
		FEBRUARY 28, 2022

2022 Semi-Annual Report

(Unaudited)

iShares, Inc.

iShares MSCI Global Agriculture Producers ETF | VEGI | NYSE Arca

iShares MSCI Global Energy Producers ETF | FILL | NYSE Arca

iShares MSCI Global Gold Miners ETF | RING | NASDAQ

iShares MSCI Global Metals & Mining Producers ETF | PICK | Cboe BZX

iShares MSCI Global Silver and Metals Miners ETF | SLVP | Cboe BZX

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of February 28, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.

In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. 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. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. 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.

Overall, 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,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

Total Returns as of February 28, 2022

6-Month

12-Month

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

(2.62)%

16.39%

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

(9.46)

(6.01)

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

(6.78)

2.83

Emerging market equities
(MSCI Emerging Markets Index)

(9.81)

(10.69)

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

0.02

0.04

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

(3.94)

(1.67)

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

(4.07)

(2.64)

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

(3.09)

(0.66)

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

(3.07)

0.64

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		9
Shareholder Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		29
Statements of Operations		31
Statements of Changes in Net Assets		33
Financial Highlights		36
Notes to Financial Statements		41
Statement Regarding Liquidity Risk Management Program		50
Supplemental Information		51
General Information		52
Glossary of Terms Used in this Report		53


Fund Summary as of February 28, 2022		iShares^® MSCI Global Agriculture Producers ETF

Investment Objective

The iShares MSCI Global Agriculture Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of agriculture, as represented by the MSCI ACWI Select Agriculture Producers Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		8.51	%		12.84	%		12.42	%		7.20	%		12.84	%		79.57	%		100.41	%
Fund Market		9.40			13.16			12.48			7.21			13.16			80.06			100.66
Index		8.51			13.05			12.45			7.28			13.05			79.79			101.87

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 9 for more information.

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,085.10	$ 2.02			$ 1,000.00	$ 1,022.90	$ 1.96		0.39	%

^(a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Fertilizers & Agricultural Chemicals	36.8	%
Agricultural & Farm Machinery	29.2
Agricultural Products	19.2
Packaged Foods & Meats	14.8

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
United States	55.2	%
Canada	8.8
Norway	5.1
Japan	4.4
India	3.7
Netherlands	3.0
China	2.7
Saudi Arabia	2.3
Israel	1.8
Malaysia	1.7

^(a)

Excludes money market funds.


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


Fund Summary as of February 28, 2022		iShares^® MSCI Global Energy Producers ETF

Investment Objective

The iShares MSCI Global Energy Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of energy exploration and production, as represented by the MSCI ACWI Select Energy Producers Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		35.33	%		41.87	%		5.62	%		1.04	%		41.87	%		31.42	%		10.93	%
Fund Market		37.25			42.95			5.90			1.10			42.95			33.18			11.60
Index		36.27			42.70			5.43			0.90			42.70			30.28			9.43

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,353.30	$ 2.28			$ 1,000.00	$ 1,022.90	$ 1.96		0.39	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Integrated Oil & Gas	57.1	%
Oil & Gas Exploration & Production	29.4
Oil & Gas Refining & Marketing	10.7
Coal & Consumable Fuels	2.8

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
United States	51.5	%
Canada	17.4
France	5.3
India	4.5
United Kingdom	4.4
Brazil	2.6
Australia	2.0
Italy	1.6
Norway	1.5
China	1.4

^(a)

Excludes money market funds.


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


Fund Summary as of February 28, 2022		iShares^® MSCI Global Gold Miners ETF

Investment Objective

The iShares MSCI Global Gold Miners ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of gold mining, as represented by the MSCI ACWI Select Gold Miners Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		4.40	%		9.51	%		9.09	%		(4.68	)%		9.51	%		54.47	%		(38.08	)%
Fund Market		6.16			11.87			9.46			(4.46	)		11.87			57.14			(36.63	)
Index		6.10			11.18			9.63			(4.37	)		11.18			58.34			(36.07	)

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,044.00	$ 1.98			$ 1,000.00	$ 1,022.90	$ 1.96		0.39	%

^(a)

Portfolio Information

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
Canada	50.0	%
United States	22.8
South Africa	11.2
Australia	7.2
China	3.9
Peru	1.2
Russia	1.0
Other (each representing less than 1%)	2.7

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Newmont Corp.	21.7	%
Barrick Gold Corp.	16.4
Agnico Eagle Mines Ltd.	8.4
Gold Fields Ltd.	5.0
Newcrest Mining Ltd.	4.9
Wheaton Precious Metals Corp.	4.7
AngloGold Ashanti Ltd.	4.5
Zijin Mining Group Co. Ltd., Class H	3.9
Kinross Gold Corp.	2.9
Yamana Gold Inc.	2.3

^(a)

Excludes money market funds.


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


Fund Summary as of February 28, 2022		iShares^® MSCI Global Metals & Mining Producers ETF

Investment Objective

The iShares MSCI Global Metals & Mining Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in mining, extraction or production of diversified metals, excluding gold and silver, as represented by the MSCI ACWI Select Metals & Mining Producers ex Gold & Silver Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		8.51	%		21.07	%		15.31	%		3.54	%		21.07	%		103.90	%		41.57	%
Fund Market		10.07			22.50			15.81			3.57			22.50			108.33			42.04
Index		8.59			21.95			15.77			3.75			21.95			107.97			44.55

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,085.10	$ 2.02			$ 1,000.00	$ 1,022.90	$ 1.96		0.39	%

(a)

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Diversified Metals & Mining	49.0	%
Steel	31.5
Copper	10.3
Aluminum	5.6
Precious Metals & Minerals	3.6

TEN LARGEST GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
Australia	36.4	%
United States	15.7
Brazil	7.1
United Kingdom	6.1
Canada	4.9
Japan	4.4
South Africa	3.9
India	3.4
China	2.9
South Korea	2.1

^(a)

Excludes money market funds.


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


Fund Summary as of February 28, 2022		iShares^® MSCI Global Silver and Metals Miners ETF

Investment Objective

The iShares MSCI Global Silver and Metals Miners ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of silver exploration or metals mining, as represented by the MSCI ACWI Select Silver Miners Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(6.45	)%		(16.32	)%		3.68	%		(4.96	)%		(16.32	)%		19.79	%		(39.90	)%
Fund Market		(6.07	)		(16.39	)		3.76			(4.94	)		(16.39	)		20.26			(39.76	)
Index		(6.00	)		(15.92	)		3.71			(4.94	)		(15.92	)		20.00			(39.72	)

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/21)	Ending Account Value (02/28/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 935.50	$ 1.87			$ 1,000.00	$ 1,022.90	$ 1.96		0.39	%

^(a)

Portfolio Information

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
Canada	67.8	%
United States	20.4
Mexico	5.0
Japan	4.6
Other (each representing less than 1%)	2.2

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Pan American Silver Corp.	17.6	%
Hecla Mining Co.	10.4
First Majestic Silver Corp.	8.7
Newmont Corp.	8.4
Industrias Penoles SAB de CV	5.0
MAG Silver Corp.	4.8
Asahi Holdings Inc.	4.6
SilverCrest Metals Inc.	4.4
Agnico Eagle Mines Ltd.	4.4
Fortuna Silver Mines Inc.	4.1

^(a)

Excludes money market funds.


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

About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

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

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

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

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


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

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI Global Agriculture Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 1.0%
Australian Agricultural Co. Ltd.^(a)		45,444	$	54,460
Costa Group Holdings Ltd.		69,342		137,276
Elders Ltd.		24,318		204,381
Inghams Group Ltd.		53,214		130,701
Nufarm Ltd./Australia		50,820		203,639
Select Harvests Ltd.		18,648		74,816
Tassal Group Ltd.		32,928		85,553


				890,826

Brazil — 0.4%
Sao Martinho SA		27,720		214,292
SLC Agricola SA		16,562		140,698
Tres Tentos Agroindustrial SA^(a)		19,194		37,299


				392,289

Canada — 8.8%
Ag Growth International Inc.		2,982		88,225
Nutrien Ltd.		89,586		7,704,749
Rogers Sugar Inc.^(b)		14,070		64,717


				7,857,691

China — 2.7%
Beijing Dabeinong Technology Group Co. Ltd., Class A		37,800		49,724
China BlueChemical Ltd., Class H		274,000		82,044
China Huishan Dairy Holdings Co. Ltd.^(a)(c)		295,050		—
China Modern Dairy Holdings Ltd.		504,000		93,140
China Youran Dairy Group Ltd.^(a)(d)		126,000		68,562
COFCO Joycome Foods Ltd.^(a)		374,000		163,163
First Tractor Co. Ltd., Class H		64,000		30,824
Fujian Sunner Development Co. Ltd., Class A		12,600		39,449
Heilongjiang Agriculture Co. Ltd., Class A		16,800		39,147
Henan Shuanghui Investment & Development Co. Ltd., Class A		26,900		123,105
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		61,700		387,007
Jiangsu Yangnong Chemical Co. Ltd., Class A		2,900		57,363
Jiangxi Zhengbang Technology Co. Ltd., Class A		25,200		27,592
Muyuan Foods Co. Ltd., Class A		50,166		456,468
New Hope Liuhe Co. Ltd., Class A^(a)		42,000		102,746
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		19,880		111,679
Sichuan New Energy Power Co. Ltd.^(a)		12,600		51,238
Sinofert Holdings Ltd.		336,000		48,230
Tongwei Co. Ltd., Class A		42,600		292,161
Wens Foodstuffs Group Co. Ltd., Class A^(a)		58,820		181,896
Yuan Longping High-Tech Agriculture Co. Ltd., Class A^(a)		12,600		38,073


				2,443,611

Cyprus — 0.0%
Ros Agro PLC, GDR^(c)(e)		5,334		15,624


Egypt — 0.0%
Misr Fertilizers Production Co. SAE		7,040		39,829


Faeroe Islands — 0.6%
Bakkafrost P/F		7,854		533,733


France — 0.1%
Vilmorin & Cie SA		882		45,640


Germany — 1.2%
K+S AG, Registered^(a)		29,988		769,257
KWS Saat SE & Co. KGaA		1,806		131,249


Security	Shares		Value

Germany (continued)
Suedzucker AG		11,298	$	153,922


				1,054,428

Hong Kong — 1.0%
WH Group Ltd.^(d)		1,302,000		909,285


India — 3.7%
Balrampur Chini Mills Ltd.		19,782		104,952
Bayer CropScience Ltd./India		2,100		123,144
Chambal Fertilizers and Chemicals Ltd.		25,956		130,978
Coromandel International Ltd.		18,354		189,135
Deepak Fertilisers & Petrochemicals Corp. Ltd.		8,442		63,987
EID Parry India Ltd.		10,878		59,983
Escorts Ltd.		10,584		260,922
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		12,138		89,681
Gujarat State Fertilizers & Chemicals Ltd.		28,098		47,164
Kaveri Seed Co. Ltd.		3,822		24,784
PI Industries Ltd.		12,978		427,124
Rallis India Ltd.		12,306		38,355
Shree Renuka Sugars Ltd.^(a)		82,740		36,535
Sumitomo Chemical India Ltd.		15,666		78,676
Tata Consumer Products Ltd.		93,576		896,027
Triveni Engineering & Industries Ltd.		11,214		37,231
UPL Ltd.		77,700		690,557


