iShares Trust


		SEPTEMBER 30, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

iShares Asia 50 ETF | AIA | NASDAQ

iShares Blockchain and Tech ETF | IBLC | NYSE Arca

iShares Emerging Markets Infrastructure ETF | EMIF | NASDAQ

iShares Europe ETF | IEV | NYSE Arca

iShares India 50 ETF | INDY | NASDAQ

iShares International Developed Property ETF | WPS | NYSE Arca

iShares International Developed Small Cap Value Factor ETF | ISVL | Cboe BZX

iShares International Dividend Growth ETF | IGRO | Cboe BZX

iShares Latin America 40 ETF | ILF | NYSE Arca

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of September 30, 2022

	6-Month		12-Month

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

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

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

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

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

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

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

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

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(10.42)		(14.15)

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


2		T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

Table of Contents


	Page

The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		13
Disclosure of Expenses		13
Schedules of Investments		14
Financial Statements:
Statements of Assets and Liabilities		53
Statements of Operations		56
Statements of Changes in Net Assets		59
Financial Highlights		64
Notes to Financial Statements		73
Board Review and Approval of Investment Advisory Contract		85
Supplemental Information		97
General Information		98
Glossary of Terms Used in this Report		99


Fund Summary as of September 30, 2022		iShares^® Asia 50 ETF

Investment Objective

The iShares Asia 50 ETF (the “Fund”) seeks to track the investment results of an index composed of 50 of the largest Asian equities, as represented by the S&P Asia 50^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns							Cumulative Total Returns

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

Fund NAV		(26.30	)%		(35.05	)%		(1.94	)%	3.21%		(35.05	)%		(9.34	)%	37.21%
Fund Market		(26.68	)		(35.05	)		(2.21	)	3.24		(35.05	)		(10.58	)	37.60
Index		(27.11	)		(34.67	)		(1.32	)	3.83		(34.67	)		(6.45	)	45.61

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(04/01/22)

(09/30/22)

the Period

^(a)

(04/01/22)

(09/30/22)

the Period

^(a)

Ratio

$ 1,000.00

$ 737.00

$ 2.18

$ 1,000.00

$ 1,022.60

$ 2.54

0.50

^(a)

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

Portfolio Information

SECTOR ALLOCATION



Sector		Percent of Total Investments^(a)

Information Technology		31.9%
Financials		23.6
Consumer Discretionary		19.7
Communication Services		16.5
Materials		2.7
Health Care		1.7
Industrials		1.6
Real Estate		1.6
Utilities		0.7

^(a)

Excludes money market funds.

GEOGRAPHIC ALLOCATION



Country/Geographic Region		Percent of Total Investments^(a)

China		42.2%
Taiwan		21.2
South Korea		20.3
Hong Kong		11.0
Singapore		5.3


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


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

Investment Objective

The iShares Blockchain and Tech ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. and non-U.S. companies that are involved in the development, innovation, and utilization of blockchain and crypto technologies; as represented by the NYSE FactSet Global Blockchain Technologies Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


		Cumulative Total Returns

		Since Inception

Fund NAV		(43.15)%
Fund Market		(43.10)
Index		(42.94)

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

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(04/25/22)

^(a)

(09/30/22)

the Period

^(b)

(04/01/22)

(09/30/22)

the Period

^(b)

Ratio

$ 1,000.00

$ 568.50

$ 1.60

$ 1,000.00

$ 1,022.70

$ 2.38

0.47

^(a)

Commencement of operations.

^(b)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 158/365 for actual expenses and 183/365 for hypothetical expenses (to reflect the six month period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Information Technology	74.9	%
Financials	20.7
Industrials	3.5
Communication Services	0.9

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Coinbase Global Inc., Class A	13.3	%
Marathon Digital Holdings Inc.	11.4
Block Inc.	11.1
Riot Blockchain Inc.	10.5
Canaan Inc.	4.8
PayPal Holdings Inc.	4.2
Galaxy Digital Holdings Ltd.	4.2
International Business Machines Corp.	4.2
Nvidia Corp.	4.0
Advanced Micro Devices Inc.	3.5


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


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

Investment Objective

The iShares Emerging Markets Infrastructure ETF (the “Fund”) seeks to track the investment results of an index composed of 30 of the largest equities in the emerging markets infrastructure industry, as represented by the S&P Emerging Markets Infrastructure Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns							Cumulative Total Returns

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

Fund NAV		(16.27	)%		(22.34	)%		(8.28	)%	(2.66)%		(22.34	)%		(35.09	)%	(23.59)%
Fund Market		(16.32	)		(22.09	)		(8.27	)	(2.60)		(22.09	)		(35.04	)	(23.13)
Index		(15.93	)		(21.92	)		(7.93	)	(1.99)		(21.92	)		(33.83	)	(18.21)

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(04/01/22)

(09/30/22)

the Period

^(a)

(04/01/22)

(09/30/22)

the Period

^(a)

Ratio

$ 1,000.00

$ 837.30

$ 2.76

$ 1,000.00

$ 1,022.10

$ 3.04

0.60

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Industrials	39.7	%
Utilities	39.4
Energy	20.9

^(a)

Excludes money market funds.

GEOGRAPHIC ALLOCATION



Country/Geographic Region	Percent of Total Investments	^(a)

China	40.2	%
Brazil	22.7
Mexico	14.9
Thailand	10.6
Qatar	7.4
South Korea	4.2
Russia	0.0


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


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

Investment Objective

The iShares Europe ETF (the “Fund”) seeks to track the investment results of an index composed of European equities, as represented by the S&P Europe 350^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns							Cumulative Total Returns

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

Fund NAV		(22.78	)%		(24.78	)%		(1.45	)%	3.25%		(24.78	)%		(7.04	)%	37.64%
Fund Market		(22.88	)		(24.74	)		(1.46	)	3.24		(24.74	)		(7.07	)	37.57
Index		(23.06	)		(24.58	)		(1.08	)	3.64		(24.58	)		(5.27	)	42.96

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

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(04/01/22)

(09/30/22)

the Period

^(a)

(04/01/22)

(09/30/22)

the Period

^(a)

Ratio

$ 1,000.00

$ 772.20

$ 3.07

$ 1,000.00

$ 1,021.60

$ 3.50

0.69

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Health Care	16.4	%
Financials	16.0
Consumer Staples	14.3
Industrials	14.0
Consumer Discretionary	9.8
Materials	7.2
Information Technology	7.1
Energy	6.8
Utilities	4.1
Communication Services	3.6
Real Estate	0.7

^(a)

Excludes money market funds.

