LOGO

  SEPTEMBER 30, 2023

 

  

2023 Semi-Annual Report

(Unaudited)

 

iShares Trust

 

·  

iShares Copper and Metals Mining ETF | ICOP | NASDAQ

 

·  

iShares Environmental Infrastructure and Industrials ETF | EFRA | NASDAQ

 

·  

iShares Global 100 ETF | IOO | NYSE Arca

 

·  

iShares Global Infrastructure ETF | IGF | NASDAQ

 

·  

iShares Global Timber & Forestry ETF | WOOD | NASDAQ

 

·  

iShares Lithium Miners and Producers ETF | ILIT | NASDAQ

 


The Markets in Review

Dear Shareholder,

The combination of continued economic growth and moderating inflation provided a supportive backdrop for investors during the 12-month reporting period ended September 30, 2023. Significantly tighter monetary policy helped to rein in inflation while the economy proved more resilient than many investors anticipated. A moderating labor market also helped ease inflationary pressure, although wages continued to grow and unemployment rates touched the lowest levels in decades. This robust labor market powered further growth in consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were substantial, as the durability of consumer sentiment and spending mitigated investors’ concerns about the economy’s trajectory. The U.S. economy resumed growth in the third quarter of 2022 and continued to expand thereafter. All major classes of equities rose, although large-capitalization U.S. stocks posted significantly higher returns than small-capitalization U.S. stocks due primarily to the performance of large technology companies. International developed market equities also advanced strongly, and emerging market equities posted solid gains.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates six times during the 12-month period. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. However, the Fed declined to raise interest rates at two of its meetings late in the period.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for two pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt.

While we favor an overweight position in developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on Japanese stocks in the near term as shareholder-friendly policies generate increased investor interest. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, euro area government bonds and gilts, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

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, 2023

 

    

 

6-Month

 

 

 

12-Month

 

 

U.S. large cap equities
(S&P 500® Index)

 

 

 

    5.18%

 

 

   21.62%

 

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

 

 

 

  (0.19)

 

 

 8.93

 

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

 

 

 

  (1.28)

 

 

25.65

 

Emerging market equities
(MSCI Emerging Markets Index)

 

 

 

  (2.05)

 

 

11.70

 

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

 

 

 

   2.50 

 

 

 4.47

 

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

 

 

 

  (6.98)

 

 

  (2.90)

 

 

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

 

 

 

  (4.05)

 

 

 0.64

 

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

 

 

 

  (4.05)

 

 

 2.66

 

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

 

 

 

   2.22 

 

 

10.28

 

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

 

 

2  

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


Table of Contents

 

      Page  

The Markets in Review

     2  

Semi-Annual Report:

  

Fund Summary

     4  

About Fund Performance

     10  

Disclosure of Expenses

     10  

Schedules of Investments

     11  

Financial Statements

  

Statements of Assets and Liabilities

     27  

Statements of Operations

     29  

Statements of Changes in Net Assets

     31  

Financial Highlights

     34  

Notes to Financial Statements

     40  

Board Review and Approval of Investment Advisory Contract

     49  

Supplemental Information

     55  

General Information

     56  

Glossary of Terms Used in this Report

     57  

 

 

      


Fund Summary  as of September 30, 2023    iShares® Copper and Metals Mining ETF

 

Investment Objective

The iShares Copper and Metals Mining ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. and non-U.S. equities of companies primarily engaged in copper and metal ore mining, as represented by the STOXX Global Copper and Metals Mining Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

   

    Cumulative Total Returns   

     Since   
Inception   

Fund NAV

  (4.72)%

Fund Market

  (4.05)   

Index

  (3.92)   

The inception date of the Fund was June 21, 2023. The first day of secondary market trading was June 23, 2023.

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

Expense Example

 

    Actual           Hypothetical 5% Return                  
 

 

 

     

 

           
    Beginning        Ending        Expenses       Beginning      Ending        Expenses               Annualized  
    Account Value        Account Value        Paid During       Account Value      Account Value        Paid During               Expense  
      (06/21/23) (a)        (09/30/23)        the Period (b)            (04/01/23)      (09/30/23)        the Period (b)                Ratio  
      $      1,000.00        $        952.80        $          1.27             $      1,000.00      $      1,022.70        $        2.38                 0.47

 

  (a) 

Commencement of operations.

 
  (b) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 101/366 for actual expenses and 183/366 for hypothetical expenses (to reflect the six month period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

INDUSTRY ALLOCATION

 

   
Industry    

Percent of

Total Investments

 

(a) 

Diversified Metals & Mining

    42.9

Copper

    42.3  

Gold

    11.8  

Steel

    3.0  

TEN LARGEST HOLDINGS

   
Security    
Percent of
Total Investments
 
(a) 

Grupo Mexico SAB de CV, Series B

    8.2

BHP Group Ltd.

    8.2  

Newcrest Mining Ltd.

    7.9  

Freeport-McMoRan Inc.

    7.6  

Antofagasta PLC

    6.1  

First Quantum Minerals Ltd.

    6.0  

KGHM Polska Miedz SA

    4.6  

Ivanhoe Mines Ltd., Class A

    4.5  

Lundin Mining Corp.

    4.5  

Southern Copper Corp.

    4.4  

 

  (a) 

Excludes money market funds.

 

 

 

4  

2 0 2 3    H A R E S     E M I - A N N U A L    E P O R T    T O     H A R E H O L D E R S


Fund Summary  as of September 30, 2023    iShares® Environmental Infrastructure and Industrials ETF

 

Investment Objective

The iShares Environmental Infrastructure and Industrials ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. and non-U.S. companies that provide infrastructure and industrials solutions aiming to support energy efficiency and emissions mitigation, pollution reduction or land and resource optimization, as represented by the FTSE Green Revenues Select Infrastructure and Industrials Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

                Cumulative Total Returns    
    

6-Month

Total Returns

        

Since    

Inception    

Fund NAV

    (5.00 )%      4.27%    

Fund Market

    (4.85     4.58       

Index

    (4.65       4.66       

The inception date of the Fund was November 01, 2022. The first day of secondary market trading was November 3, 2022.

