)				542,647


Total Long-Term Investments — 100.1% (Cost: $21,906,249)				19,882,647


Short-Term Securities

Money Market Funds — 4.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%^(e)(f)(g)		829,685		829,934
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%^(e)(f)		10,000		10,000


Total Short-Term Securities — 4.2% (Cost: $839,674)				839,934


Total Investments — 104.3% (Cost: $22,745,923)				20,722,581

Liabilities in Excess of Other Assets — (4.3)%				(861,884	)


Net Assets — 100.0%			$	19,860,697

^(a)	All or a portion of this security is on loan.

^(b)	Non-income producing security.

^(c)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)	Affiliate of the Fund.

^(f)	Annualized 7-day yield as of period end.

^(g)	All or a portion of this security was purchased with the cash collateral from loaned securities.


S C H E D U L E O F I N V E S T M E N T S		19

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Emerging Markets Infrastructure ETF

Affiliates



Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,224,889	$	—	$	(395,417	)^(a)	$	(315	)	$	777	$	829,934		829,685	$	5,967	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		30,000		—		(20,000	)^(a)		—			—		10,000		10,000		205			—

								$	(315	)	$	777	$	839,934			$	6,172		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)


Long Contracts
MSCI Emerging Markets Index		2		12/16/22	$	87	$	(8,713	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	8,713	$	—	$	—	$	—	$	8,713

^(a)

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(11,081	)	$	—	$	—	$	—	$	(11,081	)

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(12,530	)	$	—	$	—	$	—	$	(12,530	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	193,980

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


20		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Emerging Markets Infrastructure ETF

Fair Value Hierarchy as of Period End




	Level 1			Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	7,587,174		$	11,752,826	$	—	$	19,340,000
Preferred Stocks		542,647			—		—		542,647
Money Market Funds		839,934			—		—		839,934

	$	8,969,755		$	11,752,826	$	—	$	20,722,581

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(8,713	)	$	—	$	—	$	(8,713	)

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		21

Schedule of Investments (unaudited)

September 30, 2022

iShares^® Europe ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 1.6%
Glencore PLC		2,124,029	$	11,161,798
Rio Tinto PLC		187,290		10,133,484

				21,295,282

Austria — 0.2%
Erste Group Bank AG		63,223		1,385,985
OMV AG		25,148		910,185
Verbund AG		5,569		475,467

				2,771,637

Belgium — 1.2%
Ageas SA/NV		31,531		1,149,989
Anheuser-Busch InBev SA/NV		173,805		7,872,783
Groupe Bruxelles Lambert NV		17,695		1,237,502
KBC Group NV		59,007		2,800,117
Solvay SA		12,545		971,261
UCB SA		22,178		1,539,105
Umicore SA		33,927		996,005

				16,566,762

Denmark — 4.2%
AP Moller - Maersk A/S, Class A		545		962,885
AP Moller - Maersk A/S, Class B, NVS		972		1,766,345
Carlsberg A/S, Class B		16,722		1,955,412
Chr Hansen Holding A/S		18,433		907,996
Coloplast A/S, Class B		21,153		2,149,659
Danske Bank A/S		120,740		1,502,810
DSV A/S		33,563		3,931,818
Genmab A/S^(a)		11,643		3,745,593
GN Store Nord AS		23,939		419,326
Novo Nordisk A/S, Class B		286,955		28,585,825
Novozymes A/S, Class B		37,213		1,870,032
Orsted AS^(b)		32,968		2,627,574
Pandora A/S		17,105		799,937
Tryg A/S		64,271		1,326,804
Vestas Wind Systems A/S		176,397		3,247,973

				55,799,989

Finland — 2.1%
Elisa OYJ		26,824		1,215,369
Fortum OYJ		77,522		1,041,667
Kesko OYJ, Class B		46,975		876,411
Kone OYJ, Class B		70,454		2,714,488
Metso Outotec OYJ		124,918		828,403
Neste OYJ		75,263		3,280,677
Nokia OYJ		941,842		4,043,385
Nordea Bank Abp		583,261		4,991,680
Sampo OYJ, Class A		87,778		3,747,383
Stora Enso OYJ, Class R		110,545		1,404,302
UPM-Kymmene OYJ		92,905		2,948,287
Wartsila OYJ Abp		85,674		547,278

				27,639,330

France — 17.4%
Accor SA^(a)		28,462		595,869
Air Liquide SA		92,035		10,519,516
Airbus SE		108,021		9,311,449
Alstom SA		51,919		839,829
ArcelorMittal SA		99,836		1,986,568
Arkema SA		10,878		792,777
AXA SA		347,332		7,583,265
BNP Paribas SA		200,262		8,458,912


Security	Shares		Value

France (continued)
Bouygues SA		37,230	$	973,881
Bureau Veritas SA		49,280		1,102,764
Capgemini SE		27,453		4,395,237
Carrefour SA		105,901		1,468,750
Cie Generale des Etablissements Michelin SCA		126,290		2,829,616
Cie. de Saint-Gobain		91,550		3,273,424
Credit Agricole SA		242,158		1,965,846
Danone SA		111,161		5,256,281
Dassault Systemes SE		121,170		4,183,401
Edenred		44,442		2,047,475
Eiffage SA		13,242		1,061,916
Electricite de France SA		111,548		1,293,672
Engie SA		324,413		3,733,958
EssilorLuxottica SA		53,312		7,246,317
Eurofins Scientific SE		22,444		1,332,373
Gecina SA		9,102		712,866
Getlink SE		71,510		1,108,930
Hermes International		6,100		7,174,329
Kering SA		12,676		5,622,421
Legrand SA		47,535		3,073,569
L’Oreal SA		44,234		14,143,468
LVMH Moet Hennessy Louis Vuitton SE		45,830		27,020,207
Orange SA		329,917		2,983,945
Pernod Ricard SA		35,765		6,561,236
Publicis Groupe SA		41,682		1,975,004
Renault SA^(a)		37,077		1,003,156
Safran SA		61,195		5,568,117
Sanofi		201,805		15,366,740
Sartorius Stedim Biotech		4,299		1,318,661
Schneider Electric SE		100,108		11,307,274
Societe Generale SA		140,556		2,779,648
Sodexo SA		14,662		1,101,121
STMicroelectronics NV, New		114,610		3,562,635
Teleperformance		10,271		2,605,586
Thales SA		18,951		2,088,285
TotalEnergies SE		432,647		20,297,437
Ubisoft Entertainment SA^(a)		16,028		440,490
Unibail-Rodamco-Westfield^(a)		18,542		767,266
Valeo		39,834		601,886
Veolia Environnement SA		114,319		2,184,886
Vinci SA		94,252		7,621,284
Vivendi SE		141,830		1,100,115
Worldline SA/France^(a)(b)		43,609		1,723,676

				234,067,334

Germany — 10.7%
adidas AG		31,229		3,590,125
Allianz SE, Registered		71,307		11,233,295
Aroundtown SA^(c)		170,025		372,304
BASF SE		160,449		6,157,772
Bayer AG, Registered		173,593		7,998,212
Bayerische Motoren Werke AG		55,740		3,777,918
Beiersdorf AG		17,465		1,716,151
Brenntag SE		27,422		1,657,714
Commerzbank AG^(a)		188,065		1,338,837
Continental AG		18,879		837,724
Covestro AG^(b)		33,759		965,226
Daimler Truck Holding AG^(a)		90,890		2,054,792
Delivery Hero SE^(a)(b)		33,286		1,215,843
Deutsche Bank AG, Registered		361,025		2,673,020
Deutsche Boerse AG		33,205		5,443,185


22		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Europe ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Germany (continued)
Deutsche Post AG, Registered		176,191	$	5,310,333
Deutsche Telekom AG, Registered		611,694		10,412,049
E.ON SE		392,173		3,012,976
Fresenius Medical Care AG & Co. KGaA		35,321		995,099
Fresenius SE & Co. KGaA		69,474		1,480,852
GEA Group AG		29,357		950,079
Hannover Rueck SE		10,596		1,588,396
HeidelbergCement AG		24,286		959,398
HelloFresh SE^(a)		30,458		637,544
Henkel AG & Co. KGaA		17,116		970,018
Infineon Technologies AG		228,128		4,992,358
LEG Immobilien SE		13,182		786,828
Mercedes-Benz Group AG		136,639		6,909,428
Merck KGaA		22,594		3,657,535
MTU Aero Engines AG		9,268		1,385,144
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		24,482		5,893,322
Puma SE		18,100		837,308
RWE AG		120,149		4,416,195
SAP SE		192,006		15,647,555
Siemens AG, Registered		130,861		12,790,726
Siemens Healthineers AG^(b)		49,265		2,113,246
Symrise AG		23,353		2,277,206
Volkswagen AG		5,195		846,626
Vonovia SE		139,603		3,012,879
Zalando SE^(a)(b)(c)		39,122		764,168

				143,679,386

Ireland — 1.0%
CRH PLC		134,281		4,317,383
Flutter Entertainment PLC, Class DI^(a)		27,261		3,005,026
Kerry Group PLC, Class A		27,039		2,410,047
Kingspan Group PLC		27,360		1,232,693
Ryanair Holdings PLC, ADR^(a)(c)		17,684		1,033,099
Smurfit Kappa Group PLC		45,239		1,293,799

				13,292,047

Italy — 2.8%
Assicurazioni Generali SpA		208,800		2,851,024
Atlantia SpA		88,801		1,959,453
Enel SpA		1,367,668		5,609,112
Eni SpA		440,857		4,685,734
Ferrari NV		22,368		4,142,236
FinecoBank Banca Fineco SpA		105,393		1,301,655
Intesa Sanpaolo SpA		3,100,182		5,124,648
Mediobanca Banca di Credito Finanziario SpA		116,536		911,862
Moncler SpA		37,161		1,517,080
Nexi SpA^(a)(b)		149,401		1,206,879
Prysmian SpA		47,939		1,373,158
Snam SpA		357,998		1,447,003
Telecom Italia SpA/Milano^(a)		1,775,359		328,383
Terna - Rete Elettrica Nazionale		249,373		1,518,813
UniCredit SpA		353,621		3,580,089

				37,557,129

Netherlands — 7.4%
ABN AMRO Bank NV, CVA^(b)		73,493		658,524
Adyen NV^(a)(b)		5,488		6,844,421
Aegon NV		246,520		979,917
Akzo Nobel NV		31,469		1,783,347
Argenx SE^(a)		9,651		3,434,563
ASM International NV		8,145		1,823,723


Security	Shares		Value

Netherlands (continued)
ASML Holding NV		71,359	$	29,562,522
Euronext NV^(b)		17,375		1,099,598
EXOR NV^(a)		19,976		1,281,933
Heineken Holding NV		19,426		1,329,877
Heineken NV		41,819		3,652,097
IMCD NV		9,954		1,180,161
ING Groep NV		659,300		5,649,164
Koninklijke Ahold Delhaize NV		182,682		4,653,171
Koninklijke DSM NV		30,555		3,476,869
Koninklijke KPN NV		570,831		1,544,877
Koninklijke Philips NV		154,396		2,377,157
NN Group NV		54,049		2,102,178
Prosus NV		211,657		11,011,793
QIAGEN NV^(a)		39,826		1,658,534
Randstad NV		22,375		965,724
Stellantis NV		378,604		4,472,237
Universal Music Group NV		131,750		2,467,683
Wolters Kluwer NV		46,631		4,540,629

				98,550,699

Norway — 1.1%
Aker BP ASA		54,171		1,554,954
DNB Bank ASA		159,160		2,525,559
Equinor ASA		183,436		6,049,483
Mowi ASA		81,456		1,036,083
Norsk Hydro ASA		233,194		1,251,300
Orkla ASA		125,083		909,267
Telenor ASA		112,728		1,031,700
Yara International ASA		27,735		973,364

				15,331,710

Portugal — 0.2%
EDP - Energias de Portugal SA		510,552		2,215,802
Galp Energia SGPS SA		80,458		774,118

				2,989,920

Spain — 3.7%
ACS Actividades de Construccion y Servicios SA		39,601		889,809
Aena SME SA^(a)(b)		13,039		1,353,182
Amadeus IT Group SA^(a)		78,707		3,649,063
Banco Bilbao Vizcaya Argentaria SA		1,164,692		5,224,628
Banco Santander SA		2,939,486		6,839,886
CaixaBank SA		760,310		2,448,863
Cellnex Telecom SA^(b)		101,648		3,135,492
Enagas SA		40,348		624,544
Endesa SA		56,649		850,843
Ferrovial SA		88,679		2,012,890
Grifols SA^(a)		52,980		457,713
Iberdrola SA		1,031,110		9,614,258
Industria de Diseno Textil SA		195,997		4,044,717
Naturgy Energy Group SA		31,804		735,741
Red Electrica Corp. SA		72,128		1,106,847
Repsol SA		267,926		3,078,537
Telefonica SA		988,685		3,268,509

				49,335,522

Sweden — 4.5%
Alfa Laval AB		53,703		1,331,673
Assa Abloy AB, Class B		173,247		3,245,965
Atlas Copco AB, Class A		451,587		4,197,211
Atlas Copco AB, Class B		271,964		2,254,311
Boliden AB		48,465		1,497,371
Electrolux AB, Class B		38,233		397,371


S C H E D U L E O F I N V E S T M E N T S		23

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Europe ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Sweden (continued)
Embracer Group AB^(a)(c)		143,655	$	851,469
Epiroc AB, Class A		107,828		1,542,532
Epiroc AB, Class B		69,492		876,270
EQT AB		48,659		940,196
Essity AB, Class B		105,240		2,079,205
Evolution AB^(b)		33,571		2,653,705
Getinge AB, Class B		38,100		651,553
H & M Hennes & Mauritz AB, Class B		130,120		1,202,973
Hexagon AB, Class B		368,321		3,439,799
Industrivarden AB, Class A		32,024		645,047
Industrivarden AB, Class C		29,865		595,634
Investor AB, Class B		317,457		4,632,083
Kinnevik AB, Class B^(a)		41,409		542,702
Nibe Industrier AB, Class B		268,934		2,398,951
Sandvik AB		192,783		2,627,931
Skandinaviska Enskilda Banken AB, Class A		298,467		2,844,615
Skanska AB, Class B		70,576		878,372
SKF AB, Class B		66,942		896,796
Svenska Cellulosa AB SCA, Class B		102,252		1,297,422
Svenska Handelsbanken AB, Class A		271,772		2,230,974
Swedbank AB, Class A		160,165		2,102,287
Swedish Match AB		266,449		2,635,641
Tele2 AB, Class B		97,057		837,560
Telefonaktiebolaget LM Ericsson, Class B		538,722		3,149,071
Telia Co. AB		433,013		1,247,112
Volvo AB, Class B		277,465		3,926,399

				60,650,201

Switzerland — 17.1%
ABB Ltd., Registered		299,189		7,724,889
Adecco Group AG, Registered		29,862		824,178
Alcon Inc.		87,303		5,071,033
Baloise Holding AG, Registered		7,992		1,021,175
Barry Callebaut AG, Registered		635		1,196,984
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		183		1,768,569
Chocoladefabriken Lindt & Spruengli AG, Registered		19		1,892,140
Cie. Financiere Richemont SA, Class A, Registered		91,105		8,599,895
Credit Suisse Group AG, Registered		439,876		1,739,965
Geberit AG, Registered		6,287		2,695,791
Givaudan SA, Registered		1,412		4,265,655
Holcim AG		99,414		4,074,039
Julius Baer Group Ltd.		38,205		1,667,230
Kuehne + Nagel International AG, Registered		9,964		2,028,988
Logitech International SA, Registered		30,218		1,381,492
Lonza Group AG, Registered		13,015		6,336,885
Nestle SA, Registered		482,386		52,173,573
Novartis AG, Registered		421,798		32,156,581
Partners Group Holding AG		3,979		3,202,237
Roche Holding AG, Bearer		4,808		1,878,152
Roche Holding AG, NVS		123,026		40,048,971
Schindler Holding AG, Participation Certificates, NVS		7,369		1,143,665
Schindler Holding AG, Registered		3,420		515,301
SGS SA, Registered		1,054		2,255,290
Siemens Energy AG^(a)		67,732		745,781
SIG Group AG		61,958		1,258,000
Sika AG, Registered		27,139		5,454,713
Sonova Holding AG, Registered		9,263		2,038,424
Straumann Holding AG		20,372		1,863,226
Swatch Group AG (The), Bearer		5,106		1,146,799
Swatch Group AG (The), Registered		9,611		402,633


Security	Shares		Value

Switzerland (continued)
Swiss Life Holding AG, Registered		5,406	$	2,388,432
Swiss Prime Site AG, Registered		13,590		1,082,544
Swiss Re AG		50,492		3,723,986
Swisscom AG, Registered		4,433		2,075,711
Temenos AG, Registered		11,584		780,957
UBS Group AG, Registered		616,750		8,947,786
VAT Group AG^(b)		4,726		959,043
Zurich Insurance Group AG		26,306		10,486,902

				229,017,615

United Kingdom — 23.8%
3i Group PLC		168,093		2,018,365
abrdn PLC		409,403		626,268
Admiral Group PLC		47,257		1,003,910
Anglo American PLC		235,560		7,072,883
Ashtead Group PLC		77,864		3,496,856
Associated British Foods PLC		63,607		888,756
AstraZeneca PLC		271,968		29,897,285
Auto Trader Group PLC^(b)		169,260		959,885
Aviva PLC		497,866		2,135,267
BAE Systems PLC		563,272		4,949,145
Barclays PLC		2,766,045		4,401,151
Barratt Developments PLC		178,921		676,217
Berkeley Group Holdings PLC		19,994		730,489
BP PLC		3,656,778		17,473,497
British American Tobacco PLC		391,392		14,034,351
British Land Co. PLC (The)		166,924		646,555
BT Group PLC		1,216,383		1,635,184
Bunzl PLC		59,533		1,818,909
Burberry Group PLC		70,731		1,412,886
CNH Industrial NV		170,676		1,910,248
Compass Group PLC		311,875		6,210,181
Croda International PLC		25,286		1,806,028
DCC PLC		18,168		943,511
Diageo PLC		409,322		17,229,792
Direct Line Insurance Group PLC		245,968		507,471
DS Smith PLC		243,538		688,737
Entain PLC		102,457		1,225,023
Experian PLC		169,352		4,957,371
Ferguson PLC		40,555		4,206,739
GSK PLC		703,574		10,161,507
Haleon PLC^(a)		879,475		2,742,173
Halma PLC		65,455		1,472,237
Hargreaves Lansdown PLC		62,193		595,625
HSBC Holdings PLC		3,495,874		18,101,141
IMI PLC		46,717		577,707
Imperial Brands PLC		168,072		3,456,040
Informa PLC		268,138		1,532,649
InterContinental Hotels Group PLC		33,705		1,623,295
Intermediate Capital Group PLC		51,215		552,482
Intertek Group PLC		28,770		1,180,406
J Sainsbury PLC		302,359		585,543
Johnson Matthey PLC		34,948		705,571
Kingfisher PLC		363,854		885,700
Land Securities Group PLC		135,065		780,440
Legal & General Group PLC		1,062,047		2,535,086
Lloyds Banking Group PLC		12,408,358		5,608,419
London Stock Exchange Group PLC		60,364		5,097,671
M&G PLC		460,722		848,705
Marks & Spencer Group PLC^(a)		348,531		380,182
Melrose Industries PLC		694,400		776,455


24		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Europe ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United Kingdom (continued)
Mondi PLC		86,179	$	1,323,919
National Grid PLC		684,962		7,051,068
NatWest Group PLC, NVS		870,052		2,167,055
Next PLC		22,893		1,215,065
Ocado Group PLC^(a)		125,667		652,145
Pearson PLC		130,435		1,245,601
Persimmon PLC		55,669		761,344
Phoenix Group Holdings PLC		147,881		861,236
Prudential PLC		479,405		4,692,240
Reckitt Benckiser Group PLC		128,676		8,528,830
RELX PLC		346,271		8,461,388
Rentokil Initial PLC		327,561		1,736,229
Rightmove PLC		152,493		813,535
Rolls-Royce Holdings PLC^(a)		1,477,019		1,131,176
Sage Group PLC (The)		189,135		1,457,585
Schroders PLC		133,888		575,493
Segro PLC		210,043		1,752,569
Severn Trent PLC		45,341		1,185,286
Shell PLC		1,343,690		33,334,167
Smith & Nephew PLC		155,563		1,795,629
Smiths Group PLC		65,040		1,083,370
Spirax-Sarco Engineering PLC		12,860		1,478,297
SSE PLC		183,115		3,092,079
St. James’s Place PLC		94,088		1,071,492
Standard Chartered PLC		432,991		2,708,165
Taylor Wimpey PLC		645,579		628,625
Tesco PLC		1,300,838		2,985,517
Unilever PLC		461,413		20,274,417
United Utilities Group PLC		121,603		1,200,727
Vodafone Group PLC		4,681,155		5,239,146
Weir Group PLC (The)		46,522		720,217
Whitbread PLC		35,262		893,837
WPP PLC		213,291		1,760,757

				319,640,200


Total Common Stocks — 99.0% (Cost: $1,740,825,624)				1,328,184,763


Preferred Stocks

Germany — 0.7%
Bayerische Motoren Werke AG, Preference Shares, NVS		11,162		724,841


Security	Shares		Value

Germany (continued)
Henkel AG & Co. KGaA, Preference Shares, NVS		31,841	$	1,890,943
Porsche Automobil Holding SE, Preference Shares, NVS		27,131		1,528,644
Sartorius AG, Preference Shares, NVS		4,729		1,635,781
Volkswagen AG, Preference Shares, NVS		32,058		3,917,230

				9,697,439

Italy — 0.0%
Telecom Italia SpA/Milano, Preference Shares, NVS^(a)		1,072,899		193,255


Total Preferred Stocks — 0.7% (Cost: $18,185,241)				9,890,694


Total Long-Term Investments — 99.7% (Cost: $1,759,010,865)				1,338,075,457


Short-Term Securities

Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%^(d)(e)(f)		2,307,161		2,307,853
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%^(d)(e)		2,210,000		2,210,000


Total Short-Term Securities — 0.3% (Cost: $4,516,357)				4,517,853


Total Investments — 100.0% (Cost: $1,763,527,222)				1,342,593,310


Liabilities in Excess of Other Assets — (0.0)%				(467,730	)


Net Assets — 100.0%			$	1,342,125,580

^(a)	Non-income producing security.

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)	All or a portion of this security is on loan.

^(d)	Affiliate of the Fund.

^(e)	Annualized 7-day yield as of period end.

^(f)	All or a portion of this security was purchased with the cash collateral from loaned securities.


S C H E D U L E O F I N V E S T M E N T S		25

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Europe ETF

Affiliates



Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,533,435	$	—	$	(224,864	)^(a)	$	(1,898	)	$	1,180	$	2,307,853		2,307,161	$	23,242	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,630,000		—		(420,000	)^(a)		—			—		2,210,000		2,210,000		14,210			—

								$	(1,898	)	$	1,180	$	4,517,853			$	37,452		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Long Contracts
Euro STOXX 50 Index		65		12/16/22	$	2,111	$	(190,154	)
FTSE 100 Index		18		12/16/22		1,389		(129,156	)

							$	(319,310	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	319,310	$	—	$	—	$	—	$	319,310

^(a)

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(332,827	)	$	—	$	—	$	—	$	(332,827	)

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(483,506	)	$	—	$	—	$	—	$	(483,506	)


26		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Europe ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	4,650,072

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2			Level 3		Total

Investments
Assets
Common Stocks	$	3,775,272	$	1,324,409,491		$	—	$	1,328,184,763
Preferred Stocks		—		9,890,694			—		9,890,694
Money Market Funds		4,517,853		—			—		4,517,853

	$	8,293,125	$	1,334,300,185		$	—	$	1,342,593,310

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	—	$	(319,310	)	$	—	$	(319,310	)

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		27

Consolidated Schedule of Investments (unaudited)

September 30, 2022

iShares^® India 50 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Automobiles — 5.8%
Bajaj Auto Ltd.		77,606	$	3,348,486
Eicher Motors Ltd.		84,368		3,779,638
Hero MotoCorp Ltd.		77,310		2,406,258
Mahindra & Mahindra Ltd.		579,451		8,965,178
Maruti Suzuki India Ltd.		80,457		8,685,059
Tata Motors Ltd.^(a)		1,086,751		5,346,939

				32,531,558

Banks — 25.9%
Axis Bank Ltd.		1,601,146		14,316,539
HDFC Bank Ltd.		2,661,699		46,115,246
ICICI Bank Ltd.		4,214,435		44,248,419
IndusInd Bank Ltd.		394,157		5,696,233
Kotak Mahindra Bank Ltd.		887,944		19,707,456
State Bank of India		2,323,788		15,048,970
Yes Bank Ltd., (Acquired 03/16/20, Cost: $3,310,481)^(b)		1,741,097		319,221

				145,452,084

Chemicals — 2.5%
Asian Paints Ltd.		272,894		11,156,350
UPL Ltd.		322,601		2,646,292

				13,802,642

Construction & Engineering — 2.9%
Larsen & Toubro Ltd.		732,527		16,537,016


Construction Materials — 1.8%
Grasim Industries Ltd.		225,423		4,615,749
UltraTech Cement Ltd.		69,886		5,345,788

				9,961,537

Consumer Finance — 2.6%
Bajaj Finance Ltd.		161,251		14,407,450


Diversified Financial Services — 6.8%
Bajaj Finserv Ltd.		366,370		7,491,002
Housing Development Finance Corp. Ltd.		1,097,785		30,627,674

				38,118,676

Electric Utilities — 1.0%
Power Grid Corp. of India Ltd.		2,065,071		5,361,974


Food Products — 2.1%
Britannia Industries Ltd.		71,437		3,361,517
Nestle India Ltd.		21,573		5,059,870
Tata Consumer Products Ltd.		362,596		3,564,720

				11,986,107

Health Care Providers & Services — 0.6%
Apollo Hospitals Enterprise Ltd.		61,789		3,305,921


Independent Power and Renewable Electricity Producers — 1.0%
NTPC Ltd.		2,858,502		5,582,830


Insurance — 1.4%
HDFC Life Insurance Co. Ltd.^(c)		572,336		3,712,177
SBI Life Insurance Co. Ltd.^(c)		270,056		4,127,191

				7,839,368


Security	Shares		Value

IT Services — 13.7%
HCL Technologies Ltd.		640,633	$	7,275,717
Infosys Ltd.		2,215,938		37,986,246
Tata Consultancy Services Ltd.		620,184		22,729,055
Tech Mahindra Ltd.		381,323		4,680,579
Wipro Ltd.		893,352		4,286,671

				76,958,268

Life Sciences Tools & Services — 0.6%
Divi’s Laboratories Ltd.		76,982		3,485,334


Metals & Mining — 2.6%
Hindalco Industries Ltd.		879,985		4,171,272
JSW Steel Ltd.		570,662		4,400,200
Tata Steel Ltd.		4,872,463		5,882,410

				14,453,882

Oil, Gas & Consumable Fuels — 12.4%
Bharat Petroleum Corp. Ltd.		572,595		2,131,944
Coal India Ltd.		1,273,587		3,300,381
Oil & Natural Gas Corp. Ltd.		2,360,480		3,656,516
Reliance Industries Ltd.		2,088,578		60,614,867

				69,703,708

Personal Products — 3.2%
Hindustan Unilever Ltd.		540,460		17,823,982


Pharmaceuticals — 2.8%
Cipla Ltd.		328,110		4,473,301
Dr. Reddy’s Laboratories Ltd.		73,357		3,883,013
Sun Pharmaceutical Industries Ltd.		653,569		7,590,438

				15,946,752

Textiles, Apparel & Luxury Goods — 1.4%
Titan Co. Ltd.		252,190		8,018,981


Tobacco — 3.9%
ITC Ltd.		5,328,865		21,657,744


Trading Companies & Distributors — 1.2%
Adani Enterprises Ltd.		165,414		6,981,234


Transportation Infrastructure — 0.8%
Adani Ports & Special Economic Zone Ltd.		436,550		4,373,710


Wireless Telecommunication Services — 2.6%
Bharti Airtel Ltd.		1,481,696		14,501,326


Total Investments — 99.6% (Cost: $570,275,696)				558,792,084
					��

Other Assets Less Liabilities — 0.4%				1,982,663

Net Assets — 100.0%			$	560,774,747

^(a)	Non-income producing security.