GEOGRAPHIC ALLOCATION



Country/Geographic Region	Percent of Total Investments	^(a)
United Kingdom	23.9	%
France	17.5
Switzerland	17.1
Germany	11.5
Netherlands	7.4
Sweden	4.5
Denmark	4.2
Spain	3.7
Italy	2.8
Finland	2.1
Australia	1.6
Belgium	1.2
Norway	1.1
Ireland	1.0
Other (each representing less than 1%)	0.4


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


Fund Summary as of September 30, 2022		iShares^® India 50 ETF

Investment Objective

The iShares India 50 ETF (the “Fund”) seeks to track the investment results of an index composed of 50 of the largest Indian equities, as represented by the Nifty 50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns							Cumulative Total Returns

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

Fund NAV		(8.60	)%^(a)		(11.91	)%		6.29	%	6.68%		(11.91	)%		35.66	%	90.85%
Fund Market		(8.60	)		(12.27	)		6.13		6.72		(12.27	)		34.65		91.55
Index		(7.96	)		(10.25	)		8.34		8.17		(10.25	)		49.26		119.33

^(a)

The NAV total return presented in the table for the six-months period differs from the same period return disclosed in the financial highlights. The total return in the financial highlights is calculated in the same manner but differs due to certain adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(04/01/22)

(09/30/22)

the Period

^(a)

(04/01/22)

(09/30/22)

the Period

^(a)

Ratio

$ 1,000.00

$ 914.00

$ 4.70

$ 1,000.00

$ 1,020.20

$ 4.96

0.98

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Financials	36.8	%
Information Technology	13.8
Energy	12.5
Consumer Staples	9.2
Consumer Discretionary	7.2
Materials	6.8
Industrials	5.0
Health Care	4.1
Communication Services	2.6
Utilities	2.0

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Reliance Industries Ltd.	10.8	%
HDFC Bank Ltd.	8.2
ICICI Bank Ltd.	7.9
Infosys Ltd.	6.8
Housing Development Finance Corp. Ltd.	5.5
Tata Consultancy Services Ltd.	4.1
ITC Ltd.	3.9
Kotak Mahindra Bank Ltd.	3.5
Hindustan Unilever Ltd.	3.2
Larsen & Toubro Ltd.	3.0


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


Fund Summary as of September 30, 2022		iShares^® International Developed Property ETF

Investment Objective

The iShares International Developed Property ETF (the “Fund”) seeks to track the investment results of an index composed of real estate equities in developed non-U.S. markets, as represented by the S&P Developed ex-U.S. Property Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns							Cumulative Total Returns

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

Fund NAV		(28.34	)%		(30.09	)%		(3.88	)%	1.33%		(30.09	)%		(17.94	)%	14.16%
Fund Market		(28.45	)		(30.26	)		(3.96	)	1.34		(30.26	)		(18.28	)	14.28
Index		(28.71	)		(30.24	)		(3.73	)	1.43		(30.24	)		(17.32	)	15.27

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(04/01/22)

(09/30/22)

the Period

^(a)

(04/01/22)

(09/30/22)

the Period

^(a)

Ratio

$ 1,000.00

$ 716.60

$ 2.07

$ 1,000.00

$ 1,022.70

$ 2.43

0.48

^(a)

Portfolio Information

INDUSTRY ALLOCATION



Industry		Percent of Total Investments^(a)

Real Estate Operating Companies		20.0%
Diversified Real Estate Activities		18.7
Retail REITs		13.6
Industrial REITs		13.4
Diversified REITs		12.0
Office REITs		9.0
Real Estate Development		4.2
Residential REITs		4.1
Health Care REITs		2.1
Specialized REITs		1.6
Hotel & Resort REITs		1.3
Other (each representing less than 1%)		—^(b)

^(a)

Excludes money market funds.

^(b)

Rounds to less than 0.1%.

GEOGRAPHIC ALLOCATION



Country/Geographic Region		Percent of Total Investments^(a)

Japan		30.8%
Hong Kong		12.5
Australia		12.0
United Kingdom		8.9
Singapore		8.8
Germany		4.7
Canada		3.9
Sweden		3.7
France		2.9
Israel		2.9
Switzerland		2.4
Belgium		2.3
Other (each representing less than 1%)		4.2


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


Fund Summary as of September 30, 2022		iShares^® International Developed Small Cap Value Factor ETF

Investment Objective

The iShares International Developed Small Cap Value Factor ETF (the “Fund”) seeks to track the investment results of an index composed of international developed market small-capitalization stocks, excluding the U.S. and Korea, with prominent value characteristics, as represented by the FTSE Developed ex US ex Korea Small Cap Focused Value Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns						Cumulative Total Returns

	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		(23.23	)%		(24.97	)%		(14.82	)%		(24.97	)%		(21.72	)%
Fund Market		(23.05	)		(24.67	)		(14.70	)		(24.67	)		(21.55	)
Index		(23.53	)		(24.82	)		(14.48	)		(24.82	)		(21.18	)

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

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(04/01/22)

(09/30/22)

the Period

^(a)

(04/01/22)

(09/30/22)

the Period

^(a)

Ratio

$ 1,000.00

$ 767.70

$ 1.33

$ 1,000.00

$ 1,023.60

$ 1.52

0.30

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector		Percent of Total Investments^(a)

Industrials		21.8%
Financials		18.1
Real Estate		14.9
Materials		13.8
Consumer Discretionary		8.7
Consumer Staples		4.8
Energy		4.7
Health Care		4.1
Information Technology		3.9
Utilities		3.3
Communication Services		1.9

^(a)

Excludes money market funds.

