iShares Russell Small/Mid-Cap Index Fund - (IWM) N-CSRS 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 BlackRock Fund Advisors

400 Howard Street, San Francisco, CA 94105

(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, 2024

Date of reporting period: September 30, 2023

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

SEPTEMBER 30, 2023

2023 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Copper and Metals Mining ETF | ICOP | NASDAQ

· iShares Environmental Infrastructure and Industrials ETF | EFRA | NASDAQ

· iShares Global 100 ETF | IOO | NYSE Arca

· iShares Global Infrastructure ETF | IGF | NASDAQ

· iShares Global Timber & Forestry ETF | WOOD | NASDAQ

· iShares Lithium Miners and Producers ETF | ILIT | NASDAQ

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and moderating inflation provided a supportive backdrop for investors during the 12-month reporting period ended September 30, 2023. Significantly tighter monetary policy helped to rein in inflation while the economy proved more resilient than many investors anticipated. A moderating labor market also helped ease inflationary pressure, although wages continued to grow and unemployment rates touched the lowest levels in decades. This robust labor market powered further growth in consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were substantial, as the durability of consumer sentiment and spending mitigated investors’ concerns about the economy’s trajectory. The U.S. economy resumed growth in the third quarter of 2022 and continued to expand thereafter. All major classes of equities rose, although large-capitalization U.S. stocks posted significantly higher returns than small-capitalization U.S. stocks due primarily to the performance of large technology companies. International developed market equities also advanced strongly, and emerging market equities posted solid gains.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates six times during the 12-month period. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. However, the Fed declined to raise interest rates at two of its meetings late in the period.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for two pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt.

While we favor an overweight position in developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on Japanese stocks in the near term as shareholder-friendly policies generate increased investor interest. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, euro area government bonds and gilts, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

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.

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of September 30, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	5.18%	21.62%
U.S. small cap equities (Russell 2000® Index)	(0.19)	8.93
International equities (MSCI Europe, Australasia, Far East Index)	(1.28)	25.65
Emerging market equities (MSCI Emerging Markets Index)	(2.05)	11.70
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.50	4.47
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.98)	(2.90)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(4.05)	0.64
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(4.05)	2.66
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	2.22	10.28
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		10
Disclosure of Expenses		10
Schedules of Investments		11
Financial Statements
Statements of Assets and Liabilities		27
Statements of Operations		29
Statements of Changes in Net Assets		31
Financial Highlights		34
Notes to Financial Statements		40
Board Review and Approval of Investment Advisory Contract		49
Supplemental Information		55
General Information		56
Glossary of Terms Used in this Report		57

Fund Summary  as of September 30, 2023 iShares^® Copper and Metals Mining ETF

Investment Objective

The iShares Copper and Metals Mining ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. and non-U.S. equities of companies primarily engaged in copper and metal ore mining, as represented by the STOXX Global Copper and Metals Mining 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	(4.72)%
Fund Market	(4.05)
Index	(3.92)

The inception date of the Fund was June 21, 2023. The first day of secondary market trading was June 23, 2023.

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		Ending	Expenses		Beginning	Ending	Expenses		Annualized
	Account Value		Account Value	Paid During		Account Value	Account Value	Paid During		Expense
	(06/21/23)	(a)	(09/30/23)	the Period	(b)	(04/01/23)	(09/30/23)	the Period	(b)	Ratio
	$      1,000.00		$        952.80	$          1.27		$      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 101/366 for actual expenses and 183/366 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

INDUSTRY ALLOCATION

Industry	Percent of Total Investments	(a)
Diversified Metals & Mining	42.9	%
Copper	42.3
Gold	11.8
Steel	3.0

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Grupo Mexico SAB de CV, Series B	8.2	%
BHP Group Ltd.	8.2
Newcrest Mining Ltd.	7.9
Freeport-McMoRan Inc.	7.6
Antofagasta PLC	6.1
First Quantum Minerals Ltd.	6.0
KGHM Polska Miedz SA	4.6
Ivanhoe Mines Ltd., Class A	4.5
Lundin Mining Corp.	4.5
Southern Copper Corp.	4.4

^(a)  Excludes money market funds.

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Fund Summary  as of September 30, 2023 iShares^® Environmental Infrastructure and Industrials ETF

Investment Objective

The iShares Environmental Infrastructure and Industrials ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. and non-U.S. companies that provide infrastructure and industrials solutions aiming to support energy efficiency and emissions mitigation, pollution reduction or land and resource optimization, as represented by the FTSE Green Revenues Select Infrastructure and Industrials 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
	6-Month Total Returns			Since     Inception
Fund NAV		(5.00	)%	4.27%
Fund Market		(4.85	)	4.58
Index		(4.65	)	4.66

The inception date of the Fund was November 01, 2022. The first day of secondary market trading was November 3, 2022.

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	Ending	Expenses		Beginning	Ending	Expenses		Annualized
Account Value	Account Value	Paid During		Account Value	Account Value	Paid During		Expense
(04/01/23)	(09/30/23)	the Period	(a)	(04/01/23)	(09/30/23)	the Period	(a)	Ratio
$        1,000.00	$        950.00	$        2.29		$        1,000.00	$        1,022.70	$        2.38		0.47	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (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)
Industrials	56.0	%
Utilities	28.6
Materials	8.6
Information Technology	6.8

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Westinghouse Air Brake Technologies Corp.	6.2	%
Veolia Environnement SA	6.0
Xylem Inc./NY	6.0
American Water Works Co. Inc.	5.6
Pentair PLC	5.3
Clean Harbors Inc.	4.2
Essential Utilities Inc.	4.1
Intertek Group PLC	4.0
Tetra Tech Inc.	4.0
United Utilities Group PLC	3.9

^(a)  Excludes money market funds.

F U N D    S U M M A R Y 5

Fund Summary  as of September 30, 2023 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		5.57	%		25.09	%		10.42	%		9.87	%		25.09	%		64.17	%		156.38	%
Fund Market		5.63			25.27			10.49			9.87			25.27			64.71			156.31
Index		5.64			24.86			10.37			9.78			24.86			63.80			154.20

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 (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	(a)		Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,055.70	$      2.11			$      1,000.00	$      1,023.00	$      2.07		0.41	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (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	35.4	%
Health Care	12.8
Consumer Discretionary	10.7
Financials	9.9
Consumer Staples	9.3
Communication Services	8.8
Energy	6.1
Industrials	4.4
Materials	1.6
Other (each representing less than 1%)	1.0

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	75.2	%
United Kingdom	6.0
Switzerland	4.3
France	3.7
Japan	2.9
Germany	2.7
Netherlands	1.5
South Korea	1.2
China	1.2
Australia	0.7

^(a)  Excludes money market funds.

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Fund Summary  as of September 30, 2023 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		(7.85	)%		6.44	%		3.34	%		4.36	%		6.44	%		17.87	%		53.19	%
Fund Market		(7.93	)		6.13			3.36			4.33			6.13			17.95			52.77
Index		(7.89	)		5.90			3.18			4.20			5.90			16.92			50.88

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 (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	(a)		Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      921.50	$      2.07			$      1,000.00	$      1,022.80	$      2.17		0.43	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (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

INDUSTRY ALLOCATION

Industry	Percent of Total Investments	(a)
Airport Services	24.7	%
Electric Utilities	23.8
Oil & Gas Storage & Transportation	20.5
Multi-Utilities	11.8
Highways & Railtracks	11.8
Marine Ports & Services	4.0
Independent Power Producers & Energy Traders	1.4
Water Utilities	1.3
Other (each representing less than 1%)	0.7

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	38.3	%
Australia	8.9
Canada	8.8
Spain	8.1
Mexico	7.0
France	6.4
China	4.7
Germany	3.3
New Zealand	3.1
Italy	2.6

^(a)  Excludes money market funds.

F U N D    S U M M A R Y 7

Fund Summary  as of September 30, 2023 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		4.92	%		15.10	%		1.54	%		5.90	%		15.10	%		7.95	%		77.44	%
Fund Market		5.33			15.40			1.63			5.89			15.40			8.43			77.31
Index		5.39			14.82			1.38			5.77			14.82			7.08			75.20

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 (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	(a)		Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,049.20	$      2.10			$      1,000.00	$      1,023.00	$      2.07		0.41	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (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

INDUSTRY ALLOCATION

Industry	Percent of Total Investments	(a)
Paper Products	39.0	%
Paper & Plastic Packaging Products & Materials	22.5
Timber REITs	16.9
Forest Products	16.2
Homebuilding	3.5
Oil & Gas Refining & Marketing	1.9

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	30.1	%
Sweden	12.7
Brazil	11.8
Finland	9.3
Japan	8.3
Canada	8.3
Ireland	5.9
United Kingdom	4.0
Chile	3.3
Taiwan	1.7

^(a) Excludes money market funds.

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Fund Summary  as of September 30, 2023 iShares^® Lithium Miners and Producers ETF

Investment Objective

The iShares Lithium Miners and Producers ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. and non-U.S. equities of companies primarily engaged in lithium ore mining and/or lithium compounds manufacturing, as represented by the STOXX Global Lithium Miners and Producers 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		(26.41	)%
Fund Market		(25.91	)
Index		(26.03	)

The inception date of the Fund was June 21, 2023. The first day of secondary market trading was June 23, 2023.

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 (06/21/23)	(a)	Ending Account Value (09/30/23)	Expenses Paid During the Period	(b)		Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	(b)	Annualized Expense Ratio
	$      1,000.00		$      735.90	$      1.13			$      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 101/366 for actual expenses and 183/366 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

INDUSTRY ALLOCATION

Industry	Percent of Total Investments	(a)
Diversified Metals & Mining	43.3	%
Specialty Chemicals	30.9
Electrical Components & Equipment	12.5
Commodity Chemicals	8.6
Technology Hardware, Storage & Peripherals	4.7

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Sociedad Quimica y Minera de Chile SA	8.6	%
Pilbara Minerals Ltd.	8.1
Albemarle Corp.	8.0
Livent Corp.	7.7
Allkem Ltd.	7.6
Sigma Lithium Corp.	4.9
Liontown Resources Ltd.	4.8
CosmoAM&T Co. Ltd.	4.7
Lithium Americas Corp.	4.6
SK IE Technology Co. Ltd.	4.4

^(a)  Excludes money market funds.

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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.

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.

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.

10 2 0 2 3    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, 2023 iShares^® Copper and Metals Mining ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Metals & Mining — 99.6%
29Metals Ltd.		26,030	$	11,511
Al Masane Al Kobra Mining Co.		2,751		38,240
Anglo American PLC		5,735		157,481
Antofagasta PLC		16,564		287,547
Baiyin Nonferrous Group Co. Ltd.		29,900		11,667
BHP Group Ltd.		13,853		389,142
Capstone Mining Corp.(a)		29,337		124,411
Chengtun Mining Group Co. Ltd., Class A(a)		1,600		1,028
China Nonferrous Mining Corp Ltd.		79,000		50,503
CMOC Group Ltd., Class A		7,900		6,432
ERO Copper Corp.(a)		5,415		93,370
Evolution Mining Ltd.		14,136		29,510
Filo Corp., NVS(a)		5,888		87,957
First Quantum Minerals Ltd.		11,970		282,803
Freeport-McMoRan Inc.		9,711		362,123
Glencore PLC		27,431		156,206
Grupo Mexico SAB de CV, Series B		82,276		389,439
Hudbay Minerals Inc.		23,718		115,425
Ivanhoe Mines Ltd., Class A(a)		25,178		215,772
Jiangxi Copper Co. Ltd., Class A		8,400		22,216
Jinchuan Group International Resources Co. Ltd.		182,000		9,962
KGHM Polska Miedz SA		8,600		219,089
Lundin Mining Corp.		28,855		215,204
MMG Ltd.(a)		192,000		58,457
Newcrest Mining Ltd.		23,741		374,076
Newmont Corp.		3,779		139,634
Nittetsu Mining Co. Ltd.		900		30,127
Rio Tinto PLC, ADR(b)		3,082		196,138
Sandfire Resources Ltd.(a)		31,247		121,743

Security	Shares		Value
Metals & Mining (continued)
Southern Copper Corp.		2,776	$	209,005
Teck Resources Ltd., Class B		3,496		150,470
Vale SA		10,618		142,755
WA1 Resources Ltd., NVS		2,530		8,341
Western Mining Co. Ltd., Class A		9,600		16,953
Yunnan Copper Co. Ltd.		8,100		13,090
Zijin Mining Group Co. Ltd., Class A		9,200		15,318
				4,753,145
Total Long-Term Investments — 99.6% (Cost: $5,031,390)				4,753,145
Short-Term Securities
Money Market Funds — 4.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(c)(d)(e)		195,222		195,281
Total Short-Term Securities — 4.1% (Cost: $195,300)				195,281
Total Investments — 103.7% (Cost: $5,226,690)				4,948,426
Liabilities in Excess of Other Assets — (3.7)%				(176,536	)
Net Assets — 100.0%			$	4,771,890

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer		Value at 06/21/23	(a)		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23	Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—		$	195,300	(b)	$	—	$	—	$	(19	)	$	195,281	195,222	$	9	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(d)		—			0	(b)		—		—		—			—	—		19			—
									$	—	$	(19	)	$	195,281		$	28		$	—

^(a)  Commencement of operations.

^(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.

^(d)  As of period end, the entity is no longer held.

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, 2023 iShares^® Copper and Metals Mining 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
Micro E-Mini Russell 2000 Index		2		12/15/23	$	18	$	(670	)

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)	$	—	$	—	$	670	$	—	$	—	$	—	$	670

^(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, 2023, 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	$	—	$	—	$	(2,391	)	$	—	$	—	$	—	$	(2,391	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(670	)	$	—	$	—	$	—	$	(670	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	8,993

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
Assets
Investments
Long-Term Investments
Common Stocks	$	2,724,506		$	2,028,639	$	—	$	4,753,145
Short-Term Securities
Money Market Funds		195,281			—		—		195,281
	$	2,919,787		$	2,028,639	$	—	$	4,948,426
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(670	)	$	—	$	—	$	(670	)

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

See notes to financial statements.

12 2 0 2 3    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, 2023 iShares^® Environmental Infrastructure and Industrials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Building Products — 6.9%
Advanced Drainage Systems Inc.(a)		1,399	$	159,248
China Lesso Group Holdings Ltd.		20,000		10,615
Reliance Worldwide Corp. Ltd.		16,120		40,060
TOTO Ltd.		3,000		77,415
				287,338
Chemicals — 2.4%
Umicore SA		4,190		99,205
Commercial Services & Supplies — 11.0%
Befesa SA(b)		818		24,933
Beijing GeoEnviron Engineering & Technology Inc.		2,400		3,099
Clean Harbors Inc.(c)		1,039		173,887
Stericycle Inc.(c)		1,890		84,502
Sunny Friend Environmental Technology Co. Ltd.		1,124		3,954
Tetra Tech Inc.		1,088		165,409
				455,784
Construction & Engineering — 4.5%
Stantec Inc.		2,289		148,521
Sweco AB, Class B		4,132		38,536
				187,057
Containers & Packaging — 2.2%
DS Smith PLC		26,288		91,685
Electronic Equipment, Instruments & Components — 6.8%
Badger Meter Inc.		599		86,178
Landis+Gyr Group AG		440		31,756
Riken Keiki Co. Ltd.		400		16,115
Shimadzu Corp.		5,500		145,889
				279,938
Machinery — 27.4%
Construcciones y Auxiliar de Ferrocarriles SA		535		16,696
Dawonsys Co. Ltd.(c)		576		7,087
Franklin Electric Co. Inc.		947		84,501
Lindsay Corp.		224		26,360
METAWATER Co. Ltd.		400		4,986
Mueller Water Products Inc., Class A		3,144		39,866
NGK Insulators Ltd.		5,200		68,919
Organo Corp.		500		14,021
Pentair PLC		3,366		217,949
TOMRA Systems ASA		4,784		54,365
Torishima Pump Manufacturing Co. Ltd.		400		5,083
Watts Water Technologies Inc., Class A		560		96,779
Westinghouse Air Brake Technologies Corp.		2,399		254,942
Xylem Inc./NY		2,701		245,872
				1,137,426
Metals & Mining — 3.9%
Asahi Holdings Inc.		1,500		19,022
Dowa Holdings Co. Ltd.		900		27,967
Sibanye Stillwater Ltd.		57,520		88,304
Sims Ltd.		3,244		27,905
				163,198
Multi-Utilities — 7.0%
Qatar Electricity & Water Co. QSC		9,320		44,787

Security	Shares		Value
Multi-Utilities (continued)
Veolia Environnement SA		8,526	$	246,454
				291,241
Professional Services — 5.6%
Arcadis NV		1,476		66,225
Intertek Group PLC		3,316		165,830
				232,055
Water Utilities — 21.5%
Aguas Andinas SA, Class A		56,191		16,944
American States Water Co.		752		59,167
American Water Works Co. Inc.		1,877		232,429
Beijing Enterprises Water Group Ltd.		80,000		17,413
California Water Service Group		1,177		55,684
Cia. de Saneamento Basico do Estado de Sao Paulo		7,042		85,501
Cia. de Saneamento de Minas Gerais-COPASA		3,856		13,279
Essential Utilities Inc.		4,983		171,066
Penno Group PLC		5,332		38,067
SJW Group		650		39,072
United Utilities Group PLC		14,033		162,151
				890,773
Total Common Stocks — 99.2% (Cost: $3,983,849)				4,115,700
Preferred Stocks
Machinery — 0.3%
Marcopolo SA, Preference Shares, NVS		11,986		13,878
Total Preferred Stocks — 0.3% (Cost: $15,442)				13,878
Total Long-Term Investments — 99.5% (Cost: $3,999,291)				4,129,578
Short-Term Securities
Money Market Funds — 3.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(d)(e)(f)		146,782		146,826
Total Short-Term Securities — 3.6% (Cost: $146,826)				146,826
Total Investments — 103.1% (Cost: $4,146,117)				4,276,404
Liabilities in Excess of Other Assets — (3.1)%				(127,217	)
Net Assets — 100.0%			$	4,149,187

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

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

^(c)  Non-income producing security.

^(d)  Affiliate of the Fund.

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

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

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) (continued) September 30, 2023 iShares^® Environmental Infrastructure and Industrials ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	146,824	(a)	$	—	$	2	$	—	$	146,826		146,782	$	44	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		—		0	(a)		—		—		—		—		—		27			—
								$	2	$	—	$	146,826			$	71		$	—

^(a)  Represents net amount purchased (sold).

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

^(c) As of period end, the entity is no longer held.

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
Micro E-Mini Russell 2000 Index		2		12/15/23	$	18	$	(448	)

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)	$	—	$	—	$	448	$	—	$	—	$	—	$	448

^(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, 2023, 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	$	—	$	—	$	1,213		$	—	$	—	$	—	$	1,213
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(793	)	$	—	$	—	$	—	$	(793	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	13,753

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

14 2 0 2 3    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, 2023 iShares^® Environmental Infrastructure and Industrials ETF

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
Assets
Investments
Long-Term Investments
Common Stocks	$	2,440,212		$	1,675,488	$	—	$	4,115,700
Preferred Stocks		13,878			—		—		13,878
Short-Term Securities
Money Market Funds		146,826			—		—		146,826
	$	2,600,916		$	1,675,488	$	—	$	4,276,404
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(448	)	$	—	$	—	$	(448	)

^(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

Schedule of Investments  (unaudited) September 30, 2023 iShares^® Global 100 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 0.7%
BHP Group Ltd.		1,020,878	$	28,677,287
China — 1.2%
Tencent Holdings Ltd.		1,251,700		48,520,813
France — 3.7%
AXA SA		351,496		10,428,486
Cie. de Saint-Gobain		103,094		6,170,215
Engie SA		351,710		5,393,880
L’Oreal SA		46,465		19,255,656
LVMH Moet Hennessy Louis Vuitton SE		52,605		39,707,854
Sanofi		224,248		24,078,685
Schneider Electric SE		108,620		17,899,715
TotalEnergies SE		468,208		30,784,357
				153,718,848
Germany — 2.7%
Allianz SE, Registered		81,302		19,347,934
BASF SE		181,131		8,198,885
Bayer AG, Registered		197,064		9,463,878
Deutsche Bank AG, Registered		409,249		4,497,757
Deutsche Telekom AG, Registered		704,742		14,783,227
E.ON SE		450,353		5,325,878
Mercedes-Benz Group AG		162,370		11,300,420
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		27,621		10,757,068
RWE AG		135,780		5,040,125
Siemens AG, Registered		151,535		21,655,660
				110,370,832
Japan — 2.9%
Bridgestone Corp.		117,400		4,574,836
Canon Inc.		202,450		4,876,744
Honda Motor Co. Ltd.		1,001,200		11,263,191
Mitsubishi UFJ Financial Group Inc.		2,544,500		21,562,489
Panasonic Holdings Corp.		491,900		5,552,453
Seven & i Holdings Co. Ltd.		159,620		6,249,152
Sony Group Corp.		252,700		20,664,682
Toyota Motor Corp.		2,486,100		44,601,442
				119,344,989
Netherlands — 1.5%
ASML Holding NV		81,233		47,825,929
ING Groep NV		733,283		9,664,719
Koninklijke Philips NV(a)(b)		186,273		3,716,565
				61,207,213
South Korea — 1.3%
Samsung Electronics Co. Ltd.		1,031,877		52,165,622
Spain — 0.6%
Banco Bilbao Vizcaya Argentaria SA		1,209,695		9,789,975
Banco Santander SA		3,273,277		12,464,864
Telefonica SA		1,153,490		4,712,400
				26,967,239
Switzerland — 4.3%
ABB Ltd., Registered		327,437		11,687,268
Nestle SA, Registered		538,061		60,906,351
Novartis AG, Registered		417,657		42,654,738
Roche Holding AG, Bearer		5,680		1,668,709
Roche Holding AG, NVS		141,581		38,651,759
Swiss Re AG		57,953		5,951,793

Security	Shares		Value
Switzerland (continued)
UBS Group AG, Registered		614,976	$	15,148,206
				176,668,824
United Kingdom — 5.9%
Anglo American PLC		268,306		7,367,574
AstraZeneca PLC		312,332		42,128,718
Barclays PLC		2,944,778		5,675,849
BP PLC		3,450,568		22,242,135
Diageo PLC		451,582		16,648,967
GSK PLC		827,187		14,966,950
HSBC Holdings PLC		4,034,798		31,573,839
National Grid PLC		750,019		8,969,737
Prudential PLC		552,272		5,936,553
Rio Tinto PLC		225,760		14,176,022
Shell PLC		1,349,707		42,777,905
Standard Chartered PLC		463,097		4,259,348
Unilever PLC		507,151		25,087,132
Vodafone Group PLC		4,566,547		4,280,677
				246,091,406
United States — 74.9%
3M Co.		111,705		10,457,822
Abbott Laboratories		349,714		33,869,801
Alphabet Inc., Class A(a)		1,195,641		156,461,582
Alphabet Inc., Class C, NVS(a)		1,017,063		134,099,757
Amazon.com Inc.(a)		1,829,754		232,598,328
American Tower Corp.		94,064		15,468,825
Aon PLC, Class A		40,990		13,289,778
Apple Inc.		2,961,629		507,060,501
Bristol-Myers Squibb Co.		421,002		24,434,956
Broadcom Inc.		83,160		69,071,033
Caterpillar Inc.		102,796		28,063,308
Chevron Corp.		357,555		60,290,924
Citigroup Inc.		388,617		15,983,817
Coca-Cola Co.(The)		784,309		43,905,618
Colgate-Palmolive Co.		167,195		11,889,236
DuPont de Nemours Inc.		92,080		6,868,247
Eli Lilly & Co.		160,696		86,314,642
Emerson Electric Co.		114,635		11,070,302
Exxon Mobil Corp.		806,737		94,856,136
Ford Motor Co.		796,603		9,893,809
General Electric Co.		219,324		24,246,268
Goldman Sachs Group Inc. (The)		66,429		21,494,432
Honeywell International Inc.		133,801		24,718,397
HP Inc.		174,033		4,472,648
Intel Corp.		843,981		30,003,525
International Business Machines Corp.		183,586		25,757,116
Johnson & Johnson		485,272		75,581,114
Johnson Controls International PLC		136,460		7,261,037
JPMorgan Chase & Co.		585,637		84,929,078
Kimberly-Clark Corp.		67,827		8,196,893
Marsh & McLennan Companies Inc.		99,592		18,952,358
Mastercard Inc., Class A		167,668		66,381,438
McDonald’s Corp.		146,854		38,687,218
Merck & Co. Inc.		511,370		52,645,542
Microsoft Corp.		1,497,268		472,762,371
Morgan Stanley		257,114		20,998,500
Nike Inc., Class B		246,879		23,606,570
Nvidia Corp.		497,764		216,522,362
PepsiCo Inc.		277,411		47,004,520
Pfizer Inc.		1,137,797		37,740,727
Philip Morris International Inc.		312,828		28,961,616

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Schedule of Investments  (unaudited) (continued) September 30, 2023 iShares^® Global 100 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Procter & Gamble Co.(The)		475,054	$	69,291,376
Raytheon Technologies Corp.		293,318		21,110,096
Texas Instruments Inc.		182,968		29,093,742
Thermo Fisher Scientific Inc.		77,770		39,364,841
Walmart Inc.		287,612		45,997,787
				3,101,729,994
Total Long-Term Investments — 99.7% (Cost: $3,052,785,551)				4,125,463,067
Short-Term Securities
Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(c)(d)(e)		3,647,608		3,648,702
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(c)(d)		7,180,000		7,180,000
Total Short-Term Securities — 0.3% (Cost: $10,828,702)				10,828,702
Total Investments — 100.0% (Cost: $3,063,614,253)				4,136,291,769
Other Assets Less Liabilities — 0.0%				1,881,744
Net Assets — 100.0%			$	4,138,173,513

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	607,245	$	3,039,160	(a)	$	—	$	2,234	$	63	$	3,648,702		3,647,608	$	3,366	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,900,000		3,280,000	(a)		—		—		—		7,180,000		7,180,000		167,704			—
								$	2,234	$	63	$	10,828,702			$	171,070		$	—

^(a)  Represents net amount purchased (sold).

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

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		27		12/15/23	$	1,196	$	(31,391	)
FTSE 100 Index		7		12/15/23		653		(9,824	)
S&P 500 E-Mini Index		45		12/15/23		9,732		(318,948	)
							$	(360,163	)

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, 2023 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)	$	—	$	—	$	360,163	$	—	$	—	$	—	$	360,163

^(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, 2023, 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	$	—	$	—	$	1,068,337		$	—	$	—	$	—	$	1,068,337
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(850,871	)	$	—	$	—	$	—	$	(850,871	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	11,369,938

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
Assets
Investments
Long-Term Investments
Common Stocks	$	3,101,729,994		$	1,023,733,073		$	—	$	4,125,463,067
Short-Term Securities
Money Market Funds		10,828,702			—			—		10,828,702
	$	3,112,558,696		$	1,023,733,073		$	—	$	4,136,291,769
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(318,948	)	$	(41,215	)	$	—	$	(360,163	)

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

See notes to financial statements.

18 2 0 2 3    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, 2023 iShares^® Global Infrastructure ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Argentina — 0.2%
Corp. America Airports SA(a)		498,307	$	6,647,416
Australia — 8.9%
Atlas Arteria Ltd.		19,372,720		68,594,728
Dalrymple Bay Infrastructure Ltd.(b)		4,328,345		7,785,069
Qube Holdings Ltd.		30,228,086		55,522,171
Transurban Group		20,949,707		170,230,117
				302,132,085
Brazil — 0.8%
Centrais Eletricas Brasileiras SA, ADR		1,576,932		11,527,373
Cia. de Saneamento Basico do Estado de Sao Paulo, ADR(b)		521,316		6,318,350
Cia. Paranaense de Energia, ADR		564,608		4,951,612
Ultrapar Participacoes SA, ADR		1,624,757		5,962,858
				28,760,193
Canada — 8.7%
Enbridge Inc.		4,734,152		157,020,834
Keyera Corp.		513,622		12,059,198
Pembina Pipeline Corp.		1,230,966		37,012,812
TC Energy Corp.		2,307,456		79,353,042
Westshore Terminals Investment Corp.		588,609		10,916,297
				296,362,183
China — 4.7%
Anhui Expressway Co. Ltd., Class H		5,150,000		5,386,128
Beijing Capital International Airport Co. Ltd., Class H(a)		29,604,000		13,690,941
CGN Power Co. Ltd., Class H(c)		16,179,000		4,188,429
China Gas Holdings Ltd.		4,481,600		4,224,426
China Longyuan Power Group Corp. Ltd., Class H		5,096,000		4,419,629
China Merchants Port Holdings Co. Ltd.		21,928,000		27,257,302
China Resources Gas Group Ltd.		1,412,100		4,129,067
China Resources Power Holdings Co. Ltd.		2,720,000		5,175,244
COSCO SHIPPING International Hong Kong Co. Ltd.		7,282,000		3,143,062
COSCO SHIPPING Ports Ltd.		25,170,000		16,397,089
Jiangsu Expressway Co. Ltd., Class H		20,922,000		18,871,321
Kunlun Energy Co. Ltd.		6,080,000		5,232,170
Shenzhen Expressway Co. Ltd., Class H		10,498,000		8,563,595
Shenzhen International Holdings Ltd.		22,811,500		14,037,729
Yuexiu Transport Infrastructure Ltd.		16,042,000		8,479,916
Zhejiang Expressway Co. Ltd., Class H		20,132,000		14,980,119
				158,176,167
France — 6.3%
Aeroports de Paris		677,646		79,915,563
Engie SA		2,674,659		41,018,993
Getlink SE		5,555,115		88,559,087
Scorpio Tankers Inc.		107,488		5,817,250
				215,310,893
Germany — 3.3%
E.ON SE		3,424,728		40,552,893
Fraport AG Frankfurt Airport Services Worldwide(a)		617,362		32,638,090
RWE AG		1,032,543		38,327,779
				111,518,762
Italy — 2.6%
Enav SpA(c)		4,358,835		16,120,063
Enel SpA		11,786,336		72,282,557
				88,402,620

Security	Shares		Value
Japan — 2.2%
Iwatani Corp.		119,600	$	6,030,420
Japan Airport Terminal Co. Ltd.		1,594,600		67,554,200
				73,584,620
Mexico — 7.0%
Grupo Aeroportuario del Centro Norte SAB de CV, ADR		589,919		51,269,860
Grupo Aeroportuario del Pacifico SAB de CV, ADR		670,919		110,278,956
Grupo Aeroportuario del Sureste SAB de CV, ADR		313,028		76,914,110
				238,462,926
New Zealand — 3.1%
Auckland International Airport Ltd.		22,439,762		106,383,748
Singapore — 1.6%
Hutchison Port Holdings Trust, Class U(b)		84,400,500		14,497,389
SATS Ltd.(a)(b)		16,672,066		31,643,350
SIA Engineering Co. Ltd.		4,327,912		7,556,300
				53,697,039
South Korea — 0.0%
Sebang Co. Ltd.		150,454		1,228,676
Spain — 8.0%
Aena SME SA(c)		1,160,266		174,593,999
Iberdrola SA		8,814,957		98,590,427
				273,184,426
Switzerland — 1.8%
Flughafen Zurich AG, Registered		325,864		62,043,244
United Kingdom — 2.0%
National Grid PLC		5,643,282		67,489,964
United States — 38.1%
American Electric Power Co. Inc.		785,854		59,111,937
American Water Works Co. Inc.		296,950		36,771,319
Antero Midstream Corp.		763,354		9,144,981
Cheniere Energy Inc.		539,330		89,507,207
Consolidated Edison Inc.		526,151		45,001,695
Constellation Energy Corp.		490,562		53,510,503
Dominion Energy Inc.		1,276,420		57,017,681
DTE Midstream LLC(a)		217,197		11,494,065
Duke Energy Corp.		1,175,646		103,762,516
Edison International		584,675		37,004,081
Equitrans Midstream Corp.		974,817		9,134,035
Exelon Corp.		1,518,118		57,369,679
Kinder Morgan Inc.		4,344,941		72,039,122
NextEra Energy Inc.		2,653,699		152,030,416
ONEOK Inc.		1,003,412		63,646,423
Public Service Enterprise Group Inc.		761,351		43,328,485
Sempra Energy		959,953		65,305,603
Southern Co.(The)		1,663,530		107,663,662
Targa Resources Corp.		501,428		42,982,408
WEC Energy Group Inc.		481,170		38,758,243
Williams Companies Inc. (The)		2,726,472		91,854,842
Xcel Energy Inc.		841,315		48,140,044
				1,294,578,947
Total Common Stocks — 99.3% (Cost: $3,505,431,866)				3,377,963,909

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, 2023 iShares^® Global Infrastructure ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Preferred Stocks
Brazil — 0.2%
Cia. Energetica de Minas Gerais, Preference Shares, ADR		2,235,523	$	5,409,966
Total Preferred Stocks — 0.2% (Cost: $4,123,185)				5,409,966
Total Long-Term Investments — 99.5% (Cost: $3,509,555,051)				3,383,373,875
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(d)(e)(f)		1,069,105		1,069,426
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(d)(e)		2,690,000		2,690,000
Total Short-Term Securities — 0.1% (Cost: $3,758,036)				3,759,426
Total Investments — 99.6% (Cost: $3,513,313,087)				3,387,133,301
Other Assets Less Liabilities — 0.4%				12,840,010
Net Assets — 100.0%			$	3,399,973,311

^(a)  Non-income producing security.

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

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

^(d)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	8,023,535	$	—	$	(6,947,927	)(a)	$	(4,649	)	$	(1,533	)	$	1,069,426		1,069,105	$	119,402	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		16,620,000		—		(13,930,000	)(a)		—			—			2,690,000		2,690,000		119,354			—
								$	(4,649	)	$	(1,533	)	$	3,759,426			$	238,756		$	—

^(a)  Represents net amount purchased (sold).

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

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		35		10/20/23	$	3,483	$	(14,348	)
S&P/TSE 60 Index		29		12/14/23		5,023		(124,813	)
Dow Jones U.S. Real Estate Index		82		12/15/23		2,494		(79,950	)
SPI 200 Index		35		12/21/23		3,960		(78,754	)
							$	(297,865	)

20 2 0 2 3    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, 2023 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)	$	—	$	—	$	297,865	$	—	$	—	$	—	$	297,865

^(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, 2023, 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	$	—	$	—	$	1,139,463		$	—	$	—	$	—	$	1,139,463
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(1,320,144	)	$	—	$	—	$	—	$	(1,320,144	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	21,225,527

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
Assets
Investments
Long-Term Investments
Common Stocks	$	1,977,012,663		$	1,400,951,246		$	—	$	3,377,963,909
Preferred Stocks		5,409,966			—			—		5,409,966
Short-Term Securities
Money Market Funds		3,759,426			—			—		3,759,426
	$	1,986,182,055		$	1,400,951,246		$	—	$	3,387,133,301
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(204,763	)	$	(93,102	)	$	—	$	(297,865	)

^(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, 2023 iShares^® Global Timber & Forestry ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 11.7%
Dexco SA		518,033	$	793,557
Klabin SA		1,726,030		8,175,940
Suzano SA		1,339,193		14,461,489
				23,430,986
Canada — 8.3%
Canfor Corp.(a)		158,397		1,967,353
Interfor Corp.(a)		144,346		2,141,411
Stella-Jones Inc.		70,580		3,394,284
West Fraser Timber Co. Ltd.		124,007		9,003,004
				16,506,052
Chile — 3.3%
Empresas CMPC SA		1,577,496		2,904,340
Empresas COPEC SA		521,950		3,700,315
				6,604,655
China — 1.4%
Nine Dragons Paper Holdings Ltd.		3,555,000		1,994,005
Shandong Sun Paper Industry JSC Ltd., Class A		481,700		810,306
				2,804,311
Finland — 9.2%
Stora Enso OYJ, Class R		829,498		10,396,404
UPM-Kymmene OYJ		232,811		7,971,648
				18,368,052
Ireland — 5.8%
Smurfit Kappa Group PLC		349,649		11,615,258
Japan — 8.3%
Daio Paper Corp.		166,100		1,359,138
Nippon Paper Industries Co. Ltd.(a)		244,700		2,205,576
Oji Holdings Corp.		1,423,100		5,987,295
Sumitomo Forestry Co. Ltd.		274,500		6,962,277
				16,514,286
Portugal — 0.9%
Altri SGPS SA		172,669		780,959
Navigator Co. SA(The)		299,319		1,127,929
				1,908,888
Saudi Arabia — 0.2%
Middle East Paper Co.		46,919		406,582
South Africa — 1.4%
Sappi Ltd.		1,184,193		2,754,439
Spain — 0.6%
Ence Energia y Celulosa SA		367,958		1,234,761

Security	Shares		Value
Sweden — 12.7%
Billerud AB		308,160	$	2,852,464
Holmen AB, Class B		194,949		7,577,717
Svenska Cellulosa AB SCA, Class B		1,082,713		14,824,629
				25,254,810
Taiwan — 1.7%
Cheng Loong Corp.		1,348,000		1,197,027
Chung Hwa Pulp Corp.		998,000		699,533
YFY Inc.		1,481,000		1,494,605
				3,391,165
United Kingdom — 4.0%
Mondi PLC		473,796		7,903,795
United States — 29.9%
Clearwater Paper Corp.(a)(b)		23,447		849,954
International Paper Co.		358,800		12,726,636
Mercer International Inc.		123,195		1,057,013
PotlatchDeltic Corp.		200,443		9,098,108
Rayonier Inc.		310,755		8,844,087
Sylvamo Corp.		74,885		3,290,447
Westrock Co.		227,015		8,127,137
Weyerhaeuser Co.		508,083		15,577,825
				59,571,207
Total Long-Term Investments — 99.4% (Cost: $210,534,453)				198,269,247
Short-Term Securities
Money Market Funds — 0.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(c)(d)(e)		3,820		3,821
Total Short-Term Securities — 0.0% (Cost: $3,823)				3,821
Total Investments — 99.4% (Cost: $210,538,276)				198,273,068
Other Assets Less Liabilities — 0.6%				1,241,597
Net Assets — 100.0%			$	199,514,665

^(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.

22 2 0 2 3    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, 2023 iShares^® Global Timber & Forestry ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	666,559	$	—	$	(662,963	)(a)	$	(11	)	$	236	$	3,821		3,820	$	19,461	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		260,000		—		(260,000	)(a)		—			—		—		—		7,228			—
								$	(11	)	$	236	$	3,821			$	26,689		$	—

^(a)  Represents net amount purchased (sold).

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

^(c)  As of period end, the entity is no longer held.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Futures
Russell 1000 E-Mini Value Index		12		12/15/23	$	905	$	(31,861	)

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)	$	—	$	—	$	31,861	$	—	$	—	$	—	$	31,861

^(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, 2023, 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	$	—	$	—	$	70,703		$	—	$	—	$	—	$	70,703
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(98,121	)	$	—	$	—	$	—	$	(98,121	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,001,105

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the 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 23

Schedule of Investments  (unaudited) (continued) September 30, 2023 iShares^® Global Timber & Forestry ETF

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
Assets
Investments
Long-Term Investments
Common Stocks	$	109,273,921		$	88,995,326	$	—	$	198,269,247
Short-Term Securities
Money Market Funds		3,821			—		—		3,821
	$	109,277,742		$	88,995,326	$	—	$	198,273,068
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(31,861	)	$	—	$	—	$	(31,861	)

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

See notes to financial statements.

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Schedule of Investments  (unaudited)  September 30, 2023 iShares^® Lithium Miners and Producers ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Chemicals — 38.8%
Albemarle Corp.		1,688	$	287,028
Chengxin Lithium Group Co. Ltd., Class A		7,600		23,386
Chunbo Co. Ltd.		624		60,380
CNGR Advanced Material Co. Ltd.		5,600		38,974
Do-Fluoride New Materials Co. Ltd., Class A		8,800		19,345
Foosung Co. Ltd.		7,248		54,873
Ganfeng Lithium Group Co. Ltd., Class A		13,200		81,101
Guangzhou Tinci Materials Technology Co. Ltd., Class A		16,000		59,442
Hunan Changyuan Lico Co. Ltd.		16,000		18,812
Livent Corp.(a)(b)		15,072		277,476
Ningbo Shanshan Co. Ltd.		18,800		35,916
Shenzhen Capchem Technology Co. Ltd., Class A		6,400		38,517
Shenzhen Dynanonic Co. Ltd.		2,400		25,281
Shenzhen Senior Technology Co. Ltd., Class A		10,800		19,417
Sichuan Yahua Industrial Group Co. Ltd., Class A		9,600		19,767
SK IE Technology Co. Ltd.(a)(c)		2,888		157,785
SuZhou TA&A Ultra Clean Technology Co. Ltd., Class A		6,800		24,055
Tanaka Chemical Corp.(a)		2,400		20,509
Tianqi Lithium Corp., Class A		12,400		93,757
Yunnan Energy New Material Co. Ltd., Class A		8,200		67,604
				1,423,425
Electrical Equipment — 12.3%
Beijing Easpring Material Technology Co. Ltd., Class A		4,400		25,485
Hunan Yuneng New Energy Battery Material Co. Ltd., NVS		6,400		31,960
Jiangsu Ruitai New Energy Materials Co. Ltd., NVS		6,000		14,879
Jiangxi Special Electric Motor Co. Ltd., NVS(a)		14,400		17,583
Ningbo Ronbay New Energy Technology Co. Ltd.		3,599		20,768
Shijiazhuang Shangtai Technology Co. Ltd., NVS		2,000		13,256
Sociedad Quimica y Minera de Chile SA, ADR		5,180		309,091
XTC New Energy Materials Xiamen Co. Ltd., NVS		3,200		18,997
				452,019
Metals & Mining — 42.6%
Allkem Ltd.(a)		36,700		274,421
American Lithium Corp., NVS		29,772		42,574
Core Lithium Ltd.(a)		258,100		66,510
Lake Resources NL(a)		197,687		22,677
Latin Resources Ltd., NVS		339,902		53,359

Security	Shares		Value
Metals & Mining (continued)
Liontown Resources Ltd.(a)		92,072	$	172,550
Lithium Americas Corp.(a)		9,855		167,634
Piedmont Lithium Inc.(a)		2,664		105,761
Pilbara Minerals Ltd.		107,268		292,647
Sayona Mining Ltd.(a)		1,264,189		74,922
Sigma Lithium Corp.(a)		5,441		176,506
Sinomine Resource Group Co. Ltd., Class A		6,000		30,039
Tibet Mineral Development Co.(a)		4,400		14,357
Vulcan Energy Resources Ltd.(a)		18,080		33,325
Winsome Resources Ltd., NVS		23,692		22,182
Youngy Co. Ltd.		2,000		15,027
				1,564,491
Technology Hardware, Storage & Peripherals — 4.6%
CosmoAM&T Co. Ltd.(a)		1,544		170,007
Total Long-Term Investments — 98.3% (Cost: $4,771,640)				3,609,942
Short-Term Securities
Money Market Funds — 12.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(d)(e)(f)		459,070		459,208
Total Short-Term Securities — 12.5% (Cost: $459,252)				459,208
Total Investments — 110.8% (Cost: $5,230,892)				4,069,150
Liabilities in Excess of Other Assets — (10.8)%				(397,956	)
Net Assets — 100.0%			$	3,671,194

^(a)  Non-income producing security.

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

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

^(d)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at    06/21/23(a)		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	459,252	(b)	$	—	$	—	$	(44	)	$	459,208		459,070	$	—	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		—		0	(b)		—		—		—			—		—		313		—
								$	—	$	(44	)	$	459,208			$	313	$	—

^(a)  Commencement of operations.

^(b)  Represents net amount purchased (sold).

^(c)  As of period end, the entity is no longer held.

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, 2023 iShares^® Lithium Miners and Producers 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
Micro E-Mini Russell 2000 Index		6		12/15/23	$	54	$	(1,914	)

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)	$	—	$	—	$	1,914	$	—	$	—	$	—	$	1,914

^(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, 2023, 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	$	—	$	—	$	(211	)	$	—	$	—	$	—	$	(211	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(1,914	)	$	—	$	—	$	—	$	(1,914	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	26,979

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
Assets
Investments
Long-Term Investments
Common Stocks	$	1,398,030		$	2,211,912	$	—	$	3,609,942
Short-Term Securities
Money Market Funds		459,208			—		—		459,208
	$	1,857,238		$	2,211,912	$	—	$	4,069,150
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(1,914	)	$	—	$	—	$	(1,914	)

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

See notes to financial statements.

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Statements of Assets and Liabilities  (unaudited)

September 30, 2023

	iShares Copper and Metals Mining ETF			iShares Environmental Infrastructure and Industrials ETF		iShares Global 100 ETF		iShares Global Infrastructure ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	4,753,145		$	4,129,578	$	4,125,463,067	$	3,383,373,875
Investments, at value — affiliated(c)		195,281			146,826		10,828,702		3,759,426
Cash		3,129			2,602		13,107		35,028
Cash pledged for futures contracts		2,000			2,000		453,000		280,000
Foreign currency collateral pledged for futures contracts(d)		—			—		119,637		1,150,960
Foreign currency, at value(e)		—			5,979		2,337,737		5,471,248
Receivables:
Investments sold		39,484			—		—		231,999,925
Securities lending income — affiliated		9			25		932		14,395
Capital shares sold		—			—		1,333,497		—
Dividends — unaffiliated		338			10,562		3,686,762		10,022,211
Dividends — affiliated		19			—		26,680		12,987
Tax reclaims		21			259		1,275,403		263,941
Variation margin on futures contracts		50			—		—		—
Total assets		4,993,476			4,297,831		4,145,538,524		3,636,383,996
LIABILITIES
Foreign bank overdraft(f)		18,415			—		—		—
Collateral on securities loaned, at value		195,300			146,824		3,648,664		1,073,192
Payables:
Investments purchased		5,988			8		822,473		233,384,457
Capital shares redeemed		—			—		—		309,839
Investment advisory fees		1,883			1,659		1,383,338		1,230,101
IRS compliance fee for foreign withholding tax claims		—			—		1,488,716		—
Professional fees		—			—		4,706		381,727
Variation margin on futures contracts		—			153		17,114		31,369
Total liabilities		221,586			148,644		7,365,011		236,410,685
Commitments and contingent liabilities
NET ASSETS	$	4,771,890		$	4,149,187	$	4,138,173,513	$	3,399,973,311
NET ASSETS CONSIST OF
Paid-in capital	$	4,975,310		$	4,016,012	$	3,311,391,391	$	3,879,807,564
Accumulated earnings (loss)		(203,420	)		133,175		826,782,122		(479,834,253	)
NET ASSETS	$	4,771,890		$	4,149,187	$	4,138,173,513	$	3,399,973,311
NET ASSETVALUE
Shares outstanding		200,000			160,000		56,550,000		78,500,000
Net asset value	$	23.86		$	25.93	$	73.18	$	43.31
Shares authorized		Unlimited			Unlimited		Unlimited		Unlimited
Par value		None			None		None		None
(a) Investments, at cost — unaffiliated	$	5,031,390		$	3,999,291	$	3,052,785,551	$	3,509,555,051
(b) Securities loaned, at value	$	190,920		$	143,767	$	3,478,215	$	1,008,235
(c)  Investments, at cost — affiliated	$	195,300		$	146,826	$	10,828,702	$	3,758,036
(d) Foreign currency collateral pledged, at cost	$	—		$	—	$	125,426	$	1,178,084
(e) Foreign currency, at cost	$	—		$	6,061	$	2,355,813	$	5,487,880
(f)  Foreign bank overdraft, at cost	$	18,532		$	—	$	—	$	—

See notes to financial statements.

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

Statements of Assets and Liabilities (unaudited) (continued)

September 30, 2023

	iShares Global Timber & Forestry ETF			iShares Lithium Miners and Producers ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	198,269,247		$	3,609,942
Investments, at value — affiliated(c)		3,821			459,208
Cash		—			2,389
Cash pledged for futures contracts		63,000			4,000
Foreign currency, at value(d)		5,203,729			55,991
Receivables:
Investments sold		23,256,535			—
Securities lending income — affiliated		1,948			—
Dividends — unaffiliated		234,936			723
Dividends — affiliated		615			—
Tax reclaims		519,008			—
Total assets		227,552,839			4,132,253
LIABILITIES
Bank overdraft		4,636,763			—
Collateral on securities loaned, at value		3,847			459,252
Payables:
Investments purchased		22,522,206			—
Capital shares redeemed		801,631			—
Investment advisory fees		68,337			1,492
Variation margin on futures contracts		5,390			315
Total liabilities		28,038,174			461,059
Commitments and contingent liabilities
NET ASSETS	$	199,514,665		$	3,671,194
NET ASSETS CONSIST OF
Paid-in capital	$	251,309,760		$	5,003,149
Accumulated loss		(51,795,095	)		(1,331,955	)
NET ASSETS	$	199,514,665		$	3,671,194
NET ASSET VALUE
Shares outstanding		2,700,000			200,000
Net asset value	$	73.89		$	18.36
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a) Investments, at cost — unaffiliated	$	210,534,453		$	4,771,640
(b) Securities loaned, at value	$	3,625		$	274,696
(c) Investments, at cost — affiliated	$	3,823		$	459,252
(d) Foreign currency, at cost	$	5,206,857		$	56,211

See notes to financial statements.

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Statements of Operations (unaudited)

Six Months Ended September 30, 2023

		iShares Copper and Metals Mining ETF	(a)		iShares Environmental Infrastructure and Industrials ETF			iShares Global 100 ETF			iShares Global Infrastructure ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	74,430		$	62,338		$	43,144,755		$	94,617,853
Dividends — affiliated		19			27			167,704			119,354
Interest — unaffiliated		—			69			18,488			37,168
Securities lending income — affiliated — net		9			44			3,366			119,402
Other income — unaffiliated		—			—			188,648			677,858
Foreign taxes withheld		(2,698	)		(4,309	)		(2,231,130	)		(6,508,760	)
Foreign withholding tax claims		—			—			1,709,951			3,261,875
IRS compliance fee for foreign withholding tax claims		—			—			5,747			—
Total investment income		71,760			58,169			43,007,529			92,324,750
EXPENSES
Investment advisory		6,121			10,407			7,896,653			7,781,676
Commitment costs		—			5			1,561			3,438
Professional		—			—			195,380			394,011
Total expenses		6,121			10,412			8,093,594			8,179,125
Net investment income		65,639			47,757			34,913,935			84,145,625
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		12,878			11,586			(78,037,717	)		(51,247,695	)
Investments — affiliated		—			2			2,234			(4,649	)
Foreign currency transactions		(742	)		(496	)		41,717			(51,266	)
Futures contracts		(2,391	)		1,213			1,068,337			1,139,463
In-kind redemptions — unaffiliated(b)		—			—			6,069,220			53,292,146
		9,745			12,305			(70,856,209	)		3,127,999
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(278,245	)		(276,844	)		229,297,060			(392,816,086	)
Investments — affiliated		(19	)		—			63			(1,533	)
Foreign currency translations		130			(314	)		(74,714	)		(43,412	)
Futures contracts		(670	)		(793	)		(850,871	)		(1,320,144	)
		(278,804	)		(277,951	)		228,371,538			(394,181,175	)
Net realized and unrealized gain (loss)		(269,059	)		(265,646	)		157,515,329			(391,053,176	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(203,420	)	$	(217,889	)	$	192,429,264		$	(306,907,551	)

^(a)  For the period from June 21, 2023 (commencement of operations) to to September 30, 2023.

^(b)  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 29

Statements of Operations (unaudited) (continued)

Six Months Ended September 30, 2023

		iShares Global Timber & Forestry ETF			iShares Lithium Miners and Producers ETF	(a)
INVESTMENT INCOME
Dividends — unaffiliated	$	3,006,583		$	22,027
Dividends — affiliated		7,228			313
Securities lending income — affiliated — net		19,461			—
Foreign taxes withheld		(117,594	)		(1,613	)
Total investment income		2,915,678			20,727
EXPENSES
Investment advisory		419,022			5,411
Professional		3,782			—
Commitment costs		779			—
Total expenses		423,583			5,411
Net investment income		2,492,095			15,316
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(11,079,416	)		(184,356	)
Investments — affiliated		(11	)		—
Foreign currency transactions		(55,950	)		1,172
Futures contracts		70,703			(211	)
In-kind redemptions — unaffiliated(b)		1,671,577			—
		(9,393,097	)		(183,395	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		16,803,142			(1,161,698	)
Investments — affiliated		236			(44	)
Foreign currency translations		32,529			(220	)
Futures contracts		(98,121	)		(1,914	)
		16,737,786			(1,163,876	)
Net realized and unrealized gain (loss)		7,344,689			(1,347,271	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	9,836,784		$	(1,331,955	)

^(a)  For the period from June 21, 2023 (commencement of operations) to to September 30, 2023.

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

See notes to financial statements.

30 2 0 2 3    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 Copper and Metals Mining ETF			iShares Environmental Infrastructure and Industrials ETF
		Period From 06/21/23 to 09/30/23 (unaudited)	(a)		Six Months Ended 09/30/23 (unaudited)			Period From 11/01/22 to 03/31/23	(a)
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	65,639		$	47,757		$	17,976
Net realized gain (loss)		9,745			12,305			(33,572	)
Net change in unrealized appreciation (depreciation)		(278,804	)		(277,951	)		407,577
Net increase (decrease) in net assets resulting from operations		(203,420	)		(217,889	)		391,981
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		—			(35,127	)		(5,790	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		4,975,310			—			4,016,012
NET ASSETS
Total increase (decrease) in net assets		4,771,890			(253,016	)		4,402,203
Beginning of period		—			4,402,203			—
End of period	$	4,771,890		$	4,149,187		$	4,402,203

^(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 31

Statements of Changes in Net Assets (continued)

	iShares Global 100 ETF						iShares Global Infrastructure ETF
	Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	34,913,935		$	68,704,768		$	84,145,625		$	101,234,304
Net realized gain (loss)		(70,856,209	)		138,328,173			3,127,999			(461,244	)
Net change in unrealized appreciation (depreciation)		228,371,538			(446,564,115	)		(394,181,175	)		(211,054,358	)
Net increase (decrease) in net assets resulting from operations		192,429,264			(239,531,174	)		(306,907,551	)		(110,281,298	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(39,844,361	)		(66,133,768	)		(54,439,577	)(b)		(92,664,851	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		381,435,541			66,208,396			(82,113,551	)		613,390,828
NET ASSETS
Total increase (decrease) in net assets		534,020,444			(239,456,546	)		(443,460,679	)		410,444,679
Beginning of period		3,604,153,069			3,843,609,615			3,843,433,990			3,432,989,311
End of period	$	4,138,173,513		$	3,604,153,069		$	3,399,973,311		$	3,843,433,990

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

^(b)  A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.

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Statements of Changes in Net Assets (continued)

	iShares Global Timber & Forestry ETF						iShares Lithium Miners and Producers ETF
		Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Period From 06/21/23 to 09/30/23 (unaudited)	(a)
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	2,492,095		$	4,471,918		$	15,316
Net realized loss		(9,393,097	)		(12,234,927	)		(183,395	)
Net change in unrealized appreciation (depreciation)		16,737,786			(45,341,807	)		(1,163,876	)
Net increase (decrease) in net assets resulting from operations		9,836,784			(53,104,816	)		(1,331,955	)
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		(3,848,829	)(c)		(5,674,714	)		—
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(8,776,643	)		(54,370,685	)		5,003,149
NET ASSETS
Total increase (decrease) in net assets		(2,788,688	)		(113,150,215	)		3,671,194
Beginning of period		202,303,353			315,453,568			—
End of period	$	199,514,665		$	202,303,353		$	3,671,194

^(a)  Commencement of operations.

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

^(c)  A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 33

Financial Highlights

(For a share outstanding throughout the period)

	iShares Copper and Metals   Mining ETF
		Period From 06/21/23 to 09/30/23 (unaudited)	(a)
Net asset value, beginning of period	$	25.04
Net investment income(b)		0.35
Net realized and unrealized loss(c)		(1.53	)
Net decrease from investment operations		(1.18	)
Net asset value, end of period	$	23.86
Total Return(d)
Based on net asset value		(4.72	)%(e)
Ratios to Average Net Assets(f)
Total expenses		0.47	%(g)
Net investment income		5.04	%(g)
Supplemental Data
Net assets, end of period (000)	$	4,772
Portfolio turnover rate(h)		31	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amount 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)  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.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Environmental Infrastructure and Industrials ETF
		Six Months Ended 09/30/23 (unaudited)			Period From 11/01/22 to 03/31/23	(a)
Net asset value, beginning of period	$	27.51		$	25.10
Net investment income(b)		0.30			0.11
Net realized and unrealized gain(c)		(1.66	)		2.34
Net increase from investment operations		(1.36	)		2.45
Distributions from net investment income(d)		(0.22	)		(0.04	)
Net asset value, end of period	$	25.93		$	27.51
Total Return(e)
Based on net asset value		(5.00	)%(f)		9.76	%(f)
Ratios to Average Net Assets(g)
Total expenses		0.47	%(h)		0.47	%(h)
Net investment income		2.16	%(h)		1.01	%(h)
Supplemental Data
Net assets, end of period (000)	$	4,149		$	4,402
Portfolio turnover rate(i)		6	%		13	%

^(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.