^(b)	Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $319,221, representing 0.1% of its net assets as of period end, and an original cost of $3,310,481.

^(c)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.


28		2 0 2 2 I S H A R E S S E M I - 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

Consolidated Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® India 50 ETF

Affiliates


Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/22		Shares Held at 09/30/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares^(a)	$	20,390,000	$	—	$	(20,390,000	)^(b)	$	—	$	—	$	—		—	$	73,213	$	—

^(a)

As of period end, the entity is no longer held.

^(b)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

SGX Nifty Index

10/27/22

2,085

5,710

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Consolidated Statements of Assets and Liabilities were as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	5,710	$	—	$	—	$	—	$	5,710

^(a)

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

For the period ended September 30, 2022, the effect of derivative financial instruments in the Consolidated Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(315,679	)	$	—	$	—	$	—	$	(315,679	)

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	4,761		$	—	$	—	$	—	$	4,761

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts

Average notional value of contracts — long

1,800,241

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


S C H E D U L E O F I N V E S T M E N T S		29

Consolidated Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® India 50 ETF

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	—	$	558,792,084	$	—	$	558,792,084


Derivative financial instruments^(a)
Assets
Futures Contracts	$	—	$	5,710	$	—	$	5,710

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


30		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited)

September 30, 2022

iShares^® International Developed Property ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 12.0%
Abacus Property Group		27,459	$	43,844
Arena REIT		22,573		48,443
BWP Trust		31,743		75,467
Cedar Woods Properties Ltd.		4,136		10,569
Centuria Capital Group		46,379		45,539
Centuria Industrial REIT		36,081		60,045
Centuria Office REIT		29,067		27,057
Charter Hall Group		31,366		231,307
Charter Hall Long Wale REIT		42,752		109,194
Charter Hall Retail REIT		33,717		79,971
Charter Hall Social Infrastructure REIT		21,836		42,697
Cromwell Property Group		91,651		39,435
Dexus		71,323		354,800
Dexus Industria REIT		13,590		20,542
GDI Property Group Partnership		32,907		16,894
Goodman Group		112,737		1,139,411
GPT Group (The)		127,027		312,635
Growthpoint Properties Australia Ltd.		19,171		37,889
HealthCo REIT^(a)		17,444		15,536
Home Consortium Ltd.		12,920		36,732
HomeCo Daily Needs REIT		100,861		72,295
Hotel Property Investments		12,915		24,174
Ingenia Communities Group		24,307		57,895
Lendlease Corp. Ltd.		45,683		261,176
Lifestyle Communities Ltd.		6,315		61,178
Mirvac Group		261,660		325,950
National Storage REIT		71,987		103,658
RAM Essential Services Property Ltd.		24,461		11,281
Rural Funds Group		25,780		37,765
Scentre Group		344,186		562,358
Shopping Centres Australasia Property Group		74,024		111,618
Stockland		158,299		331,291
Vicinity Centres		256,591		286,094
Waypoint REIT Ltd.		47,575		72,205

				5,066,945

Austria — 0.3%
CA Immobilien Anlagen AG		3,064		91,094
IMMOFINANZ AG		2,137		26,138
S IMMO AG		845		18,799

				136,031

Belgium — 2.3%
Aedifica SA		2,643		203,721
Care Property Invest NV		1,759		31,028
Cofinimmo SA		1,988		165,100
Immobel SA		280		12,219
Intervest Offices & Warehouses NV		1,571		35,874
Montea NV		824		62,232
Retail Estates NV		745		41,499
Shurgard Self Storage SA		1,666		67,731
VGP NV		701		66,862
Warehouses De Pauw CVA		9,380		230,379
Xior Student Housing NV^(a)		1,334		41,645

				958,290

Canada — 3.9%
Allied Properties REIT		4,160		82,396
Artis REIT		3,865		26,553
Automotive Properties Real Estate Investment Trust		1,275		12,230
Boardwalk REIT		1,487		49,798


Security	Shares		Value

Canada (continued)
BSR Real Estate Investment Trust		1,224	$	17,057
BTB Real Estate Investment Trust		2,448		5,653
Canadian Apartment Properties REIT		5,600		170,674
Choice Properties REIT		10,599		96,602
Crombie REIT		3,452		35,636
CT REIT		3,405		36,999
Dream Industrial REIT		8,341		64,791
Dream Office REIT		1,598		18,833
DREAM Unlimited Corp., Class A		1,506		26,820
European Residential Real Estate Investment Trust		2,958		6,339
First Capital Real Estate Investment Trust		7,024		76,883
Granite REIT		2,134		102,996
H&R Real Estate Investment Trust		8,740		65,802
Inovalis Real Estate Investment Trust^(a)		1,081		3,318
InterRent REIT		4,497		37,341
Killam Apartment REIT		3,828		42,261
Minto Apartment Real Estate Investment Trust^(b)		1,388		12,962
Morguard Corp.		295		23,293
Morguard North American Residential REIT		1,175		13,057
Nexus Industrial REIT		1,887		11,420
NorthWest Healthcare Properties REIT		7,776		59,670
Prinmaris REIT		3,230		29,907
PRO Real Estate Investment Trust		1,935		8,013
RioCan REIT		9,947		134,081
Slate Grocery REIT		1,911		18,192
Slate Office REIT^(a)		2,589		8,153
SmartCentres Real Estate Investment Trust		4,634		87,054
Summit Industrial Income REIT		6,101		75,570
Tricon Residential Inc.		18,147		156,989
True North Commercial Real Estate Investment Trust		2,640		10,722

				1,628,065

China — 0.8%
Gemdale Properties & Investment Corp. Ltd.		378,000		25,443
Greenland Hong Kong Holdings Ltd.^(a)		51,000		3,503
Wharf Holdings Ltd. (The)^(a)		81,000		259,039
Yuexiu REIT		148,000		31,998

				319,983

Finland — 0.4%
Citycon OYJ		5,212		32,600
Kojamo OYJ		11,905		153,325

				185,925

France — 2.9%
Altarea SCA		314		39,120
Carmila SA		3,846		51,561
Covivio		3,060		147,411
Gecina SA		3,605		282,342
ICADE		2,137		79,555
Klepierre SA		12,927		224,739
Mercialys SA		5,151		38,921
Nexity SA		3,313		67,259
Unibail-Rodamco-Westfield^(c)		7,085		293,177

				1,224,085

Germany — 4.6%
ADLER Group SA^(a)(b)(c)		4,451		9,048
alstria office REIT-AG		596		4,293
Aroundtown SA^(a)		61,701		135,107
Deutsche EuroShop AG		665		14,970
Deutsche Wohnen SE		3,363		63,935
DIC Asset AG		2,510		19,004


S C H E D U L E O F I N V E S T M E N T S		31

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® International Developed Property ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Germany (continued)
Grand City Properties SA		5,187	$	51,399
Hamborner REIT AG		4,776		32,972
Instone Real Estate Group SE^(b)		3,104		25,662
LEG Immobilien SE		4,914		293,315
Sirius Real Estate Ltd		77,825		61,435
TAG Immobilien AG		11,536		92,063
Vib Vermoegen AG		742		15,467
Vonovia SE		52,775		1,138,977

				1,957,647

Hong Kong — 12.4%
Champion REIT		125,000		44,052
CK Asset Holdings Ltd.		130,500		783,442
Far East Consortium International Ltd.		84,700		18,925
Fortune REIT		95,000		69,222
Hang Lung Group Ltd.		46,000		74,259
Hang Lung Properties Ltd.		122,000		200,341
Henderson Land Development Co. Ltd.		87,044		243,742
Hongkong Land Holdings Ltd.^(a)		71,900		315,930
Hysan Development Co. Ltd.		39,000		98,141
K Wah International Holdings Ltd.		91,000		28,253
Kerry Properties Ltd.		38,500		72,979
Link REIT		140,000		977,271
New World Development Co. Ltd.		92,000		261,288
Prosperity REIT		85,000		21,515
Shun Tak Holdings Ltd.^(c)		138,000		19,243
Sino Land Co. Ltd.		214,000		281,480
Sun Hung Kai Properties Ltd.		99,500		1,098,109
Sunlight REIT		68,000		26,067
Swire Properties Ltd.		70,000		150,589
Wharf Real Estate Investment Co. Ltd.		103,000		466,939
Zensun Enterprises Ltd.^(c)		37,000		7,636

				5,259,423

Ireland — 0.1%
Irish Residential Properties REIT PLC		28,954		32,690


Israel — 2.8%
AFI Properties Ltd.		357		12,715
Africa Israel Residences Ltd.		415		17,975
Airport City Ltd.^(c)		4,322		68,377
Alony Hetz Properties & Investments Ltd.		9,921		118,591
Amot Investments Ltd.		14,462		82,682
Ashtrom Group Ltd.		1		29
Aura Investments Ltd.		8,408		14,430
Azrieli Group Ltd.		2,404		164,068
Big Shopping Centers Ltd.		771		85,786
Blue Square Real Estate Ltd.		343		20,781
Electra Real Estate Ltd.^(a)		1,518		20,269
G City Ltd.		5,367		25,063
Gav-Yam Lands Corp. Ltd.		1,866		15,351
IES Holdings Ltd.		187		13,951
Israel Canada T.R Ltd.		8,053		26,694
Israel Land Development - Urban Renewal Ltd.		1,219		16,678
Isras Investment Co. Ltd.		105		19,202
Mega Or Holdings Ltd.		1,482		43,003
Mehadrin Ltd.^(c)		2		70
Melisron Ltd.		1,516		101,841
Menivim- The New REIT Ltd.		46,164		22,010
Mivne Real Estate KD Ltd.		39,501		116,133
Norstar Holdings Inc.		1,225		8,410
Prashkovsky Investments and Construction Ltd.		432		12,194


Security	Shares		Value

Israel (continued)
Property & Building Corp. Ltd.^(c)		187	$	14,670
Reit 1 Ltd.		12,465		63,188
Sella Capital Real Estate Ltd.		14,365		34,700
Summit Real Estate Holdings Ltd.		2,301		32,169
YH Dimri Construction & Development Ltd.		460		31,095

				1,202,125

Italy — 0.0%
Immobiliare Grande Distribuzione SIIQ SpA		3,829		10,452


Japan — 30.6%
Activia Properties Inc.		48		140,777
Advance Logistics Investment Corp.		36		37,426
Advance Residence Investment Corp.		92		225,662
Aeon Mall Co. Ltd.		6,280		69,961
AEON REIT Investment Corp.		112		120,977
Arealink Co. Ltd.		500		6,066
Comforia Residential REIT Inc.		43		97,996
CRE Inc./Japan		1,000		10,110
CRE Logistics REIT Inc.		38		54,653
Daito Trust Construction Co. Ltd.		4,500		420,940
Daiwa House Industry Co. Ltd.		44,200		898,701
Daiwa House REIT Investment Corp.		141		294,476
Daiwa Office Investment Corp.		19		88,380
Daiwa Securities Living Investments Corp.		146		115,729
Dear Life Co. Ltd.		1,700		6,508
ESCON Japan Reit Investment Corp.		22		17,286
Frontier Real Estate Investment Corp.		34		125,393
Fukuoka REIT Corp.		47		54,802
Global One Real Estate Investment Corp.		64		48,466
GLP J-Reit		297		329,388
Goldcrest Co. Ltd.		900		10,340
Hankyu Hanshin REIT Inc.		46		48,222
Health Care & Medical Investment Corp.		24		30,065
Heiwa Real Estate Co. Ltd.		2,100		57,521
Heiwa Real Estate REIT Inc.		65		68,230
Hoshino Resorts REIT Inc.		17		78,971
Hulic Co. Ltd.		39,600		291,763
Hulic Reit Inc.		86		98,439
Ichigo Hotel REIT Investment Corp.		18		12,667
Ichigo Inc.		15,800		32,510
Ichigo Office REIT Investment Corp.		102		60,281
Industrial & Infrastructure Fund Investment Corp.		137		155,239
Invincible Investment Corp.		405		127,579
Japan Excellent Inc.		84		77,529
Japan Hotel REIT Investment Corp.		297		148,436
Japan Logistics Fund Inc.		62		132,936
Japan Metropolitan Fund Invest		463		347,627
Japan Prime Realty Investment Corp.		66		179,536
Japan Property Management Center Co. Ltd.		600		4,179
Japan Real Estate Investment Corp.		92		379,536
JINUSHI Co Ltd.		700		9,613
JSB Co. Ltd.		400		10,368
Katitas Co. Ltd.		3,300		73,472
Keihanshin Building Co. Ltd.		2,800		23,606
Kenedix Office Investment Corp.		28		132,047
Kenedix Residential Next Investment Corp.		70		103,653
Kenedix Retail REIT Corp.		39		72,030
LaSalle Logiport REIT		118		132,010
Leopalace21 Corp.^(c)		11,900		27,291
Marimo Regional Revitalization REIT Inc.		12		10,909


32		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® International Developed Property ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Mirai Corp.		119	$	40,448
Mitsubishi Estate Co. Ltd.		87,700		1,155,550
Mitsubishi Estate Logistics REIT Investment Corp.		30		93,658
Mitsui Fudosan Co. Ltd.		63,256		1,205,025
Mitsui Fudosan Logistics Park Inc.		36		123,209
Mori Hills REIT Investment Corp.		108		116,935
Mori Trust Hotel Reit Inc.		22		20,205
Mori Trust Sogo REIT Inc.		65		61,881
Nippon Accommodations Fund Inc.		33		149,700
Nippon Building Fund Inc.		113		497,254
Nippon Prologis REIT Inc.		177		388,058
NIPPON REIT Investment Corp.		30		76,468
Nisshin Fudosan Co.		1,900		5,631
Nomura Real Estate Holdings Inc.		7,600		171,640
Nomura Real Estate Master Fund Inc.		313		345,941
NTT UD REIT Investment Corp.		92		94,033
One REIT Inc.		18		32,767
Ooedo Onsen Reit Investment Corp.		17		7,683
Orix JREIT Inc.		183		234,050
SAMTY Co. Ltd.		2,700		42,022
Samty Residential Investment Corp.		48		40,293
Sankei Real Estate Inc.		30		20,088
Sekisui House Reit Inc.		296		166,361
Shinoken Group Co. Ltd.		1,700		18,735
SOSiLA Logistics REIT Inc.		46		48,077
SRE Holdings Corp.^(a)(c)		700		15,183
Star Asia Investment Corp.		116		44,855
Star Mica Holdings Co. Ltd.		800		8,659
Starts Corp. Inc.		2,200		39,854
Starts Proceed Investment Corp.		14		24,427
Sumitomo Realty & Development Co. Ltd.		31,500		716,374
Sun Frontier Fudousan Co. Ltd.		1,900		14,667
Takara Leben Co. Ltd.		5,100		13,544
Takara Leben Real Estate Investment Corp.		39		27,700
TKP Corp.^(c)		1,100		19,845
TOC Co. Ltd.		2,900		14,165
Tokaido REIT Inc.		11		9,077
Tokyo Tatemono Co. Ltd.		13,900		197,775
Tokyu Fudosan Holdings Corp.		40,100		208,227
Tokyu REIT Inc.		62		84,501
Tosei Corp.		1,700		16,281
Tosei Reit Investment Corp.		21		19,876
United Urban Investment Corp.		206		213,529
XYMAX REIT Investment Corp.		16		13,622

				12,958,175

Malta — 0.0%
BGP Holdings PLC, NVS^(d)		1,986,852		19


Netherlands — 0.5%
Argo Properties NV^(c)		811		17,565
Brack Capital Properties NV^(c)		2		177
CTP NV^(b)		4,931		50,763
Eurocommercial Properties NV		2,857		56,559
NSI NV		1,160		27,517
Vastned Retail NV		1,154		22,846
Wereldhave NV^(a)		2,644		30,214

				205,641

New Zealand — 0.7%
Argosy Property Ltd.		55,874		37,589
Goodman Property Trust		69,790		78,047


Security	Shares		Value

New Zealand (continued)
Kiwi Property Group Ltd.		105,009	$	53,478
Precinct Properties New Zealand Ltd.		90,227		65,519
Stride Property Group		36,151		33,661
Vital Healthcare Property Trust		30,517		43,501

				311,795

Norway — 0.2%
Entra ASA^(b)		7,937		74,119


Singapore — 8.7%
AIMS APAC REIT^(a)		35,485		31,546
CapitaLand Ascendas REIT		222,892		409,587
CapitaLand Ascott Trust		129,660		86,613
CapitaLand China Trust^(a)		78,526		56,763
Capitaland India Trust		50,000		36,416
CapitaLand Integrated Commercial Trust		333,910		444,162
Capitaland Investment Ltd/Singapore		162,800		391,675
CDL Hospitality Trusts		54,462		44,065
Chip Eng Seng Corp. Ltd.		33,600		16,376
City Developments Ltd.		33,600		177,076
Cromwell European Real Estate Investment Trust		24,120		42,313
Daiwa House Logistics Trust^(a)		37,100		15,461
Digital Core REIT Management Pte Ltd.		22,600		15,741
Eagle Hospitality Trust^(c)(d)		53,200		1
EC World Real Estate Investment Trust		17,900		6,220
ESR-LOGOS REIT		375,136		92,354
Far East Hospitality Trust		70,200		28,480
First REIT		75,900		14,012
Frasers Centrepoint Trust		71,206		107,374
Frasers Logistics & Commercial Trust		190,472		162,617
Hong Fok Corp. Ltd.^(a)		27,500		18,666
Keppel DC REIT		88,303		104,130
Keppel Pacific Oak US REIT		50,200		27,549
Keppel REIT		132,600		91,026
Lendlease Global Commercial REIT		123,492		65,433
Manulife US Real Estate Investment Trust		117,650		49,798
Mapletree Industrial Trust		131,632		217,825
Mapletree Logistics Trust^(a)		212,811		229,942
Mapletree Pan Asia Commercial Trust		152,312		181,335
OUE Commercial Real Estate Investment Trust		159,500		37,664
Parkway Life REIT		25,300		74,459
Prime U.S. REIT		38,000		20,474
Sasseur Real Estate Investment Trust		37,700		18,500
SPH REIT^(a)		71,400		44,670
Starhill Global REIT		91,300		34,248
Suntec REIT		147,900		157,275
UOL Group Ltd.		31,100		143,081

				3,694,927

South Korea — 0.5%
D&D Platform REIT Co. Ltd., NVS		3,841		11,093
Dongwon Development Co. Ltd.		2,552		5,728
E KOCREF CR-REIT Co. Ltd.		1,568		5,973
ESR Kendall Square REIT Co. Ltd.		10,698		37,588
IGIS Value Plus REIT Co. Ltd.		2,187		6,717
JR Reit XXVII		9,909		31,131
Koramco Energy Plus Reit		2,353		7,836
Korea REIT & Trust Co. Ltd.		10,211		9,720
LOTTE Reit Co. Ltd.		7,878		26,913
Mirae Asset Maps Asia Pacific Real Estate 1 Investment		6,162		17,997
NH All-One REIT Co. Ltd.		2,825		8,357
Shinhan Alpha REIT Co. Ltd.		3,977		21,158


S C H E D U L E O F I N V E S T M E N T S		33

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® International Developed Property ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

South Korea (continued)
Shinhan Seobu T&D REIT Co. Ltd.		1,899	$	5,719
SK D&D Co. Ltd.		559		8,668
SK REITs Co. Ltd.		4,707		16,545

				221,143

Spain — 0.7%
Aedas Homes SA^(b)		877		12,514
Inmobiliaria Colonial Socimi SA		19,857		95,874
Lar Espana Real Estate Socimi SA		4,102		17,387
Merlin Properties Socimi SA		22,045		170,103
Metrovacesa SA^(b)		1,319		8,041

				303,919

Sweden — 3.7%
Akelius Residential Property AB, Class D		12,876		20,923
Atrium Ljungberg AB, Class B		3,460		42,651
Castellum AB		19,012		213,023
Catena AB		2,216		65,752
Cibus Nordic Real Estate AB		3,042		39,641
Corem Property Group AB		298		5,264
Corem Property Group AB, Class B		36,296		27,297
Dios Fastigheter AB		6,101		38,487
Fabege AB		17,616		119,658
Fastighets AB Balder, Class B^(c)		41,717		166,521
Heba Fastighets AB		4,390		12,421
Hufvudstaden AB, Class A		7,678		84,138
K-Fast Holding AB^(a)(c)		4,086		7,712
Klarabo Sverige AB^(c)		5,457		6,593
Logistea AB^(c)		4,146		4,222
NP3 Fastigheter AB		1,904		28,073
Nyfosa AB		10,352		59,771
Pandox AB^(c)		5,922		62,698
Platzer Fastigheter Holding AB, Class B		4,132		24,791
Sagax AB, Class B		12,429		204,619
Sagax AB, Class D		6,433		14,419
Samhallsbyggnadsbolaget i Norden AB^(a)		71,588		77,928
Samhallsbyggnadsbolaget i Norden AB, Class D		9,718		14,643
Wallenstam AB, Class B		28,074		102,064
Wihlborgs Fastigheter AB		17,879		107,417

				1,550,726

Switzerland — 2.4%
Allreal Holding AG, Registered		1,025		142,629
Intershop Holding AG		81		50,979
Mobimo Holding AG, Registered		486		105,578
Peach Property Group AG		700		16,004
PSP Swiss Property AG, Registered		3,042		304,085
Swiss Prime Site AG, Registered		5,087		405,217

				1,024,492

United Kingdom — 8.8%
Abrdn Property Income Trust		27,967		19,986
AEW UK REIT PLC		9,347		9,790
Assura PLC		196,232		117,439
Balanced Commercial Property Trust Ltd.		53,115		47,363
Big Yellow Group PLC		11,559		136,797
British Land Co. PLC (The)		62,199		240,919
Capital & Counties Properties PLC		56,170		66,668
Civitas Social Housing PLC		39,886		29,126
CLS Holdings PLC^(a)		12,699		19,787
Custodian Reit PLC		28,948		31,837
Derwent London PLC		7,420		167,397
Ediston Property Investment Co. PLC		14,139		10,658


Security	Shares		Value

United Kingdom (continued)
Empiric Student Property PLC		40,230	$	38,540
Grainger PLC		49,474		126,721
Great Portland Estates PLC		16,960		82,692
Hammerson PLC		234,837		46,674
Helical PLC		7,056		28,047
Home Reit PLC		52,824		53,554
Impact Healthcare Reit PLC		26,943		30,865
Land Securities Group PLC		49,822		287,884
LondonMetric Property PLC		64,384		125,445
LXI REIT PLC		113,246		156,338
NewRiver REIT PLC		21,639		18,121
Phoenix Spree Deutschland Ltd.		6,942		22,478
Picton Property Income Ltd. (The)		37,225		35,495
Primary Health Properties PLC		88,453		112,080
PRS REIT PLC (The)		36,651		38,385
Regional REIT Ltd.^(b)		28,907		20,624
Safestore Holdings PLC		13,885		129,224
Schroder REIT Ltd.		36,295		18,678
Segro PLC		80,178		668,994
Shaftesbury PLC		19,218		78,516
Supermarket Income Reit PLC		81,060		96,699
Triple Point Social Housing REIT PLC^(b)		25,254		20,584
Tritax Big Box REIT PLC		123,745		186,741
UK Commercial Property REIT Ltd.		55,200		36,817
UNITE Group PLC (The)		26,523		251,816
Urban Logistics REIT PLC		31,578		45,630
Warehouse REIT PLC		28,426		34,278
Workspace Group PLC		8,946		39,781

				3,729,468


Total Common Stocks — 99.3% (Cost: $67,870,955)				42,056,085


Rights

Austria — 0.0%
Buwog AG^(d)		463		—


Total Rights — 0.0% (Cost: $—)				—


Total Long-Term Investments — 99.3% (Cost: $67,870,955)				42,056,085


Short-Term Securities

Money Market Funds — 2.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%^(e)(f)(g)		1,041,392		1,041,705
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%^(e)(f)		10,000		10,000


Total Short-Term Securities — 2.5% (Cost: $1,051,276)				1,051,705


Total Investments — 101.8% (Cost: $68,922,231)				43,107,790

Liabilities in Excess of Other Assets — (1.8)%				(750,942	)


Net Assets — 100.0%			$	42,356,848

^(a)	All or a portion of this security is on loan.


