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%
Galp Energia SGPS SA		362,121		3,484,107


Spain — 0.8%
Repsol SA		1,227,402		14,103,158


United Kingdom — 12.4%
BP PLC		16,763,857		80,104,180
Shell PLC		6,147,494		152,506,601

				232,610,781


Security	Shares		Value

United States — 59.4%
APA Corp.		262,979	$	8,991,252
Baker Hughes Co.		813,037		17,041,255
Chevron Corp.		1,447,140		207,910,604
ConocoPhillips		1,022,998		104,693,615
Coterra Energy Inc.		639,333		16,699,378
Devon Energy Corp.		526,192		31,639,925
Diamondback Energy Inc.		142,840		17,206,506
EOG Resources Inc.		470,941		52,618,238
EQT Corp.		297,495		12,122,921
Exxon Mobil Corp.		3,349,076		292,407,826
Halliburton Co.		728,812		17,943,351
Hess Corp.		223,924		24,405,477
Kinder Morgan Inc.		1,593,233		26,511,397
Marathon Oil Corp.		544,501		12,294,833
Marathon Petroleum Corp.		400,690		39,800,538
Occidental Petroleum Corp.		598,831		36,798,165
ONEOK Inc.		359,094		18,399,977
Phillips 66		386,568		31,203,769
Pioneer Natural Resources Co.		191,791		41,528,505
Schlumberger NV		1,136,590		40,803,581
Valero Energy Corp.		316,591		33,827,748
Williams Companies Inc. (The)		979,200		28,034,496

				1,112,883,357


Total Common Stocks — 98.4% (Cost: $1,892,397,208)				1,842,751,342


Preferred Stocks

Brazil — 1.1%
Petroleo Brasileiro SA, Preference Shares, ADR		1,845,719		20,450,567


Total Preferred Stocks — 1.1% (Cost: $28,644,601)				20,450,567


Total Long-Term Investments — 99.5% (Cost: $1,921,041,809)				1,863,201,909


Short-Term Securities

Money Market Funds — 0.4%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%^(a)(b)		7,860,000		7,860,000


Total Short-Term Securities — 0.4% (Cost: $7,860,000)				7,860,000


Total Investments — 99.9% (Cost: $1,928,901,809)				1,871,061,909

Other Assets Less Liabilities — 0.1%				2,723,705


Net Assets — 100.0%			$	1,873,785,614

^(a)	Affiliate of the Fund.

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


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Energy 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^(a)	$	—	$	423	^(b)	$	—	$	(423	)	$	—	$	—		—	$	2,470	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,430,000		4,430,000	^(b)		—		—			—		7,860,000		7,860,000		20,920			—

								$	(423	)	$	—	$	7,860,000			$	23,390		$	—

^(a)

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

^(b)

Represents net amount purchased (sold).

^(c)

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 Energy Select Sector Index		115		12/16/22	$	8,665	$	(719,136	)
FTSE 100 Index		18		12/16/22		1,376		(110,939	)

							$	(830,075	)

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)	$	—	$	—	$	830,075	$	—	$	—	$	—	$	830,075

^(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	$	—	$	—	$	(1,221,323	)	$	—	$	—	$	—	$	(1,221,323	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(895,461	)	$	—	$	—	$	—	$	(895,461	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	9,368,261

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


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Energy ETF

Fair Value Hierarchy as of Period End



	Level 1			Level 2			Level 3		Total

Investments
Assets
Common Stocks	$	1,360,527,864		$	482,223,478		$	—	$	1,842,751,342
Preferred Stocks		20,450,567			—			—		20,450,567
Money Market Funds		7,860,000			—			—		7,860,000

	$	1,388,838,431		$	482,223,478		$	—	$	1,871,061,909


Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(719,136	)	$	(110,939	)	$	—	$	(830,075	)

^(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		27

Schedule of Investments (unaudited)

September 30, 2022

iShares^® Global Financials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 5.1%
ASX Ltd.		20,290	$	933,811
Australia & New Zealand Banking Group Ltd.		313,308		4,586,452
Commonwealth Bank of Australia		179,815		10,460,725
Insurance Australia Group Ltd.		255,016		754,404
Macquarie Group Ltd.		38,242		3,730,895
Medibank Pvt Ltd.		293,218		655,389
National Australia Bank Ltd.		339,167		6,279,909
QBE Insurance Group Ltd.		159,688		1,184,828
Suncorp Group Ltd.		134,740		869,471
Westpac Banking Corp.		370,447		4,901,012

				34,356,896

Austria — 0.1%
Erste Group Bank AG		35,585		780,100


Belgium — 0.5%
Ageas SA/NV		19,138		697,996
Groupe Bruxelles Lambert NV		10,059		703,477
KBC Group NV		35,395		1,679,634

				3,081,107

Brazil — 0.4%
B3 SA - Brasil, Bolsa, Balcao		640,061		1,548,434
Banco do Brasil SA		148,008		1,056,896

				2,605,330

Canada — 8.9%
Bank of Montreal		71,524		6,268,803
Bank of Nova Scotia (The)		126,251		6,004,771
Brookfield Asset Management Inc., Class A		151,064		6,179,916
Canadian Imperial Bank of Commerce		95,362		4,173,878
Intact Financial Corp.		18,442		2,609,930
Manulife Financial Corp.		204,145		3,204,013
National Bank of Canada		36,147		2,265,615
Power Corp. of Canada		59,422		1,339,130
Royal Bank of Canada		147,555		13,285,131
Sun Life Financial Inc.		62,441		2,482,994
Toronto-Dominion Bank (The)		192,161		11,785,485

				59,599,666

Chile — 0.1%
Banco de Chile		4,500,611		395,985
Banco Santander Chile, ADR		15,512		217,323

				613,308

China — 2.6%
Bank of China Ltd., Class H		8,445,000		2,758,096
China Construction Bank Corp., Class H		10,430,720		6,020,626
China Merchants Bank Co. Ltd., Class H		350,000		1,619,750
Industrial & Commercial Bank of China Ltd., Class H		7,531,000		3,532,837
Ping An Insurance Group Co. of China Ltd., Class H		634,500		3,165,390

				17,096,699

Colombia — 0.0%
Bancolombia SA, ADR		11,820		288,053


Denmark — 0.3%
Danske Bank A/S		71,443		889,227
Tryg A/S		38,237		789,360

				1,678,587

Finland — 0.8%
Nordea Bank Abp		348,571		2,983,150


Security	Shares		Value

Finland (continued)
Sampo OYJ, Class A		53,530	$	2,285,281

				5,268,431

France — 1.9%
AXA SA		207,670		4,534,039
BNP Paribas SA		120,517		5,090,545
Credit Agricole SA		148,742		1,207,492
Societe Generale SA		85,697		1,694,752

				12,526,828

Germany — 2.5%
Allianz SE, Registered		43,206		6,806,425
Commerzbank AG^(a)		116,607		830,126
Deutsche Bank AG, Registered		220,398		1,631,821
Deutsche Boerse AG		19,908		3,263,452
Hannover Rueck SE		6,599		989,225
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		14,586		3,511,151

				17,032,200

Hong Kong — 2.2%
AIA Group Ltd.		1,270,800		10,580,558
Hong Kong Exchanges & Clearing Ltd.		128,400		4,389,021

				14,969,579

Italy — 1.3%
Assicurazioni Generali SpA		128,184		1,750,267
FinecoBank Banca Fineco SpA		64,746		799,645
Intesa Sanpaolo SpA		1,874,055		3,097,841
Mediobanca Banca di Credito Finanziario SpA		78,045		610,680
UniCredit SpA		213,959		2,166,139

				8,424,572

Japan — 4.5%
Dai-ichi Life Holdings Inc.		109,800		1,745,855
Daiwa Securities Group Inc.		148,500		582,847
Japan Exchange Group Inc.		59,700		806,849
Japan Post Holdings Co. Ltd.		255,600		1,693,403
Mitsubishi UFJ Financial Group Inc.		1,323,000		5,993,354
Mizuho Financial Group Inc.		271,310		2,936,830
MS&AD Insurance Group Holdings Inc.		49,900		1,321,487
Nomura Holdings Inc.		324,200		1,074,034
ORIX Corp.		127,400		1,784,754
Resona Holdings Inc.		247,100		904,253
Sompo Holdings Inc.		38,000		1,520,430
Sumitomo Mitsui Financial Group Inc.		145,500		4,033,475
Sumitomo Mitsui Trust Holdings Inc.		41,927		1,192,391
T&D Holdings Inc.		58,300		554,144
Tokio Marine Holdings Inc.		215,400		3,828,332

				29,972,438

Malta — 0.0%
BGP Holdings PLC, NVS^(b)		608,993		6


Mexico — 0.2%
Grupo Financiero Banorte SAB de CV, Class O		258,737		1,661,405


Netherlands — 1.1%
ABN AMRO Bank NV, CVA^(c)		44,503		398,763
Aegon NV		147,070		584,603
Euronext NV^(c)		10,792		682,984
EXOR NV^(a)		12,861		825,338
ING Groep NV		407,809		3,494,282
NN Group NV		31,733		1,234,221

				7,220,191


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Financials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Norway — 0.2%
DNB Bank ASA		94,164	$	1,494,199


Peru — 0.1%
Credicorp Ltd.		6,759		830,005


Singapore — 1.6%
DBS Group Holdings Ltd.^(d)		194,300		4,494,811
Oversea-Chinese Banking Corp. Ltd.		428,800		3,513,536
United Overseas Bank Ltd.		162,000		2,934,237


				10,942,584

South Korea — 0.4%
KB Financial Group Inc., ADR		41,000		1,235,740
Shinhan Financial Group Co. Ltd.		100		2,323
Shinhan Financial Group Co. Ltd., ADR		54,000		1,242,000


				2,480,063

Spain — 1.3%
Banco Bilbao Vizcaya Argentaria SA		711,090		3,189,839
Banco Santander SA		1,811,310		4,214,735
CaixaBank SA		455,863		1,468,278


				8,872,852

Sweden — 1.3%
EQT AB		29,649		572,882
Industrivarden AB, Class A		20,498		412,883
Industrivarden AB, Class C		17,915		357,301
Investor AB, Class B		191,464		2,793,692
Kinnevik AB, Class B^(a)		25,516		334,410
Skandinaviska Enskilda Banken AB, Class A		180,089		1,716,384
Svenska Handelsbanken AB, Class A		160,983		1,321,508
Swedbank AB, Class A		97,856		1,284,434


				8,793,494

Switzerland — 3.0%
Baloise Holding AG, Registered		5,042		644,240
Credit Suisse Group AG, Registered		266,957		1,055,970
Julius Baer Group Ltd.		23,134		1,009,546
Partners Group Holding AG		2,432		1,957,235
Swiss Life Holding AG, Registered		3,336		1,473,882
Swiss Re AG		29,994		2,212,177
UBS Group AG, Registered		372,920		5,410,310
Zurich Insurance Group AG		15,719		6,266,388


				20,029,748

Taiwan — 0.6%
Cathay Financial Holding Co. Ltd.		903,000		1,131,760
CTBC Financial Holding Co. Ltd.		2,022,000		1,257,891
Fubon Financial Holding Co. Ltd.		855,000		1,337,063


				3,726,714

United Kingdom — 5.1%
3i Group PLC		105,726		1,269,498
abrdn PLC		249,087		381,031
Admiral Group PLC		28,994		615,938
Aviva PLC		301,120		1,291,455
Barclays PLC		1,651,016		2,626,989
Direct Line Insurance Group PLC		138,431		285,605
Hargreaves Lansdown PLC		38,306		366,858
HSBC Holdings PLC		2,112,685		10,939,184
Intermediate Capital Group PLC		31,208		336,657
Legal & General Group PLC		626,839		1,496,252
Lloyds Banking Group PLC		7,571,043		3,422,015
London Stock Exchange Group PLC		36,422		3,075,797
M&G PLC		277,130		510,507


Security	Shares		Value

United Kingdom (continued)
NatWest Group PLC, NVS		539,074	$	1,342,682
Phoenix Group Holdings PLC		90,156		525,055
Prudential PLC		286,893		2,808,003
Schroders PLC		78,482		337,340
St. James’s Place PLC		57,341		653,010
Standard Chartered PLC		258,533		1,617,008


				33,900,884

United States — 52.5%
Aflac Inc.		60,672		3,409,766
Allstate Corp. (The)		28,977		3,608,506
American Express Co.		63,461		8,561,523
American International Group Inc.		80,455		3,820,003
Ameriprise Financial Inc.		11,507		2,899,189
Aon PLC, Class A		22,512		6,030,289
Arthur J Gallagher & Co.		22,380		3,831,904
Assurant Inc.		5,571		809,299
Bank of America Corp.		739,638		22,337,068
Bank of New York Mellon Corp. (The)		77,292		2,977,288
Berkshire Hathaway Inc., Class B^(a)		191,125		51,034,197
BlackRock Inc.^(e)		15,952		8,778,067
Brown & Brown Inc.		24,800		1,499,904
Capital One Financial Corp.		40,610		3,743,024
Cboe Global Markets Inc.		11,175		1,311,610
Charles Schwab Corp. (The)		161,556		11,611,030
Chubb Ltd.		44,419		8,078,928
Cincinnati Financial Corp.		16,903		1,514,002
Citigroup Inc.		205,176		8,549,684
Citizens Financial Group Inc.		51,434		1,767,272
CME Group Inc.		38,036		6,737,317
Comerica Inc.		13,906		988,717
Discover Financial Services		29,361		2,669,502
Everest Re Group Ltd.		4,165		1,093,063
FactSet Research Systems Inc.		3,979		1,592,038
Fifth Third Bancorp.		71,945		2,299,362
First Republic Bank/CA		19,037		2,485,280
Franklin Resources Inc.		29,652		638,111
Globe Life Inc.		9,538		950,939
Goldman Sachs Group Inc. (The)		36,048		10,563,866
Hartford Financial Services Group Inc. (The)		34,385		2,129,807
Huntington Bancshares Inc./OH		153,527		2,023,486
Intercontinental Exchange Inc.		58,498		5,285,294
Invesco Ltd.		48,132		659,408
JPMorgan Chase & Co.		309,997		32,394,686
KeyCorp		98,325		1,575,166
Lincoln National Corp.		16,954		744,450
Loews Corp.		21,284		1,060,795
M&T Bank Corp.		19,014		3,352,548
MarketAxess Holdings Inc.		3,999		889,737
Marsh & McLennan Companies Inc.		53,202		7,942,527
MetLife Inc.		70,706		4,297,511
Moody’s Corp.		16,828		4,091,055
Morgan Stanley		141,686		11,194,611
MSCI Inc.		8,616		3,634,143
Nasdaq Inc.		36,247		2,054,480
Northern Trust Corp.		21,720		1,858,363
PNC Financial Services Group Inc. (The)		43,793		6,543,550
Principal Financial Group Inc.		24,820		1,790,763
Progressive Corp. (The)		61,847		7,187,240
Prudential Financial Inc.		39,125		3,356,142
Raymond James Financial Inc.		20,320		2,008,022


S C H E D U L E O F I N V E S T M E N T S		29

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Financials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Regions Financial Corp.		97,288	$	1,952,570
S&P Global Inc.		36,048		11,007,257
Signature Bank/New York NY		6,799		1,026,649
State Street Corp.		38,611		2,347,935
SVB Financial Group^(a)		6,277		2,107,691
Synchrony Financial		52,352		1,475,803
T Rowe Price Group Inc.		23,898		2,509,529
Travelers Companies Inc. (The)		25,538		3,912,422
Truist Financial Corp.		139,454		6,071,827
U.S. Bancorp.		143,699		5,793,944
W R Berkley Corp.		22,095		1,426,895
Wells Fargo & Co.		402,504		16,188,711
Willis Towers Watson PLC		11,684		2,347,783
Zions Bancorp. NA		15,489		787,770

				351,221,318


Total Common Stocks — 98.6% (Cost: $887,114,524)				659,467,257


Preferred Stocks

Brazil — 0.8%
Banco Bradesco SA, Preference Shares, ADR		574,490		2,114,123
Itau Unibanco Holding SA, Preference Shares, ADR^(d)		515,801		2,666,691
Itausa SA, Preference Shares, NVS		496,709		895,934


				5,676,748


Total Preferred Stocks — 0.8% (Cost: $7,263,871)				5,676,748


Total Long-Term Investments — 99.4% (Cost: $894,378,395)				665,144,005


Security	Shares		Value

Short-Term Securities

Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%^(e)(f)(g)		252,059	$	252,135
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%^(e)(f)		1,440,000		1,440,000


Total Short-Term Securities — 0.3% (Cost: $1,692,127)				1,692,135


Total Investments — 99.7% (Cost: $896,070,522)				666,836,140

Other Assets Less Liabilities — 0.3%				2,250,498


Net Assets — 100.0%			$	669,086,638

^(a)	Non-income producing security.

