LOGO

  SEPTEMBER 30, 2021

 

  

2021 Semi-Annual Report

(Unaudited)

 

iShares Trust

 

·  

iShares Asia 50 ETF | AIA | NASDAQ

 

·  

iShares Emerging Markets Infrastructure ETF | EMIF | NASDAQ

 

·  

iShares Europe ETF | IEV | NYSE Arca

 

·  

iShares International Developed Property ETF | WPS | NYSE Arca

 

·  

iShares International Developed Small Cap Value Factor ETF | ISVL | Cboe BZX

 

·  

iShares International Dividend Growth ETF | IGRO | Cboe BZX

 

·  

iShares Latin America 40 ETF | ILF | 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

     11  

Shareholder Expenses

     11  

Schedules of Investments

     12  

Financial Statements

  

Statements of Assets and Liabilities

     45  

Statements of Operations

     47  

Statements of Changes in Net Assets

     49  

Financial Highlights

     53  

Notes to Financial Statements

     60  

Board Review and Approval of Investment Advisory Contract

     71  

Supplemental Information

     82  

General Information

     83  

Glossary of Terms Used in this Report

     84  

 

 

 


Fund Summary as of September 30, 2021    iShares® Asia 50 ETF

 

Investment Objective

The iShares Asia 50 ETF (the “Fund”) seeks to track the investment results of an index composed of 50 of the largest Asian equities, as represented by the S&P Asia 50TM (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

    (13.04 )%       12.59      11.80     9.94        12.59      74.65      158.07

Fund Market

    (14.75      10.25        11.51       10.36          10.25        72.38        167.91  

Index

    (12.38      13.83        12.51       10.60                13.83        80.29        173.83  

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 11 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          $         869.60          $       2.34               $      1,000.00          $      1,022.60          $       2.54          0.50

 

  (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 11 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

 

   
Sector    

Percent of

Total Investments

 

(a) 

Information Technology

    34.1

Consumer Discretionary

    20.4  

Financials

    19.6  

Communication Services

    16.3  

Materials

    3.0  

Health Care

    2.5  

Industrials

    1.7  

Real Estate

    1.3  

Utilities

    1.1  

 

  (a) 

Excludes money market funds.

 

GEOGRAPHIC ALLOCATION

 

 

   
Country/Geographic Region    

Percent of

Total Investments

 

(a) 

China

    41.8

South Korea

    23.2  

Taiwan

    20.0  

Hong Kong

    11.6  

Singapore

    3.4  

 

 

4  

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® Emerging Markets Infrastructure ETF

 

Investment Objective

The iShares Emerging Markets Infrastructure ETF (the “Fund”) seeks to track the investment results of an index composed of 30 of the largest equities in the emerging markets infrastructure industry, as represented by the S&P Emerging Markets Infrastructure IndexTM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

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

Fund NAV

    3.68      25.46      (1.18 )%      2.35       25.46      (5.78 )%       26.12

Fund Market

    3.98        25.22        (1.28     2.50         25.22        (6.24      27.98  

Index

    4.31        26.64        (0.59     2.85                  26.64        (2.92      32.44  

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 11 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          $      1,036.80          $        3.06           $      1,000.00          $      1,022.10          $        3.04          0.60

 

  (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 11 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

 

   
Sector    

Percent of

Total Investments

 

(a) 

Utilities

    40.1

Industrials

    39.4  

Energy

    20.5  

GEOGRAPHIC ALLOCATION

 

 

   
Country/Geographic Region    

Percent of

Total Investments

 

(a) 

China

    50.1

Brazil

    13.5  

Mexico

    13.2  

Thailand

    9.4  

Russia

    7.1  

South Korea

    4.9  

Chile

    1.8  

 

  (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® Europe ETF

 

Investment Objective

The iShares Europe ETF (the “Fund”) seeks to track the investment results of an index composed of European equities, as represented by the S&P Europe 350TM (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

    5.42      27.05      8.57      7.90       27.05      50.87      113.86

Fund Market

    5.39        27.43        8.57        8.06         27.43        50.88        117.19  

Index

    5.88        27.76        9.00        8.28               27.76        53.86        121.53  