34		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® International Developed Property ETF

^(b)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(c)	Non-income producing security.

^(d)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(e)	Affiliate of the Fund.

^(f)	Annualized 7-day yield as of period end.

^(g)	All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates


Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	458,807	$	582,461	^(a)	$	—		$	135	$	302	$	1,041,705		1,041,392	$	11,474	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		30,000		—			(20,000	)^(a)		—		—		10,000		10,000		187			—

									$	135	$	302	$	1,051,705			$	11,661		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



Description	Number of Contracts		Expiration Date			Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)


Long Contracts
Mini TOPIX Index		11		12/08/22	��	$	140	$	(5,274	)
Dow Jones U.S. Real Estate Index		5		12/16/22			159		(11,651	)

								$	(16,925	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	16,925	$	—	$	—	$	—	$	16,925

^(a)


S C H E D U L E O F I N V E S T M E N T S		35

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® International Developed Property ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total


Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(14,558	)	$	—	$	—	$	—	$	(14,558	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(32,094	)	$	—	$	—	$	—	$	(32,094	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts
Average notional value of contracts — long	$	377,618

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

Fair Value Hierarchy as of Period End



	Level 1			Level 2			Level 3		Total


Investments
Assets
Common Stocks	$	2,831,619		$	39,224,446		$	20	$	42,056,085
Rights		—			—			—		—
Money Market Funds		1,051,705			—			—		1,051,705

	$	3,883,324		$	39,224,446		$	20	$	43,107,790


Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(11,651	)	$	(5,274	)	$	—	$	(16,925	)

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


36		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited)

September 30, 2022

iShares^® International Developed Small Cap Value Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 10.1%
Abacus Property Group		141,640	$	226,159
Arena REIT		93,387		200,413
AUB Group Ltd.		19,867		241,964
Austal Ltd.		90,463		131,911
Bapcor Ltd.		97,440		380,392
Bega Cheese Ltd.		87,408		193,368
Bravura Solutions Ltd.		81,696		64,111
Brickworks Ltd.		16,845		231,986
BWP Trust		132,184		314,260
BWX Ltd.^(a)(b)		43,392		17,486
Cedar Woods Properties Ltd.		18,816		48,083
Centuria Capital Group		212,304		208,460
Centuria Industrial REIT		149,140		248,194
Centuria Office REIT		140,997		131,248
Charter Hall Long Wale REIT		153,123		391,095
Charter Hall Retail REIT		131,567		312,055
Charter Hall Social Infrastructure REIT		98,731		193,055
Credit Corp. Group Ltd.		18,624		205,191
Dexus Industria REIT		62,341		94,233
Elders Ltd.		43,872		334,791
Emeco Holdings Ltd.		159,323		84,705
Gold Road Resources Ltd.		260,976		212,319
GrainCorp Ltd., Class A		66,432		334,175
Growthpoint Properties Australia Ltd.		82,140		162,340
GUD Holdings Ltd.		35,328		167,604
Healius Ltd.		172,476		371,021
Ingenia Communities Group		111,695		266,039
InvoCare Ltd.		42,336		274,001
IPH Ltd.		44,064		268,120
Kelsian Group Ltd.		39,696		123,082
Link Administration Holdings Ltd.		149,908		273,056
McMillan Shakespeare Ltd.		14,380		118,352
Monadelphous Group Ltd.		24,969		207,208
National Storage REIT		318,872		459,159
New Hope Corp. Ltd.		65,328		263,892
Nine Entertainment Co. Holdings Ltd.		433,248		519,634
Perseus Mining Ltd.		396,096		385,335
Premier Investments Ltd.		23,616		340,214
Reliance Worldwide Corp. Ltd.		232,211		505,253
Rural Funds Group		100,848		147,730
Sandfire Resources Ltd.		133,296		318,472
Select Harvests Ltd.		35,472		119,338
Service Stream Ltd.		176,488		76,611
SmartGroup Corp. Ltd.		26,880		85,976
Steadfast Group Ltd.		276,240		821,387
Super Retail Group Ltd.		47,442		269,808
Superloop Ltd.^(c)		143,616		60,482
Tassal Group Ltd.		59,823		197,923
United Malt Grp Ltd.		77,472		155,285
Viva Energy Group Ltd.^(d)		253,920		426,549
Waypoint REIT Ltd.		203,437		308,759

				12,492,284

Austria — 1.9%
CA Immobilien Anlagen AG		11,260		334,765
EVN AG		11,149		185,642
Mayr Melnhof Karton AG		2,431		313,069
Oesterreichische Post AG^(b)		9,291		247,655
Porr AG		4,400		38,810


Security	Shares		Value

Austria (continued)
Schoeller-Bleckmann Oilfield Equipment AG		3,653	$	159,645
UNIQA Insurance Group AG		30,197		178,224
Vienna Insurance Group AG Wiener Versicherung Gruppe		10,434		212,377
Wienerberger AG		33,337		669,133

				2,339,320

Belgium — 2.3%
Aedifica SA		11,156		859,898
Bekaert SA		11,292		284,297
Cie d’Entreprises CFE.^(c)		1,881		17,957
Deme Group NV^(c)		2,073		214,851
Gimv NV		6,186		265,591
KBC Ancora		10,582		344,041
Montea NV		4,028		304,213
Shurgard Self Storage SA		7,904		321,334
Tessenderlo Group SA^(c)		7,584		222,907

				2,835,089

Canada — 17.8%
Aecon Group Inc.		17,713		122,075
Allied Properties REIT		36,492		722,786
AltaGas Ltd.		81,504		1,560,633
ARC Resources Ltd.		191,280		2,297,271
Canadian Apartment Properties REIT		50,159		1,528,718
Canadian Western Bank		25,692		418,296
Capital Power Corp.		32,212		1,093,671
Celestica Inc.^(c)		30,432		256,436
Choice Properties REIT		69,295		631,574
Dream Office REIT		13,165		155,157
Finning International Inc.		46,503		817,384
Granite REIT		17,940		865,863
Home Capital Group Inc.		14,597		290,598
iA Financial Corp. Inc.		31,056		1,578,036
Laurentian Bank of Canada		12,816		274,811
Linamar Corp.		12,816		499,243
Maple Leaf Foods Inc.		21,654		323,552
Mullen Group Ltd.		26,129		269,357
North West Co. Inc. (The)		13,645		315,998
Onex Corp.		22,596		1,036,437
Parex Resources Inc.		38,112		556,498
PrairieSky Royalty Ltd.		59,472		766,783
Russel Metals Inc.		21,151		393,514
SSR Mining Inc.		63,504		933,700
Stella-Jones Inc.		18,774		527,061
Torex Gold Resources Inc.^(c)		29,712		214,449
Transcontinental Inc., Class A		21,077		245,505
West Fraser Timber Co. Ltd.		28,704		2,076,513
Yamana Gold Inc.		288,336		1,304,593

				22,076,512

Denmark — 1.7%
FLSmidth & Co. A/S		18,096		391,928
Scandinavian Tobacco Group A/S, Class A^(d)		18,535		268,899
Schouw & Co. A/S		3,842		224,153
Spar Nord Bank A/S		22,507		251,172
Sydbank AS		16,848		461,428
Topdanmark AS		11,672		546,791

				2,144,371

Finland — 2.3%
Cargotec OYJ, Class B		14,253		430,470
Kemira OYJ		25,971		287,777
Konecranes OYJ		22,039		437,860


S C H E D U L E O F I N V E S T M E N T S		37

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® International Developed Small Cap Value Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Finland (continued)
Metsa Board OYJ, Class B		50,140	$	364,455
Outokumpu OYJ		108,816		372,633
Terveystalo OYJ^(d)		21,553		174,033
TietoEVRY OYJ		26,880		608,238
Uponor OYJ		15,860		208,423

				2,883,889

France — 2.2%
Beneteau SA		11,376		116,783
Carmila SA^(b)		12,028		161,254
Coface SA^(c)		30,832		294,629
Derichebourg SA		29,280		116,668
Fnac Darty SA		5,607		154,982
IPSOS		11,181		499,669
Jacquet Metal Service SA		4,476		55,719
Mersen SA		4,702		130,215
Metropole Television SA		19,152		231,219
Nexity SA		12,715		258,134
Quadient SA		10,320		142,840
Rothschild & Co		7,881		257,614
Television Francaise 1		32,601		186,243
Vicat SA		5,617		126,146

				2,732,115

Germany — 2.4%
Bilfinger SE		9,024		225,895
CropEnergies AG		6,044		72,503
Deutsche EuroShop AG		3,054		68,751
Deutz AG		52,421		162,307
Freenet AG		37,443		709,599
Hamburger Hafen und Logistik AG		9,888		107,476
Hornbach Holding AG & Co. KGaA		3,024		189,661
Krones AG		4,704		413,390
Salzgitter AG^(b)		12,720		240,872
Sirius Real Estate Ltd.		300,245		237,014
Suedzucker AG		23,477		283,784
Takkt AG		10,656		98,290
Wacker Neuson SE		9,777		127,666

				2,937,208

Hong Kong — 0.1%
VSTECS Holdings Ltd.		192,000		107,564


Ireland — 0.5%
Grafton Group PLC		66,409		492,971
Greencore Group PLC^(c)		151,413		122,061

				615,032

Israel — 0.9%
Clal Insurance Enterprises Holdings Ltd.^(c)		13,680		231,292
Menora Mivtachim Holdings Ltd.^(c)		6,432		123,166
Migdal Insurance & Financial Holdings Ltd.		91,632		121,750
Oil Refineries Ltd.		438,048		149,442
Plus500 Ltd.		28,091		513,926

				1,139,576

Italy — 1.8%
Banca IFIS SpA		8,834		97,545
Banco BPM SpA		438,576		1,146,797
BFF Bank SpA^(d)		51,395		341,364
Credito Emiliano SpA		20,643		116,428
Unipol Gruppo SpA		149,328		579,985

				2,282,119


Security	Shares		Value

Japan — 18.3%
ADEKA Corp.		28,800	$	430,002
Aichi Steel Corp.		4,800		68,423
Aida Engineering Ltd.		14,400		81,646
Aiphone Co. Ltd.		4,800		62,792
Aisan Industry Co. Ltd.		9,600		45,344
Alconix Corp.		4,800		43,588
Alpen Co. Ltd.		4,800		68,453
Anest Iwata Corp.		9,600		56,844
AOKI Holdings Inc.		9,600		46,976
Arata Corp.		4,800		136,238
Asahi Co. Ltd.		4,800		43,410
Asahi Diamond Industrial Co. Ltd.		14,400		71,491
ASAHI YUKIZAI Corp.		4,800		72,560
Autobacs Seven Co. Ltd.		14,400		139,152
Awa Bank Ltd. (The)		9,600		125,632
BML Inc.		4,800		108,348
Bunka Shutter Co. Ltd.		14,400		102,010
Canon Electronics Inc.		4,800		52,517
Cawachi Ltd.		4,800		70,660
Central Glass Co. Ltd.		9,600		221,022
Chubu Shiryo Co. Ltd.		9,600		69,090
Chudenko Corp.		4,800		69,329
Chugoku Marine Paints Ltd.		14,400		88,498
Citizen Watch Co. Ltd.		76,800		320,496
Daihen Corp.		4,800		123,272
Daiichi Jitsugyo Co. Ltd.		4,800		127,918
Daiken Corp.		4,800		60,563
Dainichiseika Color & Chemicals Manufacturing Co. Ltd.		4,800		56,381
DCM Holdings Co. Ltd.		28,800		234,705
Digital Holdings Inc.		4,800		38,735
Doshisha Co. Ltd.		4,800		47,911
Duskin Co. Ltd.		9,600		188,675
EDION Corp.		24,000		195,203
Eizo Corp.		4,800		120,783
Exedy Corp.		9,600		109,423
Fuji Co. Ltd./Ehime		4,800		62,532
Fuji Seal International Inc.		14,400		152,494
Fujibo Holdings Inc.		4,800		108,907
Furuno Electric Co. Ltd.		4,800		36,513
Futaba Industrial Co. Ltd.		19,200		43,136
Glory Ltd.		14,400		211,367
Goldcrest Co. Ltd.		4,800		55,149
Gunze Ltd.		4,800		128,066
H2O Retailing Corp.		24,000		183,150
Hakuto Co. Ltd.		4,800		106,011
Heiwado Co. Ltd.		9,600		132,534
Hibiya Engineering Ltd.		4,800		61,809
Hokuetsu Corp.		38,400		200,051
Hokuto Corp.		4,800		62,892
Hosiden Corp.		14,400		147,113
Hosokawa Micron Corp.		4,800		81,591
Inabata & Co. Ltd.		9,600		154,605
Ines Corp.		4,800		48,407
I-PEX Inc.		4,800		41,233
Iseki & Co. Ltd.		4,800		38,791
Ishihara Sangyo Kaisha Ltd.		9,600		67,810
Itochu Enex Co. Ltd.		14,400		101,576
Japan Wool Textile Co. Ltd. (The)		19,200		141,572
Joshin Denki Co. Ltd.		4,800		62,931
Joyful Honda Co. Ltd.		14,400		178,017


38		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® International Developed Small Cap Value Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
JVCKenwood Corp.		43,200	$	58,731
Kaga Electronics Co. Ltd.		4,800		134,071
Kanamoto Co. Ltd.		9,600		137,141
Kanematsu Corp.		24,000		236,238
Kanto Denka Kogyo Co. Ltd.		14,400		91,908
Katakura Industries Co. Ltd.		4,800		67,806
Kato Sangyo Co. Ltd.		4,800		110,778
Kissei Pharmaceutical Co. Ltd.		9,600		170,539
Kitz Corp.		19,200		106,415
Kiyo Bank Ltd. (The)		19,200		184,292
Koa Corp.		9,600		146,140
Kohnan Shoji Co. Ltd.		4,800		112,190
Kojima Co. Ltd.		4,800		20,922
Komeri Co. Ltd.		9,600		183,278
Komori Corp.		14,400		70,098
Kumagai Gumi Co. Ltd.		9,600		167,328
Kureha Corp.		4,800		294,325
KYB Corp.		4,800		102,817
Kyoei Steel Ltd.		9,600		91,823
Kyokuto Kaihatsu Kogyo Co. Ltd.		9,600		87,936
LEC Inc.		4,800		27,289
Life Corp.		4,800		88,975
Macnica Holdings Inc.		14,400		269,975
Makino Milling Machine Co. Ltd.		4,800		148,118
Marudai Food Co. Ltd.		4,800		47,361
Marusan Securities Co. Ltd.		19,200		57,584
Matsuda Sangyo Co. Ltd.		4,800		71,874
Maxell Ltd.		9,600		90,885
Meidensha Corp.		9,600		131,218
Meisei Industrial Co. Ltd.		14,400		69,893
Mimasu Semiconductor Industry Co. Ltd.		4,800		63,760
Mirait One Co.		24,000		243,249
Mitsubishi Pencil Co. Ltd.		9,600		93,789
Mitsuboshi Belting Ltd.		4,800		100,045
Mizuno Corp.		4,800		85,398
Nachi-Fujikoshi Corp.		4,800		117,525
Neturen Co. Ltd.		14,400		63,845
Nichiha Corp.		9,600		182,011
Nichireki Co. Ltd.		4,800		42,653
Nihon Chouzai Co. Ltd.		4,800		41,974
Nihon Parkerizing Co. Ltd.		33,600		216,497
Nikkon Holdings Co. Ltd.		14,400		224,774
Nippn Corp., New		14,400		154,636
Nippon Coke & Engineering Co. Ltd.		43,200		27,103
Nippon Denko Co. Ltd.		43,200		99,663
Nippon Koei Co. Ltd.		4,800		118,450
Nippon Light Metal Holdings Co. Ltd.		24,000		240,154
Nippon Soda Co. Ltd.		4,800		146,065
Nippon Steel Trading Corp.		4,800		166,840
Nippon Suisan Kaisha Ltd.		76,800		289,010
Nippon Thompson Co. Ltd.		19,200		70,935
Nishimatsu Construction Co. Ltd.		9,600		251,164
Nishimatsuya Chain Co. Ltd.		14,400		133,686
Nishio Rent All Co. Ltd.		4,800		94,713
Nissha Co. Ltd.		9,600		113,166
Nisshinbo Holdings Inc.		43,200		313,637
Nitta Corp.		4,800		92,097
Nittetsu Mining Co. Ltd.		9,600		182,829
Nitto Kogyo Corp.		4,800		78,635
Nojima Corp.		19,200		178,745


Security	Shares		Value

Japan (continued)
Noritake Co. Ltd./Nagoya Japan		4,800	$	133,274
Noritz Corp.		9,600		102,405
Obara Group Inc.		4,800		106,666
Okamura Corp.		19,200		183,152
Oki Electric Industry Co. Ltd.		24,000		119,096
Okumura Corp.		9,600		188,824
Onoken Co. Ltd.		4,800		46,873
Osaka Soda Co. Ltd.		4,800		126,228
Osaka Steel Co. Ltd.		4,800		37,644
Osaki Electric Co. Ltd.		9,600		33,147
Oyo Corp.		4,800		61,962
Pacific Industrial Co. Ltd.		14,400		101,645
Pack Corp. (The)		4,800		73,536
Piolax Inc.		4,800		58,931
Press Kogyo Co. Ltd.		24,000		65,417
Pressance Corp.		4,800		48,385
Prima Meat Packers Ltd.		9,600		138,860
Procrea Holdings Inc.		4,800		70,575
Qol Holdings Co. Ltd.		4,800		40,178
Restar Holdings Corp.		9,600		128,060
Ryobi Ltd.		4,800		41,213
S Foods Inc.		4,800		100,728
Sakai Chemical Industry Co. Ltd.		4,800		62,161
Sanki Engineering Co. Ltd.		14,400		157,746
Sanyo Chemical Industries Ltd.		4,800		145,331
Sanyo Special Steel Co. Ltd.		9,600		124,006
Seiko Holdings Corp.		4,800		100,249
Shinmaywa Industries Ltd.		14,400		96,709
Shizuoka Gas Co. Ltd.		14,400		98,435
Siix Corp.		9,600		71,964
Sinfonia Technology Co. Ltd.		9,600		89,059
SKY Perfect JSAT Holdings Inc.		33,600		120,306
Sodick Co. Ltd.		14,400		75,554
Star Micronics Co. Ltd.		9,600		108,041
Starts Corp. Inc.		9,600		173,909
Starzen Co. Ltd.		4,800		67,370
Stella Chemifa Corp.		4,800		83,452
Sumitomo Osaka Cement Co. Ltd.		9,600		216,982
Sumitomo Warehouse Co. Ltd. (The)		14,400		195,661
Sun Frontier Fudousan Co. Ltd.		9,600		74,106
Suruga Bank Ltd.		52,800		136,122
SWCC Showa Holdings Co. Ltd.		4,800		58,084
Tadano Ltd.		33,600		196,528
Takamatsu Construction Group Co. Ltd.		4,800		62,354
Takaoka Toko Co. Ltd.		4,800		58,655
Takara Standard Co. Ltd.		14,400		129,028
Takasago Thermal Engineering Co. Ltd.		19,200		225,757
Tamron Co. Ltd.		4,800		96,239
Tatsuta Electric Wire and Cable Co. Ltd.		14,400		43,435
T-Gaia Corp.		4,800		54,399
Toa Corp./Tokyo		4,800		82,453
Toagosei Co. Ltd.		38,400		286,678
Toho Holdings Co. Ltd.		14,400		192,902
TOKAI Holdings Corp.		33,600		202,256
Tokyu Construction Co. Ltd.		19,200		83,437
Tomy Co. Ltd.		24,000		205,327
Topre Corp.		9,600		73,737
Towa Pharmaceutical Co. Ltd.		9,600		141,097
Toyo Construction Co. Ltd.		19,200		113,424
Toyo Ink SC Holdings Co. Ltd.		9,600		126,213


S C H E D U L E O F I N V E S T M E N T S		39

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® International Developed Small Cap Value Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Toyo Tanso Co. Ltd.		4,800	$	108,790
Toyobo Co. Ltd.		28,800		206,580
Tsubakimoto Chain Co.		9,600		202,749
Tsurumi Manufacturing Co. Ltd.		4,800		75,859
United Super Markets Holdings Inc.		14,400		105,087
V Technology Co. Ltd.		4,800		84,956
VT Holdings Co. Ltd.		24,000		78,816
Wacoal Holdings Corp.		14,400		213,891
Warabeya Nichiyo Holdings Co. Ltd.		4,800		73,685
Xebio Holdings Co. Ltd.		4,800		31,973
Yamazen Corp.		19,200		120,958
Yellow Hat Ltd.		9,600		118,999
Yokogawa Bridge Holdings Corp.		9,600		126,310
Yondoshi Holdings Inc.		4,800		56,982
Yuasa Trading Co. Ltd.		4,800		116,160

				22,669,103

Netherlands — 0.9%
COSMO Pharmaceuticals NV		2,863		133,353
Flow Traders^(d)		7,725		145,555
Fugro NV^(c)		31,344		317,356
Koninklijke BAM Groep NV^(c)		70,715		173,743
NSI NV		5,321		126,224
RHI Magnesita NV		8,835		165,134

				1,061,365

New Zealand — 1.1%
Argosy Property Ltd.		237,007		159,444
Goodman Property Trust		307,524		343,907
Kathmandu Holdings Ltd.		188,448		110,481
Precinct Properties New Zealand Ltd.		393,579		285,800
Stride Property Group		118,848		110,663
Summerset Group Holdings Ltd.		67,152		404,657

				1,414,952

Norway — 1.1%
Austevoll Seafood ASA		27,600		187,112
Elkem ASA^(d)		81,072		260,538
Entra ASA^(d)		20,592		192,295
SpareBank 1 SMN		39,072		398,705
Veidekke ASA		34,050		254,713

				1,293,363

Poland — 0.3%
Grupa Azoty SA^(c)		15,024		101,619
PGE Polska Grupa Energetyczna SA^(c)		222,240		279,579

				381,198

Singapore — 1.9%
CapitaLand China Trust		336,000		242,881
Cromwell European Real Estate Investment Trust		91,320		160,202
First Resources Ltd.		148,800		143,184
Frasers Centrepoint Trust		292,800		441,525
Haw Par Corp. Ltd.		43,200		307,754
Keppel Pacific Oak US REIT		225,600		123,806
Parkway Life REIT		105,600		310,784
Prime U.S. REIT^(b)		196,800		106,033
Raffles Medical Group Ltd.		268,800		248,393
SPH REIT		216,240		135,286
Starhill Global REIT		384,000		144,046

				2,363,894

Sweden — 5.9%
AFRY AB		29,952		376,771


Security	Shares		Value

Sweden (continued)
Atrium Ljungberg AB, Class B		14,354	$	176,938
Betsson AB		35,664		208,192
Bilia AB, Class A		22,183		253,016
BillerudKorsnas AB		54,693		642,111
Bravida Holding AB^(d)		58,512		478,801
Bure Equity AB		16,992		277,657
Clas Ohlson AB, Class B		12,810		76,655
Cloetta AB, Class B		69,120		109,265
Fabege AB		80,039		543,673
Granges AB		33,696		216,088
Hexpol AB		73,536		603,133
Hufvudstaden AB, Class A		33,187		363,674
Lindab International AB		19,609		218,689
Loomis AB		22,992		566,682
MEKO AB		13,678		112,567
Munters Group AB^(d)		30,051		210,212
NCC AB, Class B		31,675		227,925
Nolato AB, Class B		55,968		255,059
Peab AB, Class B		62,792		300,418
Ratos AB, Class B		63,216		215,494
SSAB AB, Class B		199,920		851,954

				7,284,974

Switzerland — 7.8%
ALSO Holding AG, Registered		912		135,131
Arbonia AG		13,176		150,644
Bell Food Group AG, Registered		523		114,878
Bobst Group SA, Registered		2,208		174,645
Bossard Holding AG, Class A, Registered		839		142,821
Bucher Industries AG, Registered		1,947		607,412
Burckhardt Compression Holding AG		1,008		376,453
Bystronic AG, Registered		447		239,954
Cembra Money Bank AG		8,483		601,614
Comet Holding AG, Registered		2,208		317,670
dormakaba Holding AG		917		309,427
Forbo Holding AG, Registered		309		334,104
Galenica AG^(d)		13,970		1,011,631
Huber + Suhner AG, Registered		5,087		401,679
Interroll Holding AG, Registered		196		372,333
Kardex Holding AG, Registered		1,868		247,659
Komax Holding AG, Registered		1,046		242,184
Landis+Gyr Group AG		7,250		394,382
Rieter Holding AG, Registered		1,008		85,665
SFS Group AG		5,296		455,271
Siegfried Holding AG, Registered		1,192		881,318
St. Galler Kantonalbank AG, Class A, Registered		760		347,774
Swissquote Group Holding SA, Registered		2,640		273,884
u-blox Holding AG		1,896		229,608
Valiant Holding AG, Registered		4,288		406,353
Vontobel Holding AG, Registered		8,160		438,109
Ypsomed Holding AG, Registered		991		147,447
Zehnder Group AG, Registered		2,910		147,202

				9,587,252

United Kingdom — 17.4%
AG Barr PLC		22,084		112,104
Balanced Commercial Property Trust Ltd.		160,440		143,066
Balfour Beatty PLC		177,783		608,215
Bank of Georgia Group PLC		10,707		235,717
Beazley PLC		172,848		1,077,466
Biffa PLC^(d)		63,120		290,364


40		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® International Developed Small Cap Value Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United Kingdom (continued)
Big Yellow Group PLC		49,823	$	589,638
Bodycote PLC		57,355		297,913
Capricorn Energy PLC^(c)		146,928		401,929
Chemring Group PLC		83,297		261,249
Close Brothers Group PLC		45,984		473,304
Coats Group PLC		422,640		238,591
Cranswick PLC		15,024		446,316
Crest Nicholson Holdings PLC		76,285		154,816
Currys PLC		309,315		194,080
Drax Group PLC		115,200		766,456
Elementis PLC^(c)		184,368		184,319
Essentra PLC		90,962		183,679
Frasers Group PLC^(c)		52,316		392,114
Great Portland Estates PLC		76,137		371,223
Ibstock PLC^(d)		109,795		200,124
IG Group Holdings PLC		105,824		896,834
Inchcape PLC		111,744		846,127
Investec PLC		195,072		790,859
IP Group PLC		318,432		211,194
Just Group PLC		299,232		185,792
Lancashire Holdings Ltd.		69,504		383,422
LondonMetric Property PLC		265,635		517,558
Man Group PLC/Jersey		394,848		977,673
Mediclinic International PLC		114,911		630,010
Morgan Advanced Materials PLC		85,690		217,187
Morgan Sindall Group PLC		12,296		200,560
Ninety One PLC		125,648		255,332
OSB Group PLC		108,528		504,997
Paragon Banking Group PLC		72,048		315,261
Pets at Home Group PLC		139,104		405,543
Picton Property Income Ltd. (The)		149,661		142,707
Premier Foods PLC		203,602		216,647
QinetiQ Group PLC		163,540		596,792
Redde Northgate PLC		75,885		245,292
Redrow PLC		67,230		296,023
Safestore Holdings PLC		60,105		559,381
Savills PLC		39,273		344,742
Serco Group PLC		342,960		594,871
Subsea 7 SA		70,848		559,608
TBC Bank Group PLC		10,032		186,836
TP ICAP Group PLC		229,296		501,800
Tritax Big Box REIT PLC		556,032		839,094
UK Commercial Property REIT Ltd.		216,177		144,183
Vesuvius PLC		61,952		214,020


Security	Shares		Value

United Kingdom (continued)
Virgin Money UK PLC		364,896	$	500,607
Vistry Group PLC		65,479		430,621
Workspace Group PLC		41,950		186,544

				21,520,800


Total Common Stocks — 98.7% (Cost: $163,085,348)				122,161,980


Preferred Stocks

Germany — 0.1%
Draegerwerk AG & Co. KGaA, Preference Shares, NVS		3,168		132,495


Total Preferred Stocks — 0.1% (Cost: $177,159)				132,495


Total Long-Term Investments — 98.8% (Cost: $163,262,507)				122,294,475


Short-Term Securities

Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%^(e)(f)(g)		671,778		671,980
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%^(e)(f)		10,000		10,000


Total Short-Term Securities — 0.5% (Cost: $681,901)				681,980


Total Investments — 99.3% (Cost: $163,944,408)				122,976,455

Other Assets Less Liabilities — 0.7%				827,258


Net Assets — 100.0%			$	123,803,713

^(a)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(b)	All or a portion of this security is on loan.

