iShares Trust


		SEPTEMBER 30, 2021

2021 Semi-Annual Report

(Unaudited)

iShares Trust

iShares Global 100 ETF | IOO | NYSE Arca

iShares Global Infrastructure ETF | IGF | NASDAQ

iShares Global Timber & Forestry ETF | WOOD | NASDAQ

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of September 30, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States began the reporting period as the initial reopening-led economic rebound was beginning to slow. Nonetheless, the economy continued to grow at a brisk pace for the reporting period, eventually regaining the output lost from the pandemic.

Equity prices rose with the broader economy, as strong fiscal and monetary support, as well as the development of vaccines, made investors increasingly optimistic about the economic outlook. The implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, outpaced large-capitalization stocks. International equities also gained, as both developed and emerging markets continued to recover from the effects of the pandemic.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns in early 2021, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to solid returns for high-yield corporate bonds, although investment-grade corporates declined slightly.

The Fed remained committed to accommodative monetary policy by maintaining near-zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. In response to rising inflation late in the period, the Fed changed its market guidance, raising the possibility of higher rates in 2022 and reducing bond purchasing beginning in late 2021.

Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the delta variant of the coronavirus remains a threat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-term as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.

Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart, while Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, 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.

Sincerely,

Trust

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

Total Returns as of September 30, 2021

6-Month

12-Month

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

9.18%

30.00%

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

(0.25)

47.68

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

4.70

25.73

Emerging market equities
(MSCI Emerging Markets Index)

(3.45)

18.20

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

0.01

0.07

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

2.92

(6.22)

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

1.88

(0.90)

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

1.24

2.71

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

3.65

11.27

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


Fund Summary as of September 30, 2021		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 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		8.75	%		28.33	%		16.06	%		12.98	%		28.33	%		110.59	%		238.86	%
Fund Market		8.73			28.38			16.09			13.06			28.38			110.87			241.35
Index		8.95			28.55			15.99			12.88			28.55			109.98			236.02

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 7 for more information.

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,087.50	$ 2.09			$ 1,000.00	$ 1,023.10	$ 2.03		0.40	%

^(a)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 7 for more information.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments	^(a)

Information Technology	29.2	%
Consumer Discretionary	14.5
Health Care	12.0
Consumer Staples	10.8
Financials	10.4
Communication Services	9.6
Industrials	5.7
Energy	4.7
Materials	1.7
Other (each representing less than 1%)	1.4

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
United States	72.8	%
United Kingdom	6.5
Switzerland	5.4
France	4.3
Japan	3.5
Germany	3.4
South Korea	1.8
Spain	0.8
Australia	0.8
Netherlands	0.6

^(a)

Excludes money market funds.


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


Fund Summary as of September 30, 2021		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 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		3.26	%		22.04	%		5.15	%		7.06	%		22.04	%		28.56	%		97.85	%
Fund Market		3.30			22.31			5.11			7.18			22.31			28.32			100.03
Index		3.44			22.13			5.02			6.92			22.13			27.73			95.18

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,032.60	$ 2.09			$ 1,000.00	$ 1,023.00	$ 2.08		0.41	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Electric Utilities	23.2	%
Airport Services	20.9
Oil & Gas Storage & Transportation	20.8
Highways & Railtracks	14.7
Multi-Utilities	12.7
Marine Ports & Services	4.4
Water Utilities	1.5
Other (each representing less than 1%)	1.8

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
United States	35.7	%
Australia	11.5
Canada	10.8
Spain	7.4
Italy	6.7
China	5.6
France	4.9
Mexico	3.7
Germany	3.4
New Zealand	2.5

^(a)

Excludes money market funds.


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


Fund Summary as of September 30, 2021		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 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		0.90	%		33.50	%		13.15	%		11.34	%		33.50	%		85.50	%		192.71	%
Fund Market		0.76			33.75			13.11			11.47			33.75			85.16			196.23
Index		1.09			33.78			13.10			11.12			33.78			85.10			187.06

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/21)	Ending Account Value (09/30/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,009.00	$ 2.06			$ 1,000.00	$ 1,023.00	$ 2.08		0.41	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Paper Products	30.9	%
Specialized REITs	24.2
Forest Products	22.9
Paper Packaging	18.6
Homebuilding	3.4

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
United States	34.9	%
Canada	15.2
Sweden	14.8
Japan	9.4
Finland	9.2
Brazil	7.5
United Kingdom	3.8
Ireland	3.8
South Africa	1.4

^(a)

Excludes money market funds.