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

Expense Example

 

    Actual           Hypothetical 5% Return                  
 

 

     

 

           
  Beginning      Ending        Expenses       Beginning      Ending        Expenses               Annualized  
  Account Value      Account Value        Paid During       Account Value      Account Value        Paid During               Expense  
    (04/01/23)      (09/30/23)        the Period (a)            (04/01/23)      (09/30/23)        the Period (a)                Ratio  
    $        1,000.00      $        950.00        $        2.29             $        1,000.00      $        1,022.70        $        2.38                 0.47

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

SECTOR ALLOCATION

 

   
Sector    

Percent of

Total Investments

 

(a) 

Industrials

    56.0

Utilities

    28.6  

Materials

    8.6  

Information Technology

    6.8  

TEN LARGEST HOLDINGS

 

   
Security    
Percent of
Total Investments

(a) 

Westinghouse Air Brake Technologies Corp.

    6.2

Veolia Environnement SA

    6.0  

Xylem Inc./NY

    6.0  

American Water Works Co. Inc.

    5.6  

Pentair PLC

    5.3  

Clean Harbors Inc.

    4.2  

Essential Utilities Inc.

    4.1  

Intertek Group PLC

    4.0  

Tetra Tech Inc.

    4.0  

United Utilities Group PLC

    3.9  

 

  (a) 

Excludes money market funds.

 

 

 

U N D    U M M A R Y

  5


Fund Summary  as of September 30, 2023    iShares® Global 100 ETF

 

Investment Objective

The iShares Global 100 ETF (the “Fund”) seeks to track the investment results of an index composed of 100 large-capitalization global equities, as represented by the S&P Global 100TM (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

    5.57      25.09      10.42     9.87        25.09      64.17      156.38

Fund Market

    5.63        25.27        10.49       9.87          25.27        64.71        156.31  

Index

    5.64        24.86        10.37       9.78                24.86        63.80        154.20  

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
(04/01/23)

 


 

      


Ending

Account Value
(09/30/23)

 


 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(04/01/23)

 

 

 

      


Ending

Account Value
(09/30/23)

 


 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

  $      1,000.00          $      1,055.70          $      2.11               $      1,000.00          $      1,023.00          $      2.07          0.41

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

SECTOR ALLOCATION

 

   
Sector    

Percent of

Total Investments

 

(a) 

Information Technology

    35.4

Health Care

    12.8  

Consumer Discretionary

    10.7  

Financials

    9.9  

Consumer Staples

    9.3  

Communication Services

    8.8  

Energy

    6.1  

Industrials

    4.4  

Materials

    1.6  

Other (each representing less than 1%)

    1.0  

GEOGRAPHIC ALLOCATION

 

Country/Geographic Region    

Percent of

Total Investments

 

(a) 

United States

    75.2

United Kingdom

    6.0  

Switzerland

    4.3  

France

    3.7  

Japan

    2.9  

Germany

    2.7  

Netherlands

    1.5  

South Korea

    1.2  

China

    1.2  

Australia

    0.7  

 

  (a) 

Excludes money market funds.

 

 

 

6  

2 0 2 3    H A R E S     E M I - A N N U A L    E P O R T    T O     H A R E H O L D E R S


Fund Summary  as of September 30, 2023    iShares® Global Infrastructure ETF

 

Investment Objective

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

Performance

 

           Average Annual Total Returns            Cumulative Total Returns  
    

6-Month

Total Returns

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

Fund NAV

    (7.85 )%       6.44      3.34     4.36        6.44      17.87      53.19

Fund Market

    (7.93      6.13        3.36       4.33          6.13        17.95        52.77  

Index

    (7.89      5.90        3.18       4.20                5.90        16.92        50.88  

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

(04/01/23)

 

 

 

      

Ending

Account Value

(09/30/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(04/01/23)

 

 

 

      

Ending

Account Value

(09/30/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

  $      1,000.00          $      921.50          $      2.07               $      1,000.00          $      1,022.80          $      2.17          0.43

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (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) 

Airport Services

    24.7

Electric Utilities

    23.8  

Oil & Gas Storage & Transportation

    20.5  

Multi-Utilities

    11.8  

Highways & Railtracks

    11.8  

Marine Ports & Services

    4.0  

Independent Power Producers & Energy Traders

    1.4  

Water Utilities

    1.3  

Other (each representing less than 1%)

    0.7  

GEOGRAPHIC ALLOCATION

 

Country/Geographic Region    

Percent of

Total Investments

 

(a) 

United States

    38.3

Australia

    8.9  

Canada

    8.8  

Spain

    8.1  

Mexico

    7.0  

France

    6.4  

China

    4.7  

Germany

    3.3  

New Zealand

    3.1  

Italy

    2.6  

 

  (a) 

Excludes money market funds.

 

 

 

U N D    U M M A R Y

  7


Fund Summary  as of September 30, 2023    iShares® Global Timber & Forestry ETF

 

Investment Objective

The iShares Global Timber & Forestry ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in or related to the timber and forestry industry, as represented by the S&P Global Timber & Forestry IndexTM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns            Cumulative Total Returns  
    

6-Month

Total Returns

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

Fund NAV

    4.92      15.10      1.54     5.90        15.10      7.95      77.44

Fund Market

    5.33        15.40        1.63       5.89          15.40        8.43        77.31  

Index

    5.39        14.82        1.38       5.77                14.82        7.08        75.20  

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

(04/01/23)

 

 

 

      

Ending

Account Value

(09/30/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(04/01/23)

 

 

 

      

Ending

Account Value

(09/30/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

  $      1,000.00          $      1,049.20          $      2.10               $      1,000.00          $      1,023.00          $      2.07          0.41

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (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) 

Paper Products

    39.0

Paper & Plastic Packaging Products & Materials

    22.5  

Timber REITs

    16.9  

Forest Products

    16.2  

Homebuilding

    3.5  

Oil & Gas Refining & Marketing

    1.9  

GEOGRAPHIC ALLOCATION

 

Country/Geographic Region    

Percent of

Total Investments

 

(a) 

United States

    30.1

Sweden

    12.7  

Brazil

    11.8  

Finland

    9.3  

Japan

    8.3  

Canada

    8.3  

Ireland

    5.9  

United Kingdom

    4.0  

Chile

    3.3  

Taiwan

    1.7  

 

  (a)

Excludes money market funds.

 

 

 

8  

2 0 2 3    H A R E S     E M I - A N N U A L    E P O R T    T O     H A R E H O L D E R S


Fund Summary  as of September 30, 2023    iShares® Lithium Miners and Producers ETF

 

Investment Objective

The iShares Lithium Miners and Producers ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. and non-U.S. equities of companies primarily engaged in lithium ore mining and/or lithium compounds manufacturing, as represented by the STOXX Global Lithium Miners and Producers Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

                                   

    Cumulative Total Returns

 

 

 
                                           

Since

Inception

 

Fund NAV

                      (26.41 )% 

Fund Market

                      (25.91

Index

                                    (26.03

The inception date of the Fund was June 21, 2023. The first day of secondary market trading was June 23, 2023.