^(c)	Non-income producing security.

^(d)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(e)	Affiliate of the Fund.

^(f)	Annualized 7-day yield as of period end.

^(g)	All or a portion of this security was purchased with the cash collateral from loaned securities.


S C H E D U L E O F I N V E S T M E N T S		41

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® International Developed Small Cap Value Factor ETF

Affiliates


Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	17,607	$	653,856	^(a)	$	—		$	435	$	82	$	671,980		671,778	$	2,661	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		40,000		—			(30,000	)^(a)		—		—		10,000		10,000		454			—

									$	435	$	82	$	681,980			$	3,115		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Mini TOPIX Index		112		12/08/22	$	1,419	$	(41,188	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	41,188	$	—	$	—	$	—	$	41,188

^(a)

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	14,719		$	—	$	—	$	—	$	14,719


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(51,008	)	$	—	$	—	$	—	$	(51,008	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	1,076,722

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


42		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® International Developed Small Cap Value Factor ETF

Fair Value Hierarchy as of Period End


	Level 1		Level 2			Level 3		Total

Investments
Assets
Common Stocks	$	28,709,864	$	93,434,630		$	17,486	$	122,161,980
Preferred Stocks		—		132,495			—		132,495
Money Market Funds		681,980		—			—		681,980

	$	29,391,844	$	93,567,125		$	17,486	$	122,976,455

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	—	$	(41,188	)	$	—	$	(41,188	)

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		43

Schedule of Investments (unaudited)

September 30, 2022

iShares^® International Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 2.3%
Appen Ltd.		13,640	$	26,952
AUB Group Ltd.		9,455		115,154
Bapcor Ltd.		47,275		184,555
Brickworks Ltd.		9,765		134,482
carsales.com Ltd.		29,605		353,136
Cleanaway Waste Management Ltd.		143,065		249,413
Codan Ltd./Australia		23,250		84,106
Collins Foods Ltd.		13,485		74,933
Computershare Ltd.		47,430		756,512
CSL Ltd.		19,375		3,523,675
Domino’s Pizza Enterprises Ltd.		7,130		234,908
Newcrest Mining Ltd.		81,375		893,431
Northern Star Resources Ltd.		122,295		612,367
Pro Medicus Ltd.		1,085		34,646
PSC Insurance Group Ltd.		18,910		58,060
Sonic Healthcare Ltd.		54,405		1,061,180
Technology One Ltd.		15,500		104,627
Washington H Soul Pattinson & Co. Ltd.		24,955		429,023

				8,931,160

Belgium — 0.3%
Elia Group SA/NV		2,015		237,107
Etablissements Franz Colruyt NV		9,765		214,649
UCB SA		8,990		623,886

				1,075,642

Brazil — 0.1%
Localiza Rent a Car SA		36,425		412,506


Canada — 19.7%
Agnico Eagle Mines Ltd.		54,405		2,298,531
Alimentation Couche-Tard Inc.		19,065		767,513
Atco Ltd., Class I, NVS		8,215		252,454
Badger Infrastructure Solutions Ltd.		2,846		57,998
Barrick Gold Corp.		185,070		2,868,461
Brookfield Asset Management Inc., Class A		54,715		2,238,350
Canadian Imperial Bank of Commerce		152,675		6,682,398
Canadian National Railway Co.		34,410		3,716,135
Canadian Natural Resources Ltd.		142,135		6,616,195
Canadian Pacific Railway Ltd.		24,180		1,614,101
Canadian Tire Corp. Ltd., Class A, NVS		6,355		676,514
Canadian Western Bank		15,345		249,835
Cargojet Inc.		620		50,090
Cogeco Communications Inc.		2,325		121,371
Cogeco Inc.		1,085		43,279
Dollarama Inc.		2,790		160,167
Empire Co. Ltd., Class A, NVS		8,525		212,053
Enghouse Systems Ltd.		3,720		78,097
EQB Inc.		2,015		67,743
Finning International Inc.		17,205		302,412
First National Financial Corp.		4,340		113,138
FirstService Corp.		1,085		129,154
Fortis Inc.		56,420		2,143,498
Franco-Nevada Corp.		6,200		740,580
George Weston Ltd.		3,565		373,262
goeasy Ltd.		1,550		120,647
Great-West Lifeco Inc.		55,335		1,194,549
Hydro One Ltd.^(a)		29,140		712,599
iA Financial Corp. Inc.		13,023		661,733
Imperial Oil Ltd.		12,865		557,032


Security	Shares		Value

Canada (continued)
Intact Financial Corp.		10,850	$	1,535,503
Loblaw Companies Ltd.		6,975		552,304
Magna International Inc.		28,055		1,330,904
Manulife Financial Corp.		372,465		5,845,760
Maple Leaf Foods Inc.		8,060		120,432
Metro Inc.		11,625		582,113
North West Co. Inc. (The)		7,130		165,120
Open Text Corp.		25,885		684,158
Pan American Silver Corp.		20,460		325,263
Parkland Corp.		17,670		378,638
Power Corp. of Canada		105,245		2,371,793
Premium Brands Holdings Corp.		3,720		228,906
Quebecor Inc., Class B		21,545		397,257
Ritchie Bros Auctioneers Inc.		5,425		338,967
Royal Bank of Canada		109,430		9,852,542
Saputo Inc.		17,360		413,845
Stantec Inc.		4,495		197,131
Stella-Jones Inc.		3,410		95,732
Sun Life Financial Inc.		90,520		3,599,568
TFI International Inc.		2,790		252,491
TMX Group Ltd.		4,805		441,976
Toromont Industries Ltd.		4,185		291,331
Toronto-Dominion Bank (The)		158,255		9,705,986
Transcontinental Inc., Class A		11,780		137,214
Waste Connections Inc.		4,805		649,258
Wheaton Precious Metals Corp.		27,280		883,364

				77,197,445

China — 7.4%
Anhui Conch Cement Co. Ltd., Class A		93,000		373,882
AVIC Electromechanical Systems Co. Ltd., Class A		12,000		18,994
China Communications Services Corp. Ltd., Class H		620,000		208,442
China Construction Bank Corp., Class A		186,000		143,609
China Gas Holdings Ltd.		434,000		519,088
China Lesso Group Holdings Ltd.		157,000		145,320
China Medical System Holdings Ltd.		314,000		374,046
China Merchants Bank Co. Ltd., Class A		279,000		1,310,233
China Merchants Bank Co. Ltd., Class H		697,500		3,227,931
China National Nuclear Power Co. Ltd., Class A		139,500		113,856
China Railway Group Ltd., Class A		217,000		158,596
China Resources Gas Group Ltd.		139,500		442,304
China Suntien Green Energy Corp. Ltd., Class H		310,000		113,077
China Water Affairs Group Ltd.		92,000		72,767
Citic Pacific Special Steel Group Co. Ltd.		47,100		116,036
CSPC Pharmaceutical Group Ltd.		620,000		614,528
ENN Energy Holdings Ltd.		62,800		837,323
Foshan Haitian Flavouring & Food Co. Ltd., Class A		16,490		190,773
Genertec Universal Medical Group Co. Ltd.^(a)		232,500		118,805
Guangdong Investment Ltd.		930,000		742,902
Haier Smart Home Co. Ltd., Class H		186,000		565,994
Industrial & Commercial Bank of China Ltd., Class A		2,092,500		1,273,621
Jiangsu King’s Luck Brewery JSC Ltd., Class A		15,500		99,225
Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A		15,700		69,693
Kweichow Moutai Co. Ltd., Class A		3,800		993,323
Lao Feng Xiang Co. Ltd.		15,500		85,542
Longfor Group Holdings Ltd.^(a)		387,500		1,110,788
Luzhou Laojiao Co. Ltd., Class A		5,400		174,262
Metallurgical Corp. of China Ltd., Class A		125,600		52,370
Ping An Insurance Group Co. of China Ltd., Class A		201,500		1,168,512
Ping An Insurance Group Co. of China Ltd., Class H		1,395,000		6,959,368


44		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® International Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Sany Heavy Industry Co. Ltd., Class A		93,000	$	179,901
Shandong Weigao Group Medical Polymer Co. Ltd., Class H		186,000		249,176
Shanghai Baosight Software Co. Ltd., Class A		19,990		102,647
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A		31,600		42,504
Shanghai Pharmaceuticals Holding Co. Ltd., Class A		15,800		36,467
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		155,000		213,758
Shanghai Tunnel Engineering Co. Ltd., Class A		31,000		21,349
Shenzhou International Group Holdings Ltd.		62,000		478,737
Suofeiya Home Collection Co. Ltd., Class A		15,700		36,842
Tencent Holdings Ltd.		124,000		4,188,262
Valiant Co. Ltd.		15,700		31,975
Wuliangye Yibin Co. Ltd., Class A		21,400		505,615
Yankuang Energy Group Co. Ltd., Class A		31,000		217,270
Zhengzhou Coal Mining Machinery Group Co. Ltd.		15,500		28,007
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class H		62,000		61,747
Zhongsheng Group Holdings Ltd.		77,500		307,313

				29,096,780

Colombia — 0.1%
Grupo Argos SA		35,185		74,873
Grupo Nutresa SA^(b)		11,160		89,522
Interconexion Electrica SA ESP		97,650		349,506

				513,901

Denmark — 0.8%
Carlsberg A/S, Class B		9,765		1,141,885
Coloplast A/S, Class B		9,765		992,362
DSV A/S		4,650		544,735
Royal Unibrew A/S		4,650		301,301
Scandinavian Tobacco Group A/S, Class A^(a)		14,127		204,949

				3,185,232

Finland — 0.3%
Huhtamaki OYJ		9,920		315,485
Olvi OYJ, Class A		2,480		76,491
Uponor OYJ		8,851		116,315
Valmet OYJ		31,310		632,970

				1,141,261

France — 4.3%
Equasens		465		27,609
Sanofi		143,685		10,941,107
Schneider Electric SE		53,010		5,987,520

				16,956,236

Germany — 5.2%
Adesso SE		155		15,586
Atoss Software AG		465		51,827
Bechtle AG		4,650		167,162
Brenntag SE		12,400		749,605
Deutsche Boerse AG		14,105		2,312,186
Deutsche Wohnen SE		1,240		23,574
DIC Asset AG		10,753		81,412
Encavis AG		7,285		130,204
Fresenius Medical Care AG & Co. KGaA		30,225		851,529
Fresenius SE & Co. KGaA		57,970		1,235,642
FUCHS PETROLUB SE		4,960		109,299
Gerresheimer AG		2,635		128,656
LANXESS AG		10,075		293,201
LEG Immobilien SE		15,035		897,433
Nemetschek SE		1,860		88,288
SAP SE		95,325		7,768,524


Security	Shares		Value

Germany (continued)
Sirius Real Estate Ltd.		188,945	$	149,153
Stratec SE		310		24,636
Symrise AG		4,960		483,661
TAG Immobilien AG		66,495		530,666
Vib Vermoegen AG		1,705		35,541
Vonovia SE		187,705		4,051,005

				20,178,790

Greece — 0.1%
Hellenic Telecommunications Organization SA		33,170		481,648
Sarantis SA		6,200		37,005

				518,653

Hong Kong — 3.7%
AIA Group Ltd.		899,000		7,484,987
CK Infrastructure Holdings Ltd.		155,000		790,550
CLP Holdings Ltd.		310,000		2,342,897
Hong Kong & China Gas Co. Ltd.		2,015,000		1,774,913
Kerry Logistics Network Ltd.		77,500		124,201
Swire Properties Ltd.		186,000		400,137
Techtronic Industries Co. Ltd.		155,000		1,479,029

				14,396,714

India — 2.5%
Aegis Logistics Ltd.		13,020		43,070
Asian Paints Ltd.		9,765		399,209
Balaji Amines Ltd.		2		77
Berger Paints India Ltd.		1,309		9,879
CRISIL Ltd.		1,256		50,147
Dr Lal PathLabs Ltd.^(a)		775		23,835
Grindwell Norton Ltd.		1,097		27,641
Gujarat Gas Ltd.		2,814		17,347
Infosys Ltd.		297,600		5,101,545
KEC International Ltd.		2,993		16,511
KEI Industries Ltd.		155		2,731
Larsen & Toubro Infotech Ltd.^(a)		1,881		101,897
LIC Housing Finance Ltd.		22,010		111,269
Page Industries Ltd.		155		96,089
Persistent Systems Ltd.		1,860		73,278
Pidilite Industries Ltd.		1,705		56,031
Power Grid Corp. of India Ltd.		843,975		2,191,388
Relaxo Footwears Ltd.		1,872		23,017
Reliance Industries Ltd.		26,505		769,230
Reliance Industries Ltd., GDR^(a)		6,665		386,717
Schaeffler India Ltd.		775		30,325
Sundaram Finance Ltd.		2,790		77,248
Tata Elxsi Ltd.		620		64,536
UltraTech Cement Ltd.		2,480		189,703
ZF Commercial Vehicle Control Systems India Ltd.		157		19,144

				9,881,864

Indonesia — 0.5%
Bank Central Asia Tbk PT		3,673,500		2,050,692
Mayora Indah Tbk PT		310,000		37,198

				2,087,890

Ireland — 1.2%
CRH PLC		92,225		2,965,204
Kerry Group PLC, Class A		6,200		552,620
Smurfit Kappa Group PLC		37,200		1,063,890

				4,581,714

Italy — 3.2%
A2A SpA		489,800		475,818


S C H E D U L E O F I N V E S T M E N T S		45

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® International Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Italy (continued)
ACEA SpA		9,920	$	107,700
Buzzi Unicem SpA		8,554		121,006
DiaSorin SpA		775		86,484
Enel SpA		2,372,895		9,731,773
Interpump Group SpA		3,410		110,286
Iren SpA		140,740		185,533
Recordati Industria Chimica e Farmaceutica SpA		10,540		385,749
Reply SpA		775		80,723
Terna - Rete Elettrica Nazionale		216,380		1,317,868

				12,602,940

Japan — 19.0%
Aeon Delight Co. Ltd.		100		1,963
Aeon Mall Co. Ltd.		15,500		172,675
AGC Inc.		34,400		1,070,935
Aica Kogyo Co. Ltd.		15,500		335,699
Air Water Inc.		31,400		370,884
Alfresa Holdings Corp.		31,000		361,290
Astellas Pharma Inc.		186,000		2,463,995
Chiba Bank Ltd. (The)		93,000		503,626
COMSYS Holdings Corp.		15,500		263,005
DCM Holdings Co. Ltd.		31,000		252,634
EXEO Group Inc.		32,400		468,429
FUJIFILM Holdings Corp.		31,000		1,415,919
Fuyo General Lease Co. Ltd.		2,300		125,559
Hikari Tsushin Inc.		1,400		164,457
Hisamitsu Pharmaceutical Co. Inc.		15,500		363,856
Itochu Techno-Solutions Corp.		15,500		363,338
Kandenko Co. Ltd.		31,000		178,219
Kao Corp.		46,500		1,892,100
KDDI Corp.		186,000		5,437,947
Kobayashi Pharmaceutical Co. Ltd.		200		11,721
Kubota Corp.		93,000		1,292,411
Kurita Water Industries Ltd.		2,600		92,308
Lasertec Corp.		600		60,349
MCJ Co. Ltd.		15,500		106,306
Medipal Holdings Corp.		15,500		197,119
Mitsubishi Corp.		201,500		5,511,070
Mizuho Leasing Co. Ltd.		1,300		27,996
Morinaga & Co. Ltd./Japan		1,500		41,046
Murata Manufacturing Co. Ltd.		46,500		2,140,263
Nichias Corp.		15,500		240,397
Nintendo Co. Ltd.		169,000		6,816,492
Nippon Gas Co. Ltd.		15,500		220,758
Nippon Sanso Holdings Corp.		15,700		248,170
Nippon Telegraph & Telephone Corp.		143,000		3,857,041
Nissan Chemical Corp.		15,500		692,442
Nisshin Seifun Group Inc.		31,000		313,112
Nitori Holdings Co. Ltd.		2,600		218,192
Nitto Denko Corp.		16,900		915,063
Nomura Real Estate Holdings Inc.		16,500		372,640
Nomura Research Institute Ltd.		16,900		412,753
NSD Co. Ltd.		15,500		263,847
NTT Data Corp.		31,000		400,430
Obic Co. Ltd.		2,100		281,597
Okinawa Electric Power Co. Inc. (The)		15,500		113,206
Open House Group Co. Ltd.		4,500		152,025
Otsuka Corp.		15,500		483,405
Paltac Corp.		200		6,155
Pan Pacific International Holdings Corp.		15,500		273,432
Raito Kogyo Co. Ltd.		15,500		203,870


Security	Shares		Value

Japan (continued)
SBI Holdings Inc/Japan		46,300	$	830,856
SCSK Corp.		15,700		237,687
Sekisui House Ltd.		108,500		1,797,008
Seria Co. Ltd.		15,500		270,675
Seven & i Holdings Co. Ltd.		62,000		2,490,542
Shin-Etsu Chemical Co. Ltd.		39,500		3,908,794
Shin-Etsu Polymer Co. Ltd.		15,500		128,388
Shionogi & Co. Ltd.		16,900		816,171
Ship Healthcare Holdings Inc.		15,500		291,166
Sohgo Security Services Co. Ltd.		4,200		105,683
Sompo Holdings Inc.		47,300		1,892,536
Sony Group Corp.		31,000		1,996,847
Sumitomo Mitsui Financial Group Inc.		274,700		7,615,089
Sumitomo Realty & Development Co. Ltd.		31,000		705,003
TechnoPro Holdings Inc.		15,500		330,173
Terumo Corp.		15,500		435,708
TIS Inc.		15,500		411,520
Tokio Marine Holdings Inc.		279,000		4,958,703
Tokyo Century Corp.		4,500		143,977
Tokyo Tatemono Co. Ltd.		31,000		441,081
Unicharm Corp.		16,500		541,280
USS Co. Ltd.		31,000		478,767
Valor Holdings Co. Ltd.		15,500		190,865
Yakult Honsha Co. Ltd.		8,200		476,131
Yamaguchi Financial Group Inc.		46,500		247,572
Yamato Holdings Co. Ltd.		31,400		471,547

				74,385,915

Malaysia — 0.0%
Allianz Malaysia Bhd		15,700		45,031


Mexico — 1.0%
America Movil SAB de CV, Series L, NVS		3,100,000		2,559,795
Arca Continental SAB de CV		62,000		446,448
Grupo Bimbo SAB de CV, Series A		63,400		223,417
Grupo Comercial Chedraui SA de CV		15,500		45,801
Orbia Advance Corp. SAB de CV		124,000		207,985
Qualitas Controladora SAB de CV		31,400		129,485
Sitios Latinoamerica SAB de CV		155,000		69,190

				3,682,121

Netherlands — 0.5%
IMCD NV		2,790		330,787
Wolters Kluwer NV		16,740		1,630,034

				1,960,821

New Zealand — 0.3%
EBOS Group Ltd.		15,655		329,517
Fisher & Paykel Healthcare Corp. Ltd.		51,770		536,590
Mainfreight Ltd.		6,820		257,100
Summerset Group Holdings Ltd.		19,262		116,072

				1,239,279

Norway — 0.1%
Borregaard ASA		8,060		95,194
Medistim ASA		1,085		20,676
TOMRA Systems ASA		7,130		125,798

				241,668

Philippines — 0.1%
International Container Terminal Services Inc.		97,650		260,420


Poland — 0.0%
Neuca SA		155		20,481


46		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® International Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Portugal — 0.0%
Sonae SGPS SA		188,480	$	152,020


Saudi Arabia — 0.0%
Mouwasat Medical Services Co.		2,483		130,163


South Korea — 0.2%
AfreecaTV Co. Ltd.		620		27,098
KIWOOM Securities Co. Ltd.		2,790		146,049
Kolmar BNH Co. Ltd.		1,705		26,648
LEENO Industrial Inc.		620		53,339
NAVER Corp.		1,395		185,837
NICE Information Service Co. Ltd.		3,611		33,528
SK Gas Ltd.		465		32,486
Youngone Corp.		2,033		62,749

				567,734

Spain — 2.3%
Iberdrola SA		935,735		8,724,965
Vidrala SA^(c)		1,550		90,210
Viscofan SA		5,115		279,616

				9,094,791

Sweden — 0.8%
AAK AB		13,020		172,148
Assa Abloy AB, Class B		70,990		1,330,072
Atrium Ljungberg AB, Class B		5,966		73,541
Bravida Holding AB^(a)		24,800		202,937
Castellum AB		52,390		587,012
Catena AB		2,349		69,699
Heba Fastighets AB		4,805		13,595
Lifco AB, Class B		7,595		105,366
Platzer Fastigheter Holding AB, Class B		6,975		41,849
Swedish Match AB		51,150		505,962

				3,102,181

Switzerland — 12.2%
ALSO Holding AG, Registered		775		114,832
Berner Kantonalbank AG		775		168,871
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		33		318,922
Chocoladefabriken Lindt & Spruengli AG, Registered		6		597,518
Coca-Cola HBC AG, Class DI		24,180		505,238
DKSH Holding AG		4,030		292,403
Geberit AG, Registered		3,875		1,661,554
Givaudan SA, Registered		620		1,873,021
Logitech International SA, Registered		12,710		581,070
Nestle SA, Registered		111,135		12,020,063
Novartis AG, Registered		155,465		11,852,173
Partners Group Holding AG		3,100		2,494,831
Roche Holding AG, Bearer		2,635		1,029,312
Roche Holding AG, NVS		37,820		12,311,642
Siegfried Holding AG, Registered		155		114,601
Sika AG, Registered		7,905		1,588,839
Temenos AG, Registered		3,419		230,498

				47,755,388

Taiwan — 0.9%
Advantech Co. Ltd.		27,000		248,710
Chailease Holding Co. Ltd.		162,297		927,059
Elan Microelectronics Corp.		155,000		403,918
ITEQ Corp.		155,000		284,710
Parade Technologies Ltd.		3,000		55,127
Sigurd Microelectronics Corp.		310,000		413,310
Silergy Corp.		8,000		104,336


Security	Shares		Value

Taiwan (continued)
Sinbon Electronics Co. Ltd.		11,000	$	91,366
Taiwan Union Technology Corp.		195,000		273,335
Unimicron Technology Corp.		155,000		567,409
Voltronic Power Technology Corp.		2,000		87,961

				3,457,241

Thailand — 0.0%
Srisawad Corp. PCL, NVDR		108,500		122,574


Turkey — 0.0%
Aselsan Elektronik Sanayi Ve Ticaret AS		11,005		17,360


United Kingdom — 10.2%
Advanced Medical Solutions Group PLC		3,756		10,233
Ashtead Group PLC		27,590		1,239,061
B&M European Value Retail SA		155,155		527,719
BAE Systems PLC		398,815		3,504,156
Bunzl PLC		25,885		790,863
Clarkson PLC		3,565		104,054
Craneware PLC		2,170		46,762
Cranswick PLC		5,425		161,160
Croda International PLC		8,370		597,819
DCC PLC		13,795		716,410
Dechra Pharmaceuticals PLC		5,425		157,547
Diageo PLC		183,055		7,705,424
Diploma PLC		9,300		238,967
Drax Group PLC		47,168		313,821
EMIS Group PLC		4,185		87,883
Ferguson PLC		17,205		1,784,661
Focusrite PLC^(c)		1,099		8,651
Games Workshop Group PLC		4,650		297,338
Gamma Communications PLC		3,875		45,226
Genus PLC		3,720		107,926
GlobalData PLC		775		8,959
Grainger PLC		52,700		134,984
Halma PLC		12,710		285,878
Hargreaves Lansdown PLC		65,565		627,919
Hilton Food Group PLC		7,659		45,399
HomeServe PLC		6,665		87,816
Impax Asset Management Group PLC		15,500		89,724
Learning Technologies Group PLC		31,465		36,854
Liontrust Asset Management PLC		22,785		184,524
London Stock Exchange Group PLC		16,275		1,374,405
RELX PLC		173,755		4,245,832
RWS Holdings PLC		35,495		126,822
Sage Group PLC (The)		98,735		760,910
Severn Trent PLC		35,960		940,051
Softcat PLC		8,370		109,953
Spectris PLC		11,005		332,547
Spirax-Sarco Engineering PLC		3,875		445,443
Treatt PLC		3,565		23,201
Unilever PLC		259,935		11,421,504

				39,728,406


Total Common Stocks — 99.3% (Cost: $471,016,562)				388,722,322


S C H E D U L E O F I N V E S T M E N T S		47

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® International Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Preferred Stocks

Germany — 0.0%
Fuchs Petrolub SE, Preference Shares, NVS		10,230	$	259,051


Total Preferred Stocks — 0.0% (Cost: $356,195)				259,051


Rights

Brazil — 0.0%
Localiza Rent a Car SA, (Expires 10/26/22, Strike Price BRL 50.35)		111		227


Total Rights — 0.0% (Cost: $—)				227


Total Long-Term Investments — 99.3% (Cost: $471,372,757)				388,981,600


Short-Term Securities

Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%^(d)(e)(f)		13,990		13,994


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%^(d)(e)		190,000	$	190,000


Total Short-Term Securities — 0.1% (Cost: $ 203,994)				203,994


Total Investments — 99.4% (Cost: $ 471,576,751)				389,185,594

Other Assets Less Liabilities — 0.6%				2,345,215


Net Assets — 100.0%			$	391,530,809

^(a)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(c)	All or a portion of this security is on loan.

