LOGO

  SEPTEMBER 30, 2021

 

  

2021 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, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States began the reporting period as the initial reopening-led economic rebound was beginning to slow. Nonetheless, the economy continued to grow at a brisk pace for the reporting period, eventually regaining the output lost from the pandemic.

Equity prices rose with the broader economy, as strong fiscal and monetary support, as well as the development of vaccines, made investors increasingly optimistic about the economic outlook. The implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, outpaced large-capitalization stocks. International equities also gained, as both developed and emerging markets continued to recover from the effects of the pandemic.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns in early 2021, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to solid returns for high-yield corporate bonds, although investment-grade corporates declined slightly.

The Fed remained committed to accommodative monetary policy by maintaining near-zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. In response to rising inflation late in the period, the Fed changed its market guidance, raising the possibility of higher rates in 2022 and reducing bond purchasing beginning in late 2021.

Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the delta variant of the coronavirus remains a threat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-term as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.

Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart, while Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, 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.

Sincerely,

Trust

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of September 30, 2021  
    

 

6-Month

 

   

 

12-Month

 

 

 

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

 

 

 

 

 

9.18%

 

 

 

 

 

 

30.00%

 

 

 

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

 

 

 

 

 

(0.25)  

 

 

 

 

 

 

47.68   

 

 

 

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

 

 

 

 

 

4.70   

 

 

 

 

 

 

25.73   

 

 

 

Emerging market equities
(MSCI Emerging Markets Index)

 

 

 

 

 

(3.45)  

 

 

 

 

 

 

18.20   

 

 

 

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

 

 

 

 

 

0.01   

 

 

 

 

 

 

0.07   

 

 

 

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

 

 

 

 

 

2.92   

 

 

 

 

 

 

(6.22)  

 

 

 

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

 

 

 

 

 

1.88   

 

 

 

 

 

 

(0.90)  

 

 

 

Tax-exempt municipal bonds
(S&P Municipal Bond Index)

 

 

 

 

 

1.24   

 

 

 

 

 

 

2.71   

 

 

 

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

 

 

 

 

 

3.65   

 

 

 

 

 

 

11.27   

 

 

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  

Fund Summary

     4  

About Fund Performance

     14  

Shareholder Expenses

     14  

Schedules of Investments

     15  

Financial Statements

  

Statements of Assets and Liabilities

     50  

Statements of Operations

     53  

Statements of Changes in Net Assets

     56  

Financial Highlights

     61  

Notes to Financial Statements

     71  

Board Review and Approval of Investment Advisory Contract

     81  

Supplemental Information

     85  

General Information

     86  

Glossary of Terms Used in this Report

     87  

 

 


Fund Summary  as of September 30, 2021    iShares® Global Comm Services ETF

 

Investment Objective

The iShares Global Comm Services ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the communication services sector, as represented by the S&P Global 1200 Communication Services 4.5/22.5/45 Capped IndexTM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns            Cumulative Total Returns  
     6 Months      1 Year      5 Years     10 Years             1 Year      5 Years      10 Years  

Fund NAV

    5.95      29.51      9.36     8.85        29.51      56.41      133.58

Fund Market

    5.64        29.44        9.35       8.94          29.44        56.34        135.37  

Index

    6.18        29.97        9.48       8.86                29.97        57.29        133.70  

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

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

Past performance is no guarantee 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” on page 14 for more information.

Expense Example

 

Actual           Hypothetical 5% Return         

 

 

     

 

 

    
 

Beginning
Account Value
(04/01/21)


 
      

Ending
Account Value
(09/30/21)


 
      

Expenses
Paid During
the Period


 (a) 
           

Beginning
Account Value
(04/01/21)


 
      

Ending
Account Value
(09/30/21)


 
      

Expenses
Paid During
the Period


 (a) 
    

Annualized
Expense
Ratio


 
$ 1,000.00        $ 1,059.50        $ 2.12             $ 1,000.00        $ 1,023.00        $ 2.08        0.41

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 14 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector    
Percent of
Total Investments

(a) 

Interactive Media & Services

    48.1

Diversified Telecommunication Services

    18.9  

Entertainment

    15.2  

Media

    11.2  

Wireless Telecommunication Services

    6.6  

TEN LARGEST GEOGRAPHIC ALLOCATION

 

Country/Geographic Region    
Percent of
Total Investments
 
(a) 

United States

    72.9

Japan

    6.5  

China

    6.2  

Canada

    2.4  

United Kingdom

    2.3  

South Korea

    1.8  

Germany

    1.5  

Spain

    1.4  

France

    1.2  

Australia

    0.8  

 

  (a) 

Excludes money market funds.

 

 

 

4  

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Fund Summary  as of September 30, 2021    iShares® Global Consumer Discretionary ETF

 

Investment Objective

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

Performance

 

           Average Annual Total Returns            Cumulative Total Returns  
     6 Months      1 Year      5 Years      10 Years             1 Year      5 Years      10 Years  

Fund NAV

    1.60      23.07      14.44      14.95        23.07      96.24      302.76

Fund Market

    1.59        23.15        14.47        15.03          23.15        96.56        305.72  

Index

    1.84        23.41        14.60        14.91                23.41        97.67        301.31  

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

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

Past performance is no guarantee 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” on page 14 for more information.

Expense Example

 

Actual           Hypothetical 5% Return         

 

 

     

 

 

    
 

Beginning
Account Value
(04/01/21)


 
      

Ending
Account Value
(09/30/21)

 
 
      

Expenses
Paid During
the Period


 (a) 
           

Beginning
Account Value
(04/01/21)


 
      

Ending
Account Value
(09/30/21)
 
 
 
      

Expenses
Paid During
the Period


 (a) 
    

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 1,016.00        $ 2.07             $ 1,000.00        $ 1,023.00        $ 2.08        0.41

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 14 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector    
Percent of
Total Investments

(a) 

Retailing

    39.4

Automobiles & Components

    26.0  

Consumer Durables & Apparel

    19.2  

Consumer Services

    15.4  

TEN LARGEST GEOGRAPHIC ALLOCATION

 

Country/Geographic Region    
Percent of
Total Investments

(a) 

United States

    56.2

Japan

    12.4  

China

    8.3  

France

    6.3  

Germany

    4.9  

United Kingdom

    2.9  

Netherlands

    1.9  

Australia

    1.2  

Canada

    1.1  

Switzerland

    1.0  

 

  (a) 

Excludes money market funds.

 

 

 

U N D  U M M A R Y

  5


Fund Summary  as of September 30, 2021    iShares® Global Consumer Staples ETF

 

Investment Objective

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

Performance

 

           Average Annual Total Returns           Cumulative Total Returns  
     6 Months      1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    4.07      10.71      6.29      9.33       10.71      35.69      144.10

Fund Market

    4.36        10.94        6.35        9.40         10.94        36.03        145.64  

Index

    4.14        10.67        6.22        9.31               10.67        35.20        143.56  

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

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

Past performance is no guarantee 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” on page 14 for more information.