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

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

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

^(e)	Affiliate of the Fund.

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

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

Affiliates


Affiliated Issuer	Value at 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	$	20,641	$	229,935	^(a)	$	—		$	1,551		$	8		$	252,135		252,059	$	4,183	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,000,000		—			(560,000	)^(a)		—			—			1,440,000		1,440,000		9,091			—
BlackRock Inc.		15,373,572		662,472			(3,358,898	)		(1,192,472	)		(2,706,607	)		8,778,067		15,952		159,298			—


									$	(1,190,921	)	$	(2,706,599	)	$	10,470,202			$	172,572		$	—

^(a)

Represents net amount purchased (sold).

^(b)


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Financials ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


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

Long Contracts
E-Mini Financial Select Sector Index		29		12/16/22	$	2,716	$	(354,593	)
Euro STOXX 50 Index		14		12/16/22		450		(42,782	)
FTSE 100 Index		8		12/16/22		611		(55,515	)

							$	(452,890	)

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)	$	—	$	—	$	452,890	$	—	$	—	$	—	$	452,890

^(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	$	—	$	—	$	(630,336	)	$	—	$	—	$	—	$	(630,336	)

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(377,665	)	$	—	$	—	$	—	$	(377,665	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	4,229,076

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

Fair Value Hierarchy as of Period End


S C H E D U L E O F I N V E S T M E N T S		31

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Financials ETF

Fair Value Hierarchy as of Period End (continued)


	Level 1			Level 2			Level 3		Total

Investments
Assets
Common Stocks	$	419,296,825		$	240,170,426		$	6	$	659,467,257
Preferred Stocks		5,676,748			—			—		5,676,748
Money Market Funds		1,692,135			—			—		1,692,135

	$	426,665,708		$	240,170,426		$	6	$	666,836,140

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(354,593	)	$	(98,297	)	$	—	$	(452,890	)

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

September 30, 2022

iShares^® Global Healthcare ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 1.8%
Cochlear Ltd.		35,748	$	4,440,527
CSL Ltd.		264,605		48,122,944
Ramsay Health Care Ltd.		100,957		3,705,881
Sonic Healthcare Ltd.		264,165		5,152,591


				61,421,943

Belgium — 0.1%
UCB SA		68,740		4,770,406


Brazil — 0.1%
Rede D’Or Sao Luiz SA^(a)		396,760		2,185,937


China — 0.3%
Wuxi Biologics Cayman Inc., New^(a)(b)		1,960,000		11,667,570


Denmark — 3.2%
Coloplast A/S, Class B		64,838		6,589,118
Genmab A/S^(b)		36,041		11,594,514
GN Store Nord AS		78,143		1,368,787
Novo Nordisk A/S, Class B		899,517		89,607,901


				109,160,320

France — 2.3%
EssilorLuxottica SA		167,493		22,766,120
Eurofins Scientific SE		69,976		4,154,077
Sanofi		633,569		48,244,048
Sartorius Stedim Biotech		13,284		4,074,689


				79,238,934

Germany — 1.5%
Bayer AG, Registered		538,575		24,814,577
Fresenius Medical Care AG & Co. KGaA		111,477		3,140,642
Fresenius SE & Co. KGaA		222,733		4,747,598
Merck KGaA		71,188		11,523,970
Siemens Healthineers AG^(a)		154,018		6,606,675


				50,833,462

Ireland — 0.3%
STERIS PLC		54,756		9,104,828


Japan — 4.7%
Astellas Pharma Inc.		1,005,875		13,325,115
Chugai Pharmaceutical Co. Ltd.		346,600		8,659,133
Daiichi Sankyo Co. Ltd.		1,065,600		29,784,426
Eisai Co. Ltd.		159,400		8,553,258
Hoya Corp.		200,900		19,358,431
M3 Inc.		231,800		6,472,263
Olympus Corp.		703,000		13,524,123
Ono Pharmaceutical Co. Ltd.		258,700		6,042,904
Otsuka Holdings Co. Ltd.		307,000		9,721,119
Shionogi & Co. Ltd.		153,200		7,398,659
Sysmex Corp.		93,300		4,985,597
Takeda Pharmaceutical Co. Ltd.		869,792		22,586,569
Terumo Corp.		414,900		11,662,924


				162,074,521

Netherlands — 0.7%
Argenx SE^(b)		30,185		10,742,130
Koninklijke Philips NV		488,363		7,519,077
QIAGEN NV^(b)		125,729		5,235,922


				23,497,129

South Korea — 0.2%
Celltrion Inc.		57,040		6,922,736


Security	Shares		Value

Spain — 0.0%
Grifols SA^(b)(c)		169,206	$	1,461,829


Sweden — 0.1%
Getinge AB, Class B		116,719		1,996,025


Switzerland — 8.1%
Alcon Inc.		273,925		15,911,053
Lonza Group AG, Registered		40,807		19,868,558
Novartis AG, Registered		1,320,009		100,633,422
Roche Holding AG, Bearer		14,732		5,754,770
Roche Holding AG, NVS		385,813		125,594,700
Sonova Holding AG, Registered		29,341		6,456,806
Straumann Holding AG		64,215		5,873,113


				280,092,422

United Kingdom — 3.8%
AstraZeneca PLC		850,882		93,536,966
GSK PLC		2,196,884		31,728,931
Smith & Nephew PLC		486,738		5,618,309


				130,884,206

United States — 72.3%
Abbott Laboratories		961,686		93,052,737
AbbVie Inc.		970,950		130,311,199
Abiomed Inc.^(b)		24,866		6,108,582
Agilent Technologies Inc.		164,550		20,001,053
Align Technology Inc.^(b)		39,807		8,244,428
AmerisourceBergen Corp.		85,210		11,531,469
Amgen Inc.		293,749		66,211,025
Baxter International Inc.		276,083		14,869,830
Becton Dickinson and Co.		156,741		34,926,597
Biogen Inc.^(b)		79,552		21,240,384
Bio-Rad Laboratories Inc., Class A^(b)		11,705		4,882,624
Bio-Techne Corp.		21,589		6,131,276
Boston Scientific Corp.^(b)		787,300		30,492,129
Bristol-Myers Squibb Co.		1,172,560		83,357,290
Cardinal Health Inc.		149,338		9,957,858
Catalent Inc.^(b)(c)		99,054		7,167,547
Centene Corp.^(b)		313,328		24,380,052
Charles River Laboratories International Inc.^(b)		28,164		5,542,675
Cigna Corp.		167,270		46,412,407
Cooper Companies Inc. (The)		26,958		7,114,216
CVS Health Corp.		720,925		68,754,617
Danaher Corp.		359,522		92,860,937
DaVita Inc.^(b)		30,521		2,526,223
DENTSPLY SIRONA Inc.		119,154		3,378,016
Dexcom Inc.^(b)		215,208		17,332,852
Edwards Lifesciences Corp.^(b)		340,969		28,174,268
Elevance Health Inc.		131,792		59,865,198
Eli Lilly & Co.		433,065		140,031,568
Gilead Sciences Inc.		688,678		42,484,546
HCA Healthcare Inc.		118,011		21,689,242
Henry Schein Inc.^(b)		74,603		4,906,639
Hologic Inc.^(b)		137,070		8,843,756
Humana Inc.		69,584		33,761,461
IDEXX Laboratories Inc.^(b)		45,616		14,861,693
Illumina Inc.^(b)		86,119		16,430,644
Incyte Corp.^(b)		101,191		6,743,368
Intuitive Surgical Inc.^(b)		196,254		36,785,850
IQVIA Holdings Inc.^(b)		102,740		18,610,324
Johnson & Johnson		1,443,808		235,860,475
Laboratory Corp. of America Holdings		49,553		10,148,950


S C H E D U L E O F I N V E S T M E N T S		33

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Healthcare ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
McKesson Corp.		79,079	$	26,876,580
Medtronic PLC		729,658		58,919,884
Merck & Co. Inc.		1,391,162		119,806,871
Mettler-Toledo International Inc.^(b)		12,325		13,361,779
Moderna Inc.^(b)		184,417		21,807,310
Molina Healthcare Inc.^(b)		31,829		10,498,477
Organon & Co.		140,703		3,292,450
PerkinElmer Inc.		69,677		8,384,233
Pfizer Inc.		3,082,050		134,870,508
Quest Diagnostics Inc.		63,900		7,839,891
Regeneron Pharmaceuticals Inc.^(b)		58,756		40,475,246
ResMed Inc.		80,250		17,518,575
Stryker Corp.		185,042		37,478,407
Teleflex Inc.		25,978		5,233,528
Thermo Fisher Scientific Inc.		215,142		109,117,871
UnitedHealth Group Inc.		513,670		259,423,897
Universal Health Services Inc., Class B		35,842		3,160,548
Vertex Pharmaceuticals Inc.^(b)		140,890		40,793,291
Viatris Inc.		670,661		5,714,032
Waters Corp.^(b)		32,800		8,840,584
West Pharmaceutical Services Inc.^(c)		40,583		9,986,665
Zimmer Biomet Holdings Inc.		114,959		12,018,963
Zoetis Inc.		257,285		38,152,793


				2,489,558,388


Total Common Stocks — 99.5% (Cost: $3,114,367,080)				3,424,870,656


Preferred Stocks

Germany — 0.1%
Sartorius AG, Preference Shares, NVS		14,774		5,110,390


Total Preferred Stocks — 0.1% (Cost: $5,123,706)				5,110,390


Total Long-Term Investments — 99.6% (Cost: $3,119,490,786)				3,429,981,046


Security	Shares		Value

Short-Term Securities

Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%^(d)(e)(f)		3,552,753	$	3,553,819
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%^(d)(e)		4,490,000		4,490,000


Total Short-Term Securities — 0.2% (Cost: $8,043,819)				8,043,819


Total Investments — 99.8% (Cost: $3,127,534,605)				3,438,024,865

Other Assets Less Liabilities — 0.2%				5,287,783


Net Assets — 100.0%			$	3,443,312,648

^(a)	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.

^(b)	Non-income producing security.

^(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


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	$	6,065,148	$	—	$	(2,514,342	)^(a)	$	4,224	$	(1,211	)	$	3,553,819		3,552,753	$	8,995	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		4,860,000		—		(370,000	)^(a)		—		—			4,490,000		4,490,000		32,500			—

								$	4,224	$	(1,211	)	$	8,043,819			$	41,495		$	—

^(a)

Represents net amount purchased (sold).

^(b)


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Healthcare ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


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

Long Contracts
E-Mini Health Care Sector Dec Index		96		12/16/22	$	11,793	$	(646,325	)

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)	$	—	$	—	$	646,325	$	—	$	—	$	—	$	646,325

^(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	$	—	$	—	$	(1,562,141	)	$	—	$	—	$	—	$	(1,562,141	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(1,161,865	)	$	—	$	—	$	—	$	(1,161,865	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	12,642,280

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	$	2,500,849,153		$	924,021,503	$	—	$	3,424,870,656
Preferred Stocks		—			5,110,390		—		5,110,390
Money Market Funds		8,043,819			—		—		8,043,819

	$	2,508,892,972		$	929,131,893	$	—	$	3,438,024,865

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(646,325	)	$	—	$	—	$	(646,325	)

^(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		35

Schedule of Investments (unaudited)

September 30, 2022

iShares^® Global Industrials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 0.9%
Brambles Ltd.		82,842	$	606,025
Qantas Airways Ltd.^(a)		109,497		351,389
Transurban Group		179,037		1,413,930


				2,371,344

Brazil — 0.5%
CCR SA		64,582		150,011
Localiza Rent a Car SA		44,290		501,576
WEG SA		87,901		523,722


				1,175,309

Canada — 4.3%
CAE Inc.^(a)(b)		18,423		282,610
Canadian National Railway Co.		36,068		3,895,192
Canadian Pacific Railway Ltd.		54,276		3,623,115
SNC-Lavalin Group Inc.		10,428		173,630
Thomson Reuters Corp.		9,456		970,689
Waste Connections Inc.		15,044		2,032,767


				10,978,003

Denmark — 1.3%
AP Moller - Maersk A/S, Class A		176		310,950
AP Moller - Maersk A/S, Class B, NVS		331		601,503
DSV A/S		11,323		1,326,460
Vestas Wind Systems A/S		58,909		1,084,683


				3,323,596

Finland — 0.5%
Kone OYJ, Class B		23,829		918,096
Metso Outotec OYJ		40,218		266,709
Wartsila OYJ Abp		27,620		176,434


				1,361,239

France — 6.5%
Airbus SE		35,941		3,098,127
Alstom SA		17,946		290,290
Bouygues SA		12,304		321,854
Bureau Veritas SA		17,440		390,264
Cie. de Saint-Gobain		30,241		1,081,285
Eiffage SA		4,616		370,171
Getlink SE		23,507		364,531
Legrand SA		15,800		1,021,613
Safran SA		20,458		1,861,468
Schneider Electric SE		33,436		3,776,622
Teleperformance		3,426		869,121
Thales SA		6,258		689,594
Vinci SA		31,487		2,546,061