GEOGRAPHIC ALLOCATION



Country/Geographic Region		Percent of Total Investments^(a)

Japan		18.5%
Canada		18.0
United Kingdom		17.6
Australia		10.2
Switzerland		7.8
Sweden		6.0
Germany		2.5
Finland		2.4
Belgium		2.3
France		2.2
Singapore		1.9
Austria		1.9
Italy		1.9
Denmark		1.8
New Zealand		1.2
Norway		1.1
Other (each representing less than 1%)		2.7


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


Fund Summary as of September 30, 2022		iShares^® International Dividend Growth ETF

Investment Objective

The iShares International Dividend Growth ETF (the “Fund”) seeks to track the investment results of an index composed of international equities with a history of consistently growing dividends, as represented by the Morningstar^® Global ex-US Dividend Growth Index^SM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns							Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			Since Inception	1 Year			5 Years			Since Inception

Fund NAV		(20.97	)%		(20.12	)%		0.62	%	3.40%		(20.12	)%		3.15	%	23.73%
Fund Market		(21.02	)		(20.36	)		0.37		3.42		(20.36	)		1.89		23.89
Index		(21.17	)		(20.05	)		0.66		3.44		(20.05	)		3.34		24.05

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

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(04/01/22)

(09/30/22)

the Period

^(a)

(04/01/22)

(09/30/22)

the Period

^(a)

Ratio

$ 1,000.00

$ 790.30

$ 0.67

$ 1,000.00

$ 1,024.30

$ 0.76

0.15

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector		Percent of Total Investments^(a)

Financials		24.1%
Health Care		13.7
Industrials		12.5
Consumer Staples		12.5
Utilities		9.2
Materials		6.9
Information Technology		6.9
Communication Services		6.3
Consumer Discretionary		2.8
Real Estate		2.6
Energy		2.5

^(a)

Excludes money market funds.

GEOGRAPHIC ALLOCATION



Country/Geographic Region		Percent of Total Investments^(a)

Canada		19.9%
Japan		19.1
Switzerland		12.3
United Kingdom		10.2
China		7.5
Germany		5.3
France		4.4
Hong Kong		3.7
Italy		3.2
India		2.5
Spain		2.3
Australia		2.3
Ireland		1.2
Mexico		1.0
Other (each representing less than 1%)		5.1


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


Fund Summary as of September 30, 2022		iShares^® Latin America 40 ETF

Investment Objective

The iShares Latin America 40 ETF (the “Fund”) seeks to track the investment results of an index composed of 40 of the largest Latin American equities, as represented by the S&P Latin America 40^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns							Cumulative Total Returns

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

Fund NAV		(18.48	)%		(0.40	)%		(3.43	)%	(2.45)%		(0.40	)%		(16.01	)%	(21.93)%
Fund Market		(18.59	)		(0.29	)		(3.45	)	(2.44)		(0.29	)		(16.10	)	(21.86)
Index		(18.19	)		0.19			(3.14	)	(2.06)		0.19			(14.73	)	(18.76)

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(04/01/22)

(09/30/22)

the Period

^(a)

(04/01/22)

(09/30/22)

the Period

^(a)

Ratio

$ 1,000.00

$ 815.20

$ 2.18

$ 1,000.00

$ 1,022.70

$ 2.43

0.48

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)
Financials	29.8	%
Materials	24.3
Energy	14.2
Consumer Staples	12.6
Industrials	5.4
Communication Services	5.0
Utilities	3.7
Consumer Discretionary	2.4
Health Care	1.1
Other (each representing less than 1%)	1.5

^(a)

Excludes money market funds.

GEOGRAPHIC ALLOCATION



Country/Geographic Region	Percent of Total Investments	^(a)
Brazil	65.2	%
Mexico	22.2
Chile	7.5
Peru	3.3
Colombia	1.8


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

About Fund Performance

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

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

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

Disclosure of Expenses

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

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

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

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


A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S		13

Schedule of Investments (unaudited)

September 30, 2022

iShares^® Asia 50 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

China — 42.1%
Alibaba Group Holding Ltd.^(a)		9,339,600	$	93,203,004
ANTA Sports Products Ltd.		639,800		6,715,846
Baidu Inc.^(a)		1,338,600		19,705,797
Bank of China Ltd., Class H		45,880,000		14,984,182
BYD Co. Ltd., Class H		512,000		12,613,397
China Construction Bank Corp., Class H		58,150,960		33,564,816
China Merchants Bank Co. Ltd., Class H		1,947,500		9,012,753
Industrial & Commercial Bank of China Ltd., Class H		41,987,115		19,696,408
JD.com Inc., Class A		1,390,850		35,088,617
Kuaishou Technology^(a)(b)		1,146,100		7,351,251
Li Ning Co. Ltd.		1,376,500		10,444,721
Meituan, Class B^(a)(b)		2,405,200		50,548,746
NetEase Inc.		1,080,400		16,302,611
Ping An Insurance Group Co. of China Ltd., Class H		3,647,500		18,196,627
Tencent Holdings Ltd.		3,574,600		120,736,793
Wuxi Biologics Cayman Inc., New^(a)(b)		2,114,000		12,584,308
Xiaomi Corp., Class B^(a)(b)		8,526,200		9,654,819

				490,404,696

Hong Kong — 11.0%
AIA Group Ltd.		7,041,200		58,624,348
CK Hutchison Holdings Ltd.		1,582,148		8,711,696
CLP Holdings Ltd.		986,000		7,451,923
Hong Kong Exchanges & Clearing Ltd.		706,400		24,146,453
Link REIT		1,247,300		8,706,786
Sun Hung Kai Properties Ltd.		891,000		9,833,319
Techtronic Industries Co. Ltd.		1,084,000		10,343,662

				127,818,187

Singapore — 5.2%
DBS Group Holdings Ltd.		1,076,500		24,903,061
Oversea-Chinese Banking Corp. Ltd.		2,387,374		19,561,856
United Overseas Bank Ltd.		909,000		16,464,329

				60,929,246

South Korea — 18.6%
Celltrion Inc.		60,532		7,346,547
Hyundai Motor Co.		83,229		10,157,144
Kakao Corp.		184,032		7,241,554
KB Financial Group Inc.		228,979		6,914,825
Kia Corp.		157,999		7,863,921
LG Chem Ltd.		27,908		10,304,620
NAVER Corp.		87,998		11,722,762
POSCO Holdings Inc.		44,674		6,516,494
Samsung Electronics Co. Ltd.		3,028,688		111,211,128
Samsung SDI Co. Ltd.		32,458		12,208,866
Shinhan Financial Group Co. Ltd.		302,087		7,017,224
SK Hynix Inc.		317,808		18,178,675

