LOGO

  SEPTEMBER 30, 2022

 

  

2022 Semi-Annual Report

(Unaudited)

 

 

 

iShares Trust

 

·  

iShares Global Comm Services ETF | IXP | NYSE Arca

 

·  

iShares Global Consumer Discretionary ETF | RXI | NYSE Arca

 

·  

iShares Global Consumer Staples ETF | KXI | NYSE Arca

 

·  

iShares Global Energy ETF | IXC | NYSE Arca

 

·  

iShares Global Financials ETF | IXG | NYSE Arca

 

·  

iShares Global Healthcare ETF | IXJ | NYSE Arca

 

·  

iShares Global Industrials ETF | EXI | NYSE Arca

 

·  

iShares Global Materials ETF | MXI | NYSE Arca

 

·  

iShares Global Tech ETF | IXN | NYSE Arca

 

·  

iShares Global Utilities ETF | JXI | NYSE Arca


The Markets in Review

Dear Shareholder,

The 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    A G E    I S    N  O T    A R T    O F    O U R    U N D     E P O R T


Table of Contents

 

     Page  

The Markets in Review

    2  

Semi-Annual Report:

 

Fund Summary

    4  

About Fund Performance

    14  

Disclosure of Expenses

    14  

Schedules of Investments

    15  

Financial Statements:

 

Statements of Assets and Liabilities

    51  

Statements of Operations

    54  

Statements of Changes in Net Assets

    57  

Financial Highlights

    62  

Notes to Financial Statements

    72  

Board Review and Approval of Investment Advisory Contract

    82  

Supplemental Information

    86  

General Information

    87  

Glossary of Terms Used in this Report

    88  

 

 

 


Fund Summary  as of September 30, 2022    iShares® Global Comm Services ETF

 

Investment Objective

The iShares Global Comm Services ETF(the “Fund”) seeks to track the investment results of an index composed of global equities in the communication services sector, as represented by the S&P Global 1200 Communication Services 4.5/22.5/45 Capped 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

    (28.55 )%       (36.63 )%       (0.51 )%      2.39        (36.63 )%       (2.53 )%       26.62

Fund Market

    (28.41      (36.55      (0.48     2.41          (36.55      (2.39      26.88  

Index

    (28.73      (36.50      (0.32     2.41                (36.50      (1.58      26.95  

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.

Index performance through June 23, 2019 reflects the performance of the S&P Global 1200 Communication Services Sector IndexTM. Index performance beginning on June 24, 2019 reflects the performance of S&P Global 1200 Communication Services 4.5/22.5/45 Capped IndexTM.

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

Expense Example

 

Actual           Hypothetical 5% Return         

 

 

     

 

 

    
 

Beginning
Account Value
(04/01/22)


 
      

Ending
Account Value
(09/30/22)


 
      

Expenses
Paid During
the Period


(a) 
           

Beginning
Account Value
(04/01/22)


 
      

Ending
Account Value
(09/30/22)


 
      

Expenses
Paid During
the Period


(a) 
    

Annualized
Expense
Ratio


 
$ 1,000.00        $ 714.50        $ 1.76             $ 1,000.00        $ 1,023.00        $ 2.08        0.41

 

  (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) 

Interactive Media & Services

    44.3

Diversified Telecommunication Services

    20.5  

Entertainment

    16.4  

Media

    9.7  

Wireless Telecommunication Services

    9.1  

Industrials

    (b)  

GEOGRAPHIC ALLOCATION

 

Country/Geographic Region    
Percent of
Total Investments
 
(a) 

United States

    65.7

China

    9.4  

Japan

    8.6  

Canada

    3.2  

United Kingdom

    2.6  

Germany

    2.1  

France

    1.3  

Spain

    1.3  

Australia

    1.2  

South Korea

    1.1  

Other (each representing less than 1%)

    3.5  

 

  (a)

Excludes money market funds.

 

 

  (b)

Rounds to less than 0.1%.

 

 

 

 

4  

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


Fund Summary  as of September 30, 2022    iShares® Global Consumer Discretionary ETF

 

Investment Objective

The iShares Global Consumer Discretionary ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the consumer discretionary sector, as represented by the S&P Global 1200 Consumer Discretionary (Sector) Capped 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

    (21.24 )%       (24.90 )%       4.93     9.17        (24.90 )%       27.18      140.55

Fund Market

    (21.53      (25.26      4.92       9.16          (25.26      27.13        140.22  

Index

    (21.59      (24.74      5.09       9.17                (24.74      28.18        140.41  

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.

Index performance through September 22, 2019 reflects the performance of the S&P Global 1200 Consumer Discretionary Sector IndexTM. Index performance beginning on September 23, 2019 reflects the performance of the S&P Global 1200 Consumer Discretionary (Sector) Capped IndexTM.

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

Expense Example

 

Actual           Hypothetical 5% Return         

 

 

     

 

 

    
 

Beginning
Account Value
(04/01/22)


 
      

Ending
Account Value
(09/30/22)


 
      

Expenses
Paid During
the Period


(a) 
           

Beginning
Account Value
(04/01/22)


 
      

Ending
Account Value
(09/30/22)


 
      

Expenses
Paid During
the Period


(a) 
    

Annualized
Expense
Ratio


 
$ 1,000.00        $ 787.60        $ 1.84             $ 1,000.00        $ 1,023.00        $ 2.08        0.41

 

  (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) 

Retailing

    40.6

Automobiles & Components

    25.6  

Consumer Durables & Apparel

    17.0  

Consumer Services

    16.8  

GEOGRAPHIC ALLOCATION

 

Country/Geographic Region    
Percent of
Total Investments
 
(a) 

United States

    59.7

Japan

    12.0  

China

    8.0  

France

    6.0  

Germany

    3.2  

United Kingdom

    2.1  

Netherlands

    2.0  

Switzerland

    1.3  

Canada

    1.3  

Australia

    1.2  

Other (each representing less than 1%)

    3.2  

 

  (a) 

Excludes money market funds.

 

 

 

U N D    U M M A R Y

  5


Fund Summary  as of September 30, 2022    iShares® Global Consumer Staples ETF

 

Investment Objective

The iShares Global Consumer Staples ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the consumer staples sector, as represented by the S&P Global 1200 Consumer Staples (Sector) Capped 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

    (12.74 )%       (8.26 )%       3.50     6.27        (8.26 )%       18.76      83.67

Fund Market

    (12.81      (8.59      3.49       6.25          (8.59      18.70        83.43  

Index

    (12.80      (8.22      3.47       6.24                (8.22      18.59        83.23  

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.

Index performance through June 23, 2019 reflects the performance of the S&P Global 1200 Consumer Staples Sector IndexTM. Index performance beginning on June 24, 2019 reflects the performance of the S&P Global 1200 Consumer Staples (Sector) Capped IndexTM.