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

About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

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

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

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

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


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

Schedule of Investments (unaudited)

September 30, 2021

iShares^® Global 100 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 0.8%
BHP Group Ltd.		550,520	$	14,703,201
Rio Tinto PLC		198,610		13,019,308

				27,722,509

France — 4.3%
AXA SA		388,248		10,759,612
Cie. de Saint-Gobain		98,750		6,645,580
Engie SA		327,050		4,278,858
L’Oreal SA		45,869		18,980,776
LVMH Moet Hennessy Louis Vuitton SE		49,952		35,778,799
Orange SA		351,955		3,806,345
Sanofi		214,719		20,669,711
Schneider Electric SE		106,049		17,662,871
TotalEnergies SE		464,017		22,179,058
Vivendi SE		150,768		1,898,161

				142,659,771

Germany — 3.3%
Allianz SE, Registered		76,984		17,247,923
BASF SE		171,150		12,974,919
Bayer AG, Registered		183,776		9,974,529
Daimler AG, Registered		156,018		13,765,731
Deutsche Bank AG, Registered^(a)		388,882		4,941,813
Deutsche Telekom AG, Registered		605,526		12,143,335
E.ON SE		414,280		5,056,576
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		26,034		7,103,878
RWE AG		126,996		4,478,942
Siemens AG, Registered		148,908		24,354,052

				112,041,698

Japan — 3.5%
Bridgestone Corp.		114,700		5,426,594
Canon Inc.		198,350		4,853,238
Honda Motor Co. Ltd.		321,100		9,871,835
Mitsubishi UFJ Financial Group Inc.		2,408,600		14,238,026
Nissan Motor Co. Ltd.^(a)		454,700		2,272,348
Panasonic Corp.		431,100		5,343,656
Seven & i Holdings Co. Ltd.		147,420		6,711,214
Sony Group Corp.		235,600		26,155,994
Toyota Motor Corp.		2,406,500		42,877,540

				117,750,445

Luxembourg — 0.1%
Societe Generale SA		145,917		4,569,367


Netherlands — 0.6%
ING Groep NV		729,959		10,612,510
Koninklijke Philips NV		169,778		7,542,711

				18,155,221

South Korea — 1.8%
Samsung Electronics Co. Ltd.		958,625		59,429,574


Spain — 0.8%
Banco Bilbao Vizcaya Argentaria SA		1,245,031		8,217,957
Banco Santander SA		3,245,398		11,756,009
Repsol SA		258,201		3,370,439
Telefonica SA		996,390		4,675,636

				28,020,041

Switzerland — 5.4%
ABB Ltd., Registered		332,897		11,136,008


Security	Shares		Value

Switzerland (continued)
Credit Suisse Group AG, Registered		468,456	$	4,626,594
Nestle SA, Registered		525,618		63,331,723
Novartis AG, Registered		454,868		37,298,792
Roche Holding AG, Bearer		5,045		2,070,589
Roche Holding AG, NVS		131,183		47,877,827
Swiss Re AG		54,142		4,621,028
UBS Group AG, Registered		690,012		11,013,704

				181,976,265

United Kingdom — 6.5%
Anglo American PLC		254,592		8,923,105
AstraZeneca PLC		289,252		34,859,995
Aviva PLC		740,251		3,923,239
Barclays PLC		2,975,974		7,561,882
BP PLC		3,802,224		17,318,570
Diageo PLC		434,760		21,048,909
GlaxoSmithKline PLC		933,285		17,614,044
HSBC Holdings PLC		3,881,870		20,297,049
National Grid PLC		721,094		8,592,351
Prudential PLC		486,555		9,441,799
Royal Dutch Shell PLC, Class A		765,785		17,030,426
Royal Dutch Shell PLC, Class B		692,020		15,332,817
Standard Chartered PLC		487,716		2,851,079
Unilever PLC		491,576		26,613,102
Vodafone Group PLC		4,974,773		7,570,071

				218,978,438

United States — 72.6%
3M Co.		107,970		18,940,097
Abbott Laboratories		330,711		39,066,890
Alphabet Inc., Class A^(a)		56,219		150,302,621
Alphabet Inc., Class C, NVS^(a)		52,608		140,216,628
Amazon.com Inc.^(a)		81,324		267,152,593
American Tower Corp.		84,984		22,555,603
Aon PLC, Class A		41,938		11,984,622
Apple Inc.		2,932,194		414,905,451
Bristol-Myers Squibb Co.		415,663		24,594,780
Caterpillar Inc.		101,946		19,570,574
Chevron Corp.		361,101		36,633,696
Citigroup Inc.		377,699		26,506,916
Coca-Cola Co. (The)		725,401		38,061,790
Colgate-Palmolive Co.		157,410		11,897,048
DuPont de Nemours Inc.		99,035		6,733,390
Emerson Electric Co.		112,018		10,552,096
Exxon Mobil Corp.		790,493		46,496,798
Ford Motor Co.^(a)		733,005		10,379,351
General Electric Co.		204,393		21,058,611
Goldman Sachs Group Inc. (The)		62,985		23,810,220
Honeywell International Inc.		129,081		27,401,315
HP Inc.		223,585		6,117,286
Intel Corp.		757,525		40,360,932
International Business Machines Corp.		167,361		23,251,464
Jackson Financial Inc., Class A^(a)		12,163		316,238
Johnson & Johnson		491,538		79,383,387
Johnson Controls International PLC		133,595		9,095,148
JPMorgan Chase & Co.		557,950		91,330,835
Kimberly-Clark Corp.		63,145		8,362,924
Marsh & McLennan Companies Inc.		94,421		14,298,172
McDonald’s Corp.		139,443		33,621,102
Merck & Co. Inc.		472,681		35,503,070
Microsoft Corp.		1,403,184		395,585,633