				3,299,235

Indonesia — 0.8%
Astra Agro Lestari Tbk PT		75,600		59,995
Charoen Pokphand Indonesia Tbk PT		1,155,000		467,684
Inti Agri Resources Tbk PT^(a)(c)		2,230,700		—
Japfa Comfeed Indonesia Tbk PT		651,000		71,504
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		491,400		48,722
Sawit Sumbermas Sarana Tbk PT		508,200		39,810


				687,715

Ireland — 0.1%
Origin Enterprises PLC		19,698		79,753


Israel — 1.7%
ICL Group Ltd.		110,586		1,255,872
Israel Corp. Ltd. (The)^(a)		588		308,993


				1,564,865

Japan — 4.4%
Hokuto Corp.		3,000		51,465
Kubota Corp.		160,600		2,881,432
Kumiai Chemical Industry Co. Ltd.		12,600		89,413
Maruha Nichiro Corp.		6,100		133,092
Mitsui DM Sugar Holdings Co. Ltd.		2,400		42,843
NH Foods Ltd.		13,100		491,679
Sakata Seed Corp.		4,400		129,273
Taki Chemical Co. Ltd.		800		33,253
YAMABIKO Corp.		5,300		61,381
Yukiguni Maitake Co. Ltd.		3,100		32,348


				3,946,179

Malaysia — 1.7%
Genting Plantations Bhd		42,000		91,133
IOI Corp. Bhd		386,400		424,578
Kuala Lumpur Kepong Bhd		69,000		427,295
QL Resources Bhd		172,207		203,031
Sime Darby Plantation Bhd		268,800		315,366
United Plantations BHD		16,800		60,910


				1,522,313


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Global Agriculture Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Mauritius — 0.2%
Golden Agri-Resources Ltd.^(b)		991,200	$	209,583


Netherlands — 3.0%
CNH Industrial NV		160,650		2,285,167
ForFarmers NV		5,166		21,073
OCI NV^(a)		14,784		419,071


				2,725,311

Norway — 5.1%
Atlantic Sapphire ASA^(a)(b)		11,382		40,298
Austevoll Seafood ASA		14,322		202,224
Grieg Seafood ASA^(a)		8,274		104,206
Leroy Seafood Group ASA		46,452		405,544
Mowi ASA		68,964		1,775,741
Norway Royal Salmon ASA^(b)		1,764		40,519
Salmar ASA		9,240		678,902
Yara International ASA		25,956		1,321,937


				4,569,371

Poland — 0.1%
Grupa Azoty SA^(a)		7,770		60,215


Russia — 0.2%
PhosAgro PJSC, GDR		21,252		130,018


Saudi Arabia — 2.3%
Al Jouf Agricultural Development Co.		2,310		35,191
Almarai Co. JSC		39,060		523,693
National Agriculture Development Co. (The)^(a)		7,728		63,719
SABIC Agri-Nutrients Co.		33,642		1,433,414
Saudi Fisheries Co.^(a)		3,024		37,934


				2,093,951

Singapore — 1.3%
China XLX Fertiliser Ltd.		66,000		50,931
First Resources Ltd.		88,200		120,209
Japfa Ltd.		63,040		27,565
Wilmar International Ltd.		302,400		982,810


				1,181,515

South Africa — 0.1%
Astral Foods Ltd.		6,132		64,805
Oceana Group Ltd.		12,800		44,944


				109,749

South Korea — 0.1%
Dongwon Industries Co. Ltd.		168		29,432
Harim Holdings Co. Ltd.		7,308		63,779
Namhae Chemical Corp.^(a)		3,402		27,510


				120,721

Sweden — 0.9%
Husqvarna AB, Class B		65,436		788,119


Taiwan — 0.5%
Charoen Pokphand Enterprise		26,000		78,674
Taiwan Fertilizer Co. Ltd.		113,000		277,909
Taiwan TEA Corp.^(a)		84,000		64,527


				421,110

Thailand — 0.6%
Charoen Pokphand Foods PCL, NVDR		604,800		468,609
GFPT PCL, NVDR		79,800		31,993
Khon Kaen Sugar Industry PCL, NVDR^(a)		235,254		24,474
Thaifoods Group PCL, NVDR^(b)		180,600		23,493


				548,569


Security	Shares		Value

Turkey — 0.2%
Gubre Fabrikalari TAS^(a)		7,938	$	43,647
Hektas Ticaret TAS^(a)(b)		61,027		57,161
Turk Traktor ve Ziraat Makineleri AS		2,016		31,129


				131,937

United Kingdom — 0.4%
Cranswick PLC		8,274		388,403


United States — 55.0%
AGCO Corp.		9,996		1,201,119
American Vanguard Corp.		4,410		66,459
AppHarvest Inc.^(a)(b)		8,358		31,927
Archer-Daniels-Midland Co.		87,822		6,889,636
Bunge Ltd.		22,050		2,305,327
Cal-Maine Foods Inc.		5,838		258,448
CF Industries Holdings Inc.		33,684		2,734,804
Corteva Inc.		114,408		5,952,648
Darling Ingredients Inc.^(a)		25,368		1,838,673
Deere & Co.		46,200		16,632,924
FMC Corp.		19,908		2,334,213
Fresh Del Monte Produce Inc.		5,586		144,566
Hydrofarm Holdings Group Inc.^(a)		4,116		83,349
Ingredion Inc.		10,458		928,043
Lamb Weston Holdings Inc.		22,848		1,517,793
Lindsay Corp.		1,722		225,944
Mosaic Co. (The)		57,960		3,038,843
Pilgrim’s Pride Corp.^(a)		7,644		180,245
Sanderson Farms Inc.		3,150		562,558
Scotts Miracle-Gro Co. (The)		6,510		911,791
Toro Co. (The)		16,716		1,568,128
Vital Farms Inc.^(a)(b)		2,436		34,713


				49,442,151

Total Common Stocks — 98.2% (Cost: $72,898,959)				88,203,739


Preferred Stocks

Chile — 1.6%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		21,294		1,414,175


Total Preferred Stocks — 1.6% (Cost: $897,029)				1,414,175


Rights

Thailand — 0.0%
Khon Kaen Sugar (Expires 02/28/22)^(a)		2,201		—


Total Rights — 0.0% (Cost: $0)				—


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)

February 28, 2022

iShares^® MSCI Global Agriculture Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Short-Term Investments

Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%^(f)(g)(h)		276,754	$	276,809


Total Short-Term Investments — 0.3% (Cost: $276,804)				276,809


Total Investments in Securities — 100.1% (Cost: $74,072,792)				89,894,723

Other Assets, Less Liabilities — (0.1)%				(55,263	)


Net Assets — 100.0%			$	89,839,460

^(a)	Non-income producing security.

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

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

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

^(e)	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(f)	Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,825,834	$	—	$	(1,548,825	)^(a)	$	(189	)	$	(11	)	$	276,809		276,754	$	55,566	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares^(c)		80,000		—		(80,000	)^(a)		—			—			—		—		5			—

								$	(189	)	$	(11	)	$	276,809			$	55,571		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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

^(c)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Euro STOXX 50 Index		2		03/18/22	$	88	$	(9,529	)

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)	$	9,529

^(a)

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


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Global Agriculture Producers ETF

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:


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

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(9,529	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	29,174

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	$	58,477,327	$	29,710,788		$	15,624	$	88,203,739
Preferred Stocks		—		1,414,175			—		1,414,175
Rights		—		—			—		—
Money Market Funds		276,809		—			—		276,809

	$	58,754,136	$	31,124,963		$	15,624	$	89,894,723

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	—	$	(9,529	)	$	—	$	(9,529	)

^(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)

February 28, 2022

iShares^® MSCI Global Energy Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 2.0%
Beach Energy Ltd.		70,870	$	78,940
Karoon Energy Ltd.^(a)		24,035		36,172
New Hope Corp. Ltd.^(b)		17,670		32,759
Paladin Energy Ltd.^(a)(b)		93,860		54,017
Santos Ltd.		132,502		705,684
Washington H Soul Pattinson & Co. Ltd.		8,930		163,830
Whitehaven Coal Ltd.		37,430		87,593
Woodside Petroleum Ltd.		39,928		834,346


				1,993,341

Austria — 0.3%
OMV AG		6,080		289,429


Brazil — 1.3%
3R Petroleum Oleo E Gas SA^(a)		6,650		44,072
Enauta Participacoes SA		4,275		14,333
Petro Rio SA^(a)		26,901		136,714
Petroleo Brasileiro SA		151,698		1,078,636


				1,273,755

Canada — 17.3%
Advantage Energy Ltd.^(a)		7,721		45,138
ARC Resources Ltd.		28,197		348,597
Baytex Energy Corp.^(a)		23,275		106,321
Birchcliff Energy Ltd.		11,020		58,599
Cameco Corp.		16,340		401,829
Canacol Energy Ltd.		5,251		13,298
Canadian Natural Resources Ltd.		48,295		2,698,043
Cenovus Energy Inc.		53,693		844,262
Crescent Point Energy Corp.		23,815		170,416
Denison Mines Corp.^(a)		31,255		46,852
Energy Fuels Inc./Canada^(a)		6,270		51,595
Enerplus Corp.		10,450		133,562
Freehold Royalties Ltd.		5,035		56,209
Headwater Exploration Inc.^(a)		7,885		44,728
Imperial Oil Ltd.		10,097		453,190
Kelt Exploration Ltd.^(a)		6,175		28,013
MEG Energy Corp.^(a)		11,400		148,852
NexGen Energy Ltd.^(a)		16,435		87,264
NuVista Energy Ltd.^(a)		7,410		56,474
Paramount Resources Ltd., Class A		3,040		67,444
Parex Resources Inc.		5,225		115,218
Peyto Exploration & Development Corp.		6,650		57,397
PrairieSky Royalty Ltd.		8,265		111,765
Shell PLC		315,833		8,328,766
Suncor Energy Inc.		59,795		1,828,524
Tamarack Valley Energy Ltd.		16,530		67,294
Tourmaline Oil Corp.		12,875		507,890
Vermilion Energy Inc.^(a)		6,650		124,343
Whitecap Resources Inc.		24,772		188,990


				17,190,873

China — 1.4%
CGN Mining Co. Ltd.		90,000		10,512
China Coal Energy Co. Ltd., Class H		95,000		59,217
China Shenhua Energy Co. Ltd., Class A		19,000		76,071
China Shenhua Energy Co. Ltd., Class H		142,500		392,728
Guanghui Energy Co. Ltd., Class A^(a)		19,000		21,643
Inner Mongolia Yitai Coal Co. Ltd., Class B		38,000		36,607
PetroChina Co. Ltd., Class A		47,500		43,793
PetroChina Co. Ltd., Class H		854,000		457,424


Security	Shares		Value

China (continued)
Shaanxi Coal Industry Co. Ltd., Class A		23,700	$	53,544
Shanxi Coking Coal Energy Group Co. Ltd., Class A		9,510		16,007
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		9,500		20,935
Yankuang Energy Group Co. Ltd, Class H^(b)		62,000		152,013
Yankuang Energy Group Co. Ltd., Class A		6,100		30,612