Expense Example

 

Actual           Hypothetical 5% Return         

 

 

     

 

 

    
 

Beginning
Account Value
(04/01/21)


 
      

Ending
Account Value
(09/30/21)


 
      

Expenses
Paid During
the Period


 (a) 
           

Beginning
Account Value
(04/01/21)


 
      

Ending
Account Value
(09/30/21)


 
      

Expenses
Paid During
the Period


 (a) 
    

Annualized
Expense
Ratio


 
$ 1,000.00        $ 1,040.70        $ 2.10             $ 1,000.00        $ 1,023.00        $ 2.08        0.41

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 14 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

 

Sector    
Percent of
Total Investments
 
(a) 

Packaged Foods & Meats

    21.5

Household Products

    16.2  

Hypermarkets & Super Centers

    10.9  

Soft Drinks

    10.8  

Personal Products

    10.5  

Tobacco

    9.9  

Food Retail

    7.3  

Distillers & Vintners

    5.7  

Brewers

    4.3  

Food Distributors

    1.1  

Other (each representing less than 1%)

    1.8  

TEN LARGEST GEOGRAPHIC ALLOCATION

 

 

Country/Geographic Region    
Percent of
Total Investments

(a) 

United States

    53.3

United Kingdom

    13.0  

Switzerland

    9.5  

Japan

    6.8  

France

    5.5  

Netherlands

    1.8  

Canada

    1.8  

Australia

    1.8  

Belgium

    1.3  

Germany

    1.0  

 

  (a) 

Excludes money market funds.

 

 

 

6  

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Fund Summary  as of September 30, 2021    iShares® Global Energy ETF

 

Investment Objective

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

Performance

 

           Average Annual Total Returns            Cumulative Total Returns  
     6 Months      1 Year      5 Years      10 Years             1 Year      5 Years      10 Years  

Fund NAV

    10.60      70.73      0.17      1.35        70.73      0.85      14.41

Fund Market

    10.64        71.03        0.15        1.43          71.03        0.74        15.20  

Index

    10.51        70.12        (0.19      1.15                70.12        (0.93      12.17  

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

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

Past performance is no guarantee 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” on page 14 for more information.

Expense Example

 

Actual           Hypothetical 5% Return         

 

 

     

 

 

    
 

Beginning
Account Value
(04/01/21)
 
 
 
      

Ending
Account Value
(09/30/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(04/01/21)
 
 
 
      

Ending
Account Value
(09/30/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
    

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 1,106.00        $ 2.16             $ 1,000.00        $ 1,023.00        $ 2.08        0.41

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 14 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector    
Percent of
Total Investments
 
(a) 

Integrated Oil & Gas

    56.2

Oil & Gas Exploration & Production

    18.6  

Oil & Gas Storage & Transportation

    12.6  

Oil & Gas Refining & Marketing

    7.7  

Oil & Gas Equipment & Services

    4.4  

Coal & Consumable Fuels

    0.5  

TEN LARGEST GEOGRAPHIC ALLOCATION

 

Country/Geographic Region    
Percent of
Total Investments
 
(a) 

United States

    54.0

United Kingdom

    14.3  

Canada

    13.3  

France

    6.4  

Brazil

    2.2  

Australia

    1.9  

Italy

    1.8  

Norway

    1.5  

Finland

    1.3  

Japan

    1.1  

 

  (a) 

Excludes money market funds.

 

 

 

U N D  U M M A R Y

  7


Fund Summary  as of September 30, 2021    iShares® Global Financials ETF

 

Investment Objective

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

Performance

 

           Average Annual Total Returns            Cumulative Total Returns  
     6 Months      1 Year      5 Years      10 Years             1 Year      5 Years      10 Years  

Fund NAV

    7.24      50.06      11.52      11.18        50.06      72.52      188.61

Fund Market

    7.27        49.99        11.50        11.31          49.99        72.33        191.91  

Index

    7.53        50.42        11.65        11.30                50.42        73.51        191.63  

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

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

Past performance is no guarantee 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” on page 14 for more information.

Expense Example

 

Actual           Hypothetical 5% Return         

 

 

     

 

 

    
 

Beginning
Account Value
(04/01/21)
 
 
 
      

Ending
Account Value
(09/30/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(04/01/21)
 
 
 
      

Ending
Account Value
(09/30/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
    

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 1,072.40        $ 2.13             $ 1,000.00        $ 1,023.00        $ 2.08        0.41

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 14 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector    
Percent of
Total Investments
 
(a) 

Banks

    48.2

Capital Markets

    20.6  

Insurance

    20.3  

Diversified Financial Services

    7.8  

Consumer Finance

    3.1  

Other (each representing less than 1%)

    0.0 (b)  

TEN LARGEST GEOGRAPHIC ALLOCATION

 

Country/Geographic Region    
Percent of
Total Investments
 
(a) 

United States

    52.4

Canada

    8.1  

United Kingdom

    5.3  

Australia

    5.3  

Japan

    4.3  

Switzerland

    3.1  

Hong Kong

    2.8  

China

    2.6  

Germany

    2.6  

France

    1.9  

 

  (a) 

Excludes money market funds.

 

 

  (b) 

Rounds to less than 0.1%.

 

 

 

8  

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Fund Summary  as of September 30, 2021    iShares® Global Healthcare ETF

 

Investment Objective

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

Performance

 

           Average Annual Total Returns            Cumulative Total Returns  
     6 Months      1 Year      5 Years      10 Years             1 Year      5 Years      10 Years  

Fund NAV

    9.44      18.05      12.43      14.38        18.05      79.64      283.37

Fund Market

    9.35        18.02        12.45        14.43          18.02        79.82        285.02  

Index

    9.63        18.21        12.53        14.47                18.21        80.42        286.41  

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

Past performance is no guarantee 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” on page 14 for more information.

Expense Example

 

Actual           Hypothetical 5% Return         

 

 

     

 

 

    
 

Beginning
Account Value
(04/01/21)
 
 
 
      

Ending
Account Value
(09/30/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(04/01/21)
 
 
 
      

Ending
Account Value
(09/30/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
    

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 1,094.40        $ 2.15             $ 1,000.00        $ 1,023.00        $ 2.08        0.41

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 14 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector    
Percent of
Total Investments
 
(a) 

Pharmaceuticals

    38.3

Health Care Equipment & Supplies

    24.9  

Health Care Providers & Services

    14.2  

Biotechnology

    12.5  

Life Sciences Tools & Services

    9.4  

Health Care Technology

    0.7  

TEN LARGEST GEOGRAPHIC ALLOCATION

 

Country/Geographic Region    
Percent of
Total Investments
 
(a) 

United States

    69.1

Switzerland

    8.7  

Japan

    5.8  

United Kingdom

    4.3  

Denmark

    3.2  

Germany

    2.1  

France

    2.0  

Australia

    1.8  

Netherlands

    1.0  

China

    0.8  

 

  (a) 

Excludes money market funds.

 

 

 

U N D  U M M A R Y

  9


Fund Summary  as of September 30, 2021    iShares® Global Industrials ETF

 

Investment Objective

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

Performance

 

           Average Annual Total Returns            Cumulative Total Returns  
     6 Months      1 Year      5 Years      10 Years             1 Year      5 Years      10 Years  

Fund NAV

    2.16      27.92      11.55      12.31        27.92      72.76      219.27

Fund Market

    2.14        27.77        11.57        12.43          27.77        72.84        222.68  

Index

    2.48        28.37        11.65        12.32                28.37        73.47        219.51  

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

Past performance is no guarantee 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” on page 14 for more information.