F I N A N C I A L    H I G H L I G H T  S 35

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Global 100 ETF
		Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19	(a)
Net asset value, beginning of period	$	70.05		$	75.96		$	65.92		$	44.71		$	47.57		$	45.54
Net investment income(b)		0.66	(c)		1.30	(c)		1.16			0.99			1.06			1.14
Net realized and unrealized gain (loss)(d)		3.23			(5.93	)		10.08			21.16			(2.83	)		1.97
Net increase (decrease) from investment operations		3.89			(4.63	)		11.24			22.15			(1.77	)		3.11
Distributions from net investment income(e)		(0.76	)		(1.28	)		(1.20	)		(0.94	)		(1.09	)		(1.08	)
Net asset value, end of period	$	73.18		$	70.05		$	75.96		$	65.92		$	44.71		$	47.57
Total Return(f)
Based on net asset value		5.57	%(c)(g)		(6.02	)%(c)		17.11	%		49.88	%		(3.91	)%		7.00	%
Ratios to Average Net Assets(h)
Total expenses		0.41	%(i)		0.41	%		0.40	%		0.40	%		0.40	%		0.40	%
Total expenses excluding professional fees for foreign withholding tax claims		0.40	%(i)		0.40	%		0.40	%		N/A			0.40	%		N/A
Net investment income		1.77	%(c)(i)		1.95	%(c)		1.58	%		1.71	%		2.11	%		2.46	%
Supplemental Data
Net assets, end of period (000)	$	4,138,174		$	3,604,153		$	3,843,610		$	2,973,065		$	1,855,568		$	2,031,281
Portfolio turnover rate(j)		15	%		2	%		2	%		3	%		5	%		9	%

^(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 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, 2023 and year ended March 31, 2023 respectively:

• Net investment income per share by $0.03 and $0.06.

• Total return by 0.01% and 0.08%.

• Ratio of net investment income to average net assets by 0.04% and 0.09%.

^(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.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Global Infrastructure ETF
		Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19
Net asset value, beginning of period	$	47.69		$	50.78		$	45.05		$	33.89		$	44.78		$	42.73
Net investment income(a)		1.04	(b)		1.33			1.04			1.04			1.54			1.34
Net realized and unrealized gain (loss)(c)		(4.74	)		(3.20	)		5.84			11.14			(10.86	)		2.10
Net increase (decrease) from investment operations		(3.70	)		(1.87	)		6.88			12.18			(9.32	)		3.44
Distributions from net investment income(d)		(0.68	)(e)		(1.22	)		(1.15	)		(1.02	)		(1.57	)		(1.39	)
Net asset value, end of period	$	43.31		$	47.69		$	50.78		$	45.05		$	33.89		$	44.78
Total Return(f)
Based on net asset value		(7.85	)%(b)(g)		(3.74	)%(b)		15.54	%		36.27	%(h)		(21.75	)%		8.40	%
Ratios to Average Net Assets(i)
Total expenses		0.43	%(j)		0.41	%		0.40	%		0.43	%		0.46	%		0.46	%
Total expenses excluding professional fees for foreign withholding tax claims		0.41	%(j)		0.41	%		N/A			N/A			N/A			N/A
Net investment income		4.43	%(b)(j)		2.81	%(b)		2.23	%		2.57	%		3.38	%		3.15	%
Supplemental Data
Net assets, end of period (000)	$	3,399,973		$	3,843,434		$	3,432,989		$	3,063,620		$	2,741,647		$	2,825,830
Portfolio turnover rate(k)		7	%		19	%		16	%		25	%		9	%		19	%

^(a) Based on average shares outstanding.

^(b) Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended September 30, 2023 and year ended March 31, 2023 respectively:

• Net investment income per share by $0.04.

• Total return by 0.08% and 0.01%.

• Ratio of net investment income to average net assets by 0.08% and 0.01%.

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

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

^(e) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(g) Not annualized.

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

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

^(j) Annualized.

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

See notes to financial statements.

F I N A N C I A L    H I G H L I G H T  S 37

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Global Timber & Forestry ETF
		Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19
Net asset value, beginning of period	$	71.74		$	89.11		$	85.14		$	48.10		$	63.82		$	78.11
Net investment income(a)		0.88			1.40	(b)		1.58	(b)		0.78			0.79			1.57
Net realized and unrealized gain (loss)(c)		2.61			(17.13	)		3.53			37.04			(15.27	)		(14.25	)
Net increase (decrease) from investment operations		3.49			(15.73	)		5.11			37.82			(14.48	)		(12.68	)
Distributions from net investment income(d)		(1.34	)(e)		(1.64	)		(1.14	)		(0.78	)		(1.24	)		(1.61	)
Net asset value, end of period	$	73.89		$	71.74		$	89.11		$	85.14		$	48.10		$	63.82
Total Return(f)
Based on net asset value		4.92	%(g)		(17.90	)%(b)		6.04	%(b)		79.23	%		(23.04	)%		(16.22	)%
Ratios to Average Net Assets(h)
Total expenses		0.41	%(i)		0.42	%		0.41	%		0.43	%		0.46	%		0.46	%
Total expenses excluding professional fees for foreign withholding tax claims		0.41	%(i)		0.41	%		0.40	%		N/A			N/A			0.46	%
Net investment income		2.43	%(i)		1.81	%(b)		1.78	%(b)		1.15	%		1.30	%		2.17	%
Supplemental Data
Net assets, end of period (000)	$	199,515		$	202,303		$	315,454		$	332,050		$	173,178		$	279,553
Portfolio turnover rate(j)		19	%		29	%		18	%		14	%		10	%		18	%

^(a) Based on average shares outstanding.

^(b) Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2022 and March 31, 2023, respectively:

• Net investment income per share by $0.07 and $0.05.

• Total return by 0.09% and 0.07%.

• Ratio of net investment income to average net assets by 0.07% and 0.06%.

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

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

^(e) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(g) Not annualized.

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

⁽ⁱ⁾ Annualized.

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

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout the period)

	iShares Lithium Miners and Producers ETF
		Period From 06/21/23 to 09/30/23 (unaudited)	(a)
Net asset value, beginning of period	$	24.94
Net investment income(b)		0.08
Net realized and unrealized loss(c)		(6.66	)
Net decrease from investment operations		(6.58	)
Net asset value, end of period	$	18.36
Total Return(d)
Based on net asset value		(26.41	)%(e)
Ratios to Average Net Assets(f)
Total expenses		0.47	%(g)
Net investment income		1.33	%(g)
Supplemental Data
Net assets, end of period (000)	$	3,671
Portfolio turnover rate(h)		17	%

^(a) Commencement of operations.

^(b) Based on average shares outstanding.

^(c) The amount 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) 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 39

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
Copper and Metals Mining(a)	Non-diversified
Environmental Infrastructure and Industrials	Non-diversified
Global 100(b)	Diversified
Global Infrastructure	Diversified
Global Timber & Forestry	Non-diversified
Lithium Miners and Producers(a)	Non-diversified

^(a)  The Funds commenced operations on June 21, 2023.

^(b)  The Fund intends to be diversified in approximately the same proportion as its underlying index is diversified. The Fund may become non-diversified, as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of its underlying index. Shareholder approval will not be sought if the Fund crosses from diversified to non-diversified status due solely to a change in its relative market capitalization or index weighting of one or more constituents of its underlying index.

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, 2023, 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.

Bank Overdraft: The Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian and utilized its ability to temporarily borrow from that custodian for operational purposes. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable.

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.

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Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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Notes to Financial Statements  (unaudited) (continued)

determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current 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
Copper and Metals Mining
UBS AG	$	190,920	$	(190,920	)	$	—		$	—
Environmental Infrastructure and Industrials
RBC Capital Markets LLC	$	143,767	$	(143,767	)	$	—		$	—
Global 100
Goldman Sachs & Co. LLC	$	3,478,215	$	(3,478,215	)	$	—		$	—
Global Infrastructure
BofA Securities, Inc.	$	371,271	$	(371,271	)	$	—		$	—
HSBC Bank PLC		40,196		(40,196	)		—			—
Morgan Stanley		584,648		(584,648	)		—			—
Wells Fargo Securities LLC		12,120		(11,955	)		—			165	(b)
	$	1,008,235	$	(1,008,070)		$	—		$	165
Global Timber & Forestry
Nomura Securities International Inc.	$	3,625	$	(3,625	)	$	—		$	—
Lithium Miners and Producers
BofA Securities, Inc.	$	274,696	$	(274,696	)	$	—		$	—

^(a)  Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities.

^(b)  The market value of the loaned securities is determined as of September 30, 2023. 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.

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

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Notes to Financial Statements (unaudited) (continued)

value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the 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 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
Copper and Metals Mining		0.47	%
Environmental Infrastructure and Industrials		0.47
Global 100		0.40
Lithium Miners and Producers		0.47

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

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

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Notes to Financial Statements (unaudited) (continued)

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 Copper and Metals Mining ETF, iShares Environmental Infrastructure and Industrials ETF, iShares Global Infrastructure ETF, iShares Global Timber & Forestry ETF and iShares Lithium Miners and Producers 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, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Copper and Metals Mining	$	2
Environmental Infrastructure and Industrials		18
Global 100		1,101
Global Infrastructure		28,646
Global Timber & Forestry		4,415
Lithium Miners and Producers		4

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, 2023, 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	$	219,322,709	$	122,773,499	$	(16,077,682	)
Global Infrastructure		4,687,454		11,227,921		(1,800,266	)
Global Timber & Forestry		990,331		2,096,572		(88,857	)

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.

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Notes to Financial Statements (unaudited) (continued)

7. PURCHASES AND SALES

For the six months ended September 30, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Copper and Metals Mining	$	1,978,168	$	1,384,834
Environmental Infrastructure and Industrials		275,944		268,704
Global 100		627,525,728		605,269,090
Global Infrastructure		336,570,528		261,866,706
Global Timber & Forestry		38,542,147		39,920,354
Lithium Miners and Producers		1,954,310		670,726

For the six months ended September 30, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Copper and Metals Mining	$	4,425,178	$	—
Global 100		364,481,098		10,386,993
Global Infrastructure		221,590,504		330,809,604
Global Timber & Forestry		11,153,959		18,723,169
Lithium Miners and Producers		3,672,411		—

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, 2023, 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, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring Capital Loss Carryforwards
Environmental Infrastructure and Industrials	$	(33,072	)
Global 100		(138,980,093	)
Global Infrastructure		(370,265,257	)
Global Timber & Forestry		(27,091,323	)

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

As of September 30, 2023, 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)
Copper and Metals Mining	$	5,226,690	$	25,088	$	(304,022	)	$	(278,934	)
Environmental Infrastructure and Industrials		4,147,081		389,933		(261,058	)		128,875
Global 100		3,109,098,065		1,180,337,145		(153,503,604	)		1,026,833,541
Global Infrastructure		3,546,555,574		193,928,183		(353,648,321	)		(159,720,138	)
Global Timber & Forestry		212,331,555		14,789,818		(28,880,166	)		(14,090,348	)
Lithium Miners and Producers		5,230,892		625		(1,164,281	)		(1,163,656	)

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 9, 2024. 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

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Notes to Financial Statements (unaudited) (continued)

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, 2023, 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.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

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.

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

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

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

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities.

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Notes to Financial Statements (unaudited) (continued)

Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the the Funds invest.

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

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

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

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

11. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Period Ended 09/30/23
iShares ETF	Shares		Amount
Copper and Metals Mining(a)
Shares sold		200,000	$	4,975,310

^(a) The Fund commenced operations on June 21, 2023.

	Six Months Ended 09/30/23				Period Ended 03/31/23
iShares ETF	Shares		Amount		Shares		Amount
Environmental Infrastructure and Industrials(a)
Shares sold		—	$	—		160,000	$	4,016,012

^(a) The Fund commenced operations on November 01, 2022.

	Six Months Ended 09/30/23						Year Ended 03/31/23
iShares ETF	Shares			Amount			Shares			Amount
Global 100
Shares sold		5,250,000		$	392,203,839			5,700,000		$	385,994,005
Shares redeemed		(150,000	)		(10,768,298	)		(4,850,000	)		(319,785,609	)
		5,100,000		$	381,435,541			850,000		$	66,208,396

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Notes to Financial Statements (unaudited) (continued)

	Six Months Ended 09/30/23						Year Ended 03/31/23
iShares ETF	Shares			Amount			Shares			Amount
Global Infrastructure
Shares sold		5,500,000		$	252,546,083			21,600,000		$	1,019,069,803
Shares redeemed		(7,600,000	)		(334,659,634	)		(8,600,000	)		(405,678,975	)
		(2,100,000	)	$	(82,113,551	)		13,000,000		$	613,390,828
Global Timber & Forestry
Shares sold		180,000		$	13,009,832			—		$	(1,137	)
Shares redeemed		(300,000	)		(21,786,475	)		(720,000	)		(54,369,548	)
		(120,000	)	$	(8,776,643	)		(720,000	)	$	(54,370,685	)

	Period Ended 09/30/23
iShares ETF	Shares		Amount
Lithium Miners and Producers(a)
Shares sold		200,000	$	5,003,149

^(a)  The Fund commenced operations on June 21, 2023.

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 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 seeking 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 Statement of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

13. SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following item was noted:

Effective October 18, 2023, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 2024 under the same terms.

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Board Review and Approval of Investment Advisory Contract

iShares Copper and Metals Mining ETF, iShares Lithium Miners and Producers ETF (each 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 to consider and approve the proposed Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. 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 terms of the proposed Advisory Agreement. At a meeting held on March 29-30, 2023, the Board, including the Independent Board Members, approved the selection of BFA as investment adviser and approved the proposed Advisory Agreement 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 Agreement 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; (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 Agreement 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 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 any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall 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 Agreement.

Nature, Extent and Quality of Services to be Provided by BFA: The Board reviewed the scope of services to be provided by BFA under the Advisory Agreement. 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 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 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, and other matters related to BFA’s portfolio compliance program.

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 Agreement supported the Board’s approval of the Advisory Agreement.

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 Agreement 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 potential 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 Agreement 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 Agreement.

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

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Board Review and Approval of Investment Advisory Contract  (continued)

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 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 also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that will be provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. 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 Agreement.

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 to be rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the Advisory Agreement.

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 the approval of 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 2, 2023 and May 15, 2023, 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 7-8, 2023, 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 other fund(s) 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 any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any 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, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying

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Board Review and Approval of Investment Advisory Contract  (continued)

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 ongoing 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, including related programs implemented pursuant to regulatory requirements. 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 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

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.

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, 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 (as discussed above), 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

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Board Review and Approval of Investment Advisory Contract  (continued)

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, as applicable (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 further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. 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”)

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 the approval of 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 2, 2023 and May 15, 2023, 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 7-8, 2023, 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 other fund(s) 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 any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any 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, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying

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Board Review and Approval of Investment Advisory Contract  (continued)

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 ongoing 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, including related programs implemented pursuant to regulatory requirements. 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 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

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.

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, 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 (as discussed above), 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.

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

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Board Review and Approval of Investment Advisory Contract  (continued)

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, as applicable (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 further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. 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.

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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, 2023

	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 Infrastructure(a)	$	0.668984	$	—	$	0.006445	$	0.675429		99	%		—	%		1	%		100	%
Global Timber & Forestry(a)		0.601373		—		0.735026		1.336399		45			—			55			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.

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

S U P P L E M E N T A L    I N F O R M  A T I O N 55

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.

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Glossary of Terms Used in this Report  

Portfolio Abbreviation

ADR	American Depositary Receipt
JSC	Joint Stock Company
NVS	Non-Voting Shares

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Want to know more?

iShares.com    |     1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by FTSE International Limited, S&P Dow Jones Indices LLC, or STOXX Ltd. 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.

©2023 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-303-0923

SEPTEMBER 30, 2023

2023 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,

The combination of continued economic growth and moderating inflation provided a supportive backdrop for investors during the 12-month reporting period ended September 30, 2023. Significantly tighter monetary policy helped to rein in inflation while the economy proved more resilient than many investors anticipated. A moderating labor market also helped ease inflationary pressure, although wages continued to grow and unemployment rates touched the lowest levels in decades. This robust labor market powered further growth in consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were substantial, as the durability of consumer sentiment and spending mitigated investors’ concerns about the economy’s trajectory. The U.S. economy resumed growth in the third quarter of 2022 and continued to expand thereafter. All major classes of equities rose, although large-capitalization U.S. stocks posted significantly higher returns than small-capitalization U.S. stocks due primarily to the performance of large technology companies. International developed market equities also advanced strongly, and emerging market equities posted solid gains.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates six times during the 12-month period. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. However, the Fed declined to raise interest rates at two of its meetings late in the period.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for two pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt.

While we favor an overweight position in developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on Japanese stocks in the near term as shareholder-friendly policies generate increased investor interest. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, euro area government bonds and gilts, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

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.

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of September 30, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	5.18%	21.62%
U.S. small cap equities (Russell 2000® Index)	(0.19)	8.93
International equities (MSCI Europe, Australasia, Far East Index)	(1.28)	25.65
Emerging market equities (MSCI Emerging Markets Index)	(2.05)	11.70
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.50	4.47
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.98)	(2.90)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(4.05)	0.64
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(4.05)	2.66
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	2.22	10.28
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 THIS  PAGE  IS  NOT  PART  OF  YOUR  FUND  REPORT

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	52
Statements of Operations	55
Statements of Changes in Net Assets	58
Financial Highlights	63
Notes to Financial Statements	73
Board Review and Approval of Investment Advisory Contract	83
Supplemental Information	88
General Information	89
Glossary of Terms Used in this Report	90

Fund Summary as of September 30, 2023  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		7.11	%		31.68	%		5.11	%		4.21	%		31.68	%		28.31	%		50.98	%
Fund Market		7.36			31.57			5.21			4.22			31.57			28.91			51.14
Index		7.30			31.75			5.41			4.24			31.75			30.12			51.47

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.

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 (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	(a)		Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$       1,071.10	$       2.12			$       1,000.00	$       1,023.00	$       2.07		0.41	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (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

INDUSTRY ALLOCATION
Industry	Percent of Total Investments	(a)
Interactive Media & Services	48.6	%
Diversified Telecommunication Services	18.3
Entertainment	16.4
Media	9.1
Wireless Telecommunication Services	7.6

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
United States	71.0	%
Japan	7.8
China	7.2
Germany	2.2
Canada	2.2
United Kingdom	1.9
France	1.3
Spain	1.3
Australia	1.0
Other (each representing less than 1%)	4.1

^(a)  Excludes money market funds.

4 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Fund Summary as of September 30, 2023  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		1.57	%		21.07	%		5.16	%		7.90	%		21.07	%		28.63	%		113.98	%
Fund Market		1.61			21.38			5.20			7.89			21.38			28.84			113.76
Index		1.82			21.21			5.34			8.00			21.21			29.68			115.87

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.

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 (04/01/23)		Ending Account Value (09/30/23)	Expenses Paid During the Period	(a)		Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$       1,000.00		$       1,015.70	$       2.07			$       1,000.00	$       1,023.00	$       2.07		0.41	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (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

INDUSTRY ALLOCATION
Industry	Percent of Total Investments	(a)
Consumer Discretionary Distribution & Retail	33.2	%
Automobiles & Components	27.6
Consumer Services	21.3
Consumer Durables & Apparel	17.9

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
United States	57.4	%
Japan	13.4
China	6.6
France	6.6
Germany	3.5
United Kingdom	2.4
Italy	1.8
Switzerland	1.4
Spain	1.3
Canada	1.3
Australia	1.2
Other (each representing less than 1%)	3.1

^(a)  Excludes money market funds.

FUND  SUMMARY 5

Fund Summary as of September 30, 2023  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		(6.70	)%		8.59	%		4.94	%		5.71	%		8.59	%		27.26	%		74.18	%
Fund Market		(6.94	)		8.59			4.95			5.69			8.59			27.32			73.92
Index		(6.64	)		8.32			4.87			5.65			8.32			26.84			73.25

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.

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 (04/01/23)	Ending         Account Value (09/30/23)	Expenses Paid During the Period	(a)	Beginning Account Value (04/01/23)	Ending         Account Value (09/30/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$        1,000.00	$        933.00	$        1.98		$      1,000.00	$      1,023.00	$        2.07		0.41	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (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

INDUSTRY ALLOCATION

Industry	Percent of Total Investments	(a)
Packaged Foods & Meats	20.7	%
Household Products	15.3
Consumer Staples Merchandise Retail	14.7
Soft Drinks & Non-alcoholic Beverages	11.4
Personal Care Products	9.8
Tobacco	9.1
Food Retail	7.2
Distillers & Vintners	4.7
Brewers	4.2
Agricultural Products & Services	1.6
Other (each representing less than 1%)	1.3

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	58.1	%
United Kingdom	11.4
Switzerland	8.8
Japan	5.9
France	4.7
Canada	2.0
Netherlands	1.6
Belgium	1.6
Australia	1.4
Mexico	1.3
Germany	1.0
Other (each representing less than 1%)	2.2

^(a)  Excludes money market funds.

6 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Fund Summary as of September 30, 2023  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 4.5/22.5/45 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		11.45	%		29.77	%		6.77	%		4.00	%		29.77	%		38.78	%		47.96	%
Fund Market		11.37			29.77			6.80			4.02			29.77			38.95			48.25
Index(a)		11.46			29.08			6.26			3.68			29.08			35.49			43.50
S&P Global 1200 Energy Sector Index™		11.45			29.77			6.77			4.00			29.77			38.76			47.97
S&P Global 1200 Energy 4.5/22.5/45 Capped Index(b)		N/A			N/A			N/A			N/A			N/A			N/A			N/A

^(a) Index performance through April 19, 2023 reflects the S&P Global 1200 Energy Sector Index™ performance of the Index. Index performance beginning on April 20, 2023 reflects the performance of the S&P Global 1200 Energy 4.5/22.5/45 Capped Index., which effective as of April 20, 2023, replaced the S&P Global 1200 Energy Sector Index™ as the underlying index of the fund.

^(b)  The inception date of the S&P Global 1200 Energy 4.5/22.5/45 Capped Index was April 20, 2023. The cumulative total return for this index for the period April 20, 2023 through September 30, 2023 was 7.10%.

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 (04/01/23)	Ending       Account Value (09/30/23)	Expenses Paid During the Period	(a)	Beginning Account Value (04/01/23)	Ending       Account Value (09/30/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$        1,000.00	$      1,114.50	$         2.17		$      1,000.00	$      1,023.00	$         2.07		0.41	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (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

INDUSTRY ALLOCATION

Industry	Percent of Total Investments	(a)
Integrated Oil & Gas	55.7	%
Oil & Gas Exploration & Production	21.5
Oil & Gas Storage & Transportation	9.1
Oil & Gas Refining & Marketing	7.2
Oil & Gas Equipment & Services	5.9
Other (each representing less than 1%)	0.6

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	60.8	%
United Kingdom	11.7
Canada	11.3
France	5.5
Australia	2.4
Brazil	2.2
Italy	1.7
Norway	1.5
Japan	1.0
Other (each representing less than 1%)	1.9

^(a)  Excludes money market funds.

FUND  SUMMARY 7

Fund Summary as of September 30, 2023  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		3.62	%		18.51	%		4.10	%		5.68	%		18.51	%		22.24	%		73.80	%
Fund Market		3.74			18.51			4.11			5.65			18.51			22.30			73.19
Index		3.93			18.44			4.14			5.74			18.44			22.47			74.78

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 (04/01/23)	Ending       Account Value (09/30/23)	Expenses Paid During the Period	(a)		Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$        1,000.00	$      1,036.20	$         2.19			$      1,000.00	$      1,022.80	$         2.17		0.43	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (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

INDUSTRY ALLOCATION

Industry	Percent of Total Investments	(a)
Banks	39.1	%
Financial Services	20.6
Insurance	20.4
Capital Markets	18.0
Consumer Finance	1.9

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	55.8	%
Canada	6.8
United Kingdom	5.2
Japan	5.1
Australia	4.2
Switzerland	2.8
Germany	2.8
France	2.2
China	2.0
Sweden	1.7
Hong Kong	1.7
Italy	1.6
Spain	1.5
Singapore	1.4
Netherlands	1.2
Brazil	1.2
Other (each representing less than 1%)	2.8

^(a)  Excludes money market funds.

8 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Fund Summary as of September 30, 2023  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		(0.48	)%		10.73	%		7.02	%		9.30	%		10.73	%		40.36	%		143.43	%
Fund Market		(0.36	)		10.78			7.03			9.30			10.78			40.45			143.24
Index		(0.31	)		10.60			7.03			9.37			10.60			40.47			144.96

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 (04/01/23)	Ending       Account Value (09/30/23)	Expenses Paid During the Period	(a)		Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$        1,000.00	$         995.20	$         2.05			$      1,000.00	$      1,023.00	$         2.07		0.41	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (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

INDUSTRY ALLOCATION

Industry	Percent of Total Investments	(a)
Pharmaceuticals	42.6	%
Health Care Equipment & Supplies	17.7
Health Care Providers & Services	16.6
Biotechnology	13.4
Life Sciences Tools & Services	9.6
Health Care Technology	0.1

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	71.2	%
Switzerland	7.6
Denmark	4.9
United Kingdom	4.4
Japan	4.3
France	2.7
Germany	1.7
Australia	1.5
Other (each representing less than 1%)	1.7

^(a)  Excludes money market funds.

FUND  SUMMARY 9

Fund Summary as of September 30, 2023  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		0.05	%		27.52	%		5.56	%		7.45	%		27.52	%		31.10	%		105.18	%
Fund Market		0.28			27.95			5.57			7.43			27.95			31.14			104.86
Index		0.39			27.49			5.68			7.48			27.49			31.79			105.81

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 (04/01/23)	Ending       Account Value (09/30/23)	Expenses Paid During the Period	(a)		Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$        1,000.00	$      1,000.50	$         2.10			$      1,000.00	$      1,022.90	$         2.12		0.42	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (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

INDUSTRY ALLOCATION

Industry	Percent of Total Investments	(a)
Capital Goods	67.5	%
Transportation	17.9
Commercial & Professional Services	14.6

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	54.4	%
Japan	14.3
France	7.1
United Kingdom	4.8
Canada	3.9
Germany	3.7
Sweden	3.2
Switzerland	2.5
Denmark	1.3
Netherlands	1.1
Australia	1.0
Other (each representing less than 1%)	2.7

^(a)  Excludes money market funds.

10 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Fund Summary as of September 30, 2023  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		(4.70	)%		19.68	%		6.42	%	5.51%		19.68	%		36.51	%		71.03	%
Fund Market		(4.57	)		19.88			6.51		5.55		19.88			37.10			71.60
Index		(4.30	)		19.74			6.60		5.66		19.74			37.65			73.44

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 (04/01/23)	Ending       Account Value (09/30/23)	Expenses Paid During the Period	(a)	Beginning Account Value (04/01/23)	Ending       Account Value (09/30/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$        1,000.00	$         953.00	$        2.05		$      1,000.00	$      1,022.90	$        2.12		0.42	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (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

INDUSTRY ALLOCATION

Industry	Percent of Total Investments	(a)
Chemicals	48.0	%
Metals & Mining	38.1
Construction Materials	7.0
Containers & Packaging	4.9
Paper & Forest Products	2.0

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	39.0	%
Australia	11.3
United Kingdom	9.0
Canada	7.4
Japan	6.4
Switzerland	5.5
France	4.7
Germany	3.3
Brazil	2.4
South Korea	2.1
Ireland	2.1
Finland	1.2
Mexico	1.1
Taiwan	1.0
Other (each representing less than 1%)	3.5

^(a)  Excludes money market funds.

FUND  SUMMARY 11

Fund Summary as of September 30, 2023  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 4.5/22.5/45 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		6.74	%		37.86	%		15.61	%	17.68%		37.86	%		106.57	%		409.50	%
Fund Market		6.70			38.04			15.59		17.69		38.04			106.39			409.73
Index(a)		6.94			37.89			15.77		17.84		37.89			107.96			416.13
S&P Global 1200 Information Technology Sector Index™		6.74			37.86			15.61		17.68		37.86			106.57			409.48
S&P Global 1200 Information Technology 4.5/22.5/45 Capped Index(b)		N/A			N/A			N/A		N/A		N/A			N/A			N/A

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

^(a)  Index performance through April 19, 2023 reflects the S&P Global 1200 Information Technology Sector Index™ performance of the Index. Index performance beginning on April 20, 2023 reflects the performance of the S&P Global 1200 Information Technology 4.5/22.5/45 Capped Index, which effective as of April 20, 2023, replaced the S&P Global 1200 Information Technology Sector Index™ as the underlying index of the fund.

^(b)  The inception date of the S&P Global 1200 Information Technology 4.5/22.5/45 Capped Index was April 20, 2023. The cumulative total return for this index for the period April 20, 2023 through September 30, 2023 was 8.91%.

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 (04/01/23)	Ending       Account Value (09/30/23)	Expenses Paid During the Period	(a)	Beginning Account Value (04/01/23)	Ending       Account Value (09/30/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$      1,000.00	$      1,067.40	$        2.12		$      1,000.00	$      1,023.00	$        2.07		0.41	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (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

INDUSTRY ALLOCATION

Industry	Percent of Total Investments	(a)
Software	33.6	%
Semiconductors & Semiconductor Equipment	27.9
Technology Hardware, Storage & Peripherals	25.4
IT Services	5.6
Electronic Equipment, Instruments & Components	4.2
Communications Equipment	3.3

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	81.1	%
Taiwan	4.6
Japan	3.8
South Korea	3.3
Netherlands	2.4
Germany	1.6
Canada	1.2
Other (each representing less than 1%)	2.0

^(a)  Excludes money market funds.

12 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Fund Summary as of September 30, 2023  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		(9.18	)%		1.94	%		5.01	%	5.66%		1.94	%		27.67	%		73.45	%
Fund Market		(9.22	)		1.88			5.02		5.67		1.88			27.73			73.51
Index		(9.56	)		1.02			4.58		5.30		1.02			25.08			67.67

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 (04/01/23)	Ending       Account Value (09/30/23)	Expenses Paid During the Period	(a)	Beginning Account Value (04/01/23)	Ending       Account Value (09/30/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$        1,000.00	$         908.20	$        2.72		$      1,000.00	$      1,022.20	$        2.88		0.57	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (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

INDUSTRY ALLOCATION

Industry	Percent of Total Investments	(a)
Electric Utilities	61.6	%
Multi-Utilities	28.7
Gas Utilities	4.2
Water Utilities	2.9
Independent Power and Renewable Electricity Producers	2.6

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	63.8	%
United Kingdom	6.7
Spain	6.1
Italy	5.0
Canada	3.9
Germany	3.8
France	3.3
Japan	2.7
Australia	1.2
Other (each representing less than 1%)	3.5

^(a)  Excludes money market funds.

FUND  SUMMARY 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.

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. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

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.

14 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited)  September 30, 2023 iShares^® Global Comm Services ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.0%
SEEK Ltd.		30,130	$	425,649
Telstra Corp. Ltd.		977,156		2,414,202
				2,839,851
Brazil — 0.1%
Telefonica Brasil SA, ADR NVS		29,549		252,644
Canada — 2.2%
BCE Inc.		77,155		2,945,324
Rogers Communications Inc., Class B, NVS		31,420		1,206,371
TELUS Corp.		122,358		1,998,086
				6,149,781
China — 7.2%
Baidu Inc.(a)		191,950		3,230,647
Kuaishou Technology(a)(b)		211,500		1,682,632
NetEase Inc.		157,800		3,164,086
Tencent Holdings Ltd.		316,200		12,257,155
				20,334,520
Finland — 0.2%
Elisa OYJ		12,739		590,748
France — 1.3%
Orange SA		155,223		1,780,449
Publicis Groupe SA		19,788		1,497,806
Vivendi SE		52,263		457,725
				3,735,980
Germany — 2.2%
Deutsche Telekom AG, Registered		295,194		6,192,224
Italy — 0.1%
Telecom Italia SpA/Milano(a)		894,239		278,882
Japan — 7.8%
Dentsu Group Inc.		19,600		576,469
KDDI Corp.		126,700		3,878,346
Nexon Co. Ltd.		38,600		689,729
Nintendo Co. Ltd.		99,300		4,126,207
Nippon Telegraph & Telephone Corp.		4,824,500		5,710,446
SoftBank Corp.		239,400		2,709,600
SoftBank Group Corp.		88,600		3,732,320
Z Holdings Corp.		226,100		627,226
				22,050,343
Mexico — 0.5%
America Movil SAB de CV		1,761,163		1,524,943
Netherlands — 0.9%
Koninklijke KPN NV		283,392		933,681
Universal Music Group NV		64,672		1,687,692
				2,621,373
Norway — 0.2%
Telenor ASA		53,261		604,014
South Korea — 0.7%
NAVER Corp.		12,768		1,909,003
Spain — 1.3%
Cellnex Telecom SA(b)		49,592		1,724,909
Telefonica SA		486,314		1,986,759
				3,711,668

Security	Shares		Value
Sweden — 0.3%
Embracer Group AB, Class B(a)(c)		71,778	$	143,164
Tele2 AB, Class B		47,060		359,891
Telia Co. AB		196,201		404,703
				907,758
Switzerland — 0.5%
Swisscom AG, Registered		2,151		1,277,242
Taiwan — 0.4%
Chunghwa Telecom Co. Ltd.		326,120		1,172,197
United Kingdom — 1.9%
Auto Trader Group PLC(b)		77,853		584,985
BT Group PLC		480,511		682,355
Informa PLC		117,992		1,077,440
Rightmove PLC		69,842		476,622
Vodafone Group PLC		1,925,253		1,804,731
WPP PLC		90,746		808,484
				5,434,617
United States — 70.8%
Activision Blizzard Inc.		60,506		5,665,177
Alphabet Inc., Class A(a)		259,957		34,017,973
Alphabet Inc., Class C, NVS(a)		221,127		29,155,595
AT&T Inc.		604,588		9,080,912
Charter Communications Inc., Class A(a)		8,611		3,787,290
Comcast Corp., Class A		288,841		12,807,210
Electronic Arts Inc.		20,850		2,510,340
Fox Corp., Class A, NVS		21,456		669,427
Fox Corp., Class B		11,159		322,272
Interpublic Group of Companies Inc. (The)		32,555		933,026
Live Nation Entertainment Inc.(a)		11,993		995,899
Match Group Inc.(a)		23,519		921,357
Meta Platforms Inc, Class A(a)		172,755		51,862,778
Netflix Inc.(a)		29,117		10,994,579
News Corp., Class A, NVS		32,217		646,273
News Corp., Class B		9,772		203,942
Omnicom Group Inc.		16,710		1,244,561
Paramount Global, Class B, NVS(c)		40,782		526,088
Take-Two Interactive Software Inc.(a)		13,362		1,875,891
T-Mobile U.S. Inc.(a)		43,779		6,131,249
Verizon Communications Inc.		355,536		11,522,922
Walt Disney Co.(The)(a)		154,745		12,542,082
Warner Bros. Discovery Inc.(a)		187,582		2,037,140
				200,453,983
Total Common Stocks — 99.6% (Cost: $301,404,241)				282,041,771
Preferred Stocks
Italy — 0.0%
Telecom Italia SpA, Preference Shares, NVS(a)		532,771		166,865
Total Preferred Stocks — 0.0% (Cost: $331,442)				166,865
Total Long-Term Investments — 99.6% (Cost: $301,735,683)				282,208,636

SCHEDULE  OF   INVESTMENTS 15

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® Global Comm Services ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(d)(e)(f)		226,894	$	226,962
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(d)(e)		840,000		840,000
Total Short-Term Securities — 0.4% (Cost: $1,066,962)				1,066,962
Total Investments — 100.0% (Cost: $302,802,645)				283,275,598
Liabilities in Excess of Other Assets — (0.0)%				(136,910	)
Net Assets — 100.0%			$	283,138,688

^(a)  Non-income producing security.

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

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

^(d)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,024,044	$	—		$	(796,559	)(a)	$	(713	)	$	190	$	226,962		226,894	$	3,675	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		540,000		300,000	(a)		—			—			—		840,000		840,000		18,413			—
									$	(713	)	$	190	$	1,066,962			$	22,088		$	—

^(a)  Represents net amount purchased (sold).

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

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		10		12/07/23	$	155	$	(2,713	)
Euro Stoxx 50 Index		1		12/15/23		45		(271	)
S&P Communication Services Select Sector E-Mini Index		8		12/15/23		693		(13,512	)
							$	(16,496	)

16 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2023 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)	$	—	$	—	$	16,496	$	—	$	—	$	—	$	16,496

^(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, 2023, 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	$	—	$	—	$	122,158		$	—	$	—	$	—	$	122,158
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(42,260	)	$	—	$	—	$	—	$	(42,260	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	878,760

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
Assets
Investments
Long-Term Investments
Common Stocks	$	208,381,351		$	73,660,420		$	—	$	282,041,771
Preferred Stocks		—			166,865			—		166,865
Short-Term Securities
Money Market Funds		1,066,962			—			—		1,066,962
	$	209,448,313		$	73,827,285		$	—	$	283,275,598
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(13,512	)	$	(2,984	)	$	—	$	(16,496	)

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

See notes to financial statements.

SCHEDULE  OF   INVESTMENTS 17

Schedule of Investments (unaudited)  September 30, 2023 iShares^® Global Consumer Discretionary ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.2%
Aristocrat Leisure Ltd.		38,794	$	1,013,549
Lottery Corp. Ltd.(The)		134,033		405,049
Wesfarmers Ltd.		67,694		2,291,033
				3,709,631
Brazil — 0.1%
Lojas Renner SA		56,896		151,676
Magazine Luiza SA(a)		172,523		72,763
				224,439
Canada — 1.3%
Canadian Tire Corp. Ltd., Class A, NVS		3,111		334,520
Dollarama Inc.		16,867		1,162,094
Gildan Activewear Inc.		10,548		295,647
Magna International Inc.		15,888		851,454
Restaurant Brands International Inc.		18,634		1,240,894
				3,884,609
Chile — 0.0%
Falabella SA		47,328		105,752
China — 6.6%
Alibaba Group Holding Ltd.(a)		924,100		10,019,260
ANTA Sports Products Ltd.		71,200		796,681
BYD Co. Ltd., Class H		56,500		1,740,777
JD.com Inc., Class A		147,550		2,146,680
Li Auto Inc.(a)		68,100		1,215,288
Li Ning Co. Ltd.		140,500		586,683
Meituan, Class B(a)(b)		259,200		3,752,229
				20,257,598
Denmark — 0.2%
GN Store Nord A/S(a)		9,005		161,902
Pandora A/S		4,993		515,234
				677,136
France — 6.6%
Accor SA		11,065		372,165
Cie. Generale des Etablissements Michelin SCA		42,610		1,304,162
Hermes International		2,016		3,674,819
Kering SA		4,147		1,884,243
LVMH Moet Hennessy Louis Vuitton SE		15,600		11,775,355
Renault SA		11,294		462,111
Sodexo SA		4,904		504,855
Valeo		12,350		211,925
				20,189,635
Germany — 2.8%
adidas AG		9,881		1,733,212
Bayerische Motoren Werke AG		17,299		1,757,009
Continental AG		6,481		455,368
Delivery Hero SE(a)(b)		11,902		339,844
Mercedes-Benz Group AG		47,877		3,332,082
Puma SE		6,024		372,478
Volkswagen AG		1,836		241,118
Zalando SE(a)(b)		13,065		290,283
				8,521,394
Ireland — 0.5%
Flutter Entertainment PLC, Class DI(a)		10,539		1,719,230
Italy — 1.8%
Ferrari NV		7,551		2,225,925
Moncler SpA		12,382		717,599

Security	Shares		Value
Italy (continued)
Stellantis NV		132,007	$	2,527,726
				5,471,250
Japan — 13.4%
Aisin Corp.		10,900		411,857
Bandai Namco Holdings Inc.		39,800		809,551
Bridgestone Corp.		35,000		1,363,878
Denso Corp.		118,800		1,906,250
Fast Retailing Co. Ltd.		12,200		2,657,346
Honda Motor Co. Ltd.		298,629		3,359,484
Isuzu Motors Ltd.		37,600		472,692
Nissan Motor Co. Ltd.		141,100		622,708
Nitori Holdings Co. Ltd.		5,300		590,926
Oriental Land Co. Ltd.		69,900		2,293,255
Pan Pacific International Holdings Corp.		31,900		669,484
Panasonic Holdings Corp.		146,600		1,654,787
Rakuten Group Inc.		86,400		355,000
Sekisui House Ltd.		39,600		788,097
Shimano Inc.		5,000		669,222
Sony Group Corp.		75,600		6,182,232
Subaru Corp.		36,888		717,268
Sumitomo Electric Industries Ltd.		47,500		572,228
Suzuki Motor Corp.		29,400		1,182,496
Toyota Motor Corp.		741,000		13,293,781
Yamaha Motor Co. Ltd.		21,113		554,997
				41,127,539
Netherlands — 0.9%
Prosus NV(a)		90,869		2,677,548
South Korea — 0.7%
Hyundai Motor Co.		8,235		1,164,461
Kia Corp.		15,114		909,716
				2,074,177
Spain — 1.3%
Amadeus IT Group SA		26,880		1,623,624
Industria de Diseno Textil SA		66,947		2,491,235
				4,114,859
Sweden — 0.6%
Electrolux AB, Class B(a)		13,146		135,470
Evolution AB(b)		11,451		1,155,512
H & M Hennes & Mauritz AB, Class B		36,826		522,200
				1,813,182
Switzerland — 1.4%
Cie. Financiere Richemont SA, Class A, Registered		31,245		3,805,117
Swatch Group AG (The), Bearer		1,736		444,628
Swatch Group AG (The), Registered		3,139		153,305
				4,403,050
United Kingdom — 2.4%
Barratt Developments PLC		58,575		314,058
Berkeley Group Holdings PLC		6,888		343,984
Burberry Group PLC		22,705		526,186
Compass Group PLC		106,530		2,593,108
Entain PLC		38,115		432,293
InterContinental Hotels Group PLC		10,461		773,636
Kingfisher PLC		114,121		309,794
Next PLC		7,493		664,566
Pearson PLC		42,935		452,997
Persimmon PLC		19,142		250,693
Taylor Wimpey PLC		213,926		305,097

18 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® Global Consumer Discretionary ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Whitbread PLC		11,750	$	494,591
				7,461,003
United States — 57.2%
Airbnb Inc., Class A(a)(c)		25,532		3,503,246
Amazon.com Inc.(a)		236,689		30,087,906
Aptiv PLC(a)		16,877		1,663,903
AutoZone Inc.(a)(c)		1,085		2,755,889
Bath & Body Works Inc.		13,716		463,601
Best Buy Co. Inc.		11,589		805,088
Booking Holdings Inc.(a)		2,136		6,587,317
BorgWarner Inc.		14,027		566,270
Caesars Entertainment Inc.(a)		12,847		595,458
CarMax Inc.(a)(c)		9,441		667,762
Carnival Corp.(a)		60,105		824,641
Chipotle Mexican Grill Inc., Class A(a)		1,653		3,028,015
Darden Restaurants Inc.		7,213		1,033,046
Domino’s Pizza Inc.		2,096		793,944
DR Horton Inc.		18,218		1,957,888
eBay Inc.		31,752		1,399,946
Etsy Inc.(a)		7,396		477,634
Expedia Group Inc.(a)		8,370		862,696
Ford Motor Co.		234,571		2,913,372
Garmin Ltd.		9,140		961,528
General Motors Co.		82,097		2,706,738
Genuine Parts Co.		8,380		1,209,904
Hasbro Inc.		7,788		515,098
Hilton Worldwide Holdings Inc.		15,605		2,343,559
Home Depot Inc. (The)		44,226		13,363,328
Las Vegas Sands Corp.		19,614		899,106
Lennar Corp., Class A		15,069		1,691,194
LKQ Corp.		15,964		790,378
Lowe’s Companies Inc.		35,024		7,279,388
Marriott International Inc., Class A		14,950		2,938,572
McDonald’s Corp.		43,548		11,472,285
MGM Resorts International		16,751		615,767
Mohawk Industries Inc.(a)		3,124		268,070
Nike Inc., Class B		73,233		7,002,539
Norwegian Cruise Line Holdings Ltd.(a)		25,494		420,141
NVR Inc.(a)		196		1,168,807
O’Reilly Automotive Inc.(a)		3,606		3,277,349
Pool Corp.		2,331		830,069
PulteGroup Inc.		13,189		976,645
Ralph Lauren Corp., Class A		2,397		278,268
Ross Stores Inc.		20,328		2,296,048
Royal Caribbean Cruises Ltd.(a)		14,064		1,295,857
Starbucks Corp.		68,476		6,249,804
Tapestry Inc.		13,944		400,890
Tesla Inc.(a)		127,176		31,821,979
TJX Companies Inc. (The)		68,712		6,107,122
Tractor Supply Co.		6,493		1,318,404

Security	Shares		Value
United States (continued)
Ulta Beauty Inc.(a)		2,973	$	1,187,565
VF Corp.		19,270		340,501
Whirlpool Corp.		3,291		440,007
Wynn Resorts Ltd.		5,780		534,130
Yum! Brands Inc.		16,719		2,088,872
				176,077,534
Total Common Stocks — 99.0% (Cost: $337,807,618)				304,509,566
Preferred Stocks
Germany — 0.7%
Bayerische Motoren Werke AG, Preference Shares, NVS		3,550		330,436
Porsche Automobil Holding SE, Preference Shares, NVS		9,180		451,559
Volkswagen AG, Preference Shares, NVS		10,952		1,258,378
				2,040,373
South Korea — 0.1%
Hyundai Motor Co., Series 2, Preference Shares, NVS		2,251		176,455
Total Preferred Stocks — 0.8% (Cost: $3,592,188)				2,216,828
Total Long-Term Investments — 99.8% (Cost: $341,399,806)				306,726,394
Short-Term Securities
Money Market Funds — 1.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(d)(e)(f)		5,089,127		5,090,654
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(d)(e)		210,000		210,000
Total Short-Term Securities — 1.7% (Cost: $5,301,142)				5,300,654
Total Investments — 101.5% (Cost: $346,700,948)				312,027,048
Liabilities in Excess of Other Assets — (1.5)%				(4,481,023	)
Net Assets — 100.0%			$	307,546,025

^(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.

SCHEDULE  OF   INVESTMENTS 19

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® Global Consumer Discretionary ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,455,589	$	3,635,857	(a)	$	—		$	(124	)	$	(668	)	$	5,090,654		5,089,127	$	1,942	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		260,000		—			(50,000	)(a)		—			—			210,000		210,000		9,598			—
									$	(124	)	$	(668	)	$	5,300,654			$	11,540		$	—

^(a)  Represents net amount purchased (sold).

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

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		12/07/23	$	155	$	(1,697	)
Euro Stoxx 50 Index		6		12/15/23		266		(2,949	)
S&P Consumer Discretionary Select Sector E-Mini Index		2		12/15/23		329		(16,645	)
							$	(21,291	)

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)	$	—	$	—	$	21,291	$	—	$	—	$	—	$	21,291

^(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, 2023, 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	$	—	$	—	$	130,658		$	—	$	—	$	—	$	130,658
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(56,858	)	$	—	$	—	$	—	$	(56,858	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	859,713

20 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® Global Consumer Discretionary ETF

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
Assets
Investments
Long-Term Investments
Common Stocks	$	180,186,582		$	124,322,984		$	—	$	304,509,566
Preferred Stocks		—			2,216,828			—		2,216,828
Short-Term Securities
Money Market Funds		5,300,654			—			—		5,300,654
	$	185,487,236		$	126,539,812		$	—	$	312,027,048
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(16,645	)	$	(4,646	)	$	—	$	(21,291	)

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

See notes to financial statements.

SCHEDULE  OF   INVESTMENTS 21

Schedule of Investments (unaudited)  September 30, 2023 iShares^® Global Consumer Staples ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.4%
Coles Group Ltd.		330,624	$	3,299,909
Endeavour Group Ltd./Australia		337,664		1,140,046
Treasury Wine Estates Ltd.		179,078		1,414,115
Woolworths Group Ltd.		300,979		7,205,796
				13,059,866
Belgium — 1.6%
Anheuser-Busch InBev SA/NV		257,452		14,272,147
Brazil — 0.4%
Ambev SA, ADR		1,089,347		2,810,515
Natura & Co. Holding SA(a)		206,432		597,955
				3,408,470
Canada — 2.0%
Alimentation Couche-Tard Inc.		183,660		9,327,345
George Weston Ltd.		15,023		1,666,051
Loblaw Companies Ltd.		36,739		3,121,429
Metro Inc.		56,925		2,956,370
Saputo Inc.		60,659		1,268,335
				18,339,530
Chile — 0.1%
Cencosud SA		447,148		847,853
Denmark — 0.3%
Carlsberg A/S, Class B		22,349		2,817,874
Finland — 0.1%
Kesko OYJ, Class B		67,945		1,217,319
France — 4.7%
Carrefour SA		133,359		2,290,454
Danone SA		155,737		8,590,101
L’Oreal SA		57,050		23,642,208
Pernod Ricard SA		49,354		8,216,943
				42,739,706
Germany — 0.7%
Beiersdorf AG		24,404		3,147,848
HelloFresh SE(a)		42,693		1,268,601
Henkel AG & Co. KGaA		24,401		1,538,524
				5,954,973
Ireland — 0.4%
Kerry Group PLC, Class A		38,616		3,226,538
Japan — 5.9%
Aeon Co. Ltd.		226,617		4,488,850
Ajinomoto Co. Inc.		133,200		5,136,009
Asahi Group Holdings Ltd.		138,898		5,188,472
Japan Tobacco Inc.		279,500		6,430,747
Kao Corp.		124,200		4,603,473
Kikkoman Corp.		55,200		2,893,184
Kirin Holdings Co. Ltd.		206,796		2,895,235
MEIJI Holdings Co. Ltd.		70,600		1,754,696
Nissin Foods Holdings Co. Ltd.		29,700		2,467,858
Seven & i Holdings Co. Ltd.		201,037		7,870,635
Shiseido Co. Ltd.		100,900		3,535,953
Unicharm Corp.		114,900		4,062,602
Yakult Honsha Co. Ltd.		84,240		2,045,931
				53,373,645
Mexico — 1.3%
Fomento Economico Mexicano SAB de CV		459,662		5,020,081

Security	Shares		Value
Mexico (continued)
Grupo Bimbo SAB de CV, Series A		383,445	$	1,848,633
Wal-Mart de Mexico SAB de CV		1,210,759		4,557,498
				11,426,212
Netherlands — 1.6%
Heineken Holding NV		25,025		1,885,914
Heineken NV		62,588		5,517,852
Koninklijke Ahold Delhaize NV		240,990		7,263,363
				14,667,129
Norway — 0.4%
Mowi ASA		109,726		1,939,438
Orkla ASA		181,148		1,352,982
				3,292,420
Portugal — 0.2%
Jeronimo Martins SGPS SA		68,433		1,536,883
Sweden — 0.4%
Essity AB, Class B		148,850		3,210,283
Switzerland — 8.8%
Barry Callebaut AG, Registered		1,020		1,622,048
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		360		4,000,514
Chocoladefabriken Lindt & Spruengli AG, Registered		38		4,160,838
Nestle SA, Registered		616,835		69,823,252
				79,606,652
United Kingdom — 11.4%
Associated British Foods PLC		84,480		2,122,461
British American Tobacco PLC		552,082		17,334,645
Diageo PLC		553,744		20,415,486
Haleon PLC		1,185,778		4,915,151
Imperial Brands PLC		226,014		4,585,012
J Sainsbury PLC		435,137		1,340,016
Marks & Spencer Group PLC(a)		487,398		1,401,862
Ocado Group PLC(a)		179,828		1,307,508
Reckitt Benckiser Group PLC		181,960		12,831,953
Tesco PLC		1,768,389		5,687,992
Unilever PLC		622,270		30,781,699
				102,723,785
United States — 58.2%
Altria Group Inc.		439,126		18,465,248
Archer-Daniels-Midland Co.		132,533		9,995,639
Brown-Forman Corp., Class B		45,204		2,607,819
Bunge Ltd.		37,319		4,039,782
Campbell Soup Co.		48,461		1,990,778
Church & Dwight Co. Inc.		60,800		5,571,104
Clorox Co.(The)		30,705		4,024,197
Coca-Cola Co.(The)		709,254		39,704,039
Colgate-Palmolive Co.		204,725		14,557,995
Conagra Brands Inc.		118,067		3,237,397
Constellation Brands Inc., Class A		40,045		10,064,510
Costco Wholesale Corp.		98,173		55,463,818
Dollar General Corp.		54,228		5,737,322
Dollar Tree Inc.(a)		51,800		5,514,110
Estee Lauder Companies Inc. (The), Class A		57,286		8,280,691
General Mills Inc.		144,542		9,249,243
Hershey Co.(The)		37,019		7,406,761
Hormel Foods Corp.		71,530		2,720,286
JM Smucker Co.(The)		25,348		3,115,523
Kellogg Co.		65,097		3,873,922
Kenvue Inc.		425,667		8,547,393

22 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® Global Consumer Staples ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Keurig Dr Pepper Inc.		248,433	$	7,843,030
Kimberly-Clark Corp.		83,836		10,131,581
Kraft Heinz Co.(The)		197,291		6,636,869
Kroger Co.(The)		163,057		7,296,801
Lamb Weston Holdings Inc.		36,160		3,343,354
McCormick & Co. Inc./MD, NVS		62,039		4,692,630
Molson Coors Beverage Co., Class B		45,910		2,919,417
Mondelez International Inc., Class A		336,531		23,355,251
Monster Beverage Corp.(a)		183,675		9,725,591
PepsiCo Inc.		238,581		40,425,165
Philip Morris International Inc.		383,804		35,532,574
Procter & Gamble Co.(The)		544,526		79,424,562
Sysco Corp.		125,357		8,279,830
Target Corp.		114,415		12,650,866
Tyson Foods Inc., Class A		70,532		3,561,161
Walgreens Boots Alliance Inc.		177,074		3,938,126
Walmart Inc.		258,174		41,289,768
				525,214,153
Total Common Stocks — 99.9% (Cost: $1,013,335,970)				900,935,438
Preferred Stocks
Germany — 0.3%
Henkel AG & Co. KGaA, Preference Shares, NVS		40,151		2,859,131
Total Preferred Stocks — 0.3% (Cost: $3,794,879)				2,859,131
Total Long-Term Investments — 100.2% (Cost: $1,017,130,849)				903,794,569

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(b)(c)		2,650,000	$	2,650,000
Total Short-Term Securities — 0.3% (Cost: $2,650,000)				2,650,000
Total Investments — 100.5% (Cost: $1,019,780,849)				906,444,569
Liabilities in Excess of Other Assets — (0.5)%				(4,171,810	)
Net Assets — 100.0%			$	902,272,759

^(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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	—		$	(791	)(b)	$	791	$	—	$	—		—	$	1,058	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,050,000		600,000	(b)		—			—		—		2,650,000		2,650,000		55,522			—
									$	791	$	—	$	2,650,000			$	56,580		$	—

^(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.

SCHEDULE  OF   INVESTMENTS 23

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® Global Consumer Staples ETF     

Derivative Financial Instruments Categorized by Risk Exposure

For the period ended September 30, 2023, 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	$	—	$	—	$	(206,519	)	$	—	$	—	$	—	$	(206,519	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(334,362	)	$	—	$	—	$	—	$	(334,362	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	3,982,007

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
Assets
Investments
Long-Term Investments
Common Stocks	$	559,236,218	$	341,699,220	$	—	$	900,935,438
Preferred Stocks		—		2,859,131		—		2,859,131
Short-Term Securities
Money Market Funds		2,650,000		—		—		2,650,000
	$	561,886,218	$	344,558,351	$	—	$	906,444,569

See notes to financial statements.

24 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited)  September 30, 2023 iShares^® Global Energy ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 2.4%
Ampol Ltd.		169,366	$	3,656,633
Santos Ltd.		2,303,557		11,612,292
Woodside Energy Group Ltd.		1,342,279		31,209,434
				46,478,359
Austria — 0.3%
OMV AG		99,759		4,764,944
Brazil — 1.0%
Petroleo Brasileiro SA, ADR		1,314,538		19,704,925
Canada — 11.2%
Cameco Corp.		305,343		12,114,805
Canadian Natural Resources Ltd.		773,525		50,024,985
Cenovus Energy Inc.		954,358		19,870,602
Enbridge Inc.		1,495,404		49,599,080
Imperial Oil Ltd.		124,296		7,655,883
Pembina Pipeline Corp.		389,529		11,712,398
Suncor Energy Inc.		928,107		31,917,451
TC Energy Corp.		727,765		25,027,722
Tourmaline Oil Corp.		226,290		11,387,389
				219,310,315
Chile — 0.1%
Empresas COPEC SA		250,440		1,775,471
Colombia — 0.1%
Ecopetrol SA, ADR		173,474		2,008,829
Finland — 0.5%
Neste OYJ		305,523		10,347,643
France — 5.5%
TotalEnergies SE		1,627,450		107,003,728
Italy — 1.7%
Eni SpA		1,699,286		27,297,004
Tenaris SA		326,554		5,158,231
				32,455,235
Japan — 1.0%
ENEOS Holdings Inc.		2,151,120		8,467,105
Inpex Corp.		725,400		10,879,784
				19,346,889
Norway — 1.5%
Aker BP ASA		219,758		6,067,970
Equinor ASA		700,534		22,957,921
				29,025,891
Portugal — 0.2%
Galp Energia SGPS SA		316,794		4,692,389
Spain — 0.8%
Repsol SA		901,403		14,827,182
United Kingdom — 11.6%
BP PLC		12,238,897		78,891,126
Shell PLC		4,691,374		148,689,422
				227,580,548

Security	Shares		Value
United States — 60.5%
APA Corp.		217,933	$	8,957,046
Baker Hughes Co., Class A		713,752		25,209,721
Chevron Corp.		1,242,807		209,562,116
ConocoPhillips		748,804		89,706,719
Coterra Energy Inc.		537,220		14,531,801
Devon Energy Corp.		454,411		21,675,405
Diamondback Energy Inc.		126,352		19,569,398
EOG Resources Inc.		412,236		52,255,035
EQT Corp.		256,512		10,409,257
Exxon Mobil Corp.		2,804,095		329,705,490
Halliburton Co.		635,207		25,725,884
Hess Corp.		195,870		29,968,110
Kinder Morgan Inc.		1,372,491		22,755,901
Marathon Oil Corp.		427,168		11,426,744
Marathon Petroleum Corp.		283,167		42,854,494
Occidental Petroleum Corp.		469,055		30,432,288
ONEOK Inc.		411,766		26,118,317
Phillips 66		315,434		37,899,395
Pioneer Natural Resources Co.		165,160		37,912,478
Schlumberger NV		1,005,978		58,648,518
Targa Resources Corp.		158,658		13,600,164
Valero Energy Corp.		249,640		35,376,484
Williams Companies Inc. (The)		859,922		28,970,772
				1,183,271,537
Total Common Stocks — 98.4% (Cost: $1,672,574,119)				1,922,593,885
Preferred Stocks
Brazil — 1.1%
Petroleo Brasileiro SA, Preference Shares, ADR		1,623,439		22,257,349
Total Preferred Stocks — 1.1% (Cost: $25,889,436)				22,257,349
Total Long-Term Investments — 99.5% (Cost: $1,698,463,555)				1,944,851,234
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(a)(b)		2,750,000		2,750,000
Total Short-Term Securities — 0.1% (Cost: $2,750,000)				2,750,000
Total Investments — 99.6% (Cost: $1,701,213,555)				1,947,601,234
Other Assets Less Liabilities — 0.4%				7,023,001
Net Assets — 100.0%			$	1,954,624,235

^(a)  Affiliate of the Fund.