				216,683,760

Taiwan — 21.2%
Cathay Financial Holding Co. Ltd.		5,044,000		6,321,813


Security	Shares		Value

Taiwan (continued)
Chunghwa Telecom Co. Ltd.		2,248,551	$	8,047,867
CTBC Financial Holding Co. Ltd.		11,519,359		7,166,220
Delta Electronics Inc.		1,136,000		9,023,384
Formosa Plastics Corp.		2,551,071		6,943,935
Fubon Financial Holding Co. Ltd.		4,686,600		7,328,981
Hon Hai Precision Industry Co. Ltd.		7,116,052		22,786,431
MediaTek Inc.		944,112		16,291,980
Nan Ya Plastics Corp.		3,316,510		6,959,399
Taiwan Semiconductor Manufacturing Co. Ltd.		11,167,343		148,027,497
United Microelectronics Corp.		6,839,000		7,653,504

				246,551,011


Total Common Stocks — 98.1% (Cost: $1,462,608,136)				1,142,386,900


Preferred Stocks

South Korea — 1.6%
Hyundai Motor Co.
Preference Shares, NVS		14,385		840,991
Series 2, Preference Shares, NVS		21,450		1,247,084
LG Chem Ltd., Preference Shares, NVS		4,643		808,623
Samsung Electronics Co. Ltd., Preference Shares, NVS		485,443		15,768,587

				18,665,285


Total Preferred Stocks — 1.6% (Cost: $22,040,348)				18,665,285


Total Long-Term Investments — 99.7% (Cost: $1,484,648,484)				1,161,052,185


Short-Term Securities

Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury,
SL Agency Shares, 2.81%^(c)(d)		630,000		630,000


Total Short-Term Securities — 0.0% (Cost: $630,000)				630,000


Total Investments — 99.7% (Cost: $1,485,278,484)				1,161,682,185

Other Assets Less Liabilities — 0.3%				3,278,431


Net Assets — 100.0%			$	1,164,960,616

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Asia 50 ETF

Affiliates

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


Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	—	$	0	^(b)	$	—	$	—	$	—	$	—		—	$	1,095	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		630,000	^(b)		—		—		—		630,000		630,000		10,246			—

								$	—	$	—	$	630,000			$	11,341		$	—

^(a)

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

^(b)

Represents net amount purchased (sold).

^(c)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



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


Long Contracts
FTSE Taiwan Index		20		10/28/22	$	934	$	(38,323	)

MSCI China Index		77		12/16/22		1,642		(119,902	)
MSCI Emerging Markets Index		22		12/16/22		959		(65,887	)

							$	(224,112	)

Derivative Financial Instruments Categorized by Risk Exposure

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



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


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	224,112	$	—	$	—	$	—	$	224,112

^(a)

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

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



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


Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(728,914	)	$	—	$	—	$	—	$	(728,914	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(464,208	)	$	—	$	—	$	—	$	(464,208	)


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Asia 50 ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts
Average notional value of contracts — long	$	8,185,864

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

Fair Value Hierarchy as of Period End

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	$	—		$	1,142,386,900		$	—	$	1,142,386,900
Preferred Stocks		—			18,665,285			—		18,665,285
Money Market Funds		630,000			—			—		630,000

	$	630,000		$	1,161,052,185		$	—	$	1,161,682,185


Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(65,887	)	$	(158,225	)	$	—	$	(224,112	)

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

September 30, 2022

iShares^® Blockchain and Tech ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Banks — 0.3%
Silvergate Capital Corp., Class A^(a)		256	$	19,290


Capital Markets — 20.3%
Allfunds Group PLC		2,686		19,630
Bakkt Holdings Inc.^(a)(b)		34,192		77,958
Coinbase Global Inc., Class A^(a)(b)		11,906		767,818
Galaxy Digital Holdings Ltd.^(a)(b)		57,592		244,318
Robinhood Markets Inc., Class A^(a)(b)		3,432		34,663
SBI Holdings Inc/Japan		2,000		35,890
Voyager Digital Ltd.^(a)(c)		57,043		—

				1,180,277

Interactive Media & Services — 0.9%
Z Holdings Corp.		19,200		50,893


IT Services — 24.5%
Block Inc.^(a)		11,720		644,483
Core Scientific Inc.^(a)		133,160		173,108
DXC Technology Co.^(a)		1,832		44,847
GMO internet group Inc.		500		8,777
International Business Machines Corp.		2,024		240,471
NTT Data Corp.		5,200		67,169
PayPal Holdings Inc.^(a)		2,848		245,127

				1,423,982

Professional Services — 3.5%
Wolters Kluwer NV		2,088		203,316


Semiconductors & Semiconductor Equipment — 8.8%
Advanced Micro Devices Inc.^(a)		3,232		204,780
Ambarella Inc.^(a)		296		16,629
Amlogic Shanghai Co. Ltd.^(a)		1,501		13,583
MaxLinear Inc.^(a)		594		19,376
Nano Labs Ltd., NVS^(b)		14,896		23,983
Nvidia Corp.		1,896		230,155

				508,506

Software — 36.5%
Applied Blockchain Inc., NVS^(a)		39,632		67,374
Argo Blockchain PLC^(a)		285,935		102,521
Bit Digital Inc.^(a)(b)		43,406		52,087
Bitfarms Ltd/Canada^(a)(b)		103,364		108,532


Security	Shares		Value

Software (continued)
Cleanspark Inc.^(a)		22,932	$	72,924
Hive Blockchain Technologies Ltd.^(a)		43,780		164,613
Hut 8 Mining Corp.^(a)(b)		93,896		167,135
Iris Energy Ltd.^(a)(b)		25,630		105,852
Marathon Digital Holdings Inc.^(a)(b)		61,756		661,407
Riot Blockchain Inc.^(a)(b)		86,926		609,351
YGSOFT Inc.		9,600		7,518

				2,119,314

Technology Hardware, Storage & Peripherals — 5.0%
Canaan Inc., ADR^(a)(b)		85,591		280,739
GRG Banking Equipment Co. Ltd., Class A		8,800		10,005

				290,744


Total Long-Term Investments — 99.8% (Cost: $7,499,883)				5,796,322


Short-Term Securities

Money Market Funds — 33.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%^(d)(e)(f)		1,820,457		1,821,003
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%^(d)(e)		100,000		100,000


Total Short-Term Securities — 33.0% (Cost: $1,920,748)				1,921,003


Total Investments — 132.8% (Cost: $9,420,631)				7,717,325

Liabilities in Excess of Other Assets — (32.8)%				(1,907,500	)


Net Assets — 100.0%			$	5,809,825

^(a)	Non-income producing security.