				16,681,001

Germany — 3.1%
Brenntag SE		9,063		547,876
Daimler Truck Holding AG^(a)		30,355		686,249
Deutsche Post AG, Registered		57,824		1,742,795
GEA Group AG		9,660		312,626
MTU Aero Engines AG		3,183		475,714
Siemens AG, Registered		43,745		4,275,761


				8,041,021

Hong Kong — 0.7%
CK Hutchison Holdings Ltd.		157,520		867,344
Techtronic Industries Co. Ltd.		108,000		1,030,549


				1,897,893


Security	Shares		Value

Ireland — 1.1%
Kingspan Group PLC		8,901	$	401,031
Ryanair Holdings PLC, ADR^(a)(b)		5,721		334,221
Trane Technologies PLC		13,641		1,975,353


				2,710,605

Italy — 0.4%
Atlantia SpA		30,014		662,279
Prysmian SpA		15,700		449,709


				1,111,988

Japan — 14.6%
AGC Inc.		13,400		417,167
ANA Holdings Inc.^(a)		28,500		536,145
Central Japan Railway Co.		12,000		1,408,691
Dai Nippon Printing Co. Ltd.		15,800		316,541
Daifuku Co. Ltd.		7,200		338,667
Daikin Industries Ltd.		17,100		2,631,159
East Japan Railway Co.		22,000		1,128,259
FANUC Corp.		11,300		1,586,681
Hankyu Hanshin Holdings Inc.		14,600		439,405
Hitachi Ltd.		56,700		2,412,929
ITOCHU Corp.		86,700		2,092,757
Japan Airlines Co. Ltd.^(a)		26,300		470,980
Kajima Corp.		27,900		264,450
Kintetsu Group Holdings Co. Ltd.		11,100		369,560
Komatsu Ltd.		56,600		1,030,590
Kubota Corp.		67,700		940,819
Makita Corp.		16,300		316,307
Marubeni Corp.		100,000		872,549
Mitsubishi Corp.		87,300		2,387,674
Mitsubishi Electric Corp.		125,000		1,131,006
Mitsubishi Heavy Industries Ltd.		19,400		645,230
Mitsui & Co. Ltd.		96,100		2,044,985
Nidec Corp.		31,300		1,752,052
Nippon Yusen KK		29,700		504,124
Obayashi Corp.		42,500		272,764
Odakyu Electric Railway Co. Ltd.		21,500		277,029
Recruit Holdings Co. Ltd.		99,100		2,854,638
Secom Co. Ltd.		12,600		718,440
SG Holdings Co. Ltd.		28,500		390,353
SMC Corp.		3,700		1,505,790
Sumitomo Corp.		74,300		917,930
Taisei Corp.		12,200		338,350
Tokyu Corp.		36,600		417,405
Toppan Inc.		20,100		299,411
Toshiba Corp.		25,300		901,320
TOTO Ltd.		9,400		313,899
Toyota Industries Corp.		11,900		568,472
Toyota Tsusho Corp.		13,800		427,452
West Japan Railway Co.		14,400		550,427
Yamato Holdings Co. Ltd.		19,600		294,341
Yaskawa Electric Corp.		15,600		448,938


				37,535,686

Netherlands — 0.9%
IMCD NV		3,257		386,155
Randstad NV		7,450		321,548
Wolters Kluwer NV		15,451		1,504,520


				2,212,223

Spain — 0.6%
ACS Actividades de Construccion y Servicios SA		13,442		302,033
Aena SME SA^(a)(c)		4,299		446,149


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Industrials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Spain (continued)
Ferrovial SA		28,842	$	654,673

				1,402,855

Sweden — 3.1%
Alfa Laval AB		17,239		427,475
Assa Abloy AB, Class B		58,510		1,096,246
Atlas Copco AB, Class A		150,600		1,399,730
Atlas Copco AB, Class B		90,702		751,830
Epiroc AB, Class A		36,706		525,097
Epiroc AB, Class B		23,006		290,098
Nibe Industrier AB, Class B		89,772		800,786
Sandvik AB		63,168		861,078
Skanska AB, Class B		23,452		291,878
SKF AB, Class B		22,855		306,180
Volvo AB, Class B		93,582		1,324,276


				8,074,674

Switzerland — 2.5%
ABB Ltd., Registered		99,965		2,581,039
Adecco Group AG, Registered		9,723		268,351
Geberit AG, Registered		2,084		893,594
Kuehne + Nagel International AG, Registered		3,323		676,669
Schindler Holding AG, Participation Certificates, NVS		2,458		381,480
Schindler Holding AG, Registered		1,282		193,163
SGS SA, Registered		360		770,308
Siemens Energy AG^(a)		23,269		256,209
VAT Group AG^(c)		1,602		325,092


				6,345,905

United Kingdom — 5.1%
Ashtead Group PLC		26,186		1,176,008
BAE Systems PLC		189,738		1,667,118
Bunzl PLC		19,598		598,777
CNH Industrial NV		58,773		657,802
DCC PLC		5,756		298,924
Experian PLC		56,607		1,657,033
Ferguson PLC		13,673		1,418,290
IMI PLC		15,519		191,909
Intertek Group PLC		9,565		392,443
Melrose Industries PLC		238,587		266,780
RELX PLC		115,660		2,826,237
Rentokil Initial PLC		109,512		580,465
Rolls-Royce Holdings PLC^(a)		481,113		368,461
Smiths Group PLC		22,002		366,487
Spirax-Sarco Engineering PLC		4,333		498,092
Weir Group PLC (The)		14,754		228,410


				13,193,236

United States — 53.3%
3M Co.		32,367		3,576,553
A O Smith Corp.		7,434		361,144
Alaska Air Group Inc.^(a)		7,454		291,824
Allegion PLC		5,136		460,596
American Airlines Group Inc.^(a)		38,165		459,507
AMETEK Inc.		13,386		1,518,106
Boeing Co. (The)^(a)		32,733		3,963,312
Carrier Global Corp.		49,218		1,750,192
Caterpillar Inc.		30,951		5,078,440
CH Robinson Worldwide Inc.		7,245		697,766
Cintas Corp.		5,030		1,952,596
Copart Inc.^(a)		12,463		1,326,063
CoStar Group Inc.^(a)		23,182		1,614,626
CSX Corp.		125,675		3,347,982


Security	Shares		Value

United States (continued)
Cummins Inc.		8,311	$	1,691,372
Deere & Co.		16,305		5,444,076
Delta Air Lines Inc.^(a)		37,281		1,046,105
Dover Corp.		8,375		976,357
Eaton Corp. PLC		23,279		3,104,487
Emerson Electric Co.		34,581		2,532,021
Equifax Inc.		7,119		1,220,410
Expeditors International of Washington Inc.		9,711		857,578
Fastenal Co.		33,568		1,545,471
FedEx Corp.		14,018		2,081,252
Fortive Corp.		20,803		1,212,815
Fortune Brands Home & Security Inc., NVS		7,417		398,219
Generac Holdings Inc.^(a)		3,735		665,353
General Dynamics Corp.		13,215		2,803,827
General Electric Co.		64,330		3,982,670
Honeywell International Inc.		39,477		6,591,475
Howmet Aerospace Inc.		21,622		668,768
Huntington Ingalls Industries Inc.		2,345		519,418
IDEX Corp.		4,383		875,943
Illinois Tool Works Inc.		16,478		2,976,751
Ingersoll Rand Inc.		23,498		1,016,523
Jacobs Solutions Inc., NVS		7,373		799,897
JB Hunt Transport Services Inc.		4,857		759,732
Johnson Controls International PLC		40,283		1,982,729
L3Harris Technologies Inc.^(b)		11,191		2,325,826
Leidos Holdings Inc.		7,994		699,235
Lockheed Martin Corp.		13,837		5,345,095
Masco Corp.		13,189		615,794
Nielsen Holdings PLC		20,718		574,303
Nordson Corp.		3,176		674,170
Norfolk Southern Corp.		13,795		2,892,122
Northrop Grumman Corp.		8,505		4,000,072
Old Dominion Freight Line Inc.^(b)		5,371		1,336,144
Otis Worldwide Corp.		24,576		1,567,949
PACCAR Inc.		20,272		1,696,564
Parker-Hannifin Corp.		7,552		1,829,925
Pentair PLC		9,476		385,010
Quanta Services Inc.		8,330		1,061,159
Raytheon Technologies Corp.		86,520		7,082,527
Republic Services Inc.		12,010		1,633,840
Robert Half International Inc.		6,408		490,212
Rockwell Automation Inc.		6,751		1,452,208
Rollins Inc.^(b)		13,766		477,405
Snap-on Inc.		3,132		630,628
Southwest Airlines Co.^(a)		34,948		1,077,796
Stanley Black & Decker Inc.		8,645		650,190
Textron Inc.^(b)		12,357		719,919
TransDigm Group Inc.		3,010		1,579,708
Union Pacific Corp.		36,584		7,127,295
United Airlines Holdings Inc.^(a)		19,107		621,551
United Parcel Service Inc., Class B		42,875		6,926,027
United Rentals Inc.^(a)		4,094		1,105,871
Verisk Analytics Inc.		9,159		1,561,884
Waste Management Inc.		22,081		3,537,597
Westinghouse Air Brake Technologies Corp.		10,526		856,290
WW Grainger Inc.		2,651		1,296,843


S C H E D U L E O F I N V E S T M E N T S		37

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Industrials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Xylem Inc./NY		10,493	$	916,668


				136,899,783


Total Common Stocks — 99.4% (Cost: $341,198,491)				255,316,361


Rights

Brazil — 0.0%
Localiza Rent a Car SA, (Expires 10/26/22, Strike Price BRL 50.35)		135		275


Total Rights — 0.0% (Cost: $—)				275


Total Long-Term Investments — 99.4% (Cost: $341,198,491)				255,316,636


Short-Term Securities

Money Market Funds — 2.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%^(d)(e)(f)		4,987,632		4,989,128


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%^(d)(e)		440,000	$	440,000


Total Short-Term Securities — 2.1% (Cost: $5,429,128)				5,429,128


Total Investments — 101.5% (Cost: $346,627,619)				260,745,764

Liabilities in Excess of Other Assets — (1.5)%				(3,975,636	)


Net Assets — 100.0%			$	256,770,128

^(a)	Non-income producing security.

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

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

^(d)	Affiliate of the Fund.

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

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

Affiliates


Affiliated Issuer	Value at 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	$	2,815,249	$	2,170,178	^(a)	$	—	$	4,162	$	(461	)	$	4,989,128		4,987,632	$	8,641	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		310,000		130,000	^(a)		—		—		—			440,000		440,000		3,010			—

								$	4,162	$	(461	)	$	5,429,128			$	11,651		$	—

^(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	)
Euro STOXX 50 Index		11		12/16/22		353		(18,312	)
XAI Industrial Index		11		12/16/22		921		(91,396	)

							$	(114,328	)


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Industrials 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)	$	—	$	—	$	114,328	$	—	$	—	$	—	$	114,328

^(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	$	—	$	—	$	(170,404	)	$	—	$	—	$	—	$	(170,404	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(135,752	)	$	—	$	—	$	—	$	(135,752	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	1,372,357

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	$	151,362,669		$	103,953,692		$	—	$	255,316,361
Rights		275			—			—		275
Money Market Funds		5,429,128			—			—		5,429,128

	$	156,792,072		$	103,953,692		$	—	$	260,745,764

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(91,396	)	$	(22,932	)	$	—	$	(114,328	)

^(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		39

Schedule of Investments (unaudited)

September 30, 2022

iShares^® Global Materials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 16.9%
BHP Group Ltd.		674,655	$	16,770,651
BlueScope Steel Ltd.		62,115		603,238
Fortescue Metals Group Ltd.		225,683		2,422,786
Glencore PLC		1,613,437		8,478,631
Mineral Resources Ltd.		22,294		935,778
Newcrest Mining Ltd.		118,380		1,299,716
Northern Star Resources Ltd.		155,622		779,245
OZ Minerals Ltd.		44,708		739,617
Rio Tinto Ltd.		49,472		2,992,677
Rio Tinto PLC		141,389		7,649,972
South32 Ltd.		616,830		1,464,298


				44,136,609

Belgium — 0.6%
Solvay SA		9,799		758,660
Umicore SA		27,425		805,124


				1,563,784

Brazil — 2.6%
Vale SA, ADR		515,874		6,871,442


Canada — 8.4%
Agnico Eagle Mines Ltd.		60,876		2,571,921
Barrick Gold Corp.		235,946		3,657,005
CCL Industries Inc., Class B, NVS		19,452		942,922
First Quantum Minerals Ltd.		74,247		1,260,428
Franco-Nevada Corp.		25,529		3,049,397
Kinross Gold Corp.		172,025		647,577
Nutrien Ltd.		71,823		5,989,800
Teck Resources Ltd., Class B		61,713		1,876,833
Wheaton Precious Metals Corp.		60,197		1,949,261


				21,945,144

Chile — 0.8%
Empresas CMPC SA		147,610		224,630
Sociedad Quimica y Minera de Chile SA, ADR		19,082		1,731,692


				1,956,322

Denmark — 0.8%
Chr Hansen Holding A/S		13,716		675,640
Novozymes A/S, Class B		27,865		1,400,275


				2,075,915

Finland — 1.3%
Stora Enso OYJ, Class R		81,397		1,034,022
UPM-Kymmene OYJ		71,134		2,257,397


				3,291,419

France — 3.9%
Air Liquide SA		69,741		7,971,332
ArcelorMittal SA		76,041		1,513,088
Arkema SA		8,417		613,422


				10,097,842

Germany — 3.0%
BASF SE		122,406		4,697,744
Covestro AG^(a)		25,795		737,522
HeidelbergCement AG		19,189		758,045
Symrise AG		17,627		1,718,850


				7,912,161

Ireland — 8.9%
CRH PLC		102,375		3,291,546
James Hardie Industries PLC		59,245		1,163,723
Linde PLC		66,417		17,905,359


Security	Shares		Value

Ireland (continued)
Smurfit Kappa Group PLC		34,599	$	989,503


				23,350,131

Japan — 5.7%
Asahi Kasei Corp.		184,900		1,225,390
JFE Holdings Inc.		77,400		718,691
Mitsubishi Chemical Group Corp.		189,800		869,449
Nippon Paint Holdings Co. Ltd.		142,700		963,926
Nippon Steel Corp.		126,829		1,760,166
Nitto Denko Corp.		20,000		1,082,915
Shin-Etsu Chemical Co. Ltd.		55,500		5,492,103
Sumitomo Chemical Co. Ltd.		219,000		753,271
Sumitomo Metal Mining Co. Ltd.		36,400		1,043,097
Toray Industries Inc.		216,200		1,064,100