Expense Example

 

Actual           Hypothetical 5% Return         

 

 

     

 

 

    
 

Beginning
Account Value
(04/01/21)
 
 
 
      

Ending
Account Value
(09/30/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(04/01/21)
 
 
 
      

Ending
Account Value
(09/30/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
    

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 1,021.60        $ 2.08             $ 1,000.00        $ 1,023.00        $ 2.08        0.41

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 14 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector    
Percent of
Total Investments
 
(a) 

Capital Goods

    67.4

Transportation

    20.0  

Commercial & Professional Services

    12.6  

TEN LARGEST GEOGRAPHIC ALLOCATION

 

Country/Geographic Region    
Percent of
Total Investments
 
(a) 

United States

    50.0

Japan

    15.7  

France

    7.1  

United Kingdom

    5.1  

Germany

    3.9  

Sweden

    3.8  

Canada

    3.1  

Switzerland

    2.9  

Denmark

    2.0  

Australia

    1.2  

 

  (a) 

Excludes money market funds.

 

 

 

10  

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Fund Summary  as of September 30, 2021    iShares® Global Materials ETF

 

Investment Objective

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

Performance

 

           Average Annual Total Returns            Cumulative Total Returns  
     6 Months      1 Year      5 Years     10 Years             1 Year      5 Years      10 Years  

Fund NAV

    (0.56 )%       24.45      12.29     7.01        24.45      78.53      96.83

Fund Market

    (0.68      24.28        12.30       7.19          24.28        78.58        100.18  

Index

    (0.19      25.02        12.51       7.22                25.02        80.28        100.73  

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

Past performance is no guarantee 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” on page 14 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning
Account Value
(04/01/21)


 
      

Ending
Account Value
(09/30/21)

 
 
      

Expenses
Paid During
the Period


 (a) 
           

Beginning
Account Value
(04/01/21)
 
 
 
      

Ending
Account Value
(09/30/21)

 
 
      

Expenses
Paid During
the Period

 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 994.40        $ 2.05             $ 1,000.00        $ 1,023.00        $ 2.08          0.41

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 14 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector    
Percent of
Total Investments

(a) 

Chemicals

    52.8

Metals & Mining

    32.8  

Containers & Packaging

    6.1  

Construction Materials

    5.9  

Paper & Forest Products

    2.4  

TEN LARGEST GEOGRAPHIC ALLOCATION

 

Country/Geographic Region    
Percent of
Total Investments
 
(a) 

United States

    30.3

Australia

    14.2  

Ireland

    8.3  

Japan

    7.7  

Canada

    7.0  

Germany

    4.8  

United Kingdom

    4.5  

Switzerland

    4.4  

France

    3.5  

Netherlands

    3.1  

 

  (a) 

Excludes money market funds.

 

 

 

U N D  U M M A R Y

  11


Fund Summary  as of September 30, 2021    iShares® Global Tech ETF

 

Investment Objective

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

Performance

 

           Average Annual Total Returns            Cumulative Total Returns  
     6 Months      1 Year      5 Years      10 Years             1 Year      5 Years      10 Years  

Fund NAV

    11.06      29.72      26.35      21.24        29.72      222.01      586.29

Fund Market

    10.89        29.84        26.33        21.33          29.84        221.82        591.27  

Index

    11.35        30.10        26.55        21.40                30.10        224.59        595.32  

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

Past performance is no guarantee 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” on page 14 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning
Account Value
(04/01/21)


 
      

Ending
Account Value
(09/30/21)


 
      

Expenses
Paid During
the Period


 (a) 
           

Beginning
Account Value
(04/01/21)


 
      

Ending
Account Value
(09/30/21)


 
      

Expenses
Paid During
the Period


 (a) 
      

Annualized
Expense
Ratio


 
$ 1,000.00        $ 1,110.60        $ 2.17             $ 1,000.00        $ 1,023.00        $ 2.08          0.41

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 14 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector    
Percent of
Total Investments

(a) 

Software

    28.6

Semiconductors & Semiconductor Equipment

    23.9  

Technology Hardware, Storage & Peripherals

    22.0  

IT Services

    17.8  

Electronic Equipment, Instruments & Components

    4.8  

Communications Equipment

    2.9  

TEN LARGEST GEOGRAPHIC ALLOCATION

 

Country/Geographic Region    
Percent of
Total Investments

(a) 

United States

    78.3

Taiwan

    4.2  

Japan

    3.7  

Netherlands

    3.6  

South Korea

    3.5  

Canada

    1.7  

Germany

    1.6  

France

    1.1  

Sweden

    0.6  

China

    0.4  

 

  (a) 

Excludes money market funds.

 

 

 

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Fund Summary  as of September 30, 2021    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 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 Months      1 Year      5 Years      10 Years             1 Year      5 Years      10 Years  

Fund NAV

    (1.51 )%       8.10      7.92      7.35        8.10      46.38      103.21

Fund Market

    (1.46      8.08        7.93        7.45          8.08        46.48        105.12  

Index(a)

    (1.62      7.83        7.59        7.06          7.83        44.16        97.80  

S&P Global 1200 Utilities Index

    (1.68      7.77        7.58        7.05          7.77        44.08        97.56  

S&P Global 1200 Utilities (Sector) Capped Index(b)

    (1.62      N/A        N/A        N/A                N/A        N/A        N/A  

 

  (a) 

Index performance through May 2, 2021 reflects the performance of the S&P Global 1200 Utilities Index. Index performance beginning on May 3, 2021 reflects the performance of the S&P Global 1200 Utilities (Sector) Capped Index, which, effective as of May 3, 2021, replaced the S&P Global 1200 Utilities Index as the underlying index of the fund.

 
  (b) 

The inception date of the S&P Global 1200 Utilities (Sector) Capped Index was February 15, 2021. The cumulative total return for this index for the period February 15, 2021 through September 30, 2021 was -0.20%.

 

Past performance is no guarantee 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” on page 14 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning
Account Value
(04/01/21)

 
 
      

Ending
Account Value
(09/30/21)


 
      

Expenses
Paid During
the Period


 (a) 
           

Beginning
Account Value
(04/01/21)


 
      

Ending
Account Value
(09/30/21)


 
      

Expenses
Paid During
the Period


 (a) 
      

Annualized
Expense
Ratio


 
$ 1,000.00        $ 984.90        $ 2.04             $ 1,000.00        $ 1,023.00        $ 2.08          0.41

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 14 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector    
Percent of
Total Investments

(a) 

Electric Utilities

    59.8

Multi-Utilities

    30.5  

Gas Utilities

    5.2  

Water Utilities

    3.4  

Independent Power and Renewable Electricity Producers

    1.1  

TEN LARGEST GEOGRAPHIC ALLOCATION

 

Country/Geographic Region    
Percent of
Total Investments

(a) 

United States

    61.5

Spain

    6.0  

United Kingdom

    6.0  

Italy

    5.6  

Canada

    4.0  

France

    3.8  

Germany

    3.6  

Hong Kong

    2.3  

Japan

    2.2  

Denmark

    1.7  

 

  (a) 

Excludes money market funds.

 

 

 

U N D  U M M A R Y

  13


About Fund Performance

 

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined by 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.

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

 

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Schedule of Investments (unaudited)

September 30, 2021

  

iShares® Global Comm Services ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

 
Australia — 0.8%        

Telstra Corp. Ltd.

    869,572     $ 2,436,626  
   

 

 

 
Canada — 2.4%            

BCE Inc.

    66,222       3,317,374  

Rogers Communications Inc., Class B, NVS

    25,623       1,196,590  

Shaw Communications Inc., Class B, NVS

    32,740       951,750  

TELUS Corp.