				1,371,106

Colombia — 0.2%
Ecopetrol SA		205,010		169,913


Finland — 0.7%
Neste Oyj		17,417		679,169


France — 5.3%
TotalEnergies SE		102,896		5,242,057


Greece — 0.1%
Hellenic Petroleum Holdings SA		2,535		20,075
Motor Oil Hellas Corinth Refineries SA		2,522		40,467


				60,542

Hungary — 0.1%
MOL Hungarian Oil & Gas PLC		17,290		134,867


India — 4.5%
Bharat Petroleum Corp. Ltd.		36,195		168,829
Coal India Ltd.		64,125		145,040
Hindustan Petroleum Corp. Ltd.		26,030		94,693
Indian Oil Corp. Ltd.		78,755		120,880
Oil & Natural Gas Corp. Ltd.		103,019		221,879
Oil India Ltd.		11,210		33,436
Reliance Industries Ltd.		77,180		2,429,758
Reliance Industries Ltd., GDR^(c)		19,855		1,246,267


				4,460,782

Indonesia — 0.3%
Adaro Energy Tbk PT		579,500		99,287
Bukit Asam Tbk PT		126,100		27,702
Indika Energy Tbk PT^(a)		66,500		10,322
Indo Tambangraya Megah Tbk PT		19,000		35,277
Medco Energi Internasional Tbk PT^(a)		323,012		13,637
Sugih Energy Tbk PT^(a)(d)		206,700		—
United Tractors Tbk PT		69,100		120,578


				306,803

Israel — 0.2%
Delek Group Ltd.^(a)		380		46,941
Equital Ltd.^(a)		856		34,187
Naphtha Israel Petroleum Corp. Ltd.^(a)(b)		1,331		10,530
Oil Refineries Ltd.^(a)		75,620		27,097
Paz Oil Co. Ltd.^(a)		399		57,564


				176,319

Italy — 1.6%
Eni SpA		103,625		1,611,857
Saras SpA^(a)		23,180		14,163


				1,626,020

Japan — 1.2%
Cosmo Energy Holdings Co. Ltd.		2,036		46,019
ENEOS Holdings Inc.		125,600		497,350
Idemitsu Kosan Co. Ltd.		8,668		232,359
Inpex Corp.		42,200		434,977
Japan Petroleum Exploration Co. Ltd.		1,300		30,858


				1,241,563


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Global Energy Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Norway — 1.5%
Aker BP ASA		5,225	$	163,650
BW Energy Ltd.^(a)		3,040		8,047
DNO ASA		18,525		23,501
Equinor ASA		40,110		1,260,878


				1,456,076

Philippines — 0.0%
Semirara Mining & Power Corp.		38,000		20,531


Poland — 0.3%
Grupa Lotos SA^(a)		3,800		48,755
Polski Koncern Naftowy ORLEN SA		12,445		210,219


				258,974

Portugal — 0.2%
Galp Energia SGPS SA		20,904		231,393


Russia — 0.4%
LUKOIL PJSC^(d)		17,021		297,110
Rosneft Oil Co. PJSC^(d)		47,821		49,888
Surgutneftegas PJSC^(d)		285,010		21,523
Tatneft PJSC^(d)		57,983		73,629


				442,150

Saudi Arabia — 1.1%
Rabigh Refining & Petrochemical Co.^(a)		9,120		59,871
Saudi Arabian Oil Co.^(c)		90,079		999,382


				1,059,253

South Africa — 0.2%
Exxaro Resources Ltd.		10,355		133,567
Thungela Resources Ltd.^(a)		5,540		49,278


				182,845

South Korea — 0.6%
Hyundai Heavy Industries Holdings Co. Ltd.		1,710		73,102
SK Innovation Co. Ltd.^(a)		2,113		356,708
S-Oil Corp.		1,805		128,551


				558,361

Spain — 0.8%
Repsol SA		59,886		777,083


Sweden — 0.3%
Lundin Energy AB		8,194		302,351


Thailand — 0.5%
Bangchak Corp. PCL, NVDR		38,000		36,225
Banpu PCL, NVDR		218,500		73,230
Esso Thailand PCL, NVDR^(a)		47,500		10,967
IRPC PCL, NVDR		465,500		54,566
PTT Exploration & Production PCL, NVDR		57,031		240,115
Star Petroleum Refining PCL, NVDR^(a)		76,000		20,898
Thai Oil PCL, NVDR		47,500		78,963


				514,964

Turkey — 0.1%
Turkiye Petrol Rafinerileri AS^(a)		5,130		71,500


United Arab Emirates — 0.0%
Dana Gas PJSC		136,800		39,544


United Kingdom — 4.3%
BP PLC		810,315		3,949,566
Capricorn Energy PLC^(a)		20,439		60,513
Diversified Energy Co. PLC		33,535		53,085
Energean PLC^(a)		4,750		66,143


Security	Shares		Value

United Kingdom (continued)
Harbour Energy PLC^(a)		16,993	$	89,988
Pantheon Resources PLC^(a)		21,280		40,498
Serica Energy PLC		7,125		26,491
Tullow Oil PLC^(a)		50,255		36,172


				4,322,456

United States — 51.2%
Antero Resources Corp.^(a)		11,590		265,759
APA Corp.		14,908		531,172
Arch Resources Inc.		665		79,381
Berry Corp.		2,280		22,800
Brigham Minerals Inc., Class A		1,900		43,282
California Resources Corp.		1,615		66,586
Callon Petroleum Co.^(a)		1,511		85,160
Centennial Resource Development Inc./DE, Class A^(a)		7,505		65,894
Centrus Energy Corp., Class A^(a)		438		19,828
Chesapeake Energy Corp.		3,123		241,252
Chevron Corp.		79,109		11,391,696
Civitas Resources Inc.		2,090		105,482
CNX Resources Corp.^(a)		8,740		142,812
Comstock Resources Inc.^(a)		3,325		27,597
ConocoPhillips		54,127		5,134,487
CONSOL Energy Inc.^(a)		1,330		40,884
Coterra Energy Inc.		31,602		737,275
Crescent Energy Inc.^(a)(b)		893		13,529
CVR Energy Inc.		1,235		21,477
Delek U.S. Holdings Inc.^(a)		2,660		45,832
Denbury Inc.^(a)		2,090		151,859
Devon Energy Corp.		26,428		1,573,787
Diamondback Energy Inc.		7,042		972,500
EOG Resources Inc.		24,000		2,758,080
EQT Corp.		13,205		305,564
Exxon Mobil Corp.		173,722		13,623,279
Gulfport Energy Corp.^(a)		570		39,319
Hess Corp.		11,411		1,153,196
HollyFrontier Corp.		6,365		193,814
Kosmos Energy Ltd.^(a)		18,620		90,493
Laredo Petroleum Inc.^(a)		570		43,639
Magnolia Oil & Gas Corp., Class A^(b)		5,985		133,765
Marathon Oil Corp.		31,950		720,792
Marathon Petroleum Corp.		25,263		1,967,230
Matador Resources Co.		4,845		240,312
Murphy Oil Corp.		6,322		219,184
Northern Oil and Gas Inc.		2,470		61,948
Oasis Petroleum Inc.		814		107,863
Occidental Petroleum Corp.		38,326		1,675,996
Ovintiv Inc.		10,784		494,446
Par Pacific Holdings Inc.^(a)		1,900		25,840
PBF Energy Inc., Class A^(a)		3,990		66,314
PDC Energy Inc.		4,085		263,564
Peabody Energy Corp.^(a)		3,895		67,539
Pioneer Natural Resources Co.		9,488		2,273,325
Range Resources Corp.^(a)		10,165		233,287
SM Energy Co.		4,750		168,672
Southwestern Energy Co.^(a)		22,909		114,316
Talos Energy Inc.^(a)		1,235		19,402
Tellurian Inc.^(a)		15,770		60,084
Texas Pacific Land Corp.		255		303,126
Uranium Energy Corp.^(a)		10,735		42,833
Valero Energy Corp.		16,738		1,397,790
Viper Energy Partners LP		2,375		69,849


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Global Energy Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Whiting Petroleum Corp.		1,615	$	119,268


				50,834,460


Total Common Stocks — 98.0% (Cost: $76,020,952)				97,288,480


Preferred Stocks

Brazil — 1.3%
Petroleo Brasileiro SA, Preference Shares, NVS		194,968		1,281,614


Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS^(d)		275,500		29,581


Total Preferred Stocks — 1.3% (Cost: $878,199)				1,311,195


Rights

Thailand — 0.0%
Bangchak Corp. PCL (Expires 03/03/22)^(a)		1,801		—


Total Rights — 0.0% (Cost: $0)				—


Short-Term Investments

Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%^(e)(f)(g)		385,055		385,132


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(e)(f)		120,000	$	120,000


				505,132


Total Short-Term Investments — 0.5% (Cost: $505,062)				505,132


Total Investments in Securities — 99.8% (Cost: $77,404,213)				99,104,807

Other Assets, Less Liabilities — 0.2%				227,756


Net Assets — 100.0%			$	99,332,563

^(a)	Non-income producing security.

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

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

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

^(e)	Affiliate of the Fund.

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

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

Affiliates


Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	525,991	$	—		$	(140,624	)^(a)	$	(216	)	$	(19	)	$	385,132		385,055	$	3,360	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		100,000		20,000	^(a)		—			—			—			120,000		120,000		7			—

									$	(216	)	$	(19	)	$	505,132			$	3,367		$	—

^(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
FTSE 100 Index		1		03/18/22	$	99	$	(1,122	)


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Global Energy Producers ETF

Futures Contracts (continued)


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
S&P Select Sector Energy E-Mini Index		7		03/18/22	$	514	$	33,406

							$	32,284

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
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	33,406


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	1,122

^(a)

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	46,096


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	53,082

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	584,134

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

Fair Value Hierarchy as of Period End


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Global Energy Producers ETF

Fair Value Hierarchy as of Period End (continued)


	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	60,326,898	$	36,519,432		$	442,150	$	97,288,480
Preferred Stocks		—		1,281,614			29,581		1,311,195
Rights		—		—			—		—
Money Market Funds		505,132		—			—		505,132

	$	60,832,030	$	37,801,046		$	471,731	$	99,104,807


Derivative financial instruments^(a)
Assets
Futures Contracts	$	33,406	$	—		$	—	$	33,406
Liabilities
Futures Contracts		—		(1,122	)		—		(1,122	)

	$	33,406	$	(1,122	)	$	—	$	32,284

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI Global Gold Miners ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 7.2%
De Grey Mining Ltd.^(a)(b)		3,979,321	$	3,275,565
Newcrest Mining Ltd.		1,329,667		24,666,387
St. Barbara Ltd.		2,818,062		2,712,322
West African Resources Ltd.^(a)		3,593,664		2,859,413
Westgold Resources Ltd.		1,721,696		2,807,457