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

Expense Example

 

Actual           Hypothetical 5% Return         

 

 

     

 

 

    
 

Beginning
Account Value
(04/01/22)


 
      

Ending
Account Value
(09/30/22)


 
      

Expenses
Paid During
the Period


(a) 
           

Beginning
Account Value
(04/01/22)


 
      

Ending
Account Value
(09/30/22)


 
      

Expenses
Paid During
the Period


(a) 
    

Annualized
Expense
Ratio


 
$ 1,000.00        $ 872.60        $ 1.92             $ 1,000.00        $ 1,023.00        $ 2.08        0.41

 

  (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) 

Packaged Foods & Meats

    22.0

Household Products

    15.4  

Soft Drinks

    12.4  

Hypermarkets & Super Centers

    10.3  

Tobacco

    10.3  

Personal Products

    9.4  

Food Retail

    7.1  

Distillers & Vintners

    5.8  

Brewers

    4.1  

Agricultural Products

    1.4  

Food Distributors

    1.1  

Other (each representing less than 1%)

    0.7  

GEOGRAPHIC ALLOCATION

 

Country/Geographic Region    
Percent of
Total Investments
 
(a) 

United States

    56.3

United Kingdom

    12.6  

Switzerland

    9.3  

Japan

    5.8  

France

    4.8  

Canada

    2.1  

Netherlands

    1.7  

Australia

    1.6  

Belgium

    1.4  

Other (each representing less than 1%)

    4.4  
  (a) 

Excludes money market funds.

 

 

 

 

6  

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


Fund Summary  as of September 30, 2022    iShares® Global Energy ETF

 

Investment Objective

The iShares Global Energy ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the energy sector, as represented by the S&P Global 1200 Energy Sector 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

    (6.05 )%       29.63      4.15     2.01        29.63      22.52      22.07

Fund Market

    (6.09      29.56        4.14       2.03          29.56        22.47        22.26  

Index

    (6.35      29.17        3.73       1.76                29.17        20.12        19.08  

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
Account Value
(04/01/22)


 
      

Ending
Account Value
(09/30/22)


 
      

Expenses
Paid During
the Period


(a) 
           

Beginning
Account Value
(04/01/22)


 
      

Ending
Account Value
(09/30/22)


 
      

Expenses
Paid During
the Period


(a) 
    

Annualized
Expense
Ratio


 
$ 1,000.00        $ 939.50        $ 2.14             $ 1,000.00        $ 1,022.90        $ 2.23        0.44

 

  (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) 

Integrated Oil & Gas

    55.3

Oil & Gas Exploration & Production

    23.4  

Oil & Gas Storage & Transportation

    9.6  

Oil & Gas Refining & Marketing

    7.2  

Oil & Gas Equipment & Services

    4.1  

Other (each representing less than 1%)

    0.4  

GEOGRAPHIC ALLOCATION

 

Country/Geographic Region    
Percent of
Total Investments
 
(a) 

United States

    59.7

United Kingdom

    12.5  

Canada

    12.1  

France

    5.0  

Australia

    2.5  

Brazil

    2.1  

Norway

    1.9  

Italy

    1.2  

Other (each representing less than 1%)

    3.0  

 

  (a) 

Excludes money market funds.

 

 

 

U N D    U M M A R Y

  7


Fund Summary  as of September 30, 2022    iShares® Global Financials ETF

 

Investment Objective

The iShares Global Financials ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the financials sector, as represented by the S&P Global 1200 Financials Sector 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

    (21.19 )%       (18.80 )%       0.98      6.54        (18.80 )%       5.00      88.44

Fund Market

    (21.13      (19.03      0.95        6.54          (19.03      4.84        88.48  

Index

    (21.33      (18.85      1.06        6.64                (18.85      5.39        90.15  

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
Account Value
(04/01/22)


 
      

Ending
Account Value
(09/30/22)


 
      

Expenses
Paid During
the Period


(a) 
           

Beginning
Account Value
(04/01/22)


 
      

Ending
Account Value
(09/30/22)


 
      

Expenses
Paid During
the Period


(a) 
    

Annualized
Expense
Ratio


 
$ 1,000.00        $ 788.10        $ 1.84             $ 1,000.00        $ 1,023.00        $ 2.08        0.41

 

  (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) 

Banks

    45.5

Insurance

    22.8  

Capital Markets

    20.4  

Diversified Financial Services

    8.8  

Consumer Finance

    2.5  

Equity Real Estate Investment Trusts (REITs)

    (b)  

GEOGRAPHIC ALLOCATION

 

Country/Geographic Region    
Percent of
Total Investments
 
(a) 

United States

    52.8

Canada

    9.0  

Australia

    5.2  

United Kingdom

    5.1  

Japan

    4.5  

Switzerland

    3.0  

China

    2.6  

Germany

    2.6  

Hong Kong

    2.2  

France

    1.9  

Singapore

    1.6  

Spain

    1.3  

Sweden

    1.3  

Italy

    1.3  

Brazil

    1.2  

Netherlands

    1.1  

Other (each representing less than 1%)

    3.3  

 

  (a) 

Excludes money market funds.

 

 

  (b) 

Rounds to less than 0.1%.

 

 

 

8  

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


Fund Summary  as of September 30, 2022    iShares® Global Healthcare ETF

 

Investment Objective

The iShares Global Healthcare ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the healthcare sector, as represented by the S&P Global 1200 Health Care Sector 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

    (13.21 )%       (8.86 )%       7.64      10.73        (8.86 )%       44.52      177.14

Fund Market

    (13.42      (8.89      7.63        10.74          (8.89      44.44        177.47  

Index

    (13.23      (8.79      7.74        10.83                (8.79      45.17        179.64  

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
Account Value
(04/01/22)
 
 
 
      

Ending
Account Value
(09/30/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(04/01/22)
 
 
 
      

Ending
Account Value
(09/30/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
    

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 867.90        $ 1.92             $ 1,000.00        $ 1,023.00        $ 2.08        0.41

 

  (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) 

Pharmaceuticals

    41.1

Health Care Providers & Services

    18.1  

Health Care Equipment & Supplies

    16.9  

Biotechnology

    13.1  

Life Sciences Tools & Services

    10.6  

Health Care Technology

    0.2  

GEOGRAPHIC ALLOCATION

 

Country/Geographic Region    
Percent of
Total Investments
 
(a) 

United States

    72.6

Switzerland

    8.2  

Japan

    4.7  

United Kingdom

    3.8  

Denmark

    3.2  

France

    2.3  

Australia

    1.8  

Germany

    1.6  

Other (each representing less than 1%)

    1.8  

 

  (a) 

Excludes money market funds.