    99,493       2,186,866  
   

 

 

 
      7,652,580  
China — 6.2%            

NetEase Inc.

    146,500       2,478,840  

Tencent Holdings Ltd.

    290,200       17,324,568  
   

 

 

 
      19,803,408  
Finland — 0.2%            

Elisa OYJ

    11,011       684,156  
   

 

 

 
France — 1.2%            

Orange SA

    138,087       1,493,392  

Publicis Groupe SA

    17,225       1,157,138  

Ubisoft Entertainment SA(a)

    6,686       400,372  

Vivendi SE

    59,402       747,868  
   

 

 

 
      3,798,770  
Germany — 1.5%            

Deutsche Telekom AG, Registered

    236,729       4,747,409  
   

 

 

 
Italy — 0.1%            

Telecom Italia SpA/Milano

    739,731       289,242  
   

 

 

 
Japan — 6.4%            

Dentsu Group Inc.

    18,100       696,393  

KDDI Corp.

    121,300       3,993,573  

Nexon Co. Ltd.

    33,800       542,509  

Nintendo Co. Ltd.

    8,700       4,157,579  

Nippon Telegraph & Telephone Corp.

    174,000       4,821,391  

SoftBank Group Corp.

    92,000       5,316,245  

Z Holdings Corp.

    190,300       1,217,931  
   

 

 

 
      20,745,621  
Mexico — 0.6%            

America Movil SAB de CV, Series L, NVS

    1,698,271       1,502,334  

Grupo Televisa SAB, CPO

    184,988       407,948  
   

 

 

 
      1,910,282  
Netherlands — 0.7%            

Koninklijke KPN NV

    258,122       812,248  

Universal Music Group NV(a)

    59,402       1,590,504  
   

 

 

 
      2,402,752  
Norway — 0.2%            

Telenor ASA

    47,067       792,231  
   

 

 

 
South Korea — 1.8%            

Kakao Corp.

    22,760       2,238,403  

NAVER Corp.

    10,809       3,507,164  
   

 

 

 
      5,745,567  
Spain — 1.4%            

Cellnex Telecom SA(b)

    41,722       2,575,918  

Telefonica SA

    391,612       1,837,669  
   

 

 

 
      4,413,587  
Sweden — 0.5%            

Embracer Group AB(a)

    41,660       401,163  

Tele2 AB, Class B

    36,618       542,192  
Security   Shares     Value  
Sweden (continued)            

Telia Co. AB

    182,397     $ 750,332  
   

 

 

 
      1,693,687  
Switzerland — 0.3%            

Swisscom AG, Registered

    1,856       1,068,092  
   

 

 

 
Taiwan — 0.3%            

Chunghwa Telecom Co. Ltd.

    278,120       1,101,777  
   

 

 

 
United Kingdom — 2.3%            

BT Group PLC(a)

    641,356       1,374,946  

Informa PLC(a)

    109,899       808,193  

ITV PLC(a)

    264,884       378,829  

Pearson PLC

    55,318       530,512  

Vodafone Group PLC

    1,959,441       2,981,665  

WPP PLC

    93,330       1,250,394  
   

 

 

 
      7,324,539  
United States — 72.8%            

Activision Blizzard Inc.

    56,862       4,400,550  

Alphabet Inc., Class A(a)

    13,828       36,969,435  

Alphabet Inc., Class C, NVS(a)

    12,940       34,489,111  

AT&T Inc.

    522,037       14,100,219  

Charter Communications Inc., Class A(a)

    9,274       6,747,391  

Comcast Corp., Class A

    256,851       14,365,676  

Discovery Inc., Class A(a)(c)

    12,363       313,773  

Discovery Inc., Class C, NVS(a)

    22,207       538,964  

DISH Network Corp., Class A(a)

    18,200       790,972  

Electronic Arts Inc.

    20,807       2,959,796  

Facebook Inc., Class A(a)

    152,716       51,830,283  

Fox Corp., Class A, NVS

    23,645       948,401  

Fox Corp., Class B

    10,608       393,769  

Interpublic Group of Companies Inc. (The)

    28,779       1,055,326  

Live Nation Entertainment Inc.(a)

    9,633       877,855  

Lumen Technologies Inc.

    72,728       901,100  

Match Group Inc.(a)

    20,239       3,177,321  

Netflix Inc.(a)

    25,488       15,556,346  

News Corp., Class A, NVS

    28,603       673,029  

News Corp., Class B

    8,594       199,639  

Omnicom Group Inc.

    15,676       1,135,883  

Take-Two Interactive Software Inc.(a)

    8,519       1,312,522  

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

    42,885       5,478,988  

Twitter Inc.(a)

    58,343       3,523,334  

Verizon Communications Inc.

    281,315       15,193,823  

ViacomCBS Inc., Class B, NVS

    44,294       1,750,056  

Walt Disney Co. (The)(a)

    83,430       14,113,853  
   

 

 

 
      233,797,415  
   

 

 

 

Total Common Stocks — 99.7%
(Cost: $253,643,863)

 

    320,407,741  
   

 

 

 

Preferred Stocks

 

Italy — 0.1%  

Telecom Italia SpA/Milano, Preference Shares, NVS

    406,828       164,170  
   

 

 

 

Total Preferred Stocks — 0.1%
(Cost: $367,199)

 

    164,170  
   

 

 

 

 

 

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

  15


Schedule of Investments  (unaudited) (continued)

September 30, 2021

  

iShares® Global Comm Services ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Short-Term Investments

   
Money Market Funds — 0.1%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(d)(e)(f)

    297,628     $ 297,776  

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)

    170,000       170,000  
   

 

 

 
      467,776  
   

 

 

 

Total Short-Term Investments — 0.1%
(Cost: $467,776)

 

    467,776  
   

 

 

 

Total Investments in Securities — 99.9%
(Cost: $254,478,838)

 

    321,039,687  

Other Assets, Less Liabilities — 0.1%

      217,578  
   

 

 

 

Net Assets — 100.0%

    $   321,257,265  
   

 

 

 

 

(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, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Value at
03/31/21
     Purchases
at Cost
     Proceeds
from Sales
    Net Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
09/30/21
     Shares
Held at
09/30/21
     Income    

Capital
Gain

Distributions
from
Underlying
Funds

 

BlackRock Cash Funds: Institutional, SL Agency Shares

   $ 2,744,057      $      $ (2,446,060 )(a)    $ (221    $      $ 297,776        297,628      $ 1,401 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

     173,000               (3,000 )(a)                     170,000        170,000        12        
          

 

 

    

 

 

    

 

 

       

 

 

   

 

 

 
           $ (221    $      $ 467,776         $ 1,413     $  
          

 

 

    

 

 

    

 

 

       

 

 

   

 

 

 

 

  (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

     5          12/09/21        $ 90        $ (2,677

E-Mini S&P Communication Services Index

     5          12/17/21          524          (22,826

Euro STOXX 50 Index

     1          12/17/21          47          (684
                 

 

 

 
                  $ (26,187
                 

 

 

 

 

 

16  

2 0 2 1  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, 2021

  

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:

 

      Equity
Contracts
 

Liabilities — Derivative Financial Instruments

  

Futures contracts

  

Unrealized depreciation on futures contracts(a)

   $ 26,187  
  

 

 

 

 

  (a) 

Net cumulative 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, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

      Equity
Contracts
 

Net Realized Gain (Loss) from:

  

Futures contracts

   $ 89,636  
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ (23,606
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts:

        

Average notional value of contracts — long

   $ 764,307  

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

   $ 248,612,018        $ 71,795,723        $        $ 320,407,741  

Preferred Stocks

              164,170                   164,170  

Money Market Funds

     467,776                            467,776  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 249,079,794        $ 71,959,893        $        $ 321,039,687  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Liabilities

                 

Futures Contracts

   $ (22,826      $ (3,361      $             —        $ (26,187
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

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

See notes to financial statements.