^(d)	Affiliate of the Fund.

^(e)	Annualized 7-day yield as of period end.

^(f)	All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates



Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	14,394	^(a)	$	—		$	(400	)	$	—	$	13,994		13,990	$	2,331	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		370,000		—			(180,000	)^(a)		—			—		190,000		190,000		4,509			—

									$	(400	)	$	—	$	203,994			$	6,840		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)


Long Contracts
S&P/TSX 60 Index		2		12/15/22	$	325	$	(11,659	)
MSCI EAFE Index		24		12/16/22		1,993		(102,238	)

							$	(113,897	)


48		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® International Dividend Growth ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	113,897	$	—	$	—	$	—	$	113,897

^(a)

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total


Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(342,255	)	$	—	$	—	$	—	$	(342,255	)

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(151,740	)	$	—	$	—	$	—	$	(151,740	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	2,035,755

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

Fair Value Hierarchy as of Period End




	Level 1			Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	82,675,228		$	305,957,572	$	89,522	$	388,722,322
Preferred Stocks		—			259,051		—		259,051
Rights		227			—		—		227
Money Market Funds		203,994			—		—		203,994

	$	82,879,449		$	306,216,623	$	89,522	$	389,185,594

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(113,897	)	$	—	$	—	$	(113,897	)

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		49

Schedule of Investments (unaudited)

September 30, 2022

iShares^® Latin America 40 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Brazil — 42.6%
Ambev SA, ADR		11,572,988	$	32,751,555
B3 SA - Brasil, Bolsa, Balcao		16,005,144		38,719,610
Banco do Brasil SA		3,759,747		26,847,619
BRF SA, ADR^(a)(b)		1,704,391		3,988,275
CCR SA		2,915,390		6,771,870
Centrais Eletricas Brasileiras SA		3,341,469		26,617,280
Localiza Rent a Car SA		1,981,507		22,440,194
Lojas Renner SA		2,596,153		13,403,443
Magazine Luiza SA^(a)		7,438,627		6,177,769
Natura & Co. Holding SA		2,213,947		6,045,481
Pagseguro Digital Ltd., Class A^(a)(b)		525,810		6,956,466
Petroleo Brasileiro SA, ADR		4,882,667		60,252,111
Rede D’Or Sao Luiz SA^(c)		1,899,233		10,463,764
Vale SA, ADR^(b)		10,158,111		135,306,038
WEG SA		3,855,146		22,969,291

				419,710,766

Chile — 7.5%
Banco de Chile		113,989,350		10,029,310
Banco Santander Chile, ADR		407,969		5,715,646
Cencosud SA		3,381,069		4,278,685
Empresas CMPC SA		2,886,645		4,392,844
Empresas COPEC SA		955,068		6,118,292
Enel Americas SA		50,675,629		5,339,732
Falabella SA		1,975,130		3,938,957
Sociedad Quimica y Minera de Chile SA, ADR		374,788		34,012,011

				73,825,477

Colombia — 1.8%
Bancolombia SA, ADR		296,618		7,228,581
Ecopetrol SA, ADR		647,394		5,781,228
Interconexion Electrica SA ESP		1,162,804		4,161,875

				17,171,684

Mexico — 22.1%
America Movil SAB de CV, Series L, NVS		50,456,200		41,663,726
Cemex SAB de CV, NVS^(a)		39,723,815		13,688,685
Fibra Uno Administracion SA de CV		7,541,600		7,762,723
Fomento Economico Mexicano SAB de CV		4,820,600		30,212,077
Grupo Financiero Banorte SAB de CV, Class O		6,507,300		41,784,753
Grupo Mexico SAB de CV, Series B		8,171,700		27,640,021
Grupo Televisa SAB, CPO		6,639,400		7,186,818
Sitios Latinoamerica SAB de CV		2,442,925		1,090,489
Wal-Mart de Mexico SAB de CV^(b)		13,288,400		46,734,893

				217,764,185

Peru — 3.2%
Credicorp Ltd.		178,328		21,898,679
Southern Copper Corp.		223,162		10,006,584

				31,905,263


Total Common Stocks — 77.2% (Cost: $929,338,751)				760,377,375


Security	Shares		Value

Preferred Stocks

Brazil — 22.2%
Banco Bradesco SA, Preference Shares, ADR		13,961,120	$	51,376,922
Gerdau SA, Preference Shares, ADR		2,826,995		12,778,017
Itau Unibanco Holding SA, Preference Shares, ADR		12,716,585		65,744,744
Itausa SA, Preference Shares, NVS		12,322,283		22,226,184
Petroleo Brasileiro SA, Preference Shares, ADR		6,027,419		66,783,803

				218,909,670


Total Preferred Stocks — 22.2% (Cost: $308,730,708)				218,909,670


Rights

Brazil — 0.0%
Localiza Rent a Car SA, (Expires 10/26/22, Strike Price BRL 50.35)		5,890		12,011


Total Rights — 0.0% (Cost: $—)				12,011


Total Long-Term Investments — 99.4% (Cost: $1,238,069,459)				979,299,056


Short-Term Securities

Money Market Funds — 7.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%^(d)(e)(f)		53,210,233		53,226,197
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%^(d)(e)		15,550,000		15,550,000


Total Short-Term Securities — 7.0% (Cost: $68,765,147)				68,776,197


Total Investments — 106.4% (Cost: $1,306,834,606)				1,048,075,253

Liabilities in Excess of Other Assets — (6.4)%				(63,312,164	)


Net Assets — 100.0%			$	984,763,089

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(d)	Affiliate of the Fund.

^(e)	Annualized 7-day yield as of period end.

^(f)	All or a portion of this security was purchased with the cash collateral from loaned securities.


50		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Latin America 40 ETF

Affiliates



Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	23,454,989	$	29,754,515	^(a)	$	—	$	14,462	$	2,231	$	53,226,197		53,210,233	$	36,809	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,600,000		11,950,000	^(a)		—		—		—		15,550,000		15,550,000		22,192			—

								$	14,462	$	2,231	$	68,776,197			$	59,001		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)


Long Contracts
Mexican BOLSA Index		70		12/16/22	$	1,561	$	(90,610	)
MSCI Brazil Index		76		12/16/22		3,556		(59,106	)

							$	(149,716	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	149,716	$	—	$	—	$	—	$	149,716

^(a)

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(5,755,690	)	$	—	$	—	$	—	$	(5,755,690	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(779,564	)	$	—	$	—	$	—	$	(779,564	)


S C H E D U L E O F I N V E S T M E N T S		51

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Latin America 40 ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	9,720,461

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

Fair Value Hierarchy as of Period End



	Level 1			Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	756,438,418		$	3,938,957	$	—	$	760,377,375
Preferred Stocks		218,909,670			—		—		218,909,670
Rights		12,011			—		—		12,011
Money Market Funds		68,776,197			—		—		68,776,197

	$	1,044,136,296		$	3,938,957	$	—	$	1,048,075,253

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(149,716	)	$	—	$	—	$	(149,716	)

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


52		2 0 2 2 I S H A R E S S E M I - 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

Statements of Assets and Liabilities (unaudited)

September 30, 2022


	iShares Asia 50 ETF			iShares Blockchain and Tech ETF			iShares Emerging Markets Infrastructure ETF			iShares Europe ETF

ASSETS
Investments, at value — unaffiliated^(a)(b)	$	1,161,052,185		$	5,796,322		$	19,882,647		$	1,338,075,457
Investments, at value — affiliated^(c)		630,000			1,921,003			839,934			4,517,853
Cash		2,781			795			9,848			283
Foreign currency, at value^(d)		1,524,477			419			22,773			849,040
Cash pledged for futures contracts		76,000			—			4,000			—
Foreign currency collateral pledged for futures contracts^(e)		—			—			—			309,971
Receivables:
Investments sold		—			—			2,661,302			—
Securities lending income — affiliated		—			5,907			341			3,455
Dividends — unaffiliated		2,214,564			712			99,021			1,282,049
Dividends — affiliated		3,197			86			37			3,450
Tax reclaims		—			—			—			4,030,562

Total assets		1,165,503,204			7,725,244			23,519,903			1,349,072,120


LIABILITIES
Collateral on securities loaned, at value		—			1,820,726			831,059			2,304,013
Payables:
Investments purchased		—			92,188			2,816,952			—
Variation margin on futures contracts		5,132			—			360			2,087
Investment advisory fees		537,456			2,505			10,835			714,360
Professional fees		—			—			—			296,106
IRS compliance fee for foreign withholding tax claims		—			—			—			3,629,974

Total liabilities		542,588			1,915,419			3,659,206			6,946,540


NET ASSETS	$	1,164,960,616		$	5,809,825		$	19,860,697		$	1,342,125,580


NET ASSETS CONSIST OF
Paid-in capital	$	1,629,374,453		$	8,983,970		$	56,348,825		$	2,139,701,949
Accumulated loss		(464,413,837	)		(3,174,145	)		(36,488,128	)		(797,576,369	)

NET ASSETS	$	1,164,960,616		$	5,809,825		$	19,860,697		$	1,342,125,580


NET ASSETVALUE
Shares outstanding		23,200,000			400,000			1,050,000			35,550,000

Net asset value	$	50.21		$	14.52		$	18.91		$	37.75

Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited

Par value		None			None			None			None


^(a)Investments, at cost — unaffiliated	$	1,484,648,484		$	7,499,883		$	21,906,249		$	1,759,010,865
^(b)Securities loaned, at value	$	—		$	1,749,901		$	802,403		$	2,339,298
^(c)Investments, at cost — affiliated	$	630,000		$	1,920,748		$	839,674		$	4,516,357
^(d)Foreign currency, at cost	$	1,530,039		$	448		$	23,332		$	804,652
^(e)Foreign currency collateral pledged, at cost	$	—		$	—		$	—		$	361,419

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		53

Statements of Assets and Liabilities (unaudited) (continued)

September 30, 2022


	iShares India 50 ETF (Consolidated)		iShares International Developed Property ETF			iShares International Developed Small Cap Value Factor ETF			iShares International Dividend Growth ETF

ASSETS
Investments, at value — unaffiliated^(a)(b)	$	558,792,084	$	42,056,085		$	122,294,475		$	388,981,600
Investments, at value — affiliated^(c)		—		1,051,705			681,980			203,994
Cash		—		1,744			8,375			9,312
Foreign currency, at value^(d)		8,567,373		61,390			264,560			410,538
Cash pledged for futures contracts		98,000		15,000			63,000			102,507
Foreign currency collateral pledged for futures contracts^(e)		—		4,443			40,216			19,546
Receivables:
Investments sold		4,237,068		—			483,686			49,324
Securities lending income — affiliated		—		1,349			937			16
Variation margin on futures contracts		19,670		1,313			—			—
Dividends — unaffiliated		7,973		201,638			604,991			1,539,056
Dividends — affiliated		13,022		93			237			1,220
Tax reclaims		—		30,094			106,877			289,124

Total assets		571,735,190		43,424,854			124,549,334			391,606,237


LIABILITIES
Bank overdraft		1,377,117		—			—			—
Collateral on securities loaned, at value		—		1,042,120			671,498			13,994
Deferred foreign capital gain tax		575,897		6,581			—			923
Payables:
Investments purchased		8,579,726		—			—			—
Variation margin on futures contracts		—		—			41,134			9,366
Investment advisory fees		427,703		18,500			32,989			51,145
Foreign taxes		—		805			—			—

Total liabilities		10,960,443		1,068,006			745,621			75,428


NET ASSETS	$	560,774,747	$	42,356,848		$	123,803,713		$	391,530,809


NET ASSETS CONSIST OF
Paid-in capital	$	305,905,988	$	102,597,733		$	164,574,521		$	491,096,773
Accumulated earnings (loss)		254,868,759		(60,240,885	)		(40,770,808	)		(99,565,964	)

NET ASSETS	$	560,774,747	$	42,356,848		$	123,803,713		$	391,530,809


NET ASSETVALUE

Shares outstanding		13,250,000		1,700,000			4,800,000			7,750,000


Net asset value	$	42.32	$	24.92		$	25.79		$	50.52


Shares authorized		Unlimited		Unlimited			Unlimited			Unlimited


Par value		None		None			None			None


^(a)Investments, at cost — unaffiliated	$	570,275,696	$	67,870,955		$	163,262,507		$	471,372,757
^(b)Securities loaned, at value	$	—	$	785,985		$	647,538		$	13,613
^(c)Investments, at cost — affiliated	$	—	$	1,051,276		$	681,901		$	203,994
^(d)Foreign currency, at cost	$	8,567,373	$	61,256		$	270,421		$	414,028
^(e)Foreign currency collateral pledged, at cost	$	—	$	4,757		$	40,384		$	20,126

See notes to financial statements.


54		2 0 2 2 I S H A R E S S E M I - 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

Statements of Assets and Liabilities (unaudited) (continued)

September 30, 2022


	iShares Latin America 40 ETF

ASSETS
Investments, at value — unaffiliated^(a)(b)	$	979,299,056
Investments, at value — affiliated^(c)		68,776,197
Cash		5,667
Foreign currency, at value^(d)		1,159,731
Cash pledged for futures contracts		352,000
Foreign currency collateral pledged for futures contracts^(e)		145,535
Receivables:
Investments sold		26,356
Securities lending income — affiliated		8,302
Variation margin on futures contracts		39,527
Capital shares sold		4,514,619
Dividends — unaffiliated		1,405,762
Dividends — affiliated		12,298

Total assets		1,055,745,050


LIABILITIES
Collateral on securities loaned, at value		53,131,921
Payables:
Investments purchased		17,449,976
Investment advisory fees		400,064

Total liabilities		70,981,961


NET ASSETS	$	984,763,089


NET ASSETS CONSIST OF
Paid-in capital	$	2,271,463,764
Accumulated loss		(1,286,700,675	)

NET ASSETS	$	984,763,089


NET ASSETVALUE
Shares outstanding		41,500,000

Net asset value	$	23.73

Shares authorized		Unlimited

Par value		None


^(a)Investments, at cost — unaffiliated	$	1,238,069,459
^(b)Securities loaned, at value	$	53,259,024
^(c)Investments, at cost — affiliated	$	68,765,147
^(d)Foreign currency, at cost	$	1,165,221
^(e)Foreign currency collateral pledged, at cost	$	146,520

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		55

Statements of Operations (unaudited)

Six Months Ended September 30, 2022


		iShares Asia 50 ETF			iShares Blockchain and Tech ETF	^(a)		iShares Emerging Markets Infrastructure ETF			iShares Europe ETF

INVESTMENT INCOME
Dividends — unaffiliated	$	33,716,095		$	8,489		$	544,477		$	40,443,447
Dividends — affiliated		10,246			94			205			14,210
Interest — unaffiliated		1,144			—			—			—
Securities lending income — affiliated — net		1,095			8,406			5,967			23,242
Other income — unaffiliated		—			—			—			3,190,494
Foreign taxes withheld		(3,685,986	)		(206	)		(36,315	)		(3,049,254	)
Foreign withholding tax claims		—			—			—			5,351,708
IRS compliance fee for foreign withholding tax claims		—			—			—			(1,687,524	)
Other foreign taxes		(191	)		—			—			—

Total investment income		30,042,403			16,783			514,334			44,286,323


EXPENSES
Investment advisory		4,164,133			11,736			64,084			4,904,700
Commitment costs		10,811			—			124			—
Professional		—			—			—			854,235

Total expenses		4,174,944			11,736			64,208			5,758,935

Net investment income		25,867,459			5,047			450,126			38,527,388


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(8,874,051	)		(1,474,340	)		(1,824,546	)		(40,636,933	)
Investments — affiliated		—			23			(315	)		(1,898	)
Foreign currency transactions		(506,971	)		(555	)		(2,435	)		(713,676	)
Futures contracts		(728,914	)		—			(11,081	)		(332,827	)
In-kind redemptions — unaffiliated^(b)		(27,215,081	)		—			354,069			29,533,679

		(37,325,017	)		(1,474,872	)		(1,484,308	)		(12,151,655	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(447,875,019	)		(1,703,561	)		(2,619,457	)		(437,753,779	)
Investments — affiliated		—			255			777			1,180
Foreign currency translations		72,713			(30	)		77			(390,210	)
Futures contracts		(464,208	)		—			(12,530	)		(483,506	)

		(448,266,514	)		(1,703,336	)		(2,631,133	)		(438,626,315	)

Net realized and unrealized loss		(485,591,531	)		(3,178,208	)		(4,115,441	)		(450,777,970	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(459,724,072	)	$	(3,173,161	)	$	(3,665,315	)	$	(412,250,582	)

^(a)	For the period from April 25, 2022 (commencement of operations) to September 30, 2022.

^(b)	See Note 2 of the Notes to Financial Statements.

See notes to financial statements.


56		2 0 2 2 I S H A R E S S E M I - 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

Statements of Operations (unaudited) (continued)

Six Months Ended September 30, 2022


		iShares India 50 ETF (Consolidated	)		iShares International Developed Property ETF			iShares International Developed Small Cap Value Factor ETF			iShares International Dividend Growth ETF

INVESTMENT INCOME
Dividends — unaffiliated	$	5,660,575		$	1,291,159		$	3,825,355		$	7,028,767
Dividends — affiliated		73,213			187			454			4,509
Non-cash dividends — unaffiliated		—			—			—			423,148
Securities lending income — affiliated — net		—			11,474			2,661			2,331
Foreign taxes withheld		(1,211,522	)		(110,667	)		(389,531	)		(723,452	)

Total investment income		4,522,266			1,192,153			3,438,939			6,735,303


EXPENSES
Investment advisory		2,668,636			132,111			293,119			282,159
Commitment costs		3,643			—			—			760
Interest expense		253,126			—			—			—

Total expenses		2,925,405			132,111			293,119			282,919

Less:
Investment advisory fees waived		—			—			(73,280	)		—

Total expenses after fees waived		2,925,405			132,111			219,839			282,919

Net investment income		1,596,861			1,060,042			3,219,100			6,452,384


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated^(a)		342,379,960			(1,444,032	)		(524,906	)		(9,784,934	)
Investments — affiliated		—			135			435			(400	)
Foreign currency transactions		(2,407,639	)		(41,113	)		(111,420	)		(211,945	)
Futures contracts		(315,679	)		(14,558	)		14,719			(342,255	)
In-kind redemptions — unaffiliated^(b)		—			(535,729	)		—			—

		339,656,642			(2,035,297	)		(621,172	)		(10,339,534	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated^(c)		(399,104,888	)		(16,552,767	)		(40,204,639	)		(83,681,145	)
Investments — affiliated		—			302			82			—
Foreign currency translations		(24,819	)		(4,678	)		(3,255	)		(34,422	)
Futures contracts		4,761			(32,094	)		(51,008	)		(151,740	)

		(399,124,946	)		(16,589,237	)		(40,258,820	)		(83,867,307	)

Net realized and unrealized loss		(59,468,304	)		(18,624,534	)		(40,879,992	)		(94,206,841	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(57,871,443	)	$	(17,564,492	)	$	(37,660,892	)	$	(87,754,457	)


^(a)Net of foreign capital gain tax and capital gain tax refund, if applicable	$	(20,028,935	)	$	(805	)	$	—		$	(25,302	)
^(b)See Note 2 of the Notes to Financial Statements.
^(c)Net of reduction in deferred foreign capital gain tax of	$	23,961,891		$	6,607		$	—		$	165,681

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		57

Statements of Operations (unaudited) (continued)

Six Months Ended September 30, 2022


	iShares Latin America 40 ETF

INVESTMENT INCOME
Dividends — unaffiliated	$	97,070,483
Dividends — affiliated		22,192
Securities lending income — affiliated — net		36,809
Foreign taxes withheld		(2,870,687	)

Total investment income		94,258,797


EXPENSES
Investment advisory		3,055,990
Commitment costs		8,619

Total expenses		3,064,609

Net investment income		91,194,188


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(134,593,327	)
Investments — affiliated		14,462
Foreign currency transactions		(249,757	)
Futures contracts		(5,755,690	)
In-kind redemptions — unaffiliated^(a)		6,389,140

		(134,195,172	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(301,422,920	)
Investments — affiliated		2,231
Foreign currency translations		2,917
Futures contracts		(779,564	)

		(302,197,336	)

Net realized and unrealized loss		(436,392,508	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(345,198,320	)

^(a)	See Note 2 of the Notes to Financial Statements.

See notes to financial statements.


58		2 0 2 2 I S H A R E S S E M I - 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

Statements of Changes in Net Assets


	iShares Asia 50 ETF						iShares Blockchain and Tech ETF


		Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Period From 04/25/22 to 09/30/22 (unaudited)	^(a)

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	25,867,459		$	28,699,918		$	5,047
Net realized gain (loss)		(37,325,017	)		100,321,770			(1,474,872	)
Net change in unrealized appreciation (depreciation)		(448,266,514	)		(756,399,361	)		(1,703,336	)


Net decrease in net assets resulting from operations		(459,724,072	)		(627,377,673	)		(3,173,161	)


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders		(14,232,633	)		(35,774,281	)		(984	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(246,207,861	)		(624,392,740	)		8,983,970


NET ASSETS
Total increase (decrease) in net assets		(720,164,566	)		(1,287,544,694	)		5,809,825
Beginning of period		1,885,125,182			3,172,669,876			—


End of period	$	1,164,960,616		$	1,885,125,182		$	5,809,825

^(a)	Commencement of operations.

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		59

Statements of Changes in Net Assets (continued)


	iShares Emerging Markets Infrastructure ETF							iShares Europe ETF


	Six Months Ended 09/30/22 (unaudited)				Year Ended 03/31/22			Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	450,126		$	655,382		$	38,527,388		$	46,610,305
Net realized loss			(1,484,308	)		(1,282,326	)		(12,151,655	)		(27,424,827	)
Net change in unrealized appreciation (depreciation)			(2,631,133	)		76,169			(438,626,315	)		3,559,544


Net increase (decrease) in net assets resulting from operations			(3,665,315	)		(550,775	)		(412,250,582	)		22,745,022


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(289,943	)		(642,264	)		(43,628,558	)		(56,175,033	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			3,220,760			5,705,641			(145,974,513	)		311,464,772


NET ASSETS
Total increase (decrease) in net assets			(734,498	)		4,512,602			(601,853,653	)		278,034,761
Beginning of period			20,595,195			16,082,593			1,943,979,233			1,665,944,472


End of period		$	19,860,697		$	20,595,195		$	1,342,125,580		$	1,943,979,233

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

See notes to financial statements.