				36,321,144

Canada — 49.9%
Aclara Resources Inc.^(a)		8,250		6,959
Agnico Eagle Mines Ltd.		834,580		42,160,282
Alamos Gold Inc., Class A		1,025,056		7,553,470
Argonaut Gold Inc.^(a)		1,394,405		2,541,282
B2Gold Corp.		2,597,126		10,490,955
Barrick Gold Corp.		3,634,683		82,156,740
Calibre Mining Corp.^(a)(b)		2,001,111		2,036,634
Centerra Gold Inc.		628,195		6,125,830
Eldorado Gold Corp.^(a)		521,131		5,723,190
Equinox Gold Corp.^(a)		755,177		5,356,246
IAMGOLD Corp.^(a)		1,457,534		4,277,733
Kinross Gold Corp.		2,924,737		14,583,304
Lundin Gold Inc.^(a)(b)		319,073		2,572,723
New Gold Inc.^(a)		2,088,619		3,608,738
Pretium Resources Inc.^(a)		498,131		7,266,621
SSR Mining Inc.		529,222		10,475,882
Torex Gold Resources Inc.^(a)		296,943		3,767,135
Wesdome Gold Mines Ltd.^(a)		427,894		4,817,394
Wheaton Precious Metals Corp.		539,541		23,641,899
Yamana Gold Inc.		2,358,938		11,594,622


				250,757,639

China — 3.9%
Zijin Mining Group Co. Ltd., Class H		13,250,000		19,665,403


Indonesia — 0.9%
Aneka Tambang Tbk		28,254,200		4,401,958


Jersey — 0.9%
Centamin PLC		3,542,037		4,701,486


Peru — 1.2%
Cia. de Minas Buenaventura SAA, ADR^(a)		599,999		5,939,990


Russia — 0.9%
Polymetal International PLC^(c)		822,891		2,495,683
Polyus PJSC^(c)		62,547		2,356,663


				4,852,346


Security	Shares		Value

South Africa — 11.2%
AngloGold Ashanti Ltd.		959,099	$	22,439,939
DRDGOLD Ltd.		2,451,341		2,287,064
Gold Fields Ltd.		1,786,098		24,869,208
Harmony Gold Mining Co. Ltd.		1,550,480		6,621,464


				56,217,675

Turkey — 0.4%
Koza Altin Isletmeleri AS^(a)(b)		223,668		1,850,399


United Kingdom — 0.5%
Hochschild Mining PLC		1,671,558		2,591,539


United States — 22.8%
Coeur Mining Inc.^(a)(b)		804,590		3,459,737
McEwen Mining Inc.^(a)(b)		2,431,007		1,925,601
Newmont Corp.		1,648,892		109,156,650


				114,541,988

Total Common Stocks — 99.8% (Cost: $485,757,085)				501,841,567


Short-Term Investments

Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%^(d)(e)(f)		2,928,742		2,929,328
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(d)(e)		400,000		400,000


				3,329,328


Total Short-Term Investments — 0.7% (Cost: $3,328,452)				3,329,328


Total Investments in Securities — 100.5% (Cost: $489,085,537)				505,170,895

Other Assets, Less Liabilities — (0.5)%				(2,411,215	)


Net Assets — 100.0%			$	502,759,680

^(a)	Non-income producing security.

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

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

^(d)	Affiliate of the Fund.

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

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


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Global Gold Miners ETF

Affiliates


Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	5,683,523	$	—		$	(2,753,331	)^(a)	$	(476	)	$	(388	)	$	2,929,328		2,928,742	$	38,788	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		130,000		270,000	^(a)		—			—			—			400,000		400,000		15			—

									$	(476	)	$	(388	)	$	3,329,328			$	38,803		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long Contracts

S&P/TSE 60 Index

03/17/22

604

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
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	15

^(a)

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	16,874

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(8,415	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	1,566,379

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


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Global Gold Miners ETF

Fair Value Hierarchy as of Period End


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	373,083,057	$	123,906,164	$	4,852,346	$	501,841,567
Money Market Funds		3,329,328		—		—		3,329,328

	$	376,412,385	$	123,906,164	$	4,852,346	$	505,170,895

Derivative financial instruments^(a)
Assets
Futures Contracts	$	15	$	—	$	—	$	15

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI Global Metals & Mining Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 36.1%
29Metals Ltd.^(a)		298,528	$	590,696
Allkem Ltd.^(a)		655,424		4,371,005
Alumina Ltd.		2,804,096		4,051,881
Australian Strategic Materials Ltd.^(a)		101,536		605,782
AVZ Minerals Ltd.^(a)		2,812,000		1,645,770
BHP Group Ltd.		5,784,892		197,531,855
BlueScope Steel Ltd.		574,560		8,508,000
Chalice Mining Ltd.^(a)		359,328		1,952,426
Champion Iron Ltd.^(b)		375,136		1,768,771
Deterra Royalties Ltd.		502,498		1,633,590
Fortescue Metals Group Ltd.		1,933,440		25,757,939
Glencore PLC		11,340,128		66,680,015
IGO Ltd.		775,808		6,223,827
Iluka Resources Ltd.		480,320		3,779,190
Imdex Ltd.		449,312		882,238
ionner Ltd.^(a)		1,636,128		632,067
Liontown Resources Ltd.^(a)		1,870,816		1,972,705
Lynas Rare Earths Ltd.^(a)		1,029,952		7,796,062
Mineral Resources Ltd.		193,764		6,461,358
Nickel Mines Ltd.		1,130,438		1,268,764
OZ Minerals Ltd.		384,256		7,183,131
Perenti Global Ltd.		693,120		386,161
Pilbara Minerals Ltd.^(a)		2,721,350		5,465,102
Rio Tinto Ltd.		425,552		36,698,331
Rio Tinto PLC		1,281,664		100,215,904
Sandfire Resources Ltd.		443,232		2,185,105
Sayona Mining Ltd.^(a)(b)		5,963,400		509,715
Sims Ltd.		198,208		2,640,394
South32 Ltd.		5,324,864		18,690,337
Vulcan Energy Resources Ltd.^(a)(b)		99,104		636,761
Western Areas Ltd.^(a)		366,016		914,658


				519,639,540

Austria — 0.3%
voestalpine AG		131,936		4,360,619


Belgium — 0.1%
Bekaert SA		41,924		1,824,048


Brazil — 6.3%
Cia Brasileira de Aluminio^(a)		167,808		640,769
Cia. Siderurgica Nacional SA		792,224		3,899,115
Vale SA		4,682,208		86,872,175


				91,412,059

Canada — 4.9%
Altius Minerals Corp.		45,600		786,802
Capstone Mining Corp.^(a)		352,032		1,824,734
ERO Copper Corp.^(a)		77,824		1,113,789
First Quantum Minerals Ltd.		670,624		19,666,346
Hudbay Minerals Inc.		254,144		2,071,249
Ivanhoe Mines Ltd., Class A^(a)		693,728		7,060,427
Labrador Iron Ore Royalty Corp.		65,664		2,425,553
Largo Inc.^(a)		39,520		406,269
Lithium Americas Corp.^(a)(b)		121,600		3,472,915
Lundin Mining Corp.		755,744		7,292,110
New Pacific Metals Corp.^(a)(b)		99,712		312,313
Solaris Resources Inc.^(a)		61,408		675,851
Stelco Holdings Inc.		35,264		1,082,542
Teck Resources Ltd., Class B		538,688		19,397,018


Security	Shares		Value

Canada (continued)
Turquoise Hill Resources Ltd.^(a)		114,912	$	2,363,515
Wallbridge Mining Co. Ltd.^(a)		731,424		187,545


				70,138,978

Chile — 0.1%
CAP SA		77,216		892,853


China — 2.8%
Aluminum Corp. of China Ltd., Class A^(a)		910,265		941,835
Aluminum Corp. of China Ltd., Class H^(a)		4,512,000		3,189,189
Anhui Honglu Steel Construction Group Co. Ltd., Class A		35,500		277,025
Baoshan Iron & Steel Co. Ltd., Class A		1,579,093		1,809,901
Chengtun Mining Group Co. Ltd., Class A		182,400		318,910
China Hongqiao Group Ltd.		2,736,000		3,830,423
China Metal Recycling Holdings Ltd.^(a)(c)		132,000		—
China Minmetals Rare Earth Co. Ltd., Class A		60,800		364,753
China Molybdenum Co. Ltd., Class A		1,153,400		1,106,450
China Molybdenum Co. Ltd., Class H		3,978,000		2,394,369
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		243,270		1,913,548
China Oriental Group Co. Ltd.		1,180,000		342,769
China Zhongwang Holdings Ltd.^(a)(c)		1,552,000		244,053
Ganfeng Lithium Co. Ltd., Class A		77,200		1,877,124
Ganfeng Lithium Co. Ltd., Class H^(b)(d)		296,800		5,037,347
GEM Co. Ltd., Class A		364,817		557,328
Hesteel Co. Ltd., Class A		790,400		322,254
Hunan Valin Steel Co. Ltd., Class A		486,400		450,130
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A^(a)		3,100,821		1,323,505
Jiangxi Copper Co. Ltd., Class A		121,600		431,051
Jiangxi Copper Co. Ltd., Class H		1,346,000		2,422,800
Jinchuan Group International Resources Co. Ltd.^(b)		3,648,000		651,820
MMG Ltd.^(a)		3,466,000		1,255,488
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A^(a)		608,000		407,106
Shandong Nanshan Aluminum Co. Ltd., Class A		851,200		660,188
Shanxi Meijin Energy Co. Ltd., Class A^(a)		306,628		700,895
Shanxi Taigang Stainless Steel Co. Ltd., Class A		425,600		494,344
Shenghe Resources Holding Co. Ltd., Class A		121,600		380,081
Shougang Fushan Resources Group Ltd.		2,432,000		804,177
Tiangong International Co. Ltd.^(b)		1,216,000		573,914
Tianshan Aluminum Group Co. Ltd., Class A		363,000		551,149
Tibet Summit Resources Co. Ltd., Class-A		60,800		330,314
Tongling Nonferrous Metals Group Co. Ltd., Class A		729,600		462,467
Western Superconducting Technologies Co. Ltd., Class A		24,450		335,099
Xiamen Tungsten Co. Ltd., Class A		121,699		426,254
Yintai Gold Co. Ltd., Class A		241,440		350,580
YongXing Special Materials Technology Co. Ltd., Class A		21,100		500,317
Yunnan Aluminium Co. Ltd., Class A^(a)		243,200		559,952
Yunnan Tin Co. Ltd., Class A^(a)		121,600		485,275
Zhejiang Huayou Cobalt Co. Ltd., Class A		79,900		1,580,208


				40,664,392

Cyprus — 0.0%
Atalaya Mining PLC		82,080		478,980


Finland — 0.2%
Outokumpu Oyj^(a)		416,480		2,454,985


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Global Metals & Mining Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

France — 0.1%
Eramet SA^(a)		10,944	$	1,434,009


Germany — 0.7%
Aurubis AG		35,872		4,197,261
Salzgitter AG^(a)		41,344		1,805,974
thyssenkrupp AG^(a)		461,472		4,892,406