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

SCHEDULE  OF   INVESTMENTS 25

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® Global Energy ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	—	$	(650	)(b)	$	650	$	—	$	—		—	$	1,363	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,710,000		—		(960,000	)(b)		—		—		2,750,000		2,750,000		76,478			—
								$	650	$	—	$	2,750,000			$	77,841		$	—

^(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
FTSE 100 Index		14		12/15/23	$	1,305	$	9,020
S&P Energies Select Sector E-Mini Index		83		12/15/23		7,931		(130,237	)
							$	(121,217	)

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
Assets — Derivative Financial Instruments
Futures contracts Unrealized appreciation on futures contracts(a)	$	—	$	—	$	9,020	$	—	$	—	$	—	$	9,020
Liabilities — Derivative Financial Instruments
Futures contracts Unrealized depreciation on futures contracts(a)	$	—	$	—	$	130,237	$	—	$	—	$	—	$	130,237

^(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, 2023, 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	$	—	$	—	$	969,909		$	—	$	—	$	—	$	969,909
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(294,302	)	$	—	$	—	$	—	$	(294,302	)

26 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® Global Energy ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	8,493,528

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
Assets
Investments
Long-Term Investments
Common Stocks	$	1,426,071,077		$	496,522,808	$	—	$	1,922,593,885
Preferred Stocks		22,257,349			—		—		22,257,349
Short-Term Securities
Money Market Funds		2,750,000			—		—		2,750,000
	$	1,451,078,426		$	496,522,808	$	—	$	1,947,601,234
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—		$	9,020	$	—	$	9,020
Liabilities
Equity Contracts		(130,237	)		—		—		(130,237	)
	$	(130,237	)	$	9,020	$	—		(121,217	)

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

See notes to financial statements.

SCHEDULE  OF   INVESTMENTS 27

Schedule of Investments (unaudited)  September 30, 2023 iShares^® Global Financials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 4.2%
ASX Ltd.		9,349	$	341,968
Australia & New Zealand Banking Group Ltd.		144,928		2,377,061
Commonwealth Bank of Australia		80,978		5,172,554
Insurance Australia Group Ltd.		118,102		428,421
Macquarie Group Ltd.		17,365		1,859,584
Medibank Pvt Ltd.		132,746		292,988
National Australia Bank Ltd.		151,468		2,811,903
QBE Insurance Group Ltd.		72,697		728,223
Suncorp Group Ltd.		60,938		542,935
Westpac Banking Corp.		170,465		2,304,269
				16,859,906
Austria — 0.2%
Erste Group Bank AG		17,214		594,518
Belgium — 0.4%
Ageas SA/NV		8,218		338,470
Groupe Bruxelles Lambert NV		4,678		348,091
KBC Group NV		16,306		1,015,156
				1,701,717
Brazil — 0.5%
B3 SA - Brasil, Bolsa, Balcao		280,481		685,781
Banco do Brasil SA		69,074		648,339
Itausa SA		3,518		6,334
NU Holdings Ltd.(a)		114,879		832,873
				2,173,327
Canada — 6.8%
Bank of Montreal		34,375		2,899,825
Bank of Nova Scotia(The)		57,759		2,588,896
Brookfield Asset Management Ltd.		16,745		557,982
Brookfield Corp., Class A		70,307		2,198,372
Canadian Imperial Bank of Commerce		44,365		1,712,540
Intact Financial Corp.		8,505		1,239,948
Manulife Financial Corp.		89,034		1,626,964
National Bank of Canada		16,380		1,088,141
Power Corp. of Canada		27,151		691,244
Royal Bank of Canada		67,378		5,888,289
Sun Life Financial Inc.		28,405		1,385,900
Toronto-Dominion Bank(The)		88,766		5,347,853
				27,225,954
Chile — 0.1%
Banco de Chile		2,093,588		213,004
Banco Santander Chile, ADR		7,936		145,546
				358,550
China — 2.0%
Bank of China Ltd., Class H		4,041,000		1,407,795
China Construction Bank Corp., Class H		4,786,720		2,690,863
China Merchants Bank Co. Ltd., Class H		160,000		664,256
Industrial & Commercial Bank of China Ltd., Class H		3,441,000		1,650,444
Ping An Insurance Group Co. of China Ltd., Class H		299,500		1,698,658
				8,112,016
Colombia — 0.0%
Bancolombia SA, ADR		5,459		145,646
Denmark — 0.3%
Danske Bank A/S		32,832		761,899
Tryg A/S		17,361		317,695
				1,079,594

Security	Shares		Value
Finland — 0.3%
Sampo OYJ, Class A		22,538	$	974,351
France — 2.2%
AXA SA		83,875		2,488,476
BNP Paribas SA		52,476		3,336,754
Credit Agricole SA		54,089		665,014
Edenred		12,045		753,487
Euronext NV(b)		4,804		334,162
Societe Generale SA		34,100		825,138
Worldline SA/France(a)(b)		12,002		336,911
				8,739,942
Germany — 2.8%
Allianz SE, Registered		19,511		4,643,152
Commerzbank AG		50,725		575,695
Deutsche Bank AG, Registered		98,567		1,083,278
Deutsche Boerse AG		9,196		1,588,120
Hannover Rueck SE		2,927		642,238
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		6,585		2,564,545
				11,097,028
Hong Kong — 1.7%
AIA Group Ltd.		557,000		4,504,538
Hong Kong Exchanges & Clearing Ltd.		58,600		2,174,808
				6,679,346
Ireland — 0.1%
Bank of Ireland Group PLC		48,503		474,146
Italy — 1.6%
Assicurazioni Generali SpA		53,485		1,091,757
Banco BPM SpA		73,200		348,615
FinecoBank Banca Fineco SpA		29,419		355,242
Intesa Sanpaolo SpA		777,266		1,990,747
Mediobanca Banca di Credito Finanziario SpA		30,706		404,831
Nexi SpA(a)(b)		41,105		250,456
UniCredit SpA		87,199		2,077,636
				6,519,284
Japan — 5.0%
Dai-ichi Life Holdings Inc.		47,800		986,798
Daiwa Securities Group Inc.		69,800		402,506
Japan Exchange Group Inc.		25,200		466,862
Japan Post Holdings Co. Ltd.		97,100		776,814
Mitsubishi UFJ Financial Group Inc.		613,100		5,195,505
Mizuho Financial Group Inc.		123,210		2,091,852
MS&AD Insurance Group Holdings Inc.		21,700		794,096
Nomura Holdings Inc.		142,200		569,430
ORIX Corp.		57,000		1,064,326
Resona Holdings Inc.		114,700		634,197
Sompo Holdings Inc.		16,900		724,279
Sumitomo Mitsui Financial Group Inc.		64,800		3,183,367
Sumitomo Mitsui Trust Holdings Inc.		17,927		674,898
T&D Holdings Inc.		26,500		435,793
Tokio Marine Holdings Inc.		96,800		2,241,277
				20,242,000
Mexico — 0.3%
Grupo Financiero Banorte SAB de CV, Class O		120,791		1,012,697
Netherlands — 1.2%
ABN AMRO Bank NV, CVA(b)		19,951		281,959
Adyen NV(a)(b)		1,505		1,115,858
Aegon NV		64,851		312,563

28 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® Global Financials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Netherlands (continued)
EXOR NV, NVS		5,008	$	442,951
ING Groep NV		175,674		2,315,395
NN Group NV		14,239		456,476
				4,925,202
Norway — 0.2%
DNB Bank ASA		43,088		865,714
Peru — 0.1%
Credicorp Ltd.		3,293		421,405
Singapore — 1.4%
DBS Group Holdings Ltd.		88,100		2,163,704
Oversea-Chinese Banking Corp. Ltd.		187,700		1,755,380
United Overseas Bank Ltd.		74,100		1,543,362
				5,462,446
South Korea — 0.3%
KB Financial Group Inc.		18,129		739,425
Shinhan Financial Group Co. Ltd.		23,775		625,715
				1,365,140
Spain — 1.5%
Banco Bilbao Vizcaya Argentaria SA		288,197		2,332,357
Banco Santander SA		781,870		2,977,415
CaixaBank SA		194,105		773,313
				6,083,085
Sweden — 1.7%
EQT AB		16,001		315,267
Industrivarden AB, Class A		7,535		198,692
Industrivarden AB, Class C		7,228		190,466
Investor AB, Class B		88,089		1,686,421
Kinnevik AB, Class B(a)		11,714		116,331
Nordea Bank Abp		172,924		1,895,891
Skandinaviska Enskilda Banken AB, Class A		80,626		961,211
Svenska Handelsbanken AB, Class A		74,065		659,022
Swedbank AB, Class A		44,860		824,590
				6,847,891
Switzerland — 2.8%
Baloise Holding AG, Registered		2,218		321,114
Julius Baer Group Ltd.		9,953		637,070
Partners Group Holding AG		1,058		1,187,705
Swiss Life Holding AG, Registered		1,427		887,848
Swiss Re AG		14,011		1,438,935
UBS Group AG, Registered		147,186		3,625,513
Zurich Insurance Group AG		7,071		3,235,374
				11,333,559
Taiwan — 0.5%
Cathay Financial Holding Co. Ltd.		460,521		635,882
CTBC Financial Holding Co. Ltd.		952,000		723,305
Fubon Financial Holding Co. Ltd.		401,400		755,727
				2,114,914
United Kingdom — 5.1%
3i Group PLC		47,292		1,190,370
abrdn PLC		98,189		185,517
Admiral Group PLC		12,600		364,135
Aviva PLC		134,571		636,946
Barclays PLC		712,035		1,372,397
Direct Line Insurance Group PLC(a)		63,185		132,185
Hargreaves Lansdown PLC		16,929		159,217
HSBC Holdings PLC		967,252		7,569,117
Intermediate Capital Group PLC		14,185		238,101

Security	Shares		Value
United Kingdom (continued)
Legal & General Group PLC		285,985	$	771,683
Lloyds Banking Group PLC		3,251,075		1,747,109
London Stock Exchange Group PLC		19,961		2,000,608
M&G PLC		114,459		274,234
NatWest Group PLC, NVS		269,603		771,214
Phoenix Group Holdings PLC		45,953		269,311
Prudential PLC		132,867		1,428,231
Schroders PLC		44,302		218,908
St. James’s Place PLC		26,234		264,674
Standard Chartered PLC		111,534		1,025,837
				20,619,794
United States — 55.3%
Aflac Inc.		26,117		2,004,480
Allstate Corp.(The)		12,604		1,404,212
American Express Co.		28,108		4,193,432
American International Group Inc.		34,394		2,084,276
Ameriprise Financial Inc.		4,959		1,634,883
Aon PLC, Class A		9,803		3,178,329
Arch Capital Group Ltd.(a)		17,953		1,431,034
Arthur J Gallagher & Co.		10,400		2,370,472
Assurant Inc.		2,642		379,338
Bank of America Corp.		333,990		9,144,646
Bank of New York Mellon Corp.(The)		37,624		1,604,664
Berkshire Hathaway Inc., Class B(a)		88,105		30,863,181
BlackRock Inc.(c)		6,782		4,384,495
Blackstone Inc., NVS(d)		34,290		3,673,831
Brown & Brown Inc.		11,280		787,795
Capital One Financial Corp.		18,412		1,786,885
Cboe Global Markets Inc.		5,134		801,982
Charles Schwab Corp.(The)		71,921		3,948,463
Chubb Ltd.		19,843		4,130,916
Cincinnati Financial Corp.		7,589		776,279
Citigroup Inc.		93,032		3,826,406
Citizens Financial Group Inc.		22,817		611,496
CME Group Inc.		17,349		3,473,617
Comerica Inc.		6,323		262,721
Discover Financial Services		12,058		1,044,584
Everest Re Group Ltd.		2,082		773,817
FactSet Research Systems Inc.		1,849		808,494
Fidelity National Information Services Inc.		28,432		1,571,437
Fifth Third Bancorp.		32,744		829,405
Fiserv Inc.(a)		29,452		3,326,898
FleetCor Technologies Inc.(a)		3,560		909,010
Franklin Resources Inc.		13,763		338,294
Global Payments Inc.		12,561		1,449,414
Globe Life Inc.		4,203		456,992
Goldman Sachs Group Inc. (The)		15,928		5,153,823
Hartford Financial Services Group Inc. (The)		14,775		1,047,695
Huntington Bancshares Inc./OH		70,517		733,377
Intercontinental Exchange Inc.		27,686		3,046,014
Invesco Ltd.		21,928		318,394
Jack Henry & Associates Inc.		3,533		533,978
JPMorgan Chase & Co.		140,396		20,360,228
KeyCorp.		45,001		484,211
Loews Corp.		8,934		565,611
M&T Bank Corp.		7,985		1,009,703
MarketAxess Holdings Inc.		1,795		383,484
Marsh & McLennan Companies Inc.		23,853		4,539,226
Mastercard Inc., Class A		40,196		15,913,998
MetLife Inc.		30,519		1,919,950

SCHEDULE  OF   INVESTMENTS 29

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® Global Financials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Moody’s Corp.		7,610	$	2,406,054
Morgan Stanley		61,639		5,034,057
MSCI Inc., Class A		3,822		1,960,992
Nasdaq Inc.		16,244		789,296
Northern Trust Corp.		9,979		693,341
PayPal Holdings Inc.(a)		53,048		3,101,186
PNC Financial Services Group Inc. (The)		19,214		2,358,903
Principal Financial Group Inc.		10,744		774,320
Progressive Corp.(The)		28,351		3,949,294
Prudential Financial Inc.		17,539		1,664,276
Raymond James Financial Inc.		9,082		912,105
Regions Financial Corp.		45,664		785,421
S&P Global Inc.		15,722		5,744,976
State Street Corp.		15,394		1,030,782
Synchrony Financial		20,203		617,606
T Rowe Price Group Inc.		10,894		1,142,454
Travelers Companies Inc. (The)		11,060		1,806,209
Truist Financial Corp.		64,718		1,851,582
U.S. Bancorp		75,220		2,486,773
Visa Inc., Class A		77,627		17,854,986
W R Berkley Corp.		9,821		623,535
Wells Fargo & Co.		176,760		7,222,414
Willis Towers Watson PLC		5,081		1,061,726
Zions Bancorp. NA		7,219		251,871
				222,400,029
Total Common Stocks — 98.6% (Cost: $445,869,875)				396,429,201
Preferred Stocks
Brazil — 0.6%
Banco Bradesco SA, Preference Shares, ADR(d)		256,422		730,802

Security	Shares		Value
Brazil (continued)
Itau Unibanco Holding SA, Preference Shares, ADR		234,935	$	1,261,601
Itausa SA, Preference Shares, NVS		248,603		447,595
				2,439,998
Total Preferred Stocks — 0.6% (Cost: $3,358,184)				2,439,998
Total Long-Term Investments — 99.2% (Cost: $449,228,059)				398,869,199
Short-Term Securities
Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(c)(e)(f)		2,295,814		2,296,503
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(c)(e)		1,090,000		1,090,000
Total Short-Term Securities — 0.9% (Cost: $3,386,714)				3,386,503
Total Investments — 100.1% (Cost: $452,614,773)				402,255,702
Liabilities in Excess of Other Assets — (0.1)%				(241,747	)
Net Assets — 100.0%			$	402,013,955

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

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	778,304	$	1,518,106	(a)	$	—		$	231		$	(138	)	$	2,296,503		2,295,814	$	3,286	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		590,000		500,000	(a)		—			—			—			1,090,000		1,090,000		22,107			—
BlackRock Inc.		5,195,048		183,684			(870,022	)		(181,822	)		57,607			4,384,495		6,782		74,810			—
									$	(181,591	)	$	57,469		$	7,770,998			$	100,203		$	—

^(a)  Represents net amount purchased (sold).

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

30 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2023 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
Euro Stoxx 50 Index		7		12/15/23	$	310	$	(4,138	)
FTSE 100 Index		6		12/15/23		559		4,954
S&P Financial Select Sector E-Mini Index		21		12/15/23		2,166		(62,065	)
							$	(61,249	)

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
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	4,954	$	—	$	—	$	—	$	4,954
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	66,203	$	—	$	—	$	—	$	66,203

^(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, 2023, 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	$	—	$	—	$	123,428		$	—	$	—	$	—	$	123,428
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(86,995	)	$	—	$	—	$	—	$	(86,995	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	3,031,669

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
Assets
Investments
Long-Term Investments
Common Stocks	$	253,518,270	$	142,910,931	$	—	$	396,429,201
Preferred Stocks		2,439,998		—		—		2,439,998

SCHEDULE  OF   INVESTMENTS 31

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® Global Financials ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2			Level 3		Total
Short-Term Securities
Money Market Funds	$	3,386,503		$	—		$	—	$	3,386,503
	$	259,344,771		$	142,910,931		$	—	$	402,255,702
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—		$	4,954		$	—	$	4,954
Liabilities
Equity Contracts		(62,065	)		(4,138	)		—		(66,203	)
	$	(62,065	)	$	816		$	—		(61,249	)

^(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 3  I SHARES  SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited)  September 30, 2023 iShares^® Global Healthcare ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.5%
Cochlear Ltd.		38,100	$	6,240,140
CSL Ltd.		281,065		45,280,419
Ramsay Health Care Ltd.		107,525		3,568,798
Sonic Healthcare Ltd.		275,560		5,261,801
				60,351,158
Belgium — 0.6%
Argenx SE(a)		34,101		16,669,496
UCB SA		72,894		5,970,692
				22,640,188
Brazil — 0.1%
Rede D’Or Sao Luiz SA(b)		599,024		3,028,160
China — 0.3%
Wuxi Biologics Cayman Inc.(a)(b)		2,078,000		12,077,040
Denmark — 4.9%
Coloplast A/S, Class B		68,336		7,231,112
Genmab A/S(a)		38,347		13,576,777
Novo Nordisk A/S		1,881,533		171,315,802
				192,123,691
France — 2.7%
EssilorLuxottica SA		166,501		28,962,116
Eurofins Scientific SE		74,351		4,190,211
Sanofi		648,402		69,622,326
Sartorius Stedim Biotech		13,830		3,290,205
				106,064,858
Germany — 1.5%
Bayer AG, Registered		572,451		27,491,608
Fresenius Medical Care AG & Co. KGaA		115,908		4,983,111
Fresenius SE & Co. KGaA		236,043		7,331,547
Merck KGaA		75,356		12,562,398
Siemens Healthineers AG(b)(c)		164,463		8,318,844
				60,687,508
Japan — 4.3%
Astellas Pharma Inc.		1,053,075		14,576,262
Chugai Pharmaceutical Co. Ltd.		368,400		11,359,261
Daiichi Sankyo Co. Ltd.		1,133,400		31,029,431
Eisai Co. Ltd.		170,800		9,466,377
Hoya Corp.		206,300		21,128,717
M3 Inc.		246,200		4,465,756
Olympus Corp.		735,700		9,551,948
Ono Pharmaceutical Co. Ltd.		282,200		5,412,135
Otsuka Holdings Co. Ltd.		324,900		11,535,604
Shionogi & Co. Ltd.		162,100		7,230,380
Sysmex Corp.		97,200		4,618,669
Takeda Pharmaceutical Co. Ltd.		921,192		28,553,729
Terumo Corp.		431,700		11,427,464
				170,355,733
Netherlands — 0.4%
Koninklijke Philips NV(a)(c)		541,114		10,796,440
QIAGEN NV(a)		133,607		5,390,985
				16,187,425
South Korea — 0.2%
Celltrion Inc.		67,248		6,939,118
Spain — 0.1%
Grifols SA(a)		167,601		2,170,751

Security	Shares		Value
Sweden — 0.1%
Getinge AB, Class B		129,240	$	2,271,053
Switzerland — 7.5%
Alcon Inc.		289,110		22,309,864
Lonza Group AG, Registered		43,388		20,068,990
Novartis AG, Registered		1,207,626		123,333,191
Roche Holding AG, Bearer		15,676		4,605,402
Roche Holding AG, NVS		409,370		111,758,433
Sonova Holding AG, Registered		29,602		7,006,102
Straumann Holding AG		67,668		8,612,711
				297,694,693
United Kingdom — 4.3%
AstraZeneca PLC		903,085		121,812,090
GSK PLC		2,386,992		43,189,738
Smith & Nephew PLC		515,169		6,393,538
				171,395,366
United States — 71.0%
Abbott Laboratories		1,011,176		97,932,396
AbbVie Inc.		1,028,475		153,304,483
Agilent Technologies Inc.		172,103		19,244,557
Align Technology Inc.(a)		41,633		12,711,388
AmerisourceBergen Corp.		97,134		17,481,206
Amgen Inc.		311,675		83,765,773
Baxter International Inc.		293,839		11,089,484
Becton Dickinson and Co.		169,037		43,701,136
Biogen Inc.(a)		84,385		21,687,789
Bio-Rad Laboratories Inc., Class A(a)		12,443		4,460,193
Bio-Techne Corp.		91,100		6,201,177
Boston Scientific Corp.(a)		853,188		45,048,326
Bristol-Myers Squibb Co.		1,217,139		70,642,748
Cardinal Health Inc.		147,669		12,820,623
Catalent Inc.(a)		103,362		4,706,072
Centene Corp.(a)(c)		317,486		21,868,436
Charles River Laboratories International Inc.(a)(c)		29,873		5,854,511
Cigna Group(The)		172,463		49,336,490
Cooper Companies Inc. (The)(c)		28,751		9,143,106
CVS Health Corp.		748,412		52,254,126
Danaher Corp.		382,907		94,999,227
DaVita Inc.(a)		31,808		3,006,810
DENTSPLY SIRONA Inc.		124,286		4,245,610
Dexcom Inc.(a)		226,009		21,086,640
Edwards Lifesciences Corp.(a)(c)		354,228		24,540,916
Elevance Health Inc.		137,286		59,777,070
Eli Lilly & Co.		464,639		249,571,546
GE Healthcare Inc., NVS(a)		226,454		15,407,930
Gilead Sciences Inc.		726,037		54,409,213
HCA Healthcare Inc.		117,273		28,846,813
Henry Schein Inc.(a)		77,762		5,773,828
Hologic Inc.(a)		142,654		9,900,188
Humana Inc.		72,352		35,200,695
IDEXX Laboratories Inc.(a)		48,364		21,148,126
Illumina Inc.(a)		91,573		12,571,141
Incyte Corp.(a)		106,925		6,177,057
Insulet Corp.(a)		40,385		6,441,004
Intuitive Surgical Inc.(a)		204,721		59,837,901
IQVIA Holdings Inc.(a)(c)		107,349		21,120,916
Johnson & Johnson		1,403,135		218,538,276
Laboratory Corp. of America Holdings		51,298		10,313,463
McKesson Corp.		78,490		34,131,376
Medtronic PLC		775,651		60,780,012

SCHEDULE  OF   INVESTMENTS 33

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® Global Healthcare ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Merck & Co. Inc.		1,478,600	$	152,221,870
Mettler-Toledo International Inc.(a)		12,755		14,133,433
Moderna Inc.(a)		192,932		19,927,946
Molina Healthcare Inc.(a)		33,810		11,085,961
Organon & Co.		146,670		2,546,191
Pfizer Inc.		3,289,863		109,124,756
Quest Diagnostics Inc.		64,790		7,895,309
Regeneron Pharmaceuticals Inc.(a)		62,539		51,467,095
ResMed Inc.		85,678		12,669,206
Revvity Inc.		72,737		8,051,986
STERIS PLC		57,492		12,614,895
Stryker Corp.		196,942		53,818,340
Teleflex Inc.		27,078		5,318,390
Thermo Fisher Scientific Inc.(c)		224,878		113,826,497
UnitedHealth Group Inc.		539,753		272,138,065
Universal Health Services Inc., Class B		36,819		4,629,253
Vertex Pharmaceuticals Inc.(a)		150,389		52,296,271
Viatris Inc.		697,938		6,881,669
Waters Corp.(a)		34,185		9,373,869
West Pharmaceutical Services Inc.		42,997		16,132,904
Zimmer Biomet Holdings Inc.		121,170		13,597,697
Zoetis Inc.		267,690		46,572,706
				2,797,404,087
Total Common Stocks — 99.5% (Cost: $3,627,787,006)				3,921,390,829
Preferred Stocks
Germany — 0.1%
Sartorius AG, Preference Shares, NVS		15,635		5,295,477
Total Preferred Stocks — 0.1% (Cost: $5,591,434)				5,295,477
Total Long-Term Investments — 99.6% (Cost: $3,633,378,440)				3,926,686,306

Security	Shares		Value
Short-Term Securities
Money Market Funds — 1.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(d)(e)(f)		51,823,232	$	51,838,779
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(d)(e)		7,930,000		7,930,000
Total Short-Term Securities — 1.5% (Cost: $59,767,712)				59,768,779
Total Investments — 101.1% (Cost: $3,693,146,152)				3,986,455,085
Liabilities in Excess of Other Assets — (1.1)%				(44,799,892	)
Net Assets — 100.0%			$	3,941,655,193

^(a)  Non-income producing security.

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

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

^(d)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	28,986,449	$	22,856,343	(a)	$	—	$	275	$	(4,288	)	$	51,838,779		51,823,232	$	69,381	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		5,900,000		2,030,000	(a)		—		—		—			7,930,000		7,930,000		149,668			—
								$	275	$	(4,288	)	$	59,768,779			$	219,049		$	—

^(a)  Represents net amount purchased (sold).

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

34 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2023 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
S&P Health Care Select Sector E-Mini Index		107		12/15/23	$	14,039	$	(355,754	)

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)	$	—	$	—	$	355,754	$	—	$	—	$	—	$	355,754

^(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, 2023, 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	$	—	$	—	$	519,135		$	—	$	—	$	—	$	519,135
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(837,201	)	$	—	$	—	$	—	$	(837,201	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	13,384,005

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
Assets
Investments
Long-Term Investments
Common Stocks	$	2,800,432,247	$	1,120,958,582	$	—	$	3,921,390,829
Preferred Stocks		—		5,295,477		—		5,295,477
Short-Term Securities
Money Market Funds		59,768,779		—		—		59,768,779
	$	2,860,201,026	$	1,126,254,059	$	—	$	3,986,455,085

SCHEDULE  OF   INVESTMENTS 35

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® Global Healthcare ETF     

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2		Level 3		Total
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(355,754	)	$	—	$	—	$	(355,754	)

^(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 3  I SHARES  SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited)  September 30, 2023 iShares^® Global Industrials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.0%
Brambles Ltd.		130,212	$	1,196,196
Computershare Ltd.		53,758		895,852
Qantas Airways Ltd.(a)		170,698		565,093
Transurban Group		291,217		2,366,329
				5,023,470
Brazil — 0.4%
CCR SA		104,237		267,304
Localiza Rent a Car SA		78,144		910,388
WEG SA		137,748		993,946
				2,171,638
Canada — 3.8%
CAE Inc.(a)		29,820		696,184
Canadian National Railway Co.		55,517		6,012,145
Canadian Pacific Kansas City Ltd.		87,782		6,524,919
Thomson Reuters Corp.		14,318		1,751,576
Waste Connections Inc.		24,211		3,250,771
WSP Global Inc.		11,598		1,636,913
				19,872,508
Chile — 0.2%
Sociedad Quimica y Minera de Chile SA, ADR		13,252		790,747
Denmark — 1.2%
AP Moller - Maersk A/S, Class A		277		490,207
AP Moller - Maersk A/S, Class B, NVS		426		766,329
DSV A/S		16,870		3,143,568
Vestas Wind Systems A/S(a)		95,166		2,035,970
				6,436,074
Finland — 0.5%
Kone OYJ, Class B		37,910		1,597,529
Metso OYJ		65,596		687,896
Wartsila OYJ Abp		45,210		512,407
				2,797,832
France — 7.1%
Airbus SE		58,097		7,776,195
Alstom SA		26,185		622,344
Bouygues SA		19,332		675,936
Bureau Veritas SA		27,149		673,189
Cie. de Saint-Gobain		48,432		2,898,673
Eiffage SA		7,274		690,431
Getlink SE		30,490		486,069
Legrand SA		25,067		2,303,314
Safran SA		32,632		5,113,733
Schneider Electric SE		50,742		8,361,879
Teleperformance		5,529		694,201
Thales SA		8,878		1,247,742
Vinci SA		47,717		5,278,980
				36,822,686
Germany — 3.7%
Brenntag SE		14,458		1,118,712
Daimler Truck Holding AG		48,717		1,686,789
Deutsche Post AG, Registered		88,510		3,591,339
GEA Group AG		15,594		574,707
MTU Aero Engines AG		5,039		912,611
Rheinmetall AG		4,071		1,047,270
Siemens AG, Registered		70,866		10,127,363
				19,058,791

Security	Shares		Value
Hong Kong — 0.5%
CK Hutchison Holdings Ltd.		252,020	$	1,337,996
Techtronic Industries Co. Ltd.		123,000		1,187,391
				2,525,387
Ireland — 0.4%
Kingspan Group PLC		14,468		1,080,517
Ryanair Holdings PLC, ADR(a)(b)		9,495		923,009
				2,003,526
Italy — 0.2%
Prysmian SpA		25,974		1,042,551
Japan — 14.2%
AGC Inc.		21,500		753,519
ANA Holdings Inc.(a)		45,400		950,587
Central Japan Railway Co.		96,900		2,356,413
Dai Nippon Printing Co. Ltd.		24,300		632,241
Daifuku Co. Ltd.		35,500		670,120
Daikin Industries Ltd.		27,800		4,358,252
East Japan Railway Co.		35,400		2,025,833
FANUC Corp.		88,700		2,306,858
Hankyu Hanshin Holdings Inc.		23,800		812,071
Hitachi Ltd.		88,200		5,466,418
ITOCHU Corp.		137,100		4,951,218
Japan Airlines Co. Ltd.		41,100		798,539
Kajima Corp.		44,100		717,860
Kintetsu Group Holdings Co. Ltd.		18,700		530,195
Komatsu Ltd.		91,400		2,465,160
Kubota Corp.		99,900		1,469,610
Makita Corp.		26,100		643,605
Marubeni Corp.		160,000		2,494,119
Mitsubishi Corp.		135,200		6,442,324
Mitsubishi Electric Corp.		202,900		2,506,720
Mitsubishi Heavy Industries Ltd.		31,700		1,768,128
Mitsui & Co. Ltd.		145,300		5,270,023
Nidec Corp.		49,500		2,285,585
Nippon Yusen KK		48,100		1,248,908
Obayashi Corp.		67,100		590,472
Odakyu Electric Railway Co. Ltd.		34,500		515,491
Recruit Holdings Co. Ltd.		159,400		4,876,845
Secom Co. Ltd.		19,900		1,350,031
SG Holdings Co. Ltd.		45,600		583,765
SMC Corp.		5,500		2,465,442
Sumitomo Corp.		115,200		2,299,152
Taisei Corp.		17,500		615,929
Tokyu Corp.		57,500		662,949
Toppan Inc.		31,200		746,346
Toshiba Corp.(a)		8,306		255,757
Toyota Industries Corp.		17,500		1,377,520
Toyota Tsusho Corp.		22,200		1,305,716
West Japan Railway Co.		22,800		943,483
Yamato Holdings Co. Ltd.		30,200		491,542
Yaskawa Electric Corp.		24,900		896,675
				73,901,421
Netherlands — 1.1%
Ferrovial SE		46,800		1,430,067
IMCD NV		5,385		680,851
Randstad NV		11,702		646,490
Wolters Kluwer NV		24,203		2,930,388
				5,687,796

SCHEDULE  OF   INVESTMENTS 37

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® Global Industrials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea — 0.2%
LG Energy Solution(a)		3,063	$	1,080,193
Spain — 0.3%
ACS Actividades de Construccion y Servicios SA		18,812		676,286
Aena SME SA(c)		6,860		1,032,276
				1,708,562
Sweden — 3.2%
Alfa Laval AB		27,243		933,288
Assa Abloy AB, Class B		93,212		2,025,363
Atlas Copco AB, Class A		242,995		3,263,585
Atlas Copco AB, Class B		146,697		1,715,627
Epiroc AB, Class A		58,656		1,113,716
Epiroc AB, Class B		37,209		595,243
Nibe Industrier AB, Class B		141,865		927,477
Sandvik AB		102,404		1,884,269
Skanska AB, Class B		33,465		549,513
SKF AB, Class B		35,058		582,017
Volvo AB, Class B		150,297		3,095,763
				16,685,861
Switzerland — 2.5%
ABB Ltd., Registered		152,701		5,450,384
Adecco Group AG, Registered		15,770		647,723
Geberit AG, Registered		3,240		1,615,715
Kuehne + Nagel International AG, Registered		5,189		1,474,353
Schindler Holding AG, Participation Certificates, NVS		3,802		757,358
Schindler Holding AG, Registered		1,845		354,994
SGS SA		14,196		1,191,408
Siemens Energy AG(a)		48,070		626,482
VAT Group AG(c)		2,504		893,535
				13,011,952
United Kingdom — 4.8%
Ashtead Group PLC		42,421		2,572,519
BAE Systems PLC		287,316		3,491,418
Bunzl PLC		31,847		1,134,192
DCC PLC		9,714		543,883
Experian PLC		86,721		2,836,433
IMI PLC		26,414		502,643
Intertek Group PLC		15,024		751,335
Melrose Industries PLC		127,543		727,046
RELX PLC		182,697		6,164,181
Rentokil Initial PLC		237,482		1,763,212
Rolls-Royce Holdings PLC(a)		791,085		2,119,619
Smiths Group PLC		33,068		651,042
Spirax-Sarco Engineering PLC		6,825		790,016
Weir Group PLC(The)		24,978		577,116
				24,624,655
United States — 54.2%
3M Co.		52,088		4,876,479
A O Smith Corp.		11,547		763,603
Alaska Air Group Inc.(a)		11,986		444,441
Allegion PLC		8,212		855,690
American Airlines Group Inc.(a)(b)		61,579		788,827
AMETEK Inc.		21,812		3,222,941
Automatic Data Processing Inc.		38,825		9,340,519
Axon Enterprise Inc.(a)		6,589		1,311,145
Boeing Co.(The)(a)		53,393		10,234,370
Broadridge Financial Solutions Inc.		11,089		1,985,485
Carrier Global Corp.		78,715		4,345,068
Caterpillar Inc.		48,099		13,131,027

Security	Shares		Value
United States (continued)
Ceridian HCM Holding Inc.(a)(b)		14,660	$	994,681
CH Robinson Worldwide Inc.		11,034		950,358
Cintas Corp.		8,157		3,923,599
Copart Inc.(a)		81,659		3,518,686
CSX Corp.		189,339		5,822,174
Cummins Inc.		13,389		3,058,851
Deere & Co.		25,695		9,696,779
Delta Air Lines Inc.		60,469		2,237,353
Dover Corp.		13,230		1,845,717
Eaton Corp. PLC		37,599		8,019,115
Emerson Electric Co.		53,915		5,206,572
Equifax Inc.		11,527		2,111,516
Expeditors International of Washington Inc.		14,176		1,624,995
Fastenal Co.		53,687		2,933,458
FedEx Corp.		21,821		5,780,819
Fortive Corp.		33,075		2,452,842
Generac Holdings Inc.(a)(b)		5,802		632,186
General Dynamics Corp.		21,384		4,725,222
General Electric Co.		102,564		11,338,450
Honeywell International Inc.		62,570		11,559,182
Howmet Aerospace Inc.		36,806		1,702,278
Huntington Ingalls Industries Inc.		3,777		772,699
IDEX Corp.		7,101		1,477,150
Illinois Tool Works Inc.		25,953		5,977,235
Ingersoll Rand Inc.(b)		38,007		2,421,806
Jacobs Solutions Inc., NVS		11,863		1,619,300
JB Hunt Transport Services Inc.		7,742		1,459,522
Johnson Controls International PLC		63,944		3,402,460
L3Harris Technologies Inc.		17,890		3,115,007
Leidos Holdings Inc.		13,028		1,200,660
Lockheed Martin Corp.		21,105		8,631,101
Masco Corp.		21,075		1,126,459
Nordson Corp.		5,108		1,139,952
Norfolk Southern Corp.		21,424		4,219,028
Northrop Grumman Corp.		13,408		5,902,068
Old Dominion Freight Line Inc.		8,465		3,463,370
Otis Worldwide Corp.		38,688		3,107,033
PACCAR Inc.		49,379		4,198,203
Parker-Hannifin Corp.		12,109		4,716,698
Paychex Inc.		30,322		3,497,036
Paycom Software Inc.		4,623		1,198,605
Pentair PLC		15,398		997,021
Quanta Services Inc.		13,641		2,551,822
Raytheon Technologies Corp.		137,162		9,871,549
Republic Services Inc., Class A		19,325		2,754,006
Robert Half International Inc.		10,051		736,537
Rockwell Automation Inc.		10,789		3,084,251
Rollins Inc.		26,369		984,355
Snap-on Inc.		4,973		1,268,413
Southwest Airlines Co.		55,674		1,507,095
Stanley Black & Decker Inc.		14,444		1,207,230
Textron Inc.		18,702		1,461,374
Trane Technologies PLC		21,564		4,375,551
TransDigm Group Inc.(a)		5,200		4,384,276
Union Pacific Corp.		57,371		11,682,457
United Airlines Holdings Inc.(a)		30,867		1,305,674
United Parcel Service Inc., Class B		68,157		10,623,632
United Rentals Inc.		6,444		2,864,809
Verisk Analytics Inc., Class A		13,715		3,240,032
Waste Management Inc.		34,767		5,299,881

38 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® Global Industrials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Westinghouse Air Brake Technologies Corp.		16,837	$	1,789,268
WW Grainger Inc.		4,202		2,907,112
Xylem Inc./NY		22,635		2,060,464
				281,036,629
Total Common Stocks — 99.5% (Cost: $552,746,933)				516,282,279
Rights
Brazil — 0.0%
Localiza Rent a Car SA, (Expires 11/17/23, Strike Price BRL 47.13)		448		1,426
Total Rights — 0.0% (Cost: $—)				1,426
Total Long-Term Investments — 99.5% (Cost: $552,746,933)				516,283,705
Short-Term Securities
Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(d)(e)(f)		2,694,834		2,695,643

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(d)(e)		1,940,000	$	1,940,000
Total Short-Term Securities — 0.9% (Cost: $4,635,871)				4,635,643
Total Investments — 100.4% (Cost: $557,382,804)				520,919,348
Liabilities in Excess of Other Assets — (0.4)%				(1,969,826	)
Net Assets — 100.0%			$	518,949,522

^(a)  Non-income producing security.

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

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

^(d)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,819,037	$	—		$	(1,123,143	)(a)	$	(675	)	$	424	$	2,695,643		2,694,834	$	3,819	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		310,000		1,630,000	(a)		—			—			—		1,940,000		1,940,000		21,309			—
									$	(675	)	$	424	$	4,635,643			$	25,128		$	—

^(a)  Represents net amount purchased (sold).

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

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		2		12/07/23	$	311	$	(4,876	)
Euro Stoxx 50 Index		14		12/15/23		620		(1,058	)
S&P Industrial Select Sector E-Mini Index		16		12/15/23		1,648		(11,359	)
							$	(17,293	)

SCHEDULE  OF   INVESTMENTS 39

Schedule of Investments (unaudited) (continued) September 30, 2023 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)	$	—	$	—	$	17,293	$	—	$	—	$	—	$	17,293

^(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, 2023, 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	$	—	$	—	$	87,569		$	—	$	—	$	—	$	87,569
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(57,807	)	$	—	$	—	$	—	$	(57,807	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	2,115,574

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
Assets
Investments
Long-Term Investments
Common Stocks	$	304,794,531		$	211,487,748		$	—	$	516,282,279
Rights		1,426			—			—		1,426
Short-Term Securities
Money Market Funds		4,635,643			—			—		4,635,643
	$	309,431,600		$	211,487,748		$	—	$	520,919,348
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(11,359	)	$	(5,934	)	$	—	$	(17,293	)

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

See notes to financial statements.

40 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited)  September 30, 2023 iShares^® Global Materials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 11.2%
BHP Group Ltd.		558,091	$	15,677,227
BlueScope Steel Ltd.		50,664		627,397
Fortescue Metals Group Ltd.		186,222		2,475,458
James Hardie Industries PLC(a)		48,627		1,271,753
Mineral Resources Ltd.		19,005		816,108
Newcrest Mining Ltd.		98,298		1,548,835
Northern Star Resources Ltd.		127,315		845,403
Pilbara Minerals Ltd.		309,196		843,545
Rio Tinto Ltd.		40,944		2,953,201
South32 Ltd.		500,673		1,081,056
				28,139,983
Belgium — 0.6%
Solvay SA		8,090		894,020
Umicore SA		21,896		518,422
				1,412,442
Brazil — 2.1%
Vale SA, Class B, ADR		400,044		5,360,590
Canada — 7.4%
Agnico Eagle Mines Ltd.		54,519		2,477,388
Barrick Gold Corp.		192,957		2,802,902
CCL Industries Inc., Class B, NVS		15,981		670,773
First Quantum Minerals Ltd.		61,772		1,459,425
Franco-Nevada Corp.		21,170		2,826,251
Kinross Gold Corp.		134,499		612,957
Nutrien Ltd.		54,529		3,367,489
Teck Resources Ltd., Class B		50,835		2,187,973
Wheaton Precious Metals Corp.		49,956		2,027,296
				18,432,454
Chile — 0.1%
Empresas CMPC SA		121,015		222,802
Denmark — 0.6%
Chr Hansen Holding A/S		11,285		690,337
Novozymes A/S, Class B		23,108		929,747
				1,620,084
Finland — 1.1%
Stora Enso OYJ, Class R		67,766		849,336
UPM-Kymmene OYJ		58,672		2,008,980
				2,858,316
France — 4.7%
Air Liquide SA		57,702		9,718,834
ArcelorMittal SA		50,929		1,275,061
Arkema SA		6,916		680,816
				11,674,711
Germany — 3.3%
BASF SE		98,412		4,454,614
Covestro AG(a)(b)		21,352		1,148,202
HeidelbergCement AG		15,040		1,164,853
Symrise AG, Class A		14,596		1,389,522
				8,157,191
Ireland — 2.1%
CRH PLC		78,866		4,348,210
Smurfit Kappa Group PLC		28,695		953,241
				5,301,451
Japan — 6.4%
Asahi Kasei Corp.		153,400		965,571

Security	Shares		Value
Japan (continued)
JFE Holdings Inc.		64,700	$	947,486
Mitsubishi Chemical Group Corp.		157,300		991,001
Nippon Paint Holdings Co. Ltd.		118,500		795,861
Nippon Steel Corp.		104,729		2,453,604
Nitto Denko Corp.		16,600		1,088,551
Shin-Etsu Chemical Co. Ltd.		223,000		6,477,178
Sumitomo Chemical Co. Ltd.		183,100		498,017
Sumitomo Metal Mining Co. Ltd.		30,200		886,857
Toray Industries Inc.		179,200		932,389
				16,036,515
Mexico — 1.1%
Cemex SAB de CV, NVS(a)		1,669,507		1,089,215
Grupo Mexico SAB de CV, Series B		342,738		1,622,290
				2,711,505
Netherlands — 0.5%
Akzo Nobel NV		18,855		1,359,416
Norway — 0.6%
Norsk Hydro ASA		149,449		935,228
Yara International ASA		17,929		676,992
				1,612,220
Peru — 0.3%
Southern Copper Corp.		9,336		702,907
South Korea — 2.1%
LG Chem Ltd.		5,200		1,903,908
POSCO Holdings Inc.		8,195		3,228,574
				5,132,482
Sweden — 0.7%
Boliden AB		29,952		859,526
Svenska Cellulosa AB SCA, Class B		65,762		900,421
				1,759,947
Switzerland — 5.5%
DSM-Firmenich AG		22,784		1,925,313
Givaudan SA, Registered		876		2,852,108
Holcim AG		58,774		3,762,060
SIG Group AG		38,240		942,057
Sika AG, Registered		16,976		4,301,052
				13,782,590
Taiwan — 1.0%
Formosa Plastics Corp.		524,720		1,297,145
Nan Ya Plastics Corp.		625,940		1,291,330
				2,588,475
United Kingdom — 8.9%
Anglo American PLC		147,393		4,047,352
Antofagasta PLC		37,888		657,726
Croda International PLC		15,770		941,967
DS Smith PLC		150,552		525,082
Glencore PLC		1,237,707		7,048,134
Johnson Matthey PLC		21,241		420,514
Mondi PLC		53,861		898,501
Rio Tinto PLC		123,138		7,732,136
				22,271,412
United States — 38.7%
Air Products and Chemicals Inc.		24,491		6,940,749
Albemarle Corp.		12,911		2,195,386
Amcor PLC		162,051		1,484,387
Avery Dennison Corp.		8,878		1,621,744
Ball Corp.		34,662		1,725,474

SCHEDULE  OF   INVESTMENTS 41

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® Global Materials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Celanese Corp., Class A		11,024	$	1,383,732
CF Industries Holdings Inc.		21,291		1,825,490
Corteva Inc.		78,280		4,004,805
Dow Inc.		77,350		3,988,166
DuPont de Nemours Inc.		50,504		3,767,093
Eastman Chemical Co.		13,005		997,744
Ecolab Inc.		27,968		4,737,779
FMC Corp.		13,792		923,650
Freeport-McMoRan Inc.		157,820		5,885,108
International Flavors & Fragrances Inc.		28,190		1,921,712
International Paper Co.		37,959		1,346,406
Linde PLC		53,758		20,016,791
LyondellBasell Industries NV, Class A		28,225		2,672,908
Martin Marietta Materials Inc.		6,810		2,795,369
Mosaic Co.(The)		36,503		1,299,507
Newmont Corp.		87,607		3,237,079
Nucor Corp.		27,430		4,288,681
Packaging Corp. of America		9,921		1,523,370
PPG Industries Inc.		25,957		3,369,219
Sealed Air Corp.		15,903		522,573
Sherwin-Williams Co.(The)		26,067		6,648,388
Steel Dynamics Inc.		17,186		1,842,683
Vulcan Materials Co.		14,628		2,955,149
Westrock Co.		28,318		1,013,784
				96,934,926
Total Common Stocks — 99.0% (Cost: $308,925,563)				248,072,419
Preferred Stocks
Brazil — 0.2%
Gerdau SA, Preference Shares, ADR		126,976		605,675

Security	Shares		Value
South Korea — 0.1%
LG Chem Ltd., Preference Shares, NVS		862	$	198,322
Total Preferred Stocks — 0.3% (Cost: $1,377,920)				803,997
Total Long-Term Investments — 99.3% (Cost: $310,303,483)				248,876,416
Short-Term Securities
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(c)(d)		110,000		110,000
Total Short-Term Securities — 0.0% (Cost: $110,000)				110,000
Total Investments — 99.3% (Cost: $310,413,483)				248,986,416
Other Assets Less Liabilities — 0.7%				1,654,576
Net Assets — 100.0%			$	250,640,992

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	1,651,059	$	—	$	(1,651,483	)(b)	$	(36	)	$	460	$	—		—	$	1,098	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		530,000		—		(420,000	)(b)		—			—		110,000		110,000		8,016			—
														��
								$	(36	)	$	460	$	110,000			$	9,114		$	—

^(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.

42 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2023 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/TSE 60 Index		3		12/14/23	$	520	$	(15,378	)
FTSE 100 Index		4		12/15/23		373		1,786
MSCI Emerging Markets Index		7		12/15/23		334		(6,041	)
S&P 500 E-Mini Index		2		12/15/23		432		(18,004	)
							$	(37,637	)

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
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	1,786	$	—	$	—	$	—	$	1,786
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	39,423	$	—	$	—	$	—	$	39,423

^(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, 2023, 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	$	—	$	—	$	58,146		$	—	$	—	$	—	$	58,146
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(115,374	)	$	—	$	—	$	—	$	(115,374	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,419,562

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

SCHEDULE  OF   INVESTMENTS 43

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® Global Materials ETF

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
Assets
Investments
Long-Term Investments
Common Stocks	$	124,365,184		$	123,707,235	$	—	$	248,072,419
Preferred Stocks		605,675			198,322		—		803,997
Short-Term Securities
Money Market Funds		110,000			—		—		110,000
	$	125,080,859		$	123,905,557	$	—	$	248,986,416
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—		$	1,786	$	—	$	1,786
Liabilities
Equity Contracts		(39,423	)		—		—		(39,423	)
	$	(39,423	)	$	1,786	$	—		(37,637	)

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

See notes to financial statements.

44 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited)  September 30, 2023 iShares^® Global Tech ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 0.2%
WiseTech Global Ltd.		54,236	$	2,251,355
Xero Ltd.(a)		43,217		3,108,073
				5,359,428
Canada — 1.2%
CGI Inc.(a)		64,858		6,392,924
Constellation Software Inc./Canada		6,114		12,622,186
Open Text Corp.		83,243		2,921,549
Shopify Inc., Class A(a)		370,984		20,250,141
				42,186,800
China — 0.2%
Xiaomi Corp., Class B(a)(b)		4,761,000		7,458,615
Finland — 0.2%
Nokia OYJ		1,634,901		6,147,345
France — 0.5%
Capgemini SE		48,265		8,421,942
Dassault Systemes SE		212,157		7,880,025
				16,301,967
Germany — 1.6%
Infineon Technologies AG		405,182		13,419,927
SAP SE		316,363		40,950,670
				54,370,597
Japan — 3.7%
Advantest Corp.		237,200		6,616,342
Canon Inc.		314,300		7,571,057
Disco Corp.		27,500		5,080,793
FUJIFILM Holdings Corp.		128,600		7,439,581
Fujitsu Ltd.		53,800		6,327,476
Keyence Corp.		61,740		22,833,031
Kyocera Corp.		108,200		5,485,491
Lasertec Corp.		24,400		3,794,502
Murata Manufacturing Co. Ltd.		584,400		10,660,713
NEC Corp.		85,600		4,727,055
Nomura Research Institute Ltd.		143,700		3,735,009
NTT Data Corp.		182,600		2,443,435
Obic Co. Ltd.		20,900		3,166,777
Omron Corp.		64,800		2,883,692
Renesas Electronics Corp.(a)		443,300		6,771,386
Ricoh Co. Ltd.		187,300		1,616,016
Rohm Co. Ltd.		107,200		2,015,280
TDK Corp.		118,800		4,392,068
Tokyo Electron Ltd.		146,300		19,983,445
				127,543,149
Netherlands — 2.4%
ASM International NV		14,197		5,928,560
ASML Holding NV		125,079		73,640,262
BE Semiconductor Industries NV		25,176		2,462,374
				82,031,196
Singapore — 0.3%
STMicroelectronics NV , New		203,569		8,774,574
South Korea — 3.0%
Samsung Electronics Co. Ltd.		1,592,910		80,528,145
Samsung SDI Co. Ltd.		16,213		6,127,095
SK Hynix Inc.		167,147		14,151,442
				100,806,682

Security	Shares		Value
Sweden — 0.3%
Hexagon AB, Class B		650,238	$	5,534,002
Telefonaktiebolaget LM Ericsson, Class B		958,424		4,669,211
				10,203,213
Switzerland — 0.1%
Logitech International SA, Registered		49,410		3,399,329
Temenos AG, Registered		20,684		1,446,644
				4,845,973
Taiwan — 4.6%
Delta Electronics Inc.		598,000		6,023,008
Hon Hai Precision Industry Co. Ltd.		3,741,378		12,059,340
MediaTek Inc.		495,000		11,317,115
Taiwan Semiconductor Manufacturing Co. Ltd.		7,561,600		123,301,211
United Microelectronics Corp.		3,619,000		5,081,678
				157,782,352
United Kingdom — 0.2%
Halma PLC		116,756		2,750,856
Sage Group PLC(The)		317,627		3,822,293
				6,573,149
United States — 80.8%
Accenture PLC, Class A		195,714		60,105,726
Adobe Inc.(a)		141,419		72,109,548
Advanced Micro Devices Inc.(a)		501,285		51,542,124
Akamai Technologies Inc.(a)		46,739		4,979,573
Amphenol Corp., Class A		185,059		15,543,105
Analog Devices Inc.		155,573		27,239,277
Ansys Inc.(a)		26,926		8,011,831
Apple Inc.		4,175,375		714,865,954
Applied Materials Inc.		260,544		36,072,317
Arista Networks Inc.(a)		77,802		14,310,122
Autodesk Inc.(a)		66,311		13,720,409
Broadcom Inc.		128,040		106,347,463
Cadence Design Systems Inc.(a)		84,325		19,757,347
CDW Corp./DE		41,668		8,406,936
Cisco Systems Inc.		1,264,352		67,971,563
Cognizant Technology Solutions Corp., Class A		156,697		10,614,655
Corning Inc.		238,185		7,257,497
DXC Technology Co.(a)		69,650		1,450,809
Enphase Energy Inc.(a)		41,875		5,031,281
EPAM Systems Inc.(a)		17,693		4,523,923
F5 Inc.(a)		18,838		3,035,555
Fair Isaac Corp.(a)		7,638		6,633,832
First Solar Inc.(a)		33,146		5,356,062
Fortinet Inc.(a)		202,238		11,867,326
Gartner Inc.(a)		24,454		8,402,639
Gen Digital Inc.		175,711		3,106,570
Hewlett Packard Enterprise Co.		401,866		6,980,412
HP Inc.		269,198		6,918,389
Intel Corp.		1,299,392		46,193,386
International Business Machines Corp.		282,654		39,656,356
Intuit Inc.		86,891		44,396,088
Juniper Networks Inc.		100,083		2,781,307
Keysight Technologies Inc.(a)		55,342		7,322,300
KLA Corp.		42,419		19,455,899
Lam Research Corp.		41,357		25,921,327
Microchip Technology Inc.		168,887		13,181,630
Micron Technology Inc.		339,833		23,118,839
Microsoft Corp.		2,110,892		666,514,149
Monolithic Power Systems Inc.		14,822		6,847,764
Motorola Solutions Inc.		51,821		14,107,749

SCHEDULE  OF   INVESTMENTS 45

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® Global Tech ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
NetApp Inc.		65,360	$	4,959,517
Nvidia Corp.		345,804		150,421,282
NXP Semiconductors NV		79,984		15,990,401
ON Semiconductor Corp.(a)		133,887		12,444,797
Oracle Corp.		488,440		51,735,565
Palo Alto Networks Inc.(a)		94,895		22,247,184
PTC Inc.(a)		36,869		5,223,600
Qorvo Inc.(a)		30,985		2,958,138
Qualcomm Inc.		346,257		38,455,302
Roper Technologies Inc.		33,108		16,033,542
Salesforce Inc.(a)		302,197		61,279,508
Seagate Technology Holdings PLC		58,852		3,881,289
ServiceNow Inc.(a)		63,292		35,377,696
Skyworks Solutions Inc.		49,665		4,896,472
SolarEdge Technologies Inc.(a)		17,217		2,229,774
Synopsys Inc.(a)		47,210		21,667,974
TE Connectivity Ltd.		97,402		12,032,069
Teledyne Technologies Inc.(a)		14,620		5,973,440
Teradyne Inc.		47,373		4,759,092
Texas Instruments Inc.		281,710		44,794,707
Trimble Inc.(a)		77,687		4,184,222
Tyler Technologies Inc.(a)		13,077		5,049,553
VeriSign Inc.(a)		27,673		5,604,613
Western Digital Corp.(a)		97,757		4,460,652
Zebra Technologies Corp., Class A(a)(c)		15,715		3,717,069
				2,752,036,497
Total Common Stocks — 99.3% (Cost: $2,679,163,053)				3,382,421,537
Preferred Stocks
South Korea — 0.3%
Samsung Electronics Co. Ltd., Preference Shares, NVS		255,311		10,285,576
Total Preferred Stocks — 0.3% (Cost: $8,809,879)				10,285,576

Security	Shares		Value
Warrants
Canada — 0.0%
Constellation Software Inc., Issued 08/29/23, 1 Share for 1 Warrant, Expires 03/31/40, Strike Price CAD)(d)		5,997	$	—
Total Warrants — 0.0% (Cost: $—)				—
Total Long-Term Investments — 99.6% (Cost: $2,687,972,932)				3,392,707,113
Short-Term Securities
Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(e)(f)(g)		969,997		970,288
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(e)(f)		8,920,000		8,920,000
Total Short-Term Securities — 0.3% (Cost: $9,890,197)				9,890,288
Total Investments — 99.9% (Cost: $2,697,863,129)				3,402,597,401
Other Assets Less Liabilities — 0.1%				2,734,501
Net Assets — 100.0%			$	3,405,331,902

^(a)  Non-income producing security.