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 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          $       1,054.20          $       3.35               $      1,000.00          $      1,021.80          $       3.29          0.65

 

  (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 11 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
Sector    
Percent of
Total Investments
 
(a) 

Financials

    16.0

Industrials

    15.5  

Health Care

    14.4  

Consumer Staples

    12.3  

Consumer Discretionary

    11.6  

Information Technology

    8.9  

Materials

    7.7  

Energy

    4.8  

Utilities

    3.9  

Communication Services

    3.6  

Real Estate

    1.3  

TEN LARGEST GEOGRAPHIC ALLOCATION

 

   
Country/Geographic Region    
Percent of
Total Investments
 
(a) 

United Kingdom

    21.3

France

    16.9  

Switzerland

    15.3  

Germany

    13.7  

Netherlands

    8.9  

Sweden

    5.1  

Denmark

    4.0  

Spain

    3.9  

Italy

    3.0  

Finland

    2.2  

 

  (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® International Developed Property ETF

 

Investment Objective

The iShares International Developed Property ETF (the “Fund”) seeks to track the investment results of an index composed of real estate equities in developed non-U.S. markets, as represented by the S&P Developed ex-U.S. Property IndexTM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

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

Fund NAV

    4.34      21.57      4.52      7.52       21.57      24.74      106.41

Fund Market

    4.31        21.09        4.40        7.74         21.09        24.01        110.84  

Index

    4.75        22.16        4.74        7.65               22.16        26.05        109.08  

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 11 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          $       1,043.40          $       2.46               $      1,000.00          $      1,022.70          $       2.43          0.48

 

  (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 11 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
Sector    
Percent of
Total Investments
 
(a) 

Real Estate Operating Companies

    23.8

Diversified Real Estate Activities

    17.4  

Industrial REITs

    13.1  

Diversified REITs

    13.1  

Retail REITs

    11.8  

Office REITs

    9.3  

Residential REITs

    3.9  

Real Estate Development

    3.6  

Specialized REITs

    1.5  

Health Care REITs

    1.5  

Hotel & Resort REITs

    1.0  

Other (each representing less than 1%)

    0.0  

TEN LARGEST GEOGRAPHIC ALLOCATION

 

   
Country/Geographic Region    
Percent of
Total Investments
 
(a) 

Japan

    28.8

Australia

    11.8  

Germany

    9.7  

United Kingdom

    9.7  

Hong Kong

    9.3  

Singapore

    7.2  

Sweden

    5.0  

Canada

    3.6  

France

    3.3  

Belgium

    2.5  

 

 

  (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® International Developed Small Cap Value Factor ETF

 

Investment Objective

The iShares International Developed Small Cap Value Factor ETF (the “Fund”) seeks to track the investment results of an index composed of international developed market small-capitalization stocks, excluding the U.S. and Korea, with prominent value characteristics, as represented by the FTSE Developed ex US ex Korea Small Cap Focused Value Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

            Cumulative Total Returns  
     6 Months    

Since

Inception

 

Fund NAV

    4.78     4.33

Fund Market

    4.06       4.15  

Index

    5.32       4.83  

The inception date of the Fund was 3/23/21. The first day of secondary market trading was 3/25/21.    

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 11 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          $       1,047.80          $       1.54               $      1,000.00          $      1,023.60          $       1.52          0.30

 

  (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 11 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
Sector    
Percent of
Total Investments
 
(a) 

Industrials

    22.7

Materials

    16.9  

Financials

    15.8  

Real Estate

    14.6  

Consumer Discretionary

    9.0  

Consumer Staples

    5.1  

Energy

    4.0  

Information Technology

    3.5  

Health Care

    3.4  

Utilities

    2.6  

Communication Services

    2.4  

TEN LARGEST GEOGRAPHIC ALLOCATION

 

   
Country/Geographic Region    
Percent of
Total Investments
 
(a) 

Canada

    20.6

Japan

    15.9  

United Kingdom

    15.3  

Sweden

    8.6  

Australia

    7.9  

Switzerland

    6.4  

France

    3.5  

Germany

    3.2  

Norway

    2.7  

Finland

    2.6  

 

  (a)

Excludes money market funds.