 

 

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

  17


Schedule of Investments (unaudited) 

September 30, 2021

  

iShares® Global Consumer Discretionary ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Australia — 1.2%  

Aristocrat Leisure Ltd.

    41,225     $ 1,371,000  

Tabcorp Holdings Ltd.

    141,357       491,157  

Wesfarmers Ltd.

    72,753       2,893,634  
   

 

 

 
      4,755,791  
Brazil — 0.2%            

Lojas Renner SA

    58,005       366,622  

Magazine Luiza SA

    171,250       450,943  
   

 

 

 
      817,565  
Canada — 1.0%            

Canadian Tire Corp. Ltd., Class A, NVS

    3,676       514,396  

Dollarama Inc.

    18,350       795,949  

Gildan Activewear Inc.

    12,583       459,767  

Magna International Inc.

    17,697       1,331,816  

Restaurant Brands International Inc.

    19,601       1,200,883  
   

 

 

 
      4,302,811  
Chile — 0.0%            

Falabella SA

    49,841       174,579  
   

 

 

 
China — 8.2%            

Alibaba Group Holding Ltd.(a)

    873,300       16,168,223  

ANTA Sports Products Ltd.

    72,000       1,359,610  

BYD Co. Ltd., Class H

    47,500       1,476,414  

Geely Automobile Holdings Ltd.

    320,000       918,594  

JD.com Inc., Class A(a)

    114,650       4,133,397  

Li Ning Co. Ltd.

    139,000       1,602,078  

Meituan, Class B(a)(b)

    257,900       8,232,535  
   

 

 

 
      33,890,851  
Denmark — 0.2%            

Pandora A/S

    6,456       783,756  
   

 

 

 
France — 6.3%            

Accor SA(a)

    10,378       370,051  

Cie. Generale des Etablissements Michelin SCA

    11,382       1,745,321  

EssilorLuxottica SA

    19,273       3,682,937  

Hermes International

    2,224       3,068,529  

Kering SA

    4,715       3,348,878  

LVMH Moet Hennessy Louis Vuitton SE

    17,102       12,249,540  

Renault SA(a)

    13,207       468,544  

Sodexo SA(a)

    5,354       467,916  

Valeo

    14,621       408,041  
   

 

 

 
      25,809,757  
Germany — 3.9%            

adidas AG

    11,897       3,738,709  

Bayerische Motoren Werke AG

    20,385       1,936,146  

Continental AG(a)

    6,854       744,060  

Daimler AG, Registered

    53,346       4,706,807  

Delivery Hero SE(a)(b)

    12,112       1,544,948  

HelloFresh SE(a)

    11,115       1,024,437  

Puma SE

    6,593       732,911  

Volkswagen AG

    1,899       585,658  

Zalando SE(a)(b)

    12,372       1,128,345  
   

 

 

 
      16,142,021  
Ireland — 0.5%            

Flutter Entertainment PLC, Class DI(a)

    9,740       1,931,752  
   

 

 

 
Italy — 0.6%            

Ferrari NV

    8,168       1,704,660  
Security   Shares     Value  
Italy (continued)            

Moncler SpA

    13,605     $ 829,777  
   

 

 

 
      2,534,437  
Japan — 12.4%            

Aisin Corp.

    11,600       420,347  

Bandai Namco Holdings Inc.

    14,200       1,067,523  

Bridgestone Corp.

    38,800       1,835,674  

Denso Corp.

    33,200       2,167,872  

Fast Retailing Co. Ltd.

    4,200       3,097,565  

Honda Motor Co. Ltd.

    110,043       3,383,140  

Isuzu Motors Ltd.

    39,900       519,108  

Koito Manufacturing Co. Ltd.

    8,400       505,119  

Nissan Motor Co. Ltd.(a)

    155,000       774,607  

Nitori Holdings Co. Ltd.

    5,600       1,103,603  

Oriental Land Co. Ltd.

    14,700       2,378,103  

Pan Pacific International Holdings Corp.

    34,100       703,597  

Panasonic Corp.

    148,900       1,845,675  

Rakuten Group Inc.

    58,300       567,886  

Sekisui House Ltd.

    42,100       881,614  

Shimano Inc.

    5,400       1,577,810  

Sony Group Corp.

    80,600       8,948,103  

Subaru Corp.

    38,988       720,487  

Sumitomo Electric Industries Ltd.

    51,100       679,511  

Suzuki Motor Corp.

    31,400       1,402,921  

Toyota Industries Corp.

    13,200       1,086,094  

Toyota Motor Corp.

    824,000       14,681,526  

Yamaha Motor Co. Ltd.

    20,113       559,943  
   

 

 

 
      50,907,828  
Netherlands — 1.9%            

Just Eat Takeaway.com NV(a)(b)

    9,630       703,606  

Prosus NV

    55,677       4,456,442  

Stellantis NV

    142,033       2,703,047  
   

 

 

 
      7,863,095  
South Korea — 0.9%            

Hyundai Mobis Co. Ltd.

    4,287       904,634  

Hyundai Motor Co.

    9,128       1,519,496  

Kia Corp.

    17,192       1,161,088  
   

 

 

 
      3,585,218  
Spain — 0.6%            

Industria de Diseno Textil SA

    71,727       2,639,248  
   

 

 

 
Sweden — 0.8%            

Electrolux AB, Series B

    15,887       367,049  

Evolution AB(b)

    11,551       1,749,274  

H & M Hennes & Mauritz AB, Class B(a)

    47,623       963,966  
   

 

 

 
      3,080,289  
Switzerland — 1.0%            

Cie. Financiere Richemont SA, Class A, Registered

    33,311       3,453,754  

Swatch Group AG (The), Bearer

    1,857       484,457  

Swatch Group AG (The), Registered

    3,375       173,658  
   

 

 

 
      4,111,869  
United Kingdom — 2.9%            

Aptiv PLC(a)

    17,333       2,582,097  

Barratt Developments PLC

    65,388       578,016  

Berkeley Group Holdings PLC, NVS

    7,254       423,602  

Burberry Group PLC

    26,135       636,038  

Compass Group PLC(a)

    114,233       2,336,199  

Entain PLC(a)

    37,911       1,082,799  

InterContinental Hotels Group PLC(a)

    12,120       773,881  

Kingfisher PLC

    135,429       611,310  

 

 

18  

2 0 2 1  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, 2021

  

iShares® Global Consumer Discretionary ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
United Kingdom (continued)            

Marks & Spencer Group PLC(a)

    121,372     $ 297,922  

Next PLC

    8,430       927,307  

Persimmon PLC

    20,600       736,758  

Taylor Wimpey PLC

    232,653       485,244  

Whitbread PLC(a)

    12,880       572,684  
   

 

 

 
      12,043,857  
United States — 56.1%            

Advance Auto Parts Inc.

