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

				767,685,928


Total Common Stocks — 98.4% (Cost: $1,646,189,624)				1,404,984,460


Preferred Stocks

Brazil — 1.2%
Petroleo Brasileiro SA, Preference Shares, ADR		1,756,701		17,567,010


Total Preferred Stocks — 1.2% (Cost: $28,310,637)				17,567,010


Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(a)(b)		1,510,000		1,510,000


Total Short-Term Investments — 0.1% (Cost: $1,510,000)				1,510,000


Total Investments in Securities — 99.7% (Cost: $1,676,010,261)				1,424,061,470

Other Assets, Less Liabilities — 0.3%				3,895,326


Net Assets — 100.0%			$	1,427,956,796

^(a)	Affiliate of the Fund.

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


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Global Energy 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)	$	—	$	—		$	(21	)^(b)	$	21	$	—	$	—		—	$	91	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,400,000		110,000	^(b)		—			—		—		1,510,000		1,510,000		66			—

									$	21	$	—	$	1,510,000			$	157		$	—

^(a)

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

^(b)

Represents net amount purchased (sold).

^(c)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Energy Select Sector Index		75		12/17/21	$	4,061	$	370,033
FTSE 100 Index		9		12/17/21		854		5,011

							$	375,044

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)	$	375,044

^(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	$	566,314


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	512,754

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	4,486,226

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


26		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 Energy ETF

Fair Value Hierarchy as of Period End


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	977,016,756	$	427,967,704	$	—	$	1,404,984,460
Preferred Stocks		17,567,010		—		—		17,567,010
Money Market Funds		1,510,000		—		—		1,510,000

	$	996,093,766	$	427,967,704	$	—	$	1,424,061,470

Derivative financial instruments^(a)
Assets
Futures Contracts	$	370,033	$	5,011	$	—	$	375,044

^(a)

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

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		27

Schedule of Investments (unaudited)

September 30, 2021

iShares^® Global Financials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 5.2%
ASX Ltd.		75,010	$	4,330,755
Australia & New Zealand Banking Group Ltd.		1,103,360		22,158,276
Commonwealth Bank of Australia		688,175		51,069,687
Insurance Australia Group Ltd.		972,344		3,395,687
Macquarie Group Ltd.		135,364		17,488,519
Medibank Pvt Ltd.		1,062,060		2,711,670
National Australia Bank Ltd.		1,278,713		25,217,524
QBE Insurance Group Ltd.		575,953		4,744,811
Suncorp Group Ltd.		487,715		4,336,756
Westpac Banking Corp.		1,421,839		26,294,757

				161,748,442

Austria — 0.2%
Erste Group Bank AG		116,200		5,102,246


Belgium — 0.6%
Ageas SA/NV		71,918		3,561,411
Groupe Bruxelles Lambert SA		41,280		4,540,618
KBC Group NV		131,085		11,824,450

				19,926,479

Brazil — 0.3%
B3 SA - Brasil, Bolsa, Balcao		2,358,145		5,516,736
Banco do Brasil SA		542,485		2,878,909

				8,395,645

Canada — 8.1%
Bank of Montreal		251,281		25,086,438
Bank of Nova Scotia (The)		471,440		29,017,419
Brookfield Asset Management Inc., Class A		568,172		30,445,155
Canadian Imperial Bank of Commerce		174,292		19,402,473
Manulife Financial Corp.		754,887		14,530,353
National Bank of Canada		131,720		10,116,628
Power Corp. of Canada		220,575		7,270,651
Royal Bank of Canada		552,285		54,953,796
Sun Life Financial Inc.		226,976		11,683,906
Toronto-Dominion Bank (The)		708,244		46,886,357

				249,393,176

Chile — 0.1%
Banco de Chile		16,301,184		1,505,194
Banco Santander Chile, ADR		64,574		1,276,628

				2,781,822

China — 2.6%
Bank of China Ltd., Class H		29,909,000		10,567,903
China Construction Bank Corp., Class H		40,186,720		28,680,546
China Merchants Bank Co. Ltd., Class H		1,453,500		11,567,157
Industrial & Commercial Bank of China Ltd., Class H		25,565,000		14,171,289
Ping An Insurance Group Co. of China Ltd., Class H		2,298,500		15,720,297

				80,707,192

Colombia — 0.0%
Bancolombia SA, ADR		42,534		1,472,527


Denmark — 0.1%
Danske Bank A/S		266,118		4,483,056


Finland — 0.9%
Nordea Bank Abp		1,381,139		17,797,735
Sampo OYJ, Class A		196,854		9,732,622

				27,530,357

France — 1.9%
AXA SA		799,745		22,163,530


Security	Shares		Value

France (continued)
BNP Paribas SA		446,737	$	28,582,531
Credit Agricole SA		539,145		7,410,781
SCOR SE		60,683		1,747,420

				59,904,262

Germany — 2.6%
Allianz SE, Registered		159,787		35,799,568
Commerzbank AG^(a)		394,778		2,614,896
Deutsche Bank AG, Registered^(a)		805,510		10,236,215
Deutsche Boerse AG		73,921		11,994,909
Hannover Rueck SE		23,149		4,031,193
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		54,342		14,828,260
Zalando SE^(a)(b)		72		6,566

				79,511,607

Hong Kong — 2.8%
AIA Group Ltd.		4,698,400		54,052,273
Hang Seng Bank Ltd.		286,100		4,900,551
Hong Kong Exchanges & Clearing Ltd.		425,400		26,141,045

				85,093,869

Italy — 1.5%
Assicurazioni Generali SpA		472,774		10,012,967
FinecoBank Banca Fineco SpA^(a)		223,647		4,039,484
Intesa Sanpaolo SpA		6,626,801		18,760,368
Mediobanca Banca di Credito Finanziario SpA^(a)		278,547		3,351,203
UniCredit SpA		869,426		11,505,703

				47,669,725

Japan — 4.3%
Dai-ichi Life Holdings Inc.		430,900		9,424,238
Daiwa Securities Group Inc.		611,100		3,561,941
Japan Exchange Group Inc.		209,900		5,205,518
Mitsubishi UFJ Financial Group Inc.		5,020,900		29,680,190
Mizuho Financial Group Inc.		983,710		13,916,703
MS&AD Insurance Group Holdings Inc.		181,000		6,053,854
Nomura Holdings Inc.		1,190,000		5,866,584
ORIX Corp.		471,100		8,814,996
Resona Holdings Inc.		922,200		3,688,811
Sompo Holdings Inc.		135,600		5,883,007
Sumitomo Mitsui Financial Group Inc.		530,800		18,673,208
Sumitomo Mitsui Trust Holdings Inc.		142,127		4,894,856
T&D Holdings Inc.		223,600		3,067,318
Tokio Marine Holdings Inc.		270,100		14,478,710

				133,209,934

Luxembourg — 0.3%
Societe Generale SA		307,464		9,628,185


Malta — 0.0%
BGP Holdings PLC^(c)		608,993		7


Mexico — 0.2%
Grupo Financiero Banorte SAB de CV, Class O		940,317		6,039,184


Netherlands — 1.3%
ABN AMRO Bank NV, CVA^(a)(b)		160,725		2,318,840
Aegon NV		532,598		2,749,189
Euronext NV^(b)		38,634		4,372,240
EXOR NV		43,893		3,683,380
ING Groep NV		1,520,223		22,101,765
NN Group NV		124,398		6,516,245

				41,741,659


28		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 Financials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Norway — 0.3%
DNB Bank ASA		349,089	$	7,936,427


Peru — 0.1%
Credicorp Ltd.		24,851		2,756,970


Singapore — 1.3%
DBS Group Holdings Ltd.		699,800		15,506,595
Oversea-Chinese Banking Corp. Ltd.		1,546,500		13,022,660
United Overseas Bank Ltd.		590,700		11,174,615

				39,703,870

South Korea — 0.4%
KB Financial Group Inc., ADR		149,314		6,929,663
Shinhan Financial Group Co. Ltd., ADR		198,710		6,690,565

				13,620,228

Spain — 1.5%
Banco Bilbao Vizcaya Argentaria SA		2,590,266		17,097,321
Banco Santander SA		6,724,364		24,358,087
CaixaBank SA		1,710,094		5,303,041

				46,758,449

Sweden — 1.5%
Industrivarden AB, Class A		63,141		2,017,149
Industrivarden AB, Class C		66,968		2,069,023
Investor AB, Class B		703,725		15,133,162
Kinnevik AB, Class B^(a)		92,246		3,242,837
Skandinaviska Enskilda Banken AB, Class A		621,451		8,758,313
Svenska Handelsbanken AB, Class A		588,555		6,591,462
Swedbank AB, Class A		361,691		7,293,381

				45,105,327

Switzerland — 3.1%
Baloise Holding AG, Registered		19,154		2,905,465
Credit Suisse Group AG, Registered		975,890		9,638,145
Julius Baer Group Ltd.		85,729		5,695,808
Partners Group Holding AG		8,881		13,860,026
Swiss Life Holding AG, Registered		12,315		6,205,130
Swiss Re AG		111,955		9,555,376
UBS Group AG, Registered		1,444,956		23,063,828
Zurich Insurance Group AG		58,307		23,842,910

				94,766,688

Taiwan — 0.2%
CTBC Financial Holding Co. Ltd.		7,332,000		6,000,434


United Kingdom — 5.3%
3i Group PLC		378,881		6,507,937
Abrdn PLC		856,290		2,928,474
Admiral Group PLC		104,506		4,366,624
Aviva PLC		1,530,604		8,112,012
Barclays PLC		6,222,683		15,811,695
Direct Line Insurance Group PLC		501,082		1,955,258
Hargreaves Lansdown PLC		137,787		2,645,596
HSBC Holdings PLC		8,042,311		42,050,655
Legal & General Group PLC		2,308,414		8,672,908
Lloyds Banking Group PLC		27,508,963		17,122,149
London Stock Exchange Group PLC		126,018		12,628,031
M&G PLC		1,003,712		2,742,349
Natwest Group PLC		2,071,920		6,246,541
Prudential PLC		1,015,898		19,713,917
Schroders PLC		47,804		2,302,230
St. James’s Place PLC		207,371		4,183,150


Security	Shares		Value

United Kingdom (continued)
Standard Chartered PLC		1,005,320	$	5,876,878

				163,866,404

United States — 52.2%
Aflac Inc.		239,164		12,467,619
Allstate Corp. (The)		114,291		14,550,387
American Express Co.		249,178		41,744,790
American International Group Inc.		330,232		18,126,435
Ameriprise Financial Inc.		44,064		11,638,184
Aon PLC, Class A		87,491		25,002,303
Arthur J Gallagher & Co.		79,961		11,886,203
Assurant Inc.		23,108		3,645,287
Bank of America Corp.		2,873,830		121,994,084
Bank of New York Mellon Corp. (The)		307,673		15,949,768
Berkshire Hathaway Inc., Class B^(a)		718,471		196,099,475
BlackRock Inc.^(d)		55,496		46,542,275
Brown & Brown Inc.		90,347		5,009,741
Capital One Financial Corp.		173,682		28,131,274
Cboe Global Markets Inc.		41,382		5,125,575
Charles Schwab Corp. (The)		583,882		42,529,965
Chubb Ltd.		170,918		29,650,855
Cincinnati Financial Corp.		57,999		6,624,646
Citigroup Inc.		785,559		55,130,531
Citizens Financial Group Inc.		163,956		7,702,653
CME Group Inc.		139,186		26,915,789
Comerica Inc.		51,890		4,177,145
Discover Financial Services		115,797		14,225,661
Everest Re Group Ltd.		15,540		3,897,121
Fifth Third Bancorp		267,102		11,335,809
First Republic Bank/CA		68,590		13,229,639
Franklin Resources Inc.		110,217		3,275,649
Globe Life Inc.		37,000		3,294,110
Goldman Sachs Group Inc. (The)		130,144		49,198,336
Hartford Financial Services Group Inc. (The)		134,552		9,452,278
Huntington Bancshares Inc./OH		570,189		8,815,122
Intercontinental Exchange Inc.		219,304		25,180,485
Invesco Ltd.		132,343		3,190,790
Jackson Financial Inc., Class A^(a)		24,394		634,244
JPMorgan Chase & Co.		1,159,232		189,754,686
KeyCorp		369,600		7,990,752
Lincoln National Corp.		68,558		4,713,363
Loews Corp.		78,775		4,248,336
M&T Bank Corp.		50,193		7,495,823
MarketAxess Holdings Inc.		14,955		6,291,419
Marsh & McLennan Companies Inc.		197,431		29,896,976
MetLife Inc.		282,301		17,426,441
Moody’s Corp.		62,772		22,290,965
Morgan Stanley		565,772		55,055,273
MSCI Inc.		32,013		19,474,788
Nasdaq Inc.		45,250		8,734,155
Northern Trust Corp.		81,744		8,812,821
People’s United Financial Inc.		168,784		2,948,656
PNC Financial Services Group Inc. (The)		164,555		32,193,540
Principal Financial Group Inc.		96,115		6,189,806
Progressive Corp. (The)		226,170		20,443,506
Prudential Financial Inc.		149,904		15,769,901
Raymond James Financial Inc.		71,425		6,591,099
Regions Financial Corp.		370,399		7,893,203
S&P Global Inc.		93,463		39,711,494
State Street Corp.		141,833		12,016,092
SVB Financial Group^(a)		22,784		14,738,514


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Global Financials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Synchrony Financial		220,760	$	10,790,749
T Rowe Price Group Inc.		88,322		17,372,937
Travelers Companies Inc. (The)		96,525		14,672,765
Truist Financial Corp.		518,479		30,408,793
U.S. Bancorp		523,350		31,107,924
W R Berkley Corp.		54,213		3,967,307
Wells Fargo & Co.		1,591,601		73,866,202
Willis Towers Watson PLC		50,144		11,656,474
Zions Bancorp. NA		63,845		3,951,367

				1,614,850,355


Total Common Stocks — 98.9% (Cost: $3,147,796,996)				3,059,704,526


Preferred Stocks

Brazil — 0.7%
Banco Bradesco SA, Preference Shares, ADR		1,874,362		7,178,807
Itau Unibanco Holding SA, Preference Shares, ADR		1,898,282		10,003,946
Itausa SA, Preference Shares, NVS		1,681,393		3,439,511

				20,622,264


Total Preferred Stocks — 0.7% (Cost: $24,561,237)				20,622,264


Security	Shares		Value

Short-Term Investments

Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(d)(e)		5,820,000	$	5,820,000


Total Short-Term Investments — 0.2% (Cost: $5,820,000)				5,820,000


Total Investments in Securities — 99.8% (Cost: $3,178,178,233)				3,086,146,790

Other Assets, Less Liabilities — 0.2%				7,671,796


Net Assets — 100.0%			$	3,093,818,586

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

^(d)	Affiliate of the Fund.

