LOGO

  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  

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 50TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

             Average Annual Total Returns        Cumulative Total Returns
     6-Month
Total Returns
     1 Year      5 Years     10 Years            1 Year      5 Years      10 Years   

Fund NAV

    (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              Account Value             Paid During       Account Value              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   H A R E S   S E M I - A N N U A L  E P O R T   T O  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.

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

Expense Example

 

    Actual           Hypothetical 5% Return                  
 

 

 

     

 

           
    Beginning        Ending        Expenses       Beginning      Ending        Expenses               Annualized  
    Account Value        Account Value        Paid During       Account Value      Account Value        Paid During               Expense  
      (04/25/22) (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  

 

 

U N D  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 IndexTM (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)   

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

Expense Example

 

    Actual           Hypothetical 5% Return                  
 

 

     

 

           
  Beginning      Ending        Expenses       Beginning      Ending        Expenses               Annualized  
  Account Value      Account Value        Paid During       Account Value      Account Value        Paid During               Expense  
    (04/01/22)      (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) 

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) 

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   H A R E S   S E M I - A N N U A L  E P O R T   T O  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 350TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns        Cumulative Total Returns
     6-Month
Total Returns
     1 Year      5 Years     10 Years            1 Year      5 Years      10 Years   

Fund NAV

    (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.

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

Expense Example

 

    Actual           Hypothetical 5% Return                  
 

 

     

 

           
  Beginning      Ending        Expenses       Beginning      Ending        Expenses               Annualized  
  Account Value      Account Value        Paid During       Account Value      Account Value        Paid During               Expense  
    (04/01/22)      (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) 

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) 

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  

 

 

U N D  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.

 

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

Expense Example

 

    Actual           Hypothetical 5% Return                  
 

 

     

 

           
  Beginning      Ending        Expenses       Beginning      Ending        Expenses               Annualized  
  Account Value      Account Value        Paid During       Account Value      Account Value        Paid During               Expense  
    (04/01/22)      (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)

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) 

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   H A R E S   S E M I - A N N U A L  E P O R T   T O  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 IndexTM (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   

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

Expense Example

 

    Actual           Hypothetical 5% Return                  
 

 

     

 

           
  Beginning      Ending        Expenses       Beginning      Ending        Expenses               Annualized  
  Account Value      Account Value        Paid During       Account Value      Account Value        Paid During               Expense  
    (04/01/22)      (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) 

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

 

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   

 

 

U N D  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.

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

Expense Example

 

    Actual           Hypothetical 5% Return                  
 

 

     

 

           
  Beginning      Ending        Expenses       Beginning      Ending        Expenses               Annualized  
  Account Value      Account Value        Paid During       Account Value      Account Value        Paid During               Expense  
    (04/01/22)      (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) 

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)

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  

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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 IndexSM (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.

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

Expense Example

 

    Actual           Hypothetical 5% Return                  
 

 

     

 

           
  Beginning      Ending        Expenses       Beginning      Ending        Expenses               Annualized  
  Account Value      Account Value        Paid During       Account Value      Account Value        Paid During               Expense  
    (04/01/22)      (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) 

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)

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   

 

 

U N D  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 40TM (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)   

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

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

Expense Example

 

    Actual           Hypothetical 5% Return                  
 

 

 

     

 

           
    Beginning        Ending        Expenses       Beginning      Ending        Expenses               Annualized  
    Account Value        Account Value        Paid During       Account Value      Account Value        Paid During               Expense  
      (04/01/22)        (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) 

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) 

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  

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About Fund Performance

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

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

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

Disclosure of Expenses

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

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

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

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

 

 

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

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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
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

 

C H E D U L E   O F  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  

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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.

 

 

C H E D U L E   O F  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

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    
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) 

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.

 

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

     $ 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  

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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.

 

 

C H E D U L E   O F  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

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

   $ 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) 

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

     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) 

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

   $      $      $ (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   H A R E S  E M I - A N N U A L  E P O R T   T O  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

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

   $ 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.

 

 

C H E D U L E   O F  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   H A R E S  E M I - A N N U A L  E P O R T   T O  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  

 

 

C H E D U L E   O F  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   H A R E S  E M I - A N N U A L  E P O R T   T O  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