    4,227       882,978  

Amazon.com Inc.(a)

    12,099       39,745,699  

AutoZone Inc.(a)

    1,377       2,338,132  

Bath & Body Works Inc.

    17,084       1,076,805  

Best Buy Co. Inc.

    14,384       1,520,533  

Booking Holdings Inc.(a)

    2,625       6,231,409  

BorgWarner Inc.

    15,422       666,385  

Caesars Entertainment Inc.(a)

    13,647       1,532,285  

CarMax Inc.(a)

    10,382       1,328,481  

Carnival Corp.(a)

    51,413       1,285,839  

Chipotle Mexican Grill Inc.(a)

    1,796       3,264,266  

Darden Restaurants Inc.

    8,308       1,258,413  

Dollar General Corp.

    15,160       3,216,042  

Dollar Tree Inc.(a)

    14,977       1,433,598  

Domino’s Pizza Inc.

    2,356       1,123,718  

DR Horton Inc.

    20,837       1,749,683  

eBay Inc.

    41,482       2,890,051  

Etsy Inc.(a)

    8,092       1,682,812  

Expedia Group Inc.(a)

    9,291       1,522,795  

Ford Motor Co.(a)

    250,848       3,552,008  

Gap Inc. (The)

    13,407       304,339  

Garmin Ltd.

    9,618       1,495,214  

General Motors Co.(a)

    92,806       4,891,804  

Genuine Parts Co.

    9,155       1,109,861  

Hanesbrands Inc.

    21,994       377,417  

Hasbro Inc.

    8,241       735,262  

Hilton Worldwide Holdings Inc.(a)

    17,812       2,353,143  

Home Depot Inc. (The)

    57,889       19,002,643  

Las Vegas Sands Corp.(a)

    21,983       804,578  

Leggett & Platt Inc.

    8,400       376,656  

Lennar Corp., Class A

    17,561       1,645,114  

LKQ Corp.(a)

    17,284       869,731  

Lowe’s Companies Inc.

    45,190       9,167,243  

Marriott International Inc./MD, Class A(a)

    17,492       2,590,390  

McDonald’s Corp.

    47,741       11,510,833  

MGM Resorts International

    25,569       1,103,302  

Mohawk Industries Inc.(a)

    3,574       634,028  

Newell Brands Inc.

    24,250       536,895  

Nike Inc., Class B

    81,706       11,866,162  

Norwegian Cruise Line Holdings Ltd.(a)

    24,169       645,554  

NVR Inc.(a)

    213       1,021,139  

O’Reilly Automotive Inc.(a)

    4,408       2,693,552  

Penn National Gaming Inc.(a)

    10,025       726,412  

Pool Corp.

    2,550       1,107,746  

PulteGroup Inc.

    16,844       773,476  

PVH Corp.(a)

    4,515       464,097  

Ralph Lauren Corp.

    3,023       335,674  

Ross Stores Inc.

    22,850       2,487,223  

Royal Caribbean Cruises Ltd.(a)

    14,137       1,257,486  

Starbucks Corp.

    75,378       8,314,947  

Tapestry Inc.

    17,908       662,954  

Target Corp.

    31,627       7,235,309  

Security   Shares     Value  
United States (continued)            

Tesla Inc.(a)

    51,152     $ 39,667,353  

TJX Companies Inc. (The)

    77,128       5,088,905  

Tractor Supply Co.

    7,309       1,480,877  

Ulta Beauty Inc.(a)

    3,482       1,256,723  

Under Armour Inc., Class A(a)

    12,493       252,109  

Under Armour Inc., Class C, NVS(a)

    12,904       226,078  

VF Corp.

    20,744       1,389,641  

Whirlpool Corp.

    4,064       828,487  

Wynn Resorts Ltd.(a)

    6,799       576,215  

Yum! Brands Inc.

    18,900       2,311,659  
   

 

 

 
      230,480,163  
   

 

 

 

Total Common Stocks — 98.7%
(Cost: $344,725,702)

      405,854,887  
   

 

 

 

Preferred Stocks

   

Germany — 0.9%

   

Bayerische Motoren Werke AG, Preference Shares, NVS

    3,550       269,289  

Porsche Automobil Holding SE, Preference Shares, NVS

    9,889       977,926  

Volkswagen AG, Preference Shares, NVS

    11,732       2,615,093  
   

 

 

 
      3,862,308  
South Korea — 0.1%            

Hyundai Motor Co.

   

Preference Shares, NVS

    1,507       121,330  

Series 2, Preference Shares, NVS

    2,206       175,792  
   

 

 

 
      297,122  
   

 

 

 

Total Preferred Stocks — 1.0%
(Cost: $3,924,420)

      4,159,430  
   

 

 

 

Rights

   

Germany — 0.0%

   

Vitesco Technologies Group (Expires 10/11/21)(a)

    0 (c)       24  
   

 

 

 

Total Rights — 0.0%
(Cost: $0)

      24  
   

 

 

 

Short-Term Investments

   

Money Market Funds — 0.1%

   

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)

    240,000       240,000  
   

 

 

 

Total Short-Term Investments — 0.1%
(Cost: $240,000)

      240,000  
   

 

 

 

Total Investments in Securities — 99.8%
(Cost: $348,890,122)

      410,254,341  

Other Assets, Less Liabilities — 0.2%

      964,659  
   

 

 

 

Net Assets — 100.0%

    $   411,219,000  
   

 

 

 

 

(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) 

Rounds to less than 1.

(d) 

Affiliate of the Fund.

(e) 

Annualized 7-day yield as of period end.

 

 

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, 2021

  

iShares® Global Consumer Discretionary ETF

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Value at
03/31/21
     Purchases
at Cost
     Proceeds
from Sales
     Net Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
09/30/21
     Shares
Held at
09/30/21
     Income      Capital
Gain
Distributions
from
Underlying
Funds
 

BlackRock Cash Funds: Institutional, SL Agency Shares(a)

   $ 796,179      $      $ (795,676 )(b)     $ (503    $      $             $ 3,194 (c)     $  

BlackRock Cash Funds: Treasury, SL Agency Shares

     270,000               (30,000 )(b)                     240,000        240,000        15         
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 
            $ (503    $      $ 240,000         $ 3,209      $  
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

  (a) 

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

 
  (b) 

Represents net amount purchased (sold).

 
  (c) 

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

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

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

Long Contracts

                 

TOPIX Index

     1          12/09/21        $ 181        $ (705

Euro STOXX 50 Index

     8          12/17/21          374          (8,010

S&P Consumer Discretionary Select Sector E-Mini Index

     3          12/17/21          544          (9,017
                 

 

 

 
                  $ (17,732
                 

 

 

 

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:

 

      Equity
Contracts
 

Liabilities — Derivative Financial Instruments

  

Futures contracts

  

Unrealized depreciation on futures contracts(a)

   $ 17,732  
  

 

 

 

 

  (a) 

Net cumulative 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, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

      Equity
Contracts
 

Net Realized Gain (Loss) from:

  

Futures contracts

   $ 98,744  
  

 

 

 
Net Change in Unrealized Appreciation (Depreciation) on:       

Futures contracts

   $ (37,084
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

   

Futures contracts:

  

Average notional value of contracts — long

   $ 989,708  

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

 

 

20  

2 0 2 1  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, 2021

  

iShares® Global Consumer Discretionary ETF

 

Fair Value Hierarchy as of Period End

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

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

 

      Level 1        Level 2        Level 3        Total  

Investments

                 

Assets

                 

Common Stocks

   $ 238,357,215        $ 167,497,672        $             —        $ 405,854,887  

Preferred Stocks

              4,159,430                   4,159,430  

Rights

              24                   24  

Money Market Funds

     240,000                            240,000  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 238,597,215        $ 171,657,126        $        $ 410,254,341  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Liabilities

                 

Futures Contracts

   $ (9,017      $ (8,715      $        $ (17,732
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (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, 2021

  

iShares® Global Consumer Staples ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Australia — 1.7%            

Coles Group Ltd.