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

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

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

^(e)  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

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	6,263,870	$	—		$	(5,295,125	)(a)	$	(305	)	$	1,848	$	970,288		969,997	$	16,423	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		5,680,000		3,240,000	(a)		—			—			—		8,920,000		8,920,000		182,811			—
									$	(305	)	$	1,848	$	9,890,288			$	199,234		$	—

^(a)  Represents net amount purchased (sold).

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

46 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® Global Tech 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 Technology Select Sector E-Mini Index		72		12/15/23	$	12,012	$	(549,730	)

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)	$	—	$	—	$	549,730	$	—	$	—	$	—	$	549,730

^(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, 2023, 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	$	—	$	—	$	1,997,151		$	—	$	—	$	—	$	1,997,151
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(1,040,593	)	$	—	$	—	$	—	$	(1,040,593	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	14,151,460

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
Assets
Investments
Long-Term Investments
Common Stocks	$	2,794,223,297	$	588,198,240	$	—	$	3,382,421,537
Preferred Stocks		—		10,285,576		—		10,285,576
Warrants		—		—		—		—
Short-Term Securities
Money Market Funds		9,890,288		—		—		9,890,288
	$	2,804,113,585	$	598,483,816	$	—	$	3,402,597,401

SCHEDULE  OF   INVESTMENTS 47

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® Global Tech ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1			Level 2		Level 3		Total
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(549,730	)	$	—	$	—	$	(549,730	)

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

See notes to financial statements.

48 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited)  September 30, 2023 iShares^® Global Utilities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.2%
APA Group		117,880	$	627,102
Origin Energy Ltd.		161,262		908,056
				1,535,158
Austria — 0.5%
Verbund AG		7,796		634,217
Brazil — 0.6%
Centrais Eletricas Brasileiras SA		96,643		709,266
Canada — 3.9%
Algonquin Power & Utilities Corp.		64,610		382,451
Brookfield Infrastructure Partners LP(a)		42,867		1,258,000
Emera Inc.		25,368		885,662
Fortis Inc.		45,347		1,722,402
Hydro One Ltd.(b)		29,700		756,139
				5,004,654
Chile — 0.1%
Enel Americas SA(a)		1,728,465		198,435
Colombia — 0.1%
Interconexion Electrica SA ESP		41,313		151,074
Denmark — 0.8%
Orsted A/S(b)		17,681		961,903
Finland — 0.4%
Fortum OYJ		41,093		476,558
France — 3.3%
Engie SA		163,578		2,508,658
Veolia Environnement SA		56,846		1,643,199
				4,151,857
Germany — 3.8%
E.ON SE		209,397		2,476,330
RWE AG		63,267		2,348,458
				4,824,788
Italy — 5.0%
Enel SpA		721,480		4,424,651
Snam SpA		191,619		899,128
Terna - Rete Elettrica Nazionale		131,508		989,129
				6,312,908
Japan — 2.7%
Chubu Electric Power Co. Inc.		70,900		902,549
Kansai Electric Power Co. Inc.(The)		76,800		1,063,261
Osaka Gas Co. Ltd.		38,900		640,095
Tokyo Gas Co. Ltd.		37,600		852,491
				3,458,396
Portugal — 0.9%
EDP - Energias de Portugal SA		277,714		1,154,719
Spain — 6.1%
Enagas SA		21,105		349,488
Endesa SA		29,620		602,809
Iberdrola SA		517,759		5,790,849
Naturgy Energy Group SA		17,214		468,310
Redeia Corp. SA		36,323		571,409
				7,782,865
United Kingdom — 6.7%
Centrica PLC		524,651		986,822

Security	Shares		Value
United Kingdom (continued)
National Grid PLC		345,418	$	4,130,973
Severn Trent PLC		23,676		683,180
SSE PLC		102,266		2,004,038
United Utilities Group PLC		63,422		732,841
				8,537,854
United States — 63.7%
AES Corp.(The)		62,526		950,395
Alliant Energy Corp.		23,495		1,138,333
Ameren Corp.		24,545		1,836,702
American Electric Power Co. Inc.		48,104		3,618,383
American Water Works Co. Inc.		18,176		2,250,734
Atmos Energy Corp.		13,879		1,470,202
CenterPoint Energy Inc.		58,979		1,583,586
CMS Energy Corp.		27,239		1,446,663
Consolidated Edison Inc.		32,183		2,752,612
Constellation Energy Corp.		30,012		3,273,709
Dominion Energy Inc.		78,133		3,490,201
DTE Energy Co.		19,264		1,912,530
Duke Energy Corp.		71,795		6,336,627
Edison International		35,789		2,265,086
Entergy Corp.		19,763		1,828,078
Evergy Inc.		21,466		1,088,326
Eversource Energy		32,604		1,895,923
Exelon Corp.		92,929		3,511,787
FirstEnergy Corp.		48,090		1,643,716
NextEra Energy Inc.		188,522		10,800,425
NiSource Inc.		38,607		952,821
NRG Energy Inc.		21,375		823,365
PG&E Corp.(a)		195,182		3,148,286
Pinnacle West Capital Corp.		10,587		780,050
PPL Corp.		68,890		1,623,048
Public Service Enterprise Group Inc.		46,635		2,653,998
Sempra Energy		58,755		3,997,103
Southern Co.(The)		101,590		6,574,905
WEC Energy Group Inc.		29,482		2,374,775
Xcel Energy Inc.		51,534		2,948,775
				80,971,144
Total Long-Term Investments — 99.8% (Cost: $159,262,643)				126,865,796
Short-Term Securities
Money Market Funds — 0.6%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(c)(d)		730,000		730,000
Total Short-Term Securities — 0.6% (Cost: $730,000)				730,000
Total Investments — 100.4% (Cost: $159,992,643)				127,595,796
Liabilities in Excess of Other Assets — (0.4)%				(497,398	)
Net Assets — 100.0%			$	127,098,398

^(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.

SCHEDULE  OF   INVESTMENTS 49

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® Global Utilities ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	—		$	(1	)(b)	$	1	$	—	$	—		—	$	21	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		110,000		620,000	(b)		—			—		—		730,000		730,000		6,085			—
									$	1	$	—	$	730,000			$	6,106		$	—

^(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		1		12/15/23	$	44	$	14
S&P Utilities Select Sector E-Mini Index		2		12/15/23		120		(4,498	)
							$	(4,484	)

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
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	14	$	—	$	—	$	—	$	14
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	4,498	$	—	$	—	$	—	$	4,498

^(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, 2023, 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	$	—	$	—	$	(7,243	)	$	—	$	—	$	—	$	(7,243	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(21,080	)	$	—	$	—	$	—	$	(21,080	)

50 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® Global Utilities ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	372,691

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
Assets
Investments
Long-Term Investments
Common Stocks	$	87,519,318		$	39,346,478	$	—	$	126,865,796
Short-Term Securities
Money Market Funds		730,000			—		—		730,000
	$	88,249,318		$	39,346,478	$	—	$	127,595,796
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—		$	14	$	—	$	14
Liabilities
Equity Contracts		(4,498	)		—		—		(4,498	)
	$	(4,498	)	$	14	$	—		(4,484	)

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

See notes to financial statements.

SCHEDULE  OF   INVESTMENTS 51

Statements of Assets and Liabilities (unaudited)

September 30, 2023

	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)	$	282,208,636		$	306,726,394		$	903,794,569		$	1,944,851,234
Investments, at value — affiliated(c)		1,066,962			5,300,654			2,650,000			2,750,000
Cash		12,733			5,901			22,148			2,756
Cash pledged for futures contracts		44,999			20,001			242,000			608,000
Foreign currency collateral pledged for futures contracts(d)		7,007			26,478			87,113			65,885
Foreign currency, at value(e)		206,257			190,207			1,399,381			2,956,733
Receivables:
Investments sold		—			53,248			1,557,203			—
Securities lending income — affiliated		223			318			23			165
Dividends — unaffiliated		358,732			399,341			3,827,666			5,312,534
Dividends — affiliated		3,418			1,694			7,736			16,112
Tax reclaims		10,638			83,129			895,680			610,219
Variation margin on futures contracts		—			671			—			—
Total assets		283,919,605			312,808,036			914,483,519			1,957,173,638
LIABILITIES
Collateral on securities loaned, at value		227,679			5,091,561			—			—
Payables:
Investments purchased		—			—			1,209,663			—
Capital shares redeemed		—			53,263			10,501,458			—
Investment advisory fees		101,920			111,570			476,837			650,760
IRS compliance fee for foreign withholding tax claims		440,646			—			—			1,728,250
Professional fees		4,706			5,617			—			—
Variation margin on futures contracts		5,966			—			22,802			170,393
Total liabilities		780,917			5,262,011			12,210,760			2,549,403
Commitments and contingent liabilities
NET ASSETS	$	283,138,688		$	307,546,025		$	902,272,759		$	1,954,624,235
NET ASSETS CONSIST OF
Paid-in capital	$	415,062,245		$	384,352,407		$	1,001,876,128		$	1,916,012,004
Accumulated earnings (loss)		(131,923,557	)		(76,806,382	)		(99,603,369	)		38,612,231
NET ASSETS	$	283,138,688		$	307,546,025		$	902,272,759		$	1,954,624,235
NET ASSETVALUE
Shares outstanding		4,150,000			2,100,000			15,800,000			47,400,000
Net asset value	$	68.23		$	146.45		$	57.11		$	41.24
Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited
Par value		None			None			None			None
(a) Investments, at cost — unaffiliated	$	301,735,683		$	341,399,806		$	1,017,130,849		$	1,698,463,555
(b) Securities loaned, at value	$	223,092		$	4,997,561		$	—		$	—
(c)  Investments, at cost — affiliated	$	1,066,962		$	5,301,142		$	2,650,000		$	2,750,000
(d) Foreign currency collateral pledged, at cost	$	7,316		$	26,721		$	90,669		$	68,619
(e) Foreign currency, at cost	$	207,228		$	190,757		$	1,406,799		$	2,939,028

See notes to financial statements.

52 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Statements of Assets and Liabilities (unaudited) (continued)

September 30, 2023

	iShares Global Financials ETF			iShares Global Healthcare ETF			iShares Global Industrials ETF			iShares Global Materials ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	394,484,704		$	3,926,686,306		$	516,283,705		$	248,876,416
Investments, at value — affiliated(c)		7,770,998			59,768,779			4,635,643			110,000
Cash		25,329			—			18,733			15,474
Cash pledged for futures contracts		135,000			595,000			154,000			33,000
Foreign currency collateral pledged for futures contracts(d)		51,322			—			64,580			47,498
Foreign currency, at value(e)		564,522			1,192,625			752,642			970,539
Receivables:
Investments sold		24,232			—			—			249,762
Securities lending income — affiliated		231			10,208			743			—
Capital shares sold		—			116,285			3,503,967			—
Dividends — unaffiliated		691,579			4,056,750			724,274			456,704
Dividends — affiliated		4,213			25,085			3,977			1,037
Tax reclaims		939,651			2,512,122			177,802			233,720
Total assets		404,691,781			3,994,963,160			526,320,066			250,994,150
LIABILITIES
Bank overdraft		—			1,974			—			—
Collateral on securities loaned, at value		2,296,684			51,837,006			2,692,372			—
Payables:
Investments purchased		4,535			21,685			4,477,621			—
Capital shares redeemed		—			—			—			249,718
Investment advisory fees		139,623			1,336,059			140,167			90,008
IRS compliance fee for foreign withholding tax claims		205,710			—			48,094			—
Professional fees		11,390			—			4,706			10,191
Variation margin on futures contracts		19,884			111,243			7,584			3,241
						��
Total liabilities		2,677,826			53,307,967			7,370,544			353,158
Commitments and contingent liabilities
NET ASSETS	$	402,013,955		$	3,941,655,193		$	518,949,522		$	250,640,992
NET ASSETS CONSIST OF
Paid-in capital	$	600,536,040		$	3,597,618,032		$	575,249,925		$	413,306,556
Accumulated earnings (loss)		(198,522,085	)		344,037,161			(56,300,403	)		(162,665,564	)
NET ASSETS	$	402,013,955		$	3,941,655,193		$	518,949,522		$	250,640,992
NET ASSETVALUE
Shares outstanding		5,700,000			47,850,000			4,600,000			3,200,000
Net asset value	$	70.53		$	82.38		$	112.82		$	78.33
Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited
Par value		None			None			None			None
(a) Investments, at cost — unaffiliated	$	443,247,138		$	3,633,378,440		$	552,746,933		$	310,303,483
(b) Securities loaned, at value	$	2,223,909		$	50,429,147		$	2,618,969		$	—
(c)  Investments, at cost — affiliated	$	9,367,635		$	59,767,712		$	4,635,871		$	110,000
(d) Foreign currency collateral pledged, at cost	$	53,410		$	—		$	65,457		$	50,856
(e) Foreign currency, at cost	$	566,118		$	1,206,842		$	752,554		$	962,924

See notes to financial statements.

FINANCIAL  STATEMENTS 53

Statements of Assets and Liabilities (unaudited) (continued)

September 30, 2023

	iShares Global Tech ETF		iShares Global Utilities ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	3,392,707,113	$	126,865,796
Investments, at value — affiliated(c)		9,890,288		730,000
Cash		4,315		10,954
Cash pledged for futures contracts		691,000		8,000
Foreign currency collateral pledged for futures contracts(d)		—		4,229
Foreign currency, at value(e)		2,040,736		135,680
Receivables:
Securities lending income — affiliated		853		—
Capital shares sold		1,556		—
Dividends — unaffiliated		2,014,844		180,136
Dividends — affiliated		26,993		1,680
Tax reclaims		55,474		22,871
Variation margin on futures contracts		38,845		302
Other assets		10,270		—
Total assets		3,407,482,287		127,959,648
LIABILITIES
Collateral on securities loaned, at value		967,000		—
Payables:
Capital shares redeemed		1,557		—
Investment advisory fees		1,181,828		43,728
IRS compliance fee for foreign withholding tax claims		—		716,715
Professional fees		—		100,807
Total liabilities		2,150,385		861,250
Commitments and contingent liabilities
NET ASSETS	$	3,405,331,902	$	127,098,398
NET ASSETS CONSIST OF
Paid-in capital	$	2,694,400,330	$	206,932,069
Accumulated earnings (loss)		710,931,572		(79,833,671	)
NET ASSETS	$	3,405,331,902	$	127,098,398
NET ASSET VALUE
Shares outstanding		58,850,000		2,350,000
Net asset value	$	57.86	$	54.08
Shares authorized		Unlimited		Unlimited
Par value		None		None
(a)   Investments, at cost — unaffiliated	$	2,687,972,932	$	159,262,643
(b)   Securities loaned, at value	$	946,120	$	—
(c)   Investments, at cost — affiliated	$	9,890,197	$	730,000
(d)   Foreign currency collateral pledged, at cost	$	—	$	4,226
(e)   Foreign currency, at cost	$	2,068,506	$	135,813

See notes to financial statements.

54 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Statements of Operations (unaudited) 

Six Months Ended September 30, 2023

	iShares Global Comm Services ETF			iShares Global Consumer Discretionary ETF			iShares Global Consumer Staples ETF			iShares Global Energy ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	2,586,057		$	3,051,744		$	24,206,526		$	44,133,282
Dividends — affiliated		18,413			9,598			55,522			76,478
Interest — unaffiliated		2,571			1,749			8,747			21,318
Securities lending income — affiliated — net		3,675			1,942			1,058			1,363
Other income — unaffiliated		—			5,802			—			—
Foreign taxes withheld		(106,930	)		(257,915	)		(1,343,984	)		(1,812,052	)
Foreign withholding tax claims		23,796			51,080			—			—
IRS compliance fee for foreign withholding tax claims		1,026			—			—			(51,845	)
Total investment income		2,528,608			2,864,000			22,927,869			42,368,544
EXPENSES
Investment advisory		603,352			680,412			3,137,142			3,731,833
Professional		7,878			5,694			4,862			3,782
Commitment costs		114			120			200			1,042
Total expenses		611,344			686,226			3,142,204			3,736,657
Net investment income		1,917,264			2,177,774			19,785,665			38,631,887
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(3,308,473	)		(5,392,683	)		(5,018,394	)		(4,190,240	)
Investments — affiliated		(713	)		(124	)		791			650
Foreign currency transactions		(29,376	)		(40,985	)		(54,493	)		(60,738	)
Futures contracts		122,158			130,658			(206,519	)		969,909
In-kind redemptions — unaffiliated(a)		11,514,287			4,092,458			57,289,898			17,059,168
		8,297,883			(1,210,676	)		52,011,283			13,778,749
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		9,938,579			4,665,272			(171,206,753	)		144,058,156
Investments — affiliated		190			(668	)		—			—
Foreign currency translations		(1,473	)		623			(61,202	)		(54,096	)
Futures contracts		(42,260	)		(56,858	)		(334,362	)		(294,302	)
		9,895,036			4,608,369			(171,602,317	)		143,709,758
Net realized and unrealized gain (loss)		18,192,919			3,397,693			(119,591,034	)		157,488,507
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	20,110,183		$	5,575,467		$	(99,805,369	)	$	196,120,394

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

See notes to financial statements.

FINANCIAL  STATEMENTS 55

Statements of Operations (unaudited) (continued)

Six Months Ended September 30, 2023

	iShares Global Financials ETF			iShares Global Healthcare ETF			iShares Global Industrials ETF			iShares Global Materials ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	8,409,797		$	34,716,700		$	4,540,748		$	5,721,644
Dividends — affiliated		96,917			149,668			21,309			8,016
Interest — unaffiliated		5,962			20,310			2,732			2,523
Securities lending income — affiliated — net		3,286			69,381			3,819			1,098
Other income — unaffiliated		6,297			12,957			—			6,457
Foreign taxes withheld		(675,271	)		(1,855,914	)		(311,108	)		(332,276	)
Foreign withholding tax claims		61,379			257,171			—			96,848
IRS compliance fee for foreign withholding tax claims		(187,011	)		—			(48,094	)		—
Other foreign taxes		—			(257	)		—			—
Total investment income		7,721,356			33,370,016			4,209,406			5,504,310
EXPENSES
Investment advisory		860,637			8,283,877			795,270			624,470
Professional		32,913			27,018			26,135			14,118
Commitment costs		621			—			67			610
Total expenses		894,171			8,310,895			821,472			639,198
Net investment income		6,827,185			25,059,121			3,387,934			4,865,112
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(5,754,235	)		(8,512,965	)		(2,842,731	)		(927,126	)
Investments — affiliated		(103,393	)		275			(675	)		(36	)
Foreign currency transactions		(41,776	)		(140,746	)		(58,346	)		(51,926	)
Futures contracts		123,428			519,135			87,569			58,146
In-kind redemptions — unaffiliated(a)		(1,402,819	)		154,276,198			14,936,976			(96,758	)
In-kind redemptions — affiliated(a)		(78,198	)		—			—			—
		(7,256,993	)		146,141,897			12,122,793			(1,017,700	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		16,393,167			(187,440,430	)		(20,575,312	)		(17,008,462	)
Investments — affiliated		57,469			(4,288	)		424			460
Foreign currency translations		(27,494	)		(66,275	)		(6,445	)		(6,238	)
Futures contracts		(86,995	)		(837,201	)		(57,807	)		(115,374	)
		16,336,147			(188,348,194	)		(20,639,140	)		(17,129,614	)
Net realized and unrealized gain (loss)		9,079,154			(42,206,297	)		(8,516,347	)		(18,147,314	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	15,906,339		$	(17,147,176	)	$	(5,128,413	)	$	(13,282,202	)

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

See notes to financial statements.

56 2 0 2 3  I SHARES  SEMI - ANNUAL  REPORT   TO  SHAREHOLDERS

Statements of Operations (unaudited) (continued)

Six Months Ended September 30, 2023

	iShares Global Tech ETF			iShares Global Utilities ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	20,016,031		$	2,934,294
Dividends — affiliated		182,811			6,085
Interest — unaffiliated		20,038			1,173
Securities lending income — affiliated — net		16,423			21
Non-cash dividends — unaffiliated		—			187,450
Other income — unaffiliated		—			320,748
Foreign taxes withheld		(1,242,114	)		(105,497	)
Foreign withholding tax claims		—			762,389
IRS compliance fee for foreign withholding tax claims		—			(667,428	)
Total investment income		18,993,189			3,439,235
EXPENSES
Investment advisory		7,058,291			281,490
Commitment costs		6,680			37
Professional		3,782			113,822
Total expenses		7,068,753			395,349
Net investment income		11,924,436			3,043,886
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		44,792,540			(1,405,582	)
Investments — affiliated		(305	)		1
Foreign currency transactions		(224,893	)		(6,896	)
Futures contracts		1,997,151			(7,243	)
In-kind redemptions — unaffiliated(a)		76,212,573			560,240
		122,777,066			(859,480	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		75,295,814			(14,971,069	)
Investments — affiliated		1,848			—
Foreign currency translations		(31,664	)		1,997
Futures contracts		(1,040,593	)		(21,080	)
		74,225,405			(14,990,152	)
Net realized and unrealized gain (loss)		197,002,471			(15,849,632	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	208,926,907		$	(12,805,746	)

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

See notes to financial statements.

FINANCIAL  STATEMENTS 57

Statements of Changes in Net Assets

	iShares Global Comm Services ETF						iShares Global Consumer Discretionary ETF
	Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,917,264		$	2,803,241		$	2,177,774		$	3,458,130
Net realized gain (loss)		8,297,883			(9,373,960	)		(1,210,676	)		(13,236,888	)
Net change in unrealized appreciation (depreciation)		9,895,036			(21,120,876	)		4,608,369			(18,050,264	)
Net increase (decrease) in net assets resulting from operations		20,110,183			(27,691,595	)		5,575,467			(27,829,022	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(2,147,975	)(b)		(2,680,016	)		(2,100,978	)		(3,272,046	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		8,636,315			46,641,829			(845,114	)		(22,847,245	)
NET ASSETS
Total increase (decrease) in net assets		26,598,523			16,270,218			2,629,375			(53,948,313	)
Beginning of period		256,540,165			240,269,947			304,916,650			358,864,963
End of period	$	283,138,688		$	256,540,165		$	307,546,025		$	304,916,650

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

^(b)  A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.

58 2 0 2 3  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Statements of Changes in Net Assets (continued)

	iShares Global Consumer Staples ETF							iShares Global Energy ETF
	Six Months Ended 09/30/23 (unaudited)				Year Ended 03/31/23			Six Months Ended 09/30/23 (unaudited)				Year Ended 03/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	19,785,665		$	27,404,809			$	38,631,887		$	105,959,894
Net realized gain (loss)			52,011,283			(3,811,619	)			13,778,749			218,809,541
Net change in unrealized appreciation (depreciation)			(171,602,317	)		13,550,641				143,709,758			(137,884,777	)
Net increase (decrease) in net assets resulting from operations			(99,805,369	)		37,143,831				196,120,394			186,884,658
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(15,738,199	)		(24,794,345	)			(34,111,212	)(b)		(103,333,626	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(518,862,779	)		502,554,697				(6,161,086	)		(565,617,612	)
NET ASSETS
Total increase (decrease) in net assets			(634,406,347	)		514,904,183				155,848,096			(482,066,580	)
Beginning of period			1,536,679,106			1,021,774,923				1,798,776,139			2,280,842,719
End of period		$	902,272,759		$	1,536,679,106			$	1,954,624,235		$	1,798,776,139

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

^(b)  A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.

FINANCIAL  STATEMENTS 59

Statements of Changes in Net Assets (continued)

	iShares Global Financials ETF							iShares Global Healthcare ETF
	Six Months Ended 09/30/23 (unaudited)				Year Ended 03/31/23			Six Months Ended 09/30/23 (unaudited)				Year Ended 03/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	6,827,185		$	23,005,081			$	25,059,121		$	51,322,730
Net realized gain (loss)			(7,256,993	)		(112,153,947	)			146,141,897			238,770,770
Net change in unrealized appreciation (depreciation)			16,336,147			(22,033,959	)			(188,348,194	)		(403,158,385	)
Net increase (decrease) in net assets resulting from operations			15,906,339			(111,182,825	)			(17,147,176	)		(113,064,885	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(6,734,930	)		(27,379,101	)			(30,474,507	)		(46,042,619	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(32,532,183	)		(598,208,666	)			(93,979,001	)		750,358,066
NET ASSETS
Total increase (decrease) in net assets			(23,360,774	)		(736,770,592	)			(141,600,684	)		591,250,562
Beginning of period			425,374,729			1,162,145,321				4,083,255,877			3,492,005,315
End of period		$	402,013,955		$	425,374,729			$	3,941,655,193		$	4,083,255,877

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

See notes to financial statements.

60 2 0 2 3  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Statements of Changes in Net Assets (continued)

	iShares Global Industrials ETF						iShares Global Materials ETF
	Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	3,387,934		$	5,326,682		$	4,865,112		$	13,017,394
Net realized gain (loss)		12,122,793			(8,631,133	)		(1,017,700	)		(12,741,655	)
Net change in unrealized appreciation (depreciation)		(20,639,140	)		(3,808,019	)		(17,129,614	)		(79,806,887	)
Net decrease in net assets resulting from operations		(5,128,413	)		(7,112,470	)		(13,282,202	)		(79,531,148	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(4,016,258	)		(5,234,413	)		(5,133,739	)		(22,752,409	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		191,136,013			(27,176,051	)		(82,113,251	)		(273,573,823	)
NET ASSETS
Total increase (decrease) in net assets		181,991,342			(39,522,934	)		(100,529,192	)		(375,857,380	)
Beginning of period		336,958,180			376,481,114			351,170,184			727,027,564
End of period	$	518,949,522		$	336,958,180		$	250,640,992		$	351,170,184

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

See notes to financial statements.

FINANCIAL  STATEMENTS 61

Statements of Changes in Net Assets (continued)

	iShares Global Tech ETF							iShares Global Utilities ETF
	Six Months Ended 09/30/23 (unaudited)				Year Ended 03/31/23			Six Months Ended 09/30/23 (unaudited)				Year Ended 03/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	11,924,436		$	25,012,577			$	3,043,886		$	4,990,892
Net realized gain (loss)			122,777,066			482,657,182				(859,480	)		(3,520,341	)
Net change in unrealized appreciation (depreciation)			74,225,405			(988,068,765	)			(14,990,152	)		(15,202,838	)
Net increase (decrease) in net assets resulting from operations			208,926,907			(480,399,006	)			(12,805,746	)		(13,732,287	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(9,583,547	)		(23,649,568	)			(2,198,165	)		(5,088,399	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			28,372,371			(1,320,298,332	)			5,945,925			(25,424,599	)
NET ASSETS
Total increase (decrease) in net assets			227,715,731			(1,824,346,906	)			(9,057,986	)		(44,245,285	)
Beginning of period			3,177,616,171			5,001,963,077				136,156,384			180,401,669
End of period		$	3,405,331,902		$	3,177,616,171			$	127,098,398		$	136,156,384

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

See notes to financial statements.

62 2 0 2 3  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

	iShares Global Comm Services ETF
	Six Months Ended 09/30/23 (unaudited)				Year Ended 03/31/23				Year Ended 03/31/22				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19
Net asset value, beginning of period		$	64.14			$	73.93			$	80.09			$	51.81			$	56.22			$	57.19
Net investment income(a)			0.44	(b)			0.71	(b)			0.74	(b)			0.66				0.78				1.82
Net realized and unrealized gain (loss)(c)			4.11				(9.72	)			(5.42	)			28.33				(3.85	)			(0.62	)
Net increase (decrease) from investment operations			4.55				(9.01	)			(4.68	)			28.99				(3.07	)			1.20
Distributions from net investment income(d)			(0.46	)(e)			(0.78	)			(1.48	)			(0.71	)			(1.34	)			(2.17	)
Net asset value, end of period		$	68.23			$	64.14			$	73.93			$	80.09			$	51.81			$	56.22
Total Return(f)
Based on net asset value			7.11	%(b)(g)			(12.16	)%(b)			(6.03	)%(b)			56.20	%			(5.70	)%			2.37	%
Ratios to Average Net Assets(h)
Total expenses			0.41	%(i)			0.42	%			0.43	%			0.43	%			0.46	%			0.46	%
Total expenses excluding professional fees for foreign withholding tax claims			0.41	%(i)			0.41	%			0.41	%			N/A				N/A				N/A
Net investment income			1.30	%(b)(i)			1.18	%(b)			0.89	%(b)			0.96	%			1.34	%			3.28	%
Supplemental Data
Net assets, end of period (000)		$	283,139			$	256,540			$	240,270			$	320,380			$	225,363			$	236,105
Portfolio turnover rate(j)			10	%			14	%			18	%			13	%			24	%			79	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended September 30, 2023, for the year ended March 31, 2023 and March 31, 2022 respectively:

• Net investment income per share by $0.00, $0.03 and $0.10.

• Total return by 0.01%, 0.05% and 0.15%.

• Ratio of net investment income to average net assets by 0.01%, 0.06% and 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) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(g)  Not annualized.

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

⁽ⁱ⁾  Annualized.

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

See notes to financial statements.

FINANCIAL  HIGHLIGHTS 63

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Global Consumer Discretionary ETF
	Six Months Ended 09/30/23 (unaudited)				Year Ended 03/31/23				Year Ended 03/31/22				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19
Net asset value, beginning of period		$	145.20			$	156.03			$	162.55			$	95.12			$	113.27			$	111.45
Net investment income(a)			0.99	(b)			1.58	(b)			1.02	(b)			1.06				1.75				1.70
Net realized and unrealized gain (loss)(c)			1.22				(11.15	)			(5.95	)			67.38				(18.03	)			1.87
Net increase (decrease) from investment operations			2.21				(9.57	)			(4.93	)			68.44				(16.28	)			3.57
Distributions from net investment income(d)			(0.96	)			(1.26	)			(1.59	)			(1.01	)			(1.87	)			(1.75	)
Net asset value, end of period		$	146.45			$	145.20			$	156.03			$	162.55			$	95.12			$	113.27
Total Return(e)
Based on net asset value			1.57	%(b)(f)			(6.12	)%(b)			(3.13	)%(b)			72.21	%			(14.71	)%(g)			3.32	%
Ratios to Average Net Assets(h)
Total expenses			0.41	%(i)			0.41	%			0.40	%			0.43	%			0.46	%			0.46	%
Total expenses excluding professional fees for foreign withholding tax claims			0.41	%(i)			0.41	%			0.40	%			N/A				N/A				N/A
Net investment income			1.31	%(b)(i)			1.17	%(b)			0.60	%(b)			0.75	%			1.47	%			1.51	%
Supplemental Data
Net assets, end of period (000)		$	307,546			$	304,917			$	358,865			$	430,745			$	156,949			$	203,889
Portfolio turnover rate(j)			7	%			17	%			12	%			34	%			17	%			30	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended September 30, 2023, for the year ended March 31, 2023 and March 31, 2022 respectively:

• Net investment income per share by $0.02, $0.01 and $0.03.

• Total return by 0.07%, 0.00% and 0.02%.

• Ratio of net investment income to average net assets by 0.03%, 0.01% and 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.

64 2 0 2 3  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Global Consumer Staples ETF
	Six Months Ended 09/30/23					Year Ended			Year Ended					Year Ended					Year Ended					Year Ended
		(unaudited)					03/31/23			03/31/22					03/31/21					03/31/20						03/31/19	(a)
Net asset value, beginning of period			$	61.84		$	62.11				$	58.11				$	47.96				$	51.67			$	50.14
Net investment income(b)				0.79			1.29	(c)				1.37					1.34					1.18				1.20
Net realized and unrealized gain (loss)(d)				(4.91	)		(0.38	)				4.09					10.17					(3.69	)			1.70
Net increase (decrease) from investment operations				(4.12	)		0.91					5.46					11.51					(2.51	)			2.90
Distributions from net investment income(e)				(0.61	)		(1.18	)				(1.46	)				(1.36	)				(1.20	)			(1.37	)
Net asset value, end of period			$	57.11		$	61.84				$	62.11				$	58.11				$	47.96			$	51.67
Total Return(f)
Based on net asset value				(6.70	)%(g)		1.56	%(c)				9.42	%				24.21	%				(5.10	)%			6.07	%
Ratios to Average Net Assets(h)
Total expenses				0.41	%(i)		0.41	%				0.40	%				0.43	%				0.46	%			0.46	%
Total expenses excluding professional fees for foreign withholding tax claims				0.41	%(i)		0.41	%				N/A					N/A					N/A				N/A
Net investment income				2.58	%(i)		2.18	%(c)				2.22	%				2.46	%				2.21	%			2.43	%
Supplemental Data
Net assets, end of period (000)			$	902,273		$	1,536,679				$	1,021,775				$	525,907				$	683,380			$	738,832
Portfolio turnover rate(j)				5	%		13	%				8	%				7	%				7	%			7	%

^(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 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, 2023:

• Net investment income per share by $0.00.

• Total return by 0.01%.

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

^(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.

FINANCIAL  HIGHLIGHTS 65

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Global Energy ETF
	Six Months Ended 09/30/23 (unaudited)				Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20				Year Ended 03/31/19
Net asset value, beginning of period		$	37.71		$	36.12		$	24.63		$	17.06			$	33.70		$	33.91
Net investment income(a)			0.82			1.89	(b)		1.22			0.94				1.13			1.11
Net realized and unrealized gain (loss)(c)			3.42			1.56			11.37			7.62				(15.61	)		(0.29	)
Net increase (decrease) from investment operations			4.24			3.45			12.59			8.56				(14.48	)		0.82
Distributions from net investment income(d)			(0.71	)(e)		(1.86	)		(1.10	)		(0.99	)			(2.16	)		(1.03	)
Net asset value, end of period		$	41.24		$	37.71		$	36.12		$	24.63			$	17.06		$	33.70
Total Return(f)
Based on net asset value			11.45	%(g)		9.39	%(b)		52.61	%		51.36	%			(45.73	)%		2.56	%
Ratios to Average Net Assets(h)
Total expenses			0.41	%(i)		0.44	%		0.40	%		0.43	%			0.46	%		0.46	%
Total expenses excluding professional fees for foreign withholding tax claims			0.41	%(i)		0.41	%		N/A			N/A				N/A			N/A
Net investment income			4.24	%(i)		5.03	%(b)		4.33	%		4.65	%			3.78	%		3.17	%
Supplemental Data
Net assets, end of period (000)		$	1,954,624		$	1,798,776		$	2,280,843		$	1,308,021			$	616,818		$	1,031,245
Portfolio turnover rate(j)			4	%		10	%		6	%		5	%			7	%		6	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2023:

• Net investment income per share by $0.07.

• Total return by 0.24%.

• Ratio of net investment income to average net assets by 0.18%.

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

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

^(e)  A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(g)  Not annualized.

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

⁽ⁱ⁾  Annualized.

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

See notes to financial statements.

66 2 0 2 3  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Global Financials ETF
	Six Months Ended 09/30/23 (unaudited)				Year Ended 03/31/23				Year Ended 03/31/22			Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19
Net asset value, beginning of period		$	69.17			$	79.60		$	73.29			$	47.23			$	61.61			$	68.93
Net investment income(a)			1.16	(b)			2.19	(b)		1.65	(b)			1.36				1.71				1.84
Net realized and unrealized gain (loss)(c)			1.33				(10.01	)		6.01				26.09				(14.12	)			(7.38	)
Net increase (decrease) from investment operations			2.49				(7.82	)		7.66				27.45				(12.41	)			(5.54	)
Distributions from net investment income(d)			(1.13	)			(2.61	)		(1.35	)			(1.39	)			(1.97	)			(1.78	)
Net asset value, end of period		$	70.53			$	69.17		$	79.60			$	73.29			$	47.23			$	61.61
Total Return(e)
Based on net asset value			3.62	%(b)(f)			(9.86	)%(b)(g)		10.48	%(b)			58.99	%			(20.99	)%(h)			(8.02	)%
Ratios to Average Net Assets(i)
Total expenses			0.43	%(j)			0.42	%		0.40	%			0.43	%			0.46	%			0.46	%
Total expenses excluding professional fees for foreign withholding tax claims			0.42	%(j)			0.41	%		0.40	%			0.43	%			N/A				0.46	%
Net investment income			3.25	%(b)(j)			3.12	%(b)		2.07	%(b)			2.28	%			2.66	%			2.84	%
Supplemental Data
Net assets, end of period (000)		$	402,014			$	425,375		$	1,162,145			$	472,743			$	203,073			$	341,918
Portfolio turnover rate(k)			3	%			13	%		12	%			4	%			7	%			7	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended September 30, 2023, for the year ended March 31, 2023 and March 31, 2022 respectively:

• Net investment income per share by $0.00, $0.03 and $0.01.

• Total return by 0.00%, 0.06% and 0.02%.

• Ratio of net investment income to average net assets by 0.01%, 0.04% and 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 proceeds received from a class action litigation, which impacted the Fund’s total return. Not including these proceeds, the Fund’s total return would have been (9.92)% for the year ended March 31, 2023.

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

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

^(j)  Annualized.

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

See notes to financial statements.

FINANCIAL  HIGHLIGHTS 67

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Global Healthcare ETF
	Six Months Ended
			09/30/23 (unaudited	)		Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19	(a)
Net asset value, beginning of period		$	83.42		$	87.41		$	76.96		$	60.95		$	61.13		$	55.61
Net investment income(b)			0.53	(c)		1.11	(c)		1.07			1.02			0.96			0.92
Net realized and unrealized gain (loss)(d)			(0.93	)		(4.11	)		10.39			15.96			(0.16	)		5.80
Net increase (decrease) from investment operations			(0.40	)		(3.00	)		11.46			16.98			0.80			6.72
Distributions from net investment income(e)			(0.64	)		(0.99	)		(1.01	)		(0.97	)		(0.98	)		(1.20	)
Net asset value, end of period		$	82.38		$	83.42		$	87.41		$	76.96		$	60.95		$	61.13
Total Return(f)
Based on net asset value			(0.48	)%(c)(g)		(3.44	)%(c)		14.94	%		28.03	%		1.23	%		12.29	%
Ratios to Average Net Assets(h)
Total expenses			0.41	%(i)		0.42	%		0.40	%		0.43	%		0.46	%		0.46	%
Total expenses excluding professional fees for foreign withholding tax claims			0.41	%(i)		0.41	%		N/A			N/A			N/A			N/A
Net investment income			1.24	%(c)(i)		1.34	%(c)		1.27	%		1.41	%		1.52	%		1.55	%
Supplemental Data
Net assets, end of period (000)		$	3,941,655		$	4,083,256		$	3,492,005		$	2,705,201		$	1,947,392		$	2,121,287
Portfolio turnover rate(j)			2	%		3	%		4	%		5	%		5	%		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 positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six month ended September 30, 2023 and for the year ended March 31, 2023 respectively:

• Net investment income per share by $0.00 and $0.01.

• Total return by 0.01% and 0.01%.

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

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

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

^(f)  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.

68 2 0 2 3  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Global Industrials ETF
	Six Months Ended 09/30/23 (unaudited)				Year Ended 03/31/23				Year Ended 03/31/22				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19
Net asset value, beginning of period		$	114.22			$	115.84			$	115.74			$	71.50			$	88.88			$	91.22
Net investment income(a)			1.02				1.77	(b)			1.53	(b)			1.32				1.61				1.65
Net realized and unrealized gain (loss)(c)			(0.93	)			(1.65	)			0.32				44.27				(17.32	)			(2.27	)
Net increase (decrease) from investment operations			0.09				0.12				1.85				45.59				(15.71	)			(0.62	)
Distributions from net investment income(d)			(1.49	)			(1.74	)			(1.75	)			(1.35	)			(1.67	)			(1.72	)
Net asset value, end of period		$	112.82			$	114.22			$	115.84			$	115.74			$	71.50			$	88.88
Total Return(e)
Based on net asset value			0.05	%(f)			0.22	%(b)			1.54	%(b)			64.27	%			(18.08	)%			(0.59	)%
Ratios to Average Net Assets(g)
Total expenses			0.42	%(h)			0.42	%			0.41	%			0.43	%			0.46	%			0.46	%
Total expenses excluding professional fees for foreign withholding tax claims			0.42	%(h)			0.41	%			0.40	%			0.43	%			N/A				N/A
Net investment income			1.74	%(h)			1.69	%(b)			1.27	%(b)			1.34	%			1.75	%			1.87	%
Supplemental Data
Net assets, end of period (000)		$	518,950			$	336,958			$	376,481			$	422,466			$	146,580			$	217,744
Portfolio turnover rate(i)			5	%			9	%			7	%			8	%			5	%			5	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2023 and March 31, 2022 respectively:

• Net investment income per share by $0.02 and $0.05.

• Total return by 0.01% and 0.05%.

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

FINANCIAL  HIGHLIGHTS 69

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Global Materials ETF
	Six Months Ended 09/30/23				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
		(unaudited)				03/31/23				03/31/22				03/31/21				03/31/20				03/31/19
Net asset value, beginning of period		$	83.61			$	93.81			$	86.59			$	49.67			$	64.22			$	67.34
Net investment income(a)			1.31	(b)			2.60	(b)			3.16	(b)			2.07				1.54				1.91
Net realized and unrealized gain (loss)(c)			(5.20	)			(9.00	)			7.23				35.84				(13.63	)			(3.44	)
Net increase (decrease) from investment operations			(3.89	)			(6.40	)			10.39				37.91				(12.09	)			(1.53	)
Distributions from net investment income(d)			(1.39	)			(3.80	)			(3.17	)			(0.99	)			(2.46	)			(1.59	)
Net asset value, end of period		$	78.33			$	83.61			$	93.81			$	86.59			$	49.67			$	64.22
Total Return(e)
Based on net asset value			(4.70	)%(b)(f)			(6.77	)%(b)			12.19	%(b)			76.78	%			(19.66	)%			(2.14	)%
Ratios to Average Net Assets(g)
Total expenses			0.42	%(h)			0.41	%			0.40	%			0.43	%			0.45	%			0.46	%
Total expenses excluding professional fees for foreign withholding tax claims			0.41	%(h)			0.41	%			0.40	%			N/A				N/A				0.46	%
Net investment income			3.19	%(b)(h)			3.20	%(b)			3.48	%(b)			2.76	%			2.43	%			2.91	%
Supplemental Data
Net assets, end of period (000)		$	250,641			$	351,170			$	727,028			$	722,999			$	129,132			$	208,704
Portfolio turnover rate(i)			4	%			9	%			6	%			4	%			12	%			11	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six month ended September 30, 2023, for the year ended March 31, 2023 and March 31, 2022 respectively:

• Net investment income per share by $0.02, $0.00 and $0.01.

• Total return by 0.03%, 0.01% and (0.01%).

• Ratio of net investment income to average net assets by 0.05%, 0.00% and 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.

70 2 0 2 3  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Global Tech ETF
	Six Months Ended
			09/30/23 (unaudited)			Year Ended 03/31/23			Year Ended 03/31/22	(a)		Year Ended 03/31/21	(a)		Year Ended 03/31/20	(a)		Year Ended 03/31/19	(a)
Net asset value, beginning of period		$	54.36		$	57.86		$	51.13		$	30.49		$	28.48		$	26.31
Net investment income(b)			0.20			0.37	(c)		0.29	(c)		0.33			0.38			0.30
Net realized and unrealized gain (loss)(d)			3.47			(3.51	)		6.81			20.62			2.00			2.10
Net increase (decrease) from investment operations			3.67			(3.14	)		7.10			20.95			2.38			2.40
Distributions from net investment income(e)			(0.17	)		(0.36	)		(0.37	)		(0.31	)		(0.37	)		(0.23	)
Net asset value, end of period		$	57.86		$	54.36		$	57.86		$	51.13		$	30.49		$	28.48
Total Return(f)
Based on net asset value			6.74	%(g)		(5.34	)%(c)		13.89	%(c)		68.97	%		8.33	%		9.19	%
Ratios to Average Net Assets(h)
Total expenses			0.41	%(i)		0.41	%		0.40	%		0.43	%		0.46	%		0.46	%
Total expenses excluding professional fees for foreign withholding tax claims			0.41	%(i)		0.41	%		0.40	%		0.43	%		N/A			0.46	%
Net investment income			0.69	%(i)		0.77	%(c)		0.50	%(c)		0.75	%		1.21	%		1.09	%
Supplemental Data
Net assets, end of period (000)		$	3,405,332		$	3,177,616		$	5,001,963		$	5,046,541		$	2,752,872		$	2,819,178
Portfolio turnover rate(j)			6	%		12	%		7	%		4	%		7	%		17	%

^(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 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, 2023 and March 31,2022 respectively:

• Net investment income per share by $0.00 and $0.00.

• Total return by 0.01% and 0.01%.

• Ratio of net investment income to average net assets by 0.00% and 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.

FINANCIAL  HIGHLIGHTS 71

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Global Utilities ETF
	Six Months Ended 09/30/23				Year Ended				Year Ended				Year Ended				Year Ended				Year Ended
		(unaudited)				03/31/23				03/31/22				03/31/21				03/31/20				03/31/19
Net asset value, beginning of period		$	60.51			$	65.60			$	60.51			$	50.71			$	54.08			$	48.78
Net investment income(a)			1.32	(b)			1.86	(b)			1.81				1.71				1.62				1.78
Net realized and unrealized gain (loss)(c)			(6.79	)			(5.06	)			5.08				9.68				(2.98	)			5.07
Net increase (decrease) from investment operations			(5.47	)			(3.20	)			6.89				11.39				(1.36	)			6.85
Distributions from net investment income(d)			(0.96	)			(1.89	)			(1.80	)			(1.59	)			(2.01	)			(1.55	)
Net asset value, end of period		$	54.08			$	60.51			$	65.60			$	60.51			$	50.71			$	54.08
Total Return(e)
Based on net asset value			(9.18	)%(b)(f)			(4.93	)%(b)			11.59	%			22.70	%			(2.84	)%			14.40	%
Ratios to Average Net Assets(g)
Total expenses			0.50	%(h)(i)			0.43	%			0.42	%			0.43	%			0.46	%			0.46	%
Total expenses excluding professional fees for foreign withholding tax claims			0.42	%(h)			0.41	%			N/A				N/A				N/A				0.46	%
Net investment income			4.43	%(b)(h)			3.06	%(b)			2.91	%			3.03	%			2.87	%			3.53	%
Supplemental Data
Net assets, end of period (000)		$	127,098			$	136,156			$	180,402			$	151,268			$	152,123			$	208,222
Portfolio turnover rate(j)			3	%			9	%			9	%			7	%			6	%			8	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six month ended September 30, 2023 and for the year ended March 31, 2023 respectively:

• Net investment income per share by $0.28 and $0.06.

• Total return by 0.46% and 0.12%.

• Ratio of net investment income to average net assets by 0.94% and 0.11%.

^(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 expense would have been 0.57%.

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

See notes to financial statements.

72 2 0 2 3  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

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 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

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, 2023, 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.

NOTES  TO  FINANCIAL  STATEMENTS 73

Notes to Financial Statements (unaudited) (continued)

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

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

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.

74 2 0 2 3  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

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 Comm Services
Morgan Stanley	$	211,392	$	(211,392	)	$	—		$	—
UBS AG		11,700		(11,700	)		—			—
	$	223,092	$	(223,092)		$	—		$	—
Global Consumer Discretionary
RBC Capital Markets LLC.	$	5,447	$	(5,427	)	$	—		$	20	(b)
Scotia Capital (USA) Inc.		3,468,120		(3,468,120	)		—			—
SG Americas Securities LLC.		1,523,994		(1,523,994	)		—			—
	$	4,997,561	$	(4,997,541	)	$	—		$	20
Global Financials
BMO Capital Markets	$	142,500	$	(142,500	)	$	—		$	—
BofA Securities, Inc.		2,081,409		(2,081,409	)		—			—
	$	2,223,909	$	(2,223,909	)	$	—		$	—
Global Healthcare
Barclays Bank PLC	$	7,454,528	$	(7,454,528	)	$	—		$	—
Citadel Clearing LLC		235,176		(235,176	)		—			—
Goldman Sachs & Co. LLC.		9,369,256		(9,369,256	)		—			—
HSBC Bank PLC		4,587,363		(4,587,363	)		—			—
J.P. Morgan Securities LLC.		13,221,600		(13,221,600	)		—			—
Virtu Americas LLC.		578,592		(578,592	)		—			—
Wells Fargo Bank N.A		14,982,632		(14,982,632	)		—			—
	$	50,429,147	$	(50,429,147	)	$	—		$	—

NOTES  TO  FINANCIAL  STATEMENTS 75

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
Barclays Bank PLC	$	291,630	$	(291,630	)	$	—		$	—
BNP Paribas Prime Brokerage International Ltd.		435,840		(435,840	)		—			—
J.P. Morgan Securities LLC.		418,003		(418,003	)		—			—
Jefferies LLC.		127,440		(127,440	)		—			—
Morgan Stanley		611,037		(611,037	)		—			—
TD Prime Services LLC.		735,019		(735,019	)		—			—
	$	2,618,969	$	(2,618,969	)	$	—		$	—
Global Tech
Barclays Bank PLC	$	946,120	$	(946,120	)	$	—		$	—

^(a)  Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities.

^(b)  The market value of the loaned securities is determined as of September 30, 2023. 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.

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.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the 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 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

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.

76 2 0 2 3  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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, 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.

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, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Global Comm Services	$	1,195
Global Consumer Discretionary		748
Global Consumer Staples		411
Global Energy		498
Global Financials		849
Global Healthcare		22,390
Global Industrials		1,421
Global Materials		415
Global Tech		6,708
Global Utilities		8

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

NOTES  TO  FINANCIAL  STATEMENTS 77

Notes to Financial Statements (unaudited) (continued)

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, 2023, 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	$	11,141,965	$	6,991,875	$	(2,071,161	)
Global Consumer Discretionary		7,509,395		9,377,245		(2,199,472	)
Global Consumer Staples		22,729,430		33,480,210		(74,003	)
Global Energy		16,243,541		4,773,128		(16,664	)
Global Financials		2,791,309		862,602		(331,348	)
Global Healthcare		21,537,547		3,602,240		(234,554	)
Global Industrials		5,442,833		401,064		(55,543	)
Global Materials		1,448,709		961,026		51,474
Global Tech		38,359,873		46,351,498		20,303,018
Global Utilities		133,322		678,168		(101,846	)

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, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Global Comm Services	$	34,989,280	$	29,585,519
Global Consumer Discretionary		23,940,920		22,215,361
Global Consumer Staples		78,549,527		70,249,582
Global Energy		85,575,850		80,513,574
Global Financials		14,112,078		14,792,877
Global Healthcare		69,042,842		74,506,488
Global Industrials		24,952,009		18,567,540
Global Materials		10,707,569		13,527,256
Global Tech		210,969,369		198,388,739
Global Utilities		5,560,595		4,572,302

For the six months ended September 30, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind   Sales
Global Comm Services	$	59,697,665	$	56,829,391
Global Consumer Discretionary		19,823,378		22,075,766
Global Consumer Staples		73,373,319		586,155,482
Global Energy		63,770,007		69,702,255
Global Financials		6,038,576		37,227,177
Global Healthcare		298,451,772		390,974,583
Global Industrials		316,509,948		133,296,056
Global Materials		—		78,360,818
Global Tech		160,603,180		143,803,237
Global Utilities		14,486,497		8,669,946

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.

78 2 0 2 3  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

Management has analyzed tax laws and regulations and their application to the Funds as of September 30, 2023, 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, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring Capital Loss Carryforwards
Global Comm Services	$	(117,568,119	)
Global Consumer Discretionary		(37,746,038	)
Global Consumer Staples		(44,421,053	)
Global Energy		(222,017,490	)
Global Financials		(141,359,570	)
Global Healthcare		(86,791,650	)
Global Industrials		(32,099,046	)
Global Materials		(96,368,567	)
Global Tech		(116,952,012	)
Global Utilities		(46,525,570	)

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

As of September 30, 2023, 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 Comm Services	$	305,983,822	$	23,363,730	$	(46,088,450	)	$	(22,724,720	)
Global Consumer Discretionary		350,698,688		16,469,990		(55,162,921	)		(38,692,931	)
Global Consumer Staples		1,024,395,424		21,521,402		(139,472,257	)		(117,950,855	)
Global Energy		1,722,804,428		313,242,268		(88,566,679	)		224,675,589
Global Financials		455,038,602		22,842,575		(75,686,724	)		(52,844,149	)
Global Healthcare		3,715,467,011		607,080,866		(336,448,546	)		270,632,320
Global Industrials		559,308,900		16,239,182		(54,646,027	)		(38,406,845	)
Global Materials		315,073,785		12,810,009		(78,935,015	)		(66,125,006	)
Global Tech		2,704,424,657		819,695,888		(122,072,874	)		697,623,014
Global Utilities		161,710,763		3,132,415		(37,251,866	)		(34,119,451	)

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 9, 2024. 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, 2023, 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.

NOTES  TO  FINANCIAL  STATEMENTS 79

Notes to Financial Statements (unaudited) (continued)

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.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

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.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Each Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

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

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

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

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

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the the Funds invest.

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

80 2 0 2 3  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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

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

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

11. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Six Months Ended 09/30/23						Year Ended 03/31/23
iShares ETF	Shares			Amount			Shares			Amount
Global Comm Services
Shares sold		1,000,000		$	66,699,305			5,000,000		$	285,678,262
Shares redeemed		(850,000	)		(58,062,990	)		(4,250,000	)		(239,036,433	)
		150,000		$	8,636,315			750,000		$	46,641,829
Global Consumer Discretionary
Shares sold		150,000		$	21,698,520			1,950,000		$	257,608,569
Shares redeemed		(150,000	)		(22,543,634	)		(2,150,000	)		(280,455,814	)
		—		$	(845,114	)		(200,000	)	$	(22,847,245	)
Global Consumer Staples
Shares sold		1,400,000		$	80,884,060			10,150,000		$	606,139,893
Shares redeemed		(10,350,000	)		(599,746,839	)		(1,750,000	)		(103,585,196	)
		(8,950,000	)	$	(518,862,779	)		8,400,000		$	502,554,697
Global Energy
Shares sold		1,650,000		$	67,044,157			10,350,000		$	380,017,898
Shares redeemed		(1,950,000	)		(73,205,243	)		(25,800,000	)		(945,635,510	)
		(300,000	)	$	(6,161,086	)		(15,450,000	)	$	(565,617,612	)
Global Financials
Shares sold		100,000		$	6,913,068			1,500,000		$	109,276,663
Shares redeemed		(550,000	)		(39,445,251	)		(9,950,000	)		(707,485,329	)
		(450,000	)	$	(32,532,183	)		(8,450,000	)	$	(598,208,666	)
Global Healthcare
Shares sold		3,550,000		$	302,851,555			16,250,000		$	1,349,795,290
Shares redeemed		(4,650,000	)		(396,830,556	)		(7,250,000	)		(599,437,224	)
		(1,100,000	)	$	(93,979,001	)		9,000,000		$	750,358,066
Global Industrials
Shares sold		2,850,000		$	329,440,958			900,000		$	96,114,001
Shares redeemed		(1,200,000	)		(138,304,945	)		(1,200,000	)		(123,290,052	)
		1,650,000		$	191,136,013			(300,000	)	$	(27,176,051	)

NOTES  TO  FINANCIAL  STATEMENTS 81

Notes to Financial Statements (unaudited) (continued)

	Six Months Ended 09/30/23						Year Ended 03/31/23
iShares ETF	Shares			Amount			Shares			Amount
Global Materials
Shares sold		—		$	7,032			800,000		$	67,400,271
Shares redeemed		(1,000,000	)		(82,120,283	)		(4,350,000	)		(340,974,094	)
		(1,000,000	)	$	(82,113,251	)		(3,550,000	)	$	(273,573,823	)
Global Tech
Shares sold		3,100,000		$	188,053,719			3,700,000		$	189,510,660
Shares redeemed		(2,700,000	)		(159,681,348	)		(31,700,000	)		(1,509,808,992	)
		400,000		$	28,372,371			(28,000,000	)	$	(1,320,298,332	)
Global Utilities
Shares sold		250,000		$	14,846,384			500,000		$	32,654,633
Shares redeemed		(150,000	)		(8,900,459	)		(1,000,000	)		(58,079,232	)
		100,000		$	5,945,925			(500,000	)	$	(25,424,599	)

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 each of the iShares Global Consumer Discretionary ETF, iShares Global Healthcare ETF and iShares Global Materials ETF are able to pass through to shareholders as a foreign tax credit in the current year, each of the Funds 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 Funds.

The iShares Global Comm Services ETF, iShares Global Energy ETF, iShares Global Financials ETF, iShares Global Industrials ETF and iShares Global Utilities ETF are seeking 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

Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following item was noted:

Effective October 18, 2023, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 2024 under the same terms.

82 2 0 2 3  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

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”)

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 the approval of 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 2, 2023 and May 15, 2023, 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 7-8, 2023, 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 other fund(s) 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 any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any 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, 2022, 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 ongoing 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, including related programs implemented pursuant to regulatory requirements. 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 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

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.

BOARD  REVIEW  AND  APPROVAL  OF  INVESTMENT  ADVISORY  CONTRACT 83

Board Review and Approval of Investment Advisory Contract  (continued)

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, 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 (as discussed above), 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.

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 withsubstantially 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, as applicable (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 further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. 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

84 2 0 2 3  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract  (continued)

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 Utilities 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 the approval of 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 2, 2023 and May 15, 2023, 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 7-8, 2023, 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 other fund(s) 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 any waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of any 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, 2022, 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 ongoing 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, including related programs implemented pursuant to regulatory requirements. 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 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

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.