 

 

 

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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® International Dividend Growth ETF

 

Investment Objective

The iShares International Dividend Growth ETF (the “Fund”) seeks to track the investment results of an index composed of international equities with a history of consistently growing dividends, as represented by the Morningstar® Global ex-US Dividend Growth IndexSM (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      Since
Inception
           1 Year      5 Years      Since
Inception
 

Fund NAV

    2.19      22.45      8.32      8.48       22.45      49.14      54.90

Fund Market

    1.89        22.40        8.27        8.57         22.40        48.76        55.55  

Index

    2.48        23.03        8.32        8.52               23.03        49.10        55.16  

The inception date of the Fund was 5/17/16. The first day of secondary market trading was 5/19/16.

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 11 for more information.

Expense Example

 

    Actual           Hypothetical 5% Return           
 

 

 

     

 

 

      

Beginning

Account Value (04/01/21)

 

 

      

Ending
Account Value
(09/30/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(04/01/21)
 
 
 
      

Ending
Account Value
(09/30/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

    Annualized
Expense
Ratio
 
 
 
      $       1,000.00          $      1,021.90          $       0.76               $      1,000.00          $      1,024.30          $      0.76          0.15

 

  (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 11 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
Sector    
Percent of
Total Investments
 
(a) 

Financials

    26.8

Consumer Staples

    15.8  

Industrials

    14.1  

Health Care

    11.1  

Utilities

    7.8  

Information Technology

    6.6  

Materials

    5.3  

Communication Services

    4.4  

Real Estate

    4.1  

Consumer Discretionary

    3.2  

Energy

    0.8  

TEN LARGEST GEOGRAPHIC ALLOCATION

 

   
Country/Geographic Region    
Percent of
Total Investments
 
(a) 

Canada

    19.6

Japan

    13.5  

United Kingdom

    12.6  

Germany

    11.8  

Switzerland

    8.0  

France

    6.1  

China

    5.8  

Hong Kong

    3.3  

Italy

    3.2  

India

    2.7  

 

  (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® Latin America 40 ETF

 

Investment Objective

The iShares Latin America 40 ETF (the “Fund”) seeks to track the investment results of an index composed of 40 of the largest Latin American equities, as represented by the S&P Latin America 40TM (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

    (2.41 )%       28.90      1.53      (1.27 )%        28.90      7.91      (11.96 )% 

Fund Market

    (2.73      28.77        1.47        (1.22       28.77        7.55        (11.53

Index

    (2.13      29.72        1.83        (0.78             29.72        9.47        (7.55

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

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 11 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          $       975.90          $       2.33               $      1,000.00          $      1,022.70          $       2.38          0.47

 

  (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 11 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
Sector    
Percent of
Total Investments
 
(a) 

Financials

    26.8

Materials

    24.5  

Consumer Staples

    14.1  

Energy

    12.0  

Communication Services

    6.4  

Information Technology

    4.6  

Consumer Discretionary

    3.8  

Industrials

    3.2  

Health Care

    2.3  

Utilities

    1.5  

Real Estate

    0.8  

GEOGRAPHIC ALLOCATION

 

   
Country/Geographic Region    
Percent of
Total Investments
 
(a) 

Brazil

    62.7

Mexico

    25.0  

Chile

    6.9  

Peru

    2.9  

Colombia

    2.5  

 

  (a)

Excludes money market funds.

 

 

 

10  

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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. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

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.

 

 

A B O U T   F U N D   P E R F O R M A N C E / S H A R E H O L D E R   E X P E N S E S

  11


Schedule of Investments (unaudited) 

September 30, 2021

  

iShares® Asia 50 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
China — 41.6%            

Alibaba Group Holding Ltd.(a)

    12,068,300     $ 223,431,768  

ANTA Sports Products Ltd.

    931,000       17,580,517  

Bank of China Ltd., Class H

    62,952,000       22,243,159  

BYD Co. Ltd., Class H

    610,500       18,975,801  

China Construction Bank Corp., Class H

    84,446,960       60,268,291  

China Merchants Bank Co. Ltd., Class H

    3,082,000       24,526,990  

Geely Automobile Holdings Ltd.