8		2 0 2 1 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, 2021

iShares^® Global 100 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Morgan Stanley		272,011	$	26,469,390
Nike Inc., Class B		238,645		34,658,413
PepsiCo Inc.		258,069		38,816,158
Pfizer Inc.		1,046,883		45,026,438
Philip Morris International Inc.		290,081		27,496,778
Procter & Gamble Co. (The)		453,250		63,364,350
Raytheon Technologies Corp.		282,024		24,242,783
Texas Instruments Inc.		172,394		33,135,851
Walmart Inc.		266,230		37,107,137

				2,436,364,579


Total Common Stocks — 99.7% (Cost: $2,187,419,412)				3,347,667,908


Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(b)(c)		3,756,000		3,756,000


Total Short-Term Investments — 0.1% (Cost: $3,756,000)				3,756,000


Total Investments in Securities — 99.8% (Cost: $2,191,175,412)				3,351,423,908

Other Assets, Less Liabilities — 0.2%				6,362,082


Net Assets — 100.0%			$	3,357,785,990

^(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, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/21		Shares Held at 09/30/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	—	$	0	^(b)	$	—	$	—	$	—	$	—		—	$	7,589	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,816,000		940,000	^(b)		—		—		—		3,756,000		3,756,000		176			—

								$	—	$	—	$	3,756,000			$	7,765		$	—

^(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		20		12/17/21	$	935	$	(26,556	)


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, 2021

iShares^® Global 100 ETF

Futures Contracts (continued)



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


FTSE 100 Index		11		12/17/21	$	1,044	$	(3,125	)
S&P 500 E-Mini Index		40		12/17/21		8,595		(272,322	)

							$	(302,003	)

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:



	Equity Contracts


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	302,003

^(a)

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

For the period ended September 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Equity Contracts


Net Realized Gain (Loss) from:
Futures contracts	$	1,190,536


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(413,965	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	11,331,335

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

Fair Value Hierarchy as of Period End

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

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



	Level 1			Level 2			Level 3		Total


Investments
Assets
Common Stocks	$	2,436,364,579		$	911,303,329		$	—	$	3,347,667,908
Money Market Funds		3,756,000			—			—		3,756,000

	$	2,440,120,579		$	911,303,329		$	—	$	3,351,423,908


Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(272,322	)	$	(29,681	)	$	—	$	(302,003	)

^(a)

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

See notes to financial statements.


10		2 0 2 1 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, 2021

iShares^® Global Infrastructure ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 11.5%
Atlas Arteria Ltd.		11,329,216	$	52,238,731
Qube Holdings Ltd.		22,527,586		52,716,840
Sydney Airport^(a)		15,621,537		91,742,635
Transurban Group		13,138,381		132,414,765
Transurban Group, NVS		1,705,251		17,456,601

				346,569,572

Brazil — 0.4%
Centrais Eletricas Brasileiras SA, ADR^(b)		452,104		3,209,938
Cia. de Saneamento Basico do Estado de Sao Paulo, ADR		416,352		2,947,772
Ultrapar Participacoes SA, ADR		1,610,947		4,349,557

				10,507,267

Canada — 10.7%
Enbridge Inc.		3,849,457		153,358,282
Gibson Energy Inc.		325,548		5,978,404
Keyera Corp.		491,234		12,360,357
Pembina Pipeline Corp.		1,222,474		38,751,248
TC Energy Corp.		2,176,316		104,743,584
Westshore Terminals Investment Corp.		463,319		8,943,747

				324,135,622

Chile — 0.1%
Enel Americas SA, ADR^(b)		484,841		2,836,320


China — 5.6%
Beijing Capital International Airport Co. Ltd., Class H^(a)		19,316,000		11,323,419
China Gas Holdings Ltd.		3,084,000		9,108,415
China Longyuan Power Group Corp. Ltd., Class H		4,193,000		10,288,813
China Merchants Port Holdings Co. Ltd.		15,918,000		27,220,008
China Resources Gas Group Ltd.		1,132,000		5,947,448
China Resources Power Holdings Co. Ltd.		2,234,000		6,442,589
COSCO SHIPPING Ports Ltd.		19,582,000		16,954,221
Guangdong Investment Ltd.		3,612,000		4,713,389
Hainan Meilan International Airport Co. Ltd., Class H^(a)		1,582,000		6,624,986
Jiangsu Expressway Co. Ltd., Class H		14,436,000		14,586,853
Kunlun Energy Co. Ltd.		5,000,000		5,206,150
Shenzhen Expressway Co. Ltd., Class H		8,212,000		8,143,801
Shenzhen International Holdings Ltd.		15,528,500		20,018,565
Yuexiu Transport Infrastructure Ltd.		11,068,000		7,364,781
Zhejiang Expressway Co. Ltd., Class H		16,938,000		13,968,767

				167,912,205

Denmark — 1.0%
Orsted A/S^(c)		237,480		31,303,317


France — 4.9%
Aeroports de Paris^(a)		303,956		38,712,089
Engie SA		2,231,740		29,198,285
Getlink SE		5,132,901		80,184,308

				148,094,682

Germany — 3.3%
E.ON SE		2,818,452		34,401,169
Fraport AG Frankfurt Airport Services Worldwide^(a)		436,947		30,251,951
Hamburger Hafen und Logistik AG		275,462		6,190,179
RWE AG		848,905		29,939,495