BOARD  REVIEW  AND  APPROVAL  OF  INVESTMENT  ADVISORY  CONTRACT 85

Board Review and Approval of Investment Advisory Contract  (continued)

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, 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 (as discussed above), 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.

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 withsubstantially 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, as applicable (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 further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. 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

86 2 0 2 3  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract  (continued)

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.

BOARD  REVIEW  AND  APPROVAL  OF  INVESTMENT  ADVISORY  CONTRACT 87

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, 2023

	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)	$	0.453713	$	—	$	0.003303	$	0.457016		99	%		—	%		1	%		100	%
Global Energy(a)		0.682758		—		0.030120		0.712878		96			—			4			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.

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

88 2 0 2 3  I SHARES   SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

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.

GENERAL  INFORMATION 89

Glossary of Terms Used in this Report

Portfolio Abbreviation
ADR	American Depositary Receipt
NVS	Non-Voting Shares

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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.

©2023 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-300-0923

        

SEPTEMBER 30, 2023

2023 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 Future Metaverse Tech and Communications ETF | IVRS | 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,

The combination of continued economic growth and moderating inflation provided a supportive backdrop for investors during the 12-month reporting period ended September 30, 2023. Significantly tighter monetary policy helped to rein in inflation while the economy proved more resilient than many investors anticipated. A moderating labor market also helped ease inflationary pressure, although wages continued to grow and unemployment rates touched the lowest levels in decades. This robust labor market powered further growth in consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were substantial, as the durability of consumer sentiment and spending mitigated investors’ concerns about the economy’s trajectory. The U.S. economy resumed growth in the third quarter of 2022 and continued to expand thereafter. All major classes of equities rose, although large-capitalization U.S. stocks posted significantly higher returns than small-capitalization U.S. stocks due primarily to the performance of large technology companies. International developed market equities also advanced strongly, and emerging market equities posted solid gains.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates six times during the 12-month period. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. However, the Fed declined to raise interest rates at two of its meetings late in the period.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for two pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt.

While we favor an overweight position in developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on Japanese stocks in the near term as shareholder-friendly policies generate increased investor interest. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, euro area government bonds and gilts, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

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.

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc..

Total Returns as of September 30, 2023
	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)		5.18%		21.62%
U.S. small cap equities (Russell 2000® Index)		(0.19)		8.93
International equities (MSCI Europe, Australasia, Far East Index)		(1.28)		25.65
Emerging market equities (MSCI Emerging Markets Index)		(2.05)		11.70
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.50		4.47
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(6.98)		(2.90)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(4.05)		0.64
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(4.05)		2.66
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		2.22		10.28
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		57
Statements of Operations		60
Statements of Changes in Net Assets		63
Financial Highlights		68
Notes to Financial Statements		78
Board Review and Approval of Investment Advisory Contract		90
Supplemental Information		102
General Information		103
Glossary of Terms Used in this Report		104

Fund Summary as of September 30, 2023 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&PAsia 50TM (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		(9.20	)%		13.63	%		(0.36	)%	3.88%		13.63	%		(1.79	)%	46.26%
Fund Market		(9.62	)		13.88			(0.36	)	3.88		13.88			(1.79	)	46.35
Index		(8.80	)		14.05			0.27		4.48		14.05			1.33		54.98

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	Ending	Expenses		Beginning	Ending	Expenses		Annualized
Account Value	Account Value	Paid During		Account Value	Account Value	Paid During		Expense
(04/01/23)	(09/30/23)	the Period	(a)	(04/01/23)	(09/30/23)	the Period	(a)	Ratio
$       1,000.00	$          908.00	$         2.39		$      1,000.00	$      1,022.50	$        2.53		0.50	%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (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	38.7%
Financials	21.3
Consumer Discretionary	16.3
Communication Services	16.2
Materials	3.1
Industrials	1.8
Health Care	1.4
Real Estate	1.2

^(a)  Excludes money market funds.

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of   Total Investments(a)
China		38.5	%
Taiwan		25.6
South Korea		22.6
Hong Kong		8.4
Singapore		4.9

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Fund Summary  as of September 30, 2023 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

				Average Annual Total Returns				Cumulative Total Returns
	6-Month Total Returns			1 Year			Since Inception	1 Year			Since Inception
Fund NAV		(0.45	)%		12.58	%	(26.72)%		12.58	%	(36.00)%
Fund Market		(0.41	)		12.84		(26.55)		12.84		(35.79)
Index		(0.88	)		10.83		(27.41)		10.83		(36.76)

The inception date of the Fund was April 25, 2022. The first day of secondary market trading was April 27, 2022.

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	Ending	Expenses		Beginning	Ending	Expenses		Annualized
	Account Value	Account Value	Paid During		Account Value	Account Value	Paid During		Expense
	(04/01/23)	(09/30/23)	the Period	(a)	(04/01/23)	(09/30/23)	the Period	(a)	Ratio
	$      1,000.00	$           995.50	$          2.34		$       1,000.00	$       1,022.70	$          2.38		0.47	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (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	73.5%
Financials	24.7
Other (each representing less than 1%)	1.8

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of   Total Investments(a)
Coinbase Global Inc., Class A		13.3	%
Riot Blockchain Inc.		11.7
Marathon Digital Holdings Inc.		9.8
Cleanspark Inc.		7.4
Applied Blockchain Inc.		5.6
International Business Machines Corp.		4.4
Advanced Micro Devices Inc.		4.3
Hut 8 Mining Corp.		4.3
PayPal Holdings Inc.		4.2
Nvidia Corp.		4.1

F U N D  S U M M A R Y 5

Fund Summary as of September 30, 2023 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			1Year			5 Years			10 Years	1 Year			5 Years			10 Years
Fund NAV		(2.89	)%		12.37	%		(3.57	)%	(1.96)%		12.37	%		(16.62	)%	(17.97)%
Fund Market		(2.41	)		11.60			(3.56	)	(2.04)		11.60			(16.56	)	(18.60)
Index		(2.57	)		12.71			(2.95	)	(1.49)		12.71			(13.91	)	(13.93)

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	Ending	Expenses		Beginning	Ending	Expenses		Annualized
Account Value	Account Value	Paid During		Account Value	Account Value	Paid During		Expense
(04/01/23)	(09/30/23)	the Period	(a)	(04/01/23)	(09/30/23)	the Period	(a)	Ratio
$        1,000.00	$          971.10	$        2.96		$        1,000.00	$        1,022.00	$        3.03		0.60	%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (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)
Utilities	40.3	%
Industrials	39.3
Energy	20.4

^(a) Excludes money market funds.

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
China	35.1	%
Brazil	25.7
Mexico	17.6
Thailand	10.1
Qatar	4.9
United Arab Emirates	3.4
South Korea	3.2
Russia	0.0

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Fund Summary  as of September 30, 2023 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 350TM (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		(2.56	)%		29.81	%		3.96	%	3.70%		29.81	%		21.43	%	43.84%
Fund Market		(2.43	)		29.80			4.02		3.67		29.80			21.76		43.43
Index		(2.09	)		29.26			4.22		4.00		29.26			22.93		47.99

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	Ending	Expenses		Beginning	Ending	Expenses		Annualized
Account Value	Account Value	Paid During		Account Value	Account Value	Paid During		Expense
(04/01/23)	(09/30/23)	the Period	(a)	(04/01/23)	(09/30/23)	the Period	(a)	Ratio
$        1,000.00	$          974.40	$        2.96		$        1,000.00	$        1,022.00	$        3.03		0.60	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (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)
Financials	18.2	%
Health Care	16.1
Industrials	14.8
Consumer Staples	12.2
Consumer Discretionary	10.6
Materials	7.0
Energy	6.6
Information Technology	6.6
Utilities	4.0
Communication Services	3.2
Real Estate	0.7

^(a) Excludes money market funds.

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United Kingdom	24.1	%
France	18.0
Switzerland	15.6
Germany	12.4
Netherlands	6.5
Denmark	5.0
Sweden	4.6
Spain	3.9
Italy	3.8
Belgium	1.5
Finland	1.4
Ireland	1.3
Norway	1.0
Other (each representing less than 1%)	0.9

F U N D  S U M M A R Y 7

Fund Summary  as of September 30, 2023 iShares^® Future Metaverse Tech and Communications ETF

Investment Objective

The iShares Future MetaverseTech andCommunications ETF(the “Fund”) seeks to track the investment results of an index composed of U.S. and non-U.S. companies that provide products and services that are expected to contribute to the metaverse in areas including virtual platforms, social media, gaming, 3D software, digital assets, and virtual and augmented reality, as represented by the Morningstar Global Metaverse & Virtual Interaction Select 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
	6-Month Total Returns			Since    Inception
Fund NAV		4.38	%	9.41%
Fund Market		4.56		9.39
Index		4.88		9.89

The inception date of the Fund was February 14, 2023. The first day of secondary market trading was February 16, 2023.

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	Ending	Expenses		Beginning	Ending	Expenses		Annualized
Account Value	Account Value	Paid During		Account Value	Account Value	Paid During		Expense
(04/01/23)	(09/30/23)	the Period	(a)	(04/01/23)	(09/30/23)	the Period	(a)	Ratio
$        1,000.00	$          1,043.80	$        2.40		$        1,000.00	$        1,022.70	$        2.38		0.47	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (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

Industry	Percent of Total Investments	(a)
Entertainment	30.1	%
Software	29.9
Semiconductors & Semiconductor Equipment	14.5
Interactive Media & Services	12.8
Technology Hardware, Storage & Peripherals	6.9
Household Durables	5.4
Other (each representing less than 1%)	0.4

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Apple Inc.	5.9	%
Meta Platforms Inc., Class A	5.0
Nvidia Corp	4.8
Activision Blizzard Inc.	4.7
NetEase Inc.	4.6
Electronic Arts Inc.	4.6
Take-Two Interactive Software Inc.	4.6
ROBLOX Corp., Class A	4.6
Nintendo Co.. Ltd.	4.5
PTC Inc.	4.4

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Fund Summary  as of September 30, 2023 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”) and determined by the Index provider, NSE Indices Ltd.. 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		9.65	%(a)		10.86	%		8.27	%	9.50%		10.86	%		48.76	%	147.93%
Fund Market		10.11			11.13			8.26		9.50		11.13			48.70		147.90
Index		12.84			13.70			10.72		11.32		13.70			66.38		192.13

^(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.

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	Ending	Expenses		Beginning	Ending	Expenses		Annualized
Account Value	Account Value	Paid During		Account Value	Account Value	Paid During		Expense
(04/01/23)	(09/30/23)	the Period	(a)	(04/01/23)	(09/30/23)	the Period	(a)	Ratio
$        1,000.00	$          1,096.50	$        4.66		$        1,000.00	$        1,020.60	$        4.50		0.89	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (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)
Financials	36.0	%
Information Technology	13.8
Energy	11.2
Consumer Staples	9.3
Consumer Discretionary	7.8
Materials	6.8
Industrials	5.9
Health Care	4.1
Communication Services	2.7
Utilities	2.4

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
HDFC Bank Ltd.	13.3	%
Reliance Industries Ltd.	9.2
ICICI Bank Ltd.	7.7
Infosys Ltd.	5.9
ITC Ltd.	4.6
Larsen & Toubro Ltd.	4.2
Tata Consultancy Services Ltd.	4.2
Axis Bank Ltd.	3.3
Kotak Mahindra Bank Ltd.	3.0
Bharti Airtel Ltd.	2.7

F U N D  S U M M A R Y 9

Fund Summary  as of September 30, 2023 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 notholdall 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		(4.98	)%		2.78	%		(3.71	)%	0.05%		2.78	%		(17.24	)%	0.53%
Fund Market		(5.08	)		2.83			(3.71	)	0.00		2.83			(17.24	)	0.03
Index		(4.38	)		2.90			(3.59	)	0.14		2.90			(16.69	)	1.36

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	Ending	Expenses		Beginning	Ending	Expenses		Annualized
Account Value	Account Value	Paid During		Account Value	Account Value	Paid During		Expense
(04/01/23)	(09/30/23)	the Period	(a)	(04/01/23)	(09/30/23)	the Period	(a)	Ratio
$        1,000.00	$        950.20	$        2.34		$        1,000.00	$        1,022.60	$        2.43		0.48	%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (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

INDUSTRY ALLOCATION

Industry	Percent of Total Investments	(a)
Real Estate Operating Companies	20.2	%
Diversified Real Estate Activities	19.5
Industrial REITs	14.3
Retail REITs	13.4
Diversified REITs	11.6
Office REITs	8.4
Multi-Family Residential REITs	4.0
Real Estate Development	3.5
Health Care REITs	1.8
Hotel & Resort REITs	1.5
Self Storage REITs	1.0
Other (each representing less than 1%)	0.8

^(a)  Excludes money market funds.

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Japan	31.6	%
Australia	12.9
Hong Kong	10.8
United Kingdom	9.3
Singapore	8.5
Germany	5.0
Sweden	3.9
Canada	3.5
France	3.3
Switzerland	2.8
Belgium	2.4
Israel	2.3
Other (each representing less than 1%)	3.7

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Fund Summary  as of September 30, 2023 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 Developedex USex Korea SmallCap 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		(1.06	)%		23.01	%		(1.48	)%		23.01	%	(3.70)%
Fund Market		(1.18	)		23.17			(1.35	)		23.17		(3.37)
Index		(0.43	)		23.23			(1.15	)		23.23		(2.88)

The inception date of the Fund was March 23, 2021. The first day of secondary market trading was March 25, 2021.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would payon 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	Ending	Expenses		Beginning	Ending	Expenses		Annualized
Account Value	Account Value	Paid During		Account Value	Account Value	Paid During		Expense
(04/01/23)	(09/30/23)	the Period	(a)	(04/01/23)	(09/30/23)	the Period	(a)	Ratio
$        1,000.00	$        989.40	$        1.54		$        1,000.00	$        1,023.50	$        1.57		0.31	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (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)
Industrials	23.9%
Financials	15.6
Materials	13.4
Real Estate	11.6
Consumer Discretionary	9.9
Consumer Staples	6.4
Energy	4.9
Information Technology	4.6
Utilities	3.6
Health Care	3.5
Communication Services	2.6

^(a) Excludes money market funds.

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of   Total Investments(a)
Japan	25.2%
Canada	16.1
United Kingdom	14.6
Switzerland	7.7
Australia	6.4
Sweden	4.3
Denmark	3.4
Spain	3.2
Germany	2.9
France	2.7
Austria	2.2
Belgium	2.0
Finland	2.0
Italy	2.0
Netherlands	1.3
Singapore	1.0
Other (each representing less than 1%)	3.0

F U N D  S U M M A R Y 11

Fund Summary  as of September 30, 2023 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 are presentative 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		0.06	%		20.78	%		3.94	%	5.60%		20.78	%		21.33	%	49.44%
Fund Market		(0.37	)		20.33			3.87		5.56		20.33			20.93		49.08
Index		0.49			20.51			3.98		5.61		20.51			21.54		49.50

The inception date of the Fund was May 17, 2016. The first day of secondary market trading was May 19, 2016.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would payon 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	Ending	Expenses		Beginning	Ending	Expenses		Annualized
Account Value	Account Value	Paid During		Account Value	Account Value	Paid During		Expense
(04/01/23)	(09/30/23)	the Period	(a)	(04/01/23)	(09/30/23)	the Period	(a)	Ratio
$        1,000.00	$        1,000.60	$        0.75		$        1,000.00	$        1,024.30	$        0.76		0.15	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (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)
Financials	27.7	%
Health Care	16.1
Consumer Staples	12.7
Industrials	12.5
Utilities	8.9
Information Technology	6.7
Materials	5.5
Energy	3.1
Consumer Discretionary	2.6
Communication Services	2.6
Real Estate	1.6

^(a) Excludes money market funds.

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Canada	20.2	%
Japan	18.9
Switzerland	12.3
United Kingdom	11.7
China	6.2
Germany	5.4
France	4.6
Denmark	3.8
Spain	2.7
Hong Kong	2.5
India	2.4
Australia	2.1
Netherlands	1.2
Other (each representing less than 1%)	6.0

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Fund Summary  as of September 30, 2023 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		8.94	%		18.55	%		1.57	%	0.02%		18.55	%		8.11	%	0.16%
Fund Market		9.03			18.63			1.60		0.01		18.63			8.26		0.08
Index		9.33			19.27			1.92		0.42		19.27			9.96		4.27

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would payon 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	Ending	Expenses		Beginning	Ending	Expenses		Annualized
	Account Value	Account Value	Paid During		Account Value	Account Value	Paid During		Expense
	(04/01/23)	(09/30/23)	the Period	(a)	(04/01/23)	(09/30/23)	the Period	(a)	Ratio
	$        1,000.00	$          1,089.40	$          2.51		$         1,000.00	$        1,022.60	$          2.43		0.48	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (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)
Financials	31.6	%
Materials	20.3
Energy	15.1
Consumer Staples	14.4
Industrials	7.4
Communication Services	4.9
Utilities	2.7
Consumer Discretionary	1.3
Health Care	1.2
Real Estate	1.1

^(a)  Excludes money market funds.

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Brazil	61.9	%
Mexico	26.6
Chile	6.2
Peru	3.5
Colombia	1.8

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.

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.

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.

14 2 0 2 3  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, 2023 iShares^® Asia 50 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
China — 38.4%
Alibaba Group Holding Ltd.(a)		10,050,000	$	108,963,929
ANTA Sports Products Ltd.		773,800		8,658,308
Baidu Inc.(a)		1,472,200		24,778,112
Bank of China Ltd., Class H		54,392,000		18,948,971
BYD Co. Ltd., Class H		607,000		18,701,802
China Construction Bank Corp., Class H		64,003,960		35,979,936
China Merchants Bank Co. Ltd., Class H		2,150,000		8,925,946
Industrial & Commercial Bank of China Ltd., Class H		46,163,115		22,141,713
JD.com Inc., Class A		1,598,900		23,262,124
Kuaishou Technology(a)(b)		1,625,000		12,928,026
Li Auto Inc.(a)		739,100		13,189,709
Li Ning Co. Ltd.		1,526,000		6,372,089
Meituan, Class B(a)(b)		2,823,680		40,876,128
NetEase Inc.		1,213,600		24,334,184
Ping An Insurance Group Co. of China Ltd., Class H		4,058,500		23,018,372
Tencent Holdings Ltd.(c)		4,036,600		156,474,487
Wuxi Biologics Cayman Inc.(a)(b)		2,322,000		13,495,133
Xiaomi Corp., Class B(a)(b)		9,981,400		15,636,930
				576,685,899
Hong Kong — 8.4%
AIA Group Ltd.		7,490,400		60,575,929
CK Hutchison Holdings Ltd.		1,743,648		9,257,178
Hong Kong Exchanges & Clearing Ltd.		773,500		28,706,720
Link REIT		1,666,460		8,148,208
Sun Hung Kai Properties Ltd.(c)		980,000		10,456,557
Techtronic Industries Co. Ltd.		859,500		8,297,257
				125,441,849
Singapore — 4.9%
DBS Group Holdings Ltd.		1,195,100		29,351,221
Oversea-Chinese Banking Corp. Ltd.		2,525,674		23,620,227
United Overseas Bank Ltd.		998,000		20,786,444
				73,757,892
South Korea — 20.9%
Celltrion Inc.(c)		75,230		7,762,756
Hyundai Motor Co.		89,435		12,646,462
KB Financial Group Inc.		242,612		9,895,388
Kia Corp.		164,752		9,916,468
LG Chem Ltd.		30,764		11,263,814
LG Energy Solution(a)(c)		25,875		9,125,036
NAVER Corp.		97,801		14,622,684
POSCO Holdings Inc.		48,408		19,071,241
Samsung Electronics Co. Ltd.		3,336,319		168,664,633
Samsung SDI Co. Ltd.		33,994		12,846,756
Shinhan Financial Group Co. Ltd.		320,302		8,429,763
SK Hynix Inc.		349,733		29,610,021
				313,855,022
Taiwan — 25.5%
Cathay Financial Holding Co. Ltd.		6,297,235		8,695,141
Chunghwa Telecom Co. Ltd.		2,454,551		8,822,574
CTBC Financial Holding Co. Ltd.		12,738,359		9,678,278

Security	Shares		Value
Taiwan (continued)
Delta Electronics Inc.		1,250,000	$	12,589,900
Formosa Plastics Corp.		3,105,071		7,675,955
Fubon Financial Holding Co. Ltd.		5,502,780		10,360,236
Hon Hai Precision Industry Co. Ltd.		7,826,052		25,225,203
MediaTek Inc.		1,040,112		23,779,934
Nan Ya Plastics Corp.		3,662,510		7,555,849
Taiwan Semiconductor Manufacturing Co. Ltd.		15,840,343		258,296,322
United Microelectronics Corp.		7,563,000		10,619,710
				383,299,102
Total Common Stocks — 98.1% (Cost: $1,631,093,772)				1,473,039,764
Preferred Stocks
South Korea — 1.6%
Hyundai Motor Co., Series 2, Preference Shares, NVS		23,473		1,840,038
LG Chem Ltd., Preference Shares, NVS		5,001		1,150,587
Samsung Electronics Co. Ltd., Preference Shares, NVS		535,249		21,563,288
				24,553,913
Total Preferred Stocks — 1.6% (Cost: $23,671,006)				24,553,913
Total Long-Term Investments — 99.7% (Cost: $1,654,764,778)				1,497,593,677
Short-Term Securities
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(d)(e)(f)		5,373,301		5,374,913
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(d)(e)		1,310,000		1,310,000
Total Short-Term Securities — 0.4% (Cost: $6,684,376)				6,684,913
Total Investments — 100.1% (Cost: $1,661,449,154)				1,504,278,590
Liabilities in Excess of Other Assets — (0.1)%				(1,797,775	)
Net Assets — 100.0%			$	1,502,480,815

^(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 15

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® Asia 50 ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	5,372,175	(a)	$	—	$	2,201	$	537	$	5,374,913		5,373,301	$	16,549	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		700,000		610,000	(a)		—		—		—		1,310,000		1,310,000		30,705			—
								$	2,201	$	537	$	6,684,913			$	47,254		$	—

^(a)  Represents net amount purchased (sold).

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

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		27		10/30/23	$	1,543	$	24,304
MSCI China Index		85		12/15/23		1,885		(46,442	)
MSCI Emerging Markets Index		23		12/15/23		1,099		(31,595	)
							$	(53,733	)

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
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	24,304	$	—	$	—	$	—	$	24,304
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	78,037	$	—	$	—	$	—	$	78,037

^(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, 2023, 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	$	—	$	—	$	35,085		$	—	$	—	$	—	$	35,085
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(230,299	)	$	—	$	—	$	—	$	(230,299	)

16 2 0 2 3  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, 2023 iShares^® Asia 50 ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	6,930,169

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
Assets
Investments
Long-Term Investments
Common Stocks	$	—		$	1,473,039,764		$	—	$	1,473,039,764
Preferred Stocks		—			24,553,913			—		24,553,913
Short-Term Securities
Money Market Funds		6,684,913			—			—		6,684,913
	$	6,684,913		$	1,497,593,677		$	—	$	1,504,278,590
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—		$	24,304		$	—	$	24,304
Liabilities
Equity Contracts		(31,595	)		(46,442	)		—		(78,037	)
	$	(31,595	)	$	(22,138	)	$	—		(53,733	)

^(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, 2023 iShares^® Blockchain and Tech ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Broadline Retail — 0.6%
GoTo Gojek Tokopedia Tbk PT(a)		7,343,200	$	40,176
Capital Markets — 17.3%
Allfunds Group PLC		3,848		21,192
Bakkt Holdings Inc.(a)(b)		71,846		84,060
Coinbase Global Inc., Class A(a)(b)		12,777		959,297
Galaxy Digital Holdings Ltd.(a)		25,820		94,859
Robinhood Markets Inc., Class A(a)		4,400		43,164
SBI Holdings Inc.		2,200		46,301
Voyager Digital Ltd.(a)(c)		57,043		—
				1,248,873
Financial Services — 7.3%
Block Inc.(a)		5,034		222,805
PayPal Holdings Inc.(a)		5,225		305,453
				528,258
Hotels, Restaurants & Leisure — 0.1%
Everi Holdings Inc.(a)		795		10,510
Interactive Media & Services — 1.0%
Z Holdings Corp.		25,000		69,353
IT Services — 5.9%
DXC Technology Co.(a)(b)		1,888		39,327
International Business Machines Corp.		2,245		314,974
NTT Data Corp.		5,400		72,259
				426,560
Professional Services — 0.2%
SOS Ltd., ADR, ADR(a)		2,783		12,190
Semiconductors & Semiconductor Equipment — 9.1%
Advanced Micro Devices Inc.(a)		3,035		312,059
Ambarella Inc.(a)		346		18,348
Amlogic Shanghai Co. Ltd.(a)		2,356		20,380
Goke Microelectronics Co. Ltd.		1,200		11,963
Nvidia Corp.		686		298,403
				661,153
Software — 54.4%
Applied Blockchain Inc., NVS(a)		64,651		403,422
Bit Digital Inc.(a)(b)		83,344		178,356
Bitdeer Technologies Group, NVS		3,450		33,258
Bitfarms Ltd./Canada(a)(b)		224,076		239,761

Security	Shares		Value
Software (continued)
Cipher Mining Inc.(a)(b)		40,900	$	95,297
Cleanspark Inc.(a)(b)		140,441		535,080
Hive Digital Technologies Ltd., NVS(b)		77,926		240,012
Hut 8 Mining Corp.(a)(b)		157,187		306,515
Iris Energy Ltd.(a)(b)		39,015		144,746
Marathon Digital Holdings Inc.(a)(b)		83,042		705,857
Northern Data AG(a)		2,700		65,811
Riot Blockchain Inc.(a)		90,263		842,154
Terawulf Inc.(a)		114,429		144,181
				3,934,450
Technology Hardware, Storage & Peripherals — 3.8%
Canaan Inc., ADR(a)(b)		140,623		255,934
GRG Banking Equipment Co. Ltd., Class A		9,700		16,147
				272,081
Total Long-Term Investments — 99.7% (Cost: $6,873,114)				7,203,604
Short-Term Securities
Money Market Funds — 32.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(d)(e)(f)		2,328,565		2,329,263
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(d)(e)		10,000		10,000
Total Short-Term Securities — 32.4% (Cost: $2,338,939)				2,339,263
Total Investments — 132.1% (Cost: $9,212,053)				9,542,867
Liabilities in Excess of Other Assets — (32.1)%				(2,316,401	)
Net Assets — 100.0%			$	7,226,466

^(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.

18 2 0 2 3  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, 2023 iShares^® Blockchain and Tech ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,274,838		$ 54,437	(a)	$	—	$	(205	)	$	193	$	2,329,263		2,328,565	$	51,058	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		10,000	(a)		—		—			—		10,000		10,000		150			—
								$	(205	)	$	193	$	2,339,263			$	51,208		$	—

^(a)  Represents net amount purchased (sold).

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

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
Micro E-Mini Russell 2000 Index		1		12/15/23	$	9	$	(393	)

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)	$	—	$	—	$	393	$	—	$	—	$	—	$	393

^(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, 2023, 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	$	—	$	—	$	1,134		$	—	$	—	$	—	$	1,134
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(1,143	)	$	—	$	—	$	—	$	(1,143	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	4,497

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the 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 19

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® Blockchain and Tech ETF

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
Assets
Investments
Long-Term Investments
Common Stocks	$	6,840,022		$	363,582	$	—	$	7,203,604
Short-Term Securities
Money Market Funds		2,339,263			—		—		2,339,263
	$	9,179,285		$	363,582	$	—	$	9,542,867
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(393	)	$	—	$	—	$	(393	)

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

See notes to financial statements.

20 2 0 2 3  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, 2023 iShares^® Emerging Markets Infrastructure ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 22.1%
CCR SA		256,200	$	656,995
Centrais Eletricas Brasileiras SA, ADR		204,277		1,493,265
Cia. de Saneamento Basico do Estado de Sao Paulo, ADR		67,440		817,373
Cia. Paranaense de Energia, ADR		73,040		640,561
Ultrapar Participacoes SA, ADR		262,100		961,907
				4,570,101
China — 34.8%
Beijing Capital International Airport Co. Ltd., Class H(a)		440,000		203,486
CGN Power Co. Ltd., Class H(b)		2,100,000		543,649
China Gas Holdings Ltd.		580,000		546,717
China Longyuan Power Group Corp. Ltd., Class H		660,000		572,401
China Merchants Port Holdings Co. Ltd.		332,000		412,688
China Oilfield Services Ltd., Class H		656,000		785,066
China Resources Gas Group Ltd.		178,000		520,483
China Resources Power Holdings Co. Ltd.		352,000		669,738
China Suntien Green Energy Corp. Ltd., Class H(c)		660,000		227,902
COSCO SHIPPING Energy Transportation Co. Ltd., Class H		470,000		511,621
COSCO SHIPPING Ports Ltd.(c)		382,000		248,855
Guangdong Investment Ltd.		556,000		423,777
Jiangsu Expressway Co. Ltd., Class H		318,000		286,831
Kunlun Energy Co. Ltd.		788,000		678,117
Shenzhen Expressway Co. Ltd., Class H		160,000		130,518
Shenzhen International Holdings Ltd.		347,499		213,844
Zhejiang Expressway Co. Ltd., Class H		304,000		226,205
				7,201,898
Mexico — 17.4%
Grupo Aeroportuario del Centro Norte SAB de CV, ADR		8,920		775,237
Grupo Aeroportuario del Pacifico SAB de CV, ADR		10,140		1,666,712
Grupo Aeroportuario del Sureste SAB de CV, ADR		4,740		1,164,665
				3,606,614
Qatar — 4.8%
Qatar Gas Transport Co. Ltd.		981,600		1,001,909
South Korea — 3.1%
Korea Electric Power Corp., ADR(a)(c)		101,360		652,758
Thailand — 10.1%
Airports of Thailand PCL, NVDR(a)		1,090,000		2,085,403
United Arab Emirates — 3.4%
ADNOC Drilling Co. PJSC		636,380		696,491
Total Common Stocks — 95.7% (Cost: $18,472,052)				19,815,174

Security	Shares		Value
Preferred Stocks
Brazil — 3.4%
Cia. Energetica de Minas Gerais, Preference Shares, ADR		289,220	$	699,913
Russia — 0.0%
Transneft PJSC, Preference Shares, NVS(a)(d)		640		—
Total Preferred Stocks — 3.4% (Cost: $1,989,239)				699,913
Total Long-Term Investments — 99.1% (Cost: $20,461,291)				20,515,087
Short-Term Securities
Money Market Funds — 3.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(e)(f)(g)		695,875		696,084
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(e)(f)		10,000		10,000
Total Short-Term Securities — 3.4% (Cost: $705,878)				706,084
Total Investments — 102.5% (Cost: $21,167,169)				21,221,171
Liabilities in Excess of Other Assets — (2.5)%				(521,495	)
Net Assets — 100.0%			$	20,699,676

^(a)  Non-income producing security.

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

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

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

^(e)  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 21

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® Emerging Markets Infrastructure ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	951,005	$	—	$	(254,800	)(a)	$	(298	)	$	177	$	696,084		695,875	$	2,241	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		40,000		—		(30,000	)(a)		—			—		10,000		10,000		3,824			—
								$	(298	)	$	177	$	706,084			$	6,065		$	—

^(a)  Represents net amount purchased (sold).

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

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		3		12/15/23	$	143	$	(1	)

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	$	—	$	—	$	—	$	1

^(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, 2023, 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	$	—	$	—	$	13,238		$	—	$	—	$	—	$	3,238
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(1,986	)	$	—	$	—	$	—	$	(1,986	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments    

Futures contracts:
Average notional value of contracts — long	$	246,295

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

22 2 0 2 3  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, 2023 iShares^® Emerging Markets Infrastructure ETF

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the inputl evels 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
Assets
Investments
Long-Term Investments
Common Stocks	$	9,525,964		$	10,289,210	$	—	$	19,815,174
Preferred Stocks		699,913			—		—		699,913
Short-Term Securities
Money Market Funds		706,084			—		—		706,084
	$	10,931,961		$	10,289,210	$	—	$	21,221,171
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(1	)	$	—	$	—	$	(1	)

^(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 23

Schedule of Investments (unaudited) September 30, 2023 iShares^® Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Austria — 0.3%
Erste Group Bank AG		61,110	$	2,110,548
OMV AG		24,792		1,184,179
Verbund AG		14,289		1,162,433
				4,457,160
Belgium — 1.5%
Ageas SA/NV		29,227		1,203,755
Anheuser-Busch InBev SA/NV		178,553		9,898,290
Argenx SE(a)		10,028		4,901,959
Groupe Bruxelles Lambert NV		17,184		1,278,665
KBC Group NV		56,901		3,542,463
Solvay SA		12,415		1,371,972
UCB SA		21,288		1,743,684
Umicore SA		34,159		808,768
				24,749,556
Denmark — 5.0%
AP Moller - Maersk A/S, Class A		450		796,364
AP Moller - Maersk A/S, Class B, NVS		805		1,448,110
Carlsberg A/S, Class B		16,512		2,081,915
Chr Hansen Holding A/S		17,083		1,045,018
Coloplast A/S, Class B		19,587		2,072,638
Danske Bank A/S		115,039		2,669,593
DSV A/S		30,683		5,717,492
Genmab A/S(a)		11,286		3,995,815
GN Store Nord A/S(a)		25,785		463,593
Novo Nordisk A/S		553,859		50,429,516
Novozymes A/S, Class B		36,059		1,450,829
Orsted A/S(b)		32,575		1,772,183
Pandora A/S		14,332		1,478,937
Tryg A/S		59,555		1,089,820
Vestas Wind Systems A/S(a)		172,543		3,691,365
				80,203,188
Finland — 1.4%
Elisa OYJ		24,826		1,151,260
Fortum OYJ		76,627		888,648
Kesko OYJ, Class B		47,048		842,923
Kone OYJ, Class B		69,094		2,911,624
Metso OYJ		121,724		1,276,503
Neste OYJ		73,791		2,499,200
Nokia OYJ		904,583		3,401,297
Sampo OYJ, Class A		79,849		3,451,991
Stora Enso OYJ, Class R		102,387		1,283,254
UPM-Kymmene OYJ		91,432		3,130,710
Wartsila OYJ Abp		84,723		960,244
				21,797,654
France — 18.0%
Accor SA		29,171		981,149
Air Liquide SA		89,722		15,112,011
Airbus SE		105,611		14,135,872
Alstom SA		53,230		1,265,128
ArcelorMittal SA		78,889		1,975,069
Arkema SA		10,958		1,078,712
AXA SA		297,408		8,823,757
BNP Paribas SA		186,074		11,831,752
Bouygues SA		32,594		1,139,636
Bureau Veritas SA		48,458		1,201,569
Capgemini SE		26,692		4,657,588
Carrefour SA		98,053		1,684,070

Security	Shares		Value
France (continued)
Cie. de Saint-Gobain		87,813	$	5,255,641
Cie. Generale des Etablissements Michelin SCA		122,012		3,734,416
Credit Agricole SA		191,790		2,358,020
Danone SA		107,697		5,940,323
Dassault Systemes SE		115,767		4,299,867
Edenred		41,158		2,574,681
Eiffage SA		13,043		1,238,010
Engie SA		309,625		4,748,458
EssilorLuxottica SA		48,953		8,515,159
Eurofins Scientific SE		21,902		1,234,335
Euronext NV(b)		16,994		1,182,088
Gecina SA		9,223		940,359
Getlink SE		55,589		886,194
Hermes International		5,787		10,548,701
Kering SA		12,073		5,485,522
Legrand SA		44,757		4,112,554
L’Oreal SA		39,480		16,360,988
LVMH Moet Hennessy Louis Vuitton SE		44,722		33,757,526
Orange SA		311,341		3,571,164
Pernod Ricard SA		34,148		5,685,297
Publicis Groupe SA		39,486		2,988,799
Renault SA		34,337		1,404,949
Safran SA		59,131		9,266,370
Sanofi		191,659		20,579,433
Sartorius Stedim Biotech		4,047		962,795
Schneider Electric SE		92,242		15,200,750
Societe Generale SA		125,291		3,031,742
Sodexo SA		14,213		1,463,194
Teleperformance		9,871		1,239,367
Thales SA		16,205		2,277,501
TotalEnergies SE		398,008		26,168,755
Unibail-Rodamco-Westfield, New(a)		18,483		908,910
Valeo		39,913		684,905
Veolia Environnement SA		104,170		3,011,153
Vinci SA		86,997		9,624,567
Vivendi SE		105,858		927,116
Worldline SA/France(a)(b)		42,287		1,187,050
				287,242,972
Germany — 11.8%
adidas AG		28,369		4,976,166
Allianz SE, Registered		69,090		16,441,770
BASF SE		152,787		6,915,895
Bayer AG, Registered		168,294		8,082,216
Bayerische Motoren Werke AG		49,661		5,043,924
Beiersdorf AG		16,907		2,180,818
Brenntag SE		26,467		2,047,929
Commerzbank AG		180,400		2,047,421
Continental AG		18,467		1,297,530
Covestro AG(a)(b)		32,837		1,765,807
Daimler Truck Holding AG		88,815		3,075,152
Delivery Hero SE(a)(b)		34,612		988,293
Deutsche Bank AG, Registered		350,979		3,857,354
Deutsche Boerse AG		32,548		5,620,935
Deutsche Post AG, Registered		161,321		6,545,683
Deutsche Telekom AG, Registered		600,913		12,605,228
E.ON SE		383,596		4,536,410
Fresenius Medical Care AG & Co. KGaA		34,187		1,469,766
Fresenius SE & Co. KGaA		69,570		2,160,859
GEA Group AG		27,215		1,002,991
Hannover Rueck SE		10,423		2,287,002

24 2 0 2 3  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, 2023 iShares^® Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
HeidelbergCement AG		23,888	$	1,850,134
HelloFresh SE(a)		28,190		837,652
Henkel AG & Co. KGaA		16,759		1,056,683
Infineon Technologies AG		223,711		7,409,473
LEG Immobilien SE(a)		13,093		900,369
Mercedes-Benz Group AG		137,451		9,566,140
Merck KGaA		22,094		3,683,232
MTU Aero Engines AG		9,337		1,691,019
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		23,378		9,104,621
Puma SE		16,750		1,035,692
Rheinmetall AG		7,462		1,919,610
RWE AG		115,956		4,304,262
SAP SE		174,673		22,610,028
Siemens AG, Registered		128,821		18,409,633
Siemens Healthineers AG(b)		48,308		2,443,508
Symrise AG, Class A		22,860		2,176,245
Volkswagen AG		4,817		632,605
Vonovia SE		139,553		3,343,453
Zalando SE(a)(b)		37,670		836,965
				188,760,473
Ireland — 1.3%
Bank of Ireland Group PLC		164,150		1,604,666
CRH PLC		125,434		6,915,696
Flutter Entertainment PLC, Class DI(a)		30,253		4,935,182
Kerry Group PLC, Class A		26,039		2,175,674
Kingspan Group PLC		25,796		1,926,528
Ryanair Holdings PLC, ADR(a)(c)		17,385		1,689,996
Smurfit Kappa Group PLC		43,979		1,460,972
				20,708,714
Italy — 3.8%
Assicurazioni Generali SpA		189,656		3,871,332
Banco BPM SpA		259,558		1,236,146
Enel SpA		1,323,620		8,117,420
Eni SpA		417,768		6,710,945
Ferrari NV		21,616		6,372,083
FinecoBank Banca Fineco SpA		101,274		1,222,911
Intesa Sanpaolo SpA		2,770,297		7,095,331
Mediobanca Banca di Credito Finanziario SpA		107,878		1,422,274
Moncler SpA		35,501		2,057,460
Nexi SpA(a)(b)		146,733		894,055
Prysmian SpA		47,231		1,895,771
Snam SpA		343,843		1,613,404
Stellantis NV		378,997		7,257,196
Telecom Italia SpA/Milano(a)		1,964,435		612,640
Tenaris SA		75,091		1,186,134
Terna - Rete Elettrica Nazionale		235,132		1,768,530
UniCredit SpA		309,203		7,367,188
				60,700,820
Netherlands — 6.4%
ABN AMRO Bank NV, CVA(b)		72,553		1,025,359
Adyen NV(a)(b)		5,298		3,928,116
Aegon NV		241,930		1,166,033
Akzo Nobel NV		29,094		2,097,632
ASM International NV		7,767		3,243,441
ASML Holding NV		69,171		40,724,426
BE Semiconductor Industries NV		13,901		1,359,607
EXOR NV, NVS		17,753		1,570,229
Ferrovial SE		85,327		2,607,336

Security	Shares		Value
Netherlands (continued)
Heineken Holding NV		18,000	$	1,356,502
Heineken NV		43,416		3,827,620
IMCD NV		9,614		1,215,543
ING Groep NV		620,041		8,172,182
Koninklijke Ahold Delhaize NV		166,703		5,024,376
Koninklijke KPN NV		574,039		1,891,266
Koninklijke Philips NV(a)(c)		159,083		3,174,063
NN Group NV		49,202		1,577,326
Prosus NV(a)		259,689		7,652,003
QIAGEN NV(a)		40,058		1,616,323
Randstad NV		20,773		1,147,627
Universal Music Group NV		131,137		3,422,173
Wolters Kluwer NV		44,114		5,341,121
				103,140,304
Norway — 1.0%
Aker BP ASA		53,115		1,466,614
DNB Bank ASA		153,269		3,079,445
Equinor ASA		169,773		5,563,806
Mowi ASA		75,444		1,333,494
Norsk Hydro ASA		226,461		1,417,157
Orkla ASA		128,008		956,083
Telenor ASA		110,092		1,248,513
Yara International ASA		27,474		1,037,409
				16,102,521
Portugal — 0.3%
EDP - Energias de Portugal SA		516,659		2,148,240
Galp Energia SGPS SA		74,496		1,103,443
Jeronimo Martins SGPS SA		47,432		1,065,238
				4,316,921
Singapore — 0.3%
STMicroelectronics NV, New		112,103		4,832,053
Spain — 3.9%
ACS Actividades de Construccion y Servicios SA		34,310		1,233,434
Aena SME SA(b)		12,717		1,913,623
Amadeus IT Group SA		77,173		4,661,456
Banco Bilbao Vizcaya Argentaria SA		1,019,248		8,248,701
Banco Santander SA		2,799,493		10,660,662
CaixaBank SA		693,983		2,764,822
Cellnex Telecom SA(b)		99,749		3,469,470
Enagas SA		40,348		668,143
Endesa SA		52,455		1,067,534
Grifols SA(a)		49,056		635,368
Iberdrola SA		989,930		11,071,820
Industria de Diseno Textil SA		191,701		7,133,586
Naturgy Energy Group SA		30,808		838,136
Redeia Corp. SA		72,128		1,134,669
Repsol SA		221,527		3,643,899
Telefonica SA		982,511		4,013,893
				63,159,216
Sweden — 4.6%
Alfa Laval AB		49,604		1,699,328
Assa Abloy AB, Class B		170,071		3,695,399
Atlas Copco AB, Class A		442,881		5,948,187
Atlas Copco AB, Class B		269,696		3,154,106
Boliden AB		45,646		1,309,894
Electrolux AB, Class B(a)		39,792		410,058
Embracer Group AB, Class B(a)(c)		146,531		292,262
Epiroc AB, Class A		107,371		2,038,680

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, 2023 iShares^® Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
Epiroc AB, Class B		64,326	$	1,029,042
EQT AB		58,889		1,160,289
Essity AB, Class B		100,437		2,166,148
Evolution AB(b)		32,871		3,316,987
Getinge AB, Class B		36,495		641,304
H & M Hennes & Mauritz AB, Class B		105,728		1,499,244
Hexagon AB, Class B		363,606		3,094,554
Industrivarden AB, Class A		29,662		782,163
Industrivarden AB, Class C		30,164		794,854
Investor AB, Class B		312,107		5,975,136
Kinnevik AB, Class B(a)		42,614		423,196
Nibe Industrier AB, Class B		265,635		1,736,653
Nordea Bank Abp		613,166		6,722,585
Sandvik AB		185,336		3,410,247
Skandinaviska Enskilda Banken AB, Class A		282,625		3,369,414
Skanska AB, Class B		65,370		1,073,411
SKF AB, Class B		62,006		1,029,395
Svenska Cellulosa AB SCA, Class B		100,330		1,373,730
Svenska Handelsbanken AB, Class A		269,852		2,401,113
Swedbank AB, Class A		156,664		2,879,704
Tele2 AB, Class B		89,853		687,149
Telefonaktiebolaget LM Ericsson, Class B		528,030		2,572,435
Telia Co. AB		400,907		826,950
Volvo AB, Class B		272,112		5,604,864
				73,118,481
Switzerland — 15.6%
ABB Ltd., Registered		277,270		9,896,648
Adecco Group AG, Registered		27,662		1,136,164
Alcon Inc.		85,378		6,588,397
Baloise Holding AG, Registered		7,875		1,140,113
Barry Callebaut AG, Registered		659		1,047,970
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		185		2,055,820
Chocoladefabriken Lindt & Spruengli AG, Registered		18		1,970,923
Cie. Financiere Richemont SA, Class A, Registered		89,188		10,861,602
DSM-Firmenich AG		35,499		2,999,767
Geberit AG, Registered		5,727		2,855,926
Givaudan SA, Registered		1,365		4,444,209
Holcim AG		91,273		5,842,285
Julius Baer Group Ltd.		35,415		2,266,839
Kuehne + Nagel International AG, Registered		9,464		2,689,012
Logitech International SA, Registered		29,058		1,999,144
Lonza Group AG, Registered		12,724		5,885,448
Nestle SA, Registered		457,385		51,774,151
Novartis AG, Registered		355,667		36,323,784
Partners Group Holding AG		3,799		4,264,736
Roche Holding AG, Bearer		4,484		1,317,340
Roche Holding AG, NVS		120,353		32,856,493
Schindler Holding AG, Participation Certificates, NVS		6,829		1,360,335
Schindler Holding AG, Registered		3,603		693,248
SGS SA		26,027		2,184,331
Siemens Energy AG(a)		87,594		1,141,586
SIG Group AG		57,400		1,414,072
Sika AG, Registered		26,323		6,669,215
Sonova Holding AG, Registered		8,629		2,042,283
Straumann Holding AG		19,962		2,540,742
Swatch Group AG (The), Bearer		4,958		1,269,853
Swatch Group AG (The), Registered		8,909		435,107
Swiss Life Holding AG, Registered		5,197		3,233,460
Swiss Prime Site AG, Registered		12,636		1,156,810

Security	Shares		Value
Switzerland (continued)
Swiss Re AG		49,365	$	5,069,803
Swisscom AG, Registered		4,263		2,531,327
Temenos AG, Registered		11,549		807,740
UBS Group AG, Registered		521,905		12,855,663
VAT Group AG(b)		4,477		1,597,587
Zurich Insurance Group AG		25,164		11,513,924
				248,733,857
United Kingdom — 24.1%
3i Group PLC		166,291		4,185,650
abrdn PLC		333,701		630,491
Admiral Group PLC		46,769		1,351,607
Anglo American PLC		229,134		6,291,926
Antofagasta PLC		56,850		986,902
Ashtead Group PLC		77,972		4,728,424
Associated British Foods PLC		58,945		1,480,924
AstraZeneca PLC		265,986		35,877,365
Auto Trader Group PLC(b)		165,344		1,242,389
Aviva PLC		474,382		2,245,325
BAE Systems PLC		523,647		6,363,275
Barclays PLC		2,512,856		4,843,350
Barratt Developments PLC		165,651		888,159
Berkeley Group Holdings PLC		19,814		989,502
BP PLC		2,961,956		19,092,574
British American Tobacco PLC		383,002		12,025,757
British Land Co. PLC(The)		154,572		595,358
BT Group PLC		973,359		1,382,229
Bunzl PLC		56,863		2,025,105
Burberry Group PLC		67,644		1,567,643
Centrica PLC		1,021,913		1,922,127
Compass Group PLC		305,849		7,444,848
Croda International PLC		24,557		1,466,828
DCC PLC		17,974		1,006,356
Diageo PLC		383,472		14,137,882
Direct Line Insurance Group PLC(a)		227,766		476,493
DS Smith PLC		225,498		786,473
Entain PLC		109,426		1,241,089
Experian PLC		158,087		5,170,641
Glencore PLC		1,924,442		10,958,752
GSK PLC		701,747		12,697,265
Haleon PLC		852,550		3,533,893
Halma PLC		63,379		1,493,255
Hargreaves Lansdown PLC		57,639		542,093
HSBC Holdings PLC		3,429,775		26,839,303
IMI PLC		46,025		875,829
Imperial Brands PLC		158,762		3,220,711
Informa PLC		235,970		2,154,752
InterContinental Hotels Group PLC		31,239		2,310,258
Intermediate Capital Group PLC		50,996		855,990
Intertek Group PLC		27,976		1,399,052
J Sainsbury PLC		299,722		923,002
Johnson Matthey PLC		32,370		640,838
Kingfisher PLC		336,900		914,553
Land Securities Group PLC		125,075		896,541
Legal & General Group PLC		1,006,599		2,716,139
Lloyds Banking Group PLC		11,523,643		6,192,739
London Stock Exchange Group PLC		70,778		7,093,784
M&G PLC		395,901		948,545
Marks & Spencer Group PLC(a)		322,711		928,186
Melrose Industries PLC		229,162		1,306,314
Mondi PLC		83,676		1,395,871

26 2 0 2 3  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, 2023 iShares^® Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
National Grid PLC		633,767	$	7,579,439
NatWest Group PLC, NVS		955,977		2,734,626
Next PLC		21,561		1,912,280
Ocado Group PLC(a)		124,399		904,491
Pearson PLC		119,314		1,258,852
Persimmon PLC		51,597		675,739
Phoenix Group Holdings PLC		162,517		952,443
Prudential PLC		470,408		5,056,570
Reckitt Benckiser Group PLC		126,172		8,897,742
RELX PLC		332,368		11,214,068
Rentokil Initial PLC		430,568		3,196,801
Rightmove PLC		141,221		963,734
Rio Tinto PLC		191,473		12,023,058
Rolls-Royce Holdings PLC(a)		1,441,824		3,863,197
Sage Group PLC(The)		182,895		2,200,941
Schroders PLC		151,104		746,646
Segro PLC		210,018		1,836,405
Severn Trent PLC		42,011		1,212,243
Shell PLC		1,147,319		36,363,376
Smith & Nephew PLC		148,315		1,840,673
Smiths Group PLC		60,270		1,186,594
Spirax-Sarco Engineering PLC		12,434		1,439,275
SSE PLC		187,397		3,672,293
St. James’s Place PLC		91,528		923,422
Standard Chartered PLC		409,570		3,767,032
Taylor Wimpey PLC		597,669		852,383
Tesco PLC		1,231,612		3,961,458
Unilever PLC		431,106		21,325,430
United Utilities Group PLC		117,958		1,363,005
Vodafone Group PLC		3,899,813		3,655,681
Weir Group PLC(The)		43,084		995,455
Whitbread PLC		34,293		1,443,491
WPP PLC		183,713		1,636,756
				384,939,956
Total Common Stocks — 99.3% (Cost: $1,715,998,651)				1,586,963,846
Preferred Stocks
Germany — 0.6%
Bayerische Motoren Werke AG, Preference Shares, NVS		10,324		960,964

Security	Shares		Value
Germany (continued)
Henkel AG & Co. KGaA, Preference Shares, NVS		29,508	$	2,101,249
Porsche Automobil Holding SE, Preference Shares, NVS		26,266		1,292,009
Sartorius AG, Preference Shares, NVS(c)		4,601		1,558,330
Volkswagen AG, Preference Shares, NVS		31,356		3,602,785
				9,515,337
Italy — 0.0%
Telecom Italia SpA, Preference Shares, NVS(a)		1,187,149		371,819
Total Preferred Stocks — 0.6% (Cost: $17,572,780)				9,887,156
Total Long-Term Investments — 99.9% (Cost: $1,733,571,431)				1,596,851,002
Short-Term Securities
Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(d)(e)(f)		6,556,651		6,558,618
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(d)(e)		2,700,000		2,700,000
Total Short-Term Securities — 0.6% (Cost: $9,258,178)				9,258,618
Total Investments — 100.5% (Cost: $1,742,829,609)				1,606,109,620
Liabilities in Excess of Other Assets — (0.5)%				(7,284,981	)
Net Assets — 100.0%			$	1,598,824,639

^(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 27

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® Europe ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,784,666	$	2,774,151	(a)	$	—	$	1,531	$	(1,730	)	$	6,558,618		6,556,651	$	23,535	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,050,000		650,000	(a)		—		—		—			2,700,000		2,700,000		86,476			—
								$	1,531	$	(1,730	)	$	9,258,618			$	110,011		$	—

^(a)  Represents net amount purchased (sold).

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

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		20		12/15/23	$	886	$	(12,823	)
FTSE 100 Index		6		12/15/23		559		(1,167	)
							$	(13,990	)

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)	$	—	$	—	$	13,990	$	—	$	—	$	—	$	13,990

^(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, 2023, 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	$	—	$	—	$	143,997		$	—	$	—	$	—	$	143,997
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(210,879	)	$	—	$	—	$	—	$	(210,879	)

28 2 0 2 3  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, 2023 iShares^® Europe ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	2,048,886

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
Assets
Investments
Long-Term Investments
Common Stocks	$	2,902,239	$	1,584,061,607		$	—	$	1,586,963,846
Preferred Stocks		—		9,887,156			—		9,887,156
Short-Term Securities
Money Market Funds		9,258,618		—			—		4,517,853
	$	12,160,857	$	1,593,948,763		$	—	$	1,606,109,620
Derivative financial instruments(a)
Liabilities
Equity Contracts	$	—	$	(13,990	)	$	—	$	(13,990	)

^(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 29

Schedule of Investments  (unaudited)  September 30, 2023 iShares^® Future Metaverse Tech and Communications ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Communications Equipment — 0.2%
Arista Networks Inc.(a)		45	$	8,277
Electronic Equipment, Instruments & Components — 0.1%
TDK Corp.		100		3,697
Entertainment — 30.1%
Activision Blizzard Inc.		2,795		261,696
Electronic Arts Inc.		2,121		255,368
Kakao Games Corp.(a)		2,281		42,996
NetEase Inc.		12,800		256,656
Nintendo Co. Ltd.		6,000		249,318
ROBLOX Corp., Class A(a)(b)		8,794		254,674
Take-Two Interactive Software Inc.(a)		1,816		254,948
Ubisoft Entertainment SA(a)		3,132		101,498
				1,677,154
Household Durables — 5.4%
Garmin Ltd.		535		56,282
Sony Group Corp.		3,000		245,327
				301,609
Interactive Media & Services — 12.7%
Alphabet Inc., Class A(a)		1,176		153,891
Bumble Inc., Class A(a)		23		343
JOYY Inc., ADR		8		305
Match Group Inc.(a)		52		2,037
Meta Platforms Inc., Class A(a)		923		277,094
Snap Inc., Class A, NVS(a)		3,650		32,521
Tencent Holdings Ltd.		6,300		244,213
				710,404
IT Services — 0.2%
Shopify Inc., Class A(a)		225		12,282
Semiconductors & Semiconductor Equipment — 14.4%
Advanced Micro Devices Inc.(a)		377		38,763
Intel Corp.		760		27,018
Micron Technology Inc.		2,301		156,537
Nvidia Corp.		613		266,649
Qualcomm Inc.		1,522		169,033
SK Hynix Inc.		1,741		147,401
				805,401

Security	Shares		Value
Software — 29.8%
Adobe Inc.(a)		74	$	37,733
Ansys Inc.(a)		798		237,445
Aspen Technology Inc.(a)		4		817
Autodesk Inc.(a)		1,156		239,188
Dassault Systemes SE		6,548		243,209
Microsoft Corp.		524		165,453
PTC Inc.(a)		1,752		248,223
Salesforce Inc.(a)		218		44,206
Unity Software Inc.(a)		6,504		204,160
Zoom Video Communications Inc., Class A(a)		3,457		241,783
				1,662,217
Technology Hardware, Storage & Peripherals — 6.9%
Apple Inc.		1,909		326,840
Samsung Electronics Co. Ltd.		1,135		57,379
				384,219
Total Long-Term Investments — 99.8% (Cost: $5,256,685)				5,565,260
Short-Term Securities
Money Market Funds — 4.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(c)(d)		247,150		247,225
Total Short-Term Securities — 4.4% (Cost: $247,249)				247,225
Total Investments — 104.2% (Cost: $5,503,934)				5,812,485
Liabilities in Excess of Other Assets — (4.2)%				(235,274	)
Net Assets — 100.0%			$	5,577,211

^(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.

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Schedule of Investments  (unaudited) (continued) September 30, 2023 iShares^® Future Metaverse Tech and Communications ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	247,280	(a)	$	—		(31		$	(24	)	$	247,225		247,150	$	115	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		—		0	(a)		—		—			—					—		8			—
								$	(31	)	$	(24	)	$	247,225			$	123		$	—

^(a)  Represents net amount purchased (sold).

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

^(c)  As of period end, the entity is no longer held.