    4,100,000       11,769,488  

Industrial & Commercial Bank of China Ltd., Class H

    53,976,115       29,920,247  

JD.com Inc., Class A(a)

    1,468,850       52,955,432  

Li Ning Co. Ltd.

    1,777,500       20,487,005  

Meituan, Class B(a)(b)

    3,301,200       105,378,996  

NetEase Inc.

    1,639,800       27,746,089  

Ping An Insurance Group Co. of China Ltd., Class H

    4,876,500       33,352,199  

Tencent Holdings Ltd.

    4,948,800       295,437,009  

Wuxi Biologics Cayman Inc., New(a)(b)

    2,672,500       43,348,719  

Xiaomi Corp., Class B(a)(b)

    13,540,000       37,187,256  
   

 

 

 
        1,024,608,966  
Hong Kong — 11.6%            

AIA Group Ltd.

    9,898,200       113,872,853  

CK Hutchison Holdings Ltd.

    2,204,148       14,704,151  

CLP Holdings Ltd.

    1,352,500       13,022,437  

Hang Seng Bank Ltd.

    602,100       10,313,253  

Hong Kong & China Gas Co. Ltd.

    8,856,501       13,381,232  

Hong Kong Exchanges & Clearing Ltd.

    981,700       60,325,961  

Link REIT

    1,722,100       14,746,932  

Sun Hung Kai Properties Ltd.

    1,256,500       15,689,087  

Techtronic Industries Co. Ltd.

    1,411,000       27,883,540  
   

 

 

 
      283,939,446  
Singapore — 3.4%            

DBS Group Holdings Ltd.

    1,480,700       32,810,253  

Oversea-Chinese Banking Corp. Ltd.

    3,283,574       27,650,092  

United Overseas Bank Ltd.

    1,262,500       23,883,446  
   

 

 

 
      84,343,791  
South Korea — 21.3%            

Celltrion Inc.(a)(c)

    81,982       17,808,069  

Hyundai Mobis Co. Ltd.

    54,812       11,566,320  

Hyundai Motor Co.

    117,139       19,499,587  

Kakao Corp.

    254,721       25,051,331  

KB Financial Group Inc.

    319,825       14,874,257  

Kia Corp.

    221,175       14,937,390  

LG Chem Ltd.

    38,704       25,102,260  

NAVER Corp.

    120,969       39,250,445  

POSCO

    62,067       17,090,677  

Samsung Electronics Co. Ltd.

    4,200,919       260,434,297  

Samsung SDI Co. Ltd.

    45,017       26,862,538  

Shinhan Financial Group Co. Ltd.

    422,710       14,278,969  

SK Hynix Inc.

    440,811       37,736,203  
   

 

 

 
      524,492,343  
Taiwan — 19.9%            

Chunghwa Telecom Co. Ltd.

    3,118,551       12,354,191  
Security   Shares     Value  

 

 
Taiwan (continued)            

CTBC Financial Holding Co. Ltd.

    15,955,359     $ 13,057,704  

Delta Electronics Inc.

    1,575,000       14,112,263  

Formosa Plastics Corp.

    3,545,071       14,332,579  

Hon Hai Precision Industry Co. Ltd.

    10,210,052       38,110,156  

MediaTek Inc.

    1,301,112       41,879,506  

Nan Ya Plastics Corp.

    4,608,510       15,064,556  

Taiwan Semiconductor Manufacturing Co. Ltd.

    15,491,343       320,393,245  

United Microelectronics Corp.

    9,454,000       21,429,848  
   

 

 

 
      490,734,048  
   

 

 

 

Total Common Stocks — 97.8%
(Cost: $2,019,695,837)

 

    2,408,118,594  
   

 

 

 

Preferred Stocks

   
South Korea — 1.9%            

Hyundai Motor Co.