    228,552     $ 2,776,217  

Endeavour Group Ltd./Australia

    219,547       1,098,634  

Treasury Wine Estates Ltd.

    123,673       1,090,545  

Woolworths Group Ltd.

    217,188       6,100,433  
   

 

 

 
      11,065,829  
Belgium — 1.3%            

Anheuser-Busch InBev SA/NV

    144,647       8,204,000  
   

 

 

 
Brazil — 0.6%            

Ambev SA, ADR

    755,074       2,084,004  

BRF SA, ADR(a)(b)

    84,683       425,109  

Natura & Co. Holding SA, ADR(a)(b)

    69,798       1,162,137  
   

 

 

 
      3,671,250  
Canada — 1.8%            

Alimentation Couche-Tard Inc., Class B

    139,656       5,343,226  

George Weston Ltd.

    12,093       1,304,394  

Loblaw Companies Ltd.

    28,304       1,942,352  

Metro Inc.

    42,069       2,055,622  

Saputo Inc.

    40,999       1,042,616  
   

 

 

 
      11,688,210  
Chile — 0.1%            

Cencosud SA

    208,793       403,783  
   

 

 

 
Denmark — 0.4%            

Carlsberg A/S, Class B

    17,007       2,774,575  
   

 

 

 
Finland — 0.3%            

Kesko OYJ, Class B

    46,670       1,609,807  
   

 

 

 
France — 5.5%            

Carrefour SA

    107,717       1,930,443  

Danone SA

    117,629       8,019,700  

L’Oreal SA

    41,922       17,347,491  

Pernod Ricard SA

    34,389       7,581,504  
   

 

 

 
      34,879,138  
Germany — 0.5%            

Beiersdorf AG

    16,831       1,816,066  

Henkel AG & Co. KGaA

    16,637       1,431,200  
   

 

 

 
      3,247,266  
Ireland — 0.6%            

Kerry Group PLC, Class A

    26,348       3,540,343  
   

 

 

 
Japan — 6.8%            

Aeon Co. Ltd.

    149,317       3,925,538  

Ajinomoto Co. Inc.

    93,300       2,756,997  

Asahi Group Holdings Ltd.

    86,598       4,178,817  

Japan Tobacco Inc.

    186,800       3,660,207  

Kao Corp.

    80,500       4,790,842  

Kikkoman Corp.

    32,700       2,660,885  

Kirin Holdings Co. Ltd.

    141,596       2,628,004  

MEIJI Holdings Co. Ltd.

    24,500       1,583,983  

Nissin Foods Holdings Co. Ltd.

    13,400       1,075,278  

Seven & i Holdings Co. Ltd.

    136,537       6,215,771  

Shiseido Co. Ltd.

    68,100       4,576,962  

Unicharm Corp.

    75,900       3,363,280  

Yakult Honsha Co. Ltd.

    27,320       1,382,967  
   

 

 

 
      42,799,531  
Mexico — 0.9%            

Fomento Economico Mexicano SAB de CV

    313,253       2,719,974  
Security   Shares     Value  
Mexico (continued)            

Wal-Mart de Mexico SAB de CV

    865,867     $ 2,941,804  
   

 

 

 
      5,661,778  
Netherlands — 1.8%            

Heineken Holding NV

    17,264       1,503,278  

Heineken NV

    40,447       4,221,648  

Koninklijke Ahold Delhaize NV

    179,170       5,966,026  
   

 

 

 
      11,690,952  
Norway — 0.5%            

Mowi ASA

    77,072       1,958,154  

Orkla ASA

    128,337       1,177,902  
   

 

 

 
      3,136,056  
Sweden — 0.9%            

Essity AB, Class B

    102,893       3,191,121  

Swedish Match AB

    269,979       2,364,136  
   

 

 

 
      5,555,257  
Switzerland — 9.4%            

Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS

    174       1,945,469  

Chocoladefabriken Lindt & Spruengli AG, Registered

    18       2,122,646  

Nestle SA, Registered

    461,359       55,589,155  
   

 

 

 
      59,657,270  
United Kingdom — 12.9%            

Associated British Foods PLC

    61,022       1,519,003  

British American Tobacco PLC

    390,340       13,644,146  

Diageo PLC

    398,327       19,285,005  

Imperial Brands PLC

    162,663       3,402,364  

J Sainsbury PLC

    297,442       1,140,030  

Ocado Group PLC(a)

    110,328       2,465,590  

Reckitt Benckiser Group PLC

    125,836       9,885,700  

Tesco PLC

    1,324,726       4,511,531  

Unilever PLC

    449,213       24,319,640  

Wm Morrison Supermarkets PLC

    411,602       1,633,275  
   

 

 

 
      81,806,284  
United States — 53.0%            

Altria Group Inc.

    315,104       14,343,534  

Archer-Daniels-Midland Co.

    95,717       5,743,977  

Brown-Forman Corp., Class B, NVS

    31,284       2,096,341  

Campbell Soup Co.

    34,891       1,458,793  

Church & Dwight Co. Inc.

    42,016       3,469,261  

Clorox Co. (The)

    20,978       3,474,167  

Coca-Cola Co. (The)

    592,444       31,085,537  

Colgate-Palmolive Co.

    144,104       10,891,380  

Conagra Brands Inc.

    82,217       2,784,690  

Constellation Brands Inc., Class A

    28,788       6,065,344  

Costco Wholesale Corp.

    63,722       28,633,481  

Estee Lauder Companies Inc. (The), Class A

    39,612       11,880,827  

General Mills Inc.

    103,592       6,196,873  

Hershey Co. (The)

    24,848       4,205,524  

Hormel Foods Corp.

    48,281       1,979,521  

JM Smucker Co. (The)

    18,766       2,252,483  

Kellogg Co.

    43,160       2,758,787  

Kimberly-Clark Corp.

    57,563       7,623,644  

Kraft Heinz Co. (The)

    114,973       4,233,306  

Kroger Co. (The)

    116,192       4,697,642  

Lamb Weston Holdings Inc.

    25,059       1,537,871  

McCormick & Co. Inc./MD, NVS

    42,659       3,456,659  

Molson Coors Beverage Co., Class B

    32,268       1,496,590  

Mondelez International Inc., Class A

    238,847       13,896,118  

 

 

22  

2 0 2 1  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, 2021

  

iShares® Global Consumer Staples ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
United States (continued)            

Monster Beverage Corp.(a)

    64,160     $ 5,699,333  

PepsiCo Inc.

    189,470       28,498,183  

Philip Morris International Inc.

    266,285       25,241,155  

Procter & Gamble Co. (The)

    397,835       55,617,333  

Sysco Corp.

    87,236       6,848,026  

Tyson Foods Inc., Class A

    50,063       3,951,973  

Walgreens Boots Alliance Inc.