				14,973,108

Mexico — 0.8%
Cemex SAB de CV, NVS^(b)		2,025,630		698,025
Grupo Mexico SAB de CV, Series B		415,558		1,405,586


				2,103,611

Netherlands — 1.5%
Akzo Nobel NV		24,101		1,365,803
Koninklijke DSM NV		23,294		2,650,636


				4,016,439

Norway — 0.7%
Norsk Hydro ASA		181,730		975,149
Yara International ASA		21,601		758,090


				1,733,239

Peru — 0.2%
Southern Copper Corp.		11,172		500,952


South Korea — 1.5%
LG Chem Ltd.		6,303		2,327,290
POSCO Holdings Inc.		10,071		1,469,034


				3,796,324

Sweden — 0.8%
Boliden AB		36,366		1,123,561
Svenska Cellulosa AB SCA, Class B		79,894		1,013,733


				2,137,294

Switzerland — 4.3%
Givaudan SA, Registered		1,058		3,196,220
Holcim AG		75,518		3,094,768
SIG Group AG		46,510		944,343
Sika AG, Registered		20,488		4,117,918


				11,353,249

Taiwan — 1.2%
Formosa Plastics Corp.		574,720		1,564,370
Nan Ya Plastics Corp.		747,940		1,569,485


				3,133,855

United Kingdom — 4.2%
Amcor PLC		200,273		2,148,929
Anglo American PLC		178,259		5,352,373
Croda International PLC		18,996		1,356,770
DS Smith PLC		183,644		519,354
Johnson Matthey PLC		26,650		538,042
Mondi PLC		64,664		993,396


				10,908,864

United States — 30.9%
Air Products and Chemicals Inc.		29,559		6,879,266
Albemarle Corp.		15,610		4,127,908


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Materials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Avery Dennison Corp.		10,829	$	1,761,878
Ball Corp.		41,757		2,017,698
Celanese Corp.		13,301		1,201,612
CF Industries Holdings Inc.		26,572		2,557,555
Corteva Inc.		95,768		5,473,141
Dow Inc.		95,710		4,204,540
DuPont de Nemours Inc.		66,755		3,364,452
Eastman Chemical Co.		16,390		1,164,510
Ecolab Inc.		33,043		4,772,070
FMC Corp.		16,790		1,774,703
Freeport-McMoRan Inc.		190,576		5,208,442
International Flavors & Fragrances Inc.		33,977		3,086,131
International Paper Co.		48,178		1,527,243
LyondellBasell Industries NV, Class A		33,941		2,555,079
Martin Marietta Materials Inc.		8,315		2,678,178
Mosaic Co. (The)		46,095		2,227,771
Newmont Corp.		105,774		4,445,681
Nucor Corp.		34,888		3,732,667
Packaging Corp. of America		12,493		1,402,839
PPG Industries Inc.		31,318		3,466,589
Sealed Air Corp.		19,456		865,987
Sherwin-Williams Co. (The)		31,433		6,435,907
Vulcan Materials Co.		17,712		2,793,360
Westrock Co.		33,759		1,042,816


				80,768,023


Total Common Stocks — 99.0% (Cost: $367,785,992)				258,625,727


Preferred Stocks

Brazil — 0.2%
Gerdau SA, Preference Shares, ADR		142,190		642,698


Security	Shares		Value

South Korea — 0.1%
LG Chem Ltd., Preference Shares, NVS		1,008	$	175,553


Total Preferred Stocks — 0.3% (Cost: $1,614,654)				818,251


Total Long-Term Investments — 99.3% (Cost: $369,400,646)				259,443,978


Short-Term Securities

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%^(c)(d		140,000		140,000


Total Short-Term Securities — 0.1% (Cost: $140,000)				140,000


Total Investments — 99.4% (Cost: $369,540,646)				259,583,978

Other Assets Less Liabilities — 0.6%				1,580,872


Net Assets — 100.0%			$	261,164,850

^(a)	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.

^(b)	Non-income producing security.

^(c)	Affiliate of the Fund.

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

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^(a)	$	—	$	20	^(b)	$	—		$	(20	)	$	—	$	—		—	$	158	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,490,000		—			(2,350,000	)^(b)		—			—		140,000		140,000		2,907			—

									$	(20	)	$	—	$	140,000			$	3,065		$	—

^(a)

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

^(b)

Represents net amount purchased (sold).

^(c)


S C H E D U L E O F I N V E S T M E N T S		41

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Materials ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



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

Long Contracts
S&P/TSX 60 Index		2		12/15/22	$	323	$	(22,888	)
FTSE 100 Index		7		12/16/22		535		(39,430	)
MSCI Emerging Markets Index		7		12/16/22		305		(23,780	)
S&P 500 E-Mini Index		3		12/16/22		540		(51,041	)

							$	(137,139	)

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)	$	—	$	—	$	137,139	$	—	$	—	$	—	$	137,139

^(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	$	—	$	—	$	(329,672	)	$	—	$	—	$	—	$	(329,672	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(395,853	)	$	—	$	—	$	—	$	(395,853	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	1,586,300

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


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Materials ETF

Fair Value Hierarchy as of Period End (continued)



	Level 1			Level 2			Level 3		Total

Investments
Assets
Common Stocks	$	134,199,782		$	124,425,945		$	—	$	258,625,727
Preferred Stocks		642,698			175,553			—		818,251
Money Market Funds		140,000			—			—		140,000

	$	134,982,480		$	124,601,498		$	—	$	259,583,978

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(97,709	)	$	(39,430	)	$	—	$	(137,139	)

^(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		43

Schedule of Investments (unaudited)

September 30, 2022

iShares^® Global Tech ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 0.1%
Computershare Ltd.		159,383	$	2,542,170


Brazil — 0.0%
Pagseguro Digital Ltd., Class A^(a)(b)		50,604		669,491


Canada — 0.8%
CGI Inc.^(a)		61,125		4,601,577
Constellation Software Inc.		5,658		7,872,867
Open Text Corp.		75,778		2,002,863
Shopify Inc., Class A^(a)		344,052		9,262,891


				23,740,198

China — 0.2%
Xiaomi Corp., Class B^(a)(c)		4,190,600		4,745,313


Finland — 0.2%
Nokia OYJ		1,567,114		6,727,715


France — 0.9%
Capgemini SE		45,904		7,349,250
Dassault Systemes SE		200,750		6,930,905
Edenred		72,971		3,361,827
STMicroelectronics NV, New		189,272		5,883,492
Worldline SA/France^(a)(c)		69,776		2,757,944


				26,283,418

Germany — 1.2%
Infineon Technologies AG		377,578		8,262,925
SAP SE		317,064		25,839,174


				34,102,099

Ireland — 0.1%
Seagate Technology Holdings PLC		56,916		3,029,639


Italy — 0.1%
Nexi SpA^(a)(c)		246,807		1,993,736


Japan — 3.3%
Advantest Corp.		58,800		2,715,422
Canon Inc.		304,700		6,655,418
FUJIFILM Holdings Corp.		118,300		5,403,329
Fujitsu Ltd.		54,300		5,954,100
Keyence Corp.		58,240		19,251,832
Kyocera Corp.		103,500		5,214,198
Lasertec Corp.		22,800		2,293,268
Murata Manufacturing Co. Ltd.		186,200		8,570,259
NEC Corp.		83,000		2,657,681
Nomura Research Institute Ltd.		131,400		3,209,212
NTT Data Corp.		194,400		2,511,083
Obic Co. Ltd.		19,700		2,641,645
Omron Corp.		62,300		2,854,415
Renesas Electronics Corp.^(a)		412,300		3,456,409
Ricoh Co. Ltd.		187,100		1,369,984
Rohm Co. Ltd.		26,500		1,736,709
TDK Corp.		117,500		3,627,266
Tokyo Electron Ltd.		45,700		11,260,246


				91,382,476

Netherlands — 2.7%
Adyen NV^(a)(c)		8,917		11,120,937
ASM International NV		13,440		3,009,311
ASML Holding NV		117,879		48,834,772


Security	Shares		Value

Netherlands (continued)
NXP Semiconductors NV		75,618	$	11,154,411


				74,119,431

New Zealand — 0.1%
Xero Ltd.^(a)		38,988		1,804,231


South Korea — 2.5%
Samsung Electronics Co. Ltd.		1,488,790		54,667,240
Samsung SDI Co. Ltd.		16,058		6,040,112
SK Hynix Inc.		154,115		8,815,406


				69,522,758

Spain — 0.2%
Amadeus IT Group SA^(a)		128,234		5,945,265


Sweden — 0.4%
Hexagon AB, Class B		602,723		5,628,910
Telefonaktiebolaget LM Ericsson, Class B		890,951		5,208,007


				10,836,917

Switzerland — 0.5%
Logitech International SA, Registered		48,547		2,219,449
TE Connectivity Ltd.		92,779		10,239,090
Temenos AG, Registered		18,469		1,245,123


				13,703,662

Taiwan — 3.6%
Delta Electronics Inc.		567,000		4,503,749
Hon Hai Precision Industry Co. Ltd.		3,605,378		11,544,842
MediaTek Inc.		465,000		8,024,229
Taiwan Semiconductor Manufacturing Co. Ltd.		5,491,600		72,793,305
United Microelectronics Corp.		3,353,000		3,752,332


				100,618,457

United Kingdom — 0.2%
Halma PLC		105,953		2,383,133
Sage Group PLC (The)		312,752		2,410,249


				4,793,382

United States — 82.3%
Accenture PLC, Class A		183,436		47,198,083
Adobe Inc.^(a)		136,039		37,437,933
Advanced Micro Devices Inc.^(a)		466,408		29,551,611
Akamai Technologies Inc.^(a)(b)		45,955		3,691,106
Amphenol Corp., Class A		173,130		11,592,785
Analog Devices Inc.		150,533		20,975,268
Ansys Inc.^(a)		24,830		5,504,811
Apple Inc.		4,380,647		605,405,415
Applied Materials Inc.^(b)		254,720		20,869,210
Arista Networks Inc.^(a)		71,476		8,068,926
Autodesk Inc.^(a)		62,667		11,706,196
Automatic Data Processing Inc.		120,281		27,206,359
Broadcom Inc.		117,550		52,193,375
Broadridge Financial Solutions Inc.		34,214		4,937,764
Cadence Design Systems Inc.^(a)		79,976		13,070,478
CDW Corp./DE		39,388		6,147,679
Ceridian HCM Holding Inc.^(a)		44,392		2,480,625
Cisco Systems Inc.		1,201,002		48,040,080
Citrix Systems Inc.		36,950		3,839,105
Cognizant Technology Solutions Corp., Class A		149,328		8,577,400
Corning Inc.		218,831		6,350,476
DXC Technology Co.^(a)		73,076		1,788,900
Enphase Energy Inc.^(a)		38,916		10,798,023
EPAM Systems Inc.^(a)(b)		16,513		5,980,843
F5 Inc.^(a)		17,830		2,580,536


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Tech ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Fidelity National Information Services Inc.		176,193	$	13,314,905
Fiserv Inc.^(a)(b)		185,472		17,354,615
FleetCor Technologies Inc.^(a)		22,323		3,932,643
Fortinet Inc.^(a)		191,734		9,419,891
Gartner Inc.^(a)(b)		23,239		6,429,999
Global Payments Inc.^(b)		80,837		8,734,438
Hewlett Packard Enterprise Co.		378,488		4,534,286
HP Inc.		263,907		6,576,562
Intel Corp.		1,190,682		30,683,875
International Business Machines Corp.		261,912		31,117,765
Intuit Inc.		81,813		31,687,811
Jack Henry & Associates Inc.		20,590		3,752,939
Juniper Networks Inc.		89,845		2,346,751
Keysight Technologies Inc.^(a)		51,799		8,151,091
KLA Corp.		41,124		12,445,356
Lam Research Corp.		39,904		14,604,864
Mastercard Inc., Class A		248,300		70,601,622
Microchip Technology Inc.		161,142		9,834,496
Micron Technology Inc.		321,899		16,127,140
Microsoft Corp.		2,162,670		503,685,843
Monolithic Power Systems Inc.		12,771		4,640,981
Motorola Solutions Inc.		48,210		10,797,594
NetApp Inc.		64,534		3,991,428
NortonLifeLock Inc.		173,405		3,492,377
Nvidia Corp.		726,124		88,144,192
ON Semiconductor Corp.^(a)(b)		125,075		7,795,925
Oracle Corp.		440,493		26,900,908
Paychex Inc.		93,228		10,461,114
Paycom Software Inc.^(a)		13,669		4,510,633
PayPal Holdings Inc.^(a)		333,365		28,692,726
PTC Inc.^(a)		31,183		3,261,742
Qorvo Inc.^(a)		32,127		2,551,205
Qualcomm Inc.		325,652		36,792,163
Roper Technologies Inc.		30,591		11,001,747
Salesforce Inc.^(a)		288,541		41,503,737
ServiceNow Inc.^(a)		58,583		22,121,527
Skyworks Solutions Inc.		46,340		3,951,412
SolarEdge Technologies Inc.^(a)		15,953		3,692,481
Synopsys Inc.^(a)		44,373		13,556,395
Teledyne Technologies Inc.^(a)(b)		13,244		4,469,453
Teradyne Inc.		46,118		3,465,768
Texas Instruments Inc.		265,730		41,129,689
Trimble Inc.^(a)		70,771		3,840,742


Security	Shares		Value

United States (continued)
Tyler Technologies Inc.^(a)		12,085	$	4,199,538
VeriSign Inc.^(a)		27,362		4,752,779
Visa Inc., Class A^(b)		474,464		84,288,530
Western Digital Corp.^(a)		91,687		2,984,412
Zebra Technologies Corp., Class A^(a)(b)		14,969		3,922,028


				2,282,243,105


Total Common Stocks — 99.4% (Cost: $2,790,498,612)				2,758,803,463


Preferred Stocks

South Korea — 0.3%
Samsung Electronics Co. Ltd., Preference Shares, NVS		237,653		7,719,654


Total Preferred Stocks — 0.3% (Cost: $7,794,415)				7,719,654


Total Long-Term Investments — 99.7% (Cost: $2,798,293,027)				2,766,523,117


Short-Term Securities

Money Market Funds — 1.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%^(d)(e)(f)		28,166,236		28,174,686
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%^(d)(e)		3,270,000		3,270,000


Total Short-Term Securities — 1.2% (Cost: $31,444,686)				31,444,686


Total Investments — 100.9% (Cost: $2,829,737,713)				2,797,967,803

Liabilities in Excess of Other Assets — (0.9)%				(23,926,135	)


Net Assets — 100.0%			$	2,774,041,668

^(a)	Non-income producing security.