   

Preference Shares, NVS

    18,277       1,471,492  

Series 2, Preference Shares, NVS

    30,078       2,396,860  

LG Chem Ltd., Preference Shares, NVS

    6,374       2,003,392  

Samsung Electronics Co. Ltd., Preference Shares, NVS

    673,331       39,281,237  
   

 

 

 
      45,152,981  
   

 

 

 

Total Preferred Stocks — 1.9%
(Cost: $31,220,012)

 

    45,152,981  
   

 

 

 

Short-Term Investments

   
Money Market Funds — 0.8%            

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

    16,366,210       16,374,393  

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

    4,020,000       4,020,000  
   

 

 

 
      20,394,393  
   

 

 

 

Total Short-Term Investments — 0.8%
(Cost: $20,390,419)

 

    20,394,393  
   

 

 

 

Total Investments in Securities — 100.5%
(Cost: $2,071,306,268)

 

    2,473,665,968  

Other Assets, Less Liabilities — (0.5)%

 

    (11,780,378
   

 

 

 

Net Assets — 100.0%

    $  2,461,885,590  
   

 

 

 

 

(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.

 

 

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Schedule of Investments (unaudited) (continued)

September 30, 2021

  

iShares® Asia 50 ETF

 

Affiliates

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

 

 

 
Affiliated Issuer   Value at
03/31/21
    Purchases
at Cost
   

Proceeds

from Sales

    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
09/30/21
    Shares
Held at
09/30/21
    Income    

Capital

Gain
Distributions
from
Underlying
Funds

 

 

 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 43,949,971     $     $ (27,571,921 )(a)     $ (3,537    $ (120   $ 16,374,393       16,366,210     $ 109,385 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    3,430,000       590,000 (a)                        4,020,000       4,020,000       131        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
         $ (3,537    $ (120   $ 20,394,393       $ 109,516     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (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

        

FTSE Taiwan Index

     23       10/28/21     $ 1,351     $ (26,356

MSCI China Free Index

     56       12/17/21       2,784       (146,900

MSCI Emerging Markets Index

     37       12/17/21       2,304       (99,408
        

 

 

 
         $ (272,664
        

 

 

 

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
 

 

 

Liabilities — Derivative Financial Instruments

  

Futures contracts

  

Unrealized depreciation on futures contracts(a)

   $ 272,664  
  

 

 

 

 

  (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

   $ (227,434
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ (376,347
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts:

  

Average notional value of contracts — long

   $ 28,604,007      

 

 

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

  13


Schedule of Investments (unaudited) (continued)

September 30, 2021

  

iShares® Asia 50 ETF

 

Fair Value Hierarchy as of Period End

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

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

 

 

 
     Level 1        Level 2        Level 3        Total  

 

 

Investments

                 

Assets

                 

Common Stocks

   $        $ 2,408,118,594        $                  —        $ 2,408,118,594  

Preferred Stocks

              45,152,981                   45,152,981  

Money Market Funds

     20,394,393                            20,394,393  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $       20,394,393        $ 2,453,271,575        $        $ 2,473,665,968  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Liabilities

                 

Futures Contracts

   $ (99,408      $ (173,256      $        $ (272,664
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a)

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

 

See notes to financial statements.

 

 

14  

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Schedule of Investments (unaudited) 

September 30, 2021

  

iShares® Emerging Markets Infrastructure ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Brazil — 11.2%            

CCR SA

    251,966     $ 541,340  

Centrais Eletricas Brasileiras SA, ADR

    45,201       320,927  

Cia. de Saneamento Basico do Estado de Sao Paulo, ADR

    42,731       302,535  

Ultrapar Participacoes SA, ADR

    244,231       659,424  
   

 

 

 
      1,824,226  
Chile — 1.8%            

Enel Americas SA, ADR

    48,347       282,830  
   

 

 

 
China — 49.8%            

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

    364,000       213,384  

CGN Power Co. Ltd., Class H(b)

    1,274,000       386,669  

China Gas Holdings Ltd.

    306,800       906,116  

China Longyuan Power Group Corp. Ltd., Class H

    416,000       1,020,784  

China Merchants Port Holdings Co. Ltd.

    312,000       533,524  

China Oilfield Services Ltd., Class H

    598,000       565,926  

China Resources Gas Group Ltd.

    112,000       588,440  

China Resources Power Holdings Co. Ltd.