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

(06/21/23)

 

 

(a) 

      

Ending

Account Value

(09/30/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(b) 

           

Beginning

Account Value

(04/01/23)

 

 

 

      

Ending

Account Value

(09/30/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(b) 

      

Annualized

Expense

Ratio

 

 

 

  $      1,000.00          $      735.90          $      1.13               $      1,000.00          $      1,022.70          $      2.38          0.47

 

  (a) 

Commencement of operations.

 
  (b) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 101/366 for actual expenses and 183/366 for hypothetical expenses (to reflect the six month period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

INDUSTRY ALLOCATION

 

Industry    

Percent of

Total Investments

 

(a) 

Diversified Metals & Mining

    43.3

Specialty Chemicals

    30.9  

Electrical Components & Equipment

    12.5  

Commodity Chemicals

    8.6  

Technology Hardware, Storage & Peripherals

    4.7  

TEN LARGEST HOLDINGS

 

Security    

Percent of

Total Investments

 

(a) 

Sociedad Quimica y Minera de Chile SA

    8.6

Pilbara Minerals Ltd.

    8.1  

Albemarle Corp.

    8.0  

Livent Corp.

    7.7  

Allkem Ltd.

    7.6  

Sigma Lithium Corp.

    4.9  

Liontown Resources Ltd.

    4.8  

CosmoAM&T Co. Ltd.

    4.7  

Lithium Americas Corp.

    4.6  

SK IE Technology Co. Ltd.

    4.4  

 

  (a) 

Excludes money market funds.

 

 

 

U N D    U M M A R Y

  9


About Fund Performance   

 

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

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

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

Disclosure of Expenses

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

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

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

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

 

 

10  

2 0 2 3    H A R E S     E M I - A N N U A L    E P O R T    T O     H A R E H O L D E R S


Schedule of Investments  (unaudited) 

September 30, 2023

  

iShares® Copper and Metals Mining ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Metals & Mining — 99.6%            

29Metals Ltd.

    26,030     $ 11,511  

Al Masane Al Kobra Mining Co.

    2,751       38,240  

Anglo American PLC

    5,735       157,481  

Antofagasta PLC

    16,564       287,547  

Baiyin Nonferrous Group Co. Ltd.

    29,900       11,667  

BHP Group Ltd.

    13,853       389,142  

Capstone Mining Corp.(a)

    29,337       124,411  

Chengtun Mining Group Co. Ltd., Class A(a)

    1,600       1,028  

China Nonferrous Mining Corp Ltd.

    79,000       50,503  

CMOC Group Ltd., Class A

    7,900       6,432  

ERO Copper Corp.(a)

    5,415       93,370  

Evolution Mining Ltd.

    14,136       29,510  

Filo Corp., NVS(a)

    5,888       87,957  

First Quantum Minerals Ltd.

    11,970       282,803  

Freeport-McMoRan Inc.

    9,711       362,123  

Glencore PLC

    27,431       156,206  

Grupo Mexico SAB de CV, Series B

    82,276       389,439  

Hudbay Minerals Inc.

    23,718       115,425  

Ivanhoe Mines Ltd., Class A(a)

    25,178       215,772  

Jiangxi Copper Co. Ltd., Class A

    8,400       22,216  

Jinchuan Group International Resources Co. Ltd.

    182,000       9,962  

KGHM Polska Miedz SA

    8,600       219,089  

Lundin Mining Corp.

    28,855       215,204  

MMG Ltd.(a)

    192,000       58,457  

Newcrest Mining Ltd.

    23,741       374,076  

Newmont Corp.

    3,779       139,634  

Nittetsu Mining Co. Ltd.

    900       30,127  

Rio Tinto PLC, ADR(b)

    3,082         196,138  

Sandfire Resources Ltd.(a)

    31,247       121,743  
Security   Shares     Value  
Metals & Mining (continued)            

Southern Copper Corp.

    2,776     $ 209,005  

Teck Resources Ltd., Class B

    3,496       150,470  

Vale SA

    10,618       142,755  

WA1 Resources Ltd., NVS

    2,530       8,341  

Western Mining Co. Ltd., Class A

    9,600       16,953  

Yunnan Copper Co. Ltd.

    8,100       13,090  

Zijin Mining Group Co. Ltd., Class A

    9,200       15,318  
   

 

 

 
      4,753,145  
   

 

 

 

Total Long-Term Investments — 99.6%
(Cost: $5,031,390)

      4,753,145  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 4.1%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(c)(d)(e)

    195,222       195,281  
   

 

 

 

Total Short-Term Securities — 4.1%
(Cost: $195,300)

      195,281  
   

 

 

 

Total Investments — 103.7%
(Cost: $5,226,690)

      4,948,426  

Liabilities in Excess of Other Assets — (3.7)%

      (176,536
   

 

 

 

Net Assets — 100.0%

    $   4,771,890  
   

 

 

 

 

(a) 

Non-income producing security.

(b) 

All or a portion of this security is on loan.

(c) 

Affiliate of the Fund.

(d) 

Annualized 7-day yield as of period end.

(e) 

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

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    

Value at

06/21/23

 

(a) 

   

Purchases

at Cost

 

 

   

Proceeds

from Sale

 

 

   

Net Realized

Gain (Loss)

 

 

   

Change in

Unrealized

Appreciation

(Depreciation)

 

 

 

 

   

Value at

09/30/23

 

 

   

Shares

Held at

09/30/23

 

 

 

    Income      

Capital

Gain

Distributions

from

Underlying

Funds

 

 

 

 

 

 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $     $ 195,300 (b)    $     $     $ (19   $ 195,281       195,222     $ 9 (c)    $  

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

          0 (b)                                    19        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $     $ (19   $ 195,281       $ 28     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (a) 

Commencement of operations.

 
  (b) 

Represents net amount purchased (sold).

 
  (c)

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

 
  (d) 

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

 

 

 

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

  11


Schedule of Investments  (unaudited) (continued)

September 30, 2023

  

iShares® Copper and Metals Mining 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

                 

Micro E-Mini Russell 2000 Index

     2          12/15/23        $ 18        $ (670
                 

 

 

 

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)

   $        $        $ 670        $        $        $        $ 670  
  

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

 

  (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, 2023, 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

   $        $        $ (2,391      $        $        $        $ (2,391
  

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                                

Futures contracts

   $        $        $ (670      $        $        $        $ (670
  

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

   

Futures contracts:

  

Average notional value of contracts — long

   $ 8,993  

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  

Assets

                 

Investments

                 

Long-Term Investments

                 

Common Stocks

   $ 2,724,506        $ 2,028,639        $        $ 4,753,145  

Short-Term Securities

                 

Money Market Funds

     195,281                            195,281  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 2,919,787        $ 2,028,639        $        $ 4,948,426  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative Financial Instruments(a)

                 

Liabilities

                 

Equity Contracts

   $ (670      $        $        $ (670
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

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

 

See notes to financial statements.