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
Assets
Investments
Long-Term Investments
Common Stocks	$	3,973,566	$	1,591,694	$	—	$	5,565,260
Short-Term Securities
Money Market Funds		247,225		—		—		247,225
	$	4,220,791	$	1,591,694	$	—	$	5,812,485

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 31

Schedule of Investments (unaudited) September 30, 2023 iShares^® India 50 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Automobiles — 6.2%
Bajaj Auto Ltd.		72,602	$	4,415,929
Eicher Motors Ltd.		87,772		3,636,298
Hero MotoCorp Ltd.		83,325		3,061,558
Mahindra & Mahindra Ltd.		572,953		10,699,229
Maruti Suzuki India Ltd.		85,052		10,844,072
Tata Motors Ltd.		1,129,247		8,541,514
				41,198,600
Banks — 31.0%
Axis Bank Ltd.		1,775,737		22,103,914
HDFC Bank Ltd.		4,804,969		88,122,643
ICICI Bank Ltd.		4,483,948		51,371,692
IndusInd Bank Ltd.		418,152		7,168,228
Kotak Mahindra Bank Ltd.		941,687		19,624,757
State Bank of India		2,457,175		17,650,145
				206,041,379
Chemicals — 2.0%
Asian Paints Ltd.		288,520		10,966,181
UPL Ltd.		322,603		2,388,785
				13,354,966
Construction & Engineering — 4.2%
Larsen & Toubro Ltd.		774,023		28,122,487
Construction Materials — 1.9%
Grasim Industries Ltd.		235,397		5,492,157
UltraTech Cement Ltd.		74,072		7,345,487
				12,837,644
Consumer Finance — 2.4%
Bajaj Finance Ltd.		170,705		16,011,875
Electric Utilities — 1.0%
Power Grid Corp. of India Ltd.		2,916,512		7,000,497
Financial Services — 1.0%
Bajaj Finserv Ltd.		347,395		6,422,577
Food Products — 2.2%
Britannia Industries Ltd.		75,710		4,134,526
Nestle India Ltd.		22,785		6,166,632
Tata Consumer Products Ltd.		386,645		4,075,211
				14,376,369
Health Care Providers & Services — 0.6%
Apollo Hospitals Enterprise Ltd.		64,188		3,963,514
Independent Power and Renewable Electricity Producers — 1.3%
NTPC Ltd.		3,038,691		8,969,100
Insurance — 1.5%
HDFC Life Insurance Co. Ltd.(a)		689,473		5,280,854
SBI Life Insurance Co. Ltd.(a)		288,923		4,532,080
				9,812,934
IT Services — 13.7%
HCL Technologies Ltd.		677,141		10,036,192
Infosys Ltd.		2,285,401		39,275,333
Larsen & Toubro Infotech Ltd.(a)		58,839		3,676,334
Tata Consultancy Services Ltd.		656,002		27,776,555
Tech Mahindra Ltd.		400,044		5,873,108
Wipro Ltd.		902,731		4,396,259
				91,033,781

Security	Shares		Value
Life Sciences Tools & Services — 0.6%
Divi’s Laboratories Ltd.		81,740	$	3,697,623
Metals & Mining — 2.9%
Hindalco Industries Ltd.		936,990		5,530,665
JSW Steel Ltd.		595,006		5,565,998
Tata Steel Ltd.		5,157,145		7,976,575
				19,073,238
Oil, Gas & Consumable Fuels — 11.2%
Bharat Petroleum Corp. Ltd.		608,342		2,537,684
Coal India Ltd.		1,462,701		5,187,654
Oil & Natural Gas Corp. Ltd.		2,501,686		5,759,324
Reliance Industries Ltd.		2,165,989		60,982,675
				74,467,337
Personal Care Products — 2.5%
Hindustan Unilever Ltd.		571,682		16,954,392
Pharmaceuticals — 3.0%
Cipla Ltd.		336,579		4,800,284
Dr. Reddy’s Laboratories Ltd.		77,989		5,233,847
Sun Pharmaceutical Industries Ltd.		690,638		9,614,008
				19,648,139
Textiles, Apparel & Luxury Goods — 1.5%
Titan Co. Ltd.		266,983		10,099,178
Tobacco — 4.6%
ITC Ltd.		5,669,373		30,291,612
Trading Companies & Distributors — 0.9%
Adani Enterprises Ltd.		211,680		6,131,120
Transportation Infrastructure — 0.8%
Adani Ports & Special Economic Zone Ltd.		511,755		5,072,350
Wireless Telecommunication Services — 2.7%
Bharti Airtel Ltd.		1,615,077		17,986,019
Total Long-Term Investments — 99.7% (Cost: $601,080,889)				662,566,731
Short-Term Securities
Money Market Funds — 1.7%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(b)(c)		11,660,000		11,660,000
Total Short-Term Securities — 1.7% (Cost: $11,660,000)				11,660,000
Total Investments — 101.4% (Cost: $612,740,889)				674,226,731
Liabilities in Excess of Other Assets — (1.4)%				(9,520,579	)
Net Assets — 100.0%			$	664,706,152

^(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)  Affiliate of the Fund.

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

32 2 0 2 3  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, 2023 iShares^® India 50 ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	—	$	11,660,000	(a)	$	—	$	—	$	—	$	11,660,000		11,660,000	$	257,409	$	—

^(a)  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
IFSC Nifty 50 Index		69		10/26/23	$	2,720	$	(16,630	)

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)	$	—	$	—	$	16,630	$	—	$	—	$	—	$	16,630

^(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, 2023, 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	$	—	$	—	$	86,803		$	—	$	—	$	—	$	86,803
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(39,459	)	$	—	$	—	$	—	$	(39,459	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,379,370

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the 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 33

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® India 50 ETF

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
Assets
Investments
Long-Term Investments
Common Stocks	$	—		$	662,566,731	$	—	$	662,566,731
Short-Term Securities
Money Market Funds		11,660,000			—		—		11,660,000
	$	11,660,000		$	662,566,731	$	—	$	674,226,731
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(16,630	)	$	—	$	—	$	(16,630	)

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

See notes to financial statements.

34 2 0 2 3  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, 2023 iShares^® International Developed Property ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 12.8%
Abacus Group		24,229	$	16,279
Abacus Storage King(a)		32,215		21,541
Arena REIT		20,679		44,392
BWP Trust		28,640		61,407
Centuria Capital Group		47,822		41,515
Centuria Industrial REIT		31,837		61,235
Centuria Office REIT		25,649		18,738
Charter Hall Group		28,045		169,447
Charter Hall Long Wale REIT		39,070		80,390
Charter Hall Retail REIT		30,521		61,211
Charter Hall Social Infrastructure REIT		20,019		32,202
Cromwell Property Group		84,338		19,956
Dexus		63,772		297,273
Dexus Industria REIT		12,901		21,221
GDI Property Group Partnership(b)		29,037		9,961
Goodman Group		101,643		1,393,101
GPT Group(The)		113,578		282,835
Growthpoint Properties Australia Ltd.		15,832		22,339
HealthCo REIT(b)		28,268		26,354
Home Consortium Ltd.		14,335		43,150
HomeCo Daily Needs REIT		106,668		78,786
Hotel Property Investments Ltd.		11,397		19,951
Ingenia Communities Group		22,045		58,986
Lendlease Corp. Ltd.		40,871		187,435
Lifestyle Communities Ltd.(b)		5,753		59,394
Mirvac Group		233,957		317,991
National Storage REIT		74,980		104,337
Region RE Ltd.		67,921		87,688
Rural Funds Group		22,748		25,769
Scentre Group		307,747		483,583
Stockland		141,540		354,242
Vicinity Ltd.		229,426		248,641
Waypoint REIT Ltd.		39,654		57,044
				808,394
Austria — 0.3%
CA Immobilien Anlagen AG		2,547		84,340
Immofinanz AG(a)		1,887		36,640
				120,980
Belgium — 2.3%
Aedifica SA		2,816		160,048
Care Property Invest NV		2,175		27,309
Cofinimmo SA		2,010		137,801
Intervest Offices & Warehouses NV		1,696		24,565
Montea NV		909		64,545
Retail Estates NV		731		43,746
Shurgard Self Storage Ltd.		1,470		58,200
VGP NV		832		77,179
Warehouses De Pauw CVA		9,579		236,733
Xior Student Housing NV		1,682		48,101
				878,227
Canada — 3.5%
Allied Properties REIT		3,779		49,886
Artis REIT		3,110		14,792
Boardwalk REIT		1,314		64,633
BSR Real Estate Investment Trust		1,080		12,937
BTB Real Estate Investment Trust		2,160		4,755
Canadian Apartment Properties REIT		4,863		161,402
Choice Properties REIT		9,508		88,762

Security	Shares		Value
Canada (continued)
Crombie REIT		3,046	$	28,010
CT REIT		3,142		31,669
Dream Industrial REIT		7,571		71,571
Dream Office REIT		968		6,877
DREAM Unlimited Corp., Class A		1,330		17,998
First Capital Real Estate Investment Trust		6,198		60,691
Granite REIT		1,862		98,813
H&R Real Estate Investment Trust		7,712		52,407
InterRent REIT		4,124		37,923
Killam Apartment REIT		3,378		43,324
Minto Apartment Real Estate Investment Trust(c)		1,086		10,898
Morguard North American Residential REIT		1,169		12,781
Nexus Industrial REIT		1,950		10,322
NorthWest Healthcare Properties REIT		6,862		25,665
Prinmaris REIT		2,850		28,306
PRO Real Estate Investment Trust		1,709		5,385
RioCan REIT		8,678		115,451
Slate Grocery REIT		1,687		13,799
SmartCentres Real Estate Investment Trust		4,189		70,195
StorageVault Canada Inc., NVS		14,234		47,368
Tricon Residential Inc.		15,496		114,544
True North Commercial Real Estate Investment Trust		2,775		4,372
				1,305,536
China — 0.5%
Gemdale Properties & Investment Corp. Ltd.		334,000		13,828
Wharf Holdings Ltd.(The)		57,000		142,664
Yuexiu REIT		129,000		21,699
				178,191
Finland — 0.3%
Citycon OYJ		4,830		27,055
Kojamo OYJ		10,505		93,076
				120,131
France — 3.3%
Altarea SCA		278		25,487
Carmila SA		3,294		49,267
Covivio		2,865		127,082
Gecina SA		3,044		310,360
ICADE		1,840		60,601
Klepierre SA		11,562		283,102
Mercialys SA		5,614		50,517
Nexity SA		2,882		42,488
Unibail-Rodamco-Westfield, New(a)		6,018		295,938
				1,244,842
Germany — 4.9%
ADLER Group SA(a)(c)		6,991		3,592
Aroundtown SA(a)(b)		51,466		106,767
Deutsche EuroShop AG		727		14,028
Deutsche Wohnen SE		3,125		70,798
DIC Asset AG(b)		2,216		9,145
Grand City Properties SA(a)		4,283		40,384
Hamborner REIT AG		4,215		28,688
Instone Real Estate Group SE(c)		2,740		16,976
LEG Immobilien SE(a)		4,394		302,163
TAG Immobilien AG(a)		10,372		108,368
Vib Vermoegen AG(a)		656		9,085
Vonovia SE		48,302		1,157,234
				1,867,228
Hong Kong — 10.8%
Champion REIT		110,000		36,170

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, 2023 iShares^® International Developed Property ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hong Kong (continued)
CK Asset Holdings Ltd.		113,000	$	593,543
Fortune REIT		88,000		52,750
Hang Lung Group Ltd.		49,000		68,960
Hang Lung Properties Ltd.		103,000		140,920
Henderson Land Development Co. Ltd.		77,044		202,314
Hongkong Land Holdings Ltd.(b)		61,700		220,041
Hysan Development Co. Ltd.		35,000		67,757
Kerry Properties Ltd.		34,500		58,509
Link REIT		151,879		742,617
New World Development Co. Ltd.		82,000		158,989
Prosperity REIT		75,000		13,881
Shun Tak Holdings Ltd.(a)		128,000		18,535
Sino Land Co. Ltd.		198,000		222,678
Sun Hung Kai Properties Ltd.		89,500		954,961
Sunlight REIT		60,000		18,728
Swire Properties Ltd.		62,000		128,943
Wharf Real Estate Investment Co. Ltd.		92,000		354,562
				4,054,858
Ireland — 0.1%
Irish Residential Properties REIT PLC		25,548		25,068
Israel — 2.3%
Africa Israel Residences Ltd.		367		19,061
Airport City Ltd.(a)		3,814		58,547
Alony Hetz Properties & Investments Ltd.		9,081		62,296
Amot Investments Ltd.		12,784		62,049
Ashtrom Group Ltd.		1		10
Aura Investments Ltd.		7,420		17,344
Azrieli Group Ltd.		2,178		111,803
Big Shopping Centers Ltd.(a)		720		59,626
Blue Square Real Estate Ltd.		330		18,860
Electra Real Estate Ltd.		1,340		12,918
G City Ltd.		5,196		15,981
Gav-Yam Lands Corp. Ltd.		1,027		6,532
IES Holdings Ltd.(a)		165		9,755
Israel Canada T.R Ltd.		7,867		19,709
Israel Land Development Co. Ltd.(The)		1,077		9,573
Isras Investment Co. Ltd.		93		17,357
Mega Or Holdings Ltd.		1,308		23,380
Mehadrin Ltd.(a)		1		33
Melisron Ltd.		1,505		94,123
Menivim- The New REIT Ltd.		40,734		16,660
Mivne Real Estate KD Ltd.		35,658		85,841
Norstar Holdings Inc.(a)(b)		1,859		4,318
Prashkovsky Investments and Construction Ltd.		447		9,925
Property & Building Corp. Ltd.(a)		165		7,291
Reit 1 Ltd.		11,393		46,550
Sella Capital Real Estate Ltd.		12,675		26,320
Summit Real Estate Holdings Ltd.		2,156		27,618
YH Dimri Construction & Development Ltd.		406		26,433
				869,913
Italy — 0.0%
Immobiliare Grande Distribuzione SIIQ SpA		3,360		7,573
Japan — 31.3%
Activia Properties Inc.		42		115,873
Advance Logistics Investment Corp.		40		33,682
Advance Residence Investment Corp.		83		188,154
Aeon Mall Co. Ltd.		5,680		66,850
AEON REIT Investment Corp.		105		102,886

Security	Shares		Value
Japan (continued)
Arealink Co. Ltd.		500	$	9,845
Comforia Residential REIT Inc.		40		88,654
CRE Inc./Japan		800		8,476
CRE Logistics REIT Inc.		37		40,619
Daito Trust Construction Co. Ltd.		3,900		410,801
Daiwa House Industry Co. Ltd.		39,500		1,060,156
Daiwa House REIT Investment Corp.		127		224,072
Daiwa Office Investment Corp.		17		75,940
Daiwa Securities Living Investments Corp.		134		99,361
Dear Life Co. Ltd.		1,500		8,024
ESCON Japan Reit Investment Corp.		20		15,837
Frontier Real Estate Investment Corp.		30		91,790
Fukuoka REIT Corp.		43		45,721
Global One Real Estate Investment Corp.		61		46,832
GLP J-Reit.		292		260,992
Goldcrest Co. Ltd.		900		13,333
Hankyu Hanshin REIT Inc.		42		39,641
Health Care & Medical Investment Corp.		22		21,433
Heiwa Real Estate Co. Ltd.		1,900		50,542
Heiwa Real Estate REIT Inc.		60		58,779
Hoshino Resorts REIT Inc.		15		65,691
Hulic Co. Ltd.		35,500		318,322
Hulic Reit Inc.		76		81,036
Ichigo Hotel REIT Investment Corp.		16		12,435
Ichigo Inc.		13,500		29,414
Ichigo Office REIT Investment Corp.		62		36,287
Industrial & Infrastructure Fund Investment Corp.		125		115,497
Invincible Investment Corp.		401		165,624
Japan Excellent Inc.		75		66,342
Japan Hotel REIT Investment Corp.		267		139,411
Japan Logistics Fund Inc.		55		106,632
Japan Metropolitan Fund Invest.		414		268,501
Japan Prime Realty Investment Corp.		59		142,380
Japan Property Management Center Co. Ltd.		600		4,578
Japan Real Estate Investment Corp.		84		327,326
JINUSHI Co. Ltd.		700		8,980
JSB Co. Ltd.		300		10,752
Katitas Co. Ltd.		3,000		43,671
Keihanshin Building Co. Ltd.		2,600		23,853
Kenedix Office Investment Corp		50		115,633
Kenedix Residential Next Investment Corp.		63		96,143
Kenedix Retail REIT Corp.		36		69,609
LA Holdings Co. Ltd/Japan		300		9,362
LaSalle Logiport REIT		110		105,465
Leopalace21 Corp.(a)		11,600		25,422
Marimo Regional Revitalization REIT Inc.		12		10,107
Mirai Corp.		105		33,274
Mitsubishi Estate Co. Ltd.		78,500		1,024,112
Mitsubishi Estate Logistics REIT Investment Corp.		30		75,302
Mitsui Fudosan Co. Ltd.		55,556		1,223,565
Mitsui Fudosan Logistics Park Inc.		34		107,085
Mori Hills REIT Investment Corp.		96		90,954
Mori Trust Reit Inc.		155		75,476
Nippon Accommodations Fund Inc.		30		126,627
Nippon Building Fund Inc.		101		409,003
Nippon Prologis REIT Inc.		145		270,711
NIPPON REIT Investment Corp.		27		64,450
Nisshin Fudosan Co.		1,700		6,137
Nomura Real Estate Holdings Inc.		6,700		168,207
Nomura Real Estate Master Fund Inc.		280		313,601

36 2 0 2 3  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, 2023 iShares^® International Developed Property ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
NTT UD REIT Investment Corp.		84	$	77,578
One REIT Inc.		14		24,268
Ooedo Onsen Reit Investment Corp.		15		6,564
Orix JREIT Inc.		165		197,896
Raysum Co. Ltd.		400		8,683
SAMTY Co. Ltd.		2,400		38,071
Samty Residential Investment Corp.		42		32,388
Sankei Real Estate Inc.		28		17,133
Sekisui House Reit Inc.		259		144,277
SOSiLA Logistics REIT Inc.		44		36,336
SRE Holdings Corp.(a)		600		11,802
Star Asia Investment Corp.		140		54,188
Star Mica Holdings Co. Ltd.		1,500		6,306
Starts Corp. Inc.		2,000		39,035
Starts Proceed Investment Corp.		15		21,960
Sumitomo Realty & Development Co. Ltd.		28,200		732,115
Sun Frontier Fudousan Co. Ltd.		1,700		17,112
Takara Leben Co. Ltd.		4,900		15,533
Takara Leben Real Estate Investment Corp.		42		27,272
TKP Corp.(a)(b)		900		15,678
TOC Co. Ltd.		3,000		12,869
Tokaido REIT Inc.		14		11,610
Tokyo Tatemono Co. Ltd.		12,300		170,062
Tokyu Fudosan Holdings Corp.		35,900		220,590
Tokyu REIT Inc.		54		66,082
Tosei Corp.		1,600		20,640
Tosei Reit Investment Corp.		17		15,997
United Urban Investment Corp.		184		191,553
XYMAX REIT Investment Corp.		13		10,059
				11,808,927
Netherlands — 0.6%	��
Argo Properties NV(a)(b)		717		10,513
Brack Capital Properties NV(a)		1		64
CTP NV(c)		6,405		91,491
Eurocommercial Properties NV		2,519		55,840
NSI NV		1,092		20,712
Vastned Retail NV		1,039		21,189
Wereldhave NV		2,420		38,466
				238,275
New Zealand — 0.6%
Argosy Property Ltd.		51,582		34,626
Goodman Property Trust		61,650		78,149
Kiwi Property Group Ltd.		92,655		46,931
Precinct Properties New Zealand Ltd.		79,613		54,873
				214,579
Norway — 0.1%
Entra ASA(c)		4,247		36,227
Singapore — 8.4%
AIMS APAC REIT(b)		41,156		39,074
CapitaLand Ascendas REIT		210,892		422,981
CapitaLand Ascott Trust		133,785		93,778
CapitaLand China Trust		69,326		44,787
Capitaland India Trust		59,766		45,809
CapitaLand Integrated Commercial Trust		299,910		404,733
Capitaland Investment Ltd/Singapore		141,900		320,631
CDL Hospitality Trusts		40,162		30,471
City Developments Ltd.		30,000		144,776
Cromwell European Real Estate Investment Trust		18,820		25,469

Security	Shares		Value
Singapore (continued)
Digital Core REIT Management Pte Ltd.		43,100	$	22,791
Eagle Hospitality Trust(a)(d)		53,200		1
EC World Real Estate Investment Trust(d)		15,900		3,018
ESR-LOGOS REIT		351,636		71,822
Far East Hospitality Trust		62,000		28,801
Frasers Centrepoint Trust		64,006		102,310
Frasers Logistics & Commercial Trust		172,472		134,675
Hong Fok Corp. Ltd.(b)		21,700		14,339
Keppel DC REIT(b)		79,303		120,407
Keppel Pacific Oak US REIT		44,400		9,768
Keppel REIT		114,600		71,529
Lendlease Global Commercial REIT(b)		102,792		40,902
Manulife US Real Estate Investment Trust		103,850		5,915
Mapletree Industrial Trust		122,632		202,437
Mapletree Logistics Trust		196,911		241,400
Mapletree Pan Asia Commercial Trust		137,112		143,096
PARAGON REIT		74,500		45,473
Parkway Life REIT		23,100		62,306
Prime U.S. REIT		37,500		5,167
Sasseur Real Estate Investment Trust		30,100		14,852
Starhill Global REIT		84,800		30,055
Suntec REIT		132,100		111,876
UOL Group Ltd.		27,500		128,633
				3,184,082
South Korea — 0.4%
D&D Platform REIT Co. Ltd., NVS		3,390		7,693
ESR Kendall Square REIT Co. Ltd.		9,440		26,431
Haesung Industrial Co. Ltd.		720		4,166
JR REIT XXVII		9,795		29,551
Koramco Energy Plus Reit		3,017		12,290
LOTTE Reit Co. Ltd.		6,952		16,838
NH All-One REIT Co. Ltd.		2,493		6,187
Shinhan Alpha REIT Co. Ltd.		4,236		19,243
SK D&D Co. Ltd.		408		8,568
SK REITs Co. Ltd.		7,107		22,092
				153,059
Spain — 0.8%
Aedas Homes SA(c)		775		13,249
Inmobiliaria Colonial SOCIMI SA		17,101		96,976
Lar Espana Real Estate SOCIMI SA		2,953		17,296
Merlin Properties SOCIMI SA		19,838		166,914
Metrovacesa SA(c)		899		6,986
				301,421
Sweden — 3.9%
Atrium Ljungberg AB, Class B		3,168		51,555
Castellum AB(b)		25,118		254,610
Catena AB		1,912		66,343
Cibus Nordic Real Estate AB		3,373		33,354
Corem Property Group AB, Class B		32,026		17,688
Dios Fastigheter AB		6,274		35,751
Fabege AB		14,636		116,568
Fastighets AB Balder, Class B(a)		39,295		176,152
Hufvudstaden AB, Class A		6,800		75,108
Neobo Fastigheter AB(a)(b)		8,173		7,310
NP3 Fastigheter AB		1,785		25,759
Nyfosa AB		8,452		45,318
Pandox AB, Class B.		5,340		56,668
Platzer Fastigheter Holding AB, Class B		3,848		23,668
Sagax AB, Class B		12,247		232,637

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, 2023 iShares^® International Developed Property ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
Sagax AB, Class D		6,318	$	14,813
Samhallsbyggnadsbolaget i Norden AB(b)		62,987		22,938
Wallenstam AB, Class B		26,150		87,287
Wihlborgs Fastigheter AB		15,984		111,433
				1,454,960
Switzerland — 2.8%
Allreal Holding AG, Registered		915		145,754
Intershop Holding AG		68		44,956
Mobimo Holding AG, Registered		430		115,178
Peach Property Group AG(a)(b)		769		11,178
PSP Swiss Property AG, Registered		2,720		320,911
Swiss Prime Site AG, Registered		4,549		416,455
				1,054,432
United Kingdom — 9.3%
Abrdn Property Income Trust		24,677		14,723
AEW U.K. REIT PLC		8,805		10,546
Assura PLC		175,819		90,698
Balanced Commercial Property Trust Ltd.		41,948		34,639
Big Yellow Group PLC		10,311		117,498
British Land Co. PLC(The)		55,646		214,329
Capital & Counties Properties PLC		115,807		161,761
CLS Holdings PLC		7,871		11,375
Custodian Reit PLC		25,544		25,612
Derwent London PLC		6,681		156,638
Empiric Student Property PLC		35,498		38,763
Grainger PLC		44,192		125,954
Great Portland Estates PLC		14,983		76,377
Hammerson PLC		228,377		69,900
Helical PLC		6,226		16,066
Home Reit PLC(d)		52,824		20,624
Impact Healthcare Reit PLC, Class B		23,810		24,038
Land Securities Group PLC		44,674		320,224
Life Science Reit PLC		20,928		17,772
LondonMetric Property PLC		57,817		120,563
LXI REIT PLC		101,406		112,343
NewRiver REIT PLC		19,028		18,550
Picton Property Income Ltd.		32,847		27,233
Primary Health Properties PLC		79,336		90,070
PRS REIT PLC(The)		30,557		25,427
Regional REIT Ltd.(c)		25,507		8,870
Safestore Holdings PLC		12,987		116,029
Schroder REIT Ltd.		28,844		14,383
Segro PLC		72,614		634,939
Sirius Real Estate Ltd.		70,318		73,716
Supermarket Income Reit PLC		73,240		67,761
Target Healthcare REIT PLC		37,086		34,298
Triple Point Social Housing REIT PLC(c)		20,007		12,254

Security	Shares		Value
United Kingdom (continued)
Tritax Big Box REIT PLC		112,876	$	192,094
UK Commercial Property REIT Ltd.		51,400		33,245
UNITE Group PLC(The)		23,510		256,307
Urban Logistics REIT PLC		27,864		37,329
Warehouse REIT PLC		25,082		25,125
Workspace Group PLC		8,036		47,869
				3,495,942
Total Common Stocks — 99.3% (Cost: $60,523,204)				37,422,845
Rights
Austria — 0.0%
Buwog AG(d)		463		—
Total Rights — 0.0% (Cost: $—)				—
Total Long-Term Investments — 99.3% (Cost: $60,523,204)				37,422,845
Short-Term Securities
Money Market Funds — 2.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(e)(f)(g)		553,333		553,499
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(e)(f)		390,000		390,000
Total Short-Term Securities — 2.5% (Cost: $943,300)				943,499
Total Investments — 101.8% (Cost: $61,466,504)				38,366,344
Liabilities in Excess of Other Assets — (1.8)%				(678,396	)
Net Assets — 100.0%			$	37,687,948

^(a)  Non-income producing security.

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

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

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

^(e)  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.

38 2 0 2 3  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, 2023 iShares^® International Developed Property ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	912,455	$	—		$	(358,927	)(a)	$	53	$	(82	)	$	553,499		553,333	$	6,588	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		10,000		380,000	(a)		—			—		—			390,000		390,000		608			—
									$	53	$	(82	)	$	943,499			$	7,196		$	—

^(a)  Represents net amount purchased (sold).

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

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		8		12/07/23	$	124	$	(1,796	)
Dow Jones U.S. Real Estate Index		5		12/15/23		152		(6,573	)
							$	(8,369	)

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)	$	—	$	—	$	8,369	$	—	$	—	$	—	$	8,369

^(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, 2023, 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	$	—	$	—	$	28,278			$	—	$	—	$	—	$	28,278
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(15,634	)		$	—	$	—	$	—	$	(15,634	)
								��

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	351,760

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, 2023 iShares^® International Developed Property ETF

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
Assets
Investments
Long-Term Investments
Common Stocks	$	2,398,561		$	35,000,641		$	23,643	$	37,422,845
Rights		—			—			—		—
Short-Term Securities
Money Market Funds		943,499			—			—		943,499
	$	3,342,060		$	35,000,641		$	23,643	$	38,366,344
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(6,573	)	$	(1,796	)	$	—	$	(8,369	)

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

See notes to financial statements.

40 2 0 2 3  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, 2023 iShares^® International Developed Small Cap Value Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 6.4%
Abacus Group		159,783	$	107,355
Abacus Storage King(a)(b)		158,967		106,296
APM Human Services International Ltd.		96,747		114,047
Arena REIT		102,663		220,390
Bapcor Ltd.		105,723		459,952
Bega Cheese Ltd.		93,483		150,731
Brickworks Ltd.		18,717		299,055
BWP Trust		151,725		325,316
Centuria Capital Group		225,675		195,911
Centuria Industrial REIT		165,495		318,309
Centuria Office REIT		143,922		105,141
Charter Hall Long Wale REIT		210,630		433,390
Charter Hall Retail REIT		158,865		318,612
Charter Hall Social Infrastructure REIT		108,112		173,907
Elders Ltd.		49,419		182,791
Estia Health Ltd.		72,726		142,369
Growthpoint Properties Australia Ltd.		90,384		127,534
GUD Holdings Ltd.		44,013		331,002
Helia Group Ltd.		107,304		240,345
HomeCo Daily Needs REIT		551,871		407,617
Ingenia Communities Group		115,668		309,492
Judo Capital Holdings Ltd.(a)		162,180		103,902
Kelsian Group Ltd.		63,393		231,413
National Storage REIT		387,702		539,500
Nine Entertainment Co. Holdings Ltd.		467,721		612,358
NRW Holdings Ltd.		134,436		232,752
OFX Group Ltd.(a)		69,564		77,437
Perseus Mining Ltd.		423,912		442,623
Premier Investments Ltd.		26,214		418,123
Reliance Worldwide Corp. Ltd.		251,022		623,821
Rural Funds Group.		118,677		134,438
Sigma Healthcare Ltd.		259,386		115,073
SmartGroup Corp. Ltd.		27,336		144,949
Super Retail Group Ltd.		51,765		395,562
Viva Energy Group Ltd.(c)		259,896		498,122
Waypoint REIT Ltd.		208,743		300,287
				9,939,922
Austria — 2.2%
BAWAG Group AG(c)		25,347		1,158,510
CA Immobilien Anlagen AG		12,852		425,576
EVN AG(b)		11,373		303,968
Mayr Melnhof Karton AG(b)		2,703		364,559
Vienna Insurance Group AG Wiener
Versicherung Gruppe		12,495		348,266
Wienerberger AG		33,507		848,073
				3,448,952
Belgium — 2.0%
Aedifica SA		15,147		860,883
Bekaert SA		10,557		472,626
bpost SA		31,416		172,218
Etablissements Franz Colruyt NV		15,453		668,006
KBC Ancora		10,965		447,097
Montea NV		4,641		329,539
Tessenderlo Group SA		6,834		196,922
				3,147,291
Canada — 16.0%
Allied Properties REIT		40,443		533,880
AltaGas Ltd.		87,618		1,680,434

Security	Shares		Value
Canada (continued)
ARC Resources Ltd.		194,412	$	3,103,149
B2Gold Corp.		335,988		964,736
Brookfield Renewable Corp., Class A		40,290		964,350
Canadian Western Bank		29,682		614,947
Canfor Corp.(a)		18,819		233,739
Capital Power Corp		36,771		1,026,583
Cargojet Inc.		2,754		182,566
Celestica Inc.(a)		32,334		791,299
Dream Industrial REIT		77,724		734,751
Enerplus Corp		68,340		1,202,522
Granite REIT		19,023		1,009,518
H&R Real Estate Investment Trust		83,538		567,683
iA Financial Corp. Inc.		32,793		2,057,032
Kinross Gold Corp.		387,039		1,763,866
Laurentian Bank of Canada		13,668		304,605
Linamar Corp.		13,413		646,135
Mullen Group Ltd.		26,724		264,043
Onex Corp.		21,471		1,261,940
Parex Resources Inc.		32,946		618,291
Prinmaris REIT		30,600		303,916
Russel Metals Inc.		19,635		549,621
SSR Mining Inc.		64,719		859,585
Transcontinental Inc., Class A		22,848		191,935
West Fraser Timber Co. Ltd.		24,378		1,769,862
Whitecap Resources Inc.		92,718		782,975
				24,983,963
Denmark — 3.3%
Alm Brand A/S		271,626		406,800
FLSmidth & Co. A/S(b)		17,748		799,951
ISS A/S		48,858		750,533
NKT A/S(a)		16,932		881,994
Scandinavian Tobacco Group A/S, Class A(c)		17,493		266,461
Schouw & Co. A/S		3,876		258,069
Spar Nord Bank A/S		24,786		383,420
Sydbank A/S		17,748		842,464
Topdanmark A/S		13,668		593,393
				5,183,085
Finland — 2.0%
Cargotec OYJ, Class B		15,351		641,750
Kemira OYJ		35,853		557,468
Konecranes OYJ		22,542		747,251
Metsa Board OYJ, Class B		53,703		431,095
TietoEVRY OYJ		31,671		711,320
				3,088,884
France — 2.6%
APERAM SA		13,821		401,454
Carmila SA		17,901		267,740
Cie. Plastic Omnium SA		17,085		277,074
Coface SA		32,385		412,296
Derichebourg SA		29,988		150,751
Fnac Darty SA		3,264		79,946
Imerys SA		12,138		358,222
IPSOS		12,189		559,968
Mersen SA		5,147		205,030
Metropole Television SA		20,604		260,771
Nexity SA		13,617		200,750
Rubis SCA		29,631		663,632
Television Francaise 1		34,476		263,739
				4,101,373

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, 2023 iShares^® International Developed Small Cap Value Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany — 2.9%
1&1 AG		14,637	$	247,339
Aurubis AG		9,537		703,676
CropEnergies AG		6,375		53,235
Deutz AG		38,148		168,005
ElringKlinger AG		8,823		54,567
Freenet AG		37,230		871,496
Hornbach Holding AG & Co. KGaA		2,754		175,528
Kloeckner & Co. SE		23,562		169,932
Norma Group SE		10,098		186,586
Patrizia SE		13,107		103,868
ProSiebenSat.1 Media SE(b)		54,060		365,154
Siltronic AG		6,630		564,397
Suedzucker AG		24,633		366,217
Vitesco Technologies Group AG(a)		5,712		462,258
				4,492,258
Hong Kong — 0.6%
CITIC Telecom International Holdings Ltd.		459,000		181,496
Fortune REIT		408,000		244,568
Luk Fook Holdings International Ltd.		102,000		263,852
United Laboratories International Holdings Ltd.(The)(b)		204,000		206,161
				896,077
Ireland — 0.3%
Dalata Hotel Group PLC		68,952		292,691
Greencore Group PLC(a)		154,632		143,198
				435,889
Israel — 0.6%
FIBI Holdings Ltd.		5,304		241,009
Formula Systems 1985 Ltd.		2,397		176,874
Isracard Ltd.		60,180		248,830
Paz Ashdod Refinery Ltd.(a)		3,060		84,637
Paz Oil Co. Ltd.(a)		3,060		251,964
				1,003,314
Italy — 1.8%
Azimut Holding SpA		33,660		732,494
Biesse SpA		4,284		49,887
Credito Emiliano SpA		24,687		202,197
Datalogic SpA		8,415		54,061
Iren SpA		203,949		392,137
Maire Tecnimont SpA		49,929		204,510
Piaggio & C SpA		51,510		164,405
Tod’s SpA(a)		2,652		95,810
Unipol Gruppo SpA		133,569		720,915
Webuild SpA		97,155		172,363
				2,788,779
Japan — 25.0%
77 Bank Ltd.(The)		20,400		432,020
ADEKA Corp.		30,600		522,525
Aisan Industry Co. Ltd.		10,200		91,161
Alpen Co. Ltd.		5,100		65,956
AOKI Holdings Inc.		10,200		68,979
Aoyama Trading Co. Ltd.		15,300		170,878
Arata Corp.		5,100		190,264
Arcs Co. Ltd.		10,200		185,819
Asahi Diamond Industrial Co. Ltd.		15,300		90,557
ASAHI YUKIZAI Corp.		3,900		96,334
Aska Pharmaceutical Holdings Co. Ltd.		5,100		57,813
Autobacs Seven Co. Ltd.		20,400		215,935
Avex Inc.		10,200		98,452
Axial Retailing Inc.		5,100		127,639

Security	Shares		Value
Japan (continued)
Bando Chemical Industries Ltd.		10,200	$	111,800
Belluna Co. Ltd.		15,300		68,765
BML Inc.		5,100		95,252
Bunka Shutter Co. Ltd.		15,300		113,101
Canon Electronics Inc.		5,100		64,482
Cawachi Ltd.		5,100		84,834
Central Glass Co. Ltd.		5,100		101,055
Chiyoda Corp.(a)(b)		45,900		116,162
Chori Co. Ltd.		5,100		102,098
Chudenko Corp.		10,200		164,662
Citizen Watch Co. Ltd.		66,300		407,828
CKD Corp		20,400		280,451
CMIC Holdings Co. Ltd.		5,100		58,721
CMK Corp.		15,300		68,586
Daiichi Jitsugyo Co. Ltd.		9,000		112,030
Daiken Corp.		5,100		102,060
Daiki Aluminium Industry Co. Ltd.		10,200		88,982
Daishi Hokuetsu Financial Group Inc.		15,100		382,717
DCM Holdings Co. Ltd.		30,600		248,564
Dexerials Corp.		15,300		376,725
Doshisha Co. Ltd.		5,100		76,013
Doutor Nichires Holdings Co. Ltd.		10,200		158,926
Duskin Co. Ltd.		10,200		220,985
Eagle Industry Co. Ltd.		10,200		115,440
EDION Corp.		25,500		252,229
Eiken Chemical Co. Ltd.		10,200		93,090
eRex Co. Ltd.(b)		10,200		52,224
Exedy Corp.		10,200		178,320
FCC Co. Ltd.		10,200		128,323
Fuji Co. Ltd./Ehime		10,200		121,867
Fuji Corp./Aichi		25,500		395,597
Fuji Seal International Inc.		10,200		121,470
Fukuyama Transporting Co. Ltd.		10,200		267,904
Furukawa Co. Ltd.		10,200		114,508
Genky DrugStores Co. Ltd.		2,600		96,100
Geo Holdings Corp.		5,100		81,009
GLOBERIDE Inc.		5,100		68,804
Godo Steel Ltd.		2,800		85,913
Goldcrest Co. Ltd.		5,100		75,554
G-Tekt Corp.		5,100		62,071
Gunma Bank Ltd.(The)		127,500		594,033
Gunze Ltd.		5,100		153,706
H2O Retailing Corp.		25,500		309,704
Halows Co. Ltd.		2,800		78,714
Hanwa Co. Ltd.		10,200		323,380
Happinet Corp.		5,100		85,174
Heiwado Co. Ltd.		10,200		177,987
Hitachi Zosen Corp.		51,000		285,609
Hogy Medical Co. Ltd.		5,100		108,939
Hokuetsu Corp.		40,800		295,801
Honeys Holdings Co. Ltd.		5,100		53,441
Hosiden Corp.		15,300		196,104
Hosokawa Micron Corp.		5,100		139,733
Ichikoh Industries Ltd.		15,300		57,872
Integrated Design & Engineering Holdings Co. Ltd., NVS		5,100		121,881
Inui Global Logistics Co. Ltd.(b)		5,100		45,079
Ishihara Sangyo Kaisha Ltd.		10,200		100,952
Itochu Enex Co. Ltd.		15,300		154,083
JAFCO Group Co. Ltd.		15,300		168,299

42 2 0 2 3  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, 2023 iShares^® International Developed Small Cap Value Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Japan Lifeline Co. Ltd.		20,400	$	158,641
Japan Medical Dynamic Marketing Inc.		5,100		25,680
Japan Petroleum Exploration Co. Ltd.		10,200		382,230
Japan Pulp & Paper Co. Ltd.		3,100		101,241
Japan Wool Textile Co. Ltd.(The)		20,400		183,552
JDC Corp.		10,200		45,243
Joshin Denki Co. Ltd.		5,100		80,246
Joyful Honda Co. Ltd.		15,300		179,883
K&O Energy Group Inc.		5,100		89,218
Kaga Electronics Co. Ltd.		5,100		220,929
Kanamoto Co. Ltd.		10,200		179,133
Kanto Denka Kogyo Co. Ltd.		15,300		89,296
Kato Sangyo Co. Ltd.		5,100		135,496
Kissei Pharmaceutical Co. Ltd.		10,200		230,987
Kitz Corp.		25,500		176,298
Koa Corp.		10,200		122,612
Kojima Co. Ltd.		10,200		43,526
Komeri Co. Ltd.		10,200		214,979
Komori Corp.		15,300		108,211
Konishi Co. Ltd.		10,200		155,387
Konoike Transport Co. Ltd.		10,200		131,906
Krosaki Harima Corp.		1,200		77,239
Kureha Corp.		5,100		283,554
KYB Corp.		5,100		164,927
Kyoei Steel Ltd.		5,100		67,821
Kyokuto Kaihatsu Kogyo Co. Ltd.		10,200		120,011
Life Corp.		5,100		124,201
Macromill Inc.		10,200		49,960
Makino Milling Machine Co. Ltd.		5,100		222,447
Maruzen Showa Unyu Co. Ltd.		5,100		129,048
Matsuda Sangyo Co. Ltd.		5,100		80,804
Maxell Ltd.		10,200		114,101
MCJ Co. Ltd.		20,400		152,996
Megachips Corp.		5,100		142,463
Megmilk Snow Brand Co. Ltd.		15,300		234,571
Meidensha Corp.		10,200		153,023
Meiko Electronics Co. Ltd.		5,100		115,491
Meisei Industrial Co. Ltd.		15,300		103,416
Micronics Japan Co. Ltd.		10,200		144,184
Mimasu Semiconductor Industry Co. Ltd.		5,100		94,591
MIRAIT ONE corp.		25,500		335,216
Miroku Jyoho Service Co. Ltd.		5,100		56,152
Mitsubishi Pencil Co. Ltd.		15,300		196,282
Mitsubishi Shokuhin Co. Ltd.		5,100		133,120
Mitsui DM Sugar Holdings Co. Ltd.		5,100		102,699
Mitsui-Soko Holdings Co. Ltd.		5,100		146,783
Mizuno Corp.		5,100		161,510
Morita Holdings Corp.		10,200		108,565
Musashi Seimitsu Industry Co. Ltd.		15,300		166,160
Nachi-Fujikoshi Corp.		5,100		136,938
Nakayama Steel Works Ltd.		5,100		30,838
Neturen Co. Ltd.		10,200		68,247
Nichias Corp.		15,300		313,518
Nichicon Corp.		20,400		192,143
Nichiha Corp.		10,200		200,541
Nichireki Co. Ltd.		7,200		96,158
Nihon Chouzai Co. Ltd.		5,100		50,355
Nihon Parkerizing Co. Ltd.		30,600		226,095
Nikkiso Co. Ltd.		15,300		103,627
Nikkon Holdings Co. Ltd.		15,300		323,313

Security	Shares		Value
Japan (continued)
Nippn Corp., New		15,300	$	222,404
Nippon Carbon Co. Ltd.		3,100		94,422
Nippon Denko Co. Ltd.		30,600		62,148
Nippon Densetsu Kogyo Co. Ltd.		10,200		149,601
Nippon Light Metal Holdings Co. Ltd.		20,400		229,407
Nippon Pillar Packing Co. Ltd.		5,100		132,964
Nippon Road Co. Ltd.(The)		5,000		62,829
Nippon Soda Co. Ltd.		8,500		312,573
Nippon Suisan Kaisha Ltd.		91,800		449,348
Nippon Thompson Co. Ltd.		20,400		75,442
Nishimatsu Construction Co. Ltd.		10,200		252,949
Nishio Holdings Co. Ltd.		5,100		120,384
Nissha Co. Ltd.(b)		10,200		114,546
Nisshinbo Holdings Inc.		40,800		303,205
Nissin Corp.		5,100		91,192
Nitta Corp.		5,100		113,204
Nittetsu Mining Co. Ltd.		5,100		170,719
Nitto Boseki Co. Ltd.		8,200		191,148
Nojima Corp.		20,400		178,341
Noritake Co. Ltd./Nagoya Japan		5,100		211,945
Noritz Corp.		10,200		108,095
Obara Group Inc.		3,300		85,091
Ohara Inc.		5,100		44,264
Oiles Corp.		10,200		136,940
Okamura Corp.		20,400		308,042
Okinawa Financial Group Inc.		5,100		82,669
Onward Holdings Co. Ltd.		35,700		124,466
Oriental Shiraishi Corp		30,600		67,279
Osaka Organic Chemical Industry Ltd.		5,100		86,102
Osaka Soda Co. Ltd.		6,500		279,760
Pacific Industrial Co. Ltd.		15,300		146,557
Pack Corp.(The)		5,100		107,527
Pasona Group Inc.		5,100		55,672
Piolax Inc.		7,100		108,621
Press Kogyo Co. Ltd.		25,500		117,460
Pressance Corp.		5,100		62,458
Prima Meat Packers Ltd.		10,200		167,321
Qol Holdings Co. Ltd.		5,100		63,298
Riken Corp.(a)		2,700		66,127
Riken Technos Corp.		15,300		73,081
RS Technologies Co. Ltd.		5,100		97,238
Ryobi Ltd.		10,200		207,157
S Foods Inc.		5,100		114,112
Sakai Chemical Industry Co. Ltd.		5,100		70,539
Sakai Moving Service Co. Ltd.		5,400		90,065
Sakata INX Corp.		15,300		131,652
San-A Co. Ltd.		5,100		163,061
San-Ai Obbli Co. Ltd.		15,300		162,119
San-In Godo Bank Ltd.		45,900		296,644
Sanoh Industrial Co. Ltd.		5,100		33,954
Sanyo Chemical Industries Ltd.		3,400		93,076
Sanyo Denki Co. Ltd.		2,700		123,369
Sanyo Special Steel Co. Ltd.		5,100		100,365
SBS Holdings Inc.		5,100		95,562
Seiko Group Corp.		10,200		178,085
Sekisui Jushi Corp.		7,800		124,279
Senshu Electric Co. Ltd.		5,100		120,267
Senshu Ikeda Holdings Inc.		91,800		196,913
Shiga Bank Ltd.(The)		15,300		357,508
Shin-Etsu Polymer Co. Ltd.		10,200		91,165

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) (continued) September 30, 2023 iShares^® International Developed Small Cap Value Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Shinmaywa Industries Ltd.		15,300	$	130,340
Shizuoka Gas Co. Ltd.		15,300		104,253
Sinfonia Technology Co. Ltd.		10,200		109,566
Sintokogio Ltd.		15,300		111,866
SKY Perfect JSAT Holdings Inc.		35,700		166,936
Sodick Co. Ltd.		15,300		74,815
Star Micronics Co. Ltd.		10,200		127,924
Starts Corp. Inc.		10,200		199,080
Stella Chemifa Corp.		2,500		51,883
Sumitomo Densetsu Co. Ltd.		5,100		94,592
Sumitomo Riko Co. Ltd.		10,200		76,235
Sumitomo Seika Chemicals Co. Ltd.		2,600		78,721
Sumitomo Warehouse Co. Ltd.(The)		15,300		243,954
Sun Frontier Fudousan Co. Ltd.		10,200		102,674
SWCC Corp.		5,100		72,580
Tachibana Eletech Co. Ltd.		5,100		95,489
Tachi-S Co. Ltd.		10,200		116,034
Taiyo Holdings Co. Ltd.		10,200		174,689
Takaoka Toko Co. Ltd.		5,100		71,585
Takara Standard Co. Ltd.		15,300		189,448
Takasago Thermal Engineering Co. Ltd.		20,400		396,208
Takuma Co. Ltd.		20,400		210,959
Tamron Co. Ltd.		5,100		155,829
T-Gaia Corp.		5,100		60,207
Toagosei Co. Ltd.		35,700		320,611
Tocalo Co. Ltd.		15,300		139,176
Toei Co. Ltd.		2,000		251,123
Toho Holdings Co. Ltd.		15,300		327,894
TOKAI Holdings Corp.		35,700		221,017
Tokai Rika Co. Ltd.		15,300		239,779
Tokuyama Corp.		20,400		320,411
Tokyo Kiraboshi Financial Group Inc.		7,900		237,776
Tokyo Steel Manufacturing Co. Ltd.		20,400		229,787
Tokyotokeiba Co. Ltd.		5,100		137,271
Tokyu Construction Co. Ltd.		20,400		106,373
Tomoku Co. Ltd.		5,100		83,699
Topre Corp.		15,300		173,595
Topy Industries Ltd.		5,100		86,781
Toyo Construction Co. Ltd.		25,500		207,723
Toyo Ink SC Holdings Co. Ltd.		10,200		159,388
Toyobo Co. Ltd.		25,500		183,636
TPR Co. Ltd.		10,200		124,451
Trancom Co. Ltd.		1,800		88,333
Transcosmos Inc.		5,100		108,911
TRE Holdings Corp.		10,200		82,207
Trusco Nakayama Corp.		10,200		166,924
TSI Holdings Co. Ltd.		20,400		110,379
Tsubakimoto Chain Co.		10,200		263,956
Union Tool Co.		3,000		77,732
Unipres Corp		10,200		79,049
United Arrows Ltd.		10,200		133,558
United Super Markets Holdings Inc.		15,300		109,453
Valor Holdings Co. Ltd.		10,200		149,155
Valqua Ltd.		5,100		141,110
VT Holdings Co. Ltd.		30,600		104,603
Wacoal Holdings Corp.		15,300		345,657
Wakita & Co. Ltd.		15,300		143,545
Warabeya Nichiyo Holdings Co. Ltd.		5,100		96,393
Xebio Holdings Co. Ltd.		5,100		34,100
Yamazen Corp.		20,400		160,291

Security	Shares		Value
Japan (continued)
Yellow Hat Ltd.		10,200	$	129,407
Yodogawa Steel Works Ltd.		10,200		241,570
Yokowo Co. Ltd.		5,100		53,653
Yuasa Trading Co. Ltd.		5,100		140,914
				38,961,836
Netherlands — 1.3%
AMG Critical Materials NV		9,945		298,453
Eurocommercial Properties NV		16,116		357,250
Flow Trades Ltd., NVS		8,160		151,924
Fugro NV(a)		34,884		534,784
Iveco Group NV(a)		62,679		583,880
NSI NV		6,069		115,111
				2,041,402
New Zealand — 0.9%
Genesis Energy Ltd.		163,557		238,985
Goodman Property Trust		344,658		436,897
Precinct Properties New Zealand Ltd.		414,579		285,750
Summerset Group Holdings Ltd.		72,624		443,611
				1,405,243
Norway — 0.3%
Austevoll Seafood ASA		28,662		200,840
BW LPG Ltd.(c)		23,868		300,563
				501,403
Portugal — 0.2%
Sonae SGPS SA		304,521		295,756
Singapore — 1.0%
CapitaLand China Trust(b)		362,100		233,927
Capitaland India Trust		300,900		230,634
CDL Hospitality Trusts		275,400		208,945
First Resources Ltd.		158,100		176,499
Frasers Centrepoint Trust(b)		336,600		538,038
UMS Holdings Ltd.		142,800		135,390
				1,523,433
Spain — 3.2%
Acerinox SA		62,373		602,723
Almirall SA		23,562		239,643
Atresmedia Corp. de Medios de Comunicacion SA		27,438		106,021
Cia. de Distribucion Integral Logista Holdings SA		19,482		497,859
Construcciones y Auxiliar de Ferrocarriles SA		5,865		183,031
Ence Energia y Celulosa SA		39,474		132,257
Faes Farma SA		100,317		338,815
Fluidra SA		34,629		706,584
Fomento de Construcciones y Contratas SA		14,076		176,891
Gestamp Automocion SA(c)		48,501		202,191
Indra Sistemas SA(b)		38,709		559,332
Laboratorios Farmaceuticos Rovi SA		6,630		358,853
Pharma Mar SA		4,284		145,250
Viscofan SA		12,240		747,260
				4,996,710
Sweden — 4.2%
AFRY AB		31,773		371,999
Betsson AB		37,383		410,834
Bilia AB, Class A		22,440		217,921
Billerud AB		67,422		624,088
Bravida Holding AB(c)		64,923		477,845
Catena AB		10,710		371,618
Clas Ohlson AB, Class B		12,945		138,406
Cloetta AB, Class B		69,513		116,127

44 2 0 2 3  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, 2023 iShares^® International Developed Small Cap Value Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
Fabege AB		79,305	$	631,623
Fagerhult AB		21,522		101,055
Granges AB		33,099		311,362
Hexpol AB		78,183		692,745
Hufvudstaden AB, Class A		33,558		370,659
Lindab International AB		21,930		320,163
Loomis AB, Class B		22,338		601,178
NCC AB, Class B		27,999		302,694
Peab AB, Class B		62,118		254,819
Ratos AB, Class B		64,107		190,896
Resurs Holding AB(c)		44,982		96,749
				6,602,781
Switzerland — 7.6%
ALSO Holding AG, Registered		867		217,513
Arbonia AG		14,178		129,954
Aryzta AG(a)		291,261		498,168
Bucher Industries AG, Registered		2,091		797,659
Burckhardt Compression Holding AG		969		527,341
Bystronic AG, Registered		408		253,141
Cembra Money Bank AG		9,282		629,412
Comet Holding AG, Registered		2,346		521,602
EFG International AG		24,582		278,249
Forbo Holding AG, Registered		306		372,751
Galenica AG(c)		15,351		1,134,065
Huber + Suhner AG, Registered		5,253		378,706
Implenia AG, Registered		4,539		148,875
Komax Holding AG, Registered		1,479		339,703
Landis+Gyr Group AG		7,752		559,481
OC Oerlikon Corp. AG, Registered		60,282		255,462
Schweiter Technologies AG, NVS		306		195,092
SFS Group AG		5,508		600,886
Siegfried Holding AG, Registered		1,275		1,089,010
St. Galler Kantonalbank AG, Class A, Registered		867		473,116
Stadler Rail AG		16,881		657,023
Sulzer AG, Registered		5,457		520,447
Swissquote Group Holding SA, Registered		2,754		501,790
Valiant Holding AG, Registered		4,998		517,466
Vetropack Holding AG, Class A, Registered		3,876		171,283
Zehnder Group AG, Registered		2,907		170,410
				11,938,605
United Kingdom — 14.4%
Balanced Commercial Property Trust Ltd.		170,238		140,576
Balfour Beatty PLC		178,041		697,301
Bank of Georgia Group PLC		11,271		507,439
Bellway PLC		38,811		1,078,248
Big Yellow Group PLC		53,652		611,387
C&C Group PLC		123,930		209,644
Centamin PLC		365,160		371,047
Clarkson PLC		7,803		260,384
Close Brothers Group PLC		47,328		509,596
Crest Nicholson Holdings PLC		80,886		171,423
easyJet PLC(a)		118,167		612,499
Grafton Group PLC		62,424		688,518
Grainger PLC		228,021		649,895
Helical PLC		31,977		82,517
Ibstock PLC(c)		117,351		204,031
IG Group Holdings PLC		120,258		941,453
International Distributions Services PLC(a)		214,404		680,992
Investec PLC		197,064		1,158,189

Security	Shares		Value
United Kingdom (continued)
Jupiter Fund Management PLC		139,893	$	163,125
Keller Group PLC		22,389		205,149
Lancashire Holdings Ltd.		76,347		549,591
Man Group PLC/Jersey		374,646		1,018,295
Marks & Spencer Group PLC(a)		623,577		1,793,542
OSB Group PLC		134,079		531,976
Petershill Partners PLC(c)		90,882		167,437
Picton Property Income Ltd.		170,136		141,057
Playtech PLC(a)		97,002		534,952
Plus500 Ltd.		27,795		466,978
Premier Foods PLC		203,439		297,859
Rathbones Group PLC		18,717		396,344
Redde Northgate PLC		71,247		293,818
Redrow PLC		85,221		512,772
Safestore Holdings PLC		67,116		599,630
Savills PLC		42,228		445,926
Serco Group PLC		349,809		635,935
TP ICAP Group PLC		248,982		516,735
Travis Perkins PLC		67,116		686,198
Tritax Big Box REIT PLC		595,170		1,012,867
UK Commercial Property REIT Ltd.		234,345		151,571
Vesuvius PLC		67,065		354,279
Vistry Group PLC		109,446		1,210,702
Workspace Group PLC		45,237		269,470
				22,531,347
United States — 0.1%
GQG Partners Inc.		201,093		177,336
Total Common Stocks — 98.9% (Cost: $169,079,750)				154,485,639
Preferred Stocks
Italy — 0.2%
Danieli & C Officine Meccaniche SpA, Preference Shares, NVS		12,750		266,026
Total Preferred Stocks — 0.2% (Cost: $234,656)				266,026
Total Long-Term Investments — 99.1% (Cost: $169,314,406)				154,751,665
Short-Term Securities
Money Market Funds — 1.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(d)(e)(f)		2,253,962		2,254,638
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(d)(e)		50,000		50,000
Total Short-Term Securities — 1.5% (Cost: $2,304,702)				2,304,638
Total Investments — 100.6% (Cost: $171,619,108)				157,056,303
Liabilities in Excess of Other Assets — (0.6)%				(953,137	)
Net Assets — 100.0%			$	156,103,166

^(a)  Non-income producing security.

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

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, 2021 iShares^® International Developed Small Cap Value Factor ETF

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

^(d) Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares.	$	2,137,769	$	116,909	(a)	$	—	$	304	$	(344)	$	2,254,638		2,253,962	$	20,617	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		50,000	(a)		—		—		—		50,000		50,000		2,581			—
								$	304	$	(344)	$	2,304,638			$	23,198		$	—

^(a)  Represents net amount purchased (sold).

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

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		22		12/07/23	$	341	$	(5,944	)
S&P/TSE 60 Index Mini		9		12/14/23		390		(10,751	)
FTSE 250 Index		13		12/15/23		580		(8,938	)
							$	(25,633	)

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)	$	—	$	—	$	25,633	$	—	$	—	$	—	$	25,633

^(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).