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

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)	$	1,798,588	$	—		$	(1,798,534	)^(b)	$	(54	)	$	—		$	—		—	$	10,930	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		540,000		5,280,000	^(b)		—			—			—			5,820,000		5,820,000		100			—
BlackRock Inc.		6,674,808		49,151,895			(8,713,176	)		2,541,629			(3,112,881	)		46,542,275		55,496		413,739			—

									$	2,541,575		$	(3,112,881	)	$	52,362,275			$	424,769		$	—

^(a)

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

^(b)

Represents net amount purchased (sold).

^(c)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Financial Select Sector Index		79		12/17/21	$	9,120	$	424
Euro STOXX 50 Index		34		12/17/21		1,589		(35,188	)


30		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 Financials ETF

Futures Contracts (continued)


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
FTSE 100 Index		23		12/17/21	$	2,183	$	100

							$	(34,664	)

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)	$	524


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	35,188

^(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	$	113,115


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(11,854	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	8,603,721

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

Fair Value Hierarchy as of Period End


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Global Financials ETF

Fair Value Hierarchy as of Period End (continued)


	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	1,904,132,211	$	1,155,572,308		$	7	$	3,059,704,526
Preferred Stocks		20,622,264		—			—		20,622,264
Money Market Funds		5,820,000		—			—		5,820,000

	$	1,930,574,475	$	1,155,572,308		$	7	$	3,086,146,790

Derivative financial instruments^(a)
Assets
Futures Contracts	$	424	$	100		$	—	$	524
Liabilities
Futures Contracts		—		(35,188	)		—		(35,188	)

	$	424	$	(35,088	)	$	—	$	(34,664	)

^(a)

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

See notes to financial statements.


32		2 0 2 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 Healthcare ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 1.8%
Cochlear Ltd.		31,858	$	4,984,584
CSL Ltd.		219,134		45,783,912
Ramsay Health Care Ltd.		89,933		4,456,774
Sonic Healthcare Ltd.		230,927		6,673,601

				61,898,871

Belgium — 0.2%
UCB SA		61,313		6,865,660


Brazil — 0.1%
Rede D’Or Sao Luiz SA^(a)		357,812		4,462,014


Canada — 0.2%
Bausch Health Cos Inc.^(b)		138,382		3,858,876
Canopy Growth Corp.^(b)		114,170		1,581,939

				5,440,815

China — 0.8%
Wuxi Biologics Cayman Inc., New^(a)(b)		1,569,000		25,449,632


Denmark — 3.1%
Ambu A/S, Class B		83,744		2,476,448
Coloplast A/S, Class B		57,015		8,915,005
Genmab A/S^(b)		31,591		13,802,790
GN Store Nord A/S		66,574		4,604,466
Novo Nordisk A/S, Class B		792,983		76,435,232

				106,233,941

France — 2.0%
Eurofins Scientific SE		61,488		7,894,537
Sanofi		552,570		53,192,600
Sartorius Stedim Biotech		11,536		6,446,370

				67,533,507

Germany — 1.9%
Bayer AG, Registered		473,599		25,704,810
Fresenius Medical Care AG & Co. KGaA		96,805		6,790,316
Fresenius SE & Co. KGaA		198,897		9,520,235
Merck KGaA		62,286		13,481,162
Siemens Healthineers AG^(a)		135,465		8,785,640

				64,282,163

Ireland — 0.3%
STERIS PLC		47,990		9,803,397


Japan — 5.8%
Astellas Pharma Inc.		896,775		14,760,063
Chugai Pharmaceutical Co. Ltd.		306,200		11,205,046
Daiichi Sankyo Co. Ltd.		882,700		23,463,177
Eisai Co. Ltd.		141,500		10,599,404
Hoya Corp.		177,900		27,755,731
M3 Inc.		205,200		14,624,253
Olympus Corp.		622,200		13,618,700
Ono Pharmaceutical Co. Ltd.		241,700		5,511,659
Otsuka Holdings Co. Ltd.		267,200		11,426,191
Shionogi & Co. Ltd.		136,200		9,320,078
Sysmex Corp.		81,600		10,135,413
Takeda Pharmaceutical Co. Ltd.		758,292		25,010,570
Terumo Corp.		365,200		17,244,141

				194,674,426

Netherlands — 1.0%
Argenx SE^(b)		24,530		7,412,545
Koninklijke Philips NV		439,619		19,530,909


Security	Shares		Value

Netherlands (continued)
QIAGEN NV^(b)		111,979	$	5,809,750

				32,753,204

South Korea — 0.3%
Celltrion Inc.^(b)		48,435		10,521,014


Spain — 0.1%
Grifols SA		143,386		3,501,202


Switzerland — 8.7%
Alcon Inc.		240,887		19,504,791
Lonza Group AG, Registered		35,860		26,898,922
Novartis AG, Registered		1,171,047		96,024,865
Roche Holding AG, Bearer		13,132		5,389,686
Roche Holding AG, NVS		338,106		123,398,463
Sonova Holding AG, Registered		26,058		9,847,529
Straumann Holding AG, Registered		5,497		9,858,654
Vifor Pharma AG		22,512		2,917,937

				293,840,847

United Kingdom — 4.2%
AstraZeneca PLC		747,903		90,135,572
AstraZeneca PLC		1		60
GlaxoSmithKline PLC		2,412,216		45,526,158
Smith & Nephew PLC		426,537		7,348,310

				143,010,100

United States — 68.9%
Abbott Laboratories		852,791		100,740,201
AbbVie Inc.		850,664		91,761,126
ABIOMED Inc.^(b)		21,812		7,100,242
Agilent Technologies Inc.		146,249		23,038,605
Align Technology Inc.^(b)		35,345		23,519,623
AmerisourceBergen Corp.		71,322		8,519,413
Amgen Inc.		273,157		58,086,836
Anthem Inc.		117,283		43,723,102
Baxter International Inc.		240,577		19,349,608
Becton Dickinson and Co.		138,147		33,959,296
Biogen Inc.^(b)		71,690		20,287,553
Bio-Rad Laboratories Inc., Class A^(b)		10,307		7,688,507
Bio-Techne Corp.		18,724		9,073,089
Boston Scientific Corp.^(b)		683,349		29,650,513
Bristol-Myers Squibb Co.		1,068,919		63,247,937
Cardinal Health Inc.		139,838		6,916,387
Catalent Inc.^(b)		81,940		10,903,756
Centene Corp.^(b)		279,583		17,420,817
Cerner Corp.		142,186		10,026,957
Charles River Laboratories International Inc.^(b)		24,245		10,005,184
Cigna Corp.		163,604		32,746,977
Cooper Companies Inc. (The)		23,716		9,802,060
CVS Health Corp.		634,073		53,807,435
Danaher Corp.		305,740		93,079,486
DaVita Inc.^(b)		32,264		3,751,013
DENTSPLY SIRONA Inc.		105,949		6,150,339
Dexcom Inc.^(b)(c)		46,560		25,461,802
Edwards Lifesciences Corp.^(b)		299,390		33,893,942
Eli Lilly & Co.		381,925		88,243,771
Gilead Sciences Inc.		603,733		42,170,750
HCA Healthcare Inc.		118,579		28,781,495
Henry Schein Inc.^(b)		67,689		5,155,194
Hologic Inc.^(b)		121,988		9,003,934
Humana Inc.		61,813		24,054,529
IDEXX Laboratories Inc.^(b)		40,922		25,449,392


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Global Healthcare ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Illumina Inc.^(b)		70,573	$	28,625,114
Incyte Corp.^(b)		90,070		6,195,015
Intuitive Surgical Inc.^(b)		57,200		56,865,380
IQVIA Holdings Inc.^(b)		92,357		22,123,196
Johnson & Johnson		1,266,324		204,511,326
Laboratory Corp. of America Holdings^(b)		46,514		13,090,900
McKesson Corp.		74,403		14,834,470
Medtronic PLC		646,469		81,034,889
Merck & Co. Inc.		1,219,514		91,597,696
Mettler-Toledo International Inc.^(b)		11,170		15,385,111
Moderna Inc.^(b)		168,925		65,012,475
Organon & Co.		122,493		4,016,545
PerkinElmer Inc.		54,192		9,390,932
Pfizer Inc.		2,696,038		115,956,594
Quest Diagnostics Inc.		58,774		8,540,450
Regeneron Pharmaceuticals Inc.^(b)		50,417		30,511,360
ResMed Inc.		70,145		18,486,715
Stryker Corp.		161,442		42,575,484
Teleflex Inc.		22,478		8,464,091
Thermo Fisher Scientific Inc.		189,294		108,149,341
UnitedHealth Group Inc.		453,578		177,231,068
Universal Health Services Inc., Class B		36,513		5,052,304
Vertex Pharmaceuticals Inc.^(b)		124,795		22,636,565
Viatris Inc.		578,617		7,840,260
Waters Corp.^(b)		29,696		10,610,381
West Pharmaceutical Services Inc.		35,579		15,104,709
Zimmer Biomet Holdings Inc.		100,463		14,703,765
Zoetis Inc.		228,081		44,279,645

				2,319,396,652


Total Common Stocks — 99.4% (Cost: $2,552,482,964)				3,349,667,445


Security	Shares		Value

Preferred Stocks

Germany — 0.2%
Sartorius AG, Preference Shares, NVS		11,884	$	7,565,456


Total Preferred Stocks — 0.2% (Cost: $3,902,170)				7,565,456


Short-Term Investments

Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(d)(e)(f)		12,348,126		12,354,300
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(d)(e)		4,000,000		4,000,000

				16,354,300


Total Short-Term Investments — 0.5% (Cost: $16,354,300)				16,354,300


Total Investments in Securities — 100.1% (Cost: $2,572,739,434)				3,373,587,201

Other Assets, Less Liabilities — (0.1)%				(5,006,726	)


Net Assets — 100.0%			$	3,368,580,475

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

^(b)	Non-income producing security.

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

^(d)	Affiliate of the Fund.

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

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

Affiliates


Affiliated Issuer	Value at 03/31/21		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	$	1,610,638	$	10,743,878	^(a)	$	—		$	2,149	$	(2,365	)	$	12,354,300		12,348,126	$	5,902	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		5,014,000		—			(1,014,000	)^(a)		—		—			4,000,000		4,000,000		178			—

									$	2,149	$	(2,365	)	$	16,354,300			$	6,080		$	—

^(a)

Represents net amount purchased (sold).

^(b)


34		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 Healthcare ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Health Care Sector Index		83		12/17/21	$	10,655	$	(410,459	)

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)	$	410,459

^(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	$	1,577,705


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(579,416	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	10,156,977

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

Fair Value Hierarchy as of Period End


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	2,358,784,875		$	990,882,570	$	—	$	3,349,667,445
Preferred Stocks		—			7,565,456		—		7,565,456
Money Market Funds		16,354,300			—		—		16,354,300

	$	2,375,139,175		$	998,448,026	$	—	$	3,373,587,201

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(410,459	)	$	—	$	—	$	(410,459	)

^(a)

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

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		35

Schedule of Investments (unaudited)

September 30, 2021

iShares^® Global Industrials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 1.2%
Aurizon Holdings Ltd.		125,049	$	338,563
Brambles Ltd.		97,008		745,938
Qantas Airways Ltd.^(a)		128,792		519,419
Sydney Airport^(a)		183,060		1,075,080
Transurban Group		185,699		1,871,562
Transurban Group, NVS		21,249		217,525

				4,768,087

Brazil — 0.2%
CCR SA		79,543		170,895
WEG SA		105,542		768,054

				938,949

Canada — 3.1%
CAE Inc.^(a)		21,513		642,706
Canadian National Railway Co.		41,240		4,779,099
Canadian Pacific Railway Ltd.		45,081		2,943,826
SNC-Lavalin Group Inc.		11,493		319,220
Thomson Reuters Corp.		11,457		1,266,819
Waste Connections Inc.		17,679		2,228,230

				12,179,900

Denmark — 2.0%
AP Moller - Maersk A/S, Class A		206		530,870
AP Moller - Maersk A/S, Class B, NVS		401		1,085,543
DSV A/S		14,497		3,470,056
Vestas Wind Systems A/S		68,541		2,749,113

				7,835,582

Finland — 0.7%
Kone OYJ, Class B		27,442		1,927,755
Metso Outotec OYJ		47,057		429,448
Wartsila OYJ Abp		32,404		385,909

				2,743,112

France — 7.1%
Airbus SE^(a)		41,563		5,510,250
Alstom SA		19,282		731,419
Bouygues SA		14,622		604,874
Bureau Veritas SA		19,832		612,040
Cie. de Saint-Gobain		36,335		2,445,237
Eiffage SA		5,650		571,028
Legrand SA		18,151		1,944,873
Safran SA		23,706		2,998,349
Schneider Electric SE		38,607		6,430,145
Teleperformance		3,974		1,563,112
Thales SA		7,393		716,792
Vinci SA		35,279		3,669,326