				100,782,794

Italy — 6.7%
Atlantia SpA^(a)		5,950,718		112,300,041
Enav SpA^(a)(c)		3,007,911		14,043,871


Security	Shares		Value

Italy (continued)
Enel SpA		9,699,820	$	74,448,226

				200,792,138

Japan — 2.0%
Iwatani Corp.		118,400		6,920,768
Japan Airport Terminal Co. Ltd.^(a)		1,100,400		54,001,480

				60,922,248

Mexico — 3.7%
Grupo Aeroportuario del Centro Norte SAB de CV, ADR^(a)(b)		406,389		19,039,325
Grupo Aeroportuario del Pacifico SAB de CV, ADR^(b)		412,138		47,939,892
Grupo Aeroportuario del Sureste SAB de CV, ADR^(b)		232,375		43,454,125

				110,433,342

Netherlands — 0.2%
Koninklijke Vopak NV		145,322		5,726,042


New Zealand — 2.5%
Auckland International Airport Ltd.^(a)		14,265,454		76,681,938


Singapore — 0.5%
Hutchison Port Holdings Trust, Class U^(b)		59,686,200		14,243,634


Spain — 7.4%
Aena SME SA^(a)(c)		868,281		150,161,941
Iberdrola SA		7,272,521		73,164,671

				223,326,612

Switzerland — 1.3%
Flughafen Zurich AG, Registered^(a)		224,870		40,063,693


United Kingdom — 2.2%
James Fisher & Sons PLC		466,793		5,402,741
John Menzies PLC^(a)		989,841		4,177,646
National Grid PLC		4,866,155		57,983,721

				67,564,108

United States — 35.5%
American Electric Power Co. Inc.		627,999		50,980,959
American Water Works Co. Inc.		227,844		38,514,750
Cheniere Energy Inc.^(a)		524,198		51,198,419
Consolidated Edison Inc.		443,624		32,202,666
Dominion Energy Inc.		1,014,948		74,111,503
DTE Midstream LLC^(a)		215,285		9,954,778
Duke Energy Corp.		965,802		94,252,617
Equitrans Midstream Corp.		903,623		9,162,737
Eversource Energy		431,398		35,271,100
Exelon Corp.		1,227,540		59,339,284
Kinder Morgan Inc.		4,332,207		72,477,823
NextEra Energy Inc.		1,840,666		144,529,094
ONEOK Inc.		990,503		57,439,269
Public Service Enterprise Group Inc.		634,685		38,652,317
Sempra Energy		400,874		50,710,561
Southern Co. (The)		1,329,216		82,371,516
Targa Resources Corp.		508,197		25,008,374
WEC Energy Group Inc.		395,987		34,926,053
Williams Companies Inc. (The)		2,700,304		70,045,886
Xcel Energy Inc.		675,936		42,246,000

				1,073,395,706


Total Common Stocks — 99.5% (Cost: $2,792,131,051)				3,005,291,240


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, 2021

iShares^® Global Infrastructure ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Preferred Stocks

Brazil — 0.1%
Cia. Energetica de Minas Gerais, Preference Shares, ADR		1,414,514	$	3,564,575


Total Preferred Stocks — 0.1% (Cost: $2,988,204)				3,564,575


Short-Term Investments

Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(d)(e)(f)		4,764,496		4,766,878
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(d)(e)		1,640,000		1,640,000

				6,406,878


Total Short-Term Investments — 0.2% (Cost: $6,404,788)				6,406,878


Total Investments in Securities — 99.8% (Cost: $2,801,524,043)				3,015,262,693

Other Assets, Less Liabilities — 0.2%				6,937,012


Net Assets — 100.0%			$	3,022,199,705

^(a)	Non-income producing security.

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

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

^(d)	Affiliate of the Fund.

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

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

Affiliates


Affiliated Issuer	Value at 03/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/21		Shares Held at 09/30/21		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	5,584,799	$	—	$	(821,022	)^(a)	$	3,241	$	(140	)	$	4,766,878		4,764,496	$	364,948	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		5,458,000		—		(3,818,000	)^(a)		—		—			1,640,000		1,640,000		209			—

								$	3,241	$	(140	)	$	6,406,878			$	365,157		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



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


Long Contracts
IBEX 35 Index		34		10/15/21	$	3,466	$	(4,288	)
S&P/TSX 60 Index		28		12/16/21		5,288		(93,918	)
SPI 200 Index		22		12/16/21		2,854		(65,350	)


12		2 0 2 1 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, 2021

iShares^® Global Infrastructure ETF

Futures Contracts (continued)


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Dow Jones U.S. Real Estate Index		48		12/17/21	$	1,907	$	(60,399	)

							$	(223,955	)

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:


	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	223,955

^(a)

For the period ended September 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	2,120,472


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(230,864	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	15,116,612

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

Fair Value Hierarchy as of Period End


	Level 1			Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	1,710,344,114		$	1,294,947,126		$	—	$	3,005,291,240
Preferred Stocks		3,564,575			—			—		3,564,575
Money Market Funds		6,406,878			—			—		6,406,878