    122,237       5,751,251  

Walmart Inc.

    201,254       28,050,782  
   

 

 

 
      335,920,386  
   

 

 

 

Total Common Stocks — 99.0%
(Cost: $586,947,462)

      627,311,715  
   

 

 

 

Preferred Stocks

   
Germany — 0.4%            

Henkel AG & Co. KGaA, Preference Shares, NVS

    30,528       2,824,100  
   

 

 

 

Total Preferred Stocks — 0.4%
(Cost: $3,534,232)

      2,824,100  
   

 

 

 

Short-Term Investments

   
Money Market Funds — 0.2%            

BlackRock Cash Funds: Institutional,
SL Agency Shares, 0.05%(c)(d)(e)

    858,242       858,671  
Security   Shares     Value  
Money Market Funds (continued)            

BlackRock Cash Funds: Treasury,
SL Agency Shares, 0.00%(c)(d)

    457,000     $ 457,000  
   

 

 

 
      1,315,671  
   

 

 

 

Total Short-Term Investments — 0.2%
(Cost: $1,315,671)

      1,315,671  
   

 

 

 

Total Investments in Securities — 99.6%
(Cost: $591,797,365)

      631,451,486  

Other Assets, Less Liabilities — 0.4%

      2,510,099  
   

 

 

 

Net Assets — 100.0%

    $ 633,961,585  
   

 

 

 

 

(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, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Value at
03/31/21
     Purchases
at Cost
     Proceeds
from Sales
     Net Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
09/30/21
     Shares
Held at
09/30/21
     Income     

Capital

Gain
Distributions
from
Underlying
Funds

 

BlackRock Cash Funds: Institutional, SL Agency Shares

   $ 1,545,992      $      $ (687,125 )(a)     $ (196    $      $ 858,671        858,242      $ 2,736 (b)     $  

BlackRock Cash Funds: Treasury, SL Agency Shares

     847,000               (390,000 )(a)                     457,000        457,000        32         
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 
            $ (196    $      $ 1,315,671         $ 2,768      $  
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

  (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

                 

Consumer Staples Select Sector E-Mini Index

     42          12/17/21        $ 2,903        $ (87,914

Euro STOXX 50 Index

     5          12/17/21          234          (4,637

FTSE 100 Index

     5          12/17/21          474          657  
                 

 

 

 
                  $ (91,894
                 

 

 

 

 

 

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

  23


Schedule of Investments  (unaudited) (continued)

September 30, 2021

  

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:

 

      Equity
Contracts
 

Assets — Derivative Financial Instruments

  

Futures contracts

  

Unrealized appreciation on futures contracts(a)

   $ 657  
  

 

 

 
Liabilities — Derivative Financial Instruments       

Futures contracts

  

Unrealized depreciation on futures contracts(a)

   $ 92,551  
  

 

 

 

 

  (a) 

Net cumulative 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, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

      Equity
Contracts
 

Net Realized Gain (Loss) from:

  

Futures contracts

   $ 242,318  
  

 

 

 
Net Change in Unrealized Appreciation (Depreciation) on:       

Futures contracts

   $ (179,917
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts:

        

Average notional value of contracts — long

   $ 3,194,872  

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

   $ 370,909,430        $ 256,402,285        $        $ 627,311,715  

Preferred Stocks

              2,824,100                   2,824,100  

Money Market Funds

     1,315,671                            1,315,671  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 372,225,101        $ 259,226,385        $        $ 631,451,486  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Assets

                 

Futures Contracts

   $        $ 657        $        $ 657  

Liabilities

                 

Futures Contracts

     (87,914        (4,637                 (92,551
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ (87,914      $ (3,980      $             —        $ (91,894
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (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 1  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, 2021

  

iShares® Global Energy ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Australia — 1.9%            

Ampol Ltd.

    180,793     $ 3,608,173  

Oil Search Ltd.

    1,419,942       4,418,815  

Santos Ltd.

    1,431,744       7,333,437  

Woodside Petroleum Ltd.

    734,477       12,559,035  
   

 

 

 
      27,919,460  
Austria — 0.5%            

OMV AG

    110,023       6,625,103  
   

 

 

 
Brazil — 1.0%            

Petroleo Brasileiro SA, ADR

    1,417,470       14,656,640  
   

 

 

 
Canada — 13.3%            

Cameco Corp.

    303,058       6,584,680  

Canadian Natural Resources Ltd.

    907,726       33,188,687  

Cenovus Energy Inc.

    968,443       9,763,949  

Enbridge Inc.

    1,548,234       61,680,000  

Imperial Oil Ltd.

    171,127       5,408,348  

Pembina Pipeline Corp.

    419,035       13,283,006  

Suncor Energy Inc.

    1,138,842       23,611,236  

TC Energy Corp.

    748,826       36,040,133  
   

 

 

 
      189,560,039  
Chile — 0.2%            

Empresas COPEC SA

    287,648       2,387,606  
   

 

 

 
Colombia — 0.2%            

Ecopetrol SA, ADR

    190,003       2,726,543  
   

 

 

 
Finland — 1.3%            

Neste OYJ

    329,315       18,577,416  
   

 

 

 
France — 6.3%            

TotalEnergies SE

    1,896,956       90,670,595  
   

 

 

 
Italy — 1.8%            

Eni SpA

    1,928,990       25,723,469  
   

 

 

 
Japan — 1.1%            

ENEOS Holdings Inc.

    2,462,620       10,004,034  

Inpex Corp.

    827,300       6,441,637  
   

 

 

 
      16,445,671  
Norway — 1.5%            

Equinor ASA

    821,807       20,899,218  
   

 

 

 
Portugal — 0.3%            

Galp Energia SGPS SA

    347,215       3,943,661  
   

 

 

 
Spain — 1.0%            

Repsol SA

    1,070,536       13,974,292  
   

 

 

 
United Kingdom — 14.2%            

BP PLC

    15,526,196       70,719,535  

Royal Dutch Shell PLC, Class A

    3,134,512       69,708,959  

Royal Dutch Shell PLC, Class B

    2,832,578       62,760,325  
   

 

 

 
      203,188,819  
Security   Shares     Value  
United States — 53.8%            

APA Corp.

    289,673     $ 6,207,692  

Baker Hughes Co.

    632,163       15,633,391  

Cabot Oil & Gas Corp.

    306,291       6,664,892  

Chevron Corp.

    1,478,058       149,948,984  

ConocoPhillips

    1,023,439       69,358,461  

Devon Energy Corp.

    482,064       17,118,093  

Diamondback Energy Inc.

    130,364       12,341,560  

EOG Resources Inc.

    445,732       35,778,908  

Exxon Mobil Corp.

    3,235,645       190,320,639  

Halliburton Co.

    681,739       14,739,197  

Hess Corp.

    210,922       16,475,117  

Kinder Morgan Inc.

    1,489,152       24,913,513  

Marathon Oil Corp.

    601,596       8,223,817  

Marathon Petroleum Corp.

    487,350       30,123,104  

Occidental Petroleum Corp.

    678,702       20,076,005  

ONEOK Inc.

    340,751       19,760,151  

Phillips 66

    334,708       23,439,601  

Pioneer Natural Resources Co.

    173,276       28,852,187  

Schlumberger NV

    1,067,856       31,651,252  

Valero Energy Corp.

    311,464       21,980,014  

Williams Companies Inc. (The)

    928,271       24,079,350  
   

 

 

 
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