				27,797,445

Germany — 3.9%
Brenntag SE		10,398		965,918
Deutsche Post AG, Registered		67,211		4,214,786
GEA Group AG		10,922		498,801
MTU Aero Engines AG		3,636		817,452
Siemens AG, Registered		54,159		8,857,758

				15,354,715

Hong Kong — 0.9%
CK Hutchison Holdings Ltd.		181,520		1,210,943
Techtronic Industries Co. Ltd.		118,000		2,331,862

				3,542,805


Security	Shares		Value

Ireland — 1.2%
Kingspan Group PLC		10,519	$	1,049,263
Ryanair Holdings PLC, ADR^(a)		6,636		730,358
Trane Technologies PLC		16,142		2,786,916

				4,566,537

Italy — 0.6%
Atlantia SpA^(a)		34,613		653,206
CNH Industrial NV		67,621		1,136,645
Prysmian SpA		17,882		624,591

				2,414,442

Japan — 15.7%
AGC Inc.		15,400		793,596
ANA Holdings Inc.^(a)		32,800		852,716
Central Japan Railway Co.		14,000		2,234,734
Dai Nippon Printing Co. Ltd.		18,500		445,715
Daifuku Co. Ltd.		8,700		815,937
Daikin Industries Ltd.		20,100		4,382,569
East Japan Railway Co.		25,700		1,816,299
Fanuc Corp.		13,200		2,894,257
Hankyu Hanshin Holdings Inc.		16,600		522,460
Hitachi Ltd.		65,900		3,898,690
Itochu Corp.		101,100		2,944,636
Japan Airlines Co. Ltd.^(a)		29,300		697,536
Kajima Corp.		34,300		439,540
Kintetsu Group Holdings Co. Ltd.^(a)		13,000		437,180
Komatsu Ltd.		66,200		1,585,385
Kubota Corp.		78,500		1,670,687
Makita Corp.		18,900		1,039,172
Marubeni Corp.		118,300		978,722
Mitsubishi Corp.		100,800		3,165,365
Mitsubishi Electric Corp.		145,200		2,017,929
Mitsubishi Heavy Industries Ltd.		22,800		610,903
Mitsui & Co. Ltd.		111,700		2,442,542
Nidec Corp.		37,400		4,122,976
Nippon Express Co. Ltd.		6,300		433,882
Obayashi Corp.		49,500		408,017
Odakyu Electric Railway Co. Ltd.		23,400		541,595
Recruit Holdings Co. Ltd.		115,000		7,029,469
Secom Co. Ltd.		14,600		1,055,989
SG Holdings Co. Ltd.		33,900		959,065
Shimizu Corp.		48,100		360,045
SMC Corp.		4,300		2,682,813
Sumitomo Corp.		85,100		1,198,797
Taisei Corp.		14,200		454,993
Tokyu Corp.		37,900		562,566
Toppan Inc.		24,100		408,624
Toshiba Corp.		31,100		1,309,031
TOTO Ltd.		10,900		519,021
Toyota Tsusho Corp.		16,300		684,492
West Japan Railway Co.		16,300		819,353
Yamato Holdings Co. Ltd.		23,600		597,325
Yaskawa Electric Corp.		18,500		888,343

				61,722,966

Netherlands — 0.8%
IMCD NV		3,920		750,210
Randstad NV		8,392		565,009
Wolters Kluwer NV		18,154		1,924,260

				3,239,479

Spain — 0.7%
ACS Actividades de Construccion y Servicios SA		18,339		496,779


36		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 Industrials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Spain (continued)
Aena SME SA^(a)(b)		4,935	$	853,467
Ferrovial SA		34,448		1,005,491
International Consolidated Airlines Group SA^(a)		170,694		407,535

				2,763,272

Sweden — 3.8%
Alfa Laval AB		20,253		755,407
Assa Abloy AB, Class B		67,479		1,957,337
Atlas Copco AB, Class A		43,666		2,636,800
Atlas Copco AB, Class B		26,531		1,348,481
Epiroc AB, Class A		42,270		878,774
Epiroc AB, Class B		25,979		460,134
Nibe Industrier AB, Class B		95,659		1,202,123
Sandvik AB		74,341		1,698,417
Securitas AB, Class B		21,550		341,085
Skanska AB, Class B		26,731		670,616
SKF AB, Class B		25,674		605,424
Volvo AB, Class B		107,410		2,398,087

				14,952,685

Switzerland — 2.9%
ABB Ltd., Registered		120,977		4,046,900
Adecco Group AG, Registered		11,062		554,269
Geberit AG, Registered		2,437		1,789,251
Kuehne + Nagel International AG, Registered		3,435		1,172,713
Schindler Holding AG, Participation Certificates, NVS		2,787		748,225
Schindler Holding AG, Registered		1,405		361,964
SGS SA, Registered		413		1,202,175
Siemens Energy AG^(a)		27,339		731,304
VAT Group AG^(b)		1,859		733,692

				11,340,493

United Kingdom — 5.1%
Ashtead Group PLC		30,418		2,299,399
BAE Systems PLC		219,781		1,664,633
Bunzl PLC		22,537		743,597
DCC PLC		6,796		566,555
Experian PLC		65,775		2,755,323
Ferguson PLC		15,714		2,181,447
IMI PLC		19,237		430,271
Intertek Group PLC		10,907		729,321
Melrose Industries PLC		298,855		693,853
RELX PLC		134,194		3,862,940
Rentokil Initial PLC		124,592		978,395
Rolls-Royce Holdings PLC^(a)		567,053		1,059,093
Smiths Group PLC		27,202		524,530
Spirax-Sarco Engineering PLC		4,979		1,001,804
Weir Group PLC (The)^(a)		17,384		392,417

				19,883,578

United States — 49.9%
3M Co.		39,228		6,881,376
A O Smith Corp.		9,038		551,951
Alaska Air Group Inc.^(a)		8,401		492,299
Allegion PLC		6,064		801,539
American Airlines Group Inc.^(a)		43,903		900,890
AMETEK Inc.		15,714		1,948,693
Boeing Co. (The)^(a)		37,404		8,226,636
Carrier Global Corp.		58,876		3,047,422
Caterpillar Inc.		37,172		7,135,909
CH Robinson Worldwide Inc.		8,879		772,473
Cintas Corp.		5,935		2,259,217
Copart Inc.^(a)		14,452		2,004,781


Security	Shares		Value

United States (continued)
CSX Corp.		152,821	$	4,544,897
Cummins Inc.		9,754		2,190,358
Deere & Co.		19,220		6,440,045
Delta Air Lines Inc.^(a)		43,292		1,844,672
Dover Corp.		9,716		1,510,838
Eaton Corp. PLC		26,987		4,029,429
Emerson Electric Co.		40,597		3,824,237
Equifax Inc.		8,242		2,088,688
Expeditors International of Washington Inc.		11,445		1,363,443
Fastenal Co.		38,823		2,003,655
FedEx Corp.		16,614		3,643,284
Fortive Corp.		24,327		1,716,756
Fortune Brands Home & Security Inc.		9,256		827,671
Generac Holdings Inc.^(a)		4,288		1,752,377
General Dynamics Corp.		15,759		3,089,237
General Electric Co.		74,459		7,671,511
Honeywell International Inc.		46,802		9,935,129
Howmet Aerospace Inc.		26,072		813,446
Huntington Ingalls Industries Inc.		2,662		513,926
IDEX Corp.		5,135		1,062,688
IHS Markit Ltd.		27,049		3,154,454
Illinois Tool Works Inc.		19,468		4,022,673
Ingersoll Rand Inc.^(a)		27,505		1,386,527
Jacobs Engineering Group Inc.		8,779		1,163,481
JB Hunt Transport Services Inc.		5,729		958,003
Johnson Controls International PLC		48,373		3,293,234
Kansas City Southern		6,149		1,664,165
L3Harris Technologies Inc.		13,620		2,999,669
Leidos Holdings Inc.		9,614		924,194
Lockheed Martin Corp.		16,740		5,776,974
Masco Corp.		16,785		932,407
Nielsen Holdings PLC		24,158		463,592
Norfolk Southern Corp.		16,742		4,005,523
Northrop Grumman Corp.		10,208		3,676,411
Old Dominion Freight Line Inc.		6,371		1,821,979
Otis Worldwide Corp.		28,957		2,382,582
PACCAR Inc.		23,404		1,847,044
Parker-Hannifin Corp.		8,715		2,436,888
Pentair PLC		11,155		810,188
Quanta Services Inc.		9,393		1,069,111
Raytheon Technologies Corp.		102,218		8,786,659
Republic Services Inc.		14,311		1,718,179
Robert Half International Inc.		7,566		759,097
Rockwell Automation Inc.		7,839		2,304,980
Rollins Inc.		15,212		537,440
Roper Technologies Inc.		7,165		3,196,521
Snap-on Inc.		3,676		768,100
Southwest Airlines Co.^(a)		40,189		2,066,920
Stanley Black & Decker Inc.		10,997		1,927,884
Textron Inc.		15,305		1,068,442
TransDigm Group Inc.^(a)		3,550		2,217,223
Union Pacific Corp.		44,200		8,663,642
United Airlines Holdings Inc.^(a)		21,936		1,043,495
United Parcel Service Inc., Class B		49,353		8,987,181
United Rentals Inc.^(a)		4,898		1,718,855
Verisk Analytics Inc.		10,917		2,186,348
Waste Management Inc.		26,316		3,930,558
Westinghouse Air Brake Technologies Corp.		12,836		1,106,592
WW Grainger Inc.		2,964		1,165,030


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Global Industrials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Xylem Inc./NY		12,273	$	1,517,925

				196,349,643


Total Common Stocks — 99.8% (Cost: $391,773,229)				392,393,690


Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		240,000		240,000


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


Total Investments in Securities — 99.9% (Cost: $392,013,229)				392,633,690

Other Assets, Less Liabilities — 0.1%				433,541


Net Assets — 100.0%			$	393,067,231

^(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)	Affiliate of the Fund.

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

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)	$	808,386	$	—	$	(808,271	)^(b)	$	90	$	(205	)	$	—		—	$	1,713	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		460,000		—		(220,000	)^(b)		—		—			240,000		240,000		19			—

								$	90	$	(205	)	$	240,000			$	1,732		$	—

^(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		5		12/17/21		234		(4,300	)
XAI Industrial Index		3		12/17/21		295		(9,427	)

							$	(14,432	)


38		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 Industrials ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:


	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	14,432

^(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	$	76,772


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(29,864	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	1,172,695

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	$	217,897,391		$	174,496,299		$	—	$	392,393,690
Money Market Funds		240,000			—			—		240,000

	$	218,137,391		$	174,496,299		$	—	$	392,633,690

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(9,427	)	$	(5,005	)	$	—	$	(14,432	)

^(a)

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

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		39

Schedule of Investments (unaudited)

September 30, 2021

iShares^® Global Materials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 14.1%
BHP Group Ltd.		966,439	$	25,811,499
BHP Group PLC		693,432		17,470,563
Fortescue Metals Group Ltd.		556,210		5,924,752
Glencore PLC		3,583,381		16,856,598
James Hardie Industries PLC		145,244		5,151,977
Newcrest Mining Ltd.		267,192		4,429,431
Northern Star Resources Ltd.		385,022		2,358,124
Rio Tinto Ltd.		121,595		8,656,467
Rio Tinto PLC		350,250		22,959,633
South32 Ltd.		1,530,202		3,797,247

				113,416,291

Belgium — 0.8%
Solvay SA		23,835		2,956,671
Umicore SA		65,517		3,875,958

				6,832,629

Brazil — 2.3%
Vale SA, ADR		1,315,543		18,351,825


Canada — 7.0%
Agnico Eagle Mines Ltd.		80,388		4,170,453
Barrick Gold Corp.		582,532		10,518,322
CCL Industries Inc., Class B, NVS		48,641		2,519,224
First Quantum Minerals Ltd.		181,429		3,359,000
Franco-Nevada Corp.		62,617		8,134,871
Kinross Gold Corp.		411,007		2,203,330
Kirkland Lake Gold Ltd.		87,636		3,650,462
Nutrien Ltd.		186,923		12,132,433
Teck Resources Ltd., Class B		153,138		3,812,128
Wheaton Precious Metals Corp.		147,253		5,543,205

				56,043,428

Chile — 0.4%
Empresas CMPC SA		363,452		683,966
Sociedad Quimica y Minera de Chile SA, ADR		46,794		2,513,774

				3,197,740

Denmark — 0.9%
Chr Hansen Holding A/S		33,527		2,738,561
Novozymes A/S, Class B		69,138		4,739,496

				7,478,057

Finland — 1.2%
Stora Enso OYJ, Class R		199,340		3,320,291
UPM-Kymmene OYJ		175,101		6,197,561

				9,517,852

France — 3.5%
Air Liquide SA		155,426		24,893,038
Arkema SA		21,693		2,860,587

				27,753,625

Germany — 4.8%
BASF SE		301,405		22,849,579
Covestro AG^(a)		63,237		4,309,651
HeidelbergCement AG		47,992		3,580,364
LANXESS AG		28,762		1,943,862
Symrise AG		42,281		5,541,815

				38,225,271

Ireland — 8.2%
CRH PLC		257,406		12,148,236
Linde PLC		169,332		49,678,622


Security	Shares		Value

Ireland (continued)
Smurfit Kappa Group PLC		84,530	$	4,450,369

				66,277,227

Japan — 7.7%
Asahi Kasei Corp.		458,700		4,915,461
JFE Holdings Inc.		189,200		2,837,294
Mitsubishi Chemical Holdings Corp.		464,300		4,226,865
Mitsui Chemicals Inc.		66,500		2,221,698
Nippon Paint Holdings Co. Ltd.		475,600		5,179,364
Nippon Steel Corp.		311,329		5,599,555
Nitto Denko Corp.		49,300		3,509,495
Oji Holdings Corp.		335,400		1,689,987
Shin-Etsu Chemical Co. Ltd.		129,700		21,889,312
Sumitomo Chemical Co. Ltd.		546,300		2,835,434
Sumitomo Metal Mining Co. Ltd.		89,900		3,250,837
Toray Industries Inc.		531,500		3,377,252