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

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

^(d)	Affiliate of the Fund.

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

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


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Blockchain and Tech ETF

Affiliates




Affiliated Issuer	Value at 04/25/22^(a)		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	1,820,725	^(b)	$	—	$	23	$	255	$	1,821,003		1,820,457	$	8,406	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		100,000	^(b)		—		—		—		100,000		100,000		94			—


								$	23	$	255	$	1,921,003			$	8,500		$	—

^(a)

Commencement of operations.

^(b)

Represents net amount purchased (sold).

^(c)

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Investments
Assets
Common Stocks	$	5,277,020	$	519,302	$	—	$	5,796,322
Money Market Funds		1,921,003		—		—		1,921,003


	$	7,198,023	$	519,302	$	—	$	7,717,325

See notes to financial statements.


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

Schedule of Investments (unaudited)

September 30, 2022

iShares^® Emerging Markets Infrastructure ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Brazil — 20.0%
CCR SA		328,944	$	764,071
Centrais Eletricas Brasileiras SA, ADR		233,558		1,875,471
Cia. de Saneamento Basico do Estado de Sao Paulo, ADR		62,601		570,295
Ultrapar Participacoes SA, ADR^(a)		352,380		771,712

				3,981,549

China — 40.3%
Beijing Capital International Airport Co. Ltd., Class H^(a)(b)		504,000		271,916
CGN Power Co. Ltd., Class H^(c)		2,058,000		444,511
China Gas Holdings Ltd.		546,000		653,046
China Longyuan Power Group Corp. Ltd., Class H		619,000		773,500
China Merchants Port Holdings Co. Ltd.		390,000		489,844
China Oilfield Services Ltd., Class H		882,000		873,470
China Power International Development Ltd.		903,000		357,476
China Resources Gas Group Ltd.		164,600		521,886
China Resources Power Holdings Co. Ltd.		330,000		509,583
China Suntien Green Energy Corp. Ltd., Class H^(a)		903,000		329,383
COSCO SHIPPING Energy Transportation Co. Ltd., Class H^(b)		640,000		530,512
COSCO SHIPPING Ports Ltd.		504,000		317,220
Guangdong Investment Ltd.^(a)		514,000		410,593
Jiangsu Expressway Co. Ltd., Class H		362,000		271,780
Kunlun Energy Co. Ltd.		726,000		522,520
Shenzhen Expressway Co. Ltd., Class H		168,000		122,785
Shenzhen International Holdings Ltd.		409,999		312,535
Zhejiang Expressway Co. Ltd., Class H		420,000		285,405

				7,997,965

Mexico — 14.9%
Grupo Aeroportuario del Centro Norte SAB de CV, ADR		10,080		505,411
Grupo Aeroportuario del Pacifico SAB de CV, ADR		10,751		1,363,012
Grupo Aeroportuario del Sureste SAB de CV, ADR		5,586		1,095,806

				2,964,229

Qatar — 7.4%
Qatar Gas Transport Co. Ltd.		1,316,335		1,463,795


South Korea — 4.2%
Korea Electric Power Corp., ADR^(a)(b)		94,323		641,396
SK Discovery Co. Ltd.		4,351		90,111
SK Gas Ltd.		1,439		100,530

				832,037

Thailand — 10.6%
Airports of Thailand PCL, NVDR^(b)		1,096,600		2,100,425


Total Common Stocks — 97.4% (Cost: $19,972,063)				19,340,000


Security	Shares		Value

Preferred Stocks

Brazil — 2.7%
Cia. Energetica de Minas Gerais, Preference Shares, ADR		268,637	$	542,647


Russia — 0.0%
Transneft PJSC, Preference Shares, NVS^(d)		640		—


Total Preferred Stocks — 2.7% (Cost: $1,934,186)				542,647


Total Long-Term Investments — 100.1% (Cost: $21,906,249)				19,882,647


Short-Term Securities

Money Market Funds — 4.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%^(e)(f)(g)		829,685		829,934
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%^(e)(f)		10,000		10,000


Total Short-Term Securities — 4.2% (Cost: $839,674)				839,934


Total Investments — 104.3% (Cost: $22,745,923)				20,722,581

Liabilities in Excess of Other Assets — (4.3)%				(861,884	)


Net Assets — 100.0%			$	19,860,697

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

^(b)	Non-income producing security.

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

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

^(e)	Affiliate of the Fund.

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

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


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Emerging Markets Infrastructure ETF

Affiliates



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

BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,224,889	$	—	$	(395,417	)^(a)	$	(315	)	$	777	$	829,934		829,685	$	5,967	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		30,000		—		(20,000	)^(a)		—			—		10,000		10,000		205			—

								$	(315	)	$	777	$	839,934			$	6,172		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



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


Long Contracts
MSCI Emerging Markets Index		2		12/16/22	$	87	$	(8,713	)

Derivative Financial Instruments Categorized by Risk Exposure

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



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

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	8,713	$	—	$	—	$	—	$	8,713

^(a)

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



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

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(11,081	)	$	—	$	—	$	—	$	(11,081	)

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(12,530	)	$	—	$	—	$	—	$	(12,530	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	193,980

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


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Emerging Markets Infrastructure ETF

Fair Value Hierarchy as of Period End




	Level 1			Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	7,587,174		$	11,752,826	$	—	$	19,340,000
Preferred Stocks		542,647			—		—		542,647
Money Market Funds		839,934			—		—		839,934

	$	8,969,755		$	11,752,826	$	—	$	20,722,581

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(8,713	)	$	—	$	—	$	(8,713	)

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

September 30, 2022

iShares^® Europe ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 1.6%
Glencore PLC		2,124,029	$	11,161,798
Rio Tinto PLC		187,290		10,133,484

				21,295,282

Austria — 0.2%
Erste Group Bank AG		63,223		1,385,985
OMV AG		25,148		910,185
Verbund AG		5,569		475,467