				10,895,641

India — 3.4%
APL Apollo Tubes Ltd.^(a)		128,288		1,461,967
Hindalco Industries Ltd.		1,797,248		13,812,074
Jindal Stainless Hisar Ltd.^(a)		105,792		498,282
Jindal Stainless Ltd.^(a)		195,168		505,538
Jindal Steel & Power Ltd.^(a)		468,768		2,673,281
JSW Steel Ltd.		960,032		8,054,410
National Aluminium Co. Ltd.		943,616		1,534,419
Ratnamani Metals & Tubes Ltd.		19,456		579,229
Tata Steel Ltd.		694,756		11,375,744
Tata Steel Ltd., GDR^(e)		136,668		2,217,377
Vedanta Ltd.		1,271,936		6,473,751


				49,186,072

Indonesia — 0.3%
Merdeka Copper Gold Tbk PT^(a)		13,011,200		3,523,111
Timah Tbk PT^(a)		2,979,200		331,593


				3,854,704

Japan — 4.4%
Daido Steel Co. Ltd.		28,600		1,028,485
Daiki Aluminium Industry Co. Ltd.		59,000		892,967
Dowa Holdings Co. Ltd.		60,800		2,743,936
Hitachi Metals Ltd.^(a)		250,700		4,468,854
JFE Holdings Inc.		547,200		8,146,471
Kobe Steel Ltd.		425,600		2,260,273
Kyoei Steel Ltd.		18,400		254,694
Maruichi Steel Tube Ltd.		62,900		1,561,150
Mitsubishi Materials Corp.		129,000		2,321,907
Mitsui Mining & Smelting Co. Ltd.		63,600		1,862,377
Nippon Light Metal Holdings Co. Ltd.		65,440		1,048,658
Nippon Steel Corp.		972,805		17,811,053
Sumitomo Metal Mining Co. Ltd.		274,100		13,672,784
Toho Titanium Co. Ltd.		60,800		576,093
Tokyo Steel Manufacturing Co. Ltd.		121,600		1,189,710
UACJ Corp.^(a)		33,638		689,565
Yamato Kogyo Co. Ltd.		60,800		1,955,062
Yodogawa Steel Works Ltd.		19,600		470,740


				62,954,779

Liechtenstein — 1.8%
APERAM SA		54,720		3,063,891
ArcelorMittal SA		731,434		22,695,390


				25,759,281

Malaysia — 0.4%
Press Metal Aluminium Holdings Bhd		3,707,000		6,030,442


Mexico — 1.3%
Grupo Mexico SAB de CV, Series B		3,585,400		18,393,534


Netherlands — 0.1%
AMG Advanced Metallurgical Group NV		35,264		1,396,908


Norway — 1.0%
Norsk Hydro ASA		1,490,340		14,152,396


Security	Shares		Value

Peru — 0.5%
Southern Copper Corp.		96,672	$	6,708,070


Poland — 0.5%
Jastrzebska Spolka Weglowa SA^(a)		59,584		696,024
KGHM Polska Miedz SA		159,904		6,278,948


				6,974,972

Qatar — 0.1%
Qatar Aluminum Manufacturing Co.		3,130,592		1,913,518


Russia — 0.6%
Alrosa PJSC^(c)		2,886,002		840,669
MMC Norilsk Nickel PJSC^(c)		71,400		4,836,801
Novolipetsk Steel PJSC^(c)		1,668,000		1,059,320
Severstal PAO^(c)		233,400		1,114,679
United Co. RUSAL International PJSC^(a)(c)		3,450,000		728,010


				8,579,479

Saudi Arabia — 1.0%
Saudi Arabian Mining Co.^(a)		491,264		14,023,891


South Africa — 3.8%
African Rainbow Minerals Ltd.		129,504		2,304,689
Anglo American Platinum Ltd.		60,192		9,395,061
Impala Platinum Holdings Ltd.		930,848		17,755,351
Kumba Iron Ore Ltd.		73,568		2,908,054
Northam Platinum Holdings Ltd.^(a)		387,616		6,258,576
Royal Bafokeng Platinum Ltd.		180,258		2,133,729
Sibanye Stillwater Ltd.		3,050,138		14,389,410


				55,144,870

South Korea — 2.1%
Dongkuk Steel Mill Co. Ltd.		70,528		980,080
Hyundai Steel Co.		98,496		3,284,928
KG Dongbu Steel Co. Ltd.		22,496		197,712
Korea Zinc Co. Ltd.		9,728		4,461,655
Poongsan Corp.		20,064		534,380
POSCO		84,494		20,103,129
Seah Besteel Corp.		15,808		234,360
SeAH Steel Holdings Corp.		1		106
Young Poong Corp.^(a)		608		332,347


				30,128,697

Spain — 0.2%
Acerinox SA		187,264		2,380,818


Sweden — 1.4%
Boliden AB		311,296		13,846,581
Granges AB		120,992		1,293,374
SSAB AB, Class A^(a)		305,824		1,913,886
SSAB AB, Class B^(a)		664,544		3,594,078


				20,647,919

Switzerland — 0.0%
Swiss Steel Holding AG, Registered^(a)		955,776		305,102


Taiwan — 2.0%
Century Iron & Steel Industrial Co. Ltd.		115,000		449,709
China Metal Products		208,011		267,148
China Steel Corp.		13,376,612		17,394,337
Chun Yuan Steel Industry Co. Ltd.		475,000		420,515
Chung Hung Steel Corp.		1,085,000		1,611,252
Feng Hsin Steel Co. Ltd.		608,000		1,833,664
Hsin Kuang Steel Co. Ltd.		200,000		449,372
TA Chen Stainless Pipe		1,806,005		3,452,810


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Global Metals & Mining Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Taiwan (continued)
Tung Ho Steel Enterprise Corp.		475,700	$	1,198,200
YC INOX Co. Ltd.		370,263		441,994
Yieh Phui Enterprise Co. Ltd.^(a)		1,216,644		1,062,100


				28,581,101

Turkey — 0.3%
Eregli Demir ve Celik Fabrikalari TAS		1,596,000		3,584,016
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D^(a)		842,688		714,202
Koza Anadolu Metal Madencilik Isletmeleri AS^(a)		218,272		309,423


				4,607,641

United Kingdom — 6.0%
Anglo American PLC		1,464,842		74,357,911
Antofagasta PLC		451,136		9,134,531
Central Asia Metals PLC		203,320		570,056
Eurasia Mining PLC^(a)		2,120,096		295,787
Ferrexpo PLC		334,400		758,498
Hill & Smith Holdings PLC		91,740		1,736,649


				86,853,432

United States — 15.6%
Alcoa Corp.		212,800		16,032,352
Allegheny Technologies Inc.^(a)(b)		145,312		3,740,331
Alpha Metallurgical Resources Inc.^(a)		18,848		1,786,413
Arconic Corp.^(a)		118,560		3,639,792
Carpenter Technology Corp.		55,328		2,124,042
Century Aluminum Co.^(a)		62,016		1,464,818
Cleveland-Cliffs Inc.^(a)		542,944		12,140,228
Commercial Metals Co.		137,408		5,297,078
Compass Minerals International Inc.		38,912		2,281,022
Coronado Global Resources Inc.^(a)(d)		862,752		1,037,305
Freeport-McMoRan Inc.		1,678,620		78,811,209
Kaiser Aluminum Corp.		18,240		1,760,160
Materion Corp.		23,104		1,930,339
MP Materials Corp.^(a)(b)		71,136		3,245,224
Nucor Corp.		327,244		43,071,855
Piedmont Lithium Inc.^(a)(b)		18,240		958,512
Reliance Steel & Aluminum Co.		71,744		13,693,777
Ryerson Holding Corp.		20,064		524,072
Schnitzer Steel Industries Inc., Class A		29,792		1,449,381
Steel Dynamics Inc.		228,070		16,097,181
SunCoke Energy Inc.		99,712		790,716
United States Steel Corp.		308,864		8,404,190
Warrior Met Coal Inc.		58,368		1,838,592
Worthington Industries Inc.		38,304		2,184,094


				224,302,683


Total Common Stocks — 98.4% (Cost: $1,229,806,802)				1,417,076,413


Security	Shares		Value

Preferred Stocks

Brazil — 0.7%
Bradespar SA, Preference Shares, NVS		288,192	$	1,658,906
Cia Ferro Ligas da Bahia-Ferbasa, Preference Shares, NVS		43,168		368,962
Gerdau SA, Preference Shares, NVS		1,307,808		6,486,485
Metalurgica Gerdau SA, Preference Shares, NVS		839,648		1,687,527


				10,201,880

Russia — 0.0%
Mechel PJSC, Preference Shares, NVS^(c)		96,000		72,186


Total Preferred Stocks — 0.7% (Cost: $9,074,920)				10,274,066


Short-Term Investments

Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%^(f)(g)(h)		3,989,688		3,990,486
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(f)(g)		2,010,000		2,010,000


				6,000,486


Total Short-Term Investments — 0.4% (Cost: $6,000,347)				6,000,486


Total Investments in Securities — 99.5% (Cost: $1,244,882,069)				1,433,350,965

Other Assets, Less Liabilities — 0.5%				6,888,350


Net Assets — 100.0%			$	1,440,239,315

^(a)	Non-income producing security.

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

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

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

^(e)	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

^(f)	Affiliate of the Fund.

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

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


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Global Metals & Mining Producers ETF

Affiliates



Affiliated Issuer	Value at 08/31/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	6,852,782	$	—		$	(2,850,781	)^(a)	$	(11,099	)	$	(416	)	$	3,990,486		3,989,688	$	127,457	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		2,010,000	^(a)		—			—			—			2,010,000		2,010,000		69			—

									$	(11,099	)	$	(416	)	$	6,000,486			$	127,526		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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

payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



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

Long Contracts
MSCI Emerging Markets Index		122		03/18/22	$	7,170	$	43,651
S&P Select Sector Energy E-Mini Index		41		03/18/22		3,011		140,968

							$	184,619

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

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	184,619

^(a)

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	475,957

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(94,353	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	8,405,260

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


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Global Metals & Mining Producers ETF

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	351,473,774	$	1,056,779,107	$	8,823,532	$	1,417,076,413
Preferred Stocks		—		10,201,880		72,186		10,274,066
Money Market Funds		6,000,486		—		—		6,000,486

	$	357,474,260	$	1,066,980,987	$	8,895,718	$	1,433,350,965

Derivative financial instruments^(a)
Assets
Futures Contracts	$	184,619	$	—	$	—	$	184,619

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

February 28, 2022

iShares^® MSCI Global Silver and Metals Miners ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Canada — 67.7%
Aclara Resources Inc.^(a)		4,153	$	3,503
Agnico Eagle Mines Ltd.		210,742		10,646,005
Aya Gold & Silver Inc.^(a)		777,324		6,212,459
Dundee Precious Metals Inc.		354,305		2,096,479
Eldorado Gold Corp.^(a)		285,094		3,130,973
Endeavour Silver Corp.^(a)(b)		1,670,308		7,050,215
First Majestic Silver Corp.^(b)		1,868,409		21,035,263
Fortuna Silver Mines Inc.^(a)(b)		2,661,904		9,933,575
GoGold Resources Inc.^(a)(b)		2,604,446		6,164,369
Kinross Gold Corp.		651,134		3,246,680
Lundin Gold Inc.^(a)(b)		129,895		1,047,359
MAG Silver Corp.^(a)(b)		688,300		11,686,167
New Gold Inc.^(a)		1,190,488		2,056,938
Orla Mining Ltd.^(a)		275,770		1,096,553
Pan American Silver Corp.		1,810,424		42,821,705
Seabridge Gold Inc.^(a)(b)		121,281		2,096,463
Silvercorp Metals Inc.		1,740,176		6,452,724
SilverCrest Metals Inc.^(a)(b)		1,234,204		10,740,253
SSR Mining Inc.		208,158		4,120,461
Victoria Gold Corp.^(a)		74,842		948,294
Wheaton Precious Metals Corp.		217,137		9,514,626
Yamana Gold Inc.		541,615		2,662,139