				61,532,554

Mexico — 1.0%
Cemex SAB de CV, NVS^(b)		4,965,512		3,581,933
Grupo Mexico SAB de CV, Series B		1,018,953		4,067,124

				7,649,057

Netherlands — 3.1%
Akzo Nobel NV		61,458		6,715,184
ArcelorMittal SA		220,302		6,744,018
Koninklijke DSM NV		57,253		11,449,219

				24,908,421

Norway — 0.7%
Norsk Hydro ASA		445,719		3,326,843
Yara International ASA		52,021		2,576,926

				5,903,769

Peru — 0.2%
Southern Copper Corp.		28,091		1,577,029


South Korea — 2.1%
LG Chem Ltd.		15,492		10,047,649
POSCO		24,845		6,841,283

				16,888,932

Sweden — 0.7%
Boliden AB		89,690		2,871,912
Svenska Cellulosa AB SCA, Class B		195,229		3,025,672

				5,897,584

Switzerland — 4.3%
Givaudan SA, Registered		2,605		11,876,427
Holcim Ltd.		169,473		8,166,054
Sika AG, Registered		46,442		14,683,705

				34,726,186

Taiwan — 1.5%
Formosa Plastics Corp.		1,413,720		5,715,613
Nan Ya Plastics Corp.		1,850,940		6,050,456

				11,766,069

United Kingdom — 4.4%
Amcor PLC		506,936		5,875,388
Anglo American PLC		446,502		15,649,290
Croda International PLC		46,656		5,345,710
DS Smith PLC		448,740		2,478,257
Johnson Matthey PLC		65,780		2,359,988
Mondi PLC		159,083		3,898,486

				35,607,119


40		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 Materials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States — 30.0%
Air Products & Chemicals Inc.		72,668	$	18,611,002
Albemarle Corp.		38,285		8,383,266
Avery Dennison Corp.		27,195		5,635,076
Ball Corp.		106,984		9,625,350
Celanese Corp.		36,555		5,506,645
CF Industries Holdings Inc.		70,445		3,932,240
Corteva Inc.		240,489		10,119,777
Dow Inc.		244,414		14,068,470
DuPont de Nemours Inc.		171,608		11,667,628
Eastman Chemical Co.		44,338		4,466,610
Ecolab Inc.		81,528		17,008,371
FMC Corp.		42,205		3,864,290
Freeport-McMoRan Inc.		482,149		15,684,307
International Flavors & Fragrances Inc.		81,583		10,909,279
International Paper Co.		128,057		7,160,947
LyondellBasell Industries NV, Class A		86,563		8,123,938
Martin Marietta Materials Inc.		20,439		6,983,598
Mosaic Co. (The)		113,570		4,056,720
Newmont Corp.		261,864		14,219,215
Nucor Corp.		96,202		9,474,935
Packaging Corp. of America		31,115		4,276,446
PPG Industries Inc.		77,888		11,138,763
Sealed Air Corp.		49,282		2,700,161
Sherwin-Williams Co. (The)		79,488		22,235,178
Vulcan Materials Co.		43,593		7,374,192
Westrock Co.		87,962		4,383,146

				241,609,550


Total Common Stocks — 98.9% (Cost: $794,231,280)				795,160,215
Total Common Stocks — 98.9% (Cost: $794,231,280)				795,160,215


Security	Shares		Value

Preferred Stocks

Brazil — 0.2%
Gerdau SA, Preference Shares, ADR		379,687	$	1,868,060


South Korea — 0.1%
LG Chem Ltd., Preference Shares, NVS		2,571		808,083


Total Preferred Stocks — 0.3% (Cost: $3,388,876)				2,676,143
Total Preferred Stocks — 0.3% (Cost: $3,388,876)				2,676,143


Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		410,000		410,000


Total Short-Term Investments — 0.1% (Cost: $410,000)				410,000
Total Short-Term Investments — 0.1% (Cost: $410,000)				410,000


Total Investments in Securities — 99.3% (Cost: $798,030,156)				798,246,358
				798,246,358

Other Assets, Less Liabilities — 0.7%				5,838,601


Net Assets — 100.0%			$	804,084,959

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

^(b)	Non-income producing security.

^(c)	Affiliate of the Fund.

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

Affiliates


Affiliated Issuer	Value at 03/31/21		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: Treasury, SL Agency Shares	$	670,000	$	—	$	(260,000	)^(a)	$	—	$	—	$	410,000		410,000	$	32	$	—

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P/TSX 60 Index		5		12/16/21	$	945	$	(23,406	)
FTSE 100 Index		22		12/17/21		2,088		(2,672	)
MSCI Emerging Markets Index		11		12/17/21		685		(18,478	)


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

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Global Materials ETF

Futures Contracts (continued)



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

S&P 500 E-Mini Index		9		12/17/21	$	1,934	$	(58,167	)

							$	(102,723	)

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)	$	102,723

^(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	$	125,529


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(100,048	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	4,601,478

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	$	386,037,234		$	409,122,981		$	—	$	795,160,215
Preferred Stocks		1,868,060			808,083			—		2,676,143
Money Market Funds		410,000			—			—		410,000

	$	388,315,294		$	409,931,064		$	—	$	798,246,358

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(100,051	)	$	(2,672	)	$	—	$	(102,723	)

^(a)

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

See notes to financial statements.


42		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 Tech ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 0.2%
Afterpay Ltd.^(a)		112,988	$	9,815,837
Computershare Ltd.		255,832		3,308,174

				13,124,011

Brazil — 0.2%
Pagseguro Digital Ltd., Class A^(a)(b)		90,011		4,655,369
StoneCo Ltd., Class A^(a)		104,477		3,627,441

				8,282,810

Canada — 1.7%
CGI Inc.^(a)		97,872		8,313,634
Constellation Software Inc.		8,801		14,418,325
Open Text Corp.		120,844		5,898,134
Shopify Inc., Class A^(a)		50,429		68,449,823

				97,079,916

China — 0.4%
Xiaomi Corp., Class B^(a)(c)		7,391,000		20,299,189


Finland — 0.2%
Nokia OYJ^(a)		2,409,844		13,291,024


France — 1.1%
Atos SE		43,525		2,312,127
Capgemini SE		70,143		14,546,022
Dassault Systemes SE		308,370		16,228,129
Edenred		112,537		6,058,139
STMicroelectronics NV , New		292,783		12,771,097
Worldline SA^(a)(c)		111,514		8,500,269

				60,415,783

Germany — 1.6%
Infineon Technologies AG		583,709		23,872,629
SAP SE		488,620		66,075,656

				89,948,285

Ireland — 0.1%
Seagate Technology Holdings PLC		93,569		7,721,314


Japan — 3.7%
Advantest Corp.		88,000		7,841,637
Canon Inc.		464,300		11,360,516
FUJIFILM Holdings Corp.		178,100		15,378,890
Fujitsu Ltd.		81,500		14,727,910
Keyence Corp.		85,040		50,757,910
Kyocera Corp.		154,800		9,676,749
Murata Manufacturing Co. Ltd.		286,400		25,332,780
NEC Corp.		120,300		6,519,178
Nomura Research Institute Ltd.		191,900		7,053,612
NTT Data Corp.		288,200		5,572,123
Obic Co. Ltd.		29,600		5,628,675
Omron Corp.		90,900		8,994,784
Ricoh Co. Ltd.		331,600		3,393,016
Rohm Co. Ltd.		39,300		3,706,090
TDK Corp.		171,300		6,177,547
Tokyo Electron Ltd.		69,600		30,747,783

				212,869,200

Netherlands — 3.6%
Adyen NV^(a)(c)		13,608		38,039,283
ASM International NV		17,175		6,726,046
ASML Holding NV		187,468		140,049,503
NXP Semiconductors NV		118,490		23,208,636

				208,023,468


Security	Shares		Value

New Zealand — 0.1%
Xero Ltd.^(a)		57,612	$	5,653,379


South Korea — 3.1%
Samsung Electronics Co. Ltd.		2,294,435		142,242,582
Samsung SDI Co. Ltd.		24,670		14,721,079
SK Hynix Inc.		240,564		20,593,796

				177,557,457

Spain — 0.2%
Amadeus IT Group SA^(a)		201,059		13,224,007


Sweden — 0.6%
Hexagon AB, Class B		881,383		13,633,226
Sinch AB^(a)(c)		251,886		4,884,571
Telefonaktiebolaget LM Ericsson, Class B		1,290,504		14,565,818

				33,083,615

Switzerland — 0.2%
Logitech International SA, Registered		77,635		6,906,961
Temenos AG, Registered		30,053		4,077,787

				10,984,748

Taiwan — 4.1%
Delta Electronics Inc.		847,000		7,589,261
Hon Hai Precision Industry Co. Ltd.		5,567,378		20,780,859
MediaTek Inc.		704,000		22,659,980
Taiwan Semiconductor Manufacturing Co. Ltd.		8,456,600		174,900,105
United Microelectronics Corp.		5,133,000		11,635,224

				237,565,429

United Kingdom — 0.2%
Halma PLC		169,566		6,467,841
Sage Group PLC (The)		503,932		4,798,266

				11,266,107

United States — 78.1%
Accenture PLC, Class A		283,390		90,662,129
Adobe Inc.^(a)		212,891		122,565,607
Advanced Micro Devices Inc.^(a)		542,081		55,780,135
Akamai Technologies Inc.^(a)		73,293		7,665,715
Amphenol Corp., Class A		268,124		19,634,721
Analog Devices Inc.		240,871		40,341,075
ANSYS Inc.^(a)		38,921		13,250,654
Apple Inc.		7,018,082		993,058,603
Applied Materials Inc.		408,461		52,581,185
Arista Networks Inc.^(a)		25,022		8,598,560
Autodesk Inc.^(a)		98,410		28,063,580
Automatic Data Processing Inc.		189,074		37,799,674
Broadcom Inc.		183,341		88,907,551
Broadridge Financial Solutions Inc.		51,653		8,607,456
Cadence Design Systems Inc.^(a)		123,679		18,729,948
CDW Corp./DE		61,442		11,183,673
Ceridian HCM Holding Inc.^(a)		60,147		6,773,755
Cisco Systems Inc.		1,883,355		102,511,013
Citrix Systems Inc.		55,400		5,948,298
Cognizant Technology Solutions Corp., Class A		234,830		17,426,734
Corning Inc.		343,507		12,534,570
DXC Technology Co.^(a)		111,977		3,763,547
Enphase Energy Inc.^(a)(b)		60,154		9,021,295
F5 Networks Inc.^(a)		27,136		5,394,094
Fidelity National Information Services Inc.		276,052		33,590,007
Fiserv Inc.^(a)		266,074		28,869,029
FleetCor Technologies Inc.^(a)		36,883		9,636,421
Fortinet Inc.^(a)		60,507		17,670,464


S C H E D U L E O F I N V E S T M E N T S		43

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Global Tech ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Gartner Inc.^(a)		37,379	$	11,358,731
Global Payments Inc.		131,268		20,685,211
Hewlett Packard Enterprise Co.		580,403		8,270,743
HP Inc.		538,240		14,726,246
Intel Corp.		1,813,092		96,601,542
International Business Machines Corp.		400,304		55,614,235
Intuit Inc.		122,117		65,883,343
IPG Photonics Corp.^(a)(b)		16,034		2,539,786
Jack Henry & Associates Inc.		33,109		5,431,863
Juniper Networks Inc.		144,139		3,966,705
Keysight Technologies Inc.^(a)		82,254		13,513,510
KLA Corp.		68,246		22,828,969
Lam Research Corp.		63,677		36,241,765
Mastercard Inc., Class A		388,934		135,224,573
Microchip Technology Inc.		122,407		18,788,250
Micron Technology Inc.		503,239		35,719,904
Microsoft Corp.		3,358,486		946,824,373
Monolithic Power Systems Inc.		19,276		9,342,692
Motorola Solutions Inc.		75,779		17,604,977
NetApp Inc.		100,031		8,978,783
NortonLifeLock Inc.		260,173		6,582,377
NVIDIA Corp.		1,113,695		230,713,056
Oracle Corp.		736,330		64,156,433
Paychex Inc.		143,121		16,093,956
Paycom Software Inc.^(a)		21,471		10,644,248
PayPal Holdings Inc.^(a)		525,116		136,640,434
PTC Inc.^(a)		46,938		5,622,703
Qorvo Inc.^(a)		49,596		8,291,955
QUALCOMM Inc.		504,070		65,014,949
salesforce.com Inc.^(a)		434,178		117,757,757
ServiceNow Inc.^(a)		88,522		55,084,585
Skyworks Solutions Inc.		74,060		12,203,607
Synopsys Inc.^(a)		68,079		20,383,533
TE Connectivity Ltd.		146,579		20,113,570
Teledyne Technologies Inc.^(a)		20,779		8,926,243
Teradyne Inc.		73,721		8,048,122
Texas Instruments Inc.		412,581		79,302,194
Trimble Inc.^(a)		112,159		9,225,078
Tyler Technologies Inc.^(a)		18,254		8,372,197
VeriSign Inc.^(a)		43,489		8,915,680
Visa Inc., Class A		754,211		168,000,500


Security	Shares		Value

United States (continued)
Western Digital Corp.^(a)		137,371	$	7,753,219
Western Union Co. (The)		180,813		3,656,039
Xilinx Inc.		110,646		16,706,440
Zebra Technologies Corp., Class A^(a)		23,846		12,290,705

				4,481,215,274


Total Common Stocks — 99.4% (Cost: $3,768,238,245)				5,701,605,016


Preferred Stocks

South Korea — 0.4%
Samsung Electronics Co. Ltd., Preference Shares, NVS		367,662		21,448,913


Total Preferred Stocks — 0.4% (Cost: $14,513,232)				21,448,913


Short-Term Investments

Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(d)(e)(f)		5,186,538		5,189,132
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(d)(e)		8,600,000		8,600,000

				13,789,132


Total Short-Term Investments — 0.2% (Cost: $13,787,351)				13,789,132


Total Investments in Securities — 100.0% (Cost: $3,796,538,828)				5,736,843,061

Other Assets, Less Liabilities — (0.0)%				(674,798	)


Net Assets — 100.0%			$	5,736,168,263

^(a)	Non-income producing security.