	$	1,720,315,567		$	1,294,947,126		$	—	$	3,015,262,693

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(154,317	)	$	(69,638	)	$	—	$	(223,955	)

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

September 30, 2021

iShares^® Global Timber & Forestry ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Brazil — 7.5%
Klabin SA^(a)		2,260,697	$	10,050,310
Suzano SA^(a)		1,207,161		12,085,464

				22,135,774

Canada — 15.3%
Canfor Corp.^(a)		342,207		7,516,342
Interfor Corp.		353,724		8,735,581
West Fraser Timber Co. Ltd.		302,046		25,439,971
Western Forest Products Inc.		2,010,613		3,492,301

				45,184,195

Finland — 9.2%
Metsa Board OYJ		496,001		4,643,026
Stora Enso OYJ, Class R		681,674		11,354,250
UPM-Kymmene OYJ		320,526		11,344,763

				27,342,039

Ireland — 3.8%
Smurfit Kappa Group PLC		216,536		11,400,273


Japan — 9.4%
Daio Paper Corp.		354,200		6,632,120
Oji Holdings Corp.		2,212,600		11,148,676
Sumitomo Forestry Co. Ltd.		528,500		10,038,042

				27,818,838

South Africa — 1.4%
Sappi Ltd.^(a)		1,584,433		4,208,671


Sweden — 14.9%
BillerudKorsnas AB		512,049		9,753,658
Holmen AB, Class B		258,884		11,369,825
Svenska Cellulosa AB SCA, Class B		1,479,834		22,934,564

				44,058,047


Security	Shares		Value

United Kingdom — 3.9%
Mondi PLC		466,094	$	11,422,093


United States — 35.0%
CatchMark Timber Trust Inc., Class A		273,298		3,244,047
Domtar Corp.^(a)		140,729		7,675,360
International Paper Co.		213,557		11,942,108
PotlatchDeltic Corp.		374,716		19,327,851
Rayonier Inc.		714,990		25,510,843
Westrock Co.		244,711		12,193,949
Weyerhaeuser Co.		668,895		23,792,595

				103,686,753


Total Common Stocks — 100.4% (Cost: $285,790,163)				297,256,683


Short-Term Investments

Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(b)(c)		480,000		480,000


Total Short-Term Investments — 0.2% (Cost: $480,000)				480,000


Total Investments in Securities — 100.6% (Cost: $286,270,163)				297,736,683

Other Assets, Less Liabilities — (0.6)%				(1,741,029	)


Net Assets — 100.0%			$	295,995,654

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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

Affiliates


Affiliated Issuer	Value at 03/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/21		Shares Held at 09/30/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	—	$	0	^(b)	$	—		$	—	$	—	$	—		—	$	1,148	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		530,000		—			(50,000	)^(b)		—		—		480,000		480,000		8			—

									$	—	$	—	$	480,000			$	1,156		$	—

^(a)

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

^(b)

Represents net amount purchased (sold).

^(c)


14		2 0 2 1 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, 2021

iShares^® Global Timber & Forestry ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		6		12/17/21	$	1,289	$	(40,895	)

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:


	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts	$	40,895

For the period ended September 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	191,928


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(54,336	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	1,519,868

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

Fair Value Hierarchy as of Period End


	Level 1			Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	175,215,393		$	122,041,290	$	—	$	297,256,683
Money Market Funds		480,000			—		—		480,000

	$	175,695,393		$	122,041,290	$	—	$	297,736,683

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(40,895	)	$	—	$	—	$	(40,895	)

^(a)

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

See notes to financial statements.


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

Statements of Assets and Liabilities (unaudited)

September 30, 2021


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

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	3,347,667,908	$	3,008,855,815		$	297,256,683
Affiliated^(c)		3,756,000		6,406,878			480,000
Cash		8,457		22,768			2,190
Foreign currency, at value^(d)		2,258,878		3,871,576			341,157
Cash pledged:
Futures contracts		465,000		113,000			70,000
Foreign currency collateral pledged:
Futures contracts^(e)		163,629		765,232			—
Receivables:
Investments sold		—		134,927,912			14,139,074
Securities lending income — Affiliated		—		3,236			—
Dividends		3,600,492		7,337,212			299,177
Tax reclaims		1,104,216		237,489			259,041
Foreign withholding tax claims		23,023		—			—

Total assets		3,359,047,603		3,162,541,118			312,847,322


LIABILITIES
Collateral on securities loaned, at value		—		4,755,865			—
Payables:
Investments purchased		3,040		134,478,504			16,254,064
Variation margin on futures contracts		114,939		97,616			15,600
Capital shares redeemed		—		—			479,627
Investment advisory fees		1,143,404		1,009,428			102,377
Professional fees		230		—			—

Total liabilities		1,261,613		140,341,413			16,851,668


NET ASSETS	$	3,357,785,990	$	3,022,199,705		$	295,995,654


NET ASSETS CONSIST OF:
Paid-in capital	$	2,308,083,141	$	3,122,266,970		$	269,056,782
Accumulated earnings (loss)		1,049,702,849		(100,067,265	)		26,938,872

NET ASSETS	$	3,357,785,990	$	3,022,199,705		$	295,995,654


Shares outstanding		47,250,000		65,900,000			3,480,000

Net asset value	$	71.06	$	45.86		$	85.06

Shares authorized		Unlimited		Unlimited			Unlimited

Par value		None		None			None


^(a)Securities loaned, at value	$	—	$	4,324,519		$	—
^(b)Investments, at cost — Unaffiliated	$	2,187,419,412	$	2,795,119,255		$	285,790,163
^(c)Investments, at cost — Affiliated	$	3,756,000	$	6,404,788		$	480,000
^(d)Foreign currency, at cost	$	2,266,511	$	3,848,000		$	341,398
^(e)Foreign currency collateral pledged, at cost	$	170,343	$	794,092		$	—

See notes to financial statements.