				164,763,203

Japan — 4.6%
Asahi Holdings Inc.		575,200		11,170,647


Mexico — 5.0%
Industrias Penoles SAB de CV		979,898		12,229,946


Peru — 0.6%
Cia. de Minas Buenaventura SAA, ADR^(a)		156,766		1,551,983


Russia — 0.2%
Polymetal International PLC^(c)		183,040		555,128


South Africa — 0.7%
Harmony Gold Mining Co. Ltd.		380,216		1,623,747


Security	Shares		Value

United Kingdom — 0.7%
Hochschild Mining PLC		621,786	$	964,000
SolGold PLC^(a)(b)		1,794,828		719,471


				1,683,471

United States — 20.3%
Coeur Mining Inc.^(a)(b)		446,523		1,920,049
Gatos Silver Inc.^(a)(b)		514,661		1,734,407
Hecla Mining Co.		4,395,051		25,315,494
Newmont Corp.		309,734		20,504,391


				49,474,341


Total Common Stocks — 99.8% (Cost: $254,132,650)				243,052,466


Short-Term Investments

Money Market Funds — 6.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.09%^(d)(e)(f)		14,859,927		14,862,898
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.03%^(d)(e)		80,000		80,000


				14,942,898


Total Short-Term Investments — 6.1% (Cost: $14,939,241)				14,942,898


Total Investments in Securities — 105.9% (Cost: $269,071,891)				257,995,364

Other Assets, Less Liabilities — (5.9)%				(14,418,662	)


Net Assets — 100.0%			$	243,576,702

^(a)	Non-income producing security.

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

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

^(d)	Affiliate of the Fund.

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

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

Affiliates



Affiliated Issuer	Value at 08/31/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 02/28/22		Shares Held at 02/28/22		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	22,991,219	$	—	$	(8,124,820	)^(a)	$	(1,069	)	$	(2,432	)	$	14,862,898		14,859,927	$	109,815	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		140,000		—		(60,000	)^(a)		—			—			80,000		80,000		5			—

								$	(1,069	)	$	(2,432	)	$	14,942,898			$	109,820		$	—

^(a)

Represents net amount purchased (sold).

^(b)


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

Schedule of Investments (unaudited) (continued)

February 28, 2022

iShares^® MSCI Global Silver and Metals Miners ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



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

Long Contracts
S&P/TSE 60 Index		2		03/17/22	$	402	$	(6,048	)

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)	$	6,048

^(a)

For the period ended February 28, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	18,225

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(8,044	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	394,120

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	$	228,015,970		$	14,481,368	$	555,128	$	243,052,466
Money Market Funds		14,942,898			—		—		14,942,898

	$	242,958,868		$	14,481,368	$	555,128	$	257,995,364

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(6,048	)	$	—	$	—	$	(6,048	)

^(a)

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

See notes to financial statements.


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

Statement of Assets and Liabilities (unaudited)

February 28, 2022


	iShares MSCI Global Agriculture Producers ETF		iShares MSCI Global Energy Producers ETF		iShares MSCI Global Gold Miners ETF			iShares MSCI Global Metals & Mining Producers ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	89,617,914	$	98,599,675	$	501,841,567		$	1,427,350,479
Affiliated^(c)		276,809		505,132		3,329,328			6,000,486
Cash		151,504		24,189		27,266			425,440
Foreign currency, at value^(d)		187,883		90,260		253,924			634,667
Cash pledged:
Futures contracts		—		36,000		—			556,000
Foreign currency collateral pledged:
Futures contracts^(e)		7,831		8,049		—			—
Receivables:
Investments sold		82,379		346,532		26,795,957			4,291,909
Securities lending income — Affiliated		500		253		6,626			58,041
Variation margin on futures contracts		—		11,949		7			—
Capital shares sold		56,885		—		—			4,508,813
Dividends		132,334		557,446		425,565			10,610,914
Tax reclaims		2,197		29,757		536			76,312


Total assets		90,516,236		100,209,242		532,680,776			1,454,513,061


LIABILITIES
Cash received:
Futures contracts		5		—		—			—
Collateral on securities loaned, at value		276,456		384,598		2,935,121			3,999,583
Deferred foreign capital gain tax		84,240		80,504		—			1,320,801
Payables:
Investments purchased		289,373		382,257		26,509,340			8,546,046
Variation margin on futures contracts		1,291		—		—			16,738
Capital shares redeemed		—		—		322,371			—
Investment advisory fees		25,411		29,320		154,264			389,436
Professional fees		—		—		—			1,142


Total liabilities		676,776		876,679		29,921,096			14,273,746


NET ASSETS	$	89,839,460	$	99,332,563	$	502,759,680		$	1,440,239,315


NET ASSETS CONSIST OF:
Paid-in capital	$	76,907,252	$	84,260,400	$	539,138,292		$	1,320,382,866
Accumulated earnings (loss)		12,932,208		15,072,163		(36,378,612	)		119,856,449


NET ASSETS	$	89,839,460	$	99,332,563	$	502,759,680		$	1,440,239,315


Shares outstanding		2,100,000		4,750,000		18,100,000			30,400,000


Net asset value	$	42.78	$	20.91	$	27.78		$	47.38


Shares authorized		500 million		500 million		500 million			500 million


Par value	$	0.001	$	0.001	$	0.001		$	0.001


^(a)Securities loaned, at value	$	264,598	$	378,509	$	2,655,128		$	3,853,904
^(b)Investments, at cost — Unaffiliated	$	73,795,988	$	76,899,151	$	485,757,085		$	1,238,881,722
^(c)Investments, at cost — Affiliated	$	276,804	$	505,062	$	3,328,452		$	6,000,347
^(d)Foreign currency, at cost	$	188,382	$	90,598	$	252,850		$	635,379
^(e)Foreign currency collateral pledged, at cost	$	7,996	$	8,159	$	—		$	—

See notes to financial statements.


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

Statements of Assets and Liabilities (unaudited) (continued)

February 28, 2022


	iShares MSCI Global Silver and Metals Miners ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	243,052,466
Affiliated^(c)		14,942,898
Cash		2,157
Foreign currency, at value^(d)		411,108
Foreign currency collateral pledged:
Futures contracts^(e)		21,301
Receivables:
Investments sold		3,172,113
Securities lending income — Affiliated		6,445
Dividends		989
Tax reclaims		11,309


Total assets		261,620,786


LIABILITIES
Collateral on securities loaned, at value		14,867,492
Payables:
Investments purchased		3,105,592
Variation margin on futures contracts		661
Investment advisory fees		70,339


Total liabilities		18,044,084


NET ASSETS	$	243,576,702


NET ASSETS CONSIST OF:
Paid-in capital	$	289,141,739
Accumulated loss		(45,565,037	)


NET ASSETS	$	243,576,702


Shares outstanding		18,800,000


Net asset value	$	12.96


Shares authorized		500 million


Par value	$	0.001


^(a)Securities loaned, at value	$	14,298,282
^(b)Investments, at cost — Unaffiliated	$	254,132,650
^(c)Investments, at cost — Affiliated	$	14,939,241
^(d)Foreign currency, at cost	$	411,976
^(e)Foreign currency collateral pledged, at cost	$	21,395

See notes to financial statements.


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

Statements of Operations (unaudited)

Six Months Ended February 28, 2022


	iShares MSCI Global Agriculture Producers ETF			iShares MSCI Global Energy Producers ETF			iShares MSCI Global Gold Miners ETF			iShares MSCI Global Metals & Mining Producers ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	713,346		$	2,149,229		$	5,745,175		$	39,624,885
Dividends — Affiliated		84			131			181			443
Securities lending income — Affiliated — net		55,487			3,236			38,622			127,083
Foreign taxes withheld		(68,046	)		(117,107	)		(330,053	)		(990,955	)
Foreign withholding tax claims		—			—			—			11,973


Total investment income		700,871			2,035,489			5,453,925			38,773,429


EXPENSES
Investment advisory fees		160,787			175,563			964,048			2,109,863
Commitment fees		274			326			—			6,342
Professional fees		217			217			217			1,414
Interest expense		—			—			—			528


Total expenses		161,278			176,106			964,265			2,118,147


Net investment income		539,593			1,859,383			4,489,660			36,655,282


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated^(a)		(436,886	)		(801,868	)		(13,248,689	)		(18,340,504	)
Investments — Affiliated		(189	)		(216	)		(476	)		(11,099	)
In-kind redemptions — Unaffiliated		2,397,244			3,051,899			18,777,862			7,720,545
Futures contracts		928			46,096			16,874			475,957
Foreign currency transactions		(3,225	)		(5,450	)		(94,645	)		(436,210	)


Net realized gain (loss)		1,957,872			2,290,461			5,450,926			(10,591,311	)


Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated^(b)		4,460,052			22,754,383			10,781,443			73,977,933
Investments — Affiliated		(11	)		(19	)		(388	)		(416	)
Futures contracts		(9,529	)		53,082			(8,415	)		(94,353	)
Foreign currency translations		(760	)		(4,016	)		7,177			17,491


Net change in unrealized appreciation (depreciation)		4,449,752			22,803,430			10,779,817			73,900,655


Net realized and unrealized gain		6,407,624			25,093,891			16,230,743			63,309,344


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	6,947,217		$	26,953,274		$	20,720,403		$	99,964,626


^(a)Net of foreign capital gain tax and capital gain tax refund, if applicable	$	(7,388	)	$	(9,723	)	$	—		$	(211,986	)
^(b)Net of reduction/increase in deferred foreign capital gain tax of	$	49,141		$	(2,544	)	$	—		$	360,792

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		31

Statements of Operations (unaudited) (continued)

Six Months Ended February 28, 2022


	iShares MSCI Global Silver and Metals Miners ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	1,166,743
Dividends — Affiliated		838
Securities lending income — Affiliated — net		108,982
Foreign taxes withheld		(82,308	)


Total investment income		1,194,255


EXPENSES
Investment advisory fees		482,866
Professional fees		217


Total expenses		483,083


Net investment income		711,172


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(12,228,471	)
Investments — Affiliated		(1,069	)
In-kind redemptions — Unaffiliated		1,787,287
Futures contracts		18,225
Foreign currency transactions		(40,243	)


Net realized loss		(10,464,271	)


Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(8,208,378	)
Investments — Affiliated		(2,432	)
Futures contracts		(8,044	)
Foreign currency translations		(10,816	)


Net change in unrealized appreciation (depreciation)		(8,229,670	)


Net realized and unrealized loss		(18,693,941	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(17,982,769	)

See notes to financial statements.