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

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

^(d)	Affiliate of the Fund.

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

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


44		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 Tech 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	$	22,633,344	$	—		$	(17,442,923	)^(a)	$	(1,162)	$	(127)	$	5,189,132		5,186,538	$	10,876	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,912,000		4,688,000	^(a)		—			—		—		8,600,000		8,600,000		235			—

									$	(1,162)	$	(127)	$	13,789,132			$	11,111		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Technoloy Select Sector Index		79		12/17/21	$	11,886	$	(488,263	)

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)	$	488,263

^(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	$	1,146,112


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(627,351	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	9,846,093

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the 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		45

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Global Tech ETF

Fair Value Hierarchy as of Period End


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	4,617,507,950		$	1,084,097,066	$	—	$	5,701,605,016
Preferred Stocks		—			21,448,913		—		21,448,913
Money Market Funds		13,789,132			—		—		13,789,132

	$	4,631,297,082		$	1,105,545,979	$	—	$	5,736,843,061

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(488,263	)	$	—	$	—	$	(488,263	)

^(a)

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

See notes to financial statements.


46		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 Utilities ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 0.9%
APA Group		120,076	$	747,929
Origin Energy Ltd.		179,639		602,688

				1,350,617

Canada — 4.0%
Algonquin Power & Utilities Corp.		62,696		919,205
Brookfield Infrastructure Partners LP^(a)		30,001		1,687,171
Emera Inc.		26,000		1,177,452
Fortis Inc.		47,840		2,122,319

				5,906,147

Chile — 0.3%
Enel Americas SA, ADR		39,187		229,244
Enel Chile SA		2,731,683		129,610

				358,854

Colombia — 0.2%
Interconexion Electrica SA ESP		48,832		291,109


Denmark — 1.7%
Orsted A/S^(b)		19,205		2,531,498


Finland — 0.9%
Fortum OYJ		44,268		1,344,245


France — 3.8%
Electricite de France SA		49,942		627,578
Engie SA		180,481		2,361,268
Suez SA		38,947		888,074
Veolia Environment SA		54,575		1,667,582

				5,544,502

Germany — 3.5%
E.ON SE		227,928		2,782,020
RWE AG		68,650		2,421,173

				5,203,193

Hong Kong — 2.3%
CLP Holdings Ltd.		171,000		1,646,460
Hong Kong & China Gas Co. Ltd.		1,102,166		1,665,255

				3,311,715

Italy — 5.6%
Enel SpA		783,875		6,016,411
Snam SpA		208,132		1,151,362
Terna - Rete Elettrica Nazionale		142,457		1,010,989

				8,178,762

Japan — 2.2%
Chubu Electric Power Co. Inc.		73,400		867,495
Kansai Electric Power Co. Inc. (The)		84,200		815,913
Osaka Gas Co. Ltd.		42,600		778,432
Tokyo Gas Co. Ltd.		41,800		777,785

				3,239,625

Portugal — 1.1%
EDP - Energias de Portugal SA		297,924		1,565,030


Spain — 6.0%
Enagas SA		23,897		531,090
Endesa SA		32,237		650,140
Iberdrola SA		590,325		5,938,922
Naturgy Energy Group SA^(c)		33,482		842,773
Red Electrica Corp. SA		41,560		833,788

				8,796,713


Security	Shares		Value

United Kingdom — 5.9%
National Grid PLC		393,523	$	4,689,109
Severn Trent PLC		25,720		900,434
SSE PLC		106,421		2,240,708
United Utilities Group PLC		69,219		900,909

				8,731,160

United States — 61.1%
AES Corp. (The)		67,653		1,544,518
Alliant Energy Corp.		25,407		1,422,284
Ameren Corp.		26,106		2,114,586
American Electric Power Co. Inc.		50,789		4,123,051
American Water Works Co. Inc.		18,428		3,115,069
Atmos Energy Corp.		13,280		1,171,296
CenterPoint Energy Inc.		60,194		1,480,772
CMS Energy Corp.		29,406		1,756,420
Consolidated Edison Inc.		35,878		2,604,384
Dominion Energy Inc.		82,080		5,993,482
DTE Energy Co.		19,671		2,197,447
Duke Energy Corp.		78,053		7,617,192
Edison International		38,552		2,138,480
Entergy Corp.		20,401		2,026,023
Evergy Inc.		23,281		1,448,078
Eversource Energy		34,890		2,852,606
Exelon Corp.		99,272		4,798,809
FirstEnergy Corp.		55,251		1,968,041
NextEra Energy Inc.		184,298		14,471,079
NiSource Inc.		39,746		963,046
NRG Energy Inc.		24,805		1,012,788
Pinnacle West Capital Corp.		11,442		827,943
PPL Corp.		78,133		2,178,348
Public Service Enterprise Group Inc.		51,329		3,125,936
Sempra Energy		32,420		4,101,130
Southern Co. (The)		106,503		6,599,991
WEC Energy Group Inc.		32,025		2,824,605
Xcel Energy Inc.		54,663		3,416,438

				89,893,842


Total Common Stocks — 99.5% (Cost: $165,719,089)				146,247,012


Rights

France — 0.0%
Veolia Environment SA (Expires 10/01/21)^(a)(c)		59,311		49,205


Total Rights — 0.0% (Cost: $0)				49,205


Short-Term Investments

Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(d)(e)(f)		935,463		935,930


S C H E D U L E O F I N V E S T M E N T S		47

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Global Utilities ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(d)(e)		118,000	$	118,000

				1,053,930


Total Short-Term Investments — 0.7% (Cost: $1,053,930)				1,053,930


Total Investments in Securities — 100.2% (Cost: $166,773,019)				147,350,147

Other Assets, Less Liabilities — (0.2)%				(317,163	)


Net Assets — 100.0%			$	147,032,984

^(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


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	$	—	$	935,972	^(a)	$	—		$	(42	)	$	—	$	935,930		935,463	$	15,864	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		208,000		—			(90,000	)^(a)		—			—		118,000		118,000		8			—

									$	(42	)	$	—	$	1,053,930			$	15,872		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Utilities Select Sector Index		6		12/17/21	$	386	$	(17,034	)

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)	$	17,034

^(a)


48		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 Utilities ETF

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	$	24,780


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(30,821	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	602,219

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	$	98,773,446	$	47,473,566	$	—	$	146,247,012
Rights		—		49,205		—		49,205
Money Market Funds		1,053,930		—		—		1,053,930

	$	99,827,376	$	47,522,771	$	—	$	147,350,147

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(17,034)	$	—	$	—	$	(17,034)

^(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		49

Statements of Assets and Liabilities (unaudited)

September 30, 2021


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

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	320,571,911		$	410,014,341	$	630,135,815	$	1,422,551,470
Affiliated^(c)		467,776			240,000		1,315,671		1,510,000
Cash		7,578			2,423		1,982		193,303
Foreign currency, at value^(d)		311,682			556,468		692,495		1,167,519
Cash pledged:
Futures contracts		28,000			29,000		113,000		303,000
Foreign currency collateral pledged:
Futures contracts^(e)		12,127			36,452		53,352		75,454
Receivables:
Investments sold		—			—		—		118
Securities lending income — Affiliated		284			122		403		—
Capital shares sold		—			—		582,571		2,297,313
Dividends		241,546			453,400		1,748,368		2,596,743
Tax reclaims		27,890			45,998		464,569		318,281

Total assets		321,668,794			411,378,204		635,108,226		1,431,013,201


LIABILITIES
Collateral on securities loaned, at value		297,853			—		856,420		—
Payables:
Investments purchased		481			886		30,412		2,515,545
Variation margin on futures contracts		3,037			14,734		52,826		62,176
Capital shares redeemed		—			1,066		—		—
Investment advisory fees		110,158			142,518		206,983		478,684

Total liabilities		411,529			159,204		1,146,641		3,056,405


NET ASSETS	$	321,257,265		$	411,219,000	$	633,961,585	$	1,427,956,796


NET ASSETS CONSIST OF:
Paid-in capital	$	342,942,636		$	352,453,477	$	600,068,508	$	1,763,336,667
Accumulated earnings (loss)		(21,685,371	)		58,765,523		33,893,077		(335,379,871	)

NET ASSETS	$	321,257,265		$	411,219,000	$	633,961,585	$	1,427,956,796


Shares outstanding		3,800,000			2,500,000		10,600,000		53,250,000

Net asset value	$	84.54		$	164.49	$	59.81	$	26.82

Shares authorized		Unlimited			Unlimited		Unlimited		Unlimited

Par value		None			None		None		None


^(a)Securities loaned, at value	$	290,753		$	—	$	829,403	$	—
^(b)Investments, at cost — Unaffiliated	$	254,011,062		$	348,650,122	$	590,481,694	$	1,674,500,261
^(c)Investments, at cost — Affiliated	$	467,776		$	240,000	$	1,315,671	$	1,510,000
^(d)Foreign currency, at cost	$	313,410		$	562,188	$	696,754	$	1,174,290
^(e)Foreign currency collateral pledged, at cost	$	12,368		$	36,913	$	55,431	$	77,891

See notes to financial statements.


50		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

Statements of Assets and Liabilities (unaudited) (continued)

September 30, 2021


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

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	3,033,784,515		$	3,357,232,901	$	392,393,690		$	797,836,358
Affiliated^(c)		52,362,275			16,354,300		240,000			410,000
Cash		8,270			9,392		21,180			5,843
Foreign currency, at value^(d)		6,386,028			2,094,511		257,511			2,123,795
Cash pledged:
Futures contracts		522,000			503,000		18,000			146,000
Foreign currency collateral pledged:
Futures contracts^(e)		249,393			—		26,028			230,386
Receivables:
Investments sold		3,878			—		—			113
Securities lending income — Affiliated		67			1,245		165			—
Capital shares sold		5,286,603			482,605		—			—
Dividends		4,366,987			4,071,125		551,326			3,437,513
Tax reclaims		229,759			1,951,041		123,790			243,751

Total assets		3,103,199,775			3,382,700,120		393,631,690			804,433,759


LIABILITIES
Collateral on securities loaned, at value		—			12,354,300		—			—
Payables:
Investments purchased		8,247,715			482,604		571			39,200
Variation margin on futures contracts		144,950			136,950		11,406			31,197
Capital shares redeemed		—			—		410,454			—
Investment advisory fees		988,524			1,145,791		142,028			278,403

Total liabilities		9,381,189			14,119,645		564,459			348,800


NET ASSETS	$	3,093,818,586		$	3,368,580,475	$	393,067,231		$	804,084,959


NET ASSETS CONSIST OF:
Paid-in capital	$	3,153,688,786		$	2,619,330,068	$	405,771,136		$	833,307,451
Accumulated earnings (loss)		(59,870,200	)		749,250,407		(12,703,905	)		(29,222,492	)

NET ASSETS	$	3,093,818,586		$	3,368,580,475	$	393,067,231		$	804,084,959


Shares outstanding		39,500,000			40,250,000		3,350,000			9,450,000

Net asset value	$	78.32		$	83.69	$	117.33		$	85.09

Shares authorized		Unlimited			Unlimited		Unlimited			Unlimited

Par value		None			None		None			None


^(a)Securities loaned, at value	$	—		$	12,140,292	$	—		$	—
^(b)Investments, at cost — Unaffiliated	$	3,124,234,912		$	2,556,385,134	$	391,773,229		$	797,620,156
^(c)Investments, at cost — Affiliated	$	53,943,321		$	16,354,300	$	240,000		$	410,000
^(d)Foreign currency, at cost	$	6,435,520		$	2,107,159	$	258,821		$	2,114,028
^(e)Foreign currency collateral pledged, at cost	$	254,661		$	—	$	26,685		$	238,026

See notes to financial statements.


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

Statements of Assets and Liabilities (unaudited) (continued)

September 30, 2021


	iShares Global Tech ETF			iShares Global Utilities ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	5,723,053,929		$	146,296,217
Affiliated^(c)		13,789,132			1,053,930
Cash		4,362			11,521
Foreign currency, at value^(d)		2,177,322			419,589
Cash pledged:
Futures contracts		610,000			28,000
Receivables:
Investments sold		—			22,362
Securities lending income — Affiliated		1,873			67
Capital shares sold		668,498			—
Dividends		3,271,932			213,527
Tax reclaims		154,871			51,505

Total assets		5,743,731,919			148,096,718


LIABILITIES
Collateral on securities loaned, at value		5,129,482			935,930
Payables:
Investments purchased		408,909			—
Variation margin on futures contracts		60,380			3,759
Investment advisory fees		1,964,885			55,076
IRS compliance fee for foreign withholding tax claims		—			68,969

Total liabilities		7,563,656			1,063,734


NET ASSETS	$	5,736,168,263		$	147,032,984


NET ASSETS CONSIST OF:
Paid-in capital	$	3,235,622,505		$	207,168,377
Accumulated earnings (loss)		2,500,545,758			(60,135,393	)

NET ASSETS	$	5,736,168,263		$	147,032,984


Shares outstanding		101,400,000	^(e)		2,500,000

Net asset value	$	56.57	^(e)	$	58.81

Shares authorized		Unlimited			Unlimited

Par value		None			None


^(a)Securities loaned, at value	$	5,011,406		$	883,053
^(b)Investments, at cost — Unaffiliated	$	3,782,751,477		$	165,719,089
^(c)Investments, at cost — Affiliated	$	13,787,351		$	1,053,930
^(d)Foreign currency, at cost	$	2,190,433		$	422,840
^(e)Shares outstanding and net asset value per share reflect a six-for-one stock split effective after the close of trading on July 16, 2021

See notes to financial statements.