 

 

12  

2 0 2 3    H A R E S     E M I - A N N U A L    E P O R T    T O     H A R E H O L D E R S


Schedule of Investments  (unaudited) 

September 30, 2023

  

iShares® Environmental Infrastructure and Industrials ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Building Products — 6.9%            

Advanced Drainage Systems Inc.(a)

    1,399     $ 159,248  

China Lesso Group Holdings Ltd.

    20,000       10,615  

Reliance Worldwide Corp. Ltd.

    16,120       40,060  

TOTO Ltd.

    3,000       77,415  
   

 

 

 
      287,338  
Chemicals — 2.4%            

Umicore SA

    4,190       99,205  
   

 

 

 
Commercial Services & Supplies — 11.0%            

Befesa SA(b)

    818       24,933  

Beijing GeoEnviron Engineering & Technology Inc.

    2,400       3,099  

Clean Harbors Inc.(c)

    1,039       173,887  

Stericycle Inc.(c)

    1,890       84,502  

Sunny Friend Environmental Technology Co. Ltd.

    1,124       3,954  

Tetra Tech Inc.

    1,088       165,409  
   

 

 

 
      455,784  
Construction & Engineering — 4.5%            

Stantec Inc.

    2,289       148,521  

Sweco AB, Class B

    4,132       38,536  
   

 

 

 
      187,057  
Containers & Packaging — 2.2%            

DS Smith PLC

    26,288       91,685  
   

 

 

 
Electronic Equipment, Instruments & Components — 6.8%  

Badger Meter Inc.

    599       86,178  

Landis+Gyr Group AG

    440       31,756  

Riken Keiki Co. Ltd.

    400       16,115  

Shimadzu Corp.

    5,500       145,889  
   

 

 

 
      279,938  
Machinery — 27.4%            

Construcciones y Auxiliar de Ferrocarriles SA

    535       16,696  

Dawonsys Co. Ltd.(c)

    576       7,087  

Franklin Electric Co. Inc.

    947       84,501  

Lindsay Corp.

    224       26,360  

METAWATER Co. Ltd.

    400       4,986  

Mueller Water Products Inc., Class A

    3,144       39,866  

NGK Insulators Ltd.

    5,200       68,919  

Organo Corp.

    500       14,021  

Pentair PLC

    3,366       217,949  

TOMRA Systems ASA

    4,784       54,365  

Torishima Pump Manufacturing Co. Ltd.

    400       5,083  

Watts Water Technologies Inc., Class A

    560       96,779  

Westinghouse Air Brake Technologies Corp.

    2,399       254,942  

Xylem Inc./NY

    2,701       245,872  
   

 

 

 
      1,137,426  
Metals & Mining — 3.9%            

Asahi Holdings Inc.

    1,500       19,022  

Dowa Holdings Co. Ltd.

    900       27,967  

Sibanye Stillwater Ltd.

    57,520       88,304  

Sims Ltd.

    3,244       27,905  
   

 

 

 
      163,198  
Multi-Utilities — 7.0%            

Qatar Electricity & Water Co. QSC

    9,320       44,787  
Security   Shares     Value  

Multi-Utilities (continued)

   

Veolia Environnement SA

    8,526     $ 246,454  
   

 

 

 
      291,241  
Professional Services — 5.6%            

Arcadis NV

    1,476       66,225  

Intertek Group PLC

    3,316       165,830  
   

 

 

 
      232,055  
Water Utilities — 21.5%            

Aguas Andinas SA, Class A

    56,191       16,944  

American States Water Co.

    752       59,167  

American Water Works Co. Inc.

    1,877       232,429  

Beijing Enterprises Water Group Ltd.

    80,000       17,413  

California Water Service Group

    1,177       55,684  

Cia. de Saneamento Basico do Estado de Sao Paulo

    7,042       85,501  

Cia. de Saneamento de Minas Gerais-COPASA

    3,856       13,279  

Essential Utilities Inc.

    4,983       171,066  

Penno Group PLC

    5,332       38,067  

SJW Group

    650       39,072  

United Utilities Group PLC

    14,033       162,151  
   

 

 

 
      890,773  
   

 

 

 

Total Common Stocks — 99.2%
(Cost: $3,983,849)

      4,115,700  
   

 

 

 

Preferred Stocks

   
Machinery — 0.3%            

Marcopolo SA, Preference Shares, NVS

    11,986       13,878  
   

 

 

 

Total Preferred Stocks — 0.3%
(Cost: $15,442)

      13,878  
   

 

 

 

Total Long-Term Investments — 99.5%
(Cost: $3,999,291)

      4,129,578  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 3.6%            

BlackRock Cash Funds: Institutional,
SL Agency Shares, 5.54%(d)(e)(f)

    146,782       146,826  
   

 

 

 

Total Short-Term Securities — 3.6%
(Cost: $146,826)

      146,826  
   

 

 

 

Total Investments — 103.1%
(Cost: $4,146,117)

      4,276,404  

Liabilities in Excess of Other Assets — (3.1)%

      (127,217
   

 

 

 

Net Assets — 100.0%

    $   4,149,187  
   

 

 

 

 

(a) 

All or a portion of this security is on loan.

(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) 

Non-income producing security.

(d) 

Affiliate of the Fund.

(e) 

Annualized 7-day yield as of period end.

(f) 

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

 

 

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

  13


Schedule of Investments  (unaudited) (continued)

September 30, 2023

  

iShares® Environmental Infrastructure and Industrials ETF

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer  

Value at

03/31/23

   

Purchases

at Cost

   

Proceeds

from Sale

   

Net Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation

(Depreciation)

   

Value at

09/30/23

   

Shares

Held at

09/30/23

   

Income

   

Capital

Gain

Distributions

from

Underlying

Funds

 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $     $ 146,824 (a)    $     $ 2     $     $ 146,826       146,782     $ 44 (b)    $  

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

          0 (a)                                    27        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ 2     $     $ 146,826       $ 71     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (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.