16		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations (unaudited)

Six Months Ended September 30, 2021


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

INVESTMENT INCOME
Dividends — Unaffiliated	$	36,919,778		$	57,302,371		$	3,351,430
Dividends — Affiliated		176			209			8
Securities lending income — Affiliated — net		7,589			364,948			1,148
Foreign taxes withheld		(3,214,226	)		(3,146,425	)		(360,580	)

Total investment income		33,713,317			54,521,103			2,992,006


EXPENSES
Investment advisory fees		6,645,136			6,327,932			734,650
Commitment fees		—			3,354			1,282

Total expenses		6,645,136			6,331,286			735,932

Net investment income		27,068,181			48,189,817			2,256,074


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(7,256,878	)		(10,381,376	)		(2,650,334	)
Investments — Affiliated		—			3,241			—
In-kind redemptions — Unaffiliated		25,606,875			34,195,740			37,265,480
Futures contracts		1,190,536			2,120,472			191,928
Foreign currency transactions		(78,224	)		(701,572	)		(45,353	)

Net realized gain		19,462,309			25,236,505			34,761,721

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		215,853,196			27,922,363			(39,531,027	)
Investments — Affiliated		—			(140	)		—
Futures contracts		(413,965	)		(230,864	)		(54,336	)
Foreign currency translations		(36,823	)		(760	)		6,126

Net change in unrealized appreciation (depreciation)		215,402,408			27,690,599			(39,579,237	)

Net realized and unrealized gain (loss)		234,864,717			52,927,104			(4,817,516	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	261,932,898		$	101,116,921		$	(2,561,442	)

See notes to financial statements.


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

Statements of Changes in Net Assets


	iShares Global 100 ETF						iShares Global Infrastructure ETF


	Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	27,068,181		$	43,191,067		$	48,189,817		$	78,913,924
Net realized gain (loss)		19,462,309			102,579,128			25,236,505			(62,569,876	)
Net change in unrealized appreciation (depreciation)		215,402,408			815,086,813			27,690,599			916,470,827


Net increase in net assets resulting from operations		261,932,898			960,857,008			101,116,921			932,814,875


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(28,825,936	)		(40,952,429	)		(44,726,946	)		(76,623,860	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		151,613,988			197,592,141			(97,810,199	)		(534,217,723	)


NET ASSETS
Total increase (decrease) in net assets		384,720,950			1,117,496,720			(41,420,224	)		321,973,292
Beginning of period		2,973,065,040			1,855,568,320			3,063,619,929			2,741,646,637


End of period	$	3,357,785,990		$	2,973,065,040		$	3,022,199,705		$	3,063,619,929

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

See notes to financial statements.


18		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares Global Timber & Forestry ETF
	Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	2,256,074		$	2,792,041
Net realized gain (loss)		34,761,721			(6,301,390	)
Net change in unrealized appreciation (depreciation)		(39,579,237	)		136,206,632

Net increase (decrease) in net assets resulting from operations		(2,561,442	)		132,697,283


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(3,883,911	)		(2,647,161	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(29,608,604	)		28,821,616


NET ASSETS
Total increase (decrease) in net assets		(36,053,957	)		158,871,738
Beginning of period		332,049,611			173,177,873

End of period	$	295,995,654		$	332,049,611

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

See notes to financial statements.


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

Financial Highlights

(For a share outstanding throughout each period)


	iShares Global 100 ETF
		Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19	^(a)		Year Ended 03/31/18	^(a)		Year Ended 03/31/17	^(a)


Net asset value, beginning of period	$	65.92		$	44.71		$	47.57		$	45.54		$	40.90		$	36.07

Net investment income^(b)		0.58			0.99			1.06			1.14			1.02			1.05
Net realized and unrealized gain (loss)^(c)		5.18			21.16			(2.83	)		1.97			4.65			4.84

Net increase (decrease) from investment operations		5.76			22.15			(1.77	)		3.11			5.67			5.89


Distributions^(d)
From net investment income		(0.62	)		(0.94	)		(1.09	)		(1.08	)		(1.03	)		(1.06	)

Total distributions		(0.62	)		(0.94	)		(1.09	)		(1.08	)		(1.03	)		(1.06	)


Net asset value, end of period	$	71.06		$	65.92		$	44.71		$	47.57		$	45.54		$	40.90


Total Return^(e)
Based on net asset value		8.75	%^(f)		49.88	%		(3.91	)%		7.00	%		13.97	%		16.66	%^(g)


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

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

Net investment income		1.63	%^(h)		1.71	%		2.11	%		2.46	%		2.30	%		2.78	%


Supplemental Data
Net assets, end of period (000)	$	3,357,786		$	2,973,065		$	1,855,568		$	2,031,281		$	1,780,507		$	1,590,950

Portfolio turnover rate⁽ⁱ⁾		1	%^(f)		3	%		5	%		9	%		8	%		5	%

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

^(b)	Based on average shares outstanding.