				2,771,637

Belgium — 1.2%
Ageas SA/NV		31,531		1,149,989
Anheuser-Busch InBev SA/NV		173,805		7,872,783
Groupe Bruxelles Lambert NV		17,695		1,237,502
KBC Group NV		59,007		2,800,117
Solvay SA		12,545		971,261
UCB SA		22,178		1,539,105
Umicore SA		33,927		996,005

				16,566,762

Denmark — 4.2%
AP Moller - Maersk A/S, Class A		545		962,885
AP Moller - Maersk A/S, Class B, NVS		972		1,766,345
Carlsberg A/S, Class B		16,722		1,955,412
Chr Hansen Holding A/S		18,433		907,996
Coloplast A/S, Class B		21,153		2,149,659
Danske Bank A/S		120,740		1,502,810
DSV A/S		33,563		3,931,818
Genmab A/S^(a)		11,643		3,745,593
GN Store Nord AS		23,939		419,326
Novo Nordisk A/S, Class B		286,955		28,585,825
Novozymes A/S, Class B		37,213		1,870,032
Orsted AS^(b)		32,968		2,627,574
Pandora A/S		17,105		799,937
Tryg A/S		64,271		1,326,804
Vestas Wind Systems A/S		176,397		3,247,973

				55,799,989

Finland — 2.1%
Elisa OYJ		26,824		1,215,369
Fortum OYJ		77,522		1,041,667
Kesko OYJ, Class B		46,975		876,411
Kone OYJ, Class B		70,454		2,714,488
Metso Outotec OYJ		124,918		828,403
Neste OYJ		75,263		3,280,677
Nokia OYJ		941,842		4,043,385
Nordea Bank Abp		583,261		4,991,680
Sampo OYJ, Class A		87,778		3,747,383
Stora Enso OYJ, Class R		110,545		1,404,302
UPM-Kymmene OYJ		92,905		2,948,287
Wartsila OYJ Abp		85,674		547,278

				27,639,330

France — 17.4%
Accor SA^(a)		28,462		595,869
Air Liquide SA		92,035		10,519,516
Airbus SE		108,021		9,311,449
Alstom SA		51,919		839,829
ArcelorMittal SA		99,836		1,986,568
Arkema SA		10,878		792,777
AXA SA		347,332		7,583,265
BNP Paribas SA		200,262		8,458,912


Security	Shares		Value

France (continued)
Bouygues SA		37,230	$	973,881
Bureau Veritas SA		49,280		1,102,764
Capgemini SE		27,453		4,395,237
Carrefour SA		105,901		1,468,750
Cie Generale des Etablissements Michelin SCA		126,290		2,829,616
Cie. de Saint-Gobain		91,550		3,273,424
Credit Agricole SA		242,158		1,965,846
Danone SA		111,161		5,256,281
Dassault Systemes SE		121,170		4,183,401
Edenred		44,442		2,047,475
Eiffage SA		13,242		1,061,916
Electricite de France SA		111,548		1,293,672
Engie SA		324,413		3,733,958
EssilorLuxottica SA		53,312		7,246,317
Eurofins Scientific SE		22,444		1,332,373
Gecina SA		9,102		712,866
Getlink SE		71,510		1,108,930
Hermes International		6,100		7,174,329
Kering SA		12,676		5,622,421
Legrand SA		47,535		3,073,569
L’Oreal SA		44,234		14,143,468
LVMH Moet Hennessy Louis Vuitton SE		45,830		27,020,207
Orange SA		329,917		2,983,945
Pernod Ricard SA		35,765		6,561,236
Publicis Groupe SA		41,682		1,975,004
Renault SA^(a)		37,077		1,003,156
Safran SA		61,195		5,568,117
Sanofi		201,805		15,366,740
Sartorius Stedim Biotech		4,299		1,318,661
Schneider Electric SE		100,108		11,307,274
Societe Generale SA		140,556		2,779,648
Sodexo SA		14,662		1,101,121
STMicroelectronics NV, New		114,610		3,562,635
Teleperformance		10,271		2,605,586
Thales SA		18,951		2,088,285
TotalEnergies SE		432,647		20,297,437
Ubisoft Entertainment SA^(a)		16,028		440,490
Unibail-Rodamco-Westfield^(a)		18,542		767,266
Valeo		39,834		601,886
Veolia Environnement SA		114,319		2,184,886
Vinci SA		94,252		7,621,284
Vivendi SE		141,830		1,100,115
Worldline SA/France^(a)(b)		43,609		1,723,676

				234,067,334

Germany — 10.7%
adidas AG		31,229		3,590,125
Allianz SE, Registered		71,307		11,233,295
Aroundtown SA^(c)		170,025		372,304
BASF SE		160,449		6,157,772
Bayer AG, Registered		173,593		7,998,212
Bayerische Motoren Werke AG		55,740		3,777,918
Beiersdorf AG		17,465		1,716,151
Brenntag SE		27,422		1,657,714
Commerzbank AG^(a)		188,065		1,338,837
Continental AG		18,879		837,724
Covestro AG^(b)		33,759		965,226
Daimler Truck Holding AG^(a)		90,890		2,054,792
Delivery Hero SE^(a)(b)		33,286		1,215,843
Deutsche Bank AG, Registered		361,025		2,673,020
Deutsche Boerse AG		33,205		5,443,185


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Europe ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Germany (continued)
Deutsche Post AG, Registered		176,191	$	5,310,333
Deutsche Telekom AG, Registered		611,694		10,412,049
E.ON SE		392,173		3,012,976
Fresenius Medical Care AG & Co. KGaA		35,321		995,099
Fresenius SE & Co. KGaA		69,474		1,480,852
GEA Group AG		29,357		950,079
Hannover Rueck SE		10,596		1,588,396
HeidelbergCement AG		24,286		959,398
HelloFresh SE^(a)		30,458		637,544
Henkel AG & Co. KGaA		17,116		970,018
Infineon Technologies AG		228,128		4,992,358
LEG Immobilien SE		13,182		786,828
Mercedes-Benz Group AG		136,639		6,909,428
Merck KGaA		22,594		3,657,535
MTU Aero Engines AG		9,268		1,385,144
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		24,482		5,893,322
Puma SE		18,100		837,308
RWE AG		120,149		4,416,195
SAP SE		192,006		15,647,555
Siemens AG, Registered		130,861		12,790,726
Siemens Healthineers AG^(b)		49,265		2,113,246
Symrise AG		23,353		2,277,206
Volkswagen AG		5,195		846,626
Vonovia SE		139,603		3,012,879
Zalando SE^(a)(b)(c)		39,122		764,168