 

 

 

 

U N D    U M M A R Y

  9


Fund Summary  as of September 30, 2022    iShares® Global Industrials ETF

 

Investment Objective

The iShares Global Industrials ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the industrials sector, as represented by the S&P Global 1200 Industrials Sector 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

    (21.36 )%       (21.84 )%       2.00      7.50        (21.84 )%       10.40      106.19

Fund Market

    (21.65      (22.09      1.94        7.52          (22.09      10.07        106.50  

Index

    (21.55      (21.83      2.10        7.55                (21.83      10.96        107.02  

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

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

Expense Example

 

Actual           Hypothetical 5% Return         

 

 

     

 

 

    
 

Beginning
Account Value
(04/01/22)
 
 
 
      

Ending
Account Value
(09/30/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(04/01/22)
 
 
 
      

Ending
Account Value
(09/30/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
    

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 786.40        $ 1.84             $ 1,000.00        $ 1,023.00        $ 2.08        0.41

 

  (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) 

Capital Goods

    66.3

Transportation

    20.7  

Commercial & Professional Services

    13.0  

GEOGRAPHIC ALLOCATION

 

Country/Geographic Region    
Percent of
Total Investments
 
(a) 

United States

    53.6

Japan

    14.7  

France

    6.5  

United Kingdom

    5.2  

Canada

    4.3  

Sweden

    3.2  

Germany

    3.1  

Switzerland

    2.5  

Denmark

    1.3  

Ireland

    1.1  

Other (each representing less than 1%)

    4.5  

 

  (a) 

Excludes money market funds.

 

 

 

 

10  

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


Fund Summary  as of September 30, 2022    iShares® Global Materials ETF

 

Investment Objective

The iShares Global Materials ETF(the “Fund”) seeks to track the investment results of an index composed of global equities in the materials sector, as represented by the S&P Global 1200 Materials Sector 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

    (25.76 )%       (16.24 )%       3.74     3.96        (16.24 )%       20.13      47.52

Fund Market

    (25.87      (16.29      3.71       4.01          (16.29      19.95        48.12  

Index

    (25.86      (16.26      3.90       4.13                (16.26      21.09        49.90  

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
Account Value
(04/01/22)
 
 
 
      

Ending
Account Value
(09/30/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(04/01/22)
 
 
 
      

Ending
Account Value
(09/30/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
    

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 742.40        $ 1.79             $ 1,000.00        $ 1,023.00        $ 2.08        0.41

 

  (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) 

Chemicals

    49.9

Metals & Mining

    37.0  

Construction Materials

    5.6  

Containers & Packaging

    5.4  

Paper & Forest Products

    2.1  

GEOGRAPHIC ALLOCATION

 

Country/Geographic Region    
Percent of
Total Investments
 
(a) 

United States

    31.1

Australia

    17.0  

Ireland

    9.0  

Canada

    8.5  

Japan

    5.8  

Switzerland

    4.4  

United Kingdom

    4.2  

France

    3.9  

Germany

    3.0  

Brazil

    2.9  

Netherlands

    1.5  

South Korea

    1.5  

Finland

    1.3  

Taiwan

    1.2  

Other (each representing less than 1%)

    4.7  

 

  (a) 

Excludes money market funds.

 

 

 

U N D    U M M A R Y

  11


Fund Summary  as of September 30, 2022    iShares® Global Tech ETF

 

Investment Objective

The iShares Global Tech ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the technology sector, as represented by the S&P Global 1200 Information Technology Sector 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

    (26.71 )%       (24.84 )%       13.24     15.00        (24.84 )%       86.18      304.69

Fund Market

    (27.03      (25.09      13.16       15.00          (25.09      85.52        304.72  

Index

    (26.70      (24.70      13.42       15.16                (24.70      87.72        310.27  

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
Account Value
(04/01/22)
 
 
 
      

Ending
Account Value
(09/30/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(04/01/22)
 
 
 
      

Ending
Account Value
(09/30/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
    

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 732.90        $ 1.78             $ 1,000.00        $ 1,023.00        $ 2.08        0.41

 

  (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) 

Software

    28.8

Technology Hardware, Storage & Peripherals

    25.6  

Semiconductors & Semiconductor Equipment

    21.8  

IT Services

    16.3  

Electronic Equipment, Instruments & Components

    4.5  

Communications Equipment

    3.0  

GEOGRAPHIC ALLOCATION

 

Country/Geographic Region    
Percent of
Total Investments
 
(a) 

United States

    82.5

Taiwan

    3.6  

Japan

    3.3  

South Korea

    2.8  

Netherlands

    2.7  

Germany

    1.2  

Other (each representing less than 1%)

    3.9  

 

  (a) 

Excludes money market funds.

 

 

 

12  

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Fund Summary  as of September 30, 2022    iShares® Global Utilities ETF

 

Investment Objective

The iShares Global Utilities ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the utilities sector, as represented by the S&P Global 1200 Utilities (Sector) Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns            Cumulative Total Returns  
    

6-Month

Total Returns

     1 Year      5 Years     10 Years             1 Year      5 Years      10 Years  

Fund NAV

    (15.29 )%       (4.03 )%       4.77     6.35        (4.03 )%       26.22      85.09

Fund Market

    (15.69      (4.20      4.73       6.33          (4.20      25.97        84.66  

Index

    (15.52      (4.29      4.45       6.06                (4.29      24.35        80.14  

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
Account Value
(04/01/22)
 
 
 
      

Ending
Account Value
(09/30/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(04/01/22)
 
 
 
      

Ending
Account Value
(09/30/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
    

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 847.10        $ 1.90             $ 1,000.00        $ 1,023.00        $ 2.08        0.41

 

  (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) 

Electric Utilities

    61.8

Multi-Utilities

    28.8  

Gas Utilities

    3.8  

Independent Power and Renewable Electricity Producers

    2.9  

Water Utilities

    2.7  

GEOGRAPHIC ALLOCATION

 

Country/Geographic Region    
Percent of
Total Investments
 
(a) 

United States

    67.7

Spain

    5.4  

United Kingdom

    5.2  

Canada

    4.4  

Italy

    3.6  

Germany

    3.1  

France

    3.0  

Japan

    2.0  

Denmark

    1.1  

Australia

    1.0  

Other (each representing less than 1%)

    3.5  

 

  (a) 

Excludes money market funds.

 

 

 

U N D    U M M A R Y

  13


About Fund Performance

 

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

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

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

Disclosure of Expenses

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

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

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

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

 

 

 

14  

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Schedule of Investments  (unaudited)

September 30, 2022

  

iShares® Global Comm Services ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

 
Australia — 1.1%        

SEEK Ltd.

    23,428     $ 284,738  

Telstra Corp. Ltd.