32		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets


	iShares MSCI Global Agriculture Producers ETF						iShares MSCI Global Energy Producers ETF


	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	539,593		$	929,163		$	1,859,383		$	2,531,709
Net realized gain (loss)		1,957,872			1,043,316			2,290,461			(2,495,908	)
Net change in unrealized appreciation (depreciation)		4,449,752			10,285,535			22,803,430			16,848,585


Net increase in net assets resulting from operations		6,947,217			12,258,014			26,953,274			16,884,386


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(792,954	)		(743,435	)		(2,240,162	)		(2,192,248	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(1,926,924	)		46,922,973			(5,466,373	)		15,409,142


NET ASSETS
Total increase in net assets		4,227,339			58,437,552			19,246,739			30,101,280
Beginning of period		85,612,121			27,174,569			80,085,824			49,984,544


End of period	$	89,839,460		$	85,612,121		$	99,332,563		$	80,085,824

^(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		33

Statements of Changes in Net Assets (continued)


	iShares MSCI Global Gold Miners ETF						iShares MSCI Global Metals & Mining Producers ETF


	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	4,489,660		$	8,315,601		$	36,655,282		$	42,347,311
Net realized gain (loss)		5,450,926			22,658,655			(10,591,311	)		81,762,667
Net change in unrealized appreciation (depreciation)		10,779,817			(168,417,833	)		73,900,655			142,395,181


Net increase (decrease) in net assets resulting from operations		20,720,403			(137,443,577	)		99,964,626			266,505,159


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(6,065,097	)		(7,902,083	)		(44,150,490	)		(26,536,436	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(70,038,108	)		130,863,348			278,365,382			568,697,109


NET ASSETS
Total increase (decrease) in net assets		(55,382,802	)		(14,482,312	)		334,179,518			808,665,832
Beginning of period		558,142,482			572,624,794			1,106,059,797			297,393,965


End of period	$	502,759,680		$	558,142,482		$	1,440,239,315		$	1,106,059,797

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

See notes to financial statements.


34		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares MSCI Global Silver and Metals Miners ETF

	Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	711,172		$ 1,710,322
Net realized gain (loss)		(10,464,271	)	12,126,628
Net change in unrealized appreciation (depreciation)		(8,229,670	)	(72,828,176)


Net decrease in net assets resulting from operations		(17,982,769	)	(58,991,226)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(1,179,053	)	(8,369,316)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(4,589,648	)	84,032,695


NET ASSETS
Total increase (decrease) in net assets		(23,751,470	)	16,672,153
Beginning of period		267,328,172		250,656,019


End of period	$	243,576,702		$267,328,172

^(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		35

Financial Highlights

(For a share outstanding throughout each period)


	iShares MSCI Global Agriculture Producers ETF


		Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17


Net asset value, beginning of period	$	39.82		$	28.60		$	26.88		$	29.15		$	27.08		$	24.31

Net investment income^(a)		0.26			0.60			0.49			0.53			0.53			0.45
Net realized and unrealized gain (loss)^(b)		3.10			11.11			1.73			(2.25	)		2.03			2.81

Net increase (decrease) from investment operations		3.36			11.71			2.22			(1.72	)		2.56			3.26


Distributions^(c)
From net investment income		(0.40	)		(0.49	)		(0.50	)		(0.55	)		(0.49	)		(0.49	)

Total distributions		(0.40	)		(0.49	)		(0.50	)		(0.55	)		(0.49	)		(0.49	)


Net asset value, end of period	$	42.78		$	39.82		$	28.60		$	26.88		$	29.15		$	27.08


Total Return^(d)
Based on net asset value		8.51	%^(e)		41.16	%		8.41	%		(5.88	)%		9.49	%		13.53	%


Ratios to Average Net Assets^(f)
Total expenses		0.39	%^(g)		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%

Total expenses after fees waived		0.39	%^(g)		0.39	%		0.39	%		0.39	%		0.37	%		0.37	%

Net investment income		1.31	%^(g)		1.60	%		1.84	%		1.88	%		1.84	%		1.76	%


Supplemental Data
Net assets, end of period (000)	$	89,839		$	85,612		$	27,175		$	25,535		$	33,521		$	28,434

Portfolio turnover rate^(h)		4	%^(e)		6	%		9	%		13	%		25	%		16	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

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

See notes to financial statements.


36		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Global Energy Producers ETF


		Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17


Net asset value, beginning of period	$	15.86		$	12.04		$	17.97		$	22.80		$	18.57		$	18.72

Net investment income^(a)		0.38			0.58			0.68			0.70			0.64			0.60
Net realized and unrealized gain (loss)^(b)		5.13			3.76			(5.61	)		(4.90	)		4.23			(0.16	)

Net increase (decrease) from investment operations		5.51			4.34			(4.93	)		(4.20	)		4.87			0.44


Distributions^(c)
From net investment income		(0.46	)		(0.52	)		(1.00	)		(0.63	)		(0.64	)		(0.59	)

Total distributions		(0.46	)		(0.52	)		(1.00	)		(0.63	)		(0.64	)		(0.59	)


Net asset value, end of period	$	20.91		$	15.86		$	12.04		$	17.97		$	22.80		$	18.57


Total Return^(d)
Based on net asset value		35.33	%^(e)		36.41	%		(28.92	)%		(18.56	)%		26.48	%		2.26	%


Ratios to Average Net Assets^(f)
Total expenses		0.39	%^(g)		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%

Net investment income		4.13	%^(g)		4.01	%		4.62	%		3.41	%		2.93	%		3.10	%


Supplemental Data
Net assets, end of period (000)	$	99,333		$	80,086		$	49,985		$	46,733		$	47,889		$	31,568

Portfolio turnover rate^(h)		4	%^(e)		8	%		12	%		6	%		5	%		4	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

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

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Global Gold Miners ETF


		Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17	^(a)


Net asset value, beginning of period	$	26.96		$	35.13		$	24.01		$	14.43		$	19.96		$	21.20

Net investment income^(b)		0.24			0.49			0.17			0.18			0.10			0.06
Net realized and unrealized gain (loss)^(c)		0.91			(8.20	)		11.11			9.59			(5.51	)		(1.04	)

Net increase (decrease) from investment operations		1.15			(7.71	)		11.28			9.77			(5.41	)		(0.98	)


Distributions^(d)
From net investment income		(0.33	)		(0.46	)		(0.16	)		(0.19	)		(0.12	)		(0.26	)

Total distributions		(0.33	)		(0.46	)		(0.16	)		(0.19	)		(0.12	)		(0.26	)


Net asset value, end of period	$	27.78		$	26.96		$	35.13		$	24.01		$	14.43		$	19.96


Total Return^(e)
Based on net asset value		4.40	%^(f)		(22.12	)%		47.22	%		68.13	%		(27.22	)%		(4.30	)%


Ratios to Average Net Assets^(g)
Total expenses		0.39	%^(h)		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%

Net investment income		1.82	%^(h)		1.63	%		0.66	%		1.04	%		0.56	%		0.38	%


Supplemental Data
Net assets, end of period (000)	$	502,760		$	558,142		$	572,625		$	325,284		$	232,989		$	391,247

Portfolio turnover rate⁽ⁱ⁾		13	%^(f)		12	%		21	%		15	%		4	%		26	%

^(a)	Per share amounts reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


38		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Global Metals & Mining Producers ETF


		Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17	^(a)


Net asset value, beginning of period	$	45.61		$	27.79		$	25.60		$	30.93		$	31.86		$	21.67

Net investment income^(b)		1.45			2.13			1.04			1.49			1.06			0.53
Net realized and unrealized gain (loss)^(c)		2.13			16.86			2.26			(5.13	)		(1.05	)		10.26

Net increase (decrease) from investment operations		3.58			18.99			3.30			(3.64	)		0.01			10.79


Distributions^(d)
From net investment income		(1.81	)		(1.17	)		(1.11	)		(1.69	)		(0.94	)		(0.60	)

Total distributions		(1.81	)		(1.17	)		(1.11	)		(1.69	)		(0.94	)		(0.60	)


Net asset value, end of period	$	47.38		$	45.61		$	27.79		$	25.60		$	30.93		$	31.86


Total Return^(e)
Based on net asset value		8.51	%^(f)		68.77	%		13.00	%		(12.16	)%		(0.10	)%		50.55	%


Ratios to Average Net Assets^(g)
Total expenses		0.39	%^(h)		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%

Total expenses excluding professional fees for foreign withholding tax claims		0.39	%^(h)		N/A			N/A			N/A			N/A			N/A

Net investment income		6.78	%^(h)		5.11	%		4.03	%		5.05	%		3.15	%		2.31	%


Supplemental Data
Net assets, end of period (000)	$	1,440,239		$	1,106,060		$	297,394		$	221,470		$	403,636		$	347,259

Portfolio turnover rate⁽ⁱ⁾		7	%^(f)		17	%		11	%		14	%		14	%		12	%

^(a)	Per share amounts reflect a one-for-two reverse stock split effective after the close of trading on November 4, 2016.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		39

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares MSCI Global Silver and Metals Miners ETF


		Six Months Ended 02/28/22 (unaudited)			Year Ended 08/31/21			Year Ended 08/31/20			Year Ended 08/31/19			Year Ended 08/31/18			Year Ended 08/31/17


Net asset value, beginning of period	$	13.92		$	17.29		$	10.84		$	8.43		$	11.47		$	13.61

Net investment income^(a)		0.04			0.10			0.04			0.09			0.10			0.09
Net realized and unrealized gain (loss)^(b)		(0.94	)		(2.93	)		6.62			2.40			(3.05	)		(1.94	)

Net increase (decrease) from investment operations		(0.90	)		(2.83	)		6.66			2.49			(2.95	)		(1.85	)


Distributions^(c)
From net investment income		(0.06	)		(0.54	)		(0.21	)		(0.08	)		(0.09	)		(0.29	)

Total distributions		(0.06	)		(0.54	)		(0.21	)		(0.08	)		(0.09	)		(0.29	)


Net asset value, end of period	$	12.96		$	13.92		$	17.29		$	10.84		$	8.43		$	11.47


Total Return^(d)
Based on net asset value		(6.45	)%^(e)		(16.69	)%		62.71	%		29.89	%		(25.87	)%		(13.26	)%


Ratios to Average Net Assets^(f)
Total expenses		0.39	%^(g)		0.39	%		0.39	%		0.39	%		0.39	%		0.39	%

Net investment income		0.57	%^(g)		0.63	%		0.35	%		0.98	%		0.94	%		0.79	%


Supplemental Data
Net assets, end of period (000)	$	243,577		$	267,328		$	250,656		$	99,757		$	50,577		$	64,258

Portfolio turnover rate^(h)		31	%^(e)		31	%		66	%		27	%		19	%		14	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

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

See notes to financial statements.


40		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited)

1. ORGANIZATION

iShares, Inc. (the “Company”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Company is organized as a Maryland corporation 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
MSCI Global Agriculture Producers		Non-diversified
MSCI Global Energy Producers		Non-diversified
MSCI Global Gold Miners		Non-diversified
MSCI Global Metals & Mining Producers		Non-diversified
MSCI Global Silver and Metals Miners		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.

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 February 28, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

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

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		41

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 Directors of the Company (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.