				143,679,386

Ireland — 1.0%
CRH PLC		134,281		4,317,383
Flutter Entertainment PLC, Class DI^(a)		27,261		3,005,026
Kerry Group PLC, Class A		27,039		2,410,047
Kingspan Group PLC		27,360		1,232,693
Ryanair Holdings PLC, ADR^(a)(c)		17,684		1,033,099
Smurfit Kappa Group PLC		45,239		1,293,799

				13,292,047

Italy — 2.8%
Assicurazioni Generali SpA		208,800		2,851,024
Atlantia SpA		88,801		1,959,453
Enel SpA		1,367,668		5,609,112
Eni SpA		440,857		4,685,734
Ferrari NV		22,368		4,142,236
FinecoBank Banca Fineco SpA		105,393		1,301,655
Intesa Sanpaolo SpA		3,100,182		5,124,648
Mediobanca Banca di Credito Finanziario SpA		116,536		911,862
Moncler SpA		37,161		1,517,080
Nexi SpA^(a)(b)		149,401		1,206,879
Prysmian SpA		47,939		1,373,158
Snam SpA		357,998		1,447,003
Telecom Italia SpA/Milano^(a)		1,775,359		328,383
Terna - Rete Elettrica Nazionale		249,373		1,518,813
UniCredit SpA		353,621		3,580,089

				37,557,129

Netherlands — 7.4%
ABN AMRO Bank NV, CVA^(b)		73,493		658,524
Adyen NV^(a)(b)		5,488		6,844,421
Aegon NV		246,520		979,917
Akzo Nobel NV		31,469		1,783,347
Argenx SE^(a)		9,651		3,434,563
ASM International NV		8,145		1,823,723


Security	Shares		Value

Netherlands (continued)
ASML Holding NV		71,359	$	29,562,522
Euronext NV^(b)		17,375		1,099,598
EXOR NV^(a)		19,976		1,281,933
Heineken Holding NV		19,426		1,329,877
Heineken NV		41,819		3,652,097
IMCD NV		9,954		1,180,161
ING Groep NV		659,300		5,649,164
Koninklijke Ahold Delhaize NV		182,682		4,653,171
Koninklijke DSM NV		30,555		3,476,869
Koninklijke KPN NV		570,831		1,544,877
Koninklijke Philips NV		154,396		2,377,157
NN Group NV		54,049		2,102,178
Prosus NV		211,657		11,011,793
QIAGEN NV^(a)		39,826		1,658,534
Randstad NV		22,375		965,724
Stellantis NV		378,604		4,472,237
Universal Music Group NV		131,750		2,467,683
Wolters Kluwer NV		46,631		4,540,629

				98,550,699

Norway — 1.1%
Aker BP ASA		54,171		1,554,954
DNB Bank ASA		159,160		2,525,559
Equinor ASA		183,436		6,049,483
Mowi ASA		81,456		1,036,083
Norsk Hydro ASA		233,194		1,251,300
Orkla ASA		125,083		909,267
Telenor ASA		112,728		1,031,700
Yara International ASA		27,735		973,364

				15,331,710

Portugal — 0.2%
EDP - Energias de Portugal SA		510,552		2,215,802
Galp Energia SGPS SA		80,458		774,118

				2,989,920

Spain — 3.7%
ACS Actividades de Construccion y Servicios SA		39,601		889,809
Aena SME SA^(a)(b)		13,039		1,353,182
Amadeus IT Group SA^(a)		78,707		3,649,063
Banco Bilbao Vizcaya Argentaria SA		1,164,692		5,224,628
Banco Santander SA		2,939,486		6,839,886
CaixaBank SA		760,310		2,448,863
Cellnex Telecom SA^(b)		101,648		3,135,492
Enagas SA		40,348		624,544
Endesa SA		56,649		850,843
Ferrovial SA		88,679		2,012,890
Grifols SA^(a)		52,980		457,713
Iberdrola SA		1,031,110		9,614,258
Industria de Diseno Textil SA		195,997		4,044,717
Naturgy Energy Group SA		31,804		735,741
Red Electrica Corp. SA		72,128		1,106,847
Repsol SA		267,926		3,078,537
Telefonica SA		988,685		3,268,509

				49,335,522

Sweden — 4.5%
Alfa Laval AB		53,703		1,331,673
Assa Abloy AB, Class B		173,247		3,245,965
Atlas Copco AB, Class A		451,587		4,197,211
Atlas Copco AB, Class B		271,964		2,254,311
Boliden AB		48,465		1,497,371
Electrolux AB, Class B		38,233		397,371


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Europe ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Sweden (continued)
Embracer Group AB^(a)(c)		143,655	$	851,469
Epiroc AB, Class A		107,828		1,542,532
Epiroc AB, Class B		69,492		876,270
EQT AB		48,659		940,196
Essity AB, Class B		105,240		2,079,205
Evolution AB^(b)		33,571		2,653,705
Getinge AB, Class B		38,100		651,553
H & M Hennes & Mauritz AB, Class B		130,120		1,202,973
Hexagon AB, Class B		368,321		3,439,799
Industrivarden AB, Class A		32,024		645,047
Industrivarden AB, Class C		29,865		595,634
Investor AB, Class B		317,457		4,632,083
Kinnevik AB, Class B^(a)		41,409		542,702
Nibe Industrier AB, Class B		268,934		2,398,951
Sandvik AB		192,783		2,627,931
Skandinaviska Enskilda Banken AB, Class A		298,467		2,844,615
Skanska AB, Class B		70,576		878,372
SKF AB, Class B		66,942		896,796
Svenska Cellulosa AB SCA, Class B		102,252		1,297,422
Svenska Handelsbanken AB, Class A		271,772		2,230,974
Swedbank AB, Class A		160,165		2,102,287
Swedish Match AB		266,449		2,635,641
Tele2 AB, Class B		97,057		837,560
Telefonaktiebolaget LM Ericsson, Class B		538,722		3,149,071
Telia Co. AB		433,013		1,247,112
Volvo AB, Class B		277,465		3,926,399