    763,299       1,884,759  
   

 

 

 
      2,169,497  
Canada — 3.2%            

BCE Inc.

    60,234       2,525,611  

Rogers Communications Inc., Class B, NVS

    23,146       891,591  

Shaw Communications Inc., Class B, NVS

    29,619       720,239  

TELUS Corp.

    93,655       1,859,744  
   

 

 

 
      5,997,185  
China — 9.4%            

Baidu Inc.(a)

    149,550       2,201,555  

Kuaishou Technology(a)(b)

    128,800       826,142  

NetEase Inc.

    120,900       1,824,311  

Tencent Holdings Ltd.

    380,700       12,858,641  
   

 

 

 
      17,710,649  
Finland — 0.2%            

Elisa OYJ

    9,947       450,689  
   

 

 

 
France — 1.3%            

Orange SA

    124,757       1,128,369  

Publicis Groupe SA

    15,589       738,648  

Ubisoft Entertainment SA(a)

    6,314       173,525  

Vivendi SE

    53,455       414,627  
   

 

 

 
      2,455,169  
Germany — 2.1%            

Deutsche Telekom AG, Registered

    230,582       3,924,889  
   

 

 

 
Italy — 0.1%            

Telecom Italia SpA/Milano(a)

    682,664       126,270  
   

 

 

 
Japan — 8.6%            

Dentsu Group Inc.

    16,000       454,840  

KDDI Corp.

    103,500       3,025,954  

Nexon Co. Ltd.

    30,700       542,400  

Nintendo Co. Ltd.

    77,000       3,105,739  

Nippon Telegraph & Telephone Corp.

    150,700       4,064,728  

SoftBank Corp.

    182,900       1,826,426  

SoftBank Group Corp.

    78,500       2,660,450  

Z Holdings Corp.

    175,200       464,396  
   

 

 

 
      16,144,933  
Mexico — 0.7%            

America Movil SAB de CV, Series L, NVS

    1,269,722       1,048,461  

Grupo Televisa SAB, CPO

    166,620       180,358  

Sitios Latinoamerica SAB de CV

    63,486       28,339  
   

 

 

 
      1,257,158  
Netherlands — 0.8%            

Koninklijke KPN NV

    215,496       583,211  

Universal Music Group NV

    50,305       942,214  
   

 

 

 
      1,525,425  
Norway — 0.2%            

Telenor ASA

    42,520       389,148  
   

 

 

 
South Korea — 1.1%            

Kakao Corp.

    20,575       809,615  

NAVER Corp.

    9,851       1,312,313  
   

 

 

 
      2,121,928  
Spain — 1.3%            

Cellnex Telecom SA(b)

    37,691       1,162,638  
Security   Shares     Value  
Spain (continued)            

Telefonica SA

    372,566     $ 1,231,672  
   

 

 

 
      2,394,310  
Sweden — 0.6%            

Embracer Group AB(a)(c)

    54,078       320,530  

Tele2 AB, Class B

    36,306       313,305  

Telia Co. AB

    162,096       466,850  
   

 

 

 
      1,100,685  
Switzerland — 0.4%            

Swisscom AG, Registered

    1,674       783,835  
   

 

 

 
Taiwan — 0.5%            

Chunghwa Telecom Co. Ltd.

    251,120       898,792  
   

 

 

 
United Kingdom — 2.6%            

Auto Trader Group PLC(b)

    64,013       363,022  

BT Group PLC

    460,955       619,662  

Informa PLC

    99,297       567,571  

Pearson PLC

    49,979       477,279  

Rightmove PLC

    57,837       308,555  

Vodafone Group PLC

    1,770,425       1,981,459  

WPP PLC

    80,237       662,371  
   

 

 

 
      4,979,919  
United States — 65.7%            

Activision Blizzard Inc.

    47,027       3,495,987  

Alphabet Inc., Class A(a)

    229,204       21,923,363  

Alphabet Inc., Class C, NVS(a)

    204,958       19,706,712  

AT&T Inc.

    470,752       7,221,336  

Charter Communications Inc., Class A(a)

    7,315       2,219,005  

Comcast Corp., Class A

    272,904       8,004,274  

DISH Network Corp., Class A(a)

    16,579       229,288  

Electronic Arts Inc.

    17,446       2,018,677  

Fox Corp., Class A, NVS

    20,244       621,086  

Fox Corp., Class B

    9,144       260,604  

Interpublic Group of Companies Inc. (The)

    25,823       661,069  

Live Nation Entertainment Inc.(a)

    9,382       713,407  

Lumen Technologies Inc.

    62,914       458,014  

Match Group Inc.(a)

    18,687       892,304  

Meta Platforms Inc, Class A(a)

    143,360       19,451,085  

Netflix Inc.(a)

    29,378       6,916,756  

News Corp., Class A, NVS

    25,464       384,761  

News Corp., Class B

    8,019       123,653  

Omnicom Group Inc.

    13,522       853,103  

Paramount Global, Class B, NVS

    33,355       635,079  

Take-Two Interactive Software Inc.(a)

    10,343       1,127,387  

T-Mobile U.S. Inc.(a)

    39,762       5,334,868  

Twitter Inc.(a)

    44,407       1,946,803  

Verizon Communications Inc.

    232,378       8,823,393  

Walt Disney Co. (The)(a)

    85,347       8,050,782  

Warner Bros. Discovery Inc.(a)(c)

    145,927       1,678,160  
   

 

 

 
      123,750,956  
   

 

 

 

Total Common Stocks — 99.9%
(Cost: $265,876,852)

 

    188,181,437  
   

 

 

 

 

 

 

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® Global Comm Services ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Preferred Stocks

   
Italy — 0.0%            

Telecom Italia SpA/Milano, Preference Shares, NVS(a)

    389,747     $ 70,203  
   

 

 

 

Total Preferred Stocks — 0.0%
(Cost: $316,302)

 

    70,203  
   

 

 

 

Total Long-Term Investments — 99.9%
(Cost: $266,193,154)

 

    188,251,640  
   

 

 

 

Short-Term Securities

 

Money Market Funds — 1.1%  

BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%(d)(e)(f)

    1,940,491       1,941,073  

BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%(d)(e)

    190,000       190,000  
   

 

 

 

Total Short-Term Securities — 1.1%
(Cost: $2,131,073)

 

    2,131,073  
   

 

 

 

Total Investments — 101.0%
(Cost: $268,324,227)

 

    190,382,713  

Liabilities in Excess of Other Assets — (1.0)%

 

    (1,937,608
   

 

 

 

Net Assets — 100.0%

    $   188,445,105  
   

 

 

 

 

(a) 

Non-income producing security.

(b) 

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

(c) 

All or a portion of this security is on loan.

(d) 

Affiliate of the Fund.