 
  (c)

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

 

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

           

Micro E-Mini Russell 2000 Index

     2        12/15/23      $ 18      $ (448
           

 

 

 

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)

   $      $      $ 448      $      $      $      $ 448  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (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, 2023, 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

   $      $      $ 1,213      $      $      $      $ 1,213  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                    

Futures contracts

   $      $      $ (793    $      $      $      $ (793
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

   

Futures contracts:

  

Average notional value of contracts — long

   $ 13,753  

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

 

 

14  

2 0 2 3    H A R E S     E M I - A N N U A L    E P O R T    T O     H A R E H O L D E R S


Schedule of Investments  (unaudited) (continued)

September 30, 2023

  

iShares® Environmental Infrastructure and Industrials ETF

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

      Level 1        Level 2        Level 3        Total  

Assets

                 

Investments

                 

Long-Term Investments

                 

Common Stocks

   $ 2,440,212        $ 1,675,488        $        $ 4,115,700  

Preferred Stocks

     13,878                            13,878  

Short-Term Securities

                 

Money Market Funds

     146,826                            146,826  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 2,600,916        $ 1,675,488        $        $ 4,276,404  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative Financial Instruments(a)

                 

Liabilities

                 

Equity Contracts

   $ (448      $        $             —        $ (448
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

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

 

See notes to financial statements.

 

 

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

  15


Schedule of Investments  (unaudited)

September 30, 2023

  

iShares® Global 100 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares      Value  

Common Stocks

 

Australia — 0.7%  

BHP Group Ltd.

    1,020,878      $ 28,677,287  
    

 

 

 
China — 1.2%             

Tencent Holdings Ltd.

    1,251,700        48,520,813  
    

 

 

 
France — 3.7%             

AXA SA

    351,496        10,428,486  

Cie. de Saint-Gobain

    103,094        6,170,215  

Engie SA

    351,710        5,393,880  

L’Oreal SA

    46,465        19,255,656  

LVMH Moet Hennessy Louis Vuitton SE

    52,605        39,707,854  

Sanofi

    224,248        24,078,685  

Schneider Electric SE

    108,620        17,899,715  

TotalEnergies SE

    468,208        30,784,357  
    

 

 

 
       153,718,848  
Germany — 2.7%             

Allianz SE, Registered

    81,302        19,347,934  

BASF SE

    181,131        8,198,885  

Bayer AG, Registered

    197,064        9,463,878  

Deutsche Bank AG, Registered

    409,249        4,497,757  

Deutsche Telekom AG, Registered

    704,742        14,783,227  

E.ON SE

    450,353        5,325,878  

Mercedes-Benz Group AG

    162,370        11,300,420  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered

    27,621        10,757,068  

RWE AG

    135,780        5,040,125  

Siemens AG, Registered

    151,535        21,655,660  
    

 

 

 
       110,370,832  
Japan — 2.9%             

Bridgestone Corp.

    117,400        4,574,836  

Canon Inc.

    202,450        4,876,744  

Honda Motor Co. Ltd.

    1,001,200        11,263,191  

Mitsubishi UFJ Financial Group Inc.

    2,544,500        21,562,489  

Panasonic Holdings Corp.

    491,900        5,552,453  

Seven & i Holdings Co. Ltd.

    159,620        6,249,152  

Sony Group Corp.

    252,700        20,664,682  

Toyota Motor Corp.

    2,486,100        44,601,442  
    

 

 

 
       119,344,989  
Netherlands — 1.5%             

ASML Holding NV

    81,233        47,825,929  

ING Groep NV

    733,283        9,664,719  

Koninklijke Philips NV(a)(b)

    186,273        3,716,565  
    

 

 

 
       61,207,213  
South Korea — 1.3%             

Samsung Electronics Co. Ltd.

    1,031,877        52,165,622  
    

 

 

 
Spain — 0.6%             

Banco Bilbao Vizcaya Argentaria SA

    1,209,695        9,789,975  

Banco Santander SA

    3,273,277        12,464,864  

Telefonica SA

    1,153,490        4,712,400  
    

 

 

 
       26,967,239  
Switzerland — 4.3%             

ABB Ltd., Registered

    327,437        11,687,268  

Nestle SA, Registered

    538,061        60,906,351  

Novartis AG, Registered

    417,657        42,654,738  

Roche Holding AG, Bearer

    5,680        1,668,709  

Roche Holding AG, NVS

    141,581        38,651,759  

Swiss Re AG

    57,953        5,951,793  
Security   Shares      Value  
Switzerland (continued)             

UBS Group AG, Registered

    614,976      $ 15,148,206  
    

 

 

 
       176,668,824  
United Kingdom — 5.9%             

Anglo American PLC

    268,306        7,367,574  

AstraZeneca PLC

    312,332        42,128,718  

Barclays PLC

    2,944,778        5,675,849  

BP PLC

    3,450,568        22,242,135  

Diageo PLC

    451,582        16,648,967  

GSK PLC

    827,187        14,966,950  

HSBC Holdings PLC

    4,034,798        31,573,839  

National Grid PLC

    750,019        8,969,737  

Prudential PLC

    552,272        5,936,553  

Rio Tinto PLC

    225,760        14,176,022  

Shell PLC

    1,349,707        42,777,905  

Standard Chartered PLC

    463,097        4,259,348  

Unilever PLC

    507,151        25,087,132  

Vodafone Group PLC

    4,566,547        4,280,677  
    

 

 

 
       246,091,406  
United States — 74.9%             

3M Co.

    111,705        10,457,822  

Abbott Laboratories

    349,714        33,869,801  

Alphabet Inc., Class A(a)

    1,195,641        156,461,582  

Alphabet Inc., Class C, NVS(a)

    1,017,063        134,099,757  

Amazon.com Inc.(a)

    1,829,754        232,598,328  

American Tower Corp.

    94,064        15,468,825  

Aon PLC, Class A

    40,990        13,289,778  

Apple Inc.

    2,961,629        507,060,501  

Bristol-Myers Squibb Co.

    421,002        24,434,956  

Broadcom Inc.

    83,160        69,071,033  

Caterpillar Inc.

    102,796        28,063,308  

Chevron Corp.

    357,555        60,290,924  

Citigroup Inc.

    388,617        15,983,817  

Coca-Cola Co.(The)

    784,309        43,905,618  

Colgate-Palmolive Co.

    167,195        11,889,236  

DuPont de Nemours Inc.

    92,080        6,868,247  

Eli Lilly & Co.

    160,696        86,314,642  

Emerson Electric Co.

    114,635        11,070,302  

Exxon Mobil Corp.