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Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® International Developed Small Cap Value Factor ETF

For the period ended September 30, 2023, 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	$	—	$	—	$	38,647	$	—	$	—	$	—	$	38,647
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(35,204)	$	—	$	—	$	—	$	(35,204	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	1,140,271

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 Funds 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
Assets
Investments
Long-Term Investments
Common Stocks	$	36,944,804	$	117,540,835	$	—	$	154,485,639
Preferred Stocks		—		266,026		—		266,026
Short-Term Securities
Money Market Funds		2,304,638		—		—		2,304,638
	$	39,249,442	$	117,806,861	$	—	$	157,056,303
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(10,751)	$	(14,882)	$	—	$	(25,633)

^(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, 2023 iShares^® International Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 2.1%
Altium Ltd.		7,280	$	200,986
AUB Group Ltd.		8,944		166,864
Bapcor Ltd.		55,952		243,421
Brickworks Ltd.		11,024		176,138
carsales.com Ltd.		36,816		659,535
Cleanaway Waste Management Ltd.		222,560		346,628
Collins Foods Ltd.		18,928		115,746
Computershare Ltd.		82,784		1,379,556
CSL Ltd.		31,824		5,126,942
Elders Ltd.		69,264		256,193
IPH Ltd.		51,376		243,275
Nick Scali Ltd.		23,712		168,201
Northern Star Resources Ltd.		123,760		821,797
PSC Insurance Group Ltd.		26,624		83,116
Sonic Healthcare Ltd.		80,704		1,541,038
Steadfast Group Ltd.		145,600		525,907
Technology One Ltd.		19,344		191,830
Washington H Soul Pattinson & Co. Ltd.		32,240		672,548
				12,919,721
Belgium — 0.2%
Elia Group SA/NV		3,737		365,707
UCB SA		10,608		868,893
				1,234,600
Brazil — 0.2%
Localiza Rent a Car SA		90,034		1,048,908
Canada — 20.0%
Alimentation Couche-Tard Inc.		27,456		1,394,379
Atco Ltd., Class I, NVS		18,558		470,013
Barrick Gold Corp.		241,072		3,501,823
Brookfield Asset Management Ltd.		48,048		1,601,069
Brookfield Corp., Class A		70,304		2,198,278
Canadian Imperial Bank of Commerce		276,224		10,662,562
Canadian National Railway Co.		59,072		6,397,129
Canadian Natural Resources Ltd.		201,344		13,021,209
Canadian Tire Corp. Ltd., Class A, NVS		11,440		1,230,121
Canadian Western Bank		21,632		448,168
Capital Power Corp		33,107		924,290
Cargojet Inc.		1,456		96,520
CCL Industries Inc., Class B, NVS		12,272		515,094
Cogeco Communications Inc.		4,160		192,556
Dollarama Inc.		4,576		315,275
Empire Co. Ltd., Class A, NVS		14,560		396,092
Enghouse Systems Ltd.		5,616		123,959
EQB Inc.		2,288		127,013
Finning International Inc.		16,293		480,543
FirstService Corp.		1,166		169,597
Fortis Inc.		101,961		3,872,754
Franco-Nevada Corp.		8,736		1,166,279
George Weston Ltd.		4,992		553,613
Great-West Lifeco Inc.		67,808		1,940,010
Hydro One Ltd.(a)		50,336		1,281,516
iA Financial Corp. Inc.		16,848		1,056,838
Imperial Oil Ltd.		20,384		1,255,531
Intact Financial Corp.		17,888		2,607,901
Jamieson Wellness Inc.(a)		4,784		85,836
Loblaw Companies Ltd.		10,192		865,935
Magna International Inc.		39,520		2,117,917

Security	Shares		Value
Canada (continued)
Manulife Financial Corp		498,784	$	9,114,536
Maple Leaf Foods Inc.(b)		11,856		227,824
Metro Inc.		18,720		972,213
North West Co. Inc.(The)		11,648		293,290
Open Text Corp.		30,160		1,058,514
Parkland Corp.		29,328		857,870
Power Corp. of Canada		150,800		3,839,252
Premium Brands Holdings Corp., Class A		5,824		407,776
Quebecor Inc., Class B		28,912		619,642
RB Global Inc.		14,560		911,601
Royal Bank of Canada		186,992		16,341,580
Saputo Inc.		29,536		617,576
Stantec Inc.		4,576		296,914
Stella-Jones Inc.		3,952		190,057
Sun Life Financial Inc.		124,384		6,068,785
TFI International Inc.		3,744		480,842
TMX Group Ltd.		32,864		706,277
Toromont Industries Ltd.		6,032		491,264
Toronto-Dominion Bank(The)		275,808		16,616,506
Waste Connections Inc.		8,736		1,172,968
Wheaton Precious Metals Corp.		31,066		1,260,709
				123,615,816
China — 6.2%
Bank of China Ltd., Class A		2,059,200		1,065,321
Bosideng International Holdings Ltd.		832,000		357,160
China Coal Energy Co. Ltd.		83,200		99,906
China Coal Energy Co. Ltd., Class H		832,000		651,416
China Construction Bank Corp., Class A		249,600		215,919
China Foods Ltd.		416,000		136,646
China Medical System Holdings Ltd.		416,000		627,867
China Merchants Bank Co. Ltd., Class A		468,000		2,130,942
China Merchants Bank Co. Ltd., Class H		936,000		3,885,900
China National Nuclear Power Co. Ltd., Class A		416,000		416,876
China Railway Group Ltd., Class A		291,200		273,712
China Railway Group Ltd., Class H		1,040,000		534,848
China Resources Gas Group Ltd.		249,600		729,846
China Suntien Green Energy Corp. Ltd., Class H		832,000		287,295
China Tourism Group Duty Free Corp. Ltd., Class A		10,600		155,332
China Water Affairs Group Ltd.		258,000		166,713
Citic Pacific Special Steel Group Co. Ltd.		83,200		169,053
CSPC Pharmaceutical Group Ltd.		1,354,000		990,239
ENN Energy Holdings Ltd.		208,000		1,713,961
Greentown China Holdings Ltd.		271,000		280,233
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd.		4,000		11,518
Haier Smart Home Co. Ltd., Class H		291,200		910,165
Harbin Boshi Automation Co. Ltd.		16,400		36,052
Huaxia Bank Co. Ltd., Class A		487,600		382,791
Industrial & Commercial Bank of China Ltd., Class A		2,766,400		1,775,743
Industrial Bank Co. Ltd., Class A		644,800		1,443,937
Inspur Electronic Information Industry Co. Ltd., Class A		16,400		84,526
Kweichow Moutai Co. Ltd., Class A		7,000		1,737,717
Luzhou Laojiao Co. Ltd., Class A		7,900		236,527
Metallurgical Corp. of China Ltd., Class A		187,200		94,419
Ping An Insurance Group Co. of China Ltd., Class A		208,000		1,387,830
Ping An Insurance Group Co. of China Ltd., Class H		1,812,500		10,279,857
Postal Savings Bank of China Co. Ltd., Class H(a)		2,912,000		1,466,329
Shanghai Baosight Software Co. Ltd., Class A		20,908		129,740
Shanghai Tunnel Engineering Co. Ltd., Class A		124,800		100,357
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		98,000		100,038

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Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® International Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Sinoma Science & Technology Co. Ltd., Class A		16,400	$	46,253
Tsingtao Brewery Co. Ltd., Class A		3,500		42,047
Tsingtao Brewery Co. Ltd., Class H		54,000		439,720
Wuliangye Yibin Co. Ltd., Class A		26,700		575,893
Xiamen Xiangyu Co. Ltd.		99,200		92,577
Yankuang Energy Group Co. Ltd., Class A		259,850		722,210
Yuexiu Property Co. Ltd.		577,000		663,246
Zhengzhou Coal Mining Machinery Group Co. Ltd.		20,800		37,363
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class H		124,800		121,272
Zhongsheng Group Holdings Ltd.		104,000		291,188
				38,098,500
Colombia — 0.1%
Grupo Argos SA		108,876		249,505
Grupo Nutresa SA		10,192		123,701
Interconexion Electrica SA ESP		151,158		552,757
				925,963
Denmark — 3.8%
Carlsberg A/S, Class B		13,520		1,704,669
Coloplast A/S, Class B		16,224		1,716,775
DSV A/S		3,978		741,263
Novo Nordisk A/S		181,223		16,500,568
Orsted A/S(a)		35,360		1,923,697
Royal Unibrew A/S		6,032		465,854
Scandinavian Tobacco Group A/S, Class A(a)		24,544		373,865
				23,426,691
Finland — 0.6%
Huhtamaki OYJ		16,640		547,051
Kesko OYJ, Class A		25,145		459,443
Kesko OYJ, Class B		90,480		1,621,061
Olvi OYJ, Class A		3,328		106,082
Uponor OYJ		6,656		199,742
Valmet OYJ		24,336		555,604
				3,488,983
France — 4.5%
Equasens		624		48,048
Sanofi		168,064		18,045,914
Schneider Electric SE		59,488		9,803,150
Thermador Groupe		1,040		86,644
				27,983,756
Germany — 5.3%
Adesso SE		208		22,479
Bechtle AG		6,448		300,285
Brenntag SE		20,592		1,593,341
Deutsche Boerse AG		22,256		3,843,540
E.ON SE		531,856		6,289,734
Eckert & Ziegler Strahlen- und Medizintechnik AG		2,080		70,724
Fresenius Medical Care AG & Co. KGaA		28,496		1,225,099
Fresenius SE & Co. KGaA		71,344		2,215,960
FUCHS SE		6,240		199,817
LANXESS AG(b)		15,808		399,653
Nemetschek SE		2,496		151,903
SAP SE		91,512		11,845,499
Stratec SE		416		19,416
Symrise AG, Class A		7,904		752,452
Vonovia SE		154,960		3,712,578
				32,642,480

Security	Shares		Value
Hong Kong — 2.4%
AIA Group Ltd.		1,331,200	$	10,765,604
CK Infrastructure Holdings Ltd.		200,000		943,670
Kerry Logistics Network Ltd.		104,000		92,818
Swire Properties Ltd.		332,800		692,131
Techtronic Industries Co. Ltd.		245,000		2,365,128
VSTECS Holdings Ltd.(b)		416,000		233,238
				15,092,589
India — 2.4%
Aegis Logistics Ltd.		17,264		68,367
Asian Paints Ltd.		18,304		695,706
Astral Ltd.		978		22,459
Balaji Amines Ltd.		208		5,432
Berger Paints India Ltd.		3,952		27,027
Berger Paints India Ltd., NVS		790		5,405
Bharat Electronics Ltd.		242,944		403,638
CRISIL Ltd.		1,872		88,320
Grindwell Norton Ltd.		1,664		41,606
Indraprastha Gas Ltd.		74,464		406,978
Infosys Ltd.		431,184		7,410,032
ITC Ltd.		446,160		2,383,845
KEI Industries Ltd.		1,040		33,134
Larsen & Toubro Infotech Ltd.(a)		5,015		313,343
Mphasis Ltd.		9,304		265,250
Persistent Systems Ltd.		1,664		115,635
Pidilite Industries Ltd.		3,328		97,609
Radico Khaitan Ltd.		776		11,228
Reliance Industries Ltd.		55,536		1,563,597
Reliance Industries Ltd., GDR(a)		4,632		258,267
Schaeffler India Ltd.		1,248		49,688
Tata Elxsi Ltd.		1,248		108,298
TTK Prestige Ltd.		1,388		13,066
UltraTech Cement Ltd.		2,807		278,361
Vinati Organics Ltd.		164		3,642
ZF Commercial Vehicle Control Systems India Ltd.		210		39,326
				14,709,259
Indonesia — 0.6%
Bank Central Asia Tbk PT		6,531,200		3,721,051
Bank Pembangunan Daerah Jawa Timur Tbk PT		894,400		36,748
				3,757,799
Ireland — 0.4%
Kerry Group PLC, Class A		9,559		798,697
Smurfit Kappa Group PLC		52,624		1,748,157
				2,546,854
Italy — 0.9%
A2A SpA		404,560		719,024
ACEA SpA		17,056		185,503
Buzzi Unicem SpA		9,152		250,099
DiaSorin SpA		1,456		132,587
Interpump Group SpA		2,912		133,207
Iren SpA		159,536		306,744
Italgas SpA		135,408		692,778
Recordati Industria Chimica e Farmaceutica SpA		14,768		695,946
Reply SpA		1,040		97,586
Terna - Rete Elettrica Nazionale		308,048		2,316,963
				5,530,437
Japan — 18.8%
Aeon Mall Co. Ltd.		20,800		244,802
AGC Inc.		45,000		1,577,132
Aica Kogyo Co. Ltd.		20,800		463,716

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, 2023 iShares^® International Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Air Water Inc.		42,000	$	522,796
Alfresa Holdings Corp.		20,800		341,022
Astellas Pharma Inc.		255,700		3,539,302
Benefit One Inc.		20,800		150,219
Chiba Bank Ltd.(The)		104,000		755,569
COMSYS Holdings Corp.		20,800		434,877
DCM Holdings Co. Ltd.		20,800		168,958
Denka Co. Ltd.		20,800		375,718
EXEO Group Inc.		20,800		426,175
FUJIFILM Holdings Corp.		30,500		1,764,442
Hisamitsu Pharmaceutical Co. Inc.		9,600		349,283
Hulic Co. Ltd.		104,000		932,550
Kandenko Co. Ltd.		20,800		191,525
Kao Corp.		71,100		2,635,321
KDDI Corp.		249,600		7,640,372
Kobayashi Pharmaceutical Co. Ltd.		500		22,300
Kokuyo Co. Ltd.		20,800		329,620
Kubota Corp.		124,800		1,835,910
Kurita Water Industries Ltd.		2,600		90,477
Kyowa Kirin Co. Ltd.		26,600		462,491
Lasertec Corp.		3,200		497,640
M3 Inc.		20,800		377,286
MCJ Co. Ltd.		20,800		155,996
Medipal Holdings Corp.		20,800		351,593
Mitsubishi Corp.		181,900		8,667,595
Mitsubishi UFJ Financial Group Inc.		1,643,200		13,924,732
MonotaRO Co. Ltd.		20,800		221,753
Morinaga & Co. Ltd.		6,100		220,352
Murata Manufacturing Co. Ltd.		187,200		3,414,931
NEC Networks & System Integration Corp.		20,800		273,110
Nichias Corp.		20,800		426,221
Nippon Gas Co. Ltd.		20,800		307,847
Nippon Sanso Holdings Corp.		21,000		497,206
Nippon Telegraph & Telephone Corp.		4,499,100		5,325,291
Nissan Chemical Corp.		20,800		884,197
Nisshin Seifun Group Inc.		20,800		265,064
Nitori Holdings Co. Ltd.		3,000		334,486
Nitto Denko Corp.		19,300		1,265,605
Nomura Real Estate Holdings Inc.		21,800		547,301
Nomura Research Institute Ltd.		20,800		540,628
NSD Co. Ltd.		20,800		394,273
NTT Data Corp.		41,600		556,664
Obic Co. Ltd.		2,100		318,193
Open House Group Co. Ltd.		5,100		172,926
PALTAC Corp.		200		6,265
Pan Pacific International Holdings Corp.		20,800		436,529
Raito Kogyo Co. Ltd.		20,800		287,028
Rinnai Corp.		20,800		388,939
Sangetsu Corp.		20,800		405,248
SBI Holdings Inc.		62,400		1,313,258
SCSK Corp.		21,000		366,131
Sekisui House Ltd.		134,600		2,678,733
Seven & i Holdings Co. Ltd.		73,700		2,885,368
Shin-Etsu Chemical Co. Ltd.		222,800		6,471,369
Shionogi & Co. Ltd.		32,200		1,436,263
Ship Healthcare Holdings Inc.		200		3,031
Sohgo Security Services Co. Ltd.		42,300		255,314
Sompo Holdings Inc.		73,000		3,128,544
Sony Group Corp.		37,600		3,074,761
Sumitomo Mitsui Financial Group Inc.		249,600		12,261,858

Security	Shares		Value
Japan (continued)
Sumitomo Realty & Development Co. Ltd.		36,900	$	957,980
Sundrug Co. Ltd.		7,700		208,696
TDK Corp.		41,600		1,537,963
TechnoPro Holdings Inc.		20,800		452,053
Terumo Corp.		41,600		1,101,187
TIS Inc.		20,800		457,375
Tokio Marine Holdings Inc.		311,200		7,205,427
Tokyo Tatemono Co. Ltd.		41,600		575,169
Unicharm Corp.		18,500		654,118
USS Co. Ltd.		41,600		687,704
Valor Holdings Co. Ltd.		21,000		307,085
Yakult Honsha Co. Ltd.		20,800		505,168
Yamaguchi Financial Group Inc.		41,600		364,167
Yamato Holdings Co. Ltd.		21,200		345,056
				115,953,254
Malaysia — 0.0%
Allianz Malaysia Bhd		21,000		71,114
Mexico — 0.4%
Arca Continental SAB de CV		104,000		944,549
Bolsa Mexicana de Valores SAB de CV		166,400		312,319
Grupo Bimbo SAB de CV, Series A		124,800		601,675
Orbia Advance Corp. SAB de CV		270,400		561,824
				2,420,367
Netherlands — 1.2%
IMCD NV		5,824		736,356
NN Group NV		127,088		4,074,210
Wolters Kluwer NV		22,880		2,770,205
				7,580,771
New Zealand — 0.2%
EBOS Group Ltd.		24,752		507,063
Mainfreight Ltd.		11,440		446,677
Summerset Group Holdings Ltd.		33,488		204,556
				1,158,296
Norway — 0.1%
Borregaard ASA		9,984		146,905
Medistim ASA		1,456		28,993
TOMRA Systems ASA		16,432		186,732
				362,630
Philippines — 0.1%
International Container Terminal Services Inc.		185,120		676,291
Poland — 0.0%
Neuca SA		208		31,710
Portugal — 0.0%
Sonae SGPS SA		293,072		284,637
Saudi Arabia — 0.1%
Mouwasat Medical Services Co.		7,072		193,865
United Electronics Co.		10,300		207,278
				401,143
South Africa — 0.0%
PSG Konsult Ltd.		214,864		148,661
South Korea — 0.7%
AfreecaTV Co. Ltd.		624		38,759
Cheil Worldwide Inc.		23,920		355,157
CS Wind Corp.		1,592		64,141
Daesang Corp.		5,724		79,213

50 2 0 2 3  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, 2023 iShares^® International Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea (continued)
Hyundai Home Shopping Network Corp.		776	$	24,039
KIWOOM Securities Co. Ltd.		2,912		203,483
Kolmar BNH Co. Ltd.		4,160		51,032
Korea Zinc Co. Ltd.		3,744		1,402,435
Kumho Petrochemical Co. Ltd.		3,744		371,498
LEENO Industrial Inc.		1,040		118,347
NAVER Corp.		4,784		715,278
NICE Information Service Co. Ltd.		9,152		67,012
Park Systems Corp.		160		19,317
Samsung Electro-Mechanics Co. Ltd.		4,411		448,221
SK Gas Ltd.		208		23,082
Youngone Corp.		3,744		133,822
Youngone Holdings Co. Ltd.		776		46,223
				4,161,059
Spain — 2.7%
Iberdrola SA		1,421,070		15,893,883
Vidrala SA		1,951		169,378
Viscofan SA		6,864		419,052
				16,482,313
Sweden — 0.6%
AAK AB		12,064		217,071
Assa Abloy AB, Class B		91,728		1,993,118
Atrium Ljungberg AB, Class B		5,068		82,475
Bravida Holding AB(a)		42,016		309,245
Castellum AB		65,091		659,797
Catena AB		3,536		122,693
Lifco AB, Class B		8,320		145,545
NP3 Fastigheter AB		2,912		42,023
Platzer Fastigheter Holding AB, Class B		8,944		55,012
				3,626,979
Switzerland — 12.2%
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		57		633,415
Chocoladefabriken Lindt & Spruengli AG, Registered		6		656,974
Coca-Cola HBC AG, Class DI		32,864		898,625
DKSH Holding AG		5,824		393,947
Geberit AG, Registered		5,200		2,593,123
Givaudan SA, Registered		986		3,210,249
Logitech International SA, Registered		13,728		944,465
Nestle SA, Registered		163,280		18,482,642
Novartis AG, Registered		194,272		19,840,734
Partners Group Holding AG		4,368		4,903,492
Roche Holding AG, Bearer		4,784		1,405,476
Roche Holding AG, NVS		66,560		18,170,949
Siegfried Holding AG, Registered		86		73,455
Sika AG, Registered		10,400		2,634,952
Tecan Group AG, Registered		644		216,462
Temenos AG, Registered		5,824		407,332
VZ Holding AG		1,456		151,636
				75,617,928
Taiwan — 0.7%
Advantech Co. Ltd.		53,893		577,066
ASPEED Technology Inc.		2,000		172,285
Lotes Co. Ltd.		8,155		208,403
Parade Technologies Ltd.		15,000		459,119
Silergy Corp.		44,000		417,069
Sinbon Electronics Co. Ltd.		22,000		220,527
Unimicron Technology Corp.		335,000		1,807,412

Security	Shares		Value
Taiwan (continued)
Voltronic Power Technology Corp.		11,000	$	541,716
				4,403,597
Turkey — 0.0%
Aselsan Elektronik Sanayi Ve Ticaret AS		21,016		31,236
Tofas Turk Otomobil Fabrikasi AS		13,728		147,759
				178,995
United Kingdom — 11.6%
Ashtead Group PLC		35,360		2,144,323
BAE Systems PLC		420,784		5,113,300
British American Tobacco PLC		567,008		17,803,302
Bunzl PLC		39,104		1,392,641
Chemring Group PLC		35,984		121,834
Clarkson PLC		4,992		166,582
Cranswick PLC		6,448		278,597
Croda International PLC		15,600		931,813
DCC PLC		21,514		1,204,559
Dechra Pharmaceuticals PLC		7,488		345,345
Diageo PLC		309,504		11,410,822
Diploma PLC		12,480		455,615
Drax Group PLC		84,857		454,307
EMIS Group PLC		6,448		151,994
Games Workshop Group PLC		7,280		937,374
Gamma Communications PLC		6,032		80,312
GlobalData PLC, NVS(b)		10,400		19,287
Halma PLC		18,720		441,057
Hargreaves Lansdown PLC		100,256		942,904
Hilton Food Group PLC		16,640		145,072
Impax Asset Management Group PLC		29,120		162,308
Learning Technologies Group PLC		50,544		39,561
London Stock Exchange Group PLC		27,248		2,730,954
National Grid PLC		1,143,339		13,673,587
RELX PLC		218,816		7,382,833
RWS Holdings PLC		83,064		243,029
Sage Group PLC(The)		113,152		1,361,660
Sirius Real Estate Ltd.		327,808		343,651
Softcat PLC		11,648		207,349
Spectris PLC		12,480		515,943
Spirax-Sarco Engineering PLC		6,032		698,223
				71,900,138
Total Common Stocks — 99.1% (Cost: $610,326,191)				612,482,239
Preferred Stocks
Germany — 0.1%
Fuchs Petrolub SE, Preference Shares, NVS		9,776		378,958
South Korea — 0.0%
Samsung Electro-Mechanics Co. Ltd., Preference Shares		368		18,406
Total Preferred Stocks — 0.1% (Cost: $337,943)				397,364

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, 2023 iShares^® International Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Rights
Brazil — 0.0%
Localiza Rent a Car SA, (Expires 11/17/23, Strike Price BRL 47.13)		660	$	2,101
Total Rights — 0.0% (Cost: $—)				2,101
Total Long-Term Investments — 99.2% (Cost: $610,664,134)				612,881,704
Short-Term Securities
Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(c)(d)(e)		813,486		813,730
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(c)(d)		5,810,000		5,810,000
Total Short-Term Securities — 1.1% (Cost: $6,623,825)				6,623,730
Total Investments — 100.3% (Cost: $617,287,959)				619,505,434
Liabilities in Excess of Other Assets — (0.3)%				(1,860,321	)
Net Assets — 100.0%			$	617,645,113

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

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,609,211	$	—		$	(1,795,814	)(a)	$	1	$	332	$	813,730		813,486	$	17,889	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,310,000		4,500,000	(a)		—			—		—		5,810,000		5,810,000		24,184			—
									$	1	$	332	$	6,623,730			$	42,073		$	—

^(a)  Represents net amount purchased (sold).

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

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/TSE 60 Index		4		12/14/23	$	693	$	(9,484	)
MSCI EAFE Index		39		12/15/23		3,981		(90,173	)
							$	(99,657	)

52 2 0 2 3  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, 2023 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)	$	—	$	—	$	99,657	$	—	$	—	$	—	$	99,657

^(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, 2023, 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	$	—	$	—	$	68,478		$	—	$	—	$	—	$	68,478
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(241,363	)	$	—	$	—	$	—	$	(241,363	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	4,391,128

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
Assets
Investments
Long-Term Investments
Common Stocks	$	130,101,826		$	482,380,413	$	—	$	612,482,239
Preferred Stocks		—			397,364		—		397,364
Rights		2,101			—		—		2,101
Short-Term Securities
Money Market Funds		6,623,730			—		—		6,623,730
	$	136,727,657		$	482,777,777	$	—	$	619,505,434
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(99,657	)	$	—	$	—	$	(99,657	)

^(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 53

Schedule of Investments (unaudited) September 30, 2023 iShares^® Latin America 40 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 41.0%
Ambev SA, ADR		14,338,775	$	36,994,041
B3 SA - Brasil, Bolsa, Balcao		18,915,427		46,248,540
Banco do Brasil SA		4,657,208		43,713,297
CCR SA		3,207,736		8,225,864
Centrais Eletricas Brasileiras SA		3,360,424		24,662,252
Itausa SA		226,421		407,657
Localiza Rent a Car SA		2,757,529		32,125,593
Lojas Renner SA		3,142,952		8,378,621
Magazine Luiza SA(a)		9,404,913		3,966,620
Natura & Co.. Holding SA(a)		2,739,549		7,935,430
NU Holdings Ltd.(a)		7,729,627		56,039,796
Petroleo Brasileiro SA, ADR		6,048,170		90,662,068
Rede D’Or Sao Luiz SA(b)		3,349,649		16,933,002
Telefonica Brasil SA, ADR NVS		1,138,528		9,734,414
Vale SA, Class B, ADR		11,803,715		158,169,781
WEG SA		4,775,378		34,457,622
				578,654,598
Chile — 6.2%
Banco de Chile		141,321,223		14,378,169
Banco Santander Chile, ADR		503,998		9,243,323
Cencosud SA		4,155,218		7,878,853
Empresas CMPC SA		3,569,584		6,571,987
Empresas COPEC SA		1,183,097		8,387,454
Enel Americas SA(a)		62,771,997		7,206,493
Falabella SA		2,520,497		5,631,933
Sociedad Quimica y Minera de Chile SA, ADR		464,252		27,701,917
				87,000,129
Colombia — 1.7%
Bancolombia SA, ADR		368,409		9,829,152
Ecopetrol SA, ADR		800,232		9,266,686
Interconexion Electrica SA ESP		1,433,511		5,242,089
				24,337,927
Mexico — 26.2%
America Movil SAB de CV		67,691,126		58,611,912
Cemex SAB de CV, NVS(a)		49,206,311		32,103,041
Fibra Uno Administracion SA de CV		9,166,536		15,279,752
Fomento Economico Mexicano SAB de CV		5,971,415		65,215,287
Grupo Bimbo SAB de CV, Series A		4,882,159		23,537,455
Grupo Financiero Banorte SAB de CV, Class O		8,060,829		67,580,991
Grupo Mexico SAB de CV, Series B		10,122,468		47,912,918
Wal-Mart de Mexico SAB de CV		15,892,966		59,823,760
				370,065,116
Peru — 3.5%
Credicorp Ltd.		220,897		28,268,189
Southern Copper Corp.		276,439		20,813,092
				49,081,281
Total Common Stocks — 78.6% (Cost: $1,147,019,513)				1,109,139,051

Security	Shares		Value
Preferred Stocks
Brazil — 20.1%
Banco Bradesco SA, Preference Shares, ADR(c)		17,266,921	$	49,210,725
Gerdau SA, Preference Shares, ADR		3,759,489		17,932,763
Itau Unibanco Holding SA, Preference Shares, ADR		15,752,058		84,588,551
Itausa SA, Preference Shares, NVS		16,982,284		30,575,578
Petroleo Brasileiro SA, Preference Shares, ADR		7,466,175		102,361,259
				284,668,876
Total Preferred Stocks — 20.1% (Cost: $353,233,674)				284,668,876
Rights
Brazil — 0.0%
Localiza Rent a Car SA, (Expires 11/17/23, Strike Price BRL 47.13)		20,158		64,165
Total Rights — 0.0% (Cost: $—)				64,165
Total Long-Term Investments — 98.7% (Cost: $1,500,253,187)				1,393,872,092
Short-Term Securities
Money Market Funds — 0.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(d)(e)(f)		162,024		162,072
Total Short-Term Securities — 0.0% (Cost: $162,072)				162,072
Total Investments — 98.7% (Cost: $1,500,415,259)				1,394,034,164
Other Assets Less Liabilities — 1.3%				17,697,948
Net Assets — 100.0%			$	1,411,732,112

^(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.

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Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® Latin America 40 ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	28,498,843	$	—	$	(28,338,163	)(a)	$	(3,209	)	$	4,601	$	162,072		162,024	$	11,509	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		6,620,000		—		(6,620,000	)(a)		—			—		—		—		50,973			—
								$	(3,209	)	$	4,601	$	162,072			$	62,482		$	—

^(a)  Represents net amount purchased (sold).

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

^(c)  As of period end, the entity is no longer held.

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
Bclear MSCI Brazil Index		200		12/15/23	$	10,832	$	3,569
Mexican BOLSA Index		178		12/15/23		5,274		(71,830	)
							$	(68,261	)

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
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	3,569	$	—	$	—	$	—	$	3,569
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	71,830	$	—	$	—	$	—	$	71,830

^(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).

S C H E D U L E  O F  I N V E S T M E N T S 55

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® Latin America 40 ETF

For the period ended September 30, 2023, 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	$	—	$	—	$	366,770		$	—	$	—	$	—	$	366,770
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(187,698	)	$	—	$	—	$	—	$	(187,698	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	14,774,826

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
Assets
Investments
Long-Term Investments
Common Stocks	$	1,081,514,799		$	27,624,252	$	—	$	1,109,139,051
Preferred Stocks		284,668,876			—		—		284,668,876
Rights		64,165			—		—		64,165
Short-Term Securities
Money Market Funds		162,072			—		—		162,072
	$	1,366,409,912		$	27,624,252	$	—	$	1,394,034,164
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	3,569		$	—	$	—	$	3,569
Liabilities
Equity Contracts		(71,830	)		—		—		(71,830	)
	$	(68,261	)	$	—	$	—		(68,261	)

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

See notes to financial statements.

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Statements of Assets and Liabilities  (unaudited)

September 30, 2023

	iShares Asia 50 ETF			iShares Blockchain and Tech ETF			iShares Emerging Markets Infrastructure ETF			iShares Europe ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	1,497,593,677		$	7,203,604		$	20,515,087		$	1,596,851,002
Investments, at value — affiliated(c)		6,684,913			2,339,263			706,084			9,258,618
Cash		3,927			6,880			11,490			11,366
Cash pledged for futures contracts		274,000			1,365			16,000			1
Foreign currency collateral pledged for futures contracts		—			—			—			91,497
Foreign currency, at value(d)		1,269,094			3,071			772			808,226
Receivables:
Investments sold		—			—			1,304,187			—
Securities lending income — affiliated		2,989			3,868			297			1,532
Dividends — unaffiliated		2,627,251			771			115,654			1,493,410
Dividends — affiliated		3,322			21			124			10,924
Tax reclaims		—			—			—			3,732,033
Variation margin on futures contracts		30,938			—			1,760			305
Total assets		1,508,490,111			9,558,843			22,671,455			1,612,258,914
LIABILITIES
Collateral on securities loaned, at value		5,373,157			2,329,009			697,451			6,539,000
Payables:
Investments purchased		—			—			1,264,043			—
Investment advisory fees		636,139			2,976			10,285			793,872
IRS compliance fee for foreign withholding tax claims		—			—			—			6,096,697
Professional fees		—			—			—			4,706
Variation margin on futures contracts		—			392			—			—
Total liabilities		6,009,296			2,332,377			1,971,779			13,434,275
Commitments and contingent liabilities
NET ASSETS	$	1,502,480,815		$	7,226,466		$	20,699,676		$	1,598,824,639
NET ASSETS CONSIST OF
Paid-in capital	$	1,830,428,049		$	10,141,856		$	55,561,885		$	2,110,987,184
Accumulated loss		(327,947,234	)		(2,915,390	)		(34,862,209	)		(512,162,545	)
NET ASSETS	$	1,502,480,815		$	7,226,466		$	20,699,676		$	1,598,824,639
NET ASSET VALUE
Shares outstanding		27,000,000			450,000			1,000,000			33,500,000
Net asset value	$	55.65		$	16.06		$	20.70		$	47.73
Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited
Par value		None			None			None			None
(a) Investments, at cost — unaffiliated	$	1,654,764,778		$	6,873,114		$	20,461,291		$	1,733,571,431
(b) Securities loaned, at value	$	5,112,308		$	2,231,589		$	672,407		$	6,267,917
(c)  Investments, at cost — affiliated	$	6,684,376		$	2,338,939		$	705,878		$	9,258,178
(d) Foreign currency, at cost	$	1,278,483		$	3,098		$	981		$	766,270

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

Statement of Assets and Liabilities (unaudited) (continued)

September 30, 2023

	iShares Future Metaverse Tech and Communications ETF			iShares India 50 ETF		iShares International Developed Property ETF			iShares International Developed Small Cap Value Factor ETF
ASSETS
Investments, at value — unaffiliated(a)(b)		$	5,565,260	$	662,566,731	$	37,422,845		$	154,751,665
Investments, at value — affiliated(c)			247,225		11,660,000		943,499			2,304,638
Cash			6,381		8,563		972			1,258
Cash pledged for futures contracts			—		146,000		12,000			56,000
Foreign currency collateral pledged for futures contracts			—		—		4,476			—
Foreign currency, at value(d)			928		106		48,018			304,232
Receivables:
Investments sold			2,420		1,366,284		2,578			—
Securities lending income — affiliated			19		—		718			1,316
Dividends — unaffiliated			4,152		—		171,116			770,765
Dividends — affiliated			6		49,141		201			181
Tax reclaims			263		—		35,332			208,866
Variation margin on futures contracts			—		10,296		162			—
Total assets			5,826,654		675,807,121		38,641,917			158,398,921
LIABILITIES
Collateral on securities loaned, at value			247,250		—		554,101			2,253,982
Payables:
Investments purchased			—		1,135,773		—			—
Deferred foreign capital gain tax			—		9,477,594		3,343			—
Foreign taxes			—		106		330			—
Income distributions			—		—		380,795			—
Investment advisory fees			2,193		487,496		15,400			39,231
Variation margin on futures contracts			—		—		—			2,542
Total liabilities			249,443		11,100,969		953,969			2,295,755
Commitments and contingent liabilities
NET ASSETS		$	5,577,211	$	664,706,152	$	37,687,948		$	156,103,166
NET ASSETS CONSIST OF
Paid-in capital		$	5,104,279	$	334,417,415	$	95,402,876		$	173,512,227
Accumulated earnings (loss)			472,932		330,288,737		(57,714,928	)		(17,409,061	)
NET ASSETS		$	5,577,211	$	664,706,152	$	37,687,948		$	156,103,166
NET ASSETVALUE
Shares outstanding			200,000		14,700,000		1,500,000			5,100,000
Net asset value		$	27.89	$	45.22	$	25.13		$	30.61
Shares authorized			Unlimited		Unlimited		Unlimited			Unlimited
Par value			None		None		None			None
(a) Investments, at cost — unaffiliated		$	5,256,685	$	601,080,889	$	60,523,204		$	169,314,406
(b) Securities loaned, at value		$	252,126	$	—	$	532,236		$	2,080,883
(c)  Investments, at cost — affiliated		$	247,249	$	11,660,000	$	943,300		$	2,304,702
(d) Foreign currency, at cost		$	958	$	106	$	47,973		$	306,991

See notes to financial statements.

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Statements of Assets and Liabilities (unaudited) (continued)

September 30, 2023

	iShares International Dividend Growth ETF			iShares Latin America 40 ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	612,881,704		$	1,393,872,092
Investments, at value — affiliated(c)		6,623,730			162,072
Cash		26,867			3,912,197
Cash pledged for futures contracts		140,000			1,664,000
Foreign currency collateral pledged for futures contracts		38,284			545,690
Foreign currency, at value(d)		518,774			5,323,905
Receivables:
Investments sold		—			1,227
Securities lending income — affiliated		107			1,635
Capital shares sold		—			669,445
Dividends — unaffiliated		2,630,628			11,369,019
Dividends — affiliated		6,264			7,502
Tax reclaims		676,377			—
Variation margin on futures contracts		—			132,509
Total assets		623,542,735			1,417,661,293
LIABILITIES
Bank borrowings		390			—
Collateral on securities loaned, at value		813,824			160,800
Payables:
Investments purchased		223,247			5,210,242
Deferred foreign capital gain tax		152,874			—
Foreign taxes		7,930			—
Income distributions		4,605,078			—
Investment advisory fees		78,431			558,139
Variation margin on futures contracts		15,848			—
Total liabilities		5,897,622			5,929,181
Commitments and contingent liabilities
NET ASSETS	$	617,645,113		$	1,411,732,112
NET ASSETS CONSIST OF
Paid-in capital	$	649,658,183		$	2,631,616,484
Accumulated loss		(32,013,070	)		(1,219,884,372	)
NET ASSETS	$	617,645,113		$	1,411,732,112
NET ASSETVALUE
Shares outstanding		10,400,000			55,250,000
Net asset value	$	59.39		$	25.55
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a) Investments, at cost — unaffiliated	$	610,664,134		$	1,500,253,187
(b) Securities loaned, at value	$	745,374		$	152,760
(c)  Investments, at cost — affiliated	$	6,623,825		$	162,072
(d) Foreign currency, at cost	$	520,919		$	5,336,120

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 Operations  (unaudited)

Six Months Ended September 30, 2023

	iShares Asia 50 ETF			iShares Blockchain and Tech ETF			iShares Emerging Markets Infrastructure ETF			iShares Europe ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	32,387,229		$	20,842		$	545,599		$	41,215,796
Dividends — affiliated		30,705			150			3,824			86,476
Securities lending income — affiliated — net		16,549			51,058			2,241			23,535
Other income — unaffiliated		—			—			—			44,481
Foreign taxes withheld		(3,345,555	)		(1,584	)		(29,511	)		(3,967,984	)
Foreign withholding tax claims		—			—			—			948,683
IRS compliance fee for foreign withholding tax claims		—			—			—			186,376
Other foreign taxes		(236	)		—			—			—
Total investment income		29,088,692			70,466			522,153			38,537,363
EXPENSES
Investment advisory		4,023,363			18,038			67,592			5,225,721
Commitment costs		9,738			—			134			—
Professional		—			—			—			108,602
Total expenses		4,033,101			18,038			67,726			5,334,323
Net investment income		25,055,591			52,428			454,427			33,203,040
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(43,251,343	)		(94,982	)		(254,984	)		(24,208,398	)
Investments — affiliated		2,201			(205	)		(298	)		1,531
Foreign currency transactions		(268,115	)		(384	)		821			(14,927	)
Futures contracts		35,085			1,134			13,238			143,997
In-kind redemptions — unaffiliated(a)		(1,094,712	)		—			317,373			43,337,418
		(44,576,884	)		(94,437	)		76,150			19,259,621
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(134,721,626	)		(340,894	)		(1,133,623	)		(93,197,711	)
Investments — affiliated		537			193			177			(1,730	)
Foreign currency translations		39,327			(31	)		(193	)		(94,780	)
Futures contracts		(230,299	)		(1,143	)		(1,986	)		(210,879	)
		(134,912,061	)		(341,875	)		(1,135,625	)		(93,505,100	)
Net realized and unrealized loss		(179,488,945	)		(436,312	)		(1,059,475	)		(74,245,479	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(154,433,354	)	$	(383,884	)	$	(605,048	)	$	(41,042,439	)

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

See notes to financial statements.

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Statements of Operations (unaudited) (continued)

Six Months Ended September 30, 2023

	iShares Future Metaverse Tech and Communications ETF				iShares India 50 ETF			iShares International Developed Property ETF			iShares International Developed Small Cap Value Factor ETF
INVESTMENT INCOME
Dividends — unaffiliated		$	21,886		$	6,014,673		$	1,028,366		$	4,429,024
Dividends — affiliated			8			257,409			608			2,581
Securities lending income — affiliated — net			115			—			6,588			20,617
Foreign taxes withheld			(1,069	)		(1,410,980	)		(93,181	)		(439,405	)
Total investment income			20,940			4,861,102			942,381			4,012,817
EXPENSES
Investment advisory			13,264			2,755,543			99,935			282,332
Commitment costs			—			3,508			—			—
Professional			—			—			—			4,862
Total expenses			13,264			2,759,051			99,935			287,194
Less:
Investment advisory fees waived			—			—			—			(39,797	)
Total expenses after fees waived			13,264			2,759,051			99,935			247,397
Net investment income			7,676			2,102,051			842,446			3,765,420
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(a)			152,850			(1,667,078	)		(1,064,907	)		(1,362,710	)
Investments — affiliated			(31	)		—			53			304
Foreign currency transactions			(548	)		(19,512	)		(13,695	)		(42,173	)
Futures contracts			—			86,803			28,278			38,647
In-kind redemptions — unaffiliated(b)			—			—			(817,635	)		—
			152,271			(1,599,787	)		(1,867,906	)		(1,365,932	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(c)			74,492			55,315,965			(1,009,535	)		(4,044,867	)
Investments — affiliated			(24	)		—			(82	)		(344	)
Foreign currency translations			(85	)		1,081			(4,943	)		(12,939	)
Futures contracts			—			(39,459	)		(15,634	)		(35,204	)
			74,383			55,277,587			(1,030,194	)		(4,093,354	)
Net realized and unrealized gain (loss)			226,654			53,677,800			(2,898,100	)		(5,459,286	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	234,330		$	55,779,851		$	(2,055,654	)	$	(1,693,866	)
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of		$	—		$	(1,177,622	)	$	(409	)	$	—
(b) See Note 2 of the Notes to Financial Statements.
(c)  Net of reduction/increase in deferred foreign capital gain tax of.		$	—		$	(6,914,264	)	$	160		$	—

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 Operations (unaudited) (continued)

Six Months Ended September 30, 2023

	iShares International Dividend Growth ETF			iShares Latin America 40 ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	12,567,421		$	50,191,408
Dividends — affiliated		24,184			50,973
Interest — unaffiliated.		5,723			—
Securities lending income — affiliated — net		17,889			11,509
Foreign taxes withheld		(1,253,104	)		(3,437,137	)
Other foreign taxes		(321	)		—
Total investment income		11,361,792			46,816,753
EXPENSES
Investment advisory		469,523			2,971,725
Interest expense		2,355			—
Commitment costs		1,578			6,646
Total expenses		473,456			2,978,371
Net investment income		10,888,336			43,838,382
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(a)		(866,181	)		(18,353,156	)
Investments — affiliated		1			(3,209	)
Foreign currency transactions		(165,264	)		39,224
Futures contracts		68,478			366,770
In-kind redemptions — unaffiliated(b)		—			7,797,269
		(962,966	)		(10,153,102	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(c)		(10,083,736	)		32,384,421
Investments — affiliated		332			4,601
Foreign currency translations		(25,030	)		(93,766	)
Futures contracts		(241,363	)		(187,698	)
		(10,349,797	)		32,107,558
Net realized and unrealized gain (loss)		(11,312,763	)		21,954,456
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(424,427	)	$	65,792,838
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of	$	(37,867	)	$	—
(b) See Note 2 of the Notes to Financial Statements.
(c)  Net of increase in deferred foreign capital gain tax of	$	(132,522	)	$	—

See notes to financial statements.

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Statements of Changes in Net Assets

	iShares Asia 50 ETF						iShares Blockchain and Tech ETF
		Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Six Months Ended 09/30/23 (unaudited)			Period From 04/25/22 to 03/31/23	(a)
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	25,055,591		$	29,780,218		$	52,428		$	81,409
Net realized loss		(44,576,884	)		(55,023,332	)		(94,437	)		(3,175,291	)
Net change in unrealized appreciation (depreciation)		(134,912,061	)		(146,764,220	)		(341,875	)		672,269
Net decrease in net assets resulting from operations		(154,433,354	)		(172,007,334	)		(383,884	)		(2,421,613	)
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		(14,106,211	)		(36,273,723	)		(76,921	)		(32,972	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(4,504,173	)		(1,319,572	)		1,157,886			8,983,970
NET ASSETS
Total increase (decrease) in net assets		(173,043,738	)		(209,600,629	)		697,081			6,529,385
Beginning of period		1,675,524,553			1,885,125,182			6,529,385			—
End of period	$	1,502,480,815		$	1,675,524,553		$	7,226,466		$	6,529,385

^(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 63

Statements of Changes in Net Assets (continued)

	iShares   Emerging Markets Infrastructure ETF							iShares Europe ETF
	Six Months Ended 09/30/23 (unaudited)				Year Ended 03/31/23			Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	454,427		$	583,929		$	33,203,040		$	54,487,262
Net realized gain (loss)			76,150			(1,736,393	)		19,259,621			46,082,397
Net change in unrealized appreciation (depreciation)			(1,135,625	)		590,798			(93,505,100	)		(60,291,024	)
Net increase (decrease) in net assets resulting from operations			(605,048	)		(561,666	)		(41,042,439	)		40,278,635
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(235,977	)(b)		(641,405	)		(40,381,805	)		(50,928,655	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(1,072,183	)		3,220,760			(152,684,512	)		(100,395,818	)
NET ASSETS
Total increase (decrease) in net assets			(1,913,208	)		2,017,689			(234,108,756	)		(111,045,838	)
Beginning of period			22,612,884			20,595,195			1,832,933,395			1,943,979,233
End of period		$	20,699,676		$	22,612,884		$	1,598,824,639		$	1,832,933,395

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

^(b)  A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.

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Statements of Changes in Net Assets (continued)

	iShares Future Metaverse Tech and Communications ETF						iShares India 50 ETF
		Six Months Ended 09/30/23 (unaudited)			Period From 02/14/23 to 03/31/23	(a)		Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23	(b)
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	7,676		$	5,190		$	2,102,051		$	1,492,220
Net realized gain (loss)		152,271			6,848			(1,599,787	)		335,736,820
Net change in unrealized appreciation (depreciation)		74,383			234,104			55,277,587			(390,329,239	)
Net increase (decrease) in net assets resulting from operations		234,330			246,142			55,779,851			(53,100,199	)
DISTRIBUTIONS TO SHAREHOLDERS(c)
Decrease in net assets resulting from distributions to shareholders		(7,540	)		—			(1,004,640	)(d)		(21,001,621	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		—			5,104,279			33,158,981			(12,354,375	)
NET ASSETS
Total increase (decrease) in net assets		226,790			5,350,421			87,934,192			(86,456,195	)
Beginning of period		5,350,421			—			576,771,960			663,228,155
End of period	$	5,577,211		$	5,350,421		$	664,706,152		$	576,771,960

^(a)  Commencement of operations.

^(b)  Consolidated Statement of Changes in Net Assets.

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

^(d)  A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 65

Statements of Changes in Net Assets (continued)

	iShares International Developed Property ETF							iShares International Developed Small Cap Value Factor ETF
	Six Months Ended 09/30/23 (unaudited)				Year Ended 03/31/23			Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	842,446		$	1,780,905		$	3,765,420		$	5,283,505
Net realized loss			(1,867,906	)		(2,795,992	)		(1,365,932	)		(2,515,952	)
Net change in unrealized appreciation (depreciation)			(1,030,194	)		(12,829,576	)		(4,093,354	)		(9,746,404	)
Net decrease in net assets resulting from operations			(2,055,654	)		(13,844,663	)		(1,693,866	)		(6,978,851	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(766,515	)		(977,169	)		(3,428,047	)		(4,915,147	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(2,613,284	)		(5,900,739	)		3,224,313			5,713,393
NET ASSETS
Total decrease in net assets			(5,435,453	)		(20,722,571	)		(1,897,600	)		(6,180,605	)
Beginning of period			43,123,401			63,845,972			158,000,766			164,181,371
End of period		$	37,687,948		$	43,123,401		$	156,103,166		$	158,000,766

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

See notes to financial statements.

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Statements of Changes in Net Assets (continued)

	iShares International Dividend Growth ETF						iShares Latin America 40 ETF
	Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	10,888,336		$	12,584,318		$	43,838,382		$	123,073,780
Net realized loss		(962,966	)		(27,477,959	)		(10,153,102	)		(207,932,460	)
Net change in unrealized appreciation (depreciation)		(10,349,797	)		10,980,300			32,107,558			(181,861,919	)
Net increase (decrease) in net assets resulting from operations		(424,427	)		(3,913,341	)		65,792,838			(266,720,599	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(11,228,129	)		(11,034,484	)		(19,987,269	)(b)		(138,313,795	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		33,877,998			288,496,363			362,793,536			(330,022,276	)
NET ASSETS
Total increase (decrease) in net assets		22,225,442			273,548,538			408,599,105			(735,056,670	)
Beginning of period		595,419,671			321,871,133			1,003,133,007			1,738,189,677
End of period	$	617,645,113		$	595,419,671		$	1,411,732,112		$	1,003,133,007

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

^(b)  A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 67

Financial Highlights

(For a share outstanding throughout each period)

		iShares Asia 50 ETF
	Six Months Ended 09/30/23 (unaudited)				Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19
Net asset value, beginning of period		$	61.83		$	68.67		$	90.91		$	56.05		$	61.05		$	67.20
Net investment income(a)			0.93			1.17			0.93			1.31			1.42			1.48
Net realized and unrealized gain (loss)(b)			(6.58	)		(6.54	)		(21.99	)		34.52			(4.94	)		(6.25	)
Net increase (decrease) from investment operations			(5.65	)		(5.37	)		(21.06	)		35.83			(3.52	)		(4.77	)
Distributions from net investment income(c)			(0.53	)		(1.47	)		(1.18	)		(0.97	)		(1.48	)		(1.38	)
Net asset value, end of period		$	55.65		$	61.83		$	68.67		$	90.91		$	56.05		$	61.05
Total Return(d)
Based on net asset value			(9.20	)%(e)		(7.77	)%		(23.36	)%		64.22	%		(6.00	)%		(6.94	)%
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)		1.95	%		1.12	%		1.66	%		2.32	%		2.43	%
Supplemental Data
Net assets, end of period (000)		$	1,502,481		$	1,675,525		$	1,885,125		$	3,172,670		$	1,059,289		$	1,089,745
Portfolio turnover rate(h)			6	%		12	%		13	%		46	%		6	%		10	%

^(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.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Blockchain and Tech ETF
		Six Months Ended 09/30/23 (unaudited	)		Period From 04/25/22 to 03/31/23	(a)
Net asset value, beginning of period	$	16.32		$	25.56
Net investment income(b)		0.13			0.22
Net realized and unrealized gain(c)		(0.20	)		(9.38	)
Net increase from investment operations		(0.07	)		(9.16	)
Distributions from net investment income(d)		(0.19	)		(0.08	)
Net asset value, end of period	$	16.06		$	16.32
Total Return(e)
Based on net asset value		(0.45	)%(f)		(35.71	)%(f)
Ratios to Average Net Assets(g)
Total expenses		0.47	%(h)		0.47	%(h)
Net investment income		1.37	%(h)		1.56	%(h)
Supplemental Data
Net assets, end of period (000)	$	7,226		$	6,529
Portfolio turnover rate(i)		41	%		87	%

^(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.

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 Emerging Markets Infrastructure ETF
	Six Months Ended 09/30/23 (unaudited)				Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19
Net asset value, beginning of period		$	21.54		$	22.88		$	24.74		$	19.80		$	28.64		$	32.07
Net investment income(a)			0.44			0.57			0.95			0.65			0.75			0.75
Net realized and unrealized gain (loss)(b)			(1.06	)		(1.27	)		(1.84	)		4.91			(8.94	)		(3.45	)
Net increase (decrease) from investment operations			(0.62	)		(0.70	)		(0.89	)		5.56			(8.19	)		(2.70	)
Distributions from net investment income(c)			(0.22	)(d)		(0.64	)		(0.97	)		(0.62	)		(0.65	)		(0.73	)
Net asset value, end of period		$	20.70		$	21.54		$	22.88		$	24.74		$	19.80		$	28.64
Total Return(e)
Based on net asset value			(2.89	)%(f)		(3.11	)%		(3.83	)%		28.33	%		(29.33	)%		(8.35	)%
Ratios to Average Net Assets(g)
Total expenses			0.60	%(h)		0.60	%		0.60	%		0.60	%		0.75	%		0.75	%
Net investment income			4.03	%(h)		2.70	%		3.96	%		2.90	%		2.60	%		2.56	%
Supplemental Data
Net assets, end of period (000)		$	20,700		$	22,613		$	20,595		$	16,083		$	12,870		$	25,773
Portfolio turnover rate(i)			8	%		26	%		23	%		27	%		18	%		25	%

^(a)  Based on average shares outstanding.

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

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

^(d)  A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(f)  Not annualized.

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

^(h)  Annualized.

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

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares Europe ETF
	Six Months Ended 09/30/23 (unaudited)				Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19
Net asset value, beginning of period		$	50.08		$	50.17		$	50.25		$	35.42		$	43.40		$	46.48
Net investment income(a)			0.95	(b)		1.45	(b)		1.24	(b)		0.85			1.24			1.42
Net realized and unrealized gain (loss)(c)			(2.20	)		(0.15	)		0.21			14.82			(7.78	)		(3.16	)
Net increase (decrease) from investment operations			(1.25	)		1.30			1.45			15.67			(6.54	)		(1.74	)
Distributions from net investment income(d)			(1.10	)		(1.39	)		(1.53	)		(0.84	)		(1.44	)		(1.34	)
Net asset value, end of period		$	47.73		$	50.08		$	50.17		$	50.25		$	35.42		$	43.40
Total Return(e)
Based on net asset value			(2.56	)%(b)(f)		2.87	%(b)		2.69	%(b)		44.70	%		(15.61	)%		(3.73	)%
Ratios to Average Net Assets(g)
Total expenses			0.60	%(h)		0.67	%		0.63	%		0.60	%		0.59	%		0.59	%
Total expenses excluding professional fees for foreign withholding tax claims			0.59	%(h)		0.59	%		0.58	%		0.59	%		0.59	%		0.59	%
Net investment income			3.75	%(b)(h)		3.21	%(b)		2.34	%(b)		1.94	%		2.84	%		3.23	%
Supplemental Data
Net assets, end of period (000)		$	1,598,825		$	1,832,933		$	1,943,979		$	1,665,944		$	1,252,107		$	2,002,860
Portfolio turnover rate(i)			3	%		5	%		5	%		5	%		5	%		7	%

^(a)  Based on average shares outstanding.

^(b)  Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended September 30, 2023, year ended March 31, 2023 and year ended March 31, 2022 respectively:

• Net investment income per share by $0.02, $0.27 and $0.18.

• Total return by 0.05%, 0.56% and 0.36%.

• Ratio of net investment income to average net assets by 0.09%, 0.60% 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⁾  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 Future Metaverse Tech and Communications ETF
		Six Months Ended 09/30/23 (unaudited)					Period From 02/14/23 to 03/31/23	(a)
Net asset value, beginning of period			$	26.75		$	25.52
Net investment income(b)				0.04			0.03
Net realized and unrealized gain(c)				1.14			1.20
Net increase from investment operations				1.18			1.23
Distributions from net investment income				(0.04	)		—
Net asset value, end of period			$	27.89		$	26.75
Total Return(d)
Based on net asset value				4.38	%(e)		4.82	%(e)
Ratios to Average Net Assets(f)
Total expenses				0.47	%(g)		0.47	%(g)
Net investment income				0.27	%(g)		0.84	%(g)
Supplemental Data
Net assets, end of period (000)			$	5,577		$	5,350
Portfolio turnover rate(h)				12	%		7	%

^(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)  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.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares India 50 ETF
	Six Months Ended 09/30/23 (unaudited)					Year Ended 03/31/23	(a)		Year Ended 03/31/22	(a)		Year Ended 03/31/21	(a)		Year Ended 03/31/20	(a)		Year Ended 03/31/19	(a)
Net asset value, beginning of period		$	41.20		$	46.38		$	44.60		$	25.87		$	37.92		$	35.00
Net investment income(b)			0.15			0.11			0.05			0.02			0.19			0.16
Net realized and unrealized gain (loss)(c)			3.94			(3.70	)		5.10			18.74			(12.01	)		2.97
Net increase (decrease) from investment operations			4.09			(3.59	)		5.15			18.76			(11.82	)		3.13
Distributions(d)
From net investment income			(0.07	)(e)		—			(3.37	)		(0.03	)		(0.23	)		(0.21	)
From net realized gain			—			(1.59	)		—			—			—			—
Total distributions			(0.07	)		(1.59	)		(3.37	)		(0.03	)		(0.23	)		(0.21	)
Net asset value, end of period		$	45.22		$	41.20		$	46.38		$	44.60		$	25.87		$	37.92
Total Return(f)
Based on net asset value			9.94	%(g)		(7.92	)%		11.57	%		72.59	%		(31.41	)%		9.04	%
Ratios to Average Net Assets(h)
Total expenses			0.89	%(i)		0.93	%(j)		0.89	%		0.90	%		0.93	%		0.94	%
Net investment income			0.68	%(i)		0.25	%		0.10	%		0.06	%		0.51	%		0.45	%
Supplemental Data
Net assets, end of period (000)		$	664,706		$	576,772		$	663,228		$	691,284		$	483,841		$	828,545
Portfolio turnover rate(k)			8	%		108	%		12	%		8	%		26	%		24	%

^(a)  Consolidated Financial Highlights.

^(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)  A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(g)  Not annualized.

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

⁽ⁱ⁾  Annualized.

^(j)  Includes non-recurring expense of Interest expense. Without this cost, total expenses would have been 0.89%.