(e) 

Annualized 7-day yield as of period end.

(f) 

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 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

   $      $ 1,939,801 (a)    $     $ 1,272      $      $ 1,941,073        1,940,491      $ 3,582 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

     330,000              (140,000 )(a)                    190,000        190,000        1,191        
         

 

 

    

 

 

    

 

 

       

 

 

   

 

 

 
          $ 1,272      $      $ 2,131,073         $ 4,773     $  
         

 

 

    

 

 

    

 

 

       

 

 

   

 

 

 

 

  (a)

Represents net amount purchased (sold).

 
  (b) 

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

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

 

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

 

 

Long Contracts

                 

Mini TOPIX Index

     3          12/08/22        $ 38        $ (725

E-Mini S&P Communication Services Select Sector Index

     2          12/16/22          126          (1,581
                 

 

 

 
                  $ (2,306
                 

 

 

 

 

 

16  

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® Global Comm Services ETF

 

Derivative Financial Instruments Categorized by Risk Exposure

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

 

 

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

 

 

Liabilities — Derivative Financial Instruments

                    

Futures contracts

                    

Unrealized depreciation on futures contracts(a)

   $      $      $ 2,306      $      $      $      $ 2,306  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (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

   $      $      $ (55,782    $      $      $      $ (55,782
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                    

Futures contracts

   $      $      $ 4,509      $      $      $      $ 4,509  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts:

        

Average notional value of contracts — long

   $ 202,461  

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

   $ 131,005,299        $ 57,176,138        $        $ 188,181,437  

Preferred Stocks

              70,203                   70,203  

Money Market Funds

     2,131,073                            2,131,073  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 133,136,372        $ 57,246,341        $        $ 190,382,713  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Liabilities

                 

Futures Contracts

   $ (1,581      $ (725      $             —        $ (2,306
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (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

  17


Schedule of Investments  (unaudited)

September 30, 2022

  

iShares® Global Consumer Discretionary ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Australia — 1.2%  

Aristocrat Leisure Ltd.

    41,460     $ 874,250  

Lottery Corp. Ltd. (The)(a)

    138,752       371,848  

Wesfarmers Ltd.

    70,683       1,932,369  
   

 

 

 
      3,178,467  
Brazil — 0.2%            

Lojas Renner SA

    61,673       318,406  

Magazine Luiza SA(a)

    167,029       138,717  
   

 

 

 
      457,123  
Canada — 1.3%            

Canadian Tire Corp. Ltd., Class A, NVS

    3,473       369,714  

Dollarama Inc.

    17,964       1,031,270  

Gildan Activewear Inc.

    10,991       310,710  

Magna International Inc.

    16,753       794,747  

Restaurant Brands International Inc.

    19,081       1,015,001  
   

 

 

 
      3,521,442  
Chile — 0.0%            

Falabella SA

    44,865       89,473  
   

 

 

 
China — 8.0%            

Alibaba Group Holding Ltd.(a)

    986,900       9,848,606  

ANTA Sports Products Ltd.

    68,200       715,881  

BYD Co. Ltd., Class H

    54,500       1,342,637  

JD.com Inc., Class A

    147,000       3,708,543  

Li Ning Co. Ltd.

    145,500       1,104,037  

Meituan, Class B(a)(b)

    254,200       5,342,380  
   

 

 

 
      22,062,084  
Denmark — 0.1%            

Pandora A/S

    5,954       278,446  
   

 

 

 
France — 5.9%            

Accor SA(a)

    10,493       219,677  

Cie Generale des Etablissements Michelin SCA

    44,518       997,457  

Hermes International

    2,172       2,554,532  

Kering SA

    4,513       2,001,734  

LVMH Moet Hennessy Louis Vuitton SE

    16,315       9,618,911  

Renault SA(a)

    12,937       350,024  

Sodexo SA

    5,240       393,526  

Valeo

    13,795       208,440  
   

 

 

 
      16,344,301  
Germany — 2.4%            

adidas AG

    11,138       1,280,438  

Bayerische Motoren Werke AG

    19,890       1,348,095  

Continental AG

    6,734       298,810  

Delivery Hero SE(a)(b)

    11,431       417,542  

Mercedes-Benz Group AG

    49,110       2,483,347  

Puma SE

    6,393       295,741  

Volkswagen AG

    1,779       289,922  

Zalando SE(a)(b)

    13,891       271,332  
   

 

 

 
      6,685,227  
Ireland — 0.4%            

Flutter Entertainment PLC, Class DI(a)

    9,535       1,051,059  
   

 

 

 
Italy — 0.7%            

Ferrari NV

    7,979       1,477,597  

Moncler SpA

    12,967       529,372  
   

 

 

 
      2,006,969  
Japan — 11.9%            

Aisin Corp.

    11,500       296,007  
Security   Shares     Value  
Japan (continued)            

Bandai Namco Holdings Inc.

    13,900     $ 905,839  

Bridgestone Corp.

    38,400       1,241,891  

Denso Corp.

    31,600       1,444,852  

Fast Retailing Co. Ltd.

    4,100       2,172,771  

Honda Motor Co. Ltd.

    106,243       2,306,086  

Isuzu Motors Ltd.

    38,900       430,134  

Nissan Motor Co. Ltd.

    147,500       475,338  

Nitori Holdings Co. Ltd.

    5,500       461,560  

Oriental Land Co. Ltd./Japan

    14,600       1,980,180  

Pan Pacific International Holdings Corp.

    33,300       587,438  

Panasonic Holdings Corp.

    145,400       1,021,005  

Rakuten Group Inc.

    58,500       250,350  

Sekisui House Ltd.

    42,800       708,866  

Shimano Inc.

    5,300       829,264  

Sony Group Corp.

    78,700       5,069,414  

Subaru Corp.

    38,488       581,644  

Sumitomo Electric Industries Ltd.

    49,500       502,500  

Suzuki Motor Corp.

    30,800       958,808  

Toyota Motor Corp.

    783,100       10,235,464  

Yamaha Motor Co. Ltd.

    22,013       412,434  
   

 

 

 
      32,871,845  
Netherlands — 2.0%            

Prosus NV

    74,976       3,900,746  

Stellantis NV

    134,841       1,592,801  
   

 

 

 
      5,493,547  
South Korea — 0.7%            

Hyundai Motor Co.

    8,792       1,072,963  

Kia Corp.