52		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

Statements of Operations (unaudited)

Six Months Ended September 30, 2021


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

INVESTMENT INCOME
Dividends — Unaffiliated	$	2,387,170		$	2,547,269		$	8,692,572		$	38,684,650
Dividends — Affiliated		12			15			32			66
Securities lending income — Affiliated — net		1,401			3,194			2,736			91
Foreign taxes withheld		(373,398	)		(184,318	)		(484,115	)		(1,950,378	)

Total investment income		2,015,185			2,366,160			8,211,225			36,734,429


EXPENSES
Investment advisory fees		673,678			923,147			1,179,857			2,948,955
Commitment fees		287			227			181			1,906

Total expenses		673,965			923,374			1,180,038			2,950,861

Net investment income		1,341,220			1,442,786			7,031,187			33,783,568


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		5,048,198			(1,117,982	)		(946,261	)		(23,606,555	)
Investments — Affiliated		(221	)		(503	)		(196	)		21
In-kind redemptions — Unaffiliated		17,026,936			23,510,875			10,789,897			109,916,433
Futures contracts		89,636			98,744			242,318			566,314
Foreign currency transactions		6,807			(4,243	)		(2,340	)		(146,917	)

Net realized gain		22,171,356			22,486,891			10,083,418			86,729,296


Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(4,256,899	)		(15,459,451	)		2,048,703			23,606,191
Futures contracts		(23,606	)		(37,084	)		(179,917	)		512,754
Foreign currency translations		(315	)		(2,804	)		(18,558	)		(26,886	)

Net change in unrealized appreciation (depreciation)		(4,280,820	)		(15,499,339	)		1,850,228			24,092,059

Net realized and unrealized gain		17,890,536			6,987,552			11,933,646			110,821,355

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	19,231,756		$	8,430,338		$	18,964,833		$	144,604,923

See notes to financial statements.


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

Statements of Operations (unaudited) (continued)

Six Months Ended September 30, 2021


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

INVESTMENT INCOME
Dividends — Unaffiliated	$	33,386,038		$	25,954,840		$	4,138,958		$	20,269,761
Dividends — Affiliated		413,839			178			19			32
Securities lending income — Affiliated — net		10,930			5,902			1,713			—
Foreign taxes withheld		(1,996,116	)		(1,508,919	)		(296,289	)		(763,962	)

Total investment income		31,814,691			24,452,001			3,844,401			19,505,831


EXPENSES
Investment advisory fees		4,663,172			6,392,998			916,151			1,783,239
Commitment fees		2,729			—			45			2,442

Total expenses		4,665,901			6,392,998			916,196			1,785,681

Net investment income		27,148,790			18,059,003			2,928,205			17,720,150


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(11,909,434	)		(46,217	)		(1,284,978	)		(2,225,406	)
Investments — Affiliated		(54	)		2,149			90			—
In-kind redemptions — Unaffiliated		83,642,845			16,448,932			10,760,832			47,938,227
In-kind redemptions — Affiliated		2,541,629			—			—			—
Futures contracts		113,115			1,577,705			76,772			125,529
Foreign currency transactions		(143,481	)		(45,829	)		417			(158,355	)

Net realized gain		74,244,620			17,936,740			9,553,133			45,679,995


Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(101,223,566	)		217,882,780			(2,256,773	)		(79,019,866	)
Investments — Affiliated		(3,112,881	)		(2,365	)		(205	)		—
Futures contracts		(11,854	)		(579,416	)		(29,864	)		(100,048	)
Foreign currency translations		(63,080	)		17,139			(740	)		28,320

Net change in unrealized appreciation (depreciation)		(104,411,381	)		217,318,138			(2,287,582	)		(79,091,594	)

Net realized and unrealized gain (loss)		(30,166,761	)		235,254,878			7,265,551			(33,411,599	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,017,971	)	$	253,313,881		$	10,193,756		$	(15,691,449	)

See notes to financial statements.


54		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

Statements of Operations (unaudited) (continued)

Six Months Ended September 30, 2021


	iShares Global Tech ETF			iShares Global Utilities ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	26,822,082		$	3,008,571
Dividends — Affiliated		235			8
Non-cash dividends — Unaffiliated		—			153,543
Securities lending income — Affiliated — net		10,876			15,864
Foreign taxes withheld		(1,352,129	)		(148,291	)
IRS Compliance fee for foreign withholding tax claims		—			(510	)

Total investment income		25,481,064			3,029,185


EXPENSES
Investment advisory fees		10,673,276			319,455
Commitment fees		12,798			6

Total expenses		10,686,074			319,461

Net investment income		14,794,990			2,709,724


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		44,366,513			(3,999,054	)
Investments — Affiliated		(1,162	)		(42	)
In-kind redemptions — Unaffiliated		585,455,141			1,968,714
Futures contracts		1,146,112			24,780
Foreign currency transactions		(144,910	)		(15,566	)

Net realized gain (loss)		630,821,694			(2,021,168	)


Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		(195,620,596	)		(4,104,316	)
Investments — Affiliated		(127	)		—
Futures contracts		(627,351	)		(30,821	)
Foreign currency translations		136,697			(4,131	)

Net change in unrealized appreciation (depreciation)		(196,111,377	)		(4,139,268	)

Net realized and unrealized gain (loss)		434,710,317			(6,160,436	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	449,505,307		$	(3,450,712	)

See notes to financial statements.


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

Statements of Changes in Net Assets


	iShares Global Comm Services ETF						iShares Global Consumer Discretionary ETF

	Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	1,341,220		$	2,931,053		$	1,442,786		$	2,194,646
Net realized gain (loss)		22,171,356			20,120,280			22,486,891			(3,864,609	)
Net change in unrealized appreciation (depreciation)		(4,280,820	)		107,127,896			(15,499,339	)		131,716,337


Net increase in net assets resulting from operations		19,231,756			130,179,229			8,430,338			130,046,374


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(1,269,540	)		(3,194,408	)		(1,843,385	)		(1,983,808	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(17,084,456	)		(31,968,301	)		(26,112,909	)		145,733,246


NET ASSETS
Total increase (decrease) in net assets		877,760			95,016,520			(19,525,956	)		273,795,812
Beginning of period		320,379,505			225,362,985			430,744,956			156,949,144


End of period	$	321,257,265		$	320,379,505		$	411,219,000		$	430,744,956

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

See notes to financial statements.


56		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

Statements of Changes in Net Assets (continued)


	iShares Global Consumer Staples ETF						iShares Global Energy ETF

	Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	7,031,187		$	14,978,434		$	33,783,568		$	47,071,842
Net realized gain (loss)		10,083,418			47,826,744			86,729,296			(38,459,112	)
Net change in unrealized appreciation (depreciation)		1,850,228			75,904,067			24,092,059			320,650,620


Net increase in net assets resulting from operations		18,964,833			138,709,245			144,604,923			329,263,350


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(6,458,430	)		(14,922,745	)		(23,007,843	)		(44,636,580	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		95,547,749			(281,259,288	)		(1,661,000	)		406,575,701


NET ASSETS
Total increase (decrease) in net assets		108,054,152			(157,472,788	)		119,936,080			691,202,471
Beginning of period		525,907,433			683,380,221			1,308,020,716			616,818,245


End of period	$	633,961,585		$	525,907,433		$	1,427,956,796		$	1,308,020,716

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

See notes to financial statements.


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

Statements of Changes in Net Assets (continued)


	iShares Global Financials ETF						iShares Global Healthcare ETF

	Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	27,148,790		$	6,364,875		$	18,059,003		$	33,112,125
Net realized gain (loss)		74,244,620			(19,276,017	)		17,936,740			65,418,175
Net change in unrealized appreciation (depreciation)		(104,411,381	)		142,359,595			217,318,138			441,025,445


Net increase (decrease) in net assets resulting from operations		(3,017,971	)		129,448,453			253,313,881			539,555,745


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(10,261,377	)		(6,228,611	)		(19,916,996	)		(31,015,428	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		2,634,354,485			146,450,450			429,982,262			249,269,156


NET ASSETS
Total increase in net assets		2,621,075,137			269,670,292			663,379,147			757,809,473
Beginning of period		472,743,449			203,073,157			2,705,201,328			1,947,391,855


End of period	$	3,093,818,586		$	472,743,449		$	3,368,580,475		$	2,705,201,328

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

See notes to financial statements.


58		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

Statements of Changes in Net Assets (continued)


	iShares Global Industrials ETF						iShares Global Materials ETF

	Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	2,928,205		$	3,917,359		$	17,720,150		$	11,643,528
Net realized gain (loss)		9,553,133			56,361,275			45,679,995			(6,540,684	)
Net change in unrealized appreciation (depreciation)		(2,287,582	)		70,306,075			(79,091,594	)		177,378,292


Net increase (decrease) in net assets resulting from operations		10,193,756			130,584,709			(15,691,449	)		182,481,136


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(3,770,124	)		(3,589,504	)		(10,740,820	)		(6,021,339	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(35,822,188	)		148,891,058			107,518,278			417,407,351


NET ASSETS
Total increase (decrease) in net assets		(29,398,556	)		275,886,263			81,086,009			593,867,148
Beginning of period		422,465,787			146,579,524			722,998,950			129,131,802


End of period	$	393,067,231		$	422,465,787		$	804,084,959		$	722,998,950

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

See notes to financial statements.


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

Statements of Changes in Net Assets (continued)


	iShares Global Tech ETF						iShares Global Utilities ETF

	Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	14,794,990		$	32,041,421		$	2,709,724		$	4,555,188
Net realized gain (loss)		630,821,694			147,031,442			(2,021,168	)		(619,570	)
Net change in unrealized appreciation (depreciation)		(196,111,377	)		1,854,215,133			(4,139,268	)		33,449,472


Net increase (decrease) in net assets resulting from operations		449,505,307			2,033,287,996			(3,450,712	)		37,385,090


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(16,940,783	)		(30,800,295	)		(2,099,129	)		(4,959,902	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		257,062,372			291,181,184			1,315,258			(33,280,461	)


NET ASSETS
Total increase (decrease) in net assets		689,626,896			2,293,668,885			(4,234,583	)		(855,273	)
Beginning of period		5,046,541,367			2,752,872,482			151,267,567			152,122,840


End of period	$	5,736,168,263		$	5,046,541,367		$	147,032,984		$	151,267,567

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

See notes to financial statements.


60		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

Financial Highlights

(For a share outstanding throughout each period)


	iShares Global Comm Services ETF

		Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17


Net asset value, beginning of period	$	80.09		$	51.81		$	56.22		$	57.19		$	59.45		$	62.37

Net investment income^(a)		0.35			0.66			0.78			1.82			2.21			2.28
Net realized and unrealized gain (loss)^(b)		4.42			28.33			(3.85	)		(0.62	)		(2.41	)		(2.84	)

Net increase (decrease) from investment operations		4.77			28.99			(3.07	)		1.20			(0.20	)		(0.56	)


Distributions^(c)
From net investment income		(0.32	)		(0.71	)		(1.34	)		(2.17	)		(2.06	)		(2.36	)

Total distributions		(0.32	)		(0.71	)		(1.34	)		(2.17	)		(2.06	)		(2.36	)


Net asset value, end of period	$	84.54		$	80.09		$	51.81		$	56.22		$	57.19		$	59.45


Total Return^(d)
Based on net asset value		5.95	%^(e)		56.20	%		(5.70	)%		2.37	%		(0.46	)%		(0.91	)%


Ratios to Average Net Assets
Total expenses		0.41	%^(f)		0.43	%		0.46	%		0.46	%		0.47	%		0.48	%

Net investment income		0.81	%^(f)		0.96	%		1.34	%		3.28	%		3.71	%		3.74	%


Supplemental Data
Net assets, end of period (000)	$	321,257		$	320,380		$	225,363		$	236,105		$	400,339		$	303,171

Portfolio turnover rate^(g)		10	%^(e)		13	%		24	%		79	%		3	%		5	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

^(f)	Annualized.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		61

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Consumer Discretionary ETF

		Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17


Net asset value, beginning of period	$	162.55		$	95.12		$	113.27		$	111.45		$	96.61		$	88.72

Net investment income^(a)		0.54			1.06			1.75			1.70			1.42			1.51
Net realized and unrealized gain (loss)^(b)		2.07			67.38			(18.03	)		1.87			14.79			7.97

Net increase (decrease) from investment operations		2.61			68.44			(16.28	)		3.57			16.21			9.48


Distributions^(c)
From net investment income		(0.67	)		(1.01	)		(1.87	)		(1.75	)		(1.37	)		(1.59	)

Total distributions		(0.67	)		(1.01	)		(1.87	)		(1.75	)		(1.37	)		(1.59	)


Net asset value, end of period	$	164.49		$	162.55		$	95.12		$	113.27		$	111.45		$	96.61


Total Return^(d)
Based on net asset value		1.60	%^(e)		72.21	%		(14.71	)%^(f)		3.32	%		16.81	%		10.86	%


Ratios to Average Net Assets
Total expenses		0.41	%^(g)		0.43	%		0.46	%		0.46	%		0.47	%		0.48	%

Net investment income		0.64	%^(g)		0.75	%		1.47	%		1.51	%		1.35	%		1.68	%


Supplemental Data
Net assets, end of period (000)	$	411,219		$	430,745		$	156,949		$	203,889		$	278,617		$	202,874

Portfolio turnover rate^(h)		6	%^(e)		34	%		17	%		30	%		6	%		13	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

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

See notes to financial statements.


