iShares Trust


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

Table of Contents


	Page

The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		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 Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(28.55	)%		(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 Index^TM. Index performance beginning on June 24, 2019 reflects the performance of S&P Global 1200 Communication Services 4.5/22.5/45 Capped Index^TM.

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


Fund Summary as of September 30, 2022		iShares^® 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 Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(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 September 22, 2019 reflects the performance of the S&P Global 1200 Consumer Discretionary Sector Index^TM. Index performance beginning on September 23, 2019 reflects the performance of the S&P Global 1200 Consumer Discretionary (Sector) Capped Index^TM.

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)

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.


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

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(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 June 23, 2019 reflects the performance of the S&P Global 1200 Consumer Staples Sector Index^TM. Index performance beginning on June 24, 2019 reflects the performance of the S&P Global 1200 Consumer Staples (Sector) Capped Index^TM.

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)

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


Fund Summary as of September 30, 2022		iShares^® 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 Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


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

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)

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.


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

Performance


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

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)

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


Fund Summary as of September 30, 2022		iShares^® 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 Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


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

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)

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.


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

Performance


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

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)

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


Fund Summary as of September 30, 2022		iShares^® 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 Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


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

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)

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.


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

Performance


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

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)

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


Fund Summary as of September 30, 2022		iShares^® 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

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)

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.


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

Schedule of Investments (unaudited)

September 30, 2022

iShares^® 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


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® 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 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® 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.


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

Schedule of Investments (unaudited)

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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® 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.


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Consumer Discretionary ETF

Affiliates


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

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)

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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Consumer Discretionary ETF

Fair Value Hierarchy as of Period End



	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.


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

Schedule of Investments (unaudited)

September 30, 2022

iShares^® 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 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® 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



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)

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	)


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® 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)

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



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

Schedule of Investments (unaudited)

September 30, 2022

iShares^® 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%