				60,650,201

Switzerland — 17.1%
ABB Ltd., Registered		299,189		7,724,889
Adecco Group AG, Registered		29,862		824,178
Alcon Inc.		87,303		5,071,033
Baloise Holding AG, Registered		7,992		1,021,175
Barry Callebaut AG, Registered		635		1,196,984
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		183		1,768,569
Chocoladefabriken Lindt & Spruengli AG, Registered		19		1,892,140
Cie. Financiere Richemont SA, Class A, Registered		91,105		8,599,895
Credit Suisse Group AG, Registered		439,876		1,739,965
Geberit AG, Registered		6,287		2,695,791
Givaudan SA, Registered		1,412		4,265,655
Holcim AG		99,414		4,074,039
Julius Baer Group Ltd.		38,205		1,667,230
Kuehne + Nagel International AG, Registered		9,964		2,028,988
Logitech International SA, Registered		30,218		1,381,492
Lonza Group AG, Registered		13,015		6,336,885
Nestle SA, Registered		482,386		52,173,573
Novartis AG, Registered		421,798		32,156,581
Partners Group Holding AG		3,979		3,202,237
Roche Holding AG, Bearer		4,808		1,878,152
Roche Holding AG, NVS		123,026		40,048,971
Schindler Holding AG, Participation Certificates, NVS		7,369		1,143,665
Schindler Holding AG, Registered		3,420		515,301
SGS SA, Registered		1,054		2,255,290
Siemens Energy AG^(a)		67,732		745,781
SIG Group AG		61,958		1,258,000
Sika AG, Registered		27,139		5,454,713
Sonova Holding AG, Registered		9,263		2,038,424
Straumann Holding AG		20,372		1,863,226
Swatch Group AG (The), Bearer		5,106		1,146,799
Swatch Group AG (The), Registered		9,611		402,633


Security	Shares		Value

Switzerland (continued)
Swiss Life Holding AG, Registered		5,406	$	2,388,432
Swiss Prime Site AG, Registered		13,590		1,082,544
Swiss Re AG		50,492		3,723,986
Swisscom AG, Registered		4,433		2,075,711
Temenos AG, Registered		11,584		780,957
UBS Group AG, Registered		616,750		8,947,786
VAT Group AG^(b)		4,726		959,043
Zurich Insurance Group AG		26,306		10,486,902

				229,017,615

United Kingdom — 23.8%
3i Group PLC		168,093		2,018,365
abrdn PLC		409,403		626,268
Admiral Group PLC		47,257		1,003,910
Anglo American PLC		235,560		7,072,883
Ashtead Group PLC		77,864		3,496,856
Associated British Foods PLC		63,607		888,756
AstraZeneca PLC		271,968		29,897,285
Auto Trader Group PLC^(b)		169,260		959,885
Aviva PLC		497,866		2,135,267
BAE Systems PLC		563,272		4,949,145
Barclays PLC		2,766,045		4,401,151
Barratt Developments PLC		178,921		676,217
Berkeley Group Holdings PLC		19,994		730,489
BP PLC		3,656,778		17,473,497
British American Tobacco PLC		391,392		14,034,351
British Land Co. PLC (The)		166,924		646,555
BT Group PLC		1,216,383		1,635,184
Bunzl PLC		59,533		1,818,909
Burberry Group PLC		70,731		1,412,886
CNH Industrial NV		170,676		1,910,248
Compass Group PLC		311,875		6,210,181
Croda International PLC		25,286		1,806,028
DCC PLC		18,168		943,511
Diageo PLC		409,322		17,229,792
Direct Line Insurance Group PLC		245,968		507,471
DS Smith PLC		243,538		688,737
Entain PLC		102,457		1,225,023
Experian PLC		169,352		4,957,371
Ferguson PLC		40,555		4,206,739
GSK PLC		703,574		10,161,507
Haleon PLC^(a)		879,475		2,742,173
Halma PLC		65,455		1,472,237
Hargreaves Lansdown PLC		62,193		595,625
HSBC Holdings PLC		3,495,874		18,101,141
IMI PLC		46,717		577,707
Imperial Brands PLC		168,072		3,456,040
Informa PLC		268,138		1,532,649
InterContinental Hotels Group PLC		33,705		1,623,295
Intermediate Capital Group PLC		51,215		552,482
Intertek Group PLC		28,770		1,180,406
J Sainsbury PLC		302,359		585,543
Johnson Matthey PLC		34,948		705,571
Kingfisher PLC		363,854		885,700
Land Securities Group PLC		135,065		780,440
Legal & General Group PLC		1,062,047		2,535,086
Lloyds Banking Group PLC		12,408,358		5,608,419
London Stock Exchange Group PLC		60,364		5,097,671
M&G PLC		460,722		848,705
Marks & Spencer Group PLC^(a)		348,531		380,182
Melrose Industries PLC		694,400		776,455


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Europe ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United Kingdom (continued)
Mondi PLC		86,179	$	1,323,919
National Grid PLC		684,962		7,051,068
NatWest Group PLC, NVS		870,052		2,167,055
Next PLC		22,893		1,215,065
Ocado Group PLC^(a)		125,667		652,145
Pearson PLC		130,435		1,245,601
Persimmon PLC		55,669		761,344
Phoenix Group Holdings PLC		147,881		861,236
Prudential PLC		479,405		4,692,240
Reckitt Benckiser Group PLC		128,676		8,528,830
RELX PLC		346,271		8,461,388
Rentokil Initial PLC		327,561		1,736,229
Rightmove PLC		152,493		813,535
Rolls-Royce Holdings PLC^(a)		1,477,019		1,131,176
Sage Group PLC (The)		189,135		1,457,585
Schroders PLC		133,888		575,493
Segro PLC		210,043		1,752,569
Severn Trent PLC		45,341		1,185,286
Shell PLC		1,343,690		33,334,167
Smith & Nephew PLC		155,563		1,795,629
Smiths Group PLC		65,040		1,083,370
Spirax-Sarco Engineering PLC		12,860		1,478,297
SSE PLC		183,115		3,092,079
St. James’s Place PLC		94,088		1,071,492
Standard Chartered PLC		4