    234,000       672,049  

China Suntien Green Energy Corp. Ltd., Class H

    572,000       570,919  

COSCO SHIPPING Energy Transportation Co. Ltd., Class H(c)

    442,000       215,893  

COSCO SHIPPING Ports Ltd.

    364,000       314,378  

Guangdong Investment Ltd.

    364,000       474,993  

Jiangsu Expressway Co. Ltd., Class H

    286,000       288,989  

Kunlun Energy Co. Ltd.

    494,000       514,367  

Shenzhen Expressway Co. Ltd., Class H

    156,000       154,463  

Shenzhen International Holdings Ltd.

    292,999       377,720  

Zhejiang Expressway Co. Ltd., Class H

    338,000       278,748  
   

 

 

 
          8,077,362  
Mexico — 13.1%            

Grupo Aeroportuario del Centro Norte SAB de CV, ADR(a)

    7,852       367,866  

Grupo Aeroportuario del Pacifico SAB de CV, ADR

    7,943       923,930  

Grupo Aeroportuario del Sureste SAB de CV, ADR(c)

    4,472       836,264  
   

 

 

 
      2,128,060  
South Korea — 4.9%            

Korea Electric Power Corp., ADR(c)

    64,155       633,210  

SK Discovery Co. Ltd.

    3,848       154,279  
   

 

 

 
      787,489  
Security   Shares     Value  

 

 
Thailand — 9.3%            

Airports of Thailand PCL, NVS(c)

    846,300     $ 1,516,633  
   

 

 

 

Total Common Stocks — 90.1%
(Cost: $13,320,400)

 

    14,616,600  
   

 

 

 

Preferred Stocks

   
Brazil — 2.2%            

Cia. Energetica de Minas Gerais, Preference Shares, ADR

    141,206       355,839  
   

 

 

 
Russia — 7.0%            

Transneft PJSC, Preference Shares, NVS

    520       1,140,785  
   

 

 

 

Total Preferred Stocks — 9.2%
(Cost: $1,515,258)

 

    1,496,624  
   

 

 

 

Short-Term Investments

   
Money Market Funds — 8.8%            

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

    1,411,768       1,412,474  

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

    20,000       20,000  
   

 

 

 
      1,432,474  
   

 

 

 

Total Short-Term Investments — 8.8%
(Cost: $1,432,381)

 

    1,432,474  
   

 

 

 

Total Investments in Securities — 108.1%
(Cost: $16,268,039)

 

    17,545,698  

Other Assets, Less Liabilities — (8.1)%

 

    (1,310,828
   

 

 

 

Net Assets — 100.0%

    $  16,234,870  
   

 

 

 

 

(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

  $ 808,840     $ 603,771 (a)    $     $ (96   $ (41   $ 1,412,474       1,411,768     $ 4,108 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    30,000             (10,000 )(a)                  20,000       20,000       1        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ (96   $ (41   $ 1,432,474       $ 4,109     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (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.

 

 

 

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® Emerging Markets Infrastructure 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

        

MSCI Emerging Markets Index

     1       12/17/21     $ 62     $ (3,120
        

 

 

 

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)

   $ 3,120  
  

 

 

 

 

  (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

   $ (13,687
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ (3,120
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts:

  

Average notional value of contracts — long

   $ 157,240      

 

 

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

   $ 5,735,514        $ 8,881,086        $        $ 14,616,600  

Preferred Stocks

     355,839          1,140,785                   1,496,624  

Money Market Funds

     1,432,474                            1,432,474  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $  7,523,827        $ 10,021,871        $                 —        $ 17,545,698  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Liabilities

                 

Futures Contracts

   $ (3,120      $        $        $ (3,120
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a)

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

 

See notes to financial statements.