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

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

^(d)	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		45

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Tech ETF

Affiliates



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

BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,105,132	$	27,074,044	^(a)	$	—		$	(3,876	)	$	(614	)	$	28,174,686		28,166,236	$	15,400	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,810,000		—			(540,000	)^(a)		—			—			3,270,000		3,270,000		19,186			—


									$	(3,876	)	$	(614	)	$	31,444,686			$	34,586		$	—

^(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 Technology Select Sector Index		91		12/16/22	$	10,952	$	(1,023,075	)

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)	$	—	$	—	$	1,023,075	$	—	$	—	$	—	$	1,023,075

^(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	$	—	$	—	$	(895,146	)	$	—	$	—	$	—	$	(895,146	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(1,670,718	)	$	—	$	—	$	—	$	(1,670,718	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts

Average notional value of contracts — long

9,327,025

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


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Tech ETF

Fair Value Hierarchy as of Period End



	Level 1			Level 2		Level 3		Total

Investments
Assets
Common Stocks	$	2,327,236,829		$	431,566,634	$	—	$	2,758,803,463
Preferred Stocks		—			7,719,654		—		7,719,654
Money Market Funds		31,444,686			—		—		31,444,686


	$	2,358,681,515		$	439,286,288	$	—	$	2,797,967,803


Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(1,023,075	)	$	—	$	—	$	(1,023,075	)

^(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		47

Schedule of Investments (unaudited)

September 30, 2022

iShares^® Global Utilities ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 1.0%
APA Group		127,404	$	783,909
Origin Energy Ltd.		182,639		605,990


				1,389,899

Austria — 0.2%
Verbund AG		3,562		304,114


Brazil — 0.8%
Centrais Eletricas Brasileiras SA		142,631		1,136,162


Canada — 4.4%
Algonquin Power & Utilities Corp.		71,421		780,210
Brookfield Infrastructure Partners LP^(a)		48,574		1,742,384
Emera Inc.		28,149		1,138,920
Fortis Inc.		50,749		1,928,047
Hydro One Ltd.^(b)		33,642		822,693


				6,412,254

Chile — 0.2%
Enel Americas SA		2,163,089		227,926


Colombia — 0.1%
Interconexion Electrica SA ESP		48,617		174,009


Denmark — 1.1%
Orsted AS^(b)		20,056		1,598,478


Finland — 0.4%
Fortum OYJ		46,146		620,067


France — 3.0%
Electricite de France SA		65,928		764,596
Engie SA		196,213		2,258,390
Veolia Environnement SA		69,815		1,334,317


				4,357,303

Germany — 3.1%
E.ON SE		238,017		1,828,631
RWE AG		71,691		2,635,073


				4,463,704

Hong Kong — 0.9%
CLP Holdings Ltd.		178,000		1,345,276


Italy — 3.6%
Enel SpA		819,139		3,359,472
Snam SpA		221,619		895,769
Terna - Rete Elettrica Nazionale		149,162		908,475


				5,163,716

Japan — 2.0%
Chubu Electric Power Co. Inc.		80,400		723,084
Kansai Electric Power Co. Inc. (The)		89,300		747,115
Osaka Gas Co. Ltd.		44,300		667,866
Tokyo Gas Co. Ltd.		43,500		734,326


				2,872,391

Portugal — 0.9%
EDP - Energias de Portugal SA		311,110		1,350,221


Spain — 5.4%
Enagas SA		23,897		369,900
Endesa SA		34,193		513,564
Iberdrola SA		621,053		5,790,812
Naturgy Energy Group SA		20,079		464,499


Security	Shares		Value

Spain (continued)
Red Electrica Corp. SA		46,224	$	709,335


				7,848,110

United Kingdom — 5.2%
National Grid PLC		410,942		4,230,279
Severn Trent PLC		26,859		702,137
SSE PLC		111,133		1,876,591
United Utilities Group PLC		73,321		723,983


				7,532,990

United States — 67.6%
AES Corp. (The)		70,811		1,600,329
Alliant Energy Corp.		26,604		1,409,746
Ameren Corp.		27,393		2,206,506
American Electric Power Co. Inc.		54,465		4,708,499
American Water Works Co. Inc.		19,274		2,508,704
Atmos Energy Corp.		14,833		1,510,741
CenterPoint Energy Inc.		66,737		1,880,649
CMS Energy Corp.		30,766		1,791,812
Consolidated Edison Inc.		37,592		3,223,890
Constellation Energy Corp.		34,653		2,882,783
Dominion Energy Inc.		88,258		6,099,510
DTE Energy Co.		20,541		2,363,242
Duke Energy Corp.		81,628		7,593,037
Edison International		40,440		2,288,095
Entergy Corp.		21,568		2,170,388
Evergy Inc.		24,333		1,445,380
Eversource Energy		36,731		2,863,549
Exelon Corp.		105,143		3,938,657
FirstEnergy Corp.		57,550		2,129,350
NextEra Energy Inc.		184,022		14,429,165
NiSource Inc.		43,037		1,084,102
NRG Energy Inc.		24,930		954,071
PG&E Corp.^(a)		168,464		2,105,800
Pinnacle West Capital Corp.		11,985		773,152
PPL Corp.		78,048		1,978,517
Public Service Enterprise Group Inc.		52,889		2,973,948
Sempra Energy		33,323		4,996,451
Southern Co. (The)		112,694		7,663,192
WEC Energy Group Inc.		33,443		2,990,807
Xcel Energy Inc.		57,989		3,711,296


				98,275,368


Total Long-Term Investments — 99.9% (Cost: $178,708,209)				145,071,988


Short-Term Securities

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%^(c)(d)		180,000		180,000


Total Short-Term Securities — 0.1% (Cost: $180,000)				180,000


Total Investments — 100.0% (Cost: $178,888,209)				145,251,988

Other Assets Less Liabilities — 0.0%				25,966


Net Assets — 100.0%			$	145,277,954

^(a)	Non-income producing security.


48		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 Utilities ETF

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

^(c)	Affiliate of the Fund.

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

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^(a)	$	20,246	$	—	$	(20,092	)^(b)	$	(151	)	$	(3	)	$	—		—	$	1,248	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		190,000		—		(10,000	)^(b)		—			—			180,000		180,000		2,175			—


								$	(151	)	$	(3	)	$	180,000			$	3,423		$	—

^(a)

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

^(b)

Represents net amount purchased (sold).

^(c)

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 Utilities Select Sector Index		3		12/16/22	$	199	$	(35,227	)

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)	$	—	$	—	$	35,227	$	—	$	—	$	—	$	35,227

^(a)


S C H E D U L E O F I N V E S T M E N T S		49

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Global Utilities ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

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	$	—	$	—	$	(14,812	)	$	—	$	—	$	—	$	(14,812	)

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(58,323	)	$	—	$	—	$	—	$	(58,323	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts

Average notional value of contracts — long

531,216

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	$	106,225,719		$	38,846,269	$	—	$	145,071,988
Money Market Funds		180,000			—		—		180,000


	$	106,405,719		$	38,846,269	$	—	$	145,251,988

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(35,227	)	$	—	$	—	$	(35,227	)

^(a)

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

See notes to financial statements.


50		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited)

September 30, 2022


	iShares Global Comm Services ETF			iShares Global Consumer Discretionary ETF			iShares Global Consumer Staples ETF			iShares Global Energy ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	188,251,640		$	274,353,222		$	1,147,213,927		$	1,863,201,909
Investments, at value — affiliated^(c)		2,131,073			1,844,673			4,268,445			7,860,000
Cash		5,056			6,781			343			2,748
Foreign currency, at value^(d)		106,816			343,547			1,312,878			2,812,411
Cash pledged for futures contracts		11,999			45,001			269,000			837,000
Foreign currency collateral pledged for futures contracts^(e)		—			39,849			87,252			90,441
Receivables:
Investments sold		—			118,894			1,977			11,628,571
Securities lending income — affiliated		1,160			340			633			—
Capital shares sold		205,429			—			133,830			11,927
Dividends — unaffiliated		287,886			402,327			3,261,605			5,872,720
Dividends — affiliated		285			968			2,798			8,882
Tax reclaims		20,426			112,028			958,774			495,932


Total assets		191,021,770			277,267,630			1,157,511,462			1,892,822,541


LIABILITIES
Collateral on securities loaned, at value		1,939,749			1,574,673			3,468,445			—
Payables:
Investments purchased		205,429			—			133,842			16,749,042
Variation margin on futures contracts		2,309			12,497			90,676			71,070
Capital shares redeemed		—			345,079			—			—
Investment advisory fees		69,663			107,249			417,714			685,336
Professional fees		22,667			—			—			—
IRS compliance fee for foreign withholding tax claims		336,848			—			—			1,531,479


Total liabilities		2,576,665			2,039,498			4,110,677			19,036,927


NET ASSETS	$	188,445,105		$	275,228,132		$	1,153,400,785		$	1,873,785,614


NET ASSETS CONSIST OF
Paid-in capital	$	374,508,364		$	399,082,938		$	1,292,107,499		$	2,005,570,875
Accumulated loss		(186,063,259	)		(123,854,806	)		(138,706,714	)		(131,785,261	)


NET ASSETS	$	188,445,105		$	275,228,132		$	1,153,400,785		$	1,873,785,614


NET ASSET VALUE
Shares outstanding		3,600,000			2,250,000			21,500,000			56,250,000


Net asset value	$	52.35		$	122.32		$	53.65		$	33.31


Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited


Par value		None			None			None			None


^(a)Investments, at cost — unaffiliated	$	266,193,154		$	366,747,622		$	1,262,424,258		$	1,921,041,809
^(b)Securities loaned, at value	$	1,878,401		$	1,549,233		$	3,332,265		$	—
^(c)Investments, at cost — affiliated	$	2,131,073		$	1,844,673		$	4,268,445		$	7,860,000
^(d)Foreign currency, at cost	$	107,483		$	348,979		$	1,339,983		$	2,829,123
^(e)Foreign currency collateral pledged, at cost	$	80		$	40,993		$	90,738		$	93,531

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		51

Statements of Assets and Liabilities (unaudited) (continued)

September 30, 2022


	iShares Global Financials ETF			iShares Global Healthcare ETF		iShares Global Industrials ETF			iShares Global Materials ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	656,365,938		$	3,429,981,046	$	255,316,636		$	259,443,978
Investments, at value — affiliated^(c)		10,470,202			8,043,819		5,429,128			140,000
Cash		—			106,825		39,181			3,561
Foreign currency, at value^(d)		1,419,388			2,246,266		212,776			640,006
Cash pledged for futures contracts		216,000			631,000		55,999			45,000
Foreign currency collateral pledged for futures contracts^(e)		88,218			—		42,791			49,693
Receivables:
Investments sold		163,738			581		334			—
Securities lending income — affiliated		695			741		5,589			—
Capital shares sold		—			1,746,006		—			—
Dividends — unaffiliated		1,066,288			3,844,467		527,537			648,892
Dividends — affiliated		2,447			9,564		753			948
Tax reclaims		942,590			2,788,683		232,563			301,475


Total assets		670,735,504			3,449,398,998		261,863,287			261,273,553


LIABILITIES
Bank overdraft		70,283			—		—			—
Collateral on securities loaned, at value		250,751			3,553,819		4,985,917			—
Payables:
Investments purchased		713,112			1,166,413		—			163
Variation margin on futures contracts		32,149			166,052		10,580			12,575
Capital shares redeemed		332,822			—		—			—
Investment advisory fees		249,749			1,200,066		96,662			95,965


Total liabilities		1,648,866			6,086,350		5,093,159			108,703


NET ASSETS	$	669,086,638		$	3,443,312,648	$	256,770,128		$	261,164,850


NET ASSETS CONSIST OF
Paid-in capital	$	1,037,370,135		$	3,158,309,779	$	371,007,525		$	474,322,554
Accumulated earnings (loss)		(368,283,497	)		285,002,869		(114,237,397	)		(213,157,704	)


NET ASSETS	$	669,086,638		$	3,443,312,648	$	256,770,128		$	261,164,850


NET ASSET VALUE
Shares outstanding		10,900,000			45,700,000		2,850,000			3,850,000


Net asset value	$	61.38		$	75.35	$	90.09		$	67.84


Shares authorized		Unlimited			Unlimited		Unlimited			Unlimited


Par value		None			None		None			None


^(a)Investments, at cost — unaffiliated	$	880,535,809		$	3,119,490,786	$	341,198,491		$	369,400,646
^(b)Securities loaned, at value	$	237,021		$	3,391,609	$	4,814,908		$	—
^(c)Investments, at cost — affiliated	$	15,534,713		$	8,043,819	$	5,429,128		$	140,000
^(d)Foreign currency, at cost	$	1,448,953		$	2,319,435	$	216,853		$	639,368
^(e)Foreign currency collateral pledged, at cost	$	94,645		$	—	$	44,586		$	54,471

See notes to financial statements.


52		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited) (continued)

September 30, 2022


	iShares Global Tech ETF		iShares Global Utilities ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	2,766,523,117	$	145,071,988
Investments, at value — affiliated^(c)		31,444,686		180,000
Cash		3,682		11,185
Foreign currency, at value^(d)		3,165,057		196,714
Cash pledged for futures contracts		556,000		23,000
Foreign currency collateral pledged for futures contracts^(e)		—		9,801
Receivables:
Investments sold		659,937		2,147,673
Securities lending income — affiliated		2,086		—
Dividends — unaffiliated		2,026,546		197,249
Dividends — affiliated		6,745		602
Tax reclaims		39,678		44,114
Other assets		10,270		—


Total assets		2,804,437,804		147,882,326


LIABILITIES
Collateral on securities loaned, at value		28,173,737		—
Payables:
Investments purchased		1,272		2,225,456
Variation margin on futures contracts		128,131		5,665
Capital shares redeemed		1,042,112		240,854
Investment advisory fees		1,050,884		60,951
Professional fees		—		22,667
IRS compliance fee for foreign withholding tax claims		—		48,779


Total liabilities		30,396,136		2,604,372


NET ASSETS	$	2,774,041,668	$	145,277,954


NET ASSETS CONSIST OF
Paid-in capital	$	2,447,578,390	$	223,279,590
Accumulated earnings (loss)		326,463,278		(78,001,636	)


NET ASSETS	$	2,774,041,668	$	145,277,954


NET ASSET VALUE
Shares outstanding		65,650,000		2,650,000


Net asset value	$	42.26	$	54.82


Shares authorized		Unlimited		Unlimited


Par value		None		None


^(a)Investments, at cost — unaffiliated	$	2,798,293,027	$	178,708,209
^(b)Securities loaned, at value	$	27,331,213	$	—
^(c)Investments, at cost — affiliated	$	31,444,686	$	180,000
^(d)Foreign currency, at cost	$	3,316,330	$	199,002
^(e)Foreign currency collateral pledged, at cost	$	—	$	9,802

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		53

Statements of Operations (unaudited)

Six Months Ended September 30, 2022


	iShares Global Comm Services ETF			iShares Global Consumer Discretionary ETF			iShares Global Consumer Staples ETF			iShares Global Energy ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	2,097,596		$	2,904,235		$	16,820,744		$	67,902,516
Dividends — affiliated		1,191			2,863			9,610			20,920
Non-cash dividends — unaffiliated		106,557			—			—			—
Securities lending income — affiliated — net		3,582			7,694			2,482			2,470
Other income — unaffiliated		—			—			82			884,375
Foreign taxes withheld		(96,320	)		(221,223	)		(729,927	)		(2,090,717	)
Foreign withholding tax claims		—			—			44,934			2,544,232
IRS compliance fee for foreign withholding tax claims		(4,798	)		—			—			(1,531,479	)


Total investment income		2,107,808			2,693,569			16,147,925			67,732,317


EXPENSES
Investment advisory		500,816			656,713			2,283,955			4,432,970
Commitment costs		159			163			176			1,534
Professional		—			—			4,501			342,881


Total expenses		500,975			656,876			2,288,632			4,777,385


Net investment income		1,606,833			2,036,693			13,859,293			62,954,932


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(6,374,104	)		(9,291,218	)		(9,261,814	)		(23,239,388	)
Investments — affiliated		1,272			(4,831	)		384			(423	)
Foreign currency transactions		(63,679	)		(92,249	)		(302,054	)		(836,638	)
Futures contracts		(55,782	)		(119,025	)		34,243			(1,221,323	)
In-kind redemptions — unaffiliated^(a)		6,005,855			3,492,248			—			142,905,421


		(486,438	)		(6,015,075	)		(9,529,241	)		117,607,649

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(69,621,881	)		(71,068,999	)		(159,657,011	)		(298,181,125	)
Investments — affiliated		—			—			(19	)		—
Foreign currency translations		(6,468	)		(17,756	)		(120,572	)		(197,463	)
Futures contracts		4,509			(138,052	)		(701,074	)		(895,461	)


		(69,623,840	)		(71,224,807	)		(160,478,676	)		(299,274,049	)


Net realized and unrealized loss		(70,110,278	)		(77,239,882	)		(170,007,917	)		(181,666,400	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(68,503,445	)	$	(75,203,189	)	$	(156,148,624	)	$	(118,711,468	)

^(a)	See Note 2 of the Notes to Financial Statements.