    806,737        94,856,136  

Ford Motor Co.

    796,603        9,893,809  

General Electric Co.

    219,324        24,246,268  

Goldman Sachs Group Inc. (The)

    66,429        21,494,432  

Honeywell International Inc.

    133,801        24,718,397  

HP Inc.

    174,033        4,472,648  

Intel Corp.

    843,981        30,003,525  

International Business Machines Corp.

    183,586        25,757,116  

Johnson & Johnson

    485,272        75,581,114  

Johnson Controls International PLC

    136,460        7,261,037  

JPMorgan Chase & Co.

    585,637        84,929,078  

Kimberly-Clark Corp.

    67,827        8,196,893  

Marsh & McLennan Companies Inc.

    99,592        18,952,358  

Mastercard Inc., Class A

    167,668        66,381,438  

McDonald’s Corp.

    146,854        38,687,218  

Merck & Co. Inc.

    511,370        52,645,542  

Microsoft Corp.

    1,497,268        472,762,371  

Morgan Stanley

    257,114        20,998,500  

Nike Inc., Class B

    246,879        23,606,570  

Nvidia Corp.

    497,764        216,522,362  

PepsiCo Inc.

    277,411        47,004,520  

Pfizer Inc.

    1,137,797        37,740,727  

Philip Morris International Inc.

    312,828        28,961,616  

 

 

16  

2 0 2 3    H A R E S     E M I - A N N U A L    E P O R T    T O     H A R E H O L D E R S


Schedule of Investments  (unaudited) (continued)

September 30, 2023

  

iShares® Global 100 ETF

(Percentages shown are based on Net Assets)

 

Security

 

Shares

   

    

Value

 
United States (continued)            

Procter & Gamble Co.(The)

    475,054     $ 69,291,376  

Raytheon Technologies Corp.

    293,318       21,110,096  

Texas Instruments Inc.

    182,968       29,093,742  

Thermo Fisher Scientific Inc.

    77,770       39,364,841  

Walmart Inc.

    287,612       45,997,787  
   

 

 

 
      3,101,729,994  
   

 

 

 

Total Long-Term Investments — 99.7%
(Cost: $3,052,785,551)

 

    4,125,463,067  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 0.3%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(c)(d)(e)

    3,647,608       3,648,702  

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(c)(d)

    7,180,000       7,180,000  
   

 

 

 

Total Short-Term Securities — 0.3%
(Cost: $10,828,702)

 

    10,828,702  
   

 

 

 

Total Investments — 100.0%
(Cost: $3,063,614,253)

      4,136,291,769  

Other Assets Less Liabilities — 0.0%

      1,881,744  
   

 

 

 

Net Assets — 100.0%

    $ 4,138,173,513  
   

 

 

 
(a) 

Non-income producing security.

(b) 

All or a portion of this security is on loan.

(c) 

Affiliate of the Fund.

(d) 

Annualized 7-day yield as of period end.

(e) 

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

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer   Value at
03/31/23
    Purchases
at Cost
    Proceeds
from Sale
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
09/30/23
    Shares
Held at
09/30/23
    Income    

Capital

Gain
Distributions
from
Underlying
Funds

 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 607,245     $ 3,039,160 (a)    $     $ 2,234     $ 63     $ 3,648,702       3,647,608     $ 3,366 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    3,900,000       3,280,000 (a)                        7,180,000       7,180,000       167,704        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ 2,234     $ 63     $ 10,828,702       $ 171,070     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (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

                 

Euro Stoxx 50 Index

     27          12/15/23        $ 1,196        $ (31,391

FTSE 100 Index

     7          12/15/23          653          (9,824

S&P 500 E-Mini Index

     45          12/15/23          9,732          (318,948
                 

 

 

 
                  $ (360,163
                 

 

 

 

 

 

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

  17


Schedule of Investments  (unaudited) (continued)

September 30, 2023

  

iShares® Global 100 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)

   $      $      $ 360,163      $      $      $      $ 360,163  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (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, 2023, 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

   $      $      $ 1,068,337      $      $      $      $ 1,068,337  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                    

Futures contracts

   $      $      $ (850,871    $      $      $      $ (850,871
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

   

Futures contracts:

  

Average notional value of contracts — long

   $ 11,369,938  

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  

Assets

                 

Investments

                 

Long-Term Investments

                 

Common Stocks

   $ 3,101,729,994        $ 1,023,733,073        $        $ 4,125,463,067  

Short-Term Securities

                 

Money Market Funds

     10,828,702                            10,828,702  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 3,112,558,696        $ 1,023,733,073        $        $ 4,136,291,769  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative Financial Instruments(a)

                 

Liabilities

                 

Equity Contracts

   $ (318,948      $ (41,215      $           —        $ (360,163
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

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

 

See notes to financial statements.

 

 

18  

2 0 2 3    H A R E S     E M I - A N N U A L    E P O R T    T O     H A R E H O L D E R S


Schedule of Investments  (unaudited)

September 30, 2023

  

iShares® Global Infrastructure ETF

(Percentages shown are based on Net Assets)

 

Security   Shares      Value  

Common Stocks

 

Argentina — 0.2%  

Corp. America Airports SA(a)

    498,307      $ 6,647,416  
    

 

 

 
Australia — 8.9%             

Atlas Arteria Ltd.

    19,372,720        68,594,728  

Dalrymple Bay Infrastructure Ltd.(b)

    4,328,345        7,785,069  

Qube Holdings Ltd.

    30,228,086        55,522,171  

Transurban Group

    20,949,707        170,230,117  
    

 

 

 
       302,132,085  
Brazil — 0.8%             

Centrais Eletricas Brasileiras SA, ADR

    1,576,932        11,527,373  

Cia. de Saneamento Basico do Estado de Sao Paulo, ADR(b)

    521,316        6,318,350  

Cia. Paranaense de Energia, ADR

    564,608        4,951,612  

Ultrapar Participacoes SA, ADR

    1,624,757        5,962,858  
    

 

 

 
       28,760,193  
Canada — 8.7%             

Enbridge Inc.

    4,734,152        157,020,834  

Keyera Corp.

    513,622        12,059,198  

Pembina Pipeline Corp.

    1,230,966        37,012,812  

TC Energy Corp.

    2,307,456        79,353,042  

Westshore Terminals Investment Corp.

    588,609        10,916,297  
    

 

 

 
       296,362,183  
China — 4.7%             

Anhui Expressway Co. Ltd., Class H

    5,150,000        5,386,128  

Beijing Capital International Airport Co. Ltd., Class H(a)

    29,604,000        13,690,941  

CGN Power Co. Ltd., Class H(c)

    16,179,000        4,188,429  

China Gas Holdings Ltd.