    16,679       830,146  
   

 

 

 
      1,903,109  
Spain — 0.5%            

Industria de Diseno Textil SA

    69,944       1,443,409  
   

 

 

 
Sweden — 0.6%            

Electrolux AB, Class B

    15,171       157,678  

Evolution AB(b)

    11,935       943,433  

H & M Hennes & Mauritz AB, Class B

    43,841       405,314  
   

 

 

 
      1,506,425  
Switzerland — 1.3%            

Cie. Financiere Richemont SA, Class A, Registered

    32,541       3,071,722  

Swatch Group AG (The), Bearer

    1,804       405,175  

Swatch Group AG (The), Registered

    3,464       145,117  
   

 

 

 
      3,622,014  
United Kingdom — 2.1%            

Barratt Developments PLC

    64,216       242,699  

Berkeley Group Holdings PLC

    7,005       255,931  

Burberry Group PLC

    25,241       504,201  

Compass Group PLC

    111,300       2,216,251  

Entain PLC

    36,705       438,862  

InterContinental Hotels Group PLC

    11,702       563,590  

Kingfisher PLC

    125,720       306,030  

Next PLC

    8,058       427,685  

Persimmon PLC

    19,907       272,253  

Taylor Wimpey PLC

    219,330       213,570  

Whitbread PLC

    12,624       319,999  
   

 

 

 
      5,761,071  
United States — 59.5%            

Advance Auto Parts Inc.

    3,780       590,966  

Amazon.com Inc.(a)

    235,300       26,588,900  

Aptiv PLC(a)

    16,890       1,320,967  

 

 

18  

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® Global Consumer Discretionary ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
United States (continued)            

AutoZone Inc.(a)

    1,215     $ 2,602,445  

Bath & Body Works Inc.

    14,034       457,508  

Best Buy Co. Inc.

    12,494       791,370  

Booking Holdings Inc.(a)

    2,475       4,066,945  

BorgWarner Inc.

    14,764       463,590  

Caesars Entertainment Inc.(a)(c)

    13,367       431,219  

CarMax Inc.(a)

    9,923       655,116  

Carnival Corp.(a)

    61,534       432,584  

Chipotle Mexican Grill Inc.(a)

    1,732       2,602,780  

Darden Restaurants Inc.

    7,643       965,464  

Dollar General Corp.

    14,152       3,394,499  

Dollar Tree Inc.(a)

    13,247       1,802,917  

Domino’s Pizza Inc.

    2,238       694,228  

DR Horton Inc.

    19,712       1,327,603  

eBay Inc.

    34,247       1,260,632  

Etsy Inc.(a)

    7,893       790,326  

Expedia Group Inc.(a)

    9,479       888,088  

Ford Motor Co.

    246,200       2,757,440  

Garmin Ltd.

    9,619       772,502  

General Motors Co.

    90,895       2,916,821  

Genuine Parts Co.

    8,818       1,316,704  

Hasbro Inc.

    8,094       545,697  

Hilton Worldwide Holdings Inc.

    17,101       2,062,723  

Home Depot Inc. (The)

    46,089       12,717,799  

Las Vegas Sands Corp.(a)

    20,235       759,217  

Lennar Corp., Class A

    15,896       1,185,047  

LKQ Corp.

    16,250       766,187  

Lowe’s Companies Inc.

    39,843       7,482,914  

Marriott International Inc./MD, Class A

    17,198       2,410,128  

McDonald’s Corp.

    45,864       10,582,659  

MGM Resorts International

    20,811       618,503  

Mohawk Industries Inc.(a)

    3,287       299,742  

Newell Brands Inc., NVS

    23,464       325,915  

Nike Inc., Class B

    78,776       6,547,861  

Norwegian Cruise Line Holdings Ltd.(a)

    26,270       298,427  

NVR Inc.(a)(c)

    193       769,506  

O’Reilly Automotive Inc.(a)

    3,975       2,795,816  

Pool Corp.(c)

    2,470       785,979  

PulteGroup Inc.

    14,433       541,237  

Ralph Lauren Corp.

    2,757       234,152  

Ross Stores Inc.

    21,815       1,838,350  

Royal Caribbean Cruises Ltd.(a)

    13,676       518,320  

Starbucks Corp.

    71,528       6,026,949  

Tapestry Inc.

    15,699       446,323  

Target Corp.

    28,907       4,289,510  

Tesla Inc.(a)

    107,390       28,485,197  

TJX Companies Inc. (The)

    73,038       4,537,121  

Tractor Supply Co.

    6,921       1,286,475  

Ulta Beauty, Inc.(a)

    3,232       1,296,646  

VF Corp.

    20,586       615,727  
Security   Shares     Value  
United States (continued)            

Whirlpool Corp.

    3,407     $ 459,298  

Wynn Resorts Ltd.(a)

    6,361       400,934  

Yum! Brands Inc.

    17,738       1,886,259  
   

 

 

 
      163,708,232  
   

 

 

 

Total Common Stocks — 98.8%
(Cost: $362,872,546)

      271,984,243  
   

 

 

 

Preferred Stocks

   

Germany — 0.8%

   

Bayerische Motoren Werke AG, Preference Shares, NVS

    3,431       222,803  

Porsche Automobil Holding SE, Preference Shares, NVS

    9,546       537,851  

Volkswagen AG, Preference Shares, NVS

    11,441       1,397,998  
   

 

 

 
      2,158,652  
South Korea — 0.1%            

Hyundai Motor Co.

   

Preference Shares, NVS

    1,372       80,211  

Series 2, Preference Shares, NVS

    2,238       130,116  
   

 

 

 
      210,327  
   

 

 

 

Total Preferred Stocks — 0.9%
(Cost: $3,875,076)

      2,368,979  
   

 

 

 

Total Long-Term Investments — 99.7%
(Cost: $366,747,622)

      274,353,222  
   

 

 

 

Short-Term Securities

   

Money Market Funds — 0.7%

   

BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%(d)(e)(f)

    1,574,201       1,574,673  

BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%(d)(e)

    270,000       270,000  
   

 

 

 

Total Short-Term Securities — 0.7%
(Cost: $1,844,673)

      1,844,673  
   

 

 

 

Total Investments — 100.4%
(Cost: $368,592,295)

      276,197,895  

Liabilities in Excess of Other Assets — (0.4)%

 

    (969,763
   

 

 

 

Net Assets — 100.0%

    $   275,228,132  
   

 

 

 

 

(a)

Non-income producing security.

(b)

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

(c)

All or a portion of this security is on loan.

(d)

Affiliate of the Fund.

(e)

Annualized 7-day yield as of period end.

(f)

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

 

 

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® Global Consumer Discretionary 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

   $ 2,228,868      $      $ (649,364 )(a)     $ (4,831    $      $ 1,574,673        1,574,201      $ 7,694 (b)     $  

BlackRock Cash Funds: Treasury, SL Agency Shares

     370,000               (100,000 )(a)                     270,000        270,000        2,863         
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 
            $ (4,831    $      $ 1,844,673         $ 10,557      $  
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

  (a)

Represents net amount purchased (sold).