62		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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Consumer Staples ETF

		Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19	^(a)		Year Ended 03/31/18	^(a)		Year Ended 03/31/17	^(a)


Net asset value, beginning of period	$	58.11		$	47.96		$	51.67		$	50.14		$	49.65		$	48.74

Net investment income^(b)		0.74			1.34			1.18			1.20			1.12			1.01
Net realized and unrealized gain (loss)^(c)		1.65			10.17			(3.69	)		1.70			0.52			0.98

Net increase (decrease) from investment operations		2.39			11.51			(2.51	)		2.90			1.64			1.99


Distributions^(d)
From net investment income		(0.69	)		(1.36	)		(1.20	)		(1.37	)		(1.15	)		(1.08	)

Total distributions		(0.69	)		(1.36	)		(1.20	)		(1.37	)		(1.15	)		(1.08	)


Net asset value, end of period	$	59.81		$	58.11		$	47.96		$	51.67		$	50.14		$	49.65


Total Return^(e)
Based on net asset value		4.07	%^(f)		24.21	%		(5.10	)%		6.07	%		3.19	%		4.18	%


Ratios to Average Net Assets
Total expenses		0.41	%^(g)		0.43	%		0.46	%		0.46	%		0.47	%		0.48	%

Net investment income		2.42	%^(g)		2.46	%		2.21	%		2.43	%		2.18	%		2.09	%


Supplemental Data
Net assets, end of period (000)	$	633,962		$	525,907		$	683,380		$	738,832		$	536,507		$	605,760

Portfolio turnover rate^(h)		4	%^(f)		7	%		7	%		7	%		5	%		4	%

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

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

^(g)	Annualized.

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

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Energy ETF

		Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17


Net asset value, beginning of period	$	24.63		$	17.06		$	33.70		$	33.91		$	33.19		$	29.58

Net investment income^(a)		0.59			0.94			1.13			1.11			1.14			0.97
Net realized and unrealized gain (loss)^(b)		2.03			7.62			(15.61	)		(0.29	)		0.66			3.64

Net increase (decrease) from investment operations		2.62			8.56			(14.48	)		0.82			1.80			4.61


Distributions^(c)
From net investment income		(0.43	)		(0.99	)		(2.16	)		(1.03	)		(1.08	)		(1.00	)

Total distributions		(0.43	)		(0.99	)		(2.16	)		(1.03	)		(1.08	)		(1.00	)


Net asset value, end of period	$	26.82		$	24.63		$	17.06		$	33.70		$	33.91		$	33.19


Total Return^(d)
Based on net asset value		10.60	%^(e)		51.36	%		(45.73	)%		2.56	%		5.56	%		15.54	%


Ratios to Average Net Assets
Total expenses		0.41	%^(f)		0.43	%		0.46	%		0.46	%		0.47	%		0.48	%

Net investment income		4.66	%^(f)		4.65	%		3.78	%		3.17	%		3.39	%		2.98	%


Supplemental Data
Net assets, end of period (000)	$	1,427,957		$	1,308,021		$	616,818		$	1,031,245		$	1,154,552		$	950,763

Portfolio turnover rate^(g)		2	%^(e)		5	%		7	%		6	%		4	%		4	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

^(f)	Annualized.

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

See notes to financial statements.


64		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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Financials ETF

		Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17


Net asset value, beginning of period	$	73.29		$	47.23		$	61.61		$	68.93		$	60.82		$	49.45

Net investment income^(a)		0.93			1.36			1.71			1.84			1.47			1.35
Net realized and unrealized gain (loss)^(b)		4.38			26.09			(14.12	)		(7.38	)		8.12			11.30

Net increase (decrease) from investment operations		5.31			27.45			(12.41	)		(5.54	)		9.59			12.65


Distributions^(c)
From net investment income		(0.28	)		(1.39	)		(1.97	)		(1.78	)		(1.48	)		(1.28	)

Total distributions		(0.28	)		(1.39	)		(1.97	)		(1.78	)		(1.48	)		(1.28	)


Net asset value, end of period	$	78.32		$	73.29		$	47.23		$	61.61		$	68.93		$	60.82


Total Return^(d)
Based on net asset value		7.24	%^(e)		58.99	%		(20.99	)%^(f)		(8.02	)%		15.91	%		26.03	%


Ratios to Average Net Assets
Total expenses		0.41	%^(g)		0.43	%		0.46	%		0.46	%		0.47	%		0.48	%

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

Net investment income		2.36	%^(g)		2.28	%		2.66	%		2.84	%		2.19	%		2.46	%


Supplemental Data
Net assets, end of period (000)	$	3,093,819		$	472,743		$	203,073		$	341,918		$	634,120		$	386,189

Portfolio turnover rate^(h)		3	%^(e)		4	%		7	%		7	%		4	%		16	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

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

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Healthcare ETF

		Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19	^(a)		Year Ended 03/31/18	^(a)		Year Ended 03/31/17	^(a)


Net asset value, beginning of period	$	76.96		$	60.95		$	61.13		$	55.61		$	51.44		$	48.21

Net investment income^(b)		0.48			1.02			0.96			0.92			0.79			0.76
Net realized and unrealized gain (loss)^(c)		6.78			15.96			(0.16	)		5.80			4.20			3.29

Net increase from investment operations		7.26			16.98			0.80			6.72			4.99			4.05


Distributions^(d)
From net investment income		(0.53	)		(0.97	)		(0.98	)		(1.20	)		(0.82	)		(0.82	)

Total distributions		(0.53	)		(0.97	)		(0.98	)		(1.20	)		(0.82	)		(0.82	)


Net asset value, end of period	$	83.69		$	76.96		$	60.95		$	61.13		$	55.61		$	51.44


Total Return^(e)
Based on net asset value		9.44	%^(f)		28.03	%		1.23	%		12.29	%		9.70	%		8.52	%


Ratios to Average Net Assets
Total expenses		0.41	%^(g)		0.43	%		0.46	%		0.46	%		0.47	%		0.48	%

Net investment income		1.15	%^(g)		1.41	%		1.52	%		1.55	%		1.42	%		1.51	%


Supplemental Data
Net assets, end of period (000)	$	3,368,580		$	2,705,201		$	1,947,392		$	2,121,287		$	1,568,110		$	1,476,384

Portfolio turnover rate^(h)		3	%^(f)		5	%		5	%		8	%		4	%		5	%

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

^(b)	Based on average shares outstanding.

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

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

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

^(f)	Not annualized.

^(g)	Annualized.

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

See notes to financial statements.


66		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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Industrials ETF

		Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17


Net asset value, beginning of period	$	115.74		$	71.50		$	88.88		$	91.22		$	80.47		$	70.40

Net investment income^(a)		0.79			1.32			1.61			1.65			1.43			1.37	^(b)
Net realized and unrealized gain (loss)^(c)		1.74			44.27			(17.32	)		(2.27	)		10.69			10.02

Net increase (decrease) from investment operations		2.53			45.59			(15.71	)		(0.62	)		12.12			11.39


Distributions^(d)
From net investment income		(0.94	)		(1.35	)		(1.67	)		(1.72	)		(1.37	)		(1.32	)

Total distributions		(0.94	)		(1.35	)		(1.67	)		(1.72	)		(1.37	)		(1.32	)


Net asset value, end of period	$	117.33		$	115.74		$	71.50		$	88.88		$	91.22		$	80.47


Total Return^(e)
Based on net asset value		2.16	%^(f)		64.27	%		(18.08	)%		(0.59	)%		15.14	%		16.38	%^(b)


Ratios to Average Net Assets
Total expenses		0.41	%^(g)		0.43	%		0.46	%		0.46	%		0.47	%		0.48	%

Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.43	%		N/A			N/A			N/A			0.48	%

Net investment income		1.30	%^(g)		1.34	%		1.75	%		1.87	%		1.61	%		1.85	%^(b)


Supplemental Data
Net assets, end of period (000)	$	393,067		$	422,466		$	146,580		$	217,744		$	360,338		$	209,222

Portfolio turnover rate^(h)		3	%^(f)		8	%		5	%		5	%		6	%		9	%

^(a)	Based on average shares outstanding.

^(b)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2017:

• Net investment income per share by $0.01.

• Total return by 0.02%.

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

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

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

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

^(f)	Not annualized.

^(g)	Annualized.

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

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Materials ETF

		Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17


Net asset value, beginning of period	$	86.59		$	49.67		$	64.22		$	67.34		$	59.25		$	47.64

Net investment income^(a)		1.86			2.07			1.54			1.91			1.33			0.93	^(b)
Net realized and unrealized gain (loss)^(c)		(2.25	)		35.84			(13.63	)		(3.44	)		7.99			11.40

Net increase (decrease) from investment operations		(0.39	)		37.91			(12.09	)		(1.53	)		9.32			12.33


Distributions^(d)
From net investment income		(1.11	)		(0.99	)		(2.46	)		(1.59	)		(1.23	)		(0.72	)

Total distributions		(1.11	)		(0.99	)		(2.46	)		(1.59	)		(1.23	)		(0.72	)


Net asset value, end of period	$	85.09		$	86.59		$	49.67		$	64.22		$	67.34		$	59.25


Total Return^(e)
Based on net asset value		(0.56	)%^(f)		76.78	%		(19.66	)%		(2.14	)%		15.84	%		26.13	%^(b)


Ratios to Average Net Assets
Total expenses		0.41	%^(g)		0.43	%		0.45	%		0.46	%		0.47	%		0.48	%

Total expenses excluding professional fees for foreign withholding tax claims		N/A			N/A			N/A			0.46	%		N/A			0.48	%

Net investment income		4.04	%^(g)		2.76	%		2.43	%		2.91	%		2.02	%		1.73	%^(b)


Supplemental Data
Net assets, end of period (000)	$	804,085		$	722,999		$	129,132		$	208,704		$	400,667		$	260,683

Portfolio turnover rate^(h)		2	%^(f)		4	%		12	%		11	%		8	%		10	%

^(a)	Based on average shares outstanding.

^(b)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2017:

• Net investment income per share by $0.03.

• Total return by 0.07%.

• Ratio of net investment income to average net assets by 0.05%.

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

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

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

^(f)	Not annualized.

^(g)	Annualized.

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

See notes to financial statements.


68		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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Tech ETF

		Six Months Ended 09/30/21 (unaudited)	^(a)		Year Ended 03/31/21	^(a)		Year Ended 03/31/20	^(a)		Year Ended 03/31/19	^(a)		Year Ended 03/31/18	^(a)		Year Ended 03/31/17	^(a)


Net asset value, beginning of period	$	51.13		$	30.49		$	28.48		$	26.31		$	20.68		$	16.67

Net investment income^(b)		0.16			0.33			0.38			0.30			0.20			0.21	^(c)
Net realized and unrealized gain^(d)		5.48			20.62			2.00			2.10			5.67			3.99

Net increase from investment operations		5.64			20.95			2.38			2.40			5.87			4.20


Distributions^(e)
From net investment income		(0.20	)		(0.31	)		(0.37	)		(0.23	)		(0.24	)		(0.19	)

Total distributions		(0.20	)		(0.31	)		(0.37	)		(0.23	)		(0.24	)		(0.19	)


Net asset value, end of period	$	56.57		$	51.13		$	30.49		$	28.48		$	26.31		$	20.68


Total Return^(f)
Based on net asset value		11.06	%^(g)		68.97	%		8.33	%		9.19	%		28.49	%		25.40	%^(c)


Ratios to Average Net Assets
Total expenses		0.41	%^(h)		0.43	%		0.46	%		0.46	%		0.47	%		0.48	%

Total expenses excluding professional fees for foreign withholding tax claims		N/A			0.43	%		N/A			0.46	%		N/A			0.48	%

Net investment income		0.56	%^(h)		0.75	%		1.21	%		1.09	%		0.82	%		1.15	%^(c)


Supplemental Data
Net assets, end of period (000)	$	5,736,168		$	5,046,541		$	2,752,872		$	2,819,178		$	1,538,998		$	1,054,554

Portfolio turnover rate⁽ⁱ⁾		4	%^(g)		4	%		7	%		17	%		5	%		6	%

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

^(b)	Based on average shares outstanding.

^(c)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2017:

• Net investment income per share by $0.02.

• Total return by 0.02%.

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

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

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

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

^(g)	Not annualized.

^(h)	Annualized.

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

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Utilities ETF

		Six Months Ended 09/30/21 (unaudited)			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18			Year Ended 03/31/17


Net asset value, beginning of period	$	60.51		$	50.71		$	54.08		$	48.78		$	48.09		$	48.11

Net investment income^(a)		1.07			1.71			1.62			1.78			1.79			1.92	^(b)
Net realized and unrealized gain (loss)^(c)		(1.95	)		9.68			(2.98	)		5.07			0.69			0.19

Net increase (decrease) from investment operations		(0.88	)		11.39			(1.36	)		6.85			2.48			2.11


Distributions^(d)
From net investment income		(0.82	)		(1.59	)		(2.01	)		(1.55	)		(1.79	)		(2.13	)

Total distributions		(0.82	)		(1.59	)		(2.01	)		(1.55	)		(1.79	)		(2.13	)


Net asset value, end of period	$	58.81		$	60.51		$	50.71		$	54.08		$	48.78		$	48.09


Total Return^(e)
Based on net asset value		(1.51	)%^(f)		22.70	%		(2.84	)%		14.40	%		5.13	%		4.61	%^(b)


Ratios to Average Net Assets
Total expenses		0.41	%^(g)		0.43	%		0.46	%		0.46	%		0.47	%		0.48	%

Total expenses excluding professional fees for foreign withholding tax claims		N/A			N/A			N/A			0.46	%		N/A			0.48	%

Net investment income		3.45	%^(g)		3.03	%		2.87	%		3.53	%		3.58	%		4.07	%^(b)


Supplemental Data
Net assets, end of period (000)	$	147,033		$	151,268		$	152,123		$	208,222		$	131,708		$	137,044

Portfolio turnover rate^(h)		4	%^(f)		7	%		6	%		8	%		4	%		15	%

^(a)	Based on average shares outstanding.

^(b)	Reflects the one-time, positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the year ended March 31, 2017:

• Net investment income per share by $0.03.

• Total return by 0.09%.

