iShares Trust


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

Table of Contents


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

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 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 Index^TM. Index performance beginning on June 24, 2019 reflects the performance of S&P Global 1200 Communication Services 4.5/22.5/45 Capped Index^TM.

Past performance is 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.


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

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 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 September 22, 2019 reflects the performance of the S&P Global 1200 Consumer Discretionary Sector Index^TM. Index performance beginning on September 23, 2019 reflects the performance of the S&P Global 1200 Consumer Discretionary (Sector) Capped Index^TM.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (04/01/21)		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)

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.


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

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 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 June 23, 2019 reflects the performance of the S&P Global 1200 Consumer Staples Sector Index^TM. Index performance beginning on June 24, 2019 reflects the performance of the S&P Global 1200 Consumer Staples (Sector) Capped Index^TM.

Expense Example


Actual							Hypothetical 5% Return

	Beginning Account Value (04/01/21)		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)

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		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


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

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 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.

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)

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.


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

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 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

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)

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		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


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

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 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

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)

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.


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

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 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

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)

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		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


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

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 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

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)

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.


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

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 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

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)

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.


12		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


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

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6 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%.

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)

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.


F U N D S U M M A R Y		13

About Fund Performance

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

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


14		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

September 30, 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


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

Schedule of Investments (unaudited) (continued)

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

Schedule of Investments (unaudited) (continued)

September 30, 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.


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

Schedule of Investments (unaudited)

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

Schedule of Investments (unaudited) (continued)

September 30, 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.


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Global Consumer Discretionary ETF

Affiliates


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)

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)

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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Global Consumer Discretionary ETF

Fair Value Hierarchy as of Period End


	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.


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

Schedule of Investments (unaudited)

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

Schedule of Investments (unaudited) (continued)

September 30, 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


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)

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	)


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

Schedule of Investments (unaudited) (continued)

September 30, 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)

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


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

Schedule of Investments (unaudited)

September 30, 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

	&n