 
  (b) 

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

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

 

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

 

 

Long Contracts

                 

TOPIX Index

     1          12/08/22        $ 127        $ (4,620

E-Mini Consumer Discretionary Index

     3          12/16/22          434          (47,384

Euro STOXX 50 Index

     8          12/16/22          257          (12,290
                 

 

 

 
                  $ (64,294
                 

 

 

 

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)

   $      $      $ 64,294      $      $      $      $ 64,294  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (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

   $      $      $ (119,025    $      $      $      $ (119,025
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                    

Futures contracts

   $      $      $ (138,052    $      $      $      $ (138,052
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

   

Futures contracts

  

Average notional value of contracts — long

   $ 743,622  

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® Global Consumer Discretionary 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

   $ 167,686,797        $ 104,297,446        $        $ 271,984,243  

Preferred Stocks

              2,368,979                   2,368,979  

Money Market Funds

     1,844,673                            1,844,673  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 169,531,470        $ 106,666,425        $        $ 276,197,895  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Liabilities

                 

Futures Contracts

   $ (47,384      $ (16,910      $             —        $ (64,294
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (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® Global Consumer Staples ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Australia — 1.6%            

Coles Group Ltd.

    470,130     $ 4,956,282  

Endeavour Group Ltd./Australia

    441,069       1,982,223  

Treasury Wine Estates Ltd.

    256,040       2,060,187  

Woolworths Group Ltd.

    427,073       9,280,572  
   

 

 

 
      18,279,264  
Belgium — 1.4%            

Anheuser-Busch InBev SA/NV

    348,368       15,779,900  
   

 

 

 
Brazil — 0.5%            

Ambev SA, ADR

    1,551,539       4,390,856  

BRF SA, ADR(a)(b)

    228,500       534,690  

Natura & Co. Holding SA

    301,950       824,515  
   

 

 

 
      5,750,061  
Canada — 2.1%            

Alimentation Couche-Tard Inc.

    278,340       11,205,333  

George Weston Ltd.

    23,401       2,450,130  

Loblaw Companies Ltd.

    54,168       4,289,207  

Metro Inc.

    84,051       4,208,787  

Saputo Inc.

    85,173       2,030,439  
   

 

 

 
      24,183,896  
Chile — 0.0%            

Cencosud SA

    447,825       566,715  
   

 

 

 
Denmark — 0.3%            

Carlsberg A/S, Class B

    34,758       4,064,478  
   

 

 

 
Finland — 0.2%            

Kesko OYJ, Class B

    97,720       1,823,159  
   

 

 

 
France — 4.8%            

Carrefour SA

    206,272       2,860,804  

Danone SA

    223,489       10,567,743  

L’Oreal SA

    88,930       28,434,656  

Pernod Ricard SA

    71,976       13,204,293  
   

 

 

 
      55,067,496  
Germany — 0.6%            

Beiersdorf AG

    34,462       3,386,316  

HelloFresh SE(a)

    62,149       1,300,897  

Henkel AG & Co. KGaA

    35,015       1,984,412  
   

 

 

 
      6,671,625  
Ireland — 0.4%            

Kerry Group PLC, Class A

    54,938       4,896,749  
   

 

 

 
Japan — 5.8%            

Aeon Co. Ltd.

    306,717       5,727,481  

Ajinomoto Co. Inc.

    188,900       5,162,880  

Asahi Group Holdings Ltd.

    179,898       5,608,510  

Japan Tobacco Inc.

    387,000       6,359,472  

Kao Corp.

    167,100       6,799,354  

Kikkoman Corp.

    68,000       3,854,991  

Kirin Holdings Co. Ltd.

    291,996       4,498,414  

MEIJI Holdings Co. Ltd.

    49,400       2,192,884  

Nissin Foods Holdings Co. Ltd.

    29,000       2,015,786  

Seven & i Holdings Co. Ltd.

    282,137       11,333,453  

Shiseido Co. Ltd.

    140,700       4,931,141  

Unicharm Corp.

    155,100       5,088,035  

Yakult Honsha Co. Ltd.

    55,720       3,235,370  
   

 

 

 
      66,807,771  
Security   Shares     Value  
Mexico — 0.9%            

Fomento Economico Mexicano SAB de CV

    645,338     $ 4,044,517  

Wal-Mart de Mexico SAB de CV

    1,781,539       6,265,618  
   

 

 

 
      10,310,135  
Netherlands — 1.7%            

Heineken Holding NV

    38,507       2,636,136  

Heineken NV

    82,986       7,247,255  

Koninklijke Ahold Delhaize NV

    367,905       9,371,066  
   

 

 

 
      19,254,457  
Norway — 0.3%            

Mowi ASA

    161,325       2,051,979  

Orkla ASA

    264,241       1,920,849  
   

 

 

 
      3,972,828  
Sweden — 0.8%            

Essity AB, Class B

    212,002       4,188,479  

Swedish Match AB

    538,085       5,322,591  
   

 

 

 
      9,511,070  
Switzerland — 9.2%            

Barry Callebaut AG, Registered

    1,255       2,365,692  

Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS

    366       3,537,137  

Chocoladefabriken Lindt & Spruengli AG, Registered

    38       3,784,281  

Nestle SA, Registered

    896,304       96,941,831  
   

 

 

 
      106,628,941  
United Kingdom — 12.5%            

Associated British Foods PLC

    127,458       1,780,921  

British American Tobacco PLC

    788,029       28,256,776  

Diageo PLC

    821,653       34,586,244  

Haleon PLC(a)

    1,802,690       5,620,726  

Imperial Brands PLC

    339,115       6,973,172  

J Sainsbury PLC

    614,706       1,190,429  

Marks & Spencer Group PLC(a)

    691,301       754,079  

Ocado Group PLC(a)

    256,478       1,330,985  

Reckitt Benckiser Group PLC

    259,126       17,175,243  

Tesco PLC

    2,634,885       6,047,250  

Unilever PLC

    926,609       40,715,058  
   

 

 

 
      144,430,883  
United States — 56.0%            

Altria Group Inc.

    635,000       25,641,300  

Archer-Daniels-Midland Co.

    197,934       15,923,790  

Brown-Forman Corp., Class B

    64,327       4,282,248  

Campbell Soup Co.

    70,851       3,338,499  

Church & Dwight Co. Inc.

    86,078       6,149,412  

Clorox Co. (The)

    43,331       5,563,267  

Coca-Cola Co. (The)(b)

    1,120,787       62,786,488  

Colgate-Palmolive Co.

    294,263       20,671,976  

Conagra Brands Inc.

    168,905       5,511,370  

Constellation Brands Inc., Class A

    56,055       12,874,712  

Costco Wholesale Corp.