42		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

4. SECURITIES AND OTHER INVESTMENTS

Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

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


MSCI Global Agriculture Producers
Barclays Capital, Inc.	$	6,682	$	6,682		$	—	$	—
BofA Securities, Inc.		23,259		23,259			—		—
Goldman Sachs & Co. LLC		106,166		106,166			—		—
J.P. Morgan Securities LLC		8,762		8,762			—		—
Morgan Stanley		58,711		58,711			—		—
Scotia Capital (USA), Inc.		61,018		61,018			—		—


	$	264,598	$	264,598		$	—	$	—


MSCI Global Energy Producers
BofA Securities, Inc.	$	4,100	$	4,100		$	—	$	—
J.P. Morgan Securities LLC		185,477		185,477			—		—
Morgan Stanley		65,471		65,471			—		—
Toronto Dominion Bank		123,461		119,485			—		(3,976	)^(b)


	$	378,509	$	374,533		$	—	$	(3,976	)


MSCI Global Gold Miners
BNP Paribas SA	$	69,283	$	69,283		$	—	$	—
BofA Securities, Inc.		1,082,359		1,082,359			—		—
Citigroup Global Markets, Inc.		305,325		305,325			—		—
HSBC Bank PLC		135,567		135,567			—		—
J.P. Morgan Securities LLC		163,606		163,606			—		—
Morgan Stanley		622,564		622,564			—		—
SG Americas Securities LLC		794		794			—		—
State Street Bank & Trust Co.		275,630		275,630			—		—


	$	2,655,128	$	2,655,128		$	—	$	—


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		43

Notes to Financial Statements (unaudited) (continued)



iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount

MSCI Global Metals & Mining Producers
Barclays Bank PLC	$	180,614	$	180,614		$	—	$	—
BNP Paribas SA		281,830		281,830			—		—
BofA Securities, Inc.		1,405,560		1,405,560			—		—
Credit Suisse Securities (USA) LLC		336,109		336,109			—		—
J.P. Morgan Securities LLC		731,557		731,557			—		—
Morgan Stanley		768,509		768,509			—		—
Natixis SA		149,725		149,725			—		—


	$	3,853,904	$	3,853,904		$	—	$	—

MSCI Global Silver and Metals Miners
Barclays Capital, Inc.	$	92,632	$	92,632		$	—	$	—
BNP Paribas SA		236,192		236,192			—		—
BofA Securities, Inc.		2,056,653		2,056,653			—		—
Citigroup Global Markets, Inc.		3,602,722		3,602,722			—		—
Goldman Sachs & Co. LLC		316,186		315,002			—		(1,184	)^(b)
J.P. Morgan Securities LLC		4,893,894		4,893,894			—		—
Morgan Stanley		4,932		4,932			—		—
Scotia Capital (USA), Inc.		1,410,841		1,410,841			—		—
State Street Bank & Trust Co.		1,583,467		1,583,467			—		—
Toronto Dominion Bank		100,763		100,763			—		—


	$	14,298,282	$	14,297,098		$	—	$	(1,184	)

^(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 February 28, 2022. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Company, 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 directors).


44		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee of 0.39%, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund.

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.

For each of the iShares MSCI Global Agriculture Producers and iShares MSCI Global Metals & Mining Producers ETFs, BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through December 31, 2023 in an amount equal to the acquired fund fees and expenses, if any, attributable to each Fund’s investments in other iShares funds.

For six months ended February 28, 2022, there were no fees waived by BFA pursuant to this arrangement.

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

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

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

Pursuant to the current securities lending agreement, 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.

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 February 28, 2022, the Funds paid BTC the following amounts for securities lending agent services:


iShares ETF	Fees Paid to BTC
MSCI Global Agriculture Producers	$	12,345
MSCI Global Energy Producers		807
MSCI Global Gold Miners		9,201
MSCI Global Metals & Mining Producers		30,544
MSCI Global Silver and Metals Miners		26,568

Officers and Directors: Certain officers and/or directors of the Company are officers and/or directors of BlackRock or its affiliates.


N O T E S T O F I N A N C I A L S T A T E M E N T S		45

Notes to Financial Statements (unaudited) (continued)

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

For the six months ended February 28, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
MSCI Global Agriculture Producers	$	206,193	$	96,454	$	(3,638	)
MSCI Global Energy Producers		214,587		426,954		(102,329	)
MSCI Global Gold Miners		3,201,775		5,903,080		(837,667	)
MSCI Global Metals & Mining Producers		749,328		7,452,863		(1,224,960	)
MSCI Global Silver and Metals Miners		4,475,826		89,663		(48,962	)

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 February 28, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:


iShares ETF	Purchases		Sales
MSCI Global Agriculture Producers	$	3,084,961	$	3,650,659
MSCI Global Energy Producers		3,977,360		4,836,634
MSCI Global Gold Miners		65,410,894		68,563,595
MSCI Global Metals & Mining Producers		127,775,333		73,770,663
MSCI Global Silver and Metals Miners		75,564,814		75,725,386

For the six months ended February 28, 2022, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
MSCI Global Agriculture Producers	$	3,482,226	$	5,175,599
MSCI Global Energy Producers		1,884,723		6,820,165
MSCI Global Gold Miners		18,677,470		85,890,490
MSCI Global Metals & Mining Producers		253,521,473		37,027,094
MSCI Global Silver and Metals Miners		2,730,217		7,229,775

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Company’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 February 28, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

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


iShares ETF	Non-Expiring
MSCI Global Agriculture Producers	$	4,297,399
MSCI Global Energy Producers		7,421,209
MSCI Global Gold Miners		54,956,433
MSCI Global Metals & Mining Producers		56,926,585
MSCI Global Silver and Metals Miners		18,280,288

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.


46		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

As of February 28, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
MSCI Global Agriculture Producers	$	74,597,001	$	18,764,302	$	(3,476,109	)	$	15,288,193
MSCI Global Energy Producers		79,468,846		24,025,883		(4,357,638	)		19,668,245
MSCI Global Gold Miners		492,268,296		58,182,531		(45,279,917	)		12,902,614
MSCI Global Metals & Mining Producers		1,256,041,648		242,354,889		(64,860,953	)		177,493,936
MSCI Global Silver and Metals Miners		274,671,225		16,981,460		(33,663,369	)		(16,681,909	)

9. LINE OF CREDIT

The iShares MSCI Global Agriculture Producers, iShares MSCI Global Energy Producers and iShares MSCI Global Metals & Mining Producers ETFs, 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.

For the six months ended February 28, 2022, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:


iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
MSCI Global Metals & Mining Producers	$	2,105,000	$	96,530		1.09	%

10. PRINCIPAL RISKS

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

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

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

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

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


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		47

Notes to Financial Statements (unaudited) (continued)

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

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 Russia or with significant exposure to Russian issuers or countries. Russia launched a large-scale invasion of Ukraine on February 24, 2022. Governments in the U.S. and many other countries have imposed economic sanctions on certain Russian individuals and Russian corporate and banking entities. Jurisdictions have instituted broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border payments. The extent and duration of the military action, resulting sanctions and resulting future market disruptions, including declines in Russia’s stock markets and the value of the ruble against the U.S. dollar, are impossible to predict, but could be significant. Any such disruptions caused by the Russian military action or any response to such activity from the international community may negatively impact Russia’s economy and Russian issuers of securities in which the Fund invests.

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

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

LIBORTransition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The 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.


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Notes to Financial Statements (unaudited) (continued)

Transactions in capital shares were as follows:



	Six Months Ended 02/28/22						Year Ended 08/31/21
iShares ETF	Shares			Amount			Shares			Amount

MSCI Global Agriculture Producers
Shares sold		100,000		$	4,109,954			1,300,000		$	50,745,130
Shares redeemed		(150,000	)		(6,036,878	)		(100,000	)		(3,822,157	)


Net increase (decrease)		(50,000	)	$	(1,926,924	)		1,200,000		$	46,922,973

MSCI Global Energy Producers
Shares sold		100,000		$	2,085,722			1,300,000		$	19,625,290
Shares redeemed		(400,000	)		(7,552,095	)		(400,000	)		(4,216,148	)


Net increase (decrease)		(300,000	)	$	(5,466,373	)		900,000		$	15,409,142

MSCI Global Gold Miners
Shares sold		750,000		$	19,970,732			6,050,000		$	181,086,860
Shares redeemed		(3,350,000	)		(90,008,840	)		(1,650,000	)		(50,223,512	)


Net increase (decrease)		(2,600,000	)	$	(70,038,108	)		4,400,000		$	130,863,348

MSCI Global Metals & Mining Producers
Shares sold		7,250,000		$	324,017,191			22,250,000		$	927,307,523
Shares redeemed		(1,100,000	)		(45,651,809	)		(8,700,000	)		(358,610,414	)


Net increase		6,150,000		$	278,365,382			13,550,000		$	568,697,109

MSCI Global Silver and Metals Miners
Shares sold		200,000		$	2,760,691			7,400,000		$	122,697,342
Shares redeemed		(600,000	)		(7,350,339	)		(2,700,000	)		(38,664,647	)


Net increase (decrease)		(400,000	)	$	(4,589,648	)		4,700,000		$	84,032,695

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

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

12. FOREIGN WITHHOLDING TAX CLAIMS

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

13. SUBSEQUENT EVENTS

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


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		49

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares, Inc. (the “Company”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares MSCI Global Agriculture Producers ETF, iShares MSCI Global Energy Producers ETF, iShares MSCI Global Gold Miners ETF, iShares MSCI Global Metals & Mining Producers ETF and iShares MSCI Global Silver and Metals Miners ETF (the “Funds” or “ETFs”), each a series of the Company, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Directors (the “Board”) of the Company, on behalf of the Funds, met on December 9, 2021 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2020 through September 30, 2021 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays and the imposition of capital controls in certain non-U.S. countries.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. While the ETFs generally do not engage in borrowing, certain of the ETFs have the flexibility to draw on a line of credit to meet redemption requests or facilitate settlements.

The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

As part of BlackRock’s continuous review of the effectiveness of the Program, the Committee made the following material changes to the Program: (1) updates to certain model components in the Program’s methodology; and (2) certain iShares Funds entered into a $800 million credit agreement with a group of lenders that replaced a previous liquidity facility. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.


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Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted 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.

February 28, 2022


	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
MSCI Global Agriculture Producers^(a)	$	0.332072	$	—	$	0.064405	$	0.396477		84	%		—	%		16	%		100	%
MSCI Global Energy Producers^(a)		0.425148		—		0.036741		0.461889		92			—			8			100
MSCI Global Gold Miners^(a)		0.323253		—		0.007270		0.330523		98			—			2			100
MSCI Global Metals & Mining Producers^(a)		1.798636		—		0.007110		1.805746		100			—			—	^(b)		100
MSCI Global Silver and Metals Miners^(a)		0.056039		—		0.005370		0.061409		91			—			9			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		51

General Information

Electronic Delivery

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

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

A description of the 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

GDR		Global Depositary Receipt

JSC		Joint Stock Company

NVDR		Non-Voting Depositary Receipt

NVS		Non-Voting Shares

PJSC		Public Joint Stock Company

Portfolio Abbreviations - Fixed Income



S&P		Standard & Poor’s


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		53

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 MSCI Inc., 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-812-0222