60		2 0 2 2 I S H A R E S S E M I - 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

Statements of Changes in Net Assets (continued)


	iShares India 50 ETF (Consolidated)						iShares International Developed Property ETF


	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	1,596,861		$	661,178		$	1,060,042		$	2,144,487
Net realized gain (loss)		339,656,642			52,516,496			(2,035,297	)		(1,322,252	)
Net change in unrealized appreciation (depreciation)		(399,124,946	)		16,573,355			(16,589,237	)		1,609,503


Net increase (decrease) in net assets resulting from operations		(57,871,443	)		69,751,029			(17,564,492	)		2,431,738


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		—			(48,495,153	)		(977,169	)		(3,007,345	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(44,581,965	)		(49,311,607	)		(2,947,463	)		(18,963,064	)


NET ASSETS
Total decrease in net assets		(102,453,408	)		(28,055,731	)		(21,489,124	)		(19,538,671	)
Beginning of period		663,228,155			691,283,886			63,845,972			83,384,643


End of period	$	560,774,747		$	663,228,155		$	42,356,848		$	63,845,972

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		61

Statements of Changes in Net Assets (continued)


	iShares International Developed Small Cap Value Factor ETF						iShares International Dividend Growth ETF


	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	3,219,100		$	1,194,731		$	6,452,384		$	6,718,910
Net realized gain (loss)		(621,172	)		(452,059	)		(10,339,534	)		5,289,828
Net change in unrealized appreciation (depreciation)		(40,258,820	)		(723,621	)		(83,867,307	)		(9,199,161	)


Net increase (decrease) in net assets resulting from operations		(37,660,892	)		19,051			(87,754,457	)		2,809,577


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(2,716,766	)		(407,661	)		(6,398,818	)		(5,744,772	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		—			157,695,420			163,812,951			134,951,001


NET ASSETS
Total increase (decrease) in net assets		(40,377,658	)		157,306,810			69,659,676			132,015,806
Beginning of period		164,181,371			6,874,561			321,871,133			189,855,327


End of period	$	123,803,713		$	164,181,371		$	391,530,809		$	321,871,133

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

See notes to financial statements.


62		2 0 2 2 I S H A R E S S E M I - 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

Statements of Changes in Net Assets (continued)


	iShares Latin America 40 ETF

	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	91,194,188		$	87,719,376
Net realized loss		(134,195,172	)		(97,985,906	)
Net change in unrealized appreciation (depreciation)		(302,197,336	)		277,163,233

Net increase (decrease) in net assets resulting from operations		(345,198,320	)		266,896,703


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(62,590,275	)		(99,359,955	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(345,637,993	)		(199,937,506	)


NET ASSETS
Total decrease in net assets		(753,426,588	)		(32,400,758	)
Beginning of period		1,738,189,677			1,770,590,435

End of period	$	984,763,089		$	1,738,189,677

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		63

Financial Highlights

(For a share outstanding throughout each period)


		iShares Asia 50 ETF


	Six Months Ended 09/30/22 (unaudited)				Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18


Net asset value, beginning of period		$	68.67		$	90.91		$	56.05		$	61.05		$	67.20		$	52.54


Net investment income^(a)			0.96			0.93			1.31			1.42			1.48			1.06
Net realized and unrealized gain (loss)^(b)			(18.90	)		(21.99	)		34.52			(4.94	)		(6.25	)		14.56


Net increase (decrease) from investment operations			(17.94	)		(21.06	)		35.83			(3.52	)		(4.77	)		15.62


Distributions from net investment income^(c)			(0.52	)		(1.18	)		(0.97	)		(1.48	)		(1.38	)		(0.96	)


Net asset value, end of period		$	50.21		$	68.67		$	90.91		$	56.05		$	61.05		$	67.20


Total Return^(d)
Based on net asset value			(26.30	)%^(e)		(23.36	)%		64.22	%		(6.00	)%		(6.94	)%		29.86	%


Ratios to Average Net Assets^(f)
Total expenses			0.50	%^(g)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%


Net investment income			3.11	%^(g)		1.12	%		1.66	%		2.32	%		2.43	%		1.67	%


Supplemental Data
Net assets, end of period (000)		$	1,164,961		$	1,885,125		$	3,172,670		$	1,059,289		$	1,089,745		$	947,500


Portfolio turnover rate^(h)			4	%		13	%		46	%		6	%		10	%		16	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


64		2 0 2 2 I S H A R E S S E M I - 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

Financial Highlights (continued)

(For a share outstanding throughout each period)


iShares Blockchain and Tech ETF


	Period From 04/25/22 to 09/30/22 (unaudited)	^(a)



Net asset value, beginning of period	$	25.56


Net investment income^(b)		0.02
Net realized and unrealized loss^(c)		(11.06	)


Net decrease from investment operations		(11.04	)


Distributions from net investment income^(d)		(0.00	)^(e)


Net asset value, end of period	$	14.52


Total Return^(f)
Based on net asset value		(43.15	)%^(g)


Ratios to Average Net Assets^(h)
Total expenses		0.47	%⁽ⁱ⁾


Net investment income		0.20	%⁽ⁱ⁾


Supplemental Data
Net assets, end of period (000)	$	5,810


Portfolio turnover rate^(j)		45	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(e)	Rounds to less than $0.01.

^(f)	Where applicable, assumes the reinvestment of distributions.

^(g)	Not annualized.

^(h)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾	Annualized.

^(j)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		65

Financial Highlights (continued)

(For a share outstanding throughout each period)


		iShares Emerging Markets Infrastructure ETF


	Six Months Ended 09/30/22 (unaudited)				Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18


Net asset value, beginning of period		$	22.88		$	24.74		$	19.80		$	28.64		$	32.07		$	31.49


Net investment income^(a)			0.46			0.95			0.65			0.75			0.75			0.66
Net realized and unrealized gain (loss)^(b)			(4.12	)		(1.84	)		4.91			(8.94	)		(3.45	)		0.77


Net increase (decrease) from investment operations			(3.66	)		(0.89	)		5.56			(8.19	)		(2.70	)		1.43


Distributions from net investment income^(c)			(0.31	)		(0.97	)		(0.62	)		(0.65	)		(0.73	)		(0.85	)


Net asset value, end of period		$	18.91		$	22.88		$	24.74		$	19.80		$	28.64		$	32.07


Total Return^(d)
Based on net asset value			(16.27	)%^(e)		(3.83	)%		28.33	%		(29.33	)%		(8.35	)%		4.55	%


Ratios to Average Net Assets^(f)
Total expenses			0.60	%^(g)		0.60	%		0.60	%		0.75	%		0.75	%		0.75	%


Net investment income			4.21	%^(g)		3.96	%		2.90	%		2.60	%		2.56	%		2.02	%


Supplemental Data
Net assets, end of period (000)		$	19,861		$	20,595		$	16,083		$	12,870		$	25,773		$	41,686


Portfolio turnover rate^(h)			14	%		23	%		27	%		18	%		25	%		21	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


66		2 0 2 2 I S H A R E S S E M I - 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

Financial Highlights (continued)

(For a share outstanding throughout each period)


		iShares Europe ETF


	Six Months Ended 09/30/22 (unaudited)				Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18


Net asset value, beginning of period		$	50.17		$	50.25		$	35.42		$	43.40		$	46.48		$	41.82


Net investment income^(a)			1.04	^(b)		1.24	^(b)		0.85			1.24			1.42			1.10
Net realized and unrealized gain (loss)^(c)			(12.28	)		0.21			14.82			(7.78	)		(3.16	)		4.69


Net increase (decrease) from investment operations			(11.24	)		1.45			15.67			(6.54	)		(1.74	)		5.79


Distributions from net investment income^(d)			(1.18	)		(1.53	)		(0.84	)		(1.44	)		(1.34	)		(1.13	)


Net asset value, end of period		$	37.75		$	50.17		$	50.25		$	35.42		$	43.40		$	46.48


Total Return^(e)
Based on net asset value			(22.78	)%^(b)(f)		2.69	%^(b)		44.70	%		(15.61	)%		(3.73	)%		13.96	%


Ratios to Average Net Assets^(g)
Total expenses			0.64	%^(h)(i)		0.63	%		0.60	%		0.59	%		0.59	%		0.59	%


Total expenses excluding professional fees for foreign withholding tax claims			0.59	%^(h)		0.58	%		0.59	%		0.59	%		0.59	%		N/A


Net investment income			4.64	%^(b)(h)		2.34	%^(b)		1.94	%		2.84	%		3.23	%		2.39	%


Supplemental Data
Net assets, end of period (000)		$	1,342,126		$	1,943,979		$	1,665,944		$	1,252,107		$	2,002,860		$	2,765,550


Portfolio turnover rate^(j)			4	%		5	%		5	%		5	%		7	%		3	%

^(a)	Based on average shares outstanding.

^(b)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended September 30, 2022 and year ended March 31, 2022:

•

Net investment income per share by $0.12 and $0.18.

•

Total return by 0.26% and 0.36%.

•

Ratio of net investment income to average net assets by 0.27% and 0.34%.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Professional fees were not annualized in the calculation of the expense ratio. If this expense was annualized, the total expenses would have been 0.69%.

^(j)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		67

Financial Highlights (continued)

(For a share outstanding throughout each period)


		iShares India 50 ETF (Consolidated)


	Six Months Ended 09/30/22 (unaudited)				Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18


Net asset value, beginning of period		$	46.38		$	44.60		$	25.87		$	37.92		$	35.00		$	32.27


Net investment income^(a)			0.12			0.05			0.02			0.19			0.16			0.15
Net realized and unrealized gain (loss)^(b)			(4.18	)		5.10			18.74			(12.01	)		2.97			2.68


Net increase (decrease) from investment operations			(4.06	)		5.15			18.76			(11.82	)		3.13			2.83


Distributions from net investment income^(c)			—			(3.37	)		(0.03	)		(0.23	)		(0.21	)		(0.10	)


Net asset value, end of period		$	42.32		$	46.38		$	44.60		$	25.87		$	37.92		$	35.00


Total Return^(d)
Based on net asset value			(8.75	)%^(e)		11.57	%		72.59	%		(31.41	)%		9.04	%		8.76	%


Ratios to Average Net Assets^(f)
Total expenses			0.98	%^(g)		0.89	%		0.90	%		0.93	%		0.94	%		0.92	%


Net investment income			0.53	%^(g)		0.10	%		0.06	%		0.51	%		0.45	%		0.42	%


Supplemental Data
Net assets, end of period (000)		$	560,775		$	663,228		$	691,284		$	483,841		$	828,545		$	1,120,132


Portfolio turnover rate^(h)			101	%		12	%		8	%		26	%		24	%		14	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


68		2 0 2 2 I S H A R E S S E M I - 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

Financial Highlights (continued)

(For a share outstanding throughout each period)


		iShares International Developed Property ETF


	Six Months Ended 09/30/22 (unaudited)				Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18


Net asset value, beginning of period		$	35.47		$	36.25		$	27.97		$	38.79		$	38.95		$	35.50


Net investment income^(a)			0.60			1.06	^(b)		0.94			1.14			1.19			1.17
Net realized and unrealized gain (loss)^(c)			(10.59	)		(0.35	)		8.19			(9.31	)		0.23			3.96


Net increase (decrease) from investment operations			(9.99	)		0.71			9.13			(8.17	)		1.42			5.13


Distributions from net investment income^(d)			(0.56	)		(1.49	)		(0.85	)		(2.65	)		(1.58	)		(1.68	)


Net asset value, end of period		$	24.92		$	35.47		$	36.25		$	27.97		$	38.79		$	38.95


Total Return^(e)
Based on net asset value			(28.34	)%^(f)		1.79	%^(b)		32.96	%		(22.52	)%		3.91	%		14.58	%


Ratios to Average Net Assets^(g)
Total expenses			0.48	%^(h)		0.49	%		0.48	%		0.48	%		0.48	%		0.48	%


Total expenses excluding professional fees for foreign withholding tax claims			N/A			0.48	%		N/A			N/A			N/A			N/A


Net investment income			3.85	%^(h)		2.82	%^(b)		2.92	%		3.01	%		3.16	%		3.04	%


Supplemental Data
Net assets, end of period (000)		$	42,357		$	63,846		$	83,385		$	78,329		$	131,871		$	155,780


Portfolio turnover rate⁽ⁱ⁾			4	%		12	%		16	%		8	%		9	%		11	%

^(a)	Based on average shares outstanding.

^(b)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2021, respectively:

•

Net investment income per share by $0.04.

•

Total return by 0.12% respectively.

•

Ratio of net investment income to average net assets by 0.09% respectively.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		69

Financial Highlights (continued)

(For a share outstanding throughout each period)


		iShares International Developed Small Cap Value Factor ETF


	Six Months Ended 09/30/22 (unaudited)					Year Ended 03/31/22			Period From 03/23/21 to 03/31/21	^(a)


Net asset value, beginning of period		$	34.20		$	34.37		$	34.52

Net investment income^(b)			0.67			1.59			0.16
Net realized and unrealized loss^(c)			(8.51	)		(0.74	)		(0.31	)

Net increase (decrease) from investment operations			(7.84	)		0.85			(0.15	)

Distributions from net investment income^(d)			(0.57	)		(1.02	)		—


Net asset value, end of period		$	25.79		$	34.20		$	34.37


Total Return^(e)
Based on net asset value			(23.23	)%^(f)		2.42	%		(0.43	)%^(f)


Ratios to Average Net Assets^(g)
Total expenses			0.40	%^(h)		0.40	%		0.40	%^(h)

Total expenses after fees waived			0.30	%^(h)		0.30	%		0.30	%^(h)

Net investment income			4.39	%^(h)		4.55	%		17.96	%^(h)


Supplemental Data
Net assets, end of period (000)		$	123,804		$	164,181		$	6,875

Portfolio turnover rate⁽ⁱ⁾			10	%		35	%		0	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


70		2 0 2 2 I S H A R E S S E M I - 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

Financial Highlights (continued)

(For a share outstanding throughout each period)


		iShares International Dividend Growth ETF


	Six Months Ended 09/30/22 (unaudited)				Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18


Net asset value, beginning of period		$	65.02		$	64.36		$	45.51		$	53.81		$	56.40		$	51.23


Net investment income^(a)			1.00			1.74			1.53			1.56			1.51			1.27
Net realized and unrealized gain (loss)^(b)			(14.55	)		0.39			18.87			(8.24	)		(2.58	)		5.31


Net increase (decrease) from investment operations			(13.55	)		2.13			20.40			(6.68	)		(1.07	)		6.58


Distributions from net investment income^(c)			(0.95	)		(1.47	)		(1.55	)		(1.62	)		(1.52	)		(1.41	)


Net asset value, end of period		$	50.52		$	65.02		$	64.36		$	45.51		$	53.81		$	56.40


Total Return^(d)
Based on net asset value			(20.97	)%^(e)		3.28	%		45.29	%		(12.75	)%		(1.88	)%		12.93	%


Ratios to Average Net Assets^(f)
Total expenses			0.15	%^(g)		0.15	%		0.19	%		0.22	%		0.22	%		0.22	%


Net investment income			3.43	%^(g)		2.60	%		2.66	%		2.81	%		2.80	%		2.26	%


Supplemental Data
Net assets, end of period (000)		$	391,531		$	321,871		$	189,855		$	79,644		$	75,329		$	56,397


Portfolio turnover rate^(h)			12	%		40	%		66	%		35	%		34	%		42	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		71

Financial Highlights (continued)

(For a share outstanding throughout each period)


		iShares Latin America 40 ETF


	Six Months Ended 09/30/22 (unaudited)				Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18


Net asset value, beginning of period		$	30.36		$	27.56		$	18.34		$	33.24		$	37.28		$	31.58


Net investment income^(a)			1.82			1.70			0.68			0.98			0.88			0.83
Net realized and unrealized gain (loss)^(b)			(7.35	)		3.09			9.09			(14.83	)		(3.96	)		5.49


Net increase (decrease) from investment operations			(5.53	)		4.79			9.77			(13.85	)		(3.08	)		6.32


Distributions from net investment income^(c)			(1.10	)		(1.99	)		(0.55	)		(1.05	)		(0.96	)		(0.62	)


Net asset value, end of period		$	23.73		$	30.36		$	27.56		$	18.34		$	33.24		$	37.28


Total Return^(d)
Based on net asset value			(18.48	)%^(e)		19.25	%		53.62	%		(43.05	)%		(7.93	)%		20.38	%


Ratios to Average Net Assets^(f)
Total expenses			0.48	%^(g)		0.47	%		0.48	%		0.48	%		0.48	%		0.48	%


Net investment income			14.21	%^(g)		6.07	%		2.78	%		3.08	%		2.68	%		2.43	%


Supplemental Data
Net assets, end of period (000)		$	984,763		$	1,738,190		$	1,770,590		$	797,877		$	1,529,164		$	1,770,599


Portfolio turnover rate^(h)			14	%		27	%		20	%		22	%		20	%		16	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


72		2 0 2 2 I S H A R E S S E M I - 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

Notes to Financial Statements (unaudited)

1.	*ORGANIZATION*

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


iShares ETF		Diversification Classification
Asia 50		Non-diversified
Blockchain and Tech^(a)		Non-diversified
Emerging Markets Infrastructure		Non-diversified
Europe		Diversified
India 50		Non-diversified
International Developed Property		Diversified
International Developed Small Cap Value Factor		Non-diversified
International Dividend Growth		Diversified
Latin America 40		Non-diversified

^(a)

The Fund commenced operations on April 25, 2022.

Basis of Consolidation: The accompanying consolidated financial statements for the iShares India 50 ETF includes the accounts of its subsidiary in the Republic of Mauritius, which is a wholly-owned subsidiary (the “Subsidiary”) of the Fund that invests in Indian securities. Through this investment structure, the Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India. The net assets of the Subsidiary as of period end were $319,416, which is 0.1% of the Fund’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated.

Effective August 8, 2022, iShares India 50 ETF no longer invests in the Subsidiary. iShares India 50 ETF transferred substantially all of the assets of iShares India 50 ETF’s wholly owned Mauritius Subsidiary to iShares India 50 ETF through on-exchange transactions in India. iShares India 50 ETF recognized a net realized gain of $348,862,956 as a result of this transaction. After the transfer, iShares India 50 ETF began making new investments in India directly.

2.	*SIGNIFICANT ACCOUNTING POLICIES*


N O T E S T O F I N A N C I A L S T A T E M E N T S		73

Notes to Financial Statements (unaudited) (continued)

are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of September 30, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

The iShares India 50 ETF has conducted investment activities in India through its Subsidiary and expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, the Subsidiary must have commercial substance, on an annual basis, to satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius, have the place of effective management outside of India, and related requirements. The Fund has obtained a current tax residence certificate issued by the Mauritian Revenue Authorities.

Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, the Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, the Subsidiary is entitled to a tax credit equivalent to the higher of the actual foreign tax incurred or 80% of the Mauritius tax on its foreign source income, thus reducing its maximum effective tax rate to 3% up to June 30, 2021. After June 30, 2021, under the new tax regime and subject to meeting the necessary substance requirements as required under the Financial Services Act 2007 (as amended by the Finance Act 2018) and such guidelines issued by the Financial Services Commission (the “FSC”), the Subsidiary is entitled to either (a) a foreign tax credit equivalent to the actual foreign tax suffered on its foreign income against the Subsidiary’s tax liability computed at 15% on such income, or (b) a partial exemption of 80% of some of the income derived, including interest income or foreign source dividends. Taxes on income, if any, are paid by the Subsidiary and are disclosed in its Consolidated Statements of Operations. Any dividends paid by a Subsidiary to its Fund are not subject to tax in Mauritius. The Subsidiary is currently exempt from tax in Mauritius on any gains from the sale of securities.

The DTAA provides that capital gains will be taxable in India with respect to the sale of shares acquired on or after April 1, 2017. Capital gains arising from shares acquired before April 1, 2017, regardless of when they are sold, will continue to be exempt from taxation under the amended DTAA, assuming requirements for eligibility under the DTAA are satisfied. There can be no assurance, however, that the DTAA will remain in effect during the Subsidiary’s existence or that it will continue to enjoy its benefits on the shares acquired prior to April 1, 2017.

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

•

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


74		2 0 2 2 I S H A R E S S E M I - 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

Notes to Financial Statements (unaudited) (continued)

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

•

4.	*SECURITIES AND OTHER INVESTMENTS*


N O T E S T O F I N A N C I A L S T A T E M E N T S		75

Notes to Financial Statements (unaudited) (continued)

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:



iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount

Blockchain and Tech
BMO Capital Markets Corp.	$	762,037	$	(747,778	)	$	—		$	14,259	^(b)
BNP Paribas SA		4,347		(4,347	)		—			—
BofA Securities, Inc.		623,404		(623,404	)		—			—
J.P. Morgan Securities LLC		267,010		(267,010	)		—			—
Jefferies LLC		10,286		(10,286	)		—			—
UBS AG		64,102		(64,102	)		—			—
Wells Fargo Bank N.A.		18,715		(18,533	)		—			182	^(b)

	$	1,749,901	$	(1,735,460	)	$	—		$	14,441


Emerging Markets Infrastructure
Barclays Bank PLC	$	342,040	$	(342,040	)	$	—		$	—
BofA Securities, Inc.		380,956		(380,956	)		—			—
Morgan Stanley		76,687		(76,687	)		—			—
UBS Securities LLC		2,720		(2,720	)		—			—

	$	802,403	$	(802,403	)	$	—		$	—


Europe
BNP Paribas SA	$	74,013	$	(69,866	)	$	—		$	4,147	^(b)
Citigroup Global Markets, Inc.		368,579		(368,579	)		—			—
Goldman Sachs & Co. LLC		46,546		(43,783	)		—			2,763	^(b)
J.P. Morgan Securities LLC		801,595		(801,595	)		—			—
Morgan Stanley		626,948		(589,724	)		—			37,224	^(b)
Scotia Capital (USA), Inc.		421,617		(421,617	)		—			—

	$	2,339,298	$	(2,295,164	)	$	—		$	44,134


International Developed Property
Barclays Capital, Inc.	$	18,884	$	(18,884	)	$	—		$	—
BofA Securities, Inc.		247,993		(247,993	)		—			—
Citigroup Global Markets, Inc.		161,075		(161,075	)		—			—
Goldman Sachs & Co. LLC		25,607		(25,607	)		—			—
HSBC Bank PLC		23,859		(23,859	)		—			—
J.P. Morgan Securities LLC		19,274		(19,274	)		—			—
Morgan Stanley		187,770		(187,770	)		—			—
SG Americas Securities LLC		25,097		(25,097	)		—			—
UBS AG		76,426		(73,119	)		—			3,307	^(b)

	$	785,985	$	(782,678	)	$	—		$	3,307


International Developed Small Cap Value Factor
Barclays Capital, Inc.	$	189,365	$	(189,365	)	$	—		$	—
Goldman Sachs & Co. LLC		116,087		(116,087	)		—			—
J.P. Morgan Securities LLC		100,536		(100,536	)		—			—
UBS AG		241,550		(241,550	)		—			—

	$	647,538	$	(647,538	)	$	—		$	—


International Dividend Growth
Morgan Stanley	$	13,613	$	(13,613	)	$	—		$	—


Latin America 40
Barclays Bank PLC	$	118,975	$	(118,975	)	$	—		$	—
Barclays Capital, Inc.		192,348		(192,348	)		—			—
BNP Paribas SA		17,229,132		(16,946,523	)		—			282,609	^(b)
Citadel Clearing LLC		10,757,232		(10,574,065	)		—			183,167	^(b)
Citigroup Global Markets, Inc.		102,478		(102,478	)		—			—
J.P. Morgan Securities LLC		2,466,412		(2,466,412	)		—			—
Morgan Stanley		9,466,017		(9,466,017	)		—			—
SG Americas Securities LLC		1,243,098		(1,222,955	)		—			20,143	^(b)
UBS AG		11,054,016		(10,867,755	)		—			186,261	^(b)
UBS Securities LLC		412,920		(405,889	)		—			7,031	^(b)
Wells Fargo Bank N.A.		216,396		(214,628	)		—			1,768	^(b)

	$	53,259,024	$	(52,578,045	)	$	—		$	680,979


76		2 0 2 2 I S H A R E S S E M I - 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

Notes to Financial Statements (unaudited) (continued)

^(a)

^(b)

The market value of the loaned securities is determined as of September 30, 2022. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

6.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:


iShares ETF	Investment Advisory Fees

Asia 50		0.50%
Blockchain and Tech		0.47
Emerging Markets Infrastructure		0.60
India 50		0.89
International Developed Property		0.48
International Developed Small Cap Value Factor		0.40
International Dividend Growth		0.15

For its investment advisory services to the iShares Europe ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:


Aggregate Average Daily Net Assets	Investment Advisory Fees

First $12 billion		0.6000%
Over $12 billion, up to and including $18 billion		0.5700
Over $18 billion, up to and including $24 billion		0.5415
Over $24 billion, up to and including $30 billion		0.5145
Over $30 billion		0.4888


N O T E S T O F I N A N C I A L S T A T E M E N T S		77

Notes to Financial Statements (unaudited) (continued)

For its investment advisory services to the iShares Latin America 40 ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:


Aggregate Average Daily Net Assets	Investment Advisory Fees

First $46 billion		0.5000%
Over $46 billion, up to and including $81 billion		0.4750
Over $81 billion, up to and including $111 billion		0.4513
Over $111 billion, up to and including $141 billion		0.4287
Over $141 billion, up to and including $171 billion		0.4073
Over $171 billion		0.3869

The Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. The Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.

For the iShares Emerging Markets Infrastructure ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through July 31, 2027 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds. For the iShares International Developed Small Cap Value Factor ETF, BFA has contractually agreed to waive a portion of its investment advisory fee through March 31, 2023 in order to limit the Fund’s total annual operating expenses after fee waiver to 0.30% of average daily net assets.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the six months ended September 30, 2022, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:


iShares ETF	Amounts Waived

International Developed Small Cap Value Factor	$	73,280

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.