^(k)  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 73

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares International Developed Property ETF
	Six Months Ended 09/30/23 (unaudited)				Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19
Net asset value, beginning of period		$	26.95		$	35.47		$	36.25		$	27.97		$	38.79		$	38.95
Net investment income(a)			0.54			1.03	(b)		1.06	(b)		0.94			1.14			1.19
Net realized and unrealized gain (loss)(c)			(1.87	)		(8.99	)		(0.35	)		8.19			(9.31	)		0.23
Net increase (decrease) from investment operations			(1.33	)		(7.96	)		0.71			9.13			(8.17	)		1.42
Distributions from net investment income(d)			(0.49	)��		(0.56	)		(1.49	)		(0.85	)		(2.65	)		(1.58	)
Net asset value, end of period		$	25.13		$	26.95		$	35.47		$	36.25		$	27.97		$	38.79
Total Return(e)
Based on net asset value			(4.98	)%(f)		(22.49	)%(b)		1.79	%(b)		32.96	%		(22.52	)%		3.91	%
Ratios to Average Net Assets(g)
Total expenses			0.48	%(h)		0.48	%		0.49	%		0.48	%		0.48	%		0.48	%
Total expenses excluding professional fees for foreign withholding tax claims			N/A			0.48	%		0.48	%		N/A			N/A			N/A
Net investment income			4.05	%(h)		3.55	%(b)		2.82	%(b)		2.92	%		3.01	%		3.16	%
Supplemental Data
Net assets, end of period (000)		$	37,688		$	43,123		$	63,846		$	83,385		$	78,329		$	131,871
Portfolio turnover rate(i)			4	%		6	%		12	%		16	%		8	%		9	%

^(a) Based on average shares outstanding.

^(b)  Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2023 and March 31, 2022 respectively:

• Net investment income per share by $0.01 and $0.04.

• Total return by 0.04% and 0.12%.

• Ratio of net investment income to average net assets by 0.04% and 0.09%.

^(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.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

			iShares International Developed Small Cap Value Factor ETF
	Six Months Ended 09/30/23 (unaudited)					Year Ended 03/31/23			Year Ended 03/31/22			Period From 03/23/21 to 03/31/21	(a)
Net asset value, beginning of period		$	31.60		$	34.20		$	34.37		$	34.52
Net investment income(b)			0.74			1.09			1.59			0.16
Net realized and unrealized loss(c)			(1.06	)		(2.68	)		(0.74	)		(0.31	)
Net increase (decrease) from investment operations			(0.32	)		(1.59	)		0.85			(0.15	)
Distributions from net investment income(d)			(0.67	)		(1.01	)		(1.02	)		—
Net asset value, end of period		$	30.61		$	31.60		$	34.20		$	34.37
Total Return(e)
Based on net asset value			(1.06	)%(f)		(4.56	)%		2.42	%		(0.43	)%(f)
Ratios to Average Net Assets(g)
Total expenses			0.36	%(h)		0.40	%		0.40	%		0.40	%(h)
Total expenses after fees waived			0.31	%(h)		0.30	%		0.30	%		0.30	%(h)
Total expenses excluding professional fees for foreign withholding tax claims			0.35	%(h)		N/A			N/A			N/A
Net investment income			4.66	%(h)		3.59	%		4.55	%		17.96	%(h)
Supplemental Data
Net assets, end of period (000)		$	156,103		$	158,001		$	164,181		$	6,875
Portfolio turnover rate(i)			45	%		18	%		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.

F I N A N C I A L  H I G H L I G H T S 75

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares International Dividend Growth ETF
	Six Months Ended 09/30/23 (unaudited)				Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19
Net asset value, beginning of period		$	60.45		$	65.02		$	64.36		$	45.51		$	53.81		$	56.40
Net investment income(a)			1.07			1.67			1.74			1.53			1.56			1.51
Net realized and unrealized gain (loss)(b)			(1.03	)		(4.77	)		0.39			18.87			(8.24	)		(2.58	)
Net increase (decrease) from investment operations			0.04			(3.10	)		2.13			20.40			(6.68	)		(1.07	)
Distributions from net investment income(c)			(1.10	)		(1.47	)		(1.47	)		(1.55	)		(1.62	)		(1.52	)
Net asset value, end of period		$	59.39		$	60.45		$	65.02		$	64.36		$	45.51		$	53.81
Total Return(d)
Based on net asset value			0.06	%(e)		(4.60	)%		3.28	%		45.29	%		(12.75	)%		(1.88	)%
Ratios to Average Net Assets(f)
Total expenses			0.15	%(g)		0.15	%		0.15	%		0.19	%		0.22	%		0.22	%
Total expenses excluding professional fees for foreign withholding tax claims			N/A			0.15	%		N/A			N/A			N/A			N/A
Net investment income			3.48	%(g)		2.89	%		2.60	%		2.66	%		2.81	%		2.80	%
Supplemental Data
Net assets, end of period (000)		$	617,645		$	595,420		$	321,871		$	189,855		$	79,644		$	75,329
Portfolio turnover rate(h)			13	%		37	%		40	%		66	%		35	%		34	%

^(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.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares Latin America 40 ETF
	Six Months Ended 09/30/23 (unaudited)				Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19
Net asset value, beginning of period		$	23.88		$	30.36		$	27.56		$	18.34		$	33.24		$	37.28
Net investment income(a)			0.92			2.69			1.70			0.68			0.98			0.88
Net realized and unrealized gain (loss)(b)			1.23			(6.26	)		3.09			9.09			(14.83	)		(3.96	)
Net increase (decrease) from investment operations			2.15			(3.57	)		4.79			9.77			(13.85	)		(3.08	)
Distributions from net investment income(c)			(0.48	)(d)		(2.91	)		(1.99	)		(0.55	)		(1.05	)		(0.96	)
Net asset value, end of period		$	25.55		$	23.88		$	30.36		$	27.56		$	18.34		$	33.24
Total Return(e)
Based on net asset value			8.94	%(f)		(11.29	)%		19.25	%		53.62	%		(43.05	)%		(7.93	)%
Ratios to Average Net Assets(g)
Total expenses			0.48	%(h)		0.48	%		0.47	%		0.48	%		0.48	%		0.48	%
Net investment income			7.07	%(h)		10.76	%		6.07	%		2.78	%		3.08	%		2.68	%
Supplemental Data
Net assets, end of period (000)		$	1,411,732		$	1,003,133		$	1,738,190		$	1,770,590		$	797,877		$	1,529,164
Portfolio turnover rate(i)			4	%		24	%		27	%		20	%		22	%		20	%

^(a)  Based on average shares outstanding.

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

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

^(d)  A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(f)  Not annualized.

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

^(h)  Annualized.

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

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 77

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
Asia 50	Non-diversified
Blockchain and Tech	Non-diversified
Emerging Markets Infrastructure	Non-diversified
Europe	Diversified
Future Metaverse Tech and Communications	Non-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

Basis of Consolidation: Effective March 17, 2023, iShares India 50 ETF transferred 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. After the transfer, iShares India 50 ETF began making new investments in India directly. On March 29, 2023, iShares India 50 ETF’s Mauritius Subsidiary was dissolved.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using 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, 2023, 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.

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Notes to Financial Statements  (unaudited) (continued)

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

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

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

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

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).

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)

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

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current 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
Asia 50
BofA Securities, Inc.	$	32,010	$	(32,010	)	$	—		$	—
Goldman Sachs & Co. LLC		1,057,975		(1,057,975	)		—			—
HSBC Bank PLC		3,526,584		(3,526,584	)		—			—
Jefferies LLC		320,321		(320,321	)		—			—
Macquarie Bank Ltd.		175,418		(175,418	)		—			—
	$	5,112,308	$	(5,112,308	)	$	—		$	—
Blockchain and Tech
BNP Paribas SA	$	268,321	$	(268,321	)	$	—		$	—
BofA Securities, Inc.		43,669		(43,669	)		—			—
J.P. Morgan Securities LLC		289,194		(289,194	)		—			—
Jefferies LLC		272,401		(272,401	)		—			—
UBS AG		293,361		(293,361	)		—			—
UBS Securities LLC		960,173		(960,173	)		—			—
Wells Fargo Bank N.A.		104,470		(104,470	)		—			—
	$	2,231,589	$	(2,231,589	)	$	—		$	—
Emerging Markets Infrastructure
Barclays Bank PLC	$	323,932	$	(323,932	)	$	—		$	—
BofA Securities, Inc.		348,475		(348,475	)		—			—
	$	672,407	$	(672,407	)	$	—		$	—

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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
Europe
Goldman Sachs & Co. LLC	$	2,783,598	$	(2,783,598	)	$	—			$	—
HSBC Bank PLC		1,542,411		(1,542,411	)		—				—
J.P. Morgan Securities LLC		1,652,570		(1,652,570	)		—				—
Morgan Stanley & Co. LLC		289,338		(289,338	)		—				—
	$	6,267,917	$	(6,267,917	)	$	—			$	—
International Developed Property
BofA Securities, Inc.	$	—	$	—		$	—			$	—
Goldman Sachs & Co. LLC		99,179		(99,179	)		—				—
HSBC Bank PLC		15,246		(15,246	)		—				—
J.P. Morgan Securities LLC		6,887		(6,887	)		—				—
Jefferies LLC		2		(2	)		—				—
Macquarie Bank Ltd.		31,957		(31,957	)		—				—
Morgan Stanley		268,623		(268,623	)		—				—
SG Americas Securities LLC		110,342		(110,342	)		—				—
UBS AG		—		—			—				—
	$	532,236	$	(532,236	)	$	—			$	—
International Developed Small Cap Value Factor
Barclays Capital, Inc.	$	131,144	$	(131,144	)	$	—		��	$	—
BNP Paribas SA		553,726		(553,726	)		—				—
BofA Securities, Inc.		91,025		(91,025	)		—				—
Goldman Sachs & Co. LLC		190,886		(190,886	)		—				—
HSBC Bank PLC		698,101		(698,101	)		—				—
J.P. Morgan Securities LLC		361,500		(361,500	)		—				—
Nomura Securities International, Inc.		10,240		(10,240	)		—				—
UBS AG		44,261		(44,261	)		—				—
	$	2,080,883	$	(2,080,883	)	$	—			$	—
International Dividend Growth
Goldman Sachs & Co. LLC	$	18,546	$	(18,546	)	$	—			$	—
HSBC Bank PLC		112,134		(112,134	)		—				—
Morgan Stanley		219,061		(219,061	)		—				—
UBS AG		395,633		(395,633	)		—				—
	$	745,374	$	(745,374	)	$	—			$	—
Latin America 40
BMO Capital Markets	$	148,200	$	(148,200	)	$	—			$	—
RBC Capital Markets LLC		4,560		(4,560	)		—				—
	$	152,760	$	(152,760	)	$	—			$	—

^(a)  Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements 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.

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Notes to Financial Statements  (unaudited) (continued)

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the 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 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
Future Metaverse Tech and Communications		0.47
India 50		0.89
International Developed Property		0.48
International Developed Small Cap Value Factor		0.30
International Dividend Growth		0.15

Effective June 30, 2023, for its investment advisory services to the iShares International Developed Small Cap Value Factor ETF, BFA is entitled to an annual investment advisory fee of 0.30%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. Prior to June 30, 2023, BFA was 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 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

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

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.

For the iShares 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 had contractually agreed to waive a portion of its investment advisory fee through July 31, 2024 in order to limit the Fund’s total annual operating expenses after fee waiver to 0.30% of average daily net assets. The contractual waiver was terminated as of June 30, 2023,

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Notes to Financial Statements  (unaudited) (continued)

These amounts are included in investment advisory fees waived in the Statements of Operations. For the six months ended September 30, 2023, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

iShares ETF	Amounts Waived
International Developed Small Cap Value Factor	$	39,797

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 Blockchain and 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 Asia 50 ETF, iShares Emerging Markets Infrastructure ETF, iShares Europe ETF, iShares Future Metaverse Tech and Communications ETF, iShares India 50 ETF, iShares International Developed Property ETF, iShares International Developed Small Cap Value Factor ETF, iShares International Dividend Growth ETF and iShares Latin America 40 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) 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, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Asia 50	$	4,859
Blockchain and Tech		12,424
Emerging Markets Infrastructure		637
Europe		5,804
Future Metaverse Tech and Communications		37
International Developed Property		1,543
International Developed Small Cap Value Factor		4,786
International Dividend Growth		4,160
Latin America 40		4,161

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its 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 83

Notes to Financial Statements  (unaudited) (continued)

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, 2023, 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	$	7,597,053	$	18,284,647	$	(7,829,765)
Blockchain and Tech		32,664		592,364		30,713
Emerging Markets Infrastructure		20,986		48,931		4,045
Europe		14,325,597		1,631,006		(1,979,307)
International Developed Property		72,508		90,800		(83,530)
International Developed Small Cap Value Factor		609,367		3,384,678		(462,281)
International Dividend Growth		11,405,053		7,090,184		(304,187)
Latin America 40		1,311,077		—		—

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, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Asia 50	$	121,433,977	$	99,570,224
Blockchain and Tech		3,190,452		3,144,282
Emerging Markets Infrastructure		1,670,914		1,730,135
Europe		69,035,169		52,393,119
Future Metaverse Tech and Communications		655,015		654,617
India 50		65,290,344		42,595,508
International Developed Property		1,583,076		1,583,580
International Developed Small Cap Value Factor		71,549,141		71,060,030
International Dividend Growth		82,091,088		78,223,481
Latin America 40		164,111,506		44,422,905

For the six months ended September 30, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind   Sales
Asia 50	$	1,099,203	$	14,568,017
Blockchain and Tech		1,095,895		—
Emerging Markets Infrastructure		—		914,351
Europe		—		171,714,541
International Developed Property		—		2,489,478
International Developed Small Cap Value Factor		3,173,828		—
International Dividend Growth		29,075,442		—
Latin America 40		317,672,156		61,736,672

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, 2023, 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.

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Notes to Financial Statements  (unaudited) (continued)

As of March 31, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains and qualified late-year losses as follows:

iShares ETF	Non-Expiring Capital Loss Carryforwards		Qualified   Late-Year   Ordinary   Losses
Asia 50		$(91,304,416)	$	—
Blockchain and Tech		(3,088,039)		—
Emerging Markets Infrastructure		(34,170,843)		—
Europe		(368,616,712)		—
India 50		—		(495,624)
International Developed Property		(31,498,243)		—
International Developed Small Cap Value Factor		(2,549,938)		—
International Dividend Growth		(32,658,402)		—
Latin America 40		(1,036,874,384)		—

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

As of September 30, 2023, 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)
Asia 50	$	1,715,920,284	$	262,314,704	$	(474,010,131	)	$	(211,695,427)
Blockchain and Tech		9,310,776		931,058		(699,360	)		231,698
Emerging Markets Infrastructure		22,226,055		3,946,801		(4,951,686	)		(1,004,885)
Europe		1,775,190,758		220,410,157		(389,505,285	)		(169,095,128)
Future Metaverse Tech and Communications		5,503,934		610,498		(301,947	)		308,551
India 50		335,547,451		377,458,265		(38,795,615	)		338,662,650
International Developed Property		62,656,832		763,905		(25,062,762	)		(24,298,857)
International Developed Small Cap Value Factor		172,585,600		7,868,890		(23,423,820	)		(15,554,930)
International Dividend Growth		619,722,643		46,204,827		(46,521,693	)		(316,866)
Latin America 40		1,590,555,043		88,398,515		(284,987,655	)		(196,589,140)

9. LINE OF CREDIT

The iShares Asia 50 ETF, iShares Emerging Markets Infrastructure ETF, iShares Future Metaverse Tech and Communications 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 9, 2024. 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, 2023, the iShares Asia 50 ETF, iShares Emerging Markets Infrastructure ETF, iShares Future Metaverse Tech and Communications ETF, iShares India 50 ETF and iShares Latin America 40 ETF did not borrow under the Syndicated Credit Agreement.

For the six months ended September 30, 2023, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted    Average    Interest Rates
International Dividend Growth	$	1,650,000	$	76,105		6.20%

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Notes to Financial Statements  (unaudited) (continued)

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: 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.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

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.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Each Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

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

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

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

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Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

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

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

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

11. CAPITAL SHARE TRANSACTIONS

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

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Notes to Financial Statements (unaudited) (continued)

Transactions in capital shares were as follows:

	Six Months Ended 09/30/23						Year Ended 03/31/23
iShares ETF	Shares			Amount			Shares			Amount
Asia 50
Shares sold		400,000		$	24,771,421			4,250,000		$	268,352,378
Shares redeemed		(500,000	)		(29,275,594	)		(4,600,000	)		(269,671,950	)
		(100,000	)	$	(4,504,173)			(350,000	)	$	(1,319,572)

	Six Months Ended 09/30/23				Period Ended 03/31/23
iShares ETF	Shares		Amount		Shares		Amount
Blockchain and Tech
Shares sold		50,000	$	1,157,886		400,000	$	8,983,970

	Six Months Ended 09/30/23						Year Ended 03/31/23
iShares ETF	Shares			Amount			Shares			Amount
Emerging Markets Infrastructure
Shares sold		—		$	780			200,000		$	4,326,610
Shares redeemed		(50,000	)		(1,072,963	)		(50,000	)		(1,105,850	)
		(50,000	)	$	(1,072,183)			150,000		$	3,220,760
Europe
Shares sold		500,000		$	54,632,802			5,600,000		$	267,045,938
Shares redeemed		(4,200,000	)		(207,317,314	)		(7,750,000	)		(367,441,756	)
		(3,700,000	)	$	(152,684,512)			(2,150,000	)	$	(100,395,818)

	Six Months Ended 09/30/23						Period Ended 03/31/23
iShares ETF	Shares			Amount			Shares			Amount
Future Metaverse Tech and Communications
Shares sold		—		$	—			200,000		$	5,104,279
	Six Months Ended 09/30/23						Year Ended 03/31/23
iShares ETF	Shares			Amount			Shares			Amount
India 50
Shares sold		1,050,000		$	47,940,461			750,000		$	32,231,430
Shares redeemed		(350,000	)		(14,781,480	)		(1,050,000	)		(44,585,805	)
		700,000		$	33,158,981			(300,000	)	$	(12,354,375	)
International Developed Property
Shares sold		—		$	49			—		$	21
Shares redeemed		(100,000	)		(2,613,333	)		(200,000	)		(5,900,760	)
		(100,000	)	$	(2,613,284	)		(200,000	)	$	(5,900,739	)
International Developed Small Cap Value Factor
Shares sold		100,000		$	3,224,313			200,000		$	5,713,393
International Dividend Growth
Shares sold		550,000		$	33,877,998			4,900,000		$	288,496,363
Latin America 40
Shares sold		16,500,000		$	443,533,643			13,500,000		$	362,330,132
Shares redeemed		(3,250,000	)		(80,740,107	)		(28,750,000	)		(692,352,408	)
		13,250,000		$	362,793,536			(15,250,000	)	$	(330,022,276	)

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Notes to Financial Statements (unaudited)(continued)

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 iShares Europe ETF is seeking 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’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following item was noted:

Effective October 18, 2023, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 2024 under the same terms.

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Board Review and Approval of Investment Advisory Contract

iShares Asia 50 ETF, iShares International Developed Property ETF (each 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 the approval of 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 2, 2023 and May 15, 2023, 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 7-8, 2023, 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 other fund(s) 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 any waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of any 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, 2022, 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 ongoing 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, including related programs implemented pursuant to regulatory requirements. 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 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

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.

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

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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 (as discussed above), 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 withsubstantially 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, as applicable (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 further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. 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.

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Board Review and Approval of Investment Advisory Contract  (continued)

iShares Blockchain and Tech ETF, iShares International Dividend Growth ETF (each 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 the approval of 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 2, 2023 and May 15, 2023, 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 7-8, 2023, 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 other fund(s) 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 any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any 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, 2022, 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 ongoing 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, including related programs implemented pursuant to regulatory requirements. 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 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

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.

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

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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 (as discussed above), 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 withsubstantially 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, as applicable (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 further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. 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.

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)

iShares Emerging Markets Infrastructure ETF, iShares India 50 ETF (each 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 the approval of 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 2, 2023 and May 15, 2023, 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 7-8, 2023, 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 other fund(s) 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 any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any 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, 2022, 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 ongoing 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, including related programs implemented pursuant to regulatory requirements. 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 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

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.

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

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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 (as discussed above), 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 withsubstantially 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, as applicable (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 further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. 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.

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)

iShares Europe 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 the approval of 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 2, 2023 and May 15, 2023, 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 7-8, 2023, 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 other fund(s) 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 any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any 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, 2022, 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 ongoing 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, including related programs implemented pursuant to regulatory requirements. 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 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

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.

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

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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 (as discussed above), 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.

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 withsubstantially 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, as applicable (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 further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. 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.

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 97

Board Review and Approval of Investment Advisory Contract  (continued)

iShares International Developed Small Cap Value Factor 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 the approval of 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 2, 2023 and May 15, 2023, 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 7-8, 2023, 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 other fund(s) 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 any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any 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, 2022, 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 ongoing 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, including related programs implemented pursuant to regulatory requirements. 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 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

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.

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

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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 (as discussed above), 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 any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that during the June 7-8, 2023 meeting, the Board approved a permanent reduction to the advisory fee rate charged to the Fund. In addition, 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 withsubstantially 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, as applicable (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 further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. 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.

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 99

Board Review and Approval of Investment Advisory Contract  (continued)

iShares Latin America 40 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 the approval of 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 2, 2023 and May 15, 2023, 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 7-8, 2023, 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 other fund(s) 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 any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any 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, 2022, 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 ongoing 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, including related programs implemented pursuant to regulatory requirements. 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 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

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.

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

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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 (as discussed above), 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.

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 withsubstantially 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, as applicable (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 further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. 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.

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 101

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, 2023

	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
Emerging Markets Infrastructure(a)	$	0.224714	$	—	$	0.000026	$	0.224740		100	%		—	%		0	%(b)		100	%
India 50(a)		0.072195		—		0.001405		0.073600		98			—			2			100
International Developed Property		0.494938		—		—		0.494938		100			—			—			100
Latin America 40(a)		0.417749		—		0.060988		0.478737		87			—			13			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%.

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

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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.

G E N E R A L  I N F O R M A T I O N 103

Glossary of Terms Used in this Report

Portfolio Abbreviation

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
NVDR	Non-Voting Depositary Receipt
NVS	Non-Voting Shares
PJSC	Public Joint Stock Company
REIT	Real Estate Investment Trust

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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.

^©2023 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-304-0923

SEPTEMBER 30, 2023

2023 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares JPX-Nikkei 400 ETF | JPXN | NYSE Arca

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and moderating inflation provided a supportive backdrop for investors during the 12-month reporting period ended September 30, 2023. Significantly tighter monetary policy helped to rein in inflation while the economy proved more resilient than many investors anticipated. A moderating labor market also helped ease inflationary pressure, although wages continued to grow and unemployment rates touched the lowest levels in decades. This robust labor market powered further growth in consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were substantial, as the durability of consumer sentiment and spending mitigated investors’ concerns about the economy’s trajectory. The U.S. economy resumed growth in the third quarter of 2022 and continued to expand thereafter. All major classes of equities rose, although large-capitalization U.S. stocks posted significantly higher returns than small-capitalization U.S. stocks due primarily to the performance of large technology companies. International developed market equities also advanced strongly, and emerging market equities posted solid gains.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates six times during the 12-month period. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. However, the Fed declined to raise interest rates at two of its meetings late in the period.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for two pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt.

While we favor an overweight position in developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on Japanese stocks in the near term as shareholder-friendly policies generate increased investor interest. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, euro area government bonds and gilts, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

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.

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of September 30, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	5.18%	21.62%
U.S. small cap equities (Russell 2000® Index)	(0.19)	8.93
International equities (MSCI Europe, Australasia, Far East Index)	(1.28)	25.65
Emerging market equities (MSCI Emerging Markets Index)	(2.05)	11.70
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.50	4.47
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.98)	(2.90)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(4.05)	0.64
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(4.05)	2.66
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	2.22	10.28
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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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, 2023 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		3.07	%		25.00	%		1.54	%		3.96	%		25.00	%		7.93	%		47.52	%
Fund Market		2.86			24.55			1.47			3.98			24.55			7.55			47.71
Index		4.30			25.93			1.90			4.35			25.93			9.87			53.08

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

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 (04/01/23)		Ending Account Value (09/30/23)		Expenses Paid During the Period	(a)		Beginning Account Value (04/01/23)		Ending Account Value (09/30/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,030.70	$	2.44		$	1,000.00	$	1,022.60	$	2.43		0.48	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (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)
Industrials	23.3	%
Consumer Discretionary	14.4
Information Technology	13.8
Financials	12.1
Health Care	9.6
Communication Services	8.6
Consumer Staples	7.5
Materials	5.6
Real Estate	2.6
Utilities	1.3
Energy	1.2

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Mitsubishi UFJ Financial Group Inc.	1.8	%
Sumitomo Mitsui Financial Group Inc.	1.8
Honda Motor Co. Ltd.	1.7
Toyota Motor Corp.	1.7
Hitachi Ltd.	1.6
Nippon Telegraph & Telephone Corp.	1.6
Mitsubishi Corp.	1.6
Mizuho Financial Group Inc.	1.5
Takeda Pharmaceutical Co. Ltd.	1.5
KDDI Corp.	1.5

^(a)  Excludes money market funds.

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About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined 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. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

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.

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Schedule of Investments  (unaudited) September 30, 2023 iShares^® JPX-Nikkei 400 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 0.6%
AZ-COM MARUWA Holdings Inc.		1,300	$	18,493
Mitsui-Soko Holdings Co. Ltd.		1,300		37,415
Nippon Express Holdings Inc.		2,600		135,667
Sankyu Inc.		2,600		89,885
SBS Holdings Inc.		1,300		24,359
Senko Group Holdings Co. Ltd.		3,900		27,336
SG Holdings Co. Ltd.		14,300		183,067
Yamato Holdings Co. Ltd.		10,400		169,273
				685,495
Automobile Components — 2.6%
Aisin Corp.		6,500		245,603
Bridgestone Corp.		23,400		911,850
Denso Corp.		65,200		1,046,191
Koito Manufacturing Co. Ltd.		9,100		137,226
KYB Corp.		700		22,637
Nifco Inc./Japan		2,600		67,219
Niterra Co. Ltd.		6,500		147,117
Sumitomo Electric Industries Ltd.		27,300		328,881
Sumitomo Rubber Industries Ltd.		7,800		86,121
Toyo Tire Corp.		3,900		60,028
Toyoda Gosei Co. Ltd.		2,600		55,832
Toyota Boshoku Corp.		3,900		71,095
Yokohama Rubber Co. Ltd. (The)		3,900		81,161
				3,260,961
Automobiles — 5.0%
Honda Motor Co. Ltd.		191,100		2,149,816
Isuzu Motors Ltd.		23,400		294,175
Mazda Motor Corp.		26,000		295,217
Subaru Corp.		24,700		480,278
Suzuki Motor Corp.		14,300		575,160
Toyota Motor Corp.		119,620		2,146,022
Yamaha Motor Co. Ltd.		11,700		307,558
				6,248,226
Banks — 6.4%
Chiba Bank Ltd. (The)		20,800		151,114
Concordia Financial Group Ltd.		41,600		189,510
Fukuoka Financial Group Inc.		6,500		155,523
Mebuki Financial Group Inc.		37,700		104,222
Mitsubishi UFJ Financial Group Inc.		261,300		2,214,297
Mizuho Financial Group Inc.		111,850		1,898,982
Resona Holdings Inc.		97,500		539,095
Seven Bank Ltd.		27,300		56,753
Sumitomo Mitsui Financial Group Inc.		44,200		2,171,370
Sumitomo Mitsui Trust Holdings Inc.		14,304		538,503
				8,019,369
Beverages — 1.1%
Asahi Group Holdings Ltd.		18,200		679,853
Kirin Holdings Co. Ltd.		32,500		455,014
Suntory Beverage & Food Ltd.		5,200		158,251
Takara Holdings Inc.		5,200		41,739
				1,334,857
Biotechnology — 0.1%
PeptiDream Inc.(a)		3,900		41,974
Takara Bio Inc.		2,600		24,034
				66,008
Broadline Retail — 0.5%
ASKUL Corp.		1,300		17,031

Security	Shares		Value
Broadline Retail (continued)
Izumi Co. Ltd.		1,300	$	34,423
Pan Pacific International Holdings Corp.		16,900		354,680
Ryohin Keikaku Co. Ltd.		9,100		117,707
Seria Co. Ltd.		2,600		38,273
				562,114
Building Products — 1.6%
AGC Inc.		7,800		273,369
Daikin Industries Ltd.		9,500		1,489,331
Nichias Corp.		2,600		53,278
Sanwa Holdings Corp.		7,800		103,522
TOTO Ltd.		5,200		134,185
				2,053,685
Capital Markets — 1.3%
Daiwa Securities Group Inc.		55,900		322,350
JAFCO Group Co. Ltd.		2,600		28,600
Japan Exchange Group Inc.		22,100		409,431
Monex Group Inc.		9,100		33,844
Nomura Holdings Inc.		140,400		562,222
SBI Holdings Inc.		11,700		246,236
				1,602,683
Chemicals — 4.1%
ADEKA Corp.		2,600		44,398
Aica Kogyo Co. Ltd.		2,600		57,965
Air Water Inc.		7,800		97,091
Asahi Kasei Corp.		49,400		310,947
Daicel Corp.		11,700		97,880
Denka Co. Ltd.		2,600		46,965
Fujimi Inc.		1,300		26,104
Fuso Chemical Co. Ltd.		1,300		34,111
Kansai Paint Co. Ltd.		6,500		92,919
KH Neochem Co. Ltd.		1,300		19,933
Kuraray Co. Ltd.		11,700		138,600
Mitsubishi Chemical Group Corp.		52,000		327,604
Mitsubishi Gas Chemical Co. Inc.		5,200		69,893
Mitsui Chemicals Inc.		6,500		168,403
Nippon Paint Holdings Co. Ltd.		40,300		270,660
Nippon Sanso Holdings Corp.		7,800		184,677
Nissan Chemical Corp.		3,900		165,787
Nitto Denko Corp.		5,200		340,992
NOF Corp.		2,600		103,796
Shin-Etsu Chemical Co. Ltd.		58,500		1,699,170
Sumitomo Bakelite Co. Ltd.		1,300		56,599
Sumitomo Chemical Co. Ltd.		57,200		155,579
Taiyo Holdings Co. Ltd.		1,300		22,264
Tokuyama Corp.		2,600		40,837
Tokyo Ohka Kogyo Co. Ltd.		1,300		77,226
Toray Industries Inc.		52,000		270,559
Tosoh Corp.		10,400		133,339
Zeon Corp.		5,200		54,309
				5,108,607
Commercial Services & Supplies — 0.6%
Aeon Delight Co. Ltd.		1,300		28,623
Japan Elevator Service Holdings Co. Ltd.		2,600		38,084
Pilot Corp.		1,300		44,616
Secom Co. Ltd.		7,800		529,158
Sohgo Security Services Co. Ltd.		14,300		86,312
				726,793
Construction & Engineering — 1.1%
COMSYS Holdings Corp.		3,900		81,539

6 2 0 2 3  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, 2023 iShares^® JPX-Nikkei 400 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Construction & Engineering (continued)
EXEO Group Inc.		3,900	$	79,908
Hazama Ando Corp.		6,500		50,698
INFRONEER Holdings Inc.		7,800		80,706
Kajima Corp.		16,900		275,098
Kandenko Co. Ltd.		3,900		35,911
Kyudenko Corp.		1,300		40,695
MIRAIT ONE corp.		3,900		51,268
Obayashi Corp.		27,300		240,237
Shimizu Corp.		22,100		153,513
SHO-BOND Holdings Co. Ltd.		1,300		51,061
Taisei Corp.		7,800		274,528
				1,415,162
Consumer Finance — 0.1%
Acom Co. Ltd.		13,000		30,308
AEON Financial Service Co. Ltd.		3,900		33,621
Jaccs Co. Ltd.		1,300		44,880
Orient Corp.		1,600		12,413
				121,222
Consumer Staples Distribution & Retail — 1.8%
Cosmos Pharmaceutical Corp.		900		92,014
Create SD Holdings Co. Ltd.		1,300		29,459
Kobe Bussan Co. Ltd.		6,500		152,174
Kusuri no Aoki Holdings Co. Ltd.		1,300		75,261
Lawson Inc.		2,600		119,529
Life Corp.		1,300		31,659
MatsukiyoCocokara & Co.		15,600		279,443
Seven & i Holdings Co. Ltd.		28,600		1,119,695
Sugi Holdings Co. Ltd.		1,300		51,638
Sundrug Co. Ltd.		2,600		70,469
Tsuruha Holdings Inc.		1,300		87,322
Welcia Holdings Co. Ltd.		3,900		67,349
Yaoko Co. Ltd.		1,300		66,860
				2,242,872
Containers & Packaging — 0.0%
Rengo Co. Ltd.		6,500		44,576
Distributors — 0.0%
PALTAC Corp.		1,300		40,723
Diversified Telecommunication Services — 1.6%
Internet Initiative Japan Inc.		3,900		62,983
Nippon Telegraph & Telephone Corp.		1,628,900		1,928,023
Usen-Next Holdings Co. Ltd.		1,300		29,109
				2,020,115
Electric Utilities — 0.6%
Chubu Electric Power Co. Inc.		28,600		364,075
Kansai Electric Power Co. Inc. (The)		29,900		413,952
				778,027
Electrical Equipment — 1.7%
Fuji Electric Co. Ltd.		5,200		234,185
Mitsubishi Electric Corp.		81,900		1,011,830
Nidec Corp.		19,500		900,382
				2,146,397
Electronic Equipment, Instruments & Components — 4.8%
Anritsu Corp.		5,200		37,104
Azbil Corp.		5,200		158,857
Canon Marketing Japan Inc.		1,300		33,705
Daiwabo Holdings Co. Ltd.		3,900		74,774
Dexerials Corp.		2,600		64,019

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Hamamatsu Photonics KK		6,500	$	273,349
Hirose Electric Co. Ltd.		1,300		150,375
Horiba Ltd.		1,300		70,233
Ibiden Co. Ltd.		5,200		275,810
Kaga Electronics Co. Ltd.		1,300		56,315
Keyence Corp.		4,044		1,495,575
Kyocera Corp.		11,700		593,163
Macnica Holdings Inc.		2,600		122,065
Murata Manufacturing Co. Ltd.		70,200		1,280,599
Omron Corp.		7,800		347,111
Shimadzu Corp.		9,100		241,380
Taiyo Yuden Co. Ltd.		3,900		105,376
TDK Corp.		13,000		480,613
Yokogawa Electric Corp.		9,100		175,636
				6,036,059
Entertainment — 2.4%
Capcom Co. Ltd.		7,800		280,735
GungHo Online Entertainment Inc.		2,690		42,462
Koei Tecmo Holdings Co. Ltd.		5,280		75,016
Konami Group Corp.		3,900		205,626
Nexon Co. Ltd.		18,200		325,209
Nintendo Co. Ltd.		42,900		1,782,621
Square Enix Holdings Co. Ltd.		3,900		133,635
Toho Co. Ltd.		5,200		177,401
				3,022,705
Financial Services — 1.2%
Fuyo General Lease Co. Ltd.		1,300		104,623
GMO Payment Gateway Inc.		1,300		70,933
Mitsubishi HC Capital Inc.		29,900		199,226
Mizuho Leasing Co. Ltd.		1,300		42,652
ORIX Corp.		50,700		946,690
Tokyo Century Corp.		1,300		51,819
Zenkoku Hosho Co. Ltd.		2,600		85,370
				1,501,313
Food Products — 1.8%
Ajinomoto Co. Inc.		19,500		751,893
Calbee Inc.		3,900		74,183
Kikkoman Corp.		5,200		272,546
MEIJI Holdings Co. Ltd.		9,100		226,172
Morinaga & Co. Ltd.		1,300		46,960
Morinaga Milk Industry Co. Ltd.		1,300		48,917
NH Foods Ltd.		2,600		77,758
Nichirei Corp.		3,900		85,649
Nippon Suisan Kaisha Ltd.		10,400		50,907
Nissin Foods Holdings Co. Ltd.		2,600		216,041
Toyo Suisan Kaisha Ltd.		3,900		152,946
Yakult Honsha Co. Ltd.		10,400		252,584
				2,256,556
Gas Utilities — 0.6%
Nippon Gas Co. Ltd.		3,900		57,721
Osaka Gas Co. Ltd.		15,600		256,696
Tokyo Gas Co. Ltd.		16,900		383,168
				697,585
Health Care Equipment & Supplies — 2.9%
Asahi Intecc Co. Ltd.		9,100		163,148
Hoya Corp.		16,000		1,638,679
Jeol Ltd.		2,600		77,351
Nakanishi Inc.		3,900		91,158
Nihon Kohden Corp.		3,900		96,278

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, 2023 iShares^® JPX-Nikkei 400 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Olympus Corp.		49,400	$	641,384
Sysmex Corp.		6,500		308,861
Terumo Corp.		24,700		653,830
				3,670,689
Health Care Providers & Services — 0.3%
Alfresa Holdings Corp.		7,800		127,883
BML Inc.		1,300		24,280
H.U. Group Holdings Inc.		2,600		44,120
Medipal Holdings Corp.		7,800		131,847
Ship Healthcare Holdings Inc.		2,600		39,403
				367,533
Health Care Technology — 0.2%
M3 Inc.		15,600		282,964
Hotels, Restaurants & Leisure — 0.4%
Food & Life Companies Ltd.		5,200		87,203
McDonald’s Holdings Co. Japan Ltd.		5,200		198,688
Zensho Holdings Co. Ltd.		5,200		225,808
				511,699
Household Durables — 3.3%
Haseko Corp.		7,800		99,433
Iida Group Holdings Co. Ltd.		6,500		107,864
Open House Group Co. Ltd.		2,600		88,158
Panasonic Holdings Corp.		93,600		1,056,535
Pressance Corp.		1,300		15,921
Rinnai Corp.		3,900		72,926
Sekisui Chemical Co. Ltd.		15,600		224,436
Sekisui House Ltd.		23,400		465,694
Sony Group Corp.		21,400		1,749,997
Sumitomo Forestry Co. Ltd.		6,500		164,863
Tama Home Co. Ltd.		1,300		30,947
				4,076,774
Household Products — 0.6%
Lion Corp.		9,100		89,750
Pigeon Corp.		5,200		58,694
Unicharm Corp.		16,900		597,545
				745,989
Independent Power and Renewable Electricity Producers — 0.1%
Electric Power Development Co. Ltd.		5,200		83,967
eRex Co. Ltd.(b)		1,300		6,656
RENOVA Inc.(a)		2,600		19,616
West Holdings Corp.		1,300		27,910
				138,149
Industrial Conglomerates — 1.7%
Hikari Tsushin Inc.		1,300		197,984
Hitachi Ltd.		31,200		1,933,699
				2,131,683
Insurance — 2.9%
Dai-ichi Life Holdings Inc.		37,700		778,290
MS&AD Insurance Group Holdings Inc.		15,600		570,871
Sompo Holdings Inc.		13,000		557,138
Tokio Marine Holdings Inc.		76,700		1,775,888
				3,682,187
Interactive Media & Services — 0.3%
Kakaku.com Inc.		6,500		65,823
Z Holdings Corp.		110,500		306,539
				372,362

Security	Shares		Value
IT Services — 3.0%
BIPROGY Inc.		2,600	$	64,924
Change Holdings Inc.		2,600		30,529
Digital Garage Inc.		1,300		29,873
DTS Corp.		1,300		27,734
Fujitsu Ltd.		7,800		917,366
GMO internet group Inc.		2,600		40,202
Information Services International-Dentsu Ltd.		1,300		49,660
Itochu Techno-Solutions Corp.		2,600		74,965
NEC Corp.		11,700		646,105
NEC Networks & System Integration Corp.		2,600		34,139
NET One Systems Co. Ltd.		2,600		49,341
Nomura Research Institute Ltd.		15,664		407,134
NS Solutions Corp.		1,300		36,965
NSD Co. Ltd.		2,600		49,284
NTT Data Corp.		26,000		347,915
Obic Co. Ltd.		2,600		393,953
Otsuka Corp.		3,900		165,003
SCSK Corp.		6,500		113,326
SHIFT Inc.(a)		500		90,927
TIS Inc.		9,100		200,101
				3,769,446
Leisure Products — 0.9%
Bandai Namco Holdings Inc.		22,100		449,525
Sankyo Co. Ltd.		1,300		59,577
Sega Sammy Holdings Inc.		6,500		119,876
Shimano Inc.		2,800		374,765
Yamaha Corp.		5,200		142,020
				1,145,763
Machinery — 6.0%
Amada Co. Ltd.		13,000		130,693
Daifuku Co. Ltd.		11,700		220,856
DMG Mori Co. Ltd.		5,200		88,249
Ebara Corp.		2,600		121,646
FANUC Corp.		39,000		1,014,289
Fuji Corp./Aichi.		3,900		60,503
Hitachi Construction Machinery Co. Ltd.		2,600		78,899
Hoshizaki Corp.		5,200		180,514
IHI Corp.		5,200		108,988
Komatsu Ltd.		37,700		1,016,811
Kubota Corp.		42,900		631,094
Makita Corp.		10,400		256,456
MINEBEA MITSUMI Inc.		13,000		211,810
MISUMI Group Inc.		11,700		182,198
Mitsubishi Heavy Industries Ltd.		14,300		797,610
Miura Co. Ltd.		3,900		78,378
Nabtesco Corp.		5,200		93,576
NGK Insulators Ltd.		9,100		120,608
Organo Corp.		1,300		36,456
SMC Corp.		2,600		1,165,482
Sumitomo Heavy Industries Ltd.		5,200		131,680
Takeuchi Manufacturing Co. Ltd.		1,300		42,510
Toyota Industries Corp.		5,200		409,320
Yaskawa Electric Corp.		9,100		327,700
				7,506,326
Marine Transportation — 0.9%
Kawasaki Kisen Kaisha Ltd.		6,500		221,818
Mitsui OSK Lines Ltd.		14,300		392,951
Nippon Yusen KK		20,800		540,068
				1,154,837

8 2 0 2 3  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, 2023 iShares^® JPX-Nikkei 400 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Media — 0.2%
CyberAgent Inc.		18,200	$	97,972
Hakuhodo DY Holdings Inc.		10,400		85,426
Kadokawa Corp.		3,900		78,006
				261,404
Metals & Mining — 1.4%
Asahi Holdings Inc.		2,600		32,971
Dowa Holdings Co. Ltd.		1,600		49,719
JFE Holdings Inc.		22,100		323,639
Maruichi Steel Tube Ltd.		2,600		64,634
Mitsui Mining & Smelting Co. Ltd.		2,600		65,914
Nippon Steel Corp.		36,400		852,784
Sumitomo Metal Mining Co. Ltd.		9,100		267,232
Tokyo Steel Manufacturing Co. Ltd.		2,600		29,286
				1,686,179
Oil, Gas & Consumable Fuels — 1.2%
Cosmo Energy Holdings Co. Ltd.		2,600		91,195
ENEOS Holdings Inc.		133,900		527,049
Idemitsu Kosan Co. Ltd.		9,100		208,619
Inpex Corp.		40,300		604,432
Itochu Enex Co. Ltd.		2,600		26,184
Iwatani Corp.		1,300		65,441
				1,522,920
Paper & Forest Products — 0.1%
Oji Holdings Corp.		32,500		136,735
Personal Care Products — 1.4%
Kao Corp.		18,200		674,583
Kobayashi Pharmaceutical Co. Ltd.		2,600		115,962
Kose Corp.		1,300		94,227
Rohto Pharmaceutical Co. Ltd.		7,800		211,488
Shiseido Co. Ltd.		16,900		592,246
				1,688,506
Pharmaceuticals — 6.0%
Astellas Pharma Inc.		75,440		1,044,212
Chugai Pharmaceutical Co. Ltd.		24,700		761,601
Daiichi Sankyo Co. Ltd.		61,109		1,672,999
Eisai Co. Ltd.		9,100		504,356
JCR Pharmaceuticals Co. Ltd.		2,600		25,952
Kyowa Kirin Co. Ltd.		9,100		158,221
Nippon Shinyaku Co. Ltd.		1,300		54,893
Ono Pharmaceutical Co. Ltd.		15,600		299,183
Otsuka Holdings Co. Ltd.		16,900		600,036
Shionogi & Co. Ltd.		10,400		463,886
Takeda Pharmaceutical Co. Ltd.		61,100		1,893,886
				7,479,225
Professional Services — 2.1%
BayCurrent Consulting Inc.		6,500		216,598
Bell System24 Holdings Inc.		1,300		13,736
Benefit One Inc.		3,900		28,166
Dip Corp.		1,300		32,003
Fullcast Holdings Co. Ltd.		1,300		16,340
Meitec Corp.		2,600		47,022
Nihon M&A Center Holdings Inc.		14,300		68,725
Persol Holdings Co. Ltd.		91,000		147,804
Recruit Holdings Co. Ltd.		59,800		1,829,582
SMS Co. Ltd.		2,600		44,184
TechnoPro Holdings Inc.		5,200		113,013
Transcosmos Inc.		1,300		27,762

Security	Shares		Value
Professional Services (continued)
UT Group Co. Ltd.(a)		1,300	$	19,362
				2,604,297
Real Estate Management & Development — 2.5%
Daito Trust Construction Co. Ltd.		2,600		273,867
Daiwa House Industry Co. Ltd.		20,800		558,259
Hulic Co. Ltd.		16,900		151,539
Katitas Co. Ltd.		2,600		37,848
Mitsubishi Estate Co. Ltd.		46,800		610,554
Mitsui Fudosan Co. Ltd.		32,500		715,780
Nomura Real Estate Holdings Inc.		5,200		130,549
Relo Group Inc.		3,900		42,165
Starts Corp. Inc.		1,300		25,373
Sumitomo Realty & Development Co. Ltd.		14,300		371,250
Tokyo Tatemono Co. Ltd.		7,800		107,844
Tokyu Fudosan Holdings Corp.		22,100		135,795
				3,160,823
Semiconductors & Semiconductor Equipment — 4.5%
Advantest Corp.		26,000		725,231
Disco Corp.		3,900		720,549
Ferrotec Holdings Corp.		2,600		49,594
Japan Material Co. Ltd.		2,600		39,809
Lasertec Corp.		3,600		559,845
Mitsui High-Tec Inc.		1,300		67,326
Renesas Electronics Corp.(a)		52,000		794,298
Rohm Co. Ltd.		15,600		293,268
SCREEN Holdings Co. Ltd.		2,600		126,350
Shinko Electric Industries Co. Ltd.		2,600		100,880
SUMCO Corp.		15,600		203,002
Tokyo Electron Ltd.		13,400		1,830,336
Tokyo Seimitsu Co. Ltd.		1,300		64,996
Ulvac Inc.		1,300		46,840
				5,622,324
Software — 0.3%
Justsystems Corp.		1,300		25,996
Oracle Corp. Japan		1,300		96,298
Rakus Co. Ltd.		3,900		53,506
Systena Corp.		13,000		23,366
Trend Micro Inc.		3,900		147,628
				346,794
Specialty Retail — 1.5%
ABC-Mart Inc.		3,900		70,092
Fast Retailing Co. Ltd.		3,900		849,479
Kohnan Shoji Co. Ltd.		1,300		33,921
Komeri Co. Ltd.		1,300		27,399
K’s Holdings Corp.		5,200		47,717
Nextage Co. Ltd.		1,300		19,822
Nitori Holdings Co. Ltd.		3,400		379,085
Nojima Corp.		2,600		22,730
Shimamura Co. Ltd.		1,300		128,482
T-Gaia Corp.		1,300		15,347
USS Co. Ltd.		7,800		128,944
Workman Co. Ltd.(b)		1,300		39,453
ZOZO Inc.		5,200		95,218
				1,857,689
Technology Hardware, Storage & Peripherals — 1.0%
Brother Industries Ltd.		10,400		167,524
Elecom Co. Ltd.		2,600		30,275
FUJIFILM Holdings Corp.		15,600		902,469
MCJ Co. Ltd.		2,600		19,499

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, 2023 iShares^® JPX-Nikkei 400 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Technology Hardware, Storage & Peripherals (continued)
Seiko Epson Corp.		10,400	$	163,327
Wacom Co. Ltd.		6,500		25,754
				1,308,848
Textiles, Apparel & Luxury Goods — 0.1%
Goldwin Inc.		1,300		88,032
Tobacco — 0.9%
Japan Tobacco Inc.		46,800		1,076,776
Trading Companies & Distributors — 6.7%
Hanwa Co. Ltd.		1,300		41,215
Inabata & Co. Ltd.		1,300		27,199
ITOCHU Corp.		49,400		1,784,028
Kanematsu Corp.		2,600		35,932
Marubeni Corp.		65,000		1,013,236
Mitsubishi Corp.		40,300		1,920,308
Mitsui & Co. Ltd.		50,900		1,846,140
MonotaRO Co. Ltd.		11,700		124,736
Sojitz Corp.		7,820		171,302
Sumitomo Corp.		50,700		1,011,866
Toyota Tsusho Corp.		7,800		458,765
				8,434,727
Wireless Telecommunication Services — 4.0%
KDDI Corp.		61,100		1,870,299
SoftBank Corp.		127,400		1,441,951
SoftBank Group Corp.		39,000		1,642,895
				4,955,145
Total Long-Term Investments — 99.0% (Cost: $119,588,061)				123,778,935

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(c)(d)(e)		44,897	$	44,910
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(c)(d)		40,000		40,000
Total Short-Term Securities — 0.1% (Cost: $84,915)				84,910
Total Investments — 99.1% (Cost: $119,672,976)				123,863,845
Other Assets Less Liabilities — 0.9%				1,166,215
Net Assets — 100.0%			$	125,030,060

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	44,933	(a)	$	—	$	(18	)	$	(5	)	$	44,910		44,897	$	236	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		20,000		20,000	(a)		—		—			—			40,000		40,000		1,192			—
								$	(18	)	$	(5	)	$	84,910			$	1,428		$	—

^(a)  Represents net amount purchased (sold).

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

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		79		12/07/23	$	1,226	$	(14,493	)

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Schedule of Investments  (unaudited) (continued) September 30, 2023 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)	$	—	$	—	$	14,493	$	—	$	—	$	—	$	14,493

^(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, 2023, 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	$	—	$	—	$	93,214		$	—	$	—	$	—	$	93,214
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(22,989	)	$	—	$	—	$	—	$	(22,989	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	796,639

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
Assets
Investments
Long-Term Investments
Common Stocks	$	198,688	$	123,580,247		$	—	$	123,778,935
Short-Term Securities
Money Market Funds		84,910		—			—		84,910
	$	283,598	$	123,580,247		$	—	$	123,863,845
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	—	$	(14,493	)	$	—	$	(14,493	)

^(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, 2023

	iShares JPX-Nikkei 400 ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	123,778,935
Investments, at value — affiliated(c)		84,910
Cash		9,553
Foreign currency collateral pledged for futures contracts(d)		6,391
Foreign currency, at value(e)		253,729
Receivables:
Securities lending income — affiliated		33
Dividends — unaffiliated		1,082,073
Dividends — affiliated		209
Total assets		125,215,833
LIABILITIES
Collateral on securities loaned, at value		44,915
Payables:
Investments purchased		75,036
Investment advisory fees		50,697
Variation margin on futures contracts		15,125
Total liabilities		185,773
Commitments and contingent liabilities
NET ASSETS	$	125,030,060
NET ASSETS CONSIST OF
Paid-in capital	$	146,253,895
Accumulated loss		(21,223,835	)
NET ASSETS	$	125,030,060
NET ASSETVALUE
Shares outstanding		1,950,000
Net asset value	$	64.12
Shares authorized		Unlimited
Par value		None
(a) Investments, at cost — unaffiliated	$	119,588,061
(b) Securities loaned, at value	$	42,562
(c)  Investments, at cost — affiliated	$	84,915
(d) Foreign currency collateral pledged, at cost	$	6,748
(e) Foreign currency, at cost	$	257,342

See notes to financial statements.

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Statement of Operations (unaudited) 

Six Months Ended September 30, 2023

	iShares JPX-Nikkei 400 ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	1,365,787
Dividends — affiliated		1,192
Securities lending income — affiliated — net		236
Foreign taxes withheld		(136,589	)
Total investment income		1,230,626
EXPENSES
Investment advisory		219,494
Total expenses		219,494
Net investment income		1,011,132
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(998,226	)
Investments — affiliated		(18	)
Foreign currency transactions		(52,471	)
Futures contracts		93,214
		(957,501	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		782,515
Investments — affiliated		(5	)
Foreign currency translations		(3,877	)
Futures contracts		(22,989	)
		755,644
Net realized and unrealized loss		(201,857	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	809,275

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 09/30/23 (unaudited)			Year Ended 03/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,011,132		$	1,120,612
Net realized gain (loss)		(957,501	)		658,670
Net change in unrealized appreciation (depreciation)		755,644			(5,205,255	)
Net increase (decrease) in net assets resulting from operations		809,275			(3,425,973	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(483,627	)		(865,818	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		68,286,446			(17,344,758	)
NET ASSETS
Total increase (decrease) in net assets		68,612,094			(21,636,549	)
Beginning of period		56,417,966			78,054,515
End of period	$	125,030,060		$	56,417,966

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

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

	iShares JPX-Nikkei 400 ETF
	Six Months Ended 09/30/23 (unaudited)				Year Ended 03/31/23				Year Ended 03/31/22				Year Ended 03/31/21				Year Ended 03/31/20				Year Ended 03/31/19
Net asset value, beginning of period		$	62.69			$	65.05			$	73.30			$	53.52			$	58.88			$	65.42
Net investment income(a)			0.72				1.16				1.12				0.88				0.96				1.06
Net realized and unrealized gain (loss)(b)			1.17				(2.66	)			(7.51	)			19.82				(5.10	)			(6.73	)
Net increase (decrease) from investment operations			1.89				(1.50	)			(6.39	)			20.70				(4.14	)			(5.67	)
Distributions from net investment income(c)			(0.46	)			(0.86	)			(1.86	)			(0.92	)			(1.22	)			(0.87	)
Net asset value, end of period		$	64.12			$	62.69			$	65.05			$	73.30			$	53.52			$	58.88
Total Return(d)
Based on net asset value			3.07	%(e)			(2.28	)%			(8.94	)%			38.91	%			(7.29	)%			(8.67	)%
Ratios to Average Net Assets(f)
Total expenses			0.48	%(g)			0.48	%			0.48	%			0.48	%			0.48	%			0.48	%
Net investment income			2.21	%(g)			1.99	%			1.57	%			1.36	%			1.61	%			1.73	%
Supplemental Data
Net assets, end of period (000)		$	125,030			$	56,418			$	78,055			$	87,962			$	80,279			$	114,817
Portfolio turnover rate(h)			7	%			12	%			11	%			10	%			7	%			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)  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

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 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:

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

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, 2023, 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.

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.

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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:

• 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 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.

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 the 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.

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
Goldman Sachs & Co.	$	42,562	$	(42,562	)	$	—		$	—

^(a)  Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the Fund is disclosed in the Fund’s Statements of Assets and Liabilities.

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

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

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the 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.

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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.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, the Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and 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, 2023, the Fund paid BTC $56 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.

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, 2023, 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	$	579,901	$	10,242	$	(348)

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

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

7. PURCHASES AND SALES

For the six months ended September 30, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
JPX-Nikkei 400	$	8,350,111	$	6,524,302

For the six months ended September 30, 2023, in-kind transactions were as follows:

iShares ETF		In-kind Purchases		In-kind Sales
JPX-Nikkei 400	$	66,475,566	$	—

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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, 2023, 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, 2023, the Fund had non-expiring capital loss carryforwards of $24,591,227 available to offset future realized capital gains and qualified late-year losses.

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

As of September 30, 2023, 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)
JPX-Nikkei 400	$	120,583,090	$	11,335,868	$	(8,069,606	)	$	3,266,262

9. LINE OF CREDIT

The Fund, along with certain other iShares funds (“Participating Funds”), is a party to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 9, 2024. 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, 2023, the Fund did not borrow under the Syndicated Credit Agreement.

10. PRINCIPAL RISKS

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation 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.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

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

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Notes to Financial Statements (unaudited) (continued)

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

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

With exchange-traded futures, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, 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.

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

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

The Fund invests a significant portion of its assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. 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.

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

11. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Six Months Ended 09/30/23				Year Ended 03/31/23
iShares ETF	Shares		Amount		Shares			Amount
JPX-Nikkei 400
Shares sold		1,050,000	$	68,286,446		—		$	—
Shares redeemed		—		—		(300,000	)		(17,344,758	)
		1,050,000	$	68,286,446		(300,000	)	$	(17,344,758	)

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

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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.

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

12. SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Fund’s financial statements was completed through the date the financial statements were available to be issued and the following item was noted:

Effective October 18, 2023, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 2024 under the same terms.

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Board Review and Approval of Investment Advisory Contract

iShares JPX-Nikkei 400 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 the approval of 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 2, 2023 and May 15, 2023, 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 7-8, 2023, 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 other fund(s) 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 any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any 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, 2022, 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 ongoing 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, including related programs implemented pursuant to regulatory requirements. 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 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

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.

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

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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 (as discussed above), 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, as applicable (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 further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. 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.

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Supplemental Information (unaudited)

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

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

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 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

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.

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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.

©2023 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-310-0923

(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/ Dominik Rohe
	Dominik Rohe, President (Principal Executive Officer)

Date: November 20, 2023

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/ Dominik Rohe
	Dominik Rohe, President (Principal Executive Officer)

Date: November 20, 2023

By:	/s/ Trent Walker
	Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: November 20, 2023