See notes to financial statements.


54		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations (unaudited) (continued)

Six Months Ended September 30, 2022


	iShares Global Financials ETF			iShares Global Healthcare ETF			iShares Global Industrials ETF			iShares Global Materials ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	19,910,173		$	29,748,822		$	3,750,279		$	11,184,401
Dividends — affiliated		168,389			32,500			3,010			2,907
Securities lending income — affiliated — net		4,183			8,995			8,641			158
Foreign taxes withheld		(1,540,047	)		(952,246	)		(224,692	)		(735,578	)


Total investment income		18,542,698			28,838,071			3,537,238			10,451,888


EXPENSES
Investment advisory		1,786,395			7,371,650			652,284			1,039,788
Commitment costs		2,288			—			37			1,220


Total expenses		1,788,683			7,371,650			652,321			1,041,008


Net investment income		16,754,015			21,466,421			2,884,917			9,410,880


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(12,781,566	)		(13,362,264	)		(3,348,267	)		(4,419,259	)
Investments — affiliated		(45,403	)		4,224			4,162			(20	)
Foreign currency transactions		(334,013	)		(509,226	)		(113,564	)		(387,672	)
Futures contracts		(630,336	)		(1,562,141	)		(170,404	)		(329,672	)
In-kind redemptions — unaffiliated^(a)		(29,230,269	)		63,781,797			583,950			(1,965,836	)
In-kind redemptions — affiliated		(1,145,518	)		—			—			—


		(44,167,105	)		48,352,390			(3,044,123	)		(7,102,459	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(181,851,660	)		(573,443,090	)		(73,819,705	)		(145,161,584	)
Investments — affiliated		(2,706,599	)		(1,211	)		(461	)		—
Foreign currency translations		(134,723	)		(342,120	)		(30,106	)		(48,525	)
Futures contracts		(377,665	)		(1,161,865	)		(135,752	)		(395,853	)


		(185,070,647	)		(574,948,286	)		(73,986,024	)		(145,605,962	)


Net realized and unrealized loss		(229,237,752	)		(526,595,896	)		(77,030,147	)		(152,708,421	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(212,483,737	)	$	(505,129,475	)	$	(74,145,230	)	$	(143,297,541	)

^(a)	See Note 2 of the Notes to Financial Statements.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		55

Statements of Operations (unaudited) (continued)

Six Months Ended September 30, 2022


	iShares Global Tech ETF			iShares Global Utilities ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	23,361,506		$	3,445,696
Dividends — affiliated		19,186			2,175
Non-cash dividends — unaffiliated		—			200,653
Securities lending income — affiliated — net		15,400			1,248
Foreign taxes withheld		(1,238,205	)		(170,698	)
IRS compliance fee for foreign withholding tax claims		—			(510	)


Total investment income		22,157,887			3,478,564


EXPENSES
Investment advisory		7,533,319			380,481
Commitment costs		10,309			17


Total expenses		7,543,628			380,498


Net investment income		14,614,259			3,098,066


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(6,849,786	)		(3,226,109	)
Investments — affiliated		(3,876	)		(151	)
Foreign currency transactions		(624,208	)		(31,938	)
Futures contracts		(895,146	)		(14,812	)
In-kind redemptions — unaffiliated^(a)		423,270,296			1,821,975


		414,897,280			(1,451,035	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(1,649,139,253	)		(31,406,765	)
Investments — affiliated		(614	)		(3	)
Foreign currency translations		(135,269	)		(7,920	)
Futures contracts		(1,670,718	)		(58,323	)


		(1,650,945,854	)		(31,473,011	)


Net realized and unrealized loss		(1,236,048,574	)		(32,924,046	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,221,434,315	)	$	(29,825,980	)

^(a)	See Note 2 of the Notes to Financial Statements.

See notes to financial statements.


56		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets


	iShares Global Comm Services ETF						iShares Global Consumer Discretionary ETF


	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	1,606,833		$	2,759,004		$	2,036,693		$	2,686,489
Net realized gain (loss)		(486,438	)		59,321,532			(6,015,075	)		70,684,647
Net change in unrealized appreciation (depreciation)		(69,623,840	)		(79,134,138	)		(71,224,807	)		(98,094,515	)


Net decrease in net assets resulting from operations		(68,503,445	)		(17,053,602	)		(75,203,189	)		(24,723,379	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(1,943,469	)		(5,514,816	)		(1,977,916	)		(4,140,498	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		18,622,072			(57,541,140	)		(6,455,726	)		(43,016,116	)


NET ASSETS
Total decrease in net assets		(51,824,842	)		(80,109,558	)		(83,636,831	)		(71,879,993	)
Beginning of period		240,269,947			320,379,505			358,864,963			430,744,956


End of period	$	188,445,105		$	240,269,947		$	275,228,132		$	358,864,963

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		57

Statements of Changes in Net Assets (continued)


	iShares Global Consumer Staples ETF						iShares Global Energy ETF


	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	13,859,293		$	16,123,906		$	62,954,932		$	70,477,381
Net realized gain (loss)		(9,529,241	)		23,776,879			117,607,649			113,122,772
Net change in unrealized appreciation (depreciation)		(160,478,676	)		6,967,202			(299,274,049	)		516,085,873


Net increase (decrease) in net assets resulting from operations		(156,148,624	)		46,867,987			(118,711,468	)		699,686,026


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(10,058,458	)		(15,010,694	)		(44,959,911	)		(64,194,482	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		297,832,944			464,010,197			(243,385,726	)		337,330,459


NET ASSETS
Total increase (decrease) in net assets		131,625,862			495,867,490			(407,057,105	)		972,822,003
Beginning of period		1,021,774,923			525,907,433			2,280,842,719			1,308,020,716


End of period	$	1,153,400,785		$	1,021,774,923		$	1,873,785,614		$	2,280,842,719

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

See notes to financial statements.


58		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares Global Financials ETF						iShares Global Healthcare ETF


	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	16,754,015		$	51,081,838		$	21,466,421		$	41,847,005
Net realized gain (loss)		(44,167,105	)		76,434,346			48,352,390			75,337,909
Net change in unrealized appreciation (depreciation)		(185,070,647	)		(57,062,400	)		(574,948,286	)		301,309,666


Net increase (decrease) in net assets resulting from operations		(212,483,737	)		70,453,784			(505,129,475	)		418,494,580


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(19,368,809	)		(47,722,673	)		(23,730,127	)		(39,505,134	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(261,206,137	)		666,670,761			480,166,935			407,814,541


NET ASSETS
Total increase (decrease) in net assets		(493,058,683	)		689,401,872			(48,692,667	)		786,803,987
Beginning of period		1,162,145,321			472,743,449			3,492,005,315			2,705,201,328


End of period	$	669,086,638		$	1,162,145,321		$	3,443,312,648		$	3,492,005,315

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		59

Statements of Changes in Net Assets (continued)


	iShares Global Industrials ETF						iShares Global Materials ETF


	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	2,884,917		$	5,417,472		$	9,410,880		$	26,924,199
Net realized gain (loss)		(3,044,123	)		15,679,431			(7,102,459	)		92,748,979
Net change in unrealized appreciation (depreciation)		(73,986,024	)		(14,934,079	)		(145,605,962	)		(43,739,735	)


Net increase (decrease) in net assets resulting from operations		(74,145,230	)		6,162,824			(143,297,541	)		75,933,443


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(3,446,052	)		(6,438,398	)		(17,208,535	)		(25,613,809	)


CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(42,119,704	)		(45,709,099	)		(305,356,638	)		(46,291,020	)


NET ASSETS
Total increase (decrease) in net assets		(119,710,986	)		(45,984,673	)		(465,862,714	)		4,028,614
Beginning of period		376,481,114			422,465,787			727,027,564			722,998,950


End of period	$	256,770,128		$	376,481,114		$	261,164,850		$	727,027,564

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

See notes to financial statements.


60		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares Global Tech ETF						iShares Global Utilities ETF

	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	14,614,259		$	26,880,272		$	3,098,066		$	4,609,122
Net realized gain (loss)		414,897,280			1,095,104,060			(1,451,035	)		(1,772,830	)
Net change in unrealized appreciation (depreciation)		(1,650,945,854	)		(517,913,046	)		(31,473,011	)		13,096,496


Net increase (decrease) in net assets resulting from operations		(1,221,434,315	)		604,071,286			(29,825,980	)		15,932,788


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(12,275,060	)		(32,243,037	)		(2,547,249	)		(4,448,043	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(994,212,034	)		(616,406,539	)		(2,750,486	)		17,649,357


NET ASSETS
Total increase (decrease) in net assets		(2,227,921,409	)		(44,578,290	)		(35,123,715	)		29,134,102
Beginning of period		5,001,963,077			5,046,541,367			180,401,669			151,267,567


End of period	$	2,774,041,668		$	5,001,963,077		$	145,277,954		$	180,401,669

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		61

Financial Highlights

(For a share outstanding throughout each period)


	iShares Global Comm Services ETF
	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18


Net asset value, beginning of period	$	73.93		$	80.09		$	51.81		$	56.22		$	57.19		$	59.45

Net investment income^(a)		0.42			0.74	^(b)		0.66			0.78			1.82			2.21
Net realized and unrealized gain (loss)^(c)		(21.41	)		(5.42	)		28.33			(3.85	)		(0.62	)		(2.41	)

Net increase (decrease) from investment operations		(20.99	)		(4.68	)		28.99			(3.07	)		1.20			(0.20	)

Distributions from net investment income^(d)		(0.59	)		(1.48	)		(0.71	)		(1.34	)		(2.17	)		(2.06	)


Net asset value, end of period	$	52.35		$	73.93		$	80.09		$	51.81		$	56.22		$	57.19


Total Return^(e)
Based on net asset value		(28.55	)%^(f)		(6.03	)%^(b)		56.20	%		(5.70	)%		2.37	%		(0.46	)%


Ratios to Average Net Assets^(g)
Total expenses		0.41	%^(h)		0.43	%		0.43	%		0.46	%		0.46	%		0.47	%

Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.41	%		N/A			N/A			N/A			N/A

Net investment income		1.32	%^(h)		0.89	%^(b)		0.96	%		1.34	%		3.28	%		3.71	%


Supplemental Data
Net assets, end of period (000)	$	188,445		$	240,270		$	320,380		$	225,363		$	236,105		$	400,339

Portfolio turnover rate⁽ⁱ⁾		6	%		18	%		13	%		24	%		79	%		3	%

^(a)	Based on average shares outstanding.

^(b)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2022:

•

Net investment income per share by $0.10.

•

Total return by 0.15%.

•

Ratio of net investment income to average net assets by 0.12%.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


62		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Consumer Discretionary ETF
	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18


Net asset value, beginning of period	$	156.03		$	162.55		$	95.12		$	113.27		$	111.45		$	96.61

Net investment income^(a)		0.88			1.02	^(b)		1.06			1.75			1.70			1.42
Net realized and unrealized gain (loss)^(c)		(33.96	)		(5.95	)		67.38			(18.03	)		1.87			14.79

Net increase (decrease) from investment operations		(33.08	)		(4.93	)		68.44			(16.28	)		3.57			16.21

Distributions from net investment income^(d)		(0.63	)		(1.59	)		(1.01	)		(1.87	)		(1.75	)		(1.37	)


Net asset value, end of period	$	122.32		$	156.03		$	162.55		$	95.12		$	113.27		$	111.45


Total Return^(e)
Based on net asset value		(21.24	)%^(f)		(3.13	)%^(b)		72.21	%		(14.71	)%^(g)		3.32	%		16.81	%


Ratios to Average Net Assets^(h)
Total expenses		0.41	%⁽ⁱ⁾		0.40	%		0.43	%		0.46	%		0.46	%		0.47	%

Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.40	%		N/A			N/A			N/A			N/A

Net investment income		1.27	%⁽ⁱ⁾		0.60	%^(b)		0.75	%		1.47	%		1.51	%		1.35	%


Supplemental Data
Net assets, end of period (000)	$	275,228		$	358,865		$	430,745		$	156,949		$	203,889		$	278,617

Portfolio turnover rate^(j)		8	%		12	%		34	%		17	%		30	%		6	%

^(a)	Based on average shares outstanding.

^(b)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2022:

•

Net investment income per share by $0.03.

•

Total return by 0.02%.

•

Ratio of net investment income to average net assets by 0.02%.

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

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

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

^(f)	Not annualized.

^(g)	Includes payment received from an affiliate, which had no impact on the Fund’s total return.