    4,481,600        4,224,426  

China Longyuan Power Group Corp. Ltd., Class H

    5,096,000        4,419,629  

China Merchants Port Holdings Co. Ltd.

    21,928,000        27,257,302  

China Resources Gas Group Ltd.

    1,412,100        4,129,067  

China Resources Power Holdings Co. Ltd.

    2,720,000        5,175,244  

COSCO SHIPPING International Hong Kong Co. Ltd.

    7,282,000        3,143,062  

COSCO SHIPPING Ports Ltd.

    25,170,000        16,397,089  

Jiangsu Expressway Co. Ltd., Class H

    20,922,000        18,871,321  

Kunlun Energy Co. Ltd.

    6,080,000        5,232,170  

Shenzhen Expressway Co. Ltd., Class H

    10,498,000        8,563,595  

Shenzhen International Holdings Ltd.

    22,811,500        14,037,729  

Yuexiu Transport Infrastructure Ltd.

    16,042,000        8,479,916  

Zhejiang Expressway Co. Ltd., Class H

    20,132,000        14,980,119  
    

 

 

 
       158,176,167  
France — 6.3%             

Aeroports de Paris

    677,646        79,915,563  

Engie SA

    2,674,659        41,018,993  

Getlink SE

    5,555,115        88,559,087  

Scorpio Tankers Inc.

    107,488        5,817,250  
    

 

 

 
       215,310,893  
Germany — 3.3%             

E.ON SE

    3,424,728        40,552,893  

Fraport AG Frankfurt Airport Services Worldwide(a)

    617,362        32,638,090  

RWE AG

    1,032,543        38,327,779  
    

 

 

 
       111,518,762  
Italy — 2.6%             

Enav SpA(c)

    4,358,835        16,120,063  

Enel SpA

    11,786,336        72,282,557  
    

 

 

 
       88,402,620  
Security   Shares      Value  
Japan — 2.2%             

Iwatani Corp.

    119,600      $ 6,030,420  

Japan Airport Terminal Co. Ltd.

    1,594,600        67,554,200  
    

 

 

 
       73,584,620  
Mexico — 7.0%             

Grupo Aeroportuario del Centro Norte SAB de CV, ADR

    589,919        51,269,860  

Grupo Aeroportuario del Pacifico SAB de CV, ADR

    670,919        110,278,956  

Grupo Aeroportuario del Sureste SAB de CV, ADR

    313,028        76,914,110  
    

 

 

 
       238,462,926  
New Zealand — 3.1%             

Auckland International Airport Ltd.

    22,439,762        106,383,748  
    

 

 

 
Singapore — 1.6%             

Hutchison Port Holdings Trust, Class U(b)

    84,400,500        14,497,389  

SATS Ltd.(a)(b)

    16,672,066        31,643,350  

SIA Engineering Co. Ltd.

    4,327,912        7,556,300  
    

 

 

 
       53,697,039  
South Korea — 0.0%             

Sebang Co. Ltd.

    150,454        1,228,676  
    

 

 

 
Spain — 8.0%             

Aena SME SA(c)

    1,160,266        174,593,999  

Iberdrola SA

    8,814,957        98,590,427  
    

 

 

 
       273,184,426  
Switzerland — 1.8%             

Flughafen Zurich AG, Registered

    325,864        62,043,244  
    

 

 

 
United Kingdom — 2.0%             

National Grid PLC

    5,643,282        67,489,964  
    

 

 

 
United States — 38.1%             

American Electric Power Co. Inc.

    785,854        59,111,937  

American Water Works Co. Inc.

    296,950        36,771,319  

Antero Midstream Corp.

    763,354        9,144,981  

Cheniere Energy Inc.

    539,330        89,507,207  

Consolidated Edison Inc.

    526,151        45,001,695  

Constellation Energy Corp.

    490,562        53,510,503  

Dominion Energy Inc.

    1,276,420        57,017,681  

DTE Midstream LLC(a)

    217,197        11,494,065  

Duke Energy Corp.

    1,175,646        103,762,516  

Edison International

    584,675        37,004,081  

Equitrans Midstream Corp.

    974,817        9,134,035  

Exelon Corp.

    1,518,118        57,369,679  

Kinder Morgan Inc.

    4,344,941        72,039,122  

NextEra Energy Inc.

    2,653,699        152,030,416  

ONEOK Inc.

    1,003,412        63,646,423  

Public Service Enterprise Group Inc.

    761,351        43,328,485  

Sempra Energy

    959,953        65,305,603  

Southern Co.(The)

    1,663,530        107,663,662  

Targa Resources Corp.

    501,428        42,982,408  

WEC Energy Group Inc.

    481,170        38,758,243  

Williams Companies Inc. (The)

    2,726,472        91,854,842  

Xcel Energy Inc.

    841,315        48,140,044  
    

 

 

 
       1,294,578,947  
    

 

 

 

Total Common Stocks — 99.3%
(Cost: $3,505,431,866)

       3,377,963,909  
    

 

 

 

 

 

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

  19


Schedule of Investments  (unaudited) (continued)

September 30, 2023

  

iShares® Global Infrastructure ETF

(Percentages shown are based on Net Assets)

 

    

Security

  Shares     Value  

Preferred Stocks

   
Brazil — 0.2%            

Cia. Energetica de Minas Gerais, Preference Shares, ADR

    2,235,523     $ 5,409,966  
   

 

 

 

Total Preferred Stocks — 0.2%
(Cost: $4,123,185)

      5,409,966  
   

 

 

 

Total Long-Term Investments — 99.5%
(Cost: $3,509,555,051)

 

    3,383,373,875  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 0.1%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(d)(e)(f)

    1,069,105       1,069,426  

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(d)(e)

    2,690,000       2,690,000  
   

 

 

 

Total Short-Term Securities — 0.1%
(Cost: $3,758,036)

 

    3,759,426  
   

 

 

 

Total Investments — 99.6%
(Cost: $3,513,313,087)

      3,387,133,301  

Other Assets Less Liabilities — 0.4%

 

    12,840,010  
   

 

 

 

Net Assets — 100.0%

 

  $   3,399,973,311  
   

 

 

 
(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

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer   Value at
03/31/23
    Purchases
at Cost
    Proceeds
from Sale
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
09/30/23
    Shares
Held at
09/30/23
    Income    