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Notes to Financial Statements (unaudited) (continued)


iShares ETF	Amounts

Asia 50	$	280
Blockchain and Tech		1,944
Emerging Markets Infrastructure		1,515
Europe		6,310
International Developed Property		2,768
International Developed Small Cap Value Factor		724
International Dividend Growth		385
Latin America 40		12,830

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

For the six months ended September 30, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)

Asia 50	$	10,507,522	$	5,289,276	$	(2,758,519)
Emerging Markets Infrastructure		34,575		437,039		(916,303)
Europe		1,681,638		1,442,411		(1,028,180)
International Developed Property		—		64,380		(45,399)
International Developed Small Cap Value Factor		1,191,785		2,888,669		(41,976)
International Dividend Growth		7,267,452		3,207,176		(628,083)
Latin America 40		482,525		342,615		(393,134)

7.	*PURCHASES AND SALES*

For the six months ended September 30, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:


iShares ETF	Purchases		Sales

Asia 50	$	61,345,933	$	146,967,343
Blockchain and Tech		3,071,782		2,448,014
Emerging Markets Infrastructure		5,636,870		2,981,211
Europe		58,223,399		63,681,653
India 50		605,965,548		649,845,142
International Developed Property		2,594,350		2,418,232
International Developed Small Cap Value Factor		15,634,554		14,477,319
International Dividend Growth		66,468,327		43,022,204
Latin America 40		178,527,888		231,939,215

For the six months ended September 30, 2022, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales

Asia 50	$	587,707	$	144,395,498
Blockchain and Tech		8,349,861		—
Emerging Markets Infrastructure		1,914,839		1,029,160
Europe		—		142,412,123
International Developed Property		—		2,816,122
International Dividend Growth		139,328,082		—
Latin America 40		190,070,343		458,518,060


N O T E S T O F I N A N C I A L S T A T E M E N T S		79

Notes to Financial Statements (unaudited) (continued)

8.	*INCOME TAX INFORMATION*

As of March 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:


iShares ETF	Amounts

Asia 50	$	68,873,468
Emerging Markets Infrastructure		31,626,395
Europe		330,810,465
India 50		7,613,251
International Developed Property		29,854,811
International Developed Small Cap Value Factor		357,587
International Dividend Growth		7,114,242
Latin America 40		861,526,464


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

Asia 50	$	1,537,767,948	$	146,298,224	$	(522,608,099	)	$	(376,309,875)
Blockchain and Tech		9,420,631		105,373		(1,808,679	)		(1,703,306)
Emerging Markets Infrastructure		24,327,171		2,422,010		(6,035,313	)		(3,613,303)
Europe		1,802,148,443		133,833,240		(593,707,683	)		(459,874,443)
India 50		624,969,204		325,926,851		(392,098,261	)		(66,171,410)
International Developed Property		71,369,336		771,869		(29,050,340	)		(28,278,471)
International Developed Small Cap Value Factor		164,582,247		1,060,463		(42,707,443	)		(41,646,980)
International Dividend Growth		472,290,239		2,919,671		(86,138,213	)		(83,218,542)
Latin America 40		1,381,152,844		47,563,107		(380,790,414	)		(333,227,307)

9.	*LINE OF CREDIT*

The iShares Asia 50 ETF, iShares Emerging Markets Infrastructure ETF, iShares India 50 ETF, iShares International Dividend Growth ETF and iShares Latin America 40 ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 11, 2023. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the six months ended September 30, 2022, the Funds did not borrow under the Syndicated Credit Agreement.

Effective April 21, 2022, iShares India 50 ETF, along with certain other iShares funds (“Mauritius Participating Funds”), is a party to a $1.50 billion unsecured and uncommitted line of credit (“Uncommitted Liquidity Facility”) with State Street Bank and Trust Company, which may be used solely to facilitate trading associated with the closure of the Fund’s Mauritius subsidiary. The Uncommitted Liquidity Facility has interest at a rate equal to the higher of (a) the U.S. Federal Funds rate (not less than zero) plus 1.25% per annum or (b) the Overnight Bank Funding rate (not less than zero) plus 1.25% per annum on amounts borrowed. Each Mauritius Participating Fund will be removed from the Uncommitted Liquidity Facility once trading out of its holdings in the Mauritius subsidiary is complete.


80		2 0 2 2 I S H A R E S S E M I - 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

Notes to Financial Statements (unaudited) (continued)

For the six months ended September 30, 2022, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Uncommitted Liquidity Facility were as follows:


iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
India 50	$	151,350,000	$	15,207,923		3.27%

10.

PRINCIPAL RISKS

Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (iv) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

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


N O T E S T O F I N A N C I A L S T A T E M E N T S		81

Notes to Financial Statements (unaudited) (continued)

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

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

LIBOR Transition Risk: The United Kingdom’s Financial ConductAuthority announced a phase out of the London Interbank Offered Rate (“LIBOR”).Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.


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Notes to Financial Statements (unaudited) (continued)

11.

CAPITAL SHARE TRANSACTIONS

Transactions in capital shares were as follows:



	Six Months Ended 09/30/22						Year Ended 03/31/22

iShares ETF	Shares			Amount			Shares			Amount

Asia 50
Shares sold		350,000		$	23,464,091			550,000		$	50,293,530
Shares redeemed		(4,600,000	)		(269,671,952	)		(8,000,000	)		(674,686,270	)

		(4,250,000	)	$	(246,207,861	)		(7,450,000	)	$	(624,392,740	)

Period Ended

09/30/22

iShares ETF

Shares

Amount

Blockchain and Tech

Shares sold

400,000

8,983,970




	Six Months Ended 09/30/22						Year Ended 03/31/22

iShares ETF	Shares			Amount			Shares			Amount

Emerging Markets Infrastructure
Shares sold		200,000		$	4,326,610			250,000		$	5,705,641
Shares redeemed		(50,000	)		(1,105,850	)		—			—

		150,000		$	3,220,760			250,000		$	5,705,641


Europe
Shares sold		—		$	1,959			6,250,000		$	340,588,053
Shares redeemed		(3,200,000	)		(145,976,472	)		(650,000	)		(29,123,281	)

		(3,200,000	)	$	(145,974,513	)		5,600,000		$	311,464,772


India 50
Shares sold		—		$	3,840			850,000		$	44,660,162
Shares redeemed		(1,050,000	)		(44,585,805	)		(2,050,000	)		(93,971,769	)

		(1,050,000	)	$	(44,581,965	)		(1,200,000	)	$	(49,311,607	)


International Developed Property
Shares sold		—		$	—			—		$	58
Shares redeemed		(100,000	)		(2,947,463	)		(500,000	)		(18,963,122	)

		(100,000	)	$	(2,947,463	)		(500,000	)	$	(18,963,064	)


International Developed Small Cap Value Factor
Shares sold		—		$	—			4,600,000		$	157,695,420


International Dividend Growth
Shares sold		2,800,000		$	163,812,951			2,450,000		$	165,044,172
Shares redeemed		—			—			(450,000	)		(30,093,171	)

		2,800,000		$	163,812,951			2,000,000		$	134,951,001


Latin America 40
Shares sold		8,750,000		$	244,609,132			25,250,000		$	664,304,225
Shares redeemed		(24,500,000	)		(590,247,125	)		(32,250,000	)		(864,241,731	)

		(15,750,000	)	$	(345,637,993	)		(7,000,000	)	$	(199,937,506	)


N O T E S T O F I N A N C I A L S T A T E M E N T S		83

Notes to Financial Statements (unaudited) (continued)

pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

12.

FOREIGN WITHHOLDING TAX CLAIMS

The iShares Europe ETF is expected to seek a closing agreement with the Internal Revenue Service (“IRS”) to address any prior years’ U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Fund has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statements of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

13.

SUBSEQUENT EVENTS


84		2 0 2 2 I S H A R E S S E M I - 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

Board Review and Approval of Investment Advisory Contract

iShares Asia 50 ETF, iShares International Developed Property ETF (each the “Fund”)

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rate and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.


BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT		85

Board Review and Approval of Investment Advisory Contract (continued)

iShares Blockchain and Tech ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required to consider and approve the proposed Investment


86		2 0 2 2 I S H A R E S S E M I - 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

Board Review and Approval of Investment Advisory Contract (continued)

Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Contract. At a meeting held on December 9 – December 10, 2021, the Board, including the Independent Board Members, approved the selection of BFA as investment adviser and approved the proposed Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. (“BTC”), and BlackRock, Inc. (“BlackRock”), as applicable, at prior Board meetings. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses of the Fund; (ii) the nature, extent and quality of the services to be provided by BFA; (iii) the costs of services to be provided to the Fund and the availability of information related to profits to be realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the Advisory Contract are discussed below.

Expenses of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board further noted that due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances.

The Board also noted that the overall fund expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level of the Fund supported the Board’s approval of the Advisory Contract.

Nature, Extent and Quality of Services: The Board reviewed the scope of services to be provided by BFA under the Advisory Contract. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time and have made significant investments into the iShares business to support the iShares funds and their shareholders. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA’s compliance program and its compliance record with respect to other iShares funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and relevant, and has provided information and made appropriate officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons who will be responsible for the day-to-day management of the Fund, as well as the resources that will be available to them in managing the Fund. The Board also considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided throughout the year with respect to other iShares funds.

Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided to the Fund under the Advisory Contract supported the Board’s approval of the Advisory Contract.

Costs of Services to be Provided to the Fund and Profits to be Realized by BFA and Affiliates: The Board did not consider the profitability of the Fund to BFA based on the fees payable under the Advisory Contract or revenue to be received by BFA or its affiliates in connection with services to be provided to the Fund since the proposed relationship had not yet commenced. The Board noted that it expects to receive profitability information from BFA periodically following the Fund’s launch and will thus be in a position to evaluate whether any new or additional breakpoints or other adjustments in Fund fees would be appropriate.

Economies of Scale: The Board considered information that it had previously received regarding economies of scale, efficiencies and scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints and waivers or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Contract for the Fund did not provide for any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

This consideration of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the Advisory Contract.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA previously provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the iShares funds, including in terms of the different and generally more extensive services provided to the iShares funds, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other


BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT		87

Board Review and Approval of Investment Advisory Contract (continued)

Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement.

Other Benefits to BFA and/or its Affiliates: Except as noted below, the Board did not consider the “fallout” benefits or ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA since the proposed relationship had not yet commenced. However, the Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board considered the potential payment of advisory fees and/or administration fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also noted the potential revenue to be received by BFA and/or its affiliates pursuant to an agreement that would permit a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board also considered the potential for revenue to BTC, the Fund’s securities lending agent, and its affiliates in the event of any loaning of portfolio securities of the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions), will be reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the Advisory Contract.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services to be rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the Advisory Contract.

iShares Emerging Markets Infrastructure ETF, iShares India 50 ETF (each the “Fund”)

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.


88		2 0 2 2 I S H A R E S S E M I - 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

Board Review and Approval of Investment Advisory Contract (continued)


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		89

Board Review and Approval of Investment Advisory Contract (continued)

iShares Europe ETF (the “Fund”)

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.


90		2 0 2 2 I S H A R E S S E M I - 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

Board Review and Approval of Investment Advisory Contract (continued)

the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		91

Board Review and Approval of Investment Advisory Contract (continued)

and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

iShares International Developed Small Cap Value Factor ETF, iShares International Dividend Growth ETF (each the “Fund”)


92		2 0 2 2 I S H A R E S S E M I - 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

Board Review and Approval of Investment Advisory Contract (continued)

provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		93

Board Review and Approval of Investment Advisory Contract (continued)

portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

iShares Latin America 40 ETF (the “Fund”)


94		2 0 2 2 I S H A R E S S E M I - 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

Board Review and Approval of Investment Advisory Contract (continued)

in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		95

Board Review and Approval of Investment Advisory Contract (continued)


96		2 0 2 2 I S H A R E S S E M I - 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

Supplemental Information (unaudited)

Section 19(a) Notices

September 30, 2022



	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date

iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Asia 50^(a)	$	0.469052	$	—	$	0.049441	$	0.518493		90	%		—	%		10	%		100	%
Europe^(a)		1.157702		—		0.026248		1.183950		98			—			2			100
International Developed Property^(a)		0.554360		—		0.003517		0.557877		99			—			1			100

^(a)


S U P P L E M E N T A L I N F O R M A T I O N		97

General Information

Electronic Delivery

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Availability of Quarterly Schedule of Investments

Availability of Proxy Voting Policies and Proxy Voting Records


98		2 0 2 2 I S H A R E S S E M I - 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

Glossary of Terms Used in this Report

Portfolio Abbreviation



ADR		American Depositary Receipt

CPO		Certificates of Participation (Ordinary)

GDR		Global Depositary Receipt

JSC		Joint Stock Company

NVDR		Non-Voting Depositary Receipt

NVS		Non-Voting Shares

PJSC		Public Joint Stock Company

REIT		Real Estate Investment Trust


GLOSSARY OF TERMS USED IN THIS REPORT		99

Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC, FTSE International Limited, India Index Services & Products Ltd., Morningstar Inc. or S&P Dow Jones Indices LLC, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

iS-SAR-304-0922


		SEPTEMBER 30, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

iShares JPX-Nikkei 400 ETF | JPXN | NYSE Arca

The Markets in Review

Dear Shareholder,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of September 30, 2022

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	(20.20)%	(15.47)%

U.S. small cap equities (Russell 2000^® Index)	(19.01)	(23.50)

International equities (MSCI Europe, Australasia, Far East Index)	(22.51)	(25.13)

Emerging market equities (MSCI Emerging Markets Index)	(21.70)	(28.11)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.58	0.63

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(10.81)	(16.20)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(9.22)	(14.60)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(6.30)	(11.50)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(10.42)	(14.15)

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


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

Table of Contents


	Page

The Markets in Review		2

Semi-Annual Report:

Fund Summary		4

About Fund Performance		5

Disclosure of Expenses		5

Schedule of Investments		6

Financial Statements:

Statement of Assets and Liabilities		12

Statement of Operations		13

Statements of Changes in Net Assets		14

Financial Highlights		15

Notes to Financial Statements		16

Board Review and Approval of Investment Advisory Contract		23

Supplemental Information		25

General Information		26


Fund Summary as of September 30, 2022		iShares^® JPX-Nikkei 400 ETF

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 the JPX-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 the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(19.42	)%		(28.75	)%		(1.13	)%		4.48	%		(28.75	)%		(5.51	)%		55.03	%
Fund Market		(19.35	)		(28.73	)		(1.12	)		4.60			(28.73	)		(5.48	)		56.73
Index		(20.40	)		(28.98	)		(0.84	)		4.81			(28.98	)		(4.13	)		59.90

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 the JPX-Nikkei Index 400.

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 805.80	$ 2.17			$ 1,000.00	$ 1,022.70	$ 2.43		0.48	%

^(a)

Portfolio Information

SECTOR ALLOCATION


Sector	Percent of Total Investments	^(a)

Industrials	23.4	%
Consumer Discretionary	13.1
Information Technology	12.8
Health Care	11.6
Financials	10.5
Communication Services	9.2
Consumer Staples	8.5
Materials	5.6
Real Estate	2.9
Utilities	1.3
Energy	1.1

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)

Daiichi Sankyo Co. Ltd.	1.7	%
Recruit Holdings Co. Ltd.	1.6
Keyence Corp.	1.6
Nintendo Co. Ltd.	1.6
Hoya Corp.	1.5
Nippon Telegraph & Telephone Corp.	1.5
KDDI Corp.	1.5
Takeda Pharmaceutical Co. Ltd.	1.5
Sumitomo Mitsui Financial Group Inc.	1.5
Hitachi Ltd.	1.5

^(a)

Excludes money market funds.


4		2 0 2 2 I S H A R E S S E M I - 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

About Fund Performance

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

Disclosure of Expenses

Shareholders of the Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense example shown (which is based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) is intended to assist shareholders both in calculating expenses based on an investment in the Fund and in comparing these expenses with similar costs of investing in other funds.

The expense example provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense example also provides information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Fund and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense example are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical example is useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.


A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S		5

Schedule of Investments (unaudited)

September 30, 2022

iShares^® JPX-Nikkei 400 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Air Freight & Logistics — 0.6%
Hitachi Transport System Ltd.		600	$	35,867
Maruwa Unyu Kikan Co. Ltd.		600		6,036
Mitsui-Soko Holdings Co. Ltd.		600		12,730
Nippon Express Holdings Inc.		1,200		60,995
SG Holdings Co. Ltd.		6,000		82,180
Yamato Holdings Co. Ltd.		5,400		81,094


				278,902

Auto Components — 2.5%
Aisin Corp.		3,000		77,219
Bridgestone Corp.		10,200		329,877
Denso Corp.		7,800		356,641
Koito Manufacturing Co. Ltd.		3,600		49,220
NGK Spark Plug Co. Ltd.		3,000		53,207
Nifco Inc./Japan		1,200		25,078
Sumitomo Electric Industries Ltd.		13,800		140,091
Sumitomo Rubber Industries Ltd.		3,000		23,886
Toyo Tire Corp.		1,800		19,592
Toyoda Gosei Co. Ltd.		1,200		18,169
Toyota Boshoku Corp.		1,200		14,708
TS Tech Co. Ltd.		1,800		17,659
Yokohama Rubber Co. Ltd. (The)		1,800		27,666


				1,153,013

Automobiles — 4.0%
Honda Motor Co. Ltd.		28,800		625,126
Isuzu Motors Ltd.		11,400		126,055
Subaru Corp.		10,200		154,146
Suzuki Motor Corp.		7,800		242,815
Toyota Motor Corp.		49,220		643,327
Yamaha Motor Co. Ltd.		4,800		89,932


				1,881,401

Banks — 5.3%
Aozora Bank Ltd.		2,400		42,908
Chiba Bank Ltd. (The)		10,800		58,486
Concordia Financial Group Ltd.		19,200		59,585
Fukuoka Financial Group Inc.		3,000		53,428
Mebuki Financial Group Inc.		15,000		29,300
Mitsubishi UFJ Financial Group Inc.		140,400		636,029
Mizuho Financial Group Inc.		46,250		500,639
Resona Holdings Inc.		40,800		149,306
Seven Bank Ltd.		11,400		20,424
Shinsei Bank Ltd.		2,400		34,470
Sumitomo Mitsui Financial Group Inc.		25,200		698,581
Sumitomo Mitsui Trust Holdings Inc.		6,604		187,816


				2,470,972

Beverages — 1.2%
Asahi Group Holdings Ltd.		7,200		224,468
Kirin Holdings Co. Ltd.		14,400		221,843
Suntory Beverage & Food Ltd.		2,400		85,414
Takara Holdings Inc.		2,400		17,531


				549,256

Biotechnology — 0.1%
PeptiDream Inc.^(a)		1,800		20,055
Takara Bio Inc.		1,200		14,077


				34,132

Building Products — 1.9%
AGC Inc.		3,600		112,075
Daikin Industries Ltd.		4,200		646,250


Security	Shares		Value

Building Products (continued)
Nichias Corp.		1,200	$	18,611
Sanwa Holdings Corp.		3,600		30,919
TOTO Ltd.		2,400		80,144


				887,999

Capital Markets — 0.9%
Daiwa Securities Group Inc.		24,600		96,552
GMO Financial Holdings Inc.		600		2,968
JAFCO Group Co. Ltd.		1,200		17,670
Japan Exchange Group Inc.		9,000		121,635
Monex Group Inc.		3,000		9,341
Nomura Holdings Inc.		59,400		196,785


				444,951

Chemicals — 4.2%
Aica Kogyo Co. Ltd.		1,200		25,991
Air Water Inc.		3,000		35,435
Asahi Kasei Corp.		24,000		159,055
Daicel Corp.		4,800		28,261
Denka Co. Ltd.		1,200		26,387
Kansai Paint Co. Ltd.		3,600		51,041
Kuraray Co. Ltd.		5,400		37,752
Mitsubishi Chemical Group Corp.		24,000		109,941
Mitsubishi Gas Chemical Co. Inc.		3,000		39,446
Mitsui Chemicals Inc.		3,000		58,475
Nippon Paint Holdings Co. Ltd.		14,400		97,271
Nippon Sanso Holdings Corp.		3,000		47,421
Nissan Chemical Corp.		1,800		80,413
Nitto Denko Corp.		2,400		129,950
NOF Corp.		1,200		43,347
Shin-Etsu Chemical Co. Ltd.		6,000		593,741
Sumitomo Chemical Co. Ltd.		26,400		90,805
Teijin Ltd.		3,600		34,910
Tokai Carbon Co. Ltd.		3,000		20,330
Tokuyama Corp.		1,200		14,455
Toray Industries Inc.		24,000		118,124
Tosoh Corp.		4,800		53,498
UBE Corp.		1,800		24,042
Zeon Corp.		3,000		26,513


				1,946,604

Commercial Services & Supplies — 0.6%
Aeon Delight Co. Ltd.		600		11,775
Japan Elevator Service Holdings Co. Ltd.		1,200		15,702
Pilot Corp.		600		22,685
Secom Co. Ltd.		3,600		205,269
Sohgo Security Services Co. Ltd.		1,200		30,195


				285,626

Construction & Engineering — 1.2%
COMSYS Holdings Corp.		1,800		30,542
EXEO Group Inc.		1,800		26,024
Hazama Ando Corp.		2,400		13,856
INFRONEER Holdings Inc.		4,200		28,468
Kajima Corp.		8,400		79,619
Kandenko Co. Ltd.		1,800		10,348
Kumagai Gumi Co. Ltd.		600		10,458
Kyudenko Corp.		600		11,400
Mirait One Co.		1,800		18,244
Nishimatsu Construction Co. Ltd.		600		15,698
Obayashi Corp.		11,400		73,165
Penta-Ocean Construction Co. Ltd.		4,800		24,099
Shimizu Corp.		10,800		52,802


6		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® JPX-Nikkei 400 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Construction & Engineering (continued)
SHO-BOND Holdings Co. Ltd.		600	$	25,925
Taisei Corp.		3,600		99,841
Toda Corp.		4,800		24,692


				545,181

Construction Materials — 0.1%
Taiheiyo Cement Corp.		2,400		33,891


Consumer Finance — 0.2%
Acom Co. Ltd.		6,600		14,172
AEON Financial Service Co. Ltd.		2,400		23,816
Marui Group Co. Ltd.		3,000		49,717
Orient Corp.		900		7,139


				94,844

Containers & Packaging — 0.1%
FP Corp.		600		14,719
Rengo Co. Ltd.		3,000		17,469


				32,188

Distributors — 0.0%
Paltac Corp.		600		18,464


Diversified Financial Services — 1.0%
Fuyo General Lease Co. Ltd.		600		32,754
Mitsubishi HC Capital Inc.		12,000		51,579
Mizuho Leasing Co. Ltd.		600		12,921
ORIX Corp.		22,800		319,406
Tokyo Century Corp.		600		19,197
Zenkoku Hosho Co. Ltd.		600		19,956


				455,813

Diversified Telecommunication Services — 1.6%
Internet Initiative Japan Inc.		2,400		36,735
Nippon Telegraph & Telephone Corp.		26,400		712,069


				748,804

Electric Utilities — 0.6%
Chubu Electric Power Co. Inc.		10,800		97,131
Hokkaido Electric Power Co. Inc.		3,600		11,282
Kansai Electric Power Co. Inc. (The)		13,800		115,456
Kyushu Electric Power Co. Inc.		7,800		41,583


				265,452

Electrical Equipment — 1.9%
Fuji Electric Co. Ltd.		1,800		65,972
Mitsubishi Electric Corp.		36,600		331,158
Nidec Corp.		9,000		503,785


				900,915

Electronic Equipment, Instruments & Components — 5.1%
Anritsu Corp.		2,400		26,091
Azbil Corp.		2,400		62,561
Daiwabo Holdings Co. Ltd.		1,800		23,209
Dexerials Corp.		1,200		26,865
Hamamatsu Photonics KK		2,400		102,869
Horiba Ltd.		600		23,271
Ibiden Co. Ltd.		1,800		49,210
Keyence Corp.		2,244		741,777
Kyocera Corp.		5,400		272,045
Murata Manufacturing Co. Ltd.		10,800		497,093
Omron Corp.		3,000		137,452
Shimadzu Corp.		4,800		125,934
Taiyo Yuden Co. Ltd.		1,800		46,454
TDK Corp.		6,000		185,222


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Yokogawa Electric Corp.		3,600	$	56,715


				2,376,768

Entertainment — 2.7%
Capcom Co. Ltd.		3,600		90,639
GungHo Online Entertainment Inc.		1,290		19,816
Koei Tecmo Holdings Co. Ltd.		2,480		40,823
Konami Group Corp.		1,200		55,562
Nexon Co. Ltd.		8,400		148,409
Nintendo Co. Ltd.		18,000		726,017
Square Enix Holdings Co. Ltd.		1,800		77,582
Toho Co. Ltd./Tokyo		2,400		87,271


				1,246,119

Food & Staples Retailing — 2.1%
Cosmos Pharmaceutical Corp.		400		39,552
Create SD Holdings Co. Ltd.		600		13,037
Kobe Bussan Co. Ltd.		3,000		72,172
Kusuri no Aoki Holdings Co. Ltd.		600		28,282
Lawson Inc.		600		19,629
MatsukiyoCocokara & Co.		2,400		102,944
Seven & i Holdings Co. Ltd.		13,200		530,245
Sugi Holdings Co. Ltd.		600		24,095
Sundrug Co. Ltd.		1,200		29,200
Tsuruha Holdings Inc.		600		35,130
Welcia Holdings Co. Ltd.		1,800		37,984
Yaoko Co. Ltd.		600		27,206


				959,476

Food Products — 2.1%
Ajinomoto Co. Inc.		7,800		213,184
Calbee Inc.		2,400		51,393
Kagome Co. Ltd.		1,200		24,995
Kewpie Corp.		1,800		29,625
Kikkoman Corp.		2,400		136,058
MEIJI Holdings Co. Ltd.		2,400		106,537
Morinaga & Co. Ltd./Japan		600		16,419
Morinaga Milk Industry Co. Ltd.		600		17,590
NH Foods Ltd.		1,200		31,630
Nichirei Corp.		1,200		19,770
Nippon Suisan Kaisha Ltd.		4,800		18,063
Nissin Foods Holdings Co. Ltd.		1,200		83,412
Prima Meat Packers Ltd.		600		8,679
Toyo Suisan Kaisha Ltd.		1,800		74,229
Yakult Honsha Co. Ltd.		2,400		139,355