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

⁽ⁱ⁾	Annualized.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		63

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Consumer Staples ETF
		Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19	^(a)		Year Ended 03/31/18	^(a)


Net asset value, beginning of period	$	62.11		$	58.11		$	47.96		$	51.67		$	50.14		$	49.65

Net investment income^(b)		0.74	^(c)		1.37			1.34			1.18			1.20			1.12
Net realized and unrealized gain (loss)^(d)		(8.60	)		4.09			10.17			(3.69	)		1.70			0.52

Net increase (decrease) from investment operations		(7.86	)		5.46			11.51			(2.51	)		2.90			1.64

Distributions from net investment income^(e)		(0.60	)		(1.46	)		(1.36	)		(1.20	)		(1.37	)		(1.15	)


Net asset value, end of period	$	53.65		$	62.11		$	58.11		$	47.96		$	51.67		$	50.14


Total Return^(f)
Based on net asset value		(12.74	)%^(c)(g)		9.42	%		24.21	%		(5.10	)%		6.07	%		3.19	%


Ratios to Average Net Assets^(h)
Total expenses		0.41	%⁽ⁱ⁾		0.40	%		0.43	%		0.46	%		0.46	%		0.47	%

Total expenses excluding professional fees for foreign withholding tax claims		0.41	%⁽ⁱ⁾		N/A			N/A			N/A			N/A			N/A

Net investment income		2.50	%^(c)(i)		2.22	%		2.46	%		2.21	%		2.43	%		2.18	%


Supplemental Data
Net assets, end of period (000)	$	1,153,401		$	1,021,775		$	525,907		$	683,380		$	738,832		$	536,507

Portfolio turnover rate^(j)		5	%		8	%		7	%		7	%		7	%		5	%

^(a)	Per share amounts reflect a two-for-one stock split effective after the close of trading on May 1, 2018.

^(b)	Based on average shares outstanding.

^(c)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended September 30, 2022:

•

Net investment income per share by $0.00.

•

Total return by 0.00%.

•

Ratio of net investment income to average net assets by 0.01%.

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

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

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

^(g)	Not annualized.

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

⁽ⁱ⁾	Annualized.

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

See notes to financial statements.


64		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Energy ETF
		Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18


Net asset value, beginning of period	$	36.12		$	24.63		$	17.06		$	33.70		$	33.91		$	33.19

Net investment income^(a)		1.06	^(b)		1.22			0.94			1.13			1.11			1.14
Net realized and unrealized gain (loss)^(c)		(3.11	)		11.37			7.62			(15.61	)		(0.29	)		0.66

Net increase (decrease) from investment operations		(2.05	)		12.59			8.56			(14.48	)		0.82			1.80

Distributions from net investment income^(d)		(0.76	)		(1.10	)		(0.99	)		(2.16	)		(1.03	)		(1.08	)


Net asset value, end of period	$	33.31		$	36.12		$	24.63		$	17.06		$	33.70		$	33.91


Total Return^(e)
Based on net asset value		(6.05	)%^(b)(f)		52.61	%		51.36	%		(45.73	)%		2.56	%		5.56	%


Ratios to Average Net Assets^(g)
Total expenses		0.43	%^(h)(i)		0.40	%		0.43	%		0.46	%		0.46	%		0.47	%

Total expenses excluding professional fees for foreign withholding tax claims		0.41	%^(h)		N/A			N/A			N/A			N/A			N/A

Net investment income		5.84	%^(b)(h)		4.33	%		4.65	%		3.78	%		3.17	%		3.39	%


Supplemental Data
Net assets, end of period (000)	$	1,873,786		$	2,280,843		$	1,308,021		$	616,818		$	1,031,245		$	1,154,552

Portfolio turnover rate^(j)		5	%		6	%		5	%		7	%		6	%		4	%

^(a)	Based on average shares outstanding.

^(b)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended September 30, 2022:

•

Net investment income per share by $0.04.

•

Total return by 0.11%.

•

Ratio of net investment income to average net assets by 0.20%.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

⁽ⁱ⁾	Professional fees were not annualized in the calculation of the expense ratio. If this expense was annualized, the total expenses would have been 0.44%.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		65

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Financials ETF
		Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18


Net asset value, beginning of period	$	79.60		$	73.29		$	47.23		$	61.61		$	68.93		$	60.82

Net investment income^(a)		1.36			1.65	^(b)		1.36			1.71			1.84			1.47
Net realized and unrealized gain (loss)^(c)		(18.04	)		6.01			26.09			(14.12	)		(7.38	)		8.12

Net increase (decrease) from investment operations		(16.68	)		7.66			27.45			(12.41	)		(5.54	)		9.59

Distributions from net investment income^(d)		(1.54	)		(1.35	)		(1.39	)		(1.97	)		(1.78	)		(1.48	)


Net asset value, end of period	$	61.38		$	79.60		$	73.29		$	47.23		$	61.61		$	68.93


Total Return^(e)
Based on net asset value		(21.19	)%^(f)		10.48	%^(b)		58.99	%		(20.99	)%^(g)		(8.02	)%		15.91	%


Ratios to Average Net Assets^(h)
Total expenses		0.41	%⁽ⁱ⁾		0.40	%		0.43	%		0.46	%		0.46	%		0.47	%

Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.40	%		0.43	%		N/A			0.46	%		N/A

Net investment income		3.85	%⁽ⁱ⁾		2.07	%^(b)		2.28	%		2.66	%		2.84	%		2.19	%


Supplemental Data
Net assets, end of period (000)	$	669,087		$	1,162,145		$	472,743		$	203,073		$	341,918		$	634,120

Portfolio turnover rate^(j)		2	%		12	%		4	%		7	%		7	%		4	%

^(a)	Based on average shares outstanding.

^(b)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2022:

•

Net investment income per share by $0.01.

•

Total return by 0.02%.

•

Ratio of net investment income to average net assets by 0.01%.

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

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

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

^(f)	Not annualized.

^(g)	Includes payment received from an affiliate, which had no impact on the Fund’s total return.

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

⁽ⁱ⁾	Annualized.

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

See notes to financial statements.


66		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Healthcare ETF
		Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19	^(a)		Year Ended 03/31/18	^(a)


Net asset value, beginning of period	$	87.41		$	76.96		$	60.95		$	61.13		$	55.61		$	51.44

Net investment income^(b)		0.49			1.07			1.02			0.96			0.92			0.79
Net realized and unrealized gain (loss)^(c)		(12.00	)		10.39			15.96			(0.16	)		5.80			4.20

Net increase (decrease) from investment operations		(11.51	)		11.46			16.98			0.80			6.72			4.99

Distributions from net investment income^(d)		(0.55	)		(1.01	)		(0.97	)		(0.98	)		(1.20	)		(0.82	)


Net asset value, end of period	$	75.35		$	87.41		$	76.96		$	60.95		$	61.13		$	55.61


Total Return^(e)
Based on net asset value		(13.21	)%^(f)		14.94	%		28.03	%		1.23	%		12.29	%		9.70	%


Ratios to Average Net Assets^(g)
Total expenses		0.41	%^(h)		0.40	%		0.43	%		0.46	%		0.46	%		0.47	%

Net investment income		1.20	%^(h)		1.27	%		1.41	%		1.52	%		1.55	%		1.42	%


Supplemental Data
Net assets, end of period (000)	$	3,443,313		$	3,492,005		$	2,705,201		$	1,947,392		$	2,121,287		$	1,568,110

Portfolio turnover rate⁽ⁱ⁾		2	%		4	%		5	%		5	%		8	%		4	%

^(a)	Per share amounts reflect a two-for-one stock split effective after the close of trading on May 1, 2018.

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		67

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Industrials ETF
		Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18


Net asset value, beginning of period	$	115.84		$	115.74		$	71.50		$	88.88		$	91.22		$	80.47

Net investment income^(a)		0.94			1.53	^(b)		1.32			1.61			1.65			1.43
Net realized and unrealized gain (loss)^(c)		(25.54	)		0.32			44.27			(17.32	)		(2.27	)		10.69

Net increase (decrease) from investment operations		(24.60	)		1.85			45.59			(15.71	)		(0.62	)		12.12

Distributions from net investment income^(d)		(1.15	)		(1.75	)		(1.35	)		(1.67	)		(1.72	)		(1.37	)


Net asset value, end of period	$	90.09		$	115.84		$	115.74		$	71.50		$	88.88		$	91.22


Total Return^(e)
Based on net asset value		(21.36	)%^(f)		1.54	%^(b)		64.27	%		(18.08	)%		(0.59	)%		15.14	%


Ratios to Average Net Assets^(g)
Total expenses		0.41	%^(h)		0.41	%		0.43	%		0.46	%		0.46	%		0.47	%

Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.40	%		0.43	%		N/A			N/A			N/A

Net investment income		1.82	%^(h)		1.27	%^(b)		1.34	%		1.75	%		1.87	%		1.61	%


Supplemental Data
Net assets, end of period (000)	$	256,770		$	376,481		$	422,466		$	146,580		$	217,744		$	360,338

Portfolio turnover rate⁽ⁱ⁾		3	%		7	%		8	%		5	%		5	%		6	%

^(a)	Based on average shares outstanding.

^(b)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2022:

•

Net investment income per share by $0.05.

•

Total return by 0.05%.

•

Ratio of net investment income to average net assets by 0.04%.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


68		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Materials ETF
		Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18


Net asset value, beginning of period	$	93.81		$	86.59		$	49.67		$	64.22		$	67.34		$	59.25

Net investment income^(a)		1.52			3.16	^(b)		2.07			1.54			1.91			1.33
Net realized and unrealized gain (loss)^(c)		(25.23	)		7.23			35.84			(13.63	)		(3.44	)		7.99

Net increase (decrease) from investment operations		(23.71	)		10.39			37.91			(12.09	)		(1.53	)		9.32

Distributions from net investment income^(d)		(2.26	)		(3.17	)		(0.99	)		(2.46	)		(1.59	)		(1.23	)


Net asset value, end of period	$	67.84		$	93.81		$	86.59		$	49.67		$	64.22		$	67.34


Total Return^(e)
Based on net asset value		(25.76	)%^(f)		12.19	%^(b)		76.78	%		(19.66	)%		(2.14	)%		15.84	%


Ratios to Average Net Assets^(g)
Total expenses		0.41	%^(h)		0.40	%		0.43	%		0.45	%		0.46	%		0.47	%

Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.40	%		N/A			N/A			0.46	%		N/A

Net investment income		3.71	%^(h)		3.48	%^(b)		2.76	%		2.43	%		2.91	%		2.02	%


Supplemental Data
Net assets, end of period (000)	$	261,165		$	727,028		$	722,999		$	129,132		$	208,704		$	400,667

Portfolio turnover rate⁽ⁱ⁾		5	%		6	%		4	%		12	%		11	%		8	%

^(a)	Based on average shares outstanding.

^(b)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2022:

•

Net investment income per share by $0.01.

•

Total return by (0.01)%.

•

Ratio of net investment income to average net assets by 0.01%.

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

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		69

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Tech ETF
		Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22	^(a)		Year Ended 03/31/21	^(a)		Year Ended 03/31/20	^(a)		Year Ended 03/31/19	^(a)		Year Ended 03/31/18	^(a)


Net asset value, beginning of period	$	57.86		$	51.13		$	30.49		$	28.48		$	26.31		$	20.68

Net investment income^(b)		0.20			0.29	^(c)		0.33			0.38			0.30			0.20
Net realized and unrealized gain (loss)^(d)		(15.62	)		6.81			20.62			2.00			2.10			5.67

Net increase (decrease) from investment operations		(15.42	)		7.10			20.95			2.38			2.40			5.87

Distributions from net investment income^(e)		(0.18	)		(0.37	)		(0.31	)		(0.37	)		(0.23	)		(0.24	)


Net asset value, end of period	$	42.26		$	57.86		$	51.13		$	30.49		$	28.48		$	26.31


Total Return^(f)
Based on net asset value		(26.71	)%^(g)		13.89	%^(c)		68.97	%		8.33	%		9.19	%		28.49	%


Ratios to Average Net Assets^(h)
Total expenses		0.41	%⁽ⁱ⁾		0.40	%		0.43	%		0.46	%		0.46	%		0.47	%

Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.40	%		0.43	%		N/A			0.46	%		N/A

Net investment income		0.80	%⁽ⁱ⁾		0.50	%^(c)		0.75	%		1.21	%		1.09	%		0.82	%


Supplemental Data
Net assets, end of period (000)	$	2,774,042		$	5,001,963		$	5,046,541		$	2,752,872		$	2,819,178		$	1,538,998

Portfolio turnover rate^(j)		2	%		7	%		4	%		7	%		17	%		5	%

^(a)	Per share amounts reflect a six-for-one stock split effective after the close of trading on July 16, 2021.

^(b)	Based on average shares outstanding.

^(c)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2022:

•

Net investment income per share by $0.00.

•

Total return by 0.01%.

•

Ratio of net investment income to average net assets by 0.00%.

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

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

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

^(g)	Not annualized.

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

⁽ⁱ⁾	Annualized.

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

See notes to financial statements.


70		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Utilities ETF
		Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18


Net asset value, beginning of period	$	65.60		$	60.51		$	50.71		$	54.08		$	48.78		$	48.09

Net investment income^(a)		1.05			1.81			1.71			1.62			1.78			1.79
Net realized and unrealized gain (loss)^(b)		(10.98	)		5.08			9.68			(2.98	)		5.07			0.69

Net increase (decrease) from investment operations		(9.93	)		6.89			11.39			(1.36	)		6.85			2.48

Distributions from net investment income^(c)		(0.85	)		(1.80	)		(1.59	)		(2.01	)		(1.55	)		(1.79	)


Net asset value, end of period	$	54.82		$	65.60		$	60.51		$	50.71		$	54.08		$	48.78


Total Return^(d)
Based on net asset value		(15.29	)%^(e)		11.59	%		22.70	%		(2.84	)%		14.40	%		5.13	%


Ratios to Average Net Assets^(f)
Total expenses		0.41	%^(g)		0.42	%		0.43	%		0.46	%		0.46	%		0.47	%

Total expenses excluding professional fees for foreign withholding tax claims		N/A			N/A			N/A			N/A			0.46	%		N/A

Net investment income		3.35	%^(g)		2.91	%		3.03	%		2.87	%		3.53	%		3.58	%


Supplemental Data
Net assets, end of period (000)	$	145,278		$	180,402		$	151,268		$	152,123		$	208,222		$	131,708

Portfolio turnover rate^(h)		5	%		9	%		7	%		6	%		8	%		4	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		71

Notes to Financial Statements (unaudited)

1.	*ORGANIZATION*

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):



iShares ETF		Diversification Classification

Global Comm Services		Non-diversified
Global Consumer Discretionary		Diversified
Global Consumer Staples		Diversified
Global Energy		Non-diversified
Global Financials		Diversified
Global Healthcare		Diversified
Global Industrials		Diversified
Global Materials		Diversified
Global Tech		Non-diversified
Global Utilities		Diversified

2.	*SIGNIFICANT ACCOUNTING POLICIES*

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of September 30, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

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

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.