Capital

Gain
Distributions
from
Underlying
Funds

 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 8,023,535     $     $ (6,947,927 )(a)    $ (4,649   $ (1,533   $ 1,069,426       1,069,105     $ 119,402 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    16,620,000             (13,930,000 )(a)                  2,690,000       2,690,000       119,354        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ (4,649   $ (1,533   $ 3,759,426       $ 238,756     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (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

           

IBEX 35 Index

     35        10/20/23      $ 3,483      $ (14,348

S&P/TSE 60 Index

     29        12/14/23        5,023        (124,813

Dow Jones U.S. Real Estate Index

     82        12/15/23        2,494        (79,950

SPI 200 Index

     35        12/21/23        3,960        (78,754
           

 

 

 
            $ (297,865
           

 

 

 

 

 

20  

2 0 2 3    H A R E S     E M I - A N N U A L    E P O R T    T O     H A R E H O L D E R S


Schedule of Investments  (unaudited) (continued)

September 30, 2023

  

iShares® Global Infrastructure 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)

   $      $      $ 297,865      $      $      $      $ 297,865  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (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, 2023, 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

   $      $      $ 1,139,463      $      $      $      $ 1,139,463  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                    

Futures contracts

   $      $      $ (1,320,144    $      $      $      $ (1,320,144
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

   

Futures contracts:

  

Average notional value of contracts — long

   $ 21,225,527  

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  

Assets

                 

Investments

                 

Long-Term Investments

                 

Common Stocks

   $ 1,977,012,663        $ 1,400,951,246        $        $ 3,377,963,909  

Preferred Stocks

     5,409,966                            5,409,966  

Short-Term Securities

                 

Money Market Funds

     3,759,426                            3,759,426  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 1,986,182,055        $ 1,400,951,246        $        $ 3,387,133,301  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative Financial Instruments(a)

                 

Liabilities

                 

Equity Contracts

   $ (204,763      $ (93,102      $             —        $ (297,865
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a)

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

 

See notes to financial statements.

 

 

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

  21


Schedule of Investments  (unaudited)

September 30, 2023

  

iShares® Global Timber & Forestry ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Brazil — 11.7%            

Dexco SA

    518,033     $ 793,557  

Klabin SA

    1,726,030       8,175,940  

Suzano SA

    1,339,193       14,461,489  
   

 

 

 
      23,430,986  
Canada — 8.3%            

Canfor Corp.(a)

    158,397       1,967,353  

Interfor Corp.(a)

    144,346       2,141,411  

Stella-Jones Inc.

    70,580       3,394,284  

West Fraser Timber Co. Ltd.

    124,007       9,003,004  
   

 

 

 
      16,506,052  
Chile — 3.3%            

Empresas CMPC SA

    1,577,496       2,904,340  

Empresas COPEC SA

    521,950       3,700,315  
   

 

 

 
      6,604,655  
China — 1.4%            

Nine Dragons Paper Holdings Ltd.

    3,555,000       1,994,005  

Shandong Sun Paper Industry JSC Ltd., Class A

    481,700       810,306  
   

 

 

 
      2,804,311  
Finland — 9.2%            

Stora Enso OYJ, Class R

    829,498       10,396,404  

UPM-Kymmene OYJ

    232,811       7,971,648  
   

 

 

 
      18,368,052  
Ireland — 5.8%            

Smurfit Kappa Group PLC

    349,649       11,615,258  
   

 

 

 
Japan — 8.3%            

Daio Paper Corp.

    166,100       1,359,138  

Nippon Paper Industries Co. Ltd.(a)

    244,700       2,205,576  

Oji Holdings Corp.

    1,423,100       5,987,295  

Sumitomo Forestry Co. Ltd.

    274,500       6,962,277  
   

 

 

 
      16,514,286  
Portugal — 0.9%            

Altri SGPS SA

    172,669       780,959  

Navigator Co. SA(The)

    299,319       1,127,929  
   

 

 

 
      1,908,888  
Saudi Arabia — 0.2%            

Middle East Paper Co.

    46,919       406,582  
   

 

 

 
South Africa — 1.4%            

Sappi Ltd.

    1,184,193       2,754,439  
   

 

 

 
Spain — 0.6%            

Ence Energia y Celulosa SA

    367,958       1,234,761  
   

 

 

 
Security   Shares     Value  
Sweden — 12.7%            

Billerud AB

    308,160     $ 2,852,464  

Holmen AB, Class B

    194,949       7,577,717  

Svenska Cellulosa AB SCA, Class B

    1,082,713       14,824,629  
   

 

 

 
      25,254,810  
Taiwan — 1.7%            

Cheng Loong Corp.

    1,348,000       1,197,027  

Chung Hwa Pulp Corp.

    998,000       699,533  

YFY Inc.

    1,481,000       1,494,605  
   

 

 

 
      3,391,165  
United Kingdom — 4.0%            

Mondi PLC

    473,796       7,903,795  
   

 

 

 
United States — 29.9%            

Clearwater Paper Corp.(a)(b)

    23,447       849,954  

International Paper Co.

    358,800       12,726,636  

Mercer International Inc.

    123,195       1,057,013  

PotlatchDeltic Corp.

    200,443       9,098,108  

Rayonier Inc.

    310,755       8,844,087  

Sylvamo Corp.

    74,885       3,290,447  

Westrock Co.

    227,015       8,127,137  

Weyerhaeuser Co.

    508,083       15,577,825  
   

 

 

 
      59,571,207  
   

 

 

 

Total Long-Term Investments — 99.4%
(Cost: $210,534,453)

      198,269,247  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 0.0%            

BlackRock Cash Funds: Institutional,
SL Agency Shares, 5.54%(c)(d)(e)

    3,820       3,821  
   

 

 

 

Total Short-Term Securities — 0.0%
(Cost: $3,823)

      3,821  
   

 

 

 

Total Investments — 99.4%
(Cost: $210,538,276)

      198,273,068  

Other Assets Less Liabilities — 0.6%

      1,241,597  
   

 

 

 

Net Assets — 100.0%

    $   199,514,665  
   

 

 

 

 

(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.

 

 

22  

2 0 2 3    H A R E S     E M I - A N N U A L    E P O R T    T O     H A R E H O L D E R S


Schedule of Investments  (unaudited) (continued)

September 30, 2023

  

iShares® Global Timber & Forestry ETF

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer  

Value at

03/31/23

   

Purchases

at Cost

   

Proceeds

from Sale

   

Net Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation

(Depreciation)

   

Value at

09/30/23

   

Shares

Held at

09/30/23

    Income    

Capital

Gain

Distributions

from

Underlying

Funds