				970,939

Gas Utilities — 0.5%
Nippon Gas Co. Ltd.		1,800		25,636
Osaka Gas Co. Ltd.		6,600		99,502
Tokyo Gas Co. Ltd.		7,200		121,544


				246,682

Health Care Equipment & Supplies — 3.5%
Asahi Intecc Co. Ltd.		4,200		66,983
Hoya Corp.		7,400		713,053
Nihon Kohden Corp.		1,800		38,243
Olympus Corp.		19,200		369,364
Sysmex Corp.		3,000		160,309
Terumo Corp.		10,800		303,590


				1,651,542

Health Care Providers & Services — 0.3%
Alfresa Holdings Corp.		4,200		48,949
BML Inc.		600		13,544


S C H E D U L E O F I N V E S T M E N T S		7

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® JPX-Nikkei 400 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Providers & Services (continued)
H.U. Group Holdings Inc.		1,200	$	21,846
Medipal Holdings Corp.		3,600		45,782
Ship Healthcare Holdings Inc.		1,200		22,542


				152,663

Health Care Technology — 0.4%
M3 Inc.		6,600		184,284


Hotels, Restaurants & Leisure — 0.3%
Food & Life Companies Ltd.		1,800		27,605
McDonald’s Holdings Co. Japan Ltd.		1,800		62,717
Zensho Holdings Co. Ltd.		1,800		44,502


				134,824

Household Durables — 3.1%
Casio Computer Co. Ltd.		2,400		21,065
ES-Con Japan Ltd.		600		3,396
Haseko Corp.		3,000		32,541
Iida Group Holdings Co. Ltd.		3,000		40,609
Open House Group Co. Ltd.		1,200		40,540
Panasonic Holdings Corp.		42,000		294,926
Pressance Corp.		600		6,048
Rinnai Corp.		600		43,115
Sekisui Chemical Co. Ltd.		7,200		88,084
Sekisui House Ltd.		11,400		188,810
Sharp Corp./Japan		3,600		21,466
Sony Group Corp.		9,600		618,378
Sumitomo Forestry Co. Ltd.		2,400		36,534


				1,435,512

Household Products — 0.6%
Lion Corp.		4,200		47,462
Pigeon Corp.		2,400		35,086
Unicharm Corp.		6,600		216,512


				299,060

Independent Power and Renewable Electricity Producers — 0.2%
Electric Power Development Co. Ltd.		3,000		42,424
eRex Co. Ltd.		600		11,493
RENOVA Inc.^(a)		600		14,054
West Holdings Corp.		600		17,148


				85,119

Industrial Conglomerates — 1.5%
Hitachi Ltd.		16,200		689,408
TOKAI Holdings Corp.		1,800		10,835


				700,243

Insurance — 3.0%
Dai-ichi Life Holdings Inc.		19,200		305,286
MS&AD Insurance Group Holdings Inc.		7,800		206,565
Sompo Holdings Inc.		5,400		216,061
T&D Holdings Inc.		9,000		85,545
Tokio Marine Holdings Inc.		32,400		575,850


				1,389,307

Interactive Media & Services — 0.4%
Infocom Corp.		600		7,906
Kakaku.com Inc.		3,000		50,839
Z Holdings Corp.		54,600		144,726


				203,471

Internet & Direct Marketing Retail — 0.1%
ZOZO Inc.		2,400		48,042


IT Services — 3.1%
Bell System24 Holdings Inc.		600		5,740


Security	Shares		Value

IT Services (continued)
BIPROGY Inc.		1,200	$	26,005
Change Inc.		600		8,116
Digital Garage Inc.		600		14,386
DTS Corp.		600		14,263
Fujitsu Ltd.		3,600		394,747
GMO internet group Inc.		1,200		21,064
GMO Payment Gateway Inc.		600		41,131
Information Services International-Dentsu Ltd.		600		18,404
Itochu Techno-Solutions Corp.		1,800		42,194
NEC Corp.		4,800		153,697
NEC Networks & System Integration Corp.		1,200		13,027
NET One Systems Co. Ltd.		1,200		23,295
Nomura Research Institute Ltd.		6,664		162,756
NS Solutions Corp.		600		14,474
NSD Co. Ltd.		1,200		20,427
NTT Data Corp.		10,200		131,754
Obic Co. Ltd.		1,200		160,912
Otsuka Corp.		1,800		56,137
SCSK Corp.		2,400		36,334
TIS Inc.		3,600		95,579
Transcosmos Inc.		600		15,581


				1,470,023

Leisure Products — 1.0%
Bandai Namco Holdings Inc.		3,000		195,505
Shimano Inc.		1,300		203,404
Yamaha Corp.		2,400		85,283


				484,192

Machinery — 5.9%
Amada Co. Ltd.		6,000		40,769
Daifuku Co. Ltd.		1,800		84,667
DMG Mori Co. Ltd.		2,400		27,411
Ebara Corp.		1,200		39,102
FANUC Corp.		3,400		477,408
Fuji Corp./Aichi		1,800		23,556
Hitachi Construction Machinery Co. Ltd.		1,800		33,453
Hoshizaki Corp.		2,400		66,937
IHI Corp.		2,400		51,332
Komatsu Ltd.		17,400		316,824
Kubota Corp.		17,400		241,806
Makita Corp.		4,200		81,502
MINEBEA MITSUMI Inc.		6,000		88,763
MISUMI Group Inc.		4,800		103,356
Mitsubishi Heavy Industries Ltd.		6,000		199,556
Miura Co. Ltd.		1,800		36,673
Nabtesco Corp.		1,800		36,822
NGK Insulators Ltd.		3,600		44,808
SMC Corp.		1,200		488,364
Sumitomo Heavy Industries Ltd.		1,800		33,339
Takeuchi Manufacturing Co. Ltd.		600		11,075
Toyota Industries Corp.		3,000		143,312
Yaskawa Electric Corp.		3,600		103,601


				2,774,436

Marine — 0.7%
Kawasaki Kisen Kaisha Ltd.		3,600		50,196
Mitsui OSK Lines Ltd.		6,000		107,355
Nippon Yusen KK		9,000		152,765


				310,316

Media — 0.2%
CyberAgent Inc.		7,800		65,677


8		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® JPX-Nikkei 400 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Media (continued)
Hakuhodo DY Holdings Inc.		4,800	$	33,795


				99,472

Metals & Mining — 1.1%
Asahi Holdings Inc.		1,800		25,281
Dowa Holdings Co. Ltd.		900		32,272
JFE Holdings Inc.		9,000		83,569
Mitsui Mining & Smelting Co. Ltd.		1,200		25,177
Nippon Steel Corp.		16,200		224,828
Sumitomo Metal Mining Co. Ltd.		4,200		120,357
Tokyo Steel Manufacturing Co. Ltd.		1,200		10,505


				521,989

Multiline Retail — 0.4%
Izumi Co. Ltd.		600		12,933
Pan Pacific International Holdings Corp.		7,800		137,598
Ryohin Keikaku Co. Ltd.		4,200		35,144
Seria Co. Ltd.		1,200		20,956


				206,631

Oil, Gas & Consumable Fuels — 1.1%
Cosmo Energy Holdings Co. Ltd.		1,800		46,440
ENEOS Holdings Inc.		57,000		183,834
Idemitsu Kosan Co. Ltd.		4,200		91,280
Inpex Corp.		17,400		162,291
Iwatani Corp.		600		22,593


				506,438

Paper & Forest Products — 0.1%
Daio Paper Corp.		1,800		14,439
Oji Holdings Corp.		14,400		53,433


				67,872

Personal Products — 1.7%
Fancl Corp.		1,800		35,823
Kao Corp.		8,400		341,799
Kobayashi Pharmaceutical Co. Ltd.		1,200		70,323
Kose Corp.		600		61,863
Rohto Pharmaceutical Co. Ltd.		1,800		57,758
Shiseido Co. Ltd.		6,600		231,311


				798,877

Pharmaceuticals — 7.1%
Astellas Pharma Inc.		33,640		445,639
Chugai Pharmaceutical Co. Ltd.		10,200		254,827
Daiichi Sankyo Co. Ltd.		28,209		788,466
Eisai Co. Ltd.		4,200		225,368
JCR Pharmaceuticals Co. Ltd.		1,200		17,898
Kaken Pharmaceutical Co. Ltd.		600		15,806
Kyowa Kirin Co. Ltd.		3,600		82,772
Nippon Shinyaku Co. Ltd.		1,200		61,226
Ono Pharmaceutical Co. Ltd.		7,800		182,198
Otsuka Holdings Co. Ltd.		7,200		227,987
Santen Pharmaceutical Co. Ltd.		6,600		44,361
Shionogi & Co. Ltd.		4,800		231,812
Sumitomo Pharma Co., Ltd.		2,400		17,070
Takeda Pharmaceutical Co. Ltd.		27,000		701,130
Towa Pharmaceutical Co. Ltd.		600		8,819


				3,305,379

Professional Services — 2.2%
BayCurrent Consulting Inc.		300		77,830
Benefit One Inc.		1,200		16,820
Dip Corp.		600		15,242
en Japan Inc.		600		9,257


Security	Shares		Value

Professional Services (continued)
Meitec Corp.		1,200	$	18,987
Persol Holdings Co. Ltd.		3,600		66,594
Recruit Holdings Co. Ltd.		25,800		743,185
SMS Co. Ltd.		1,200		24,243
TechnoPro Holdings Inc.		2,400		51,124
UT Group Co. Ltd.		600		9,852


				1,033,134

Real Estate Management & Development — 2.8%
Aeon Mall Co. Ltd.		1,800		20,053
Daito Trust Construction Co. Ltd.		1,200		112,251
Daiwa House Industry Co. Ltd.		9,600		195,193
Hulic Co. Ltd.		7,800		57,468
Katitas Co. Ltd.		1,200		26,717
Mitsubishi Estate Co. Ltd.		22,200		292,511
Mitsui Fudosan Co. Ltd.		15,000		285,750
Nomura Real Estate Holdings Inc.		1,800		40,652
Relo Group Inc.		1,800		27,276
Starts Corp. Inc.		600		10,869
Sumitomo Realty & Development Co. Ltd.		7,200		163,743
Tokyo Tatemono Co. Ltd.		3,000		42,685
Tokyu Fudosan Holdings Corp.		10,200		52,965


				1,328,133

Road & Rail — 0.8%
Central Japan Railway Co.		3,000		352,173
Sankyu Inc.		600		17,425
Senko Group Holdings Co. Ltd.		1,800		11,894


				381,492

Semiconductors & Semiconductor Equipment — 3.0%
Advantest Corp.		3,000		138,542
Disco Corp.		600		132,271
Ferrotec Holdings Corp.		600		9,782
Japan Material Co. Ltd.		1,200		15,343
Lasertec Corp.		1,700		170,989
Optorun Co. Ltd.		600		8,663
Renesas Electronics Corp.^(a)		19,800		165,988
SCREEN Holdings Co. Ltd.		600		32,555
Shinko Electric Industries Co. Ltd.		1,200		25,725
SUMCO Corp.		6,600		76,897
Tokyo Electron Ltd.		2,400		591,348
Tokyo Seimitsu Co. Ltd.		600		17,650
Ulvac Inc.		600		21,202


				1,406,955

Software — 0.4%
Justsystems Corp.		600		13,839
Oracle Corp. Japan		600		31,803
Rakus Co. Ltd.^(b)		1,800		16,902
Systena Corp.		5,400		15,072
Trend Micro Inc/Japan		1,800		96,953


				174,569

Specialty Retail — 1.4%
ABC-Mart Inc.		600		25,886
Fast Retailing Co. Ltd.		500		264,972
Hikari Tsushin Inc.		600		70,481
Kohnan Shoji Co. Ltd.		600		14,024
K’s Holdings Corp.		3,000		24,734
Nextage Co. Ltd.		600		13,014
Nitori Holdings Co. Ltd.		1,500		125,880
Nojima Corp.		1,200		11,172
T-Gaia Corp.		600		6,800


S C H E D U L E O F I N V E S T M E N T S		9

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® JPX-Nikkei 400 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Specialty Retail (continued)
USS Co. Ltd.		4,200	$	64,865
Workman Co. Ltd.		600		19,006


				640,834

Technology Hardware, Storage & Peripherals — 1.1%
Brother Industries Ltd.		4,200		72,562
Elecom Co. Ltd.		1,200		11,959
FUJIFILM Holdings Corp.		7,200		328,859
MCJ Co. Ltd.		1,200		8,230
Seiko Epson Corp.		4,200		57,349
Wacom Co. Ltd.		3,000		14,690


				493,649

Textiles, Apparel & Luxury Goods — 0.1%
Goldwin Inc.		600		31,717


Tobacco — 0.7%
Japan Tobacco Inc.		21,000		345,088


Trading Companies & Distributors — 5.8%
Hanwa Co. Ltd.		600		14,210
ITOCHU Corp.		23,400		564,827
Kanematsu Corp.		1,200		11,812
Marubeni Corp.		33,600		293,177
Mitsubishi Corp.		25,200		689,226
Mitsui & Co. Ltd.		28,200		600,089
MonotaRO Co. Ltd.		4,800		73,655
Sojitz Corp.		3,620		53,039
Sumitomo Corp.		22,800		281,680
Toyota Tsusho Corp.		3,600		111,509

				2,693,224


Security	Shares		Value

Wireless Telecommunication Services — 4.2%
KDDI Corp.		24,000	$	701,671
SoftBank Corp.		58,200		581,181
SoftBank Group Corp.		19,800		671,043


				1,953,895


Total Long-Term Investments — 98.8% (Cost: $52,362,023)				46,140,774


Short-Term Securities

Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%^(c)(d)(e)		18,376		18,381
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%^(c)(d)		20,000		20,000


Total Short-Term Securities — 0.1% (Cost: $38,381)				38,381


Total Investments — 98.9% (Cost: $52,400,404)				46,179,155

Other Assets Less Liabilities — 1.1%				500,644


Net Assets — 100.0%			$	46,679,799

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Affiliate of the Fund.

^(d)	Annualized 7-day yield as of period end.

^(e⁾	All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates



Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	97,990	$	—	$	(80,257	)^(a)	$	651	$	(3	)	$	18,381		18,376	$	467	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		30,000		—		(10,000	)^(a)		—		—			20,000		20,000		148			—

								$	651	$	(3	)	$	38,381			$	615		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)

Long Contracts
Mini TOPIX Index		43		12/08/22	$	546	$	(11,989	)


10		2 0 2 2 I S H A R E S S E M I - 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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® JPX-Nikkei 400 ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statement of Assets and Liabilities were as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	11,989	$	—	$	—	$	—	$	11,989

^(a)

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

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statement of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(23,011	)	$	—	$	—	$	—	$	(23,011	)

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(12,816	)	$	—	$	—	$	—	$	(12,816	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts
Average notional value of contracts — long	$	479,928

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2			Level 3		Total

Investments
Assets
Common Stocks	$	—	$	46,140,774		$	—	$	46,140,774
Money Market Funds		38,381		—			—		38,381

	$	38,381	$	46,140,774		$	—	$	46,179,155

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	—	$	(11,989	)	$	—	$	(11,989	)

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


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

Statement of Assets and Liabilities (unaudited)

September 30, 2022


	iShares JPX-Nikkei 400 ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	46,140,774
Investments, at value — affiliated^(c)		38,381
Cash		4,261
Foreign currency, at value^(d)		56,707
Foreign currency collateral pledged for futures contracts^(e)		3,331
Receivables:
Investments sold		10,619
Securities lending income — affiliated		2
Dividends — unaffiliated		477,538
Dividends — affiliated		33

Total assets		46,731,646


LIABILITIES
Collateral on securities loaned, at value		17,730
Payables:
Investments purchased		6,054
Variation margin on futures contracts		8,601
Investment advisory fees		19,462

Total liabilities		51,847


NET ASSETS	$	46,679,799


NET ASSETS CONSIST OF
Paid-in capital	$	76,037,494
Accumulated loss		(29,357,695	)

NET ASSETS	$	46,679,799


NET ASSET VALUE
Shares outstanding		900,000


Net asset value	$	51.87


Shares authorized		Unlimited


Par value		None


^(a)Investments, at cost — unaffiliated	$	52,362,023
^(b)Securities loaned, at value	$	16,733
^(c)Investments, at cost — affiliated	$	38,381
^(d)Foreign currency, at cost	$	57,805
^(e)Foreign currency collateral pledged, at cost	$	3,624

See notes to financial statements.


12		2 0 2 2 I S H A R E S S E M I - 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

Statement of Operations (unaudited)

Six Months Ended September 30, 2022


	iShares JPX-Nikkei 400 ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	744,761
Dividends — affiliated		148
Securities lending income — affiliated — net		467
Foreign taxes withheld		(74,212	)

Total investment income		671,164


EXPENSES
Investment advisory		144,848

Total expenses		144,848

Net investment income		526,316


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(1,329,703	)
Investments — affiliated		651
Foreign currency transactions		(91,511	)
Futures contracts		(23,011	)
In-kind redemptions — unaffiliated^(a)		2,395,202

		951,628

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(14,842,554	)
Investments — affiliated		(3	)
Foreign currency translations		(1,338	)
Futures contracts		(12,816	)

		(14,856,711	)

Net realized and unrealized loss		(13,905,083	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(13,378,767	)


^(a) See Note 2 of the Notes to Financial Statements.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		13

Statements of Changes in Net Assets


	iShares JPX-Nikkei 400 ETF


	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	526,316		$	1,349,510
Net realized gain (loss)		951,628			(1,794,704	)
Net change in unrealized appreciation (depreciation)		(14,856,711	)		(7,233,344	)

Net decrease in net assets resulting from operations		(13,378,767	)		(7,678,538	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(651,191	)		(2,229,146	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(17,344,758	)		—


NET ASSETS
Total decrease in net assets		(31,374,716	)		(9,907,684	)
Beginning of period		78,054,515			87,962,199

End of period	$	46,679,799		$	78,054,515

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

See notes to financial statements.


14		2 0 2 2 I S H A R E S S E M I - 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

Financial Highlights

(For a share outstanding throughout each period)


	iShares JPX-Nikkei 400 ETF


	Six Months Ended 09/30/22 (unaudited)				Year Ended 03/31/22				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19				Year Ended 03/31/18


Net asset value, beginning of period		$	65.05			$	73.30			$	53.52			$	58.88			$	65.42			$	55.69

Net investment income^(a)			0.51				1.12				0.88				0.96				1.06				0.95
Net realized and unrealized gain (loss)^(b)			(13.07	)			(7.51	)			19.82				(5.10	)			(6.73	)			9.76

Net increase (decrease) from investment operations			(12.56	)			(6.39	)			20.70				(4.14	)			(5.67	)			10.71

Distributions from net investment income^(c)			(0.62	)			(1.86	)			(0.92	)			(1.22	)			(0.87	)			(0.98	)

Net asset value, end of period		$	51.87			$	65.05			$	73.30			$	53.52			$	58.88			$	65.42


Total Return^(d)
Based on net asset value			(19.42	)%^(e)			(8.94	)%			38.91	%			(7.29	)%			(8.67	)%			19.32	%


Ratios to Average Net Assets^(f)
Total expenses			0.48	%^(g)			0.48	%			0.48	%			0.48	%			0.48	%			0.48	%

Net investment income			1.74	%^(g)			1.57	%			1.36	%			1.61	%			1.73	%			1.54	%


Supplemental Data
Net assets, end of period (000)		$	46,680			$	78,055			$	87,962			$	80,279			$	114,817			$	107,940

Portfolio turnover rate^(h)			8	%			11	%			10	%			7	%			11	%			8	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		15

Notes to Financial Statements (unaudited)

1.	*ORGANIZATION*

These financial statements relate only to the following fund (the “Fund”):



iShares ETF		Diversification Classification
JPX-Nikkei 400		Diversified

2.	*SIGNIFICANT ACCOUNTING POLICIES*

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

Foreign Currency Translation: The Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

The Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statement of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. The Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes. However, the currency hedged fund has elected to treat realized gains (losses) from certain foreign currency contracts as capital gain (loss) for U.S. federal income tax purposes.

Foreign Taxes: The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of September 30, 2022, if any, are disclosed in the Statement of Assets and Liabilities.

The Fund files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statement of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Collateralization: If required by an exchange or counterparty agreement, the Fund may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Fund. Because such gains or losses are not taxable to the Fund and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Fund’s tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by the Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Fund. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, the Fund enters into contracts that contain a variety of representations that provide general indemnification. The Fund’s maximum exposure under these arrangements is unknown because it involves future potential claims against the Fund, which cannot be predicted with any certainty.


16		2 0 2 2 I S H A R E S S E M I - 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

Notes to Financial Statements (unaudited) (continued)

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

Investment Valuation Policies: The Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of the Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, as the valuation designee for the Fund. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of the Fund’s assets and liabilities:

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

•

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

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Fund uses current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that the Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access;

•

4.	*SECURITIES AND OTHER INVESTMENTS*

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


N O T E S T O F I N A N C I A L S T A T E M E N T S		17

Notes to Financial Statements (unaudited) (continued)

collateral is returned by the Fund, on the next business day. During the term of the loan, the Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in the Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statement of Assets and Liabilities.

Securities lending transactions are entered into by the Fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Fund can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:



iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount

JPX-Nikkei 400
Citigroup Global Markets, Inc.	$	16,733	$	(16,733	)	$	—		$	—

^(a)

Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund’s statement of assets and liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. The Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Fund.

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

Futures contracts are exchange-traded agreements between the Fund and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statement of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

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

For its investment advisory services to the Fund, BFA is entitled to an annual investment advisory fee of 0.48%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.


18		2 0 2 2 I S H A R E S S E M I - 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

Notes to Financial Statements (unaudited) (continued)

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

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. The Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, the Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by the Fund is shown as securities lending income – affiliated – net in its Statement of Operations. For the six months ended September 30, 2022, the Fund paid BTC $182 for securities lending agent services.

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

For the six months ended September 30, 2022, transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were as follows:



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)

JPX-Nikkei 400	$	26,255	$	79,686	$	(19,324)

The Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statement of Operations.

7.	*PURCHASES AND SALES*

For the six months ended September 30, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales
JPX-Nikkei 400	$	5,078,589	$	5,659,508

For the six months ended September 30, 2022, in-kind transactions were as follows:


iShares ETF		In-kind Purchases		In-kind Sales
JPX-Nikkei 400	$	—	$	16,667,500


N O T E S T O F I N A N C I A L S T A T E M E N T S		19

Notes to Financial Statements (unaudited) (continued)

8.	*INCOME TAX INFORMATION*

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

Management has analyzed tax laws and regulations and their application to the Fund as of September 30, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

As of March 31, 2022, the Fund had non-expiring capital loss carryforwards of $23,004,645 available to offset future realized capital gains.



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
JPX-Nikkei 400	$	53,642,826	$	5,269,820	$	(12,745,480	)	$	(7,475,660	)

9.	*PRINCIPAL RISKS*

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

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

The Fund may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

The price the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The Fund may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Fund manages counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and


20		2 0 2 2 I S H A R E S S E M I - 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

Notes to Financial Statements (unaudited) (continued)

receivables due from counterparties. The extent of the Fund’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Fund.

With exchange-traded futures, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Fund.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund’s portfolio are disclosed in its Schedule of Investments.

The Fund invests a significant portion of its assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities.

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Fund may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Fund is uncertain.

10.

CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by the Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of the Fund are not redeemable.

Transactions in capital shares were as follows:



	Six Months Ended 09/30/22						Year Ended 03/31/22

iShares ETF	Shares			Amount			Shares		Amount

JPX-Nikkei 400
Shares redeemed		(300,000	)	$	(17,344,758	)		—	$	—


N O T E S T O F I N A N C I A L S T A T E M E N T S		21

Notes to Financial Statements (unaudited) (continued)

11.

SUBSEQUENT EVENTS

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


22		2 0 2 2 I S H A R E S S E M I - 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

Board Review and Approval of Investment Advisory Contract

iShares JPX-Nikkei 400 ETF (the “Fund”)

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		23

Board Review and Approval of Investment Advisory Contract (continued)


24		2 0 2 2 I S H A R E S S E M I - 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

Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon the Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

September 30, 2022



	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date

iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
JPX-Nikkei 400^(a)	$	0.329898	$	—	$	0.290284	$	0.620182		53	%		—	%		47	%		100	%

^(a)


S U P P L E M E N T A L I N F O R M A T I O N		25

General Information

Electronic Delivery

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records


26		2 0 2 2 I S H A R E S S E M I - 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

THIS PAGE INTENTIONALLY LEFT BLANK.

Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Fund’s shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by the Japan Exchange Group, Inc., JPX Market Innovation & Research, Inc. or Nikkei, Inc., nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

iS-SAR-310-0922

(b) Not Applicable

Item 2.

Code of Ethics.

Not applicable to this semi-annual report.

Item 3.

Audit Committee Financial Expert.

Not applicable to this semi-annual report.

Item 4.

Principal Accountant Fees and Services.

Not applicable to this semi-annual report.

Item 5.

Audit Committee of Listed Registrants.

Not applicable to this semi-annual report.

Item 6.

Investments.

(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10.

Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11.

Controls and Procedures.

(a) The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13.

Exhibits.

(a) (1) Not applicable to this semi-annual report.

(a) (2) Section 302 Certifications are attached.

(a) (3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a) (4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares Trust


		By:		/s/ Armando Senra
				Armando Senra, President (Principal Executive Officer)

Date: November 21, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


		By:		/s/ Armando Senra
				Armando Senra, President (Principal Executive Officer)

Date: November 21, 2022


		By:		/s/ Trent Walker
				Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: November 21, 2022

iShares Russell Small/Mid-Cap Index Fund - (IWM) N-CSRSCertified semi-annual shareholder report (management investment company)