^(c)	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)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2017:

•

Total return by 0.01%

^(h)	Annualized.

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

See notes to financial statements.


20		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Infrastructure ETF
	Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17


Net asset value, beginning of period	$	45.05		$	33.89		$	44.78		$	42.73		$	42.18		$	39.18

Net investment income^(a)		0.72			1.04			1.54			1.34			1.44			1.29
Net realized and unrealized gain (loss)^(b)		0.77			11.14			(10.86	)		2.10			0.45			2.88

Net increase (decrease) from investment operations		1.49			12.18			(9.32	)		3.44			1.89			4.17


Distributions^(c)
From net investment income		(0.68	)		(1.02	)		(1.57	)		(1.39	)		(1.34	)		(1.17	)

Total distributions		(0.68	)		(1.02	)		(1.57	)		(1.39	)		(1.34	)		(1.17	)


Net asset value, end of period	$	45.86		$	45.05		$	33.89		$	44.78		$	42.73		$	42.18


Total Return^(d)
Based on net asset value		3.26	%^(e)		36.27	%^(f)		(21.75	)%		8.40	%		4.37	%		10.85	%


Ratios to Average Net Assets
Total expenses		0.41	%^(g)		0.43	%		0.46	%		0.46	%		0.47	%		0.48	%

Net investment income		3.10	%^(g)		2.57	%		3.38	%		3.15	%		3.24	%		3.22	%


Supplemental Data
Net assets, end of period (000)	$	3,022,200		$	3,063,620		$	2,741,647		$	2,825,830		$	2,503,687		$	1,560,481

Portfolio turnover rate^(h)		7	%^(e)		25	%		9	%		19	%		11	%		23	%

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

^(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		21

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Timber & Forestry ETF
	Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17


Net asset value, beginning of period	$	85.14		$	48.10		$	63.82		$	78.11		$	57.39		$	47.07

Net investment income^(a)		0.56			0.78			0.79			1.57			0.82			1.06	^(b)
Net realized and unrealized gain (loss)^(c)		0.22			37.04			(15.27	)		(14.25	)		20.75			10.14

Net increase (decrease) from investment operations		0.78			37.82			(14.48	)		(12.68	)		21.57			11.20


Distributions^(d)
From net investment income		(0.86	)		(0.78	)		(1.24	)		(1.61	)		(0.85	)		(0.88	)

Total distributions		(0.86	)		(0.78	)		(1.24	)		(1.61	)		(0.85	)		(0.88	)


Net asset value, end of period	$	85.06		$	85.14		$	48.10		$	63.82		$	78.11		$	57.39


Total Return^(e)
Based on net asset value		0.90	%^(f)		79.23	%		(23.04	)%		(16.22	)%		37.92	%		24.18	%^(b)


Ratios to Average Net Assets
Total expenses		0.41	%^(g)		0.43	%		0.46	%		0.46	%		0.47	%		0.51	%

Total expenses excluding professional fees for foreign withholding tax claims		N/A			N/A			N/A			0.46	%		N/A			0.48	%

Net investment income		1.25	%^(g)		1.15	%		1.30	%		2.17	%		1.21	%		2.09	%^(b)


Supplemental Data
Net assets, end of period (000)	$	295,996		$	332,050		$	173,178		$	279,553		$	440,542		$	234,161

Portfolio turnover rate^(h)		9	%^(f)		14	%		10	%		18	%		31	%		17	%

^(a)	Based on average shares outstanding.

^(b)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2017:

•

Net investment income per share by $0.14.

•

Total return by 0.30%.

•

Ratio of net investment income to average net assets by 0.27%.

^(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)	Annualized.

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

See notes to financial statements.


22		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited)

1.	ORGANIZATION

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

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


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

2.	SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of September 30, 2021, 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.

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

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains 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.


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

Notes to Financial Statements (unaudited) (continued)

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

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

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

•

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

•

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

•

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

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 Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

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

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

•

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

•

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

•

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

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


24		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

4. SECURITIES AND OTHER INVESTMENTS

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

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, 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		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount

Global Infrastructure
Citigroup Global Markets, Inc.	$	729,300	$	729,300		$	—	$	—
Goldman Sachs & Co. LLC		84,330		84,330			—		—
HSBC Bank PLC		55,845		55,845			—		—
J.P. Morgan Securities LLC		428,840		428,840			—		—
Morgan Stanley		2,024,920		2,024,920			—		—
State Street Bank & Trust Co.		847,671		847,319			—		(352	)^(b)
UBS AG		60,583		60,583			—		—
UBS Securities LLC		93,030		93,030			—		—

	$	4,324,519	$	4,324,167		$	—	$	(352	)

^(a)

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

^(b)

The market value of the loaned securities is determined as of September 30, 2021. 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.