72		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

•

Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

•

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

•

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

•

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies


N O T E S T O F I N A N C I A L S T A T E M E N T S		73

Notes to Financial Statements (unaudited) (continued)

or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4.	*SECURITIES AND OTHER INVESTMENTS*

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:



iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount
Global Comm Services
J.P. Morgan Securities LLC	$	1,661,371	$	(1,661,371	)	$	—		$	—
Morgan Stanley		217,030		(206,288	)		—			10,742


	$	1,878,401	$	(1,867,659	)	$	—		$	10,742


Global Consumer Discretionary
BofA Securities, Inc.	$	1,539,555	$	(1,539,555	)	$	—		$	—
ING Financial Markets LLC		9,678		(9,678	)		—			—


	$	1,549,233	$	(1,549,233	)	$	—		$	—


Global Consumer Staples
Barclays Bank PLC	$	416,183	$	(416,183	)	$	—		$	—
Citigroup Global Markets, Inc.		36,036		(36,036	)		—			—
Jefferies LLC		608,134		(608,134	)		—			—
SG Americas Securities LLC		2,220,198		(2,220,198	)		—			—
UBS AG		8,190		(8,190	)		—			—
Wells Fargo Bank N.A.		43,524		(43,524	)		—			—


	$	3,332,265	$	(3,332,265	)	$	—		$	—


Global Financials
Morgan Stanley	$	231,334	$	(231,334	)	$	—		$	—
SG Americas Securities LLC		5,687		(5,687	)		—			—


	$	237,021	$	(237,021	)	$	—		$	—


Global Healthcare
Goldman Sachs & Co. LLC	$	1,401,319	$	(1,401,319	)	$	—		$	—
RBC Capital Markets LLC		123,040		(123,040	)		—			—
UBS AG		1,867,250		(1,867,250	)		—			—


	$	3,391,609	$	(3,391,609	)	$	—		$	—


74		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)



iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount
Global Industrials
BNP Paribas SA	$	3,422,014	$	(3,422,014	)	$	—		$	—
BofA Securities, Inc.		495,138		(495,138	)		—			—
Scotia Capital (USA), Inc.		226,845		(226,845	)		—			—
UBS Securities LLC		467,001		(467,001	)		—			—
Wells Fargo Bank N.A.		203,910		(203,910	)		—			—


	$	4,814,908	$	(4,814,908	)	$	—		$	—

Global Tech
BNP Paribas SA	$	1,350,733	$	(1,350,733	)	$	—		$	—
BofA Securities, Inc.		4,866,747		(4,866,747	)		—			—
Goldman Sachs & Co. LLC		2,664,750		(2,664,750	)		—			—
Morgan Stanley		640,147		(640,147	)		—			—
SG Americas Securities LLC		3,177,821		(3,177,821	)		—			—
UBS AG		13,524,255		(13,524,255	)		—			—
UBS Securities LLC		968,415		(968,415	)		—			—
Wells Fargo Bank N.A.		138,345		(138,345	)		—			—


	$	27,331,213	$	(27,331,213	)	$	—		$	—

^(a)

Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

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

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

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

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

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

6.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).


N O T E S T O F I N A N C I A L S T A T E M E N T S		75

Notes to Financial Statements (unaudited) (continued)

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds as follows:


Aggregate Average Daily Net Assets	Investment Advisory Fees

First $10 billion		0.4800	%
Over $10 billion, up to and including $20 billion		0.4300
Over $20 billion, up to and including $30 billion		0.3800
Over $30 billion, up to and including $40 billion		0.3420
Over $40 billion		0.3078

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

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

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

Pursuant to the current securities lending agreement, each of iShares Global Comm Services ETF and iShares Global Tech ETF (the “Group 1 Funds”), retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Pursuant to the current securities lending agreement, each of iShares Global Consumer Discretionary ETF, iShares Global Consumer Staples ETF, iShares Global Energy ETF, iShares Global Financials ETF, iShares Global Healthcare ETF, iShares Global Industrials ETF, iShares Global Materials ETF and iShares Global Utilities ETF (the “Group 2 Funds”), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended September 30, 2022, the Funds paid BTC the following amounts for securities lending agent services:


iShares ETF	Amounts
Global Comm Services	$	1,084
Global Consumer Discretionary		3,094
Global Consumer Staples		814
Global Energy		840
Global Financials		1,299
Global Healthcare		3,685
Global Industrials		2,623
Global Materials		68
Global Tech		6,444
Global Utilities		294

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.


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Notes to Financial Statements (unaudited) (continued)

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

For the six months ended September 30, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)

Global Comm Services	$	1,828,403	$	4,096,850	$	(2,416,237	)
Global Consumer Discretionary		4,362,783		7,889,546		(3,878,260	)
Global Consumer Staples		14,284,247		13,179,351		(2,363,204	)
Global Energy		15,708,847		17,705,081		(3,038,778	)
Global Financials		1,109,650		4,556,346		(1,515,729	)
Global Healthcare		7,664,412		12,043,753		(3,500,218	)
Global Industrials		2,282,849		4,096,463		(9,621	)
Global Materials		372,972		1,528,359		(280,521	)
Global Tech		12,513,337		5,089,476		(2,885,369	)
Global Utilities		1,676,231		2,265,245		(178,404	)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7.	*PURCHASES AND SALES*

For the six months ended September 30, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:


iShares ETF	Purchases		Sales

Global Comm Services	$	29,137,464	$	14,648,064
Global Consumer Discretionary		39,825,173		25,955,067
Global Consumer Staples		77,289,101		59,602,263
Global Energy		136,156,992		97,133,426
Global Financials		20,448,388		38,882,534
Global Healthcare		96,230,246		72,130,899
Global Industrials		10,034,098		12,663,847
Global Materials		26,675,832		39,123,260
Global Tech		60,418,294		159,385,121
Global Utilities		10,299,195		9,482,142

For the six months ended September 30, 2022, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
Global Comm Services	$	137,473,811	$	133,580,481
Global Consumer Discretionary		184,503,228		204,650,229
Global Consumer Staples		282,054,250		—
Global Energy		233,408,080		504,418,411
Global Financials		—		243,662,336
Global Healthcare		595,938,041		144,877,499
Global Industrials		14,181,739		54,520,841
Global Materials		8,779,330		301,339,204
Global Tech		115,292,684		1,008,439,758
Global Utilities		31,805,563		34,735,476

8.	*INCOME TAX INFORMATION*

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.


N O T E S T O F I N A N C I A L S T A T E M E N T S		77

Notes to Financial Statements (unaudited) (continued)

Management has analyzed tax laws and regulations and their application to the Funds as of September 30, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of March 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:


iShares ETF	Amounts
Global Comm Services	$	103,298,108
Global Consumer Discretionary		23,915,694
Global Consumer Staples		18,264,523
Global Energy		194,620,291
Global Financials		95,814,627
Global Healthcare		67,956,469
Global Industrials		24,121,065
Global Materials		89,618,604
Global Tech		46,874,482
Global Utilities		42,422,177

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of September 30, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Global Comm Services	$	272,498,148	$	1,893,332	$	(84,011,073	)	$	(82,117,741	)
Global Consumer Discretionary		370,690,730		2,619,467		(97,176,596	)		(94,557,129	)
Global Consumer Staples		1,269,858,101		36,759,901		(155,611,229	)		(118,851,328	)
Global Energy		1,958,540,620		140,734,653		(229,043,439	)		(88,308,786	)
Global Financials		899,386,802		4,359,144		(237,362,696	)		(233,003,552	)
Global Healthcare		3,144,519,548		579,730,468		(286,871,476	)		292,858,992
Global Industrials		349,275,301		4,838,430		(93,482,295	)		(88,643,865	)
Global Materials		376,451,144		6,112,041		(123,116,346	)		(117,004,305	)
Global Tech		2,844,844,530		337,185,667		(385,085,469	)		(47,899,802	)
Global Utilities		180,823,230		2,925,044		(38,531,513	)		(35,606,469	)

9.	*LINE OF CREDIT*

The iShares Global Comm Services ETF, iShares Global Consumer Discretionary ETF, iShares Global Consumer Staples ETF, iShares Global Energy ETF, iShares Global Financials ETF, iShares Global Industrials ETF, iShares Global Materials ETF, iShares Global Tech ETF and iShares Global Utilities ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 11, 2023. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the six months ended September 30, 2022, the Funds did not borrow under the Syndicated Credit Agreement.

10.

PRINCIPAL RISKS

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


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Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but could be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.


N O T E S T O F I N A N C I A L S T A T E M E N T S		79

Notes to Financial Statements (unaudited) (continued)

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

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

LIBOR Transition Risk: The United Kingdom’s Financial ConductAuthority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11.

CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:



	Six Months Ended 09/30/22						Year Ended 03/31/22

iShares ETF	Shares			Amount			Shares			Amount

Global Comm Services
Shares sold		2,600,000		$	155,399,447			2,400,000		$	180,066,363
Shares redeemed		(2,250,000	)		(136,777,375	)		(3,150,000	)		(237,607,503	)


		350,000		$	18,622,072			(750,000	)	$	(57,541,140	)

Global Consumer Discretionary
Shares sold		1,550,000		$	203,996,878			1,350,000		$	226,608,040
Shares redeemed		(1,600,000	)		(210,452,604	)		(1,700,000	)		(269,624,156	)


		(50,000	)	$	(6,455,726	)		(350,000	)	$	(43,016,116	)

Global Consumer Staples
Shares sold		5,050,000		$	297,832,944			9,150,000		$	571,394,685
Shares redeemed		—			—			(1,750,000	)		(107,384,488	)


		5,050,000		$	297,832,944			7,400,000		$	464,010,197

Global Energy
Shares sold		7,650,000		$	275,564,636			46,650,000		$	1,309,027,739
Shares redeemed		(14,550,000	)		(518,950,362	)		(36,600,000	)		(971,697,280	)


		(6,900,000	)	$	(243,385,726	)		10,050,000		$	337,330,459

Global Financials
Shares sold		—		$	4,480			42,650,000		$	3,390,727,688
Shares redeemed		(3,700,000	)		(261,210,617	)		(34,500,000	)		(2,724,056,927	)


		(3,700,000	)	$	(261,206,137	)		8,150,000		$	666,670,761

Global Healthcare
Shares sold		7,600,000		$	627,333,218			6,950,000		$	589,227,954
Shares redeemed		(1,850,000	)		(147,166,283	)		(2,150,000	)		(181,413,413	)


		5,750,000		$	480,166,935			4,800,000		$	407,814,541

Global Industrials
Shares sold		150,000		$	14,671,617			800,000		$	96,528,258
Shares redeemed		(550,000	)		(56,791,321	)		(1,200,000	)		(142,237,357	)


		(400,000	)	$	(42,119,704	)		(400,000	)	$	(45,709,099	)

Global Materials
Shares sold		100,000		$	9,205,128			3,650,000		$	336,899,964
Shares redeemed		(4,000,000	)		(314,561,766	)		(4,250,000	)		(383,190,984	)


		(3,900,000	)	$	(305,356,638	)		(600,000	)	$	(46,291,020	)


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Notes to Financial Statements (unaudited) (continued)



	Six Months Ended 09/30/22						Year Ended 03/31/22

iShares ETF	Shares			Amount			Shares			Amount

Global Tech
Shares sold		2,700,000		$	140,163,554			27,900,000	^(a)	$	1,627,576,238
Shares redeemed		(23,500,000	)		(1,134,375,588	)		(40,150,000	)^(a)		(2,243,982,777	)


		(20,800,000	)	$	(994,212,034	)		(12,250,000	)	$	(616,406,539	)

Global Utilities
Shares sold		500,000		$	32,654,322			1,050,000		$	66,190,402
Shares redeemed		(600,000	)		(35,404,808	)		(800,000	)		(48,541,045	)


		(100,000	)	$	(2,750,486	)		250,000		$	17,649,357

^(a)

Share transactions reflect a six-for-one stock split effective after the close of trading on July 16, 2021.

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

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

12.

FOREIGN WITHHOLDING TAX CLAIMS

The iShares Global Consumer Staples ETF and iShares Global Energy ETF have filed claims to recover taxes withheld by Sweden on dividend income based upon certain provisions in the Treaty on the Functioning of the European Union. The Funds have recorded a receivable for all recoverable taxes withheld by Sweden based upon determinations made by Swedish tax authorities. Professional and other fees associated with the filing of tax claims in Sweden that result in the recovery of foreign withholding taxes have been approved by the Board as appropriate expenses of the Funds. The Funds continue to evaluate developments in Sweden, for potential impacts to the receivables and associated professional fees payable. Swedish tax claims receivable and related liabilities are disclosed in the Statements of Assets and Liabilities. Collection of this receivable, and any subsequent payment of associated liabilities, depends upon determinations made by Swedish tax authorities.

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

The iShares Global Comm Services ETF, iShares Global Energy ETF, iShares Global Financials ETF, iShares Global Industrials ETF and iShares Global Utilities ETF are expected to seek a closing agreement with the Internal Revenue Service (“IRS”) to address any prior years’ U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Funds paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Funds have accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statements of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

13.

SUBSEQUENT EVENTS

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


N O T E S T O F I N A N C I A L S T A T E M E N T S		81

Board Review and Approval of Investment Advisory Contract

iShares Global Comm Services ETF, iShares Global Consumer Discretionary ETF, iShares Global Consumer Staples ETF, iShares Global Energy ETF, iShares Global Financials ETF, iShares Global Healthcare ETF, iShares Global Industrials ETF, iShares Global Materials ETF, iShares Global Tech ETF(each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.


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Board Review and Approval of Investment Advisory Contract (continued)

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.


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Board Review and Approval of Investment Advisory Contract (continued)

iShares Global Utilities ETF (the “Fund”)

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.


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Board Review and Approval of Investment Advisory Contract (continued)

and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).


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Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

September 30, 2022


	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Global Comm Services^(a)	$	0.330011	$	—	$	0.258919	$	0.588930		56	%		—	%		44	%		100	%
Global Consumer Discretionary^(a)		0.618612		—		0.009298		0.627910		99			—			1			100
Global Consumer Staples^(a)		0.591013		—		0.004162		0.595175		99			—			1			100
Global Energy^(a)		0.706877		—		0.053866		0.760743		93			—			7			100
Global Financials^(a)		1.436879		—		0.100328		1.537207		93			—			7			100
Global Healthcare^(a)		0.533060		—		0.017523		0.550583		97			—			3			100
Global Tech^(a)		0.155711		—		0.019647		0.175358		89			—			11			100
Global Utilities^(a)		0.764932		—		0.084151		0.849083		90			—			10			100

^(a)

The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.


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General Information

Electronic Delivery

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

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.


G E N E R A L I N F O R M A T I O N		87

Glossary of Terms Used in this Report

Portfolio Abbreviation



ADR		American Depositary Receipt

CPO		Certificates of Participation (Ordinary)

NVS		Non-Voting Shares


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Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by S&P Dow Jones Indices LLC, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

iS-SAR-300-0922