• Ratio of net investment income to average net assets by 0.06%.

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

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

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

^(f)	Not annualized.

^(g)	Annualized.

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

See notes to financial statements.


70		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

Notes to Financial Statements (unaudited)

1. ORGANIZATION

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

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


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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest.

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of September 30, 2021, if any, are disclosed in the Statements of Assets and Liabilities.

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

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.


N O T E S T O F I N A N C I A L S T A T E M E N T S		71

Notes to Financial Statements (unaudited) (continued)

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

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

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

3.	INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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

•

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

•

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

•

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

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

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

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

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

•

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

•

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

•

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.


72		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

Notes to Financial Statements (unaudited) (continued)

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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


iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount
iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount
Global Comm Services
Goldman Sachs & Co. LLC	$	290,753	$	290,753		$	—	$	—


Global Consumer Staples
Barclays Capital, Inc.	$	350,276	$	350,276		$	—	$	—
Credit Suisse Securities (USA) LLC		153,180		153,180			—		—
Deutsche Bank Securities, Inc.		271,395		271,395			—		—
Morgan Stanley		54,552		54,552			—		—

	$	829,403	$	829,403		$	—	$	—

Global Healthcare
J.P. Morgan Securities LLC	$	12,140,292	$	12,140,292		$	—	$	—


Global Tech
BNP Paribas SA	$	404,919	$	404,919		$	—	$	—
Citigroup Global Markets, Inc.		4,604,269		4,604,269			—		—
Goldman Sachs & Co. LLC		2,218		2,218			—		—

	$	5,011,406	$	5,011,406		$	—	$	—

Global Utilities
Jefferies LLC	$	48,712	$	48,712		$	—	$	—
Morgan Stanley		834,341		834,341			—		—

	$	883,053	$	883,053		$	—	$	—

^(a)

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

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


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

Notes to Financial Statements (unaudited) (continued)

5.	DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

6.	INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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


Aggregate Average Daily Net Assets	Investment Advisory Fee
First $10 billion		0.4800	%
Over $10 billion, up to and including $20 billion		0.4300
Over $20 billion, up to and including $30 billion		0.3800
Over $30 billion, up to and including $40 billion		0.3420
Over $40 billion		0.3078

Prior to July 14, 2021, for its investment advisory services to each Fund, BFA was entitled to annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds as follows:


Aggregate Average Daily Net Assets	Investment Advisory Fee
First $10 billion		0.480	%
Over $10 billion, up to and including $20 billion		0.430
Over $20 billion, up to and including $30 billion		0.380
Over $30 billion		0.342

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

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

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

Pursuant to the current securities lending agreement, the iShares Global Tech ETF (the “Group 1 Fund”), retains 77% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.


74		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

Notes to Financial Statements (unaudited) (continued)

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

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

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended September 30, 2021, the Funds paid BTC the following amounts for securities lending agent services:


iShares ETF	Fees Paid to BTC
Global Comm Services	$	472
Global Consumer Discretionary		958
Global Consumer Staples		956
Global Energy		33
Global Financials		2,607
Global Healthcare		2,478
Global Industrials		538
Global Tech		4,661
Global Utilities		3,502

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

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

For the six months ended September 30, 2021, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:


iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Global Comm Services	$	13,492,769	$	5,802,076	$	(332,341	)
Global Consumer Discretionary		3,820,140		4,135,301		6,307
Global Consumer Staples		5,112,826		1,823,439		(42,643	)
Global Energy		9,947,130		9,110,828		(8,478,188	)
Global Financials		16,261,337		5,374,119		(1,171,892	)
Global Healthcare		44,820,245		4,585,356		(857,555	)
Global Industrials		5,012,452		2,035,202		199,078
Global Materials		921,545		754,795		(96,189	)
Global Tech		24,103,746		11,540,128		791,416
Global Utilities		2,511,789		1,388,803		15,544

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

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


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

Notes to Financial Statements (unaudited) (continued)

7.	PURCHASES AND SALES

For the six months ended September 30, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:


iShares ETF	Purchases		Sales
Global Comm Services	$	35,418,360	$	31,616,301
Global Consumer Discretionary		27,486,484		24,890,622
Global Consumer Staples		27,569,950		21,347,705
Global Energy		70,123,587		33,841,397
Global Financials		388,246,710		76,359,563
Global Healthcare		123,161,965		98,971,671
Global Industrials		14,814,811		15,733,628
Global Materials		34,457,217		14,208,321
Global Tech		257,334,837		198,922,330
Global Utilities		7,040,013		6,649,608

For the six months ended September 30, 2021, in-kind transactions were as follows:


iShares ETF	In-kind Purchases		In-kind Sales
Global Comm Services	$	26,656,641	$	45,377,345
Global Consumer Discretionary		36,743,146		65,562,479
Global Consumer Staples		135,327,585		44,844,040
Global Energy		568,240,772		589,351,141
Global Financials		2,889,617,478		558,845,143
Global Healthcare		440,719,098		36,363,199
Global Industrials		40,570,125		75,285,177
Global Materials		244,437,570		151,463,184
Global Tech		1,293,712,835		1,097,107,181
Global Utilities		24,826,772		23,537,907

8.	INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of September 30, 2021, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of March 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:


iShares ETF	Non-Expiring
Global Comm Services	$	109,650,517
Global Consumer Discretionary		24,547,996
Global Consumer Staples		18,103,372
Global Energy		160,867,572
Global Financials		57,818,192
Global Healthcare		64,125,471
Global Industrials		22,646,604
Global Materials		82,849,776
Global Tech		62,000,038
Global Utilities		38,361,599

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


76		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

Notes to Financial Statements (unaudited) (continued)

As of September 30, 2021, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:


iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Global Comm Services	$	257,557,103	$	84,610,814	$	(21,154,417	)	$	63,456,397
Global Consumer Discretionary		350,501,682		79,504,497		(19,769,570	)		59,734,927
Global Consumer Staples		594,202,868		83,327,908		(46,171,184	)		37,156,724
Global Energy		1,706,396,460		19,259,543		(301,219,489	)		(281,959,946	)
Global Financials		3,182,041,029		56,726,252		(152,655,155	)		(95,928,903	)
Global Healthcare		2,588,391,305		862,101,616		(77,316,179	)		784,785,437
Global Industrials		393,387,166		28,771,428		(29,539,336	)		(767,908	)
Global Materials		804,076,606		55,654,288		(61,587,259	)		(5,932,971	)
Global Tech		3,813,408,306		1,988,703,720		(65,757,228	)		1,922,946,492
Global Utilities		168,546,717		5,720,978		(26,934,582	)		(21,213,604	)

9.	LINE OF CREDIT

The iShares Global Comm Services ETF, iShares Global Consumer Discretionary ETF, iShares Global Consumer Staples ETF, iShares Global Energy ETF, iShares Global Financials ETF, iShares Global Industrials ETF, iShares Global Materials ETF, iShares Global Tech ETF and iShares Global Utilities ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $300 million credit agreement (“Credit Agreement”) with State Street Bank and Trust Company, which expires on October 15, 2021. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Credit Agreement sets specific sub limits on aggregate borrowings based on two tiers of Participating Funds: $300 million with respect to the funds within Tier 1, including the Funds, and $200 million with respect to Tier 2. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Credit Agreement. The Credit Agreement has the following terms: a commitment fee of 0.20% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Credit Agreement. The Credit Agreement was terminated on August 12, 2021.

Effective August 13, 2021, iShares Global Comm Services ETF, iShares Global Consumer Discretionary ETF, iShares Global Consumer Staples ETF, iShares Global Energy ETF, iShares Global Financials ETF, iShares Global Industrials ETF, iShares Global Materials ETF, iShares Global Tech ETF and iShares Global Utilities ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 12, 2022. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) the one-month LIBOR rate (not less than zero) plus 1.00% per annum or (b) the U.S. Federal Funds rate (not less than zero) plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the six months ended September 30, 2021, the Funds did not borrow under the Credit Agreement or Syndicated Credit Agreement.

10.

PRINCIPAL RISKS

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

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

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

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time.


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

Notes to Financial Statements (unaudited) (continued)

This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

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

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

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

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

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

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

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

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In addition, the United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching.

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

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11.

CAPITAL SHARE TRANSACTIONS

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


78		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

Notes to Financial Statements (unaudited) (continued)

Transactions in capital shares were as follows:


	Six Months Ended 09/30/21						Year Ended 03/31/21
	Six Months Ended 09/30/21						Year Ended 03/31/21
iShares ETF	Shares			Amount			Shares			Amount
Global Comm Services
Shares sold		350,000		$	29,733,530			750,000		$	48,313,418
Shares redeemed		(550,000	)		(46,817,986	)		(1,100,000	)		(80,281,719	)

Net decrease		(200,000	)	$	(17,084,456	)		(350,000	)	$	(31,968,301	)

Global Consumer Discretionary
Shares sold		250,000		$	42,003,358			1,300,000		$	185,563,893
Shares redeemed		(400,000	)		(68,116,267	)		(300,000	)		(39,830,647	)

Net increase (decrease)		(150,000	)	$	(26,112,909	)		1,000,000		$	145,733,246

Global Consumer Staples
Shares sold		2,300,000		$	141,671,209			550,000		$	30,568,546
Shares redeemed		(750,000	)		(46,123,460	)		(5,750,000	)		(311,827,834	)

Net increase (decrease)		1,550,000		$	95,547,749			(5,200,000	)	$	(281,259,288	)

Global Energy
Shares sold		23,550,000		$	594,789,369			54,900,000		$	1,108,103,622
Shares redeemed		(23,400,000	)		(596,450,369	)		(37,950,000	)		(701,527,921	)

Net increase (decrease)		150,000		$	(1,661,000	)		16,950,000		$	406,575,701

Global Financials
Shares sold		40,450,000		$	3,211,652,386			2,850,000		$	180,470,187
Shares redeemed		(7,400,000	)		(577,297,901	)		(700,000	)		(34,019,737	)

Net increase		33,050,000		$	2,634,354,485			2,150,000		$	146,450,450

Global Healthcare
Shares sold		5,550,000		$	467,178,181			6,300,000		$	464,149,825
Shares redeemed		(450,000	)		(37,195,919	)		(3,100,000	)		(214,880,669	)

Net increase		5,100,000		$	429,982,262			3,200,000		$	249,269,156

Global Industrials
Shares sold		350,000		$	42,297,089			4,500,000		$	471,229,133
Shares redeemed		(650,000	)		(78,119,277	)		(2,900,000	)		(322,338,075	)

Net increase (decrease)		(300,000	)	$	(35,822,188	)		1,600,000		$	148,891,058

Global Materials
Shares sold		2,850,000		$	266,204,651			6,500,000		$	468,147,892
Shares redeemed		(1,750,000	)		(158,686,373	)		(750,000	)		(50,740,541	)

Net increase		1,100,000		$	107,518,278			5,750,000		$	417,407,351

Global Tech
Shares sold		25,500,000	^(a)	$	1,477,747,730			14,400,000	^(a)	$	584,003,864
Shares redeemed		(22,800,000	)^(a)		(1,220,685,358	)		(6,000,000	)^(a)		(292,822,680	)

Net increase		2,700,000		$	257,062,372			8,400,000		$	291,181,184

Global Utilities
Shares sold		400,000		$	25,326,133			1,900,000		$	96,618,404
Shares redeemed		(400,000	)		(24,010,875	)		(2,400,000	)		(129,898,865	)

Net increase (decrease)		—		$	1,315,258			(500,000	)	$	(33,280,461	)

^(a)

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

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

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


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

Notes to Financial Statements (unaudited) (continued)

The Board authorized a six-for-one stock split for the iShares Global Tech ETF, effective after the close of trading on July 16, 2021, for the shareholders of record on July 14, 2021. The impact of the stock split was an increase in the number of shares outstanding by a factor of six, while decreasing the NAV per share by a factor of six, resulting in no effect on the net assets of the Fund. The financial statements for the Fund have been adjusted to reflect the stock split.

12.

FOREIGN WITHHOLDING TAX CLAIMS

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

13.

LEGAL PROCEEDINGS

Certain iShares funds (the “Impacted Funds”), along with thousands of other former shareholders of Tribune Company (“Tribune”), were named as defendants in one or more lawsuits (the “Litigation”) arising out of Tribune’s 2007 leveraged buyout transaction (“LBO”). The Litigation seeks to “claw back” from former Tribune shareholders, including the Impacted Funds, proceeds received in connection with the LBO. The iShares Global Consumer Discretionary ETF received proceeds of $21,522 in the LBO. The claims that were originally brought against the Impacted Funds were dismissed but are currently subject to an appeal which remains pending. The outcome of this appeal could result in new claims being brought against the Impacted Funds and/or previously dismissed claims being revived and subject to continuing litigation. The Impacted Funds intend to vigorously defend the Litigation.

14.

SUBSEQUENT EVENTS

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


80		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

Board Review and Approval of Investment Advisory Contract

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

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

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

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2020, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.

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


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		81

Board Review and Approval of Investment Advisory Contract (continued)

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

Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate, and the Board and BFA agreed during the June 15-16, 2021 meeting to revise the Advisory Agreement for the Fund to provide for one or more additional breakpoints, as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

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

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

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

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

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

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

iShares Global Utilities ETF (the “Fund”)


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Board Review and Approval of Investment Advisory Contract (continued)

Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

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

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


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Board Review and Approval of Investment Advisory Contract (continued)

including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).


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Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

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

September 30, 2021


	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Global Energy^(a)	$	0.410428	$	—	$	0.016830	$	0.427258		96	%		—	%		4	%		100	%

^(a)

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


S U P P L E M E N T A L I N F O R M A T I O N		85

General Information

Electronic Delivery

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

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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


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Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity



ADR		American Depositary Receipt

CPO		Certificates of Participation (Ordinary)

NVS		Non-Voting Shares


G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T		87

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

iS-SAR-300-0921