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

Notes to Financial Statements (unaudited) (continued)

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

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


Aggregate Average Daily Net Assets	Investment Advisory Fee
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

Prior to July 14, 2021, for its investment advisory services to each of the iShares Global Infrastructure and iShares Global Timber & Forestry ETFs, BFA was entitled to annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds as follows:


Aggregate Average Daily Net Assets	Investment Advisory Fee
First $10 billion		0.480	%
Over $10 billion, up to and including $20 billion		0.430
Over $20 billion, up to and including $30 billion		0.380
Over $30 billion		0.342

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

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to 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 Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

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


26		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

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, 2021, the Funds paid BTC the following amounts for securities lending agent services:


iShares ETF	Fees Paid to BTC

Global 100	$	2,279
Global Infrastructure		88,141
Global Timber & Forestry		492

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, 2021, 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	$	5,525,340	$	980,724	$	(318,243)
Global Infrastructure		1,932,556		5,671,413		(502,689)
Global Timber & Forestry		550,236		224,733		(29,959)

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


iShares ETF	Purchases		Sales

Global 100	$	65,690,323	$	43,739,391
Global Infrastructure		315,947,974		219,044,122
Global Timber & Forestry		30,000,424		32,616,659

For the six months ended September 30, 2021, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales

Global 100	$	177,096,065	$	42,603,796
Global Infrastructure		13,003,274		145,859,854
Global Timber & Forestry		113,973,933		137,848,023

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, 2021, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of March 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:


iShares ETF	Non-Expiring

Global 100	$	109,913,744
Global Infrastructure		316,510,669
Global Timber & Forestry		15,058,197


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

Notes to Financial Statements (unaudited) (continued)

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, 2021, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)

Global 100	$	2,227,637,783	$	1,329,775,081	$	(206,290,959)	$	1,123,484,122
Global Infrastructure		2,841,572,842		329,003,184		(155,537,288)		173,465,896
Global Timber & Forestry		289,024,282		23,529,076		(14,857,570)		8,671,506

9. LINE OF CREDIT

The Funds, along with certain other iShares funds (“Participating Funds”), are parties to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on October 15, 2021. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Credit Agreement sets specific sub limits on aggregate borrowings based on two tiers of Participating Funds: $300 million with respect to the funds within Tier 1, including the Funds, and $200 million with respect to Tier 2. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. The Credit Agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Credit Agreement. The Credit Agreement was terminated on August 12, 2021.

Effective August 13, 2021, 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 12, 2022. 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) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each 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, 2021, the Funds did not borrow under the Credit Agreement or Syndicated Credit Agreement.

10. PRINCIPAL RISKS

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

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

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

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

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling


28		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

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

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

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

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries. 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. In addition, the United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching.

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

LIBORTransition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11. CAPITAL SHARE TRANSACTIONS

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


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

Notes to Financial Statements (unaudited) (continued)

Transactions in capital shares were as follows:


	Six Months Ended 09/30/21						Year Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount

Global 100
Shares sold		2,800,000		$	196,867,500			7,400,000		$	411,867,144
Shares redeemed		(650,000	)		(45,253,512	)		(3,800,000	)		(214,275,003	)

Net increase		2,150,000		$	151,613,988			3,600,000		$	197,592,141

Global Infrastructure
Shares sold		1,100,000		$	52,003,391			3,300,000		$	125,731,306
Shares redeemed		(3,200,000	)		(149,813,590	)		(16,200,000	)		(659,949,029	)

Net decrease		(2,100,000	)	$	(97,810,199	)		(12,900,000	)	$	(534,217,723	)

Global Timber & Forestry
Shares sold		1,320,000		$	123,684,305			1,020,000		$	70,906,482
Shares redeemed		(1,740,000	)		(153,292,909	)		(720,000	)		(42,084,866	)

Net increase (decrease)		(420,000	)	$	(29,608,604	)		300,000		$	28,821,616

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. SUBSEQUENT EVENTS

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


30		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract

iShares Global 100 ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) 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 7, 2021 and May 14, 2021, 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 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board 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 overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.

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

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

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

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


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

Board Review and Approval of Investment Advisory Contract (continued)

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 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, were within a reasonable range in light of the factors and other information considered.

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

iFees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). 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 also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) 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 and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further 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”)


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Board Review and Approval of Investment Advisory Contract (continued)

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 7, 2021 and May 14, 2021, 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 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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, 2020, to that of 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.

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


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

Board Review and Approval of Investment Advisory Contract (continued)

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

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate, and the Board and BFA agreed during the June 15-16, 2021 meeting to revise the Advisory Agreement for the Fund to provide for one or more additional breakpoints, as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board 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.


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Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

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, 2021


	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Global 100^(a)	$	0.623861	$	—	$	0.000753	$	0.624614		100	%		—	%		0	%^(b)		100	%
Global Infrastructure^(a)		0.534527		—		0.143154		0.677681		79			—			21			100
Global Timber & Forestry^(a)		0.593240		—		0.269851		0.863091		69			—			31			100

^(a)

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

^(b)

Rounds to less than 1%.


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

General Information

Electronic Delivery

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

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

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

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference 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 Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.


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Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity



ADR		American Depositary Receipt

NVS		Non-Voting Shares


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

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

iS-SAR-303-0921

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