    105,179       49,672,886  

Estee Lauder Companies Inc. (The), Class A(b)

    81,553       17,607,293  

General Mills Inc.

    210,390       16,117,978  

Hershey Co. (The)

    51,672       11,392,126  

Hormel Foods Corp.

    102,550       4,659,872  

JM Smucker Co. (The)

    37,489       5,151,364  

Kellogg Co.

    89,623       6,243,138  

Keurig Dr Pepper Inc.

    298,919       10,707,279  

Kimberly-Clark Corp.

    118,782       13,367,726  

Kraft Heinz Co. (The)

    280,236       9,345,871  

Kroger Co. (The)

    229,090       10,022,688  

Lamb Weston Holdings Inc.

    50,564       3,912,642  

 

 

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® Global Consumer Staples ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
United States (continued)            

McCormick & Co. Inc./MD, NVS

    88,121     $ 6,280,384  

Molson Coors Beverage Co., Class B

    66,210       3,177,418  

Mondelez International Inc., Class A

    483,199       26,493,801  

Monster Beverage Corp.(a)(b)

    136,015       11,827,864  

PepsiCo Inc.

    321,542       52,494,947  

Philip Morris International Inc.

    546,315       45,349,608  

Procter & Gamble Co. (The)

    778,824       98,326,529  

Sysco Corp.

    180,021       12,729,285  

Tyson Foods Inc., Class A

    101,893       6,717,806  

Walgreens Boots Alliance Inc.

    252,371       7,924,449  

Walmart Inc.

    410,396       53,228,361  
   

 

 

 
      645,494,377  
   

 

 

 

Total Common Stocks — 99.1%
(Cost: $1,256,644,420)

      1,143,493,805  
   

 

 

 

Preferred Stocks

   
Germany — 0.3%            

Henkel AG & Co. KGaA, Preference Shares, NVS

    62,642       3,720,122  
   

 

 

 

Total Preferred Stocks — 0.3%
(Cost: $5,779,838)

      3,720,122  
   

 

 

 

Total Long-Term Investments — 99.4%
(Cost: $1,262,424,258)

        1,147,213,927  
   

 

 

 
Security   Shares     Value  

Short-Term Securities

   
Money Market Funds — 0.4%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%(c)(d)(e)

    3,467,404     $ 3,468,445  

BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%(c)(d)

    800,000       800,000  
   

 

 

 

Total Short-Term Securities — 0.4%
(Cost: $4,268,445)

      4,268,445  
   

 

 

 

Total Investments — 99.8%
(Cost: $1,266,692,703)

      1,151,482,372  

Other Assets Less Liabilities — 0.2%

 

    1,918,413  
   

 

 

 

Net Assets — 100.0%

    $   1,153,400,785  
   

 

 

 

 

(a)

Non-income producing security.

(b)

All or a portion of this security is on loan.

(c)

Affiliate of the Fund.

(d)

Annualized 7-day yield as of period end.

(e)

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 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

   $ 404,159      $ 3,063,921 (a)    $     $ 384      $ (19    $ 3,468,445        3,467,404      $ 2,482 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

     1,390,000              (590,000 )(a)                    800,000        800,000        9,610        
         

 

 

    

 

 

    

 

 

       

 

 

   

 

 

 
          $ 384      $ (19    $ 4,268,445         $ 12,092     $  
         

 

 

    

 

 

    

 

 

       

 

 

   

 

 

 

 

  (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

                 

E-Mini Consumer Staples Index

     69          12/16/22        $ 4,654        $ (393,044

Euro STOXX 50 Index

     2          12/16/22          64          (937

FTSE 100 Index

     16          12/16/22          1,223          (81,618
                 

 

 

 
                  $ (475,599
                 

 

 

 

 

 

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® Global Consumer Staples ETF

 

Derivative Financial Instruments Categorized by Risk Exposure

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

 

 

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

 

 

Liabilities — Derivative Financial Instruments

                    

Futures contracts

                    

Unrealized depreciation on futures contracts(a)

   $      $      $ 475,599      $      $      $      $ 475,599  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (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

   $      $      $ 34,243      $      $      $      $ 34,243  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                    

Futures contracts

   $      $      $ (701,074    $      $      $      $ (701,074
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts:

        

Average notional value of contracts — long

   $ 5,685,235  

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

   $ 691,925,910        $ 451,567,895        $        $ 1,143,493,805  

Preferred Stocks

              3,720,122                   3,720,122  

Money Market Funds

     4,268,445                            4,268,445  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $   696,194,355        $   455,288,017        $        $ 1,151,482,372  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Liabilities

                 

Futures Contracts

   $ (393,044      $ (82,555      $             —        $ (475,599
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

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

 

See notes to financial statements.

 

 

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)

September 30, 2022

  

iShares® Global Energy ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Australia — 2.5%            

Ampol Ltd.

    189,487     $ 3,504,910  

Santos Ltd.

    2,696,410       12,456,184  

Woodside Energy Group Ltd.

    1,525,819       31,174,793  
   

 

 

 
      47,135,887  
Austria — 0.2%            

OMV AG

    117,098       4,238,145  
   

 

 

 
Brazil — 1.0%            

Petroleo Brasileiro SA, ADR

    1,495,173       18,450,435  
   

 

 

 
Canada — 12.0%            

Cameco Corp.

    319,553       8,480,698  

Canadian Natural Resources Ltd.

    902,933       42,030,327  

Cenovus Energy Inc.

    1,117,302       17,163,752  

Enbridge Inc.

    1,627,101       60,332,366  

Imperial Oil Ltd.

    157,338       6,812,456  

Pembina Pipeline Corp.

    446,165       13,552,744  

Suncor Energy Inc.

    1,109,052       31,231,855  

TC Energy Corp.

    813,180       32,754,432  

Tourmaline Oil Corp.

    253,741       13,187,148  
   

 

 

 
       225,545,778  
Chile — 0.1%            

Empresas COPEC SA

    293,617       1,880,949  
   

 

 

 
Colombia — 0.1%            

Ecopetrol SA, ADR

    197,911       1,767,345  
   

 

 

 
Finland — 0.8%            

Neste OYJ

    345,298       15,051,368  
   

 

 

 
France — 5.0%            

TotalEnergies SE

    1,978,428       92,817,050  
   

 

 

 
Italy — 1.1%            

Eni SpA

    2,028,197       21,557,086  
   

 

 

 
Japan — 0.9%            

ENEOS Holdings Inc.

    2,594,220       8,366,753  

Inpex Corp.

    847,800       7,907,499  
   

 

 

 
      16,274,252  
Norway — 1.9%            

Aker BP ASA

    250,159       7,180,699  

Equinor ASA

    842,087       27,770,945  
   

 

 

 
      34,951,644  
Portugal — 0.2%