 

 

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)

September 30, 2021

  

iShares® Europe ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Australia — 1.7%  

BHP Group PLC

    412,443     $ 10,391,230  

Glencore PLC

    2,119,918       9,972,315  

Rio Tinto PLC

    207,211       13,583,122  
   

 

 

 
      33,946,667  
Austria — 0.2%            

Erste Group Bank AG

    59,244       2,601,355  

OMV AG

    27,843       1,676,583  
   

 

 

 
      4,277,938  
Belgium — 1.3%            

Ageas SA/NV

    35,002       1,733,314  

Anheuser-Busch InBev SA/NV

    165,678       9,396,823  

Groupe Bruxelles Lambert SA

    20,693       2,276,139  

KBC Group NV

    65,535       5,911,548  

Solvay SA

    13,844       1,717,313  

UCB SA

    24,565       2,750,721  

Umicore SA

    37,955       2,245,402  
   

 

 

 
      26,031,260  
Denmark — 4.0%            

Ambu A/S, Class B(a)

    33,331       985,653  

AP Moller - Maersk A/S, Class A

    576       1,484,374  

AP Moller - Maersk A/S, Class B, NVS

    1,138       3,080,666  

Carlsberg A/S, Class B

    19,339       3,155,025  

Chr Hansen Holding A/S

    20,358       1,662,887  

Coloplast A/S, Class B

    23,309       3,644,652  

Danske Bank A/S

    129,284       2,177,934  

DSV A/S

    41,431       9,917,078  

Genmab A/S(b)

    12,917       5,643,716  

GN Store Nord A/S

    26,480       1,831,440  

Novo Nordisk A/S, Class B

    319,939       30,838,759  

Novozymes A/S, Class B

    41,217       2,825,477  

Orsted A/S(c)

    36,697       4,837,198  

Pandora A/S

    19,873       2,412,576  

Vestas Wind Systems A/S

    195,752       7,851,424  
   

 

 

 
          82,348,859  
Finland — 2.1%            

Elisa OYJ

    29,673       1,843,699  

Fortum OYJ

    85,667       2,601,371  

Kesko OYJ, Class B

    52,477       1,810,110  

Kone OYJ, Class B

    78,108       5,486,958  

Metso Outotec OYJ

    138,393       1,262,990  

Neste OYJ

    83,974       4,737,166  

Nokia OYJ(b)

    1,047,136       5,775,274  

Nordea Bank Abp

    691,495       8,910,794  

Sampo OYJ, Class A

    98,595       4,874,617  

Stora Enso OYJ, Class R

    116,286       1,936,909  

UPM-Kymmene OYJ

    102,590       3,631,092  

Wartsila OYJ Abp

    94,914       1,130,360  
   

 

 

 
      44,001,340  
France — 16.8%            

Accor SA(b)

    31,542       1,124,700  

Air Liquide SA

    91,936       14,724,475  

Airbus SE(b)

    118,721       15,739,537  

Alstom SA

    57,463       2,179,728  

Arkema SA

    12,889       1,699,632  

Atos SE

    19,240       1,022,064  

AXA SA

    399,169       11,062,269  

BNP Paribas SA

    223,413       14,294,113  
Security   Shares     Value  
France (continued)            

Bouygues SA

    41,293     $ 1,708,182  

Bureau Veritas SA

    57,890       1,786,558  

Capgemini SE

    30,471       6,318,975  

Carrefour SA

    122,585       2,196,899  

Cie. de Saint-Gobain

    103,735       6,981,056  

Cie. Generale des Etablissements Michelin SCA

    34,951       5,359,402  

Credit Agricole SA

    269,875       3,709,549  

Danone SA

    133,863       9,126,501  

Dassault Systemes SE

    133,592       7,030,347  

Edenred

    47,398       2,551,549  

Eiffage SA

    15,970       1,614,038  

Electricite de France SA

    91,799       1,153,559  

Engie SA

    348,639       4,561,311  

EssilorLuxottica SA

    58,635       11,204,742  

Eurofins Scientific SE

    24,799       3,183,981  

Gecina SA

    10,859       1,460,929  

Hermes International

    6,764       9,332,523  

Kering SA

    14,338       10,183,715  

Klepierre SA

    37,955       848,806  

Legrand SA

    52,359       5,610,247  

L’Oreal SA

    47,616       19,703,691  

LVMH Moet Hennessy Louis Vuitton SE

    51,927       37,193,420  

Orange SA

    366,912       3,968,103  

Pernod Ricard SA

    39,432       8,693,299  

Publicis Groupe SA

    46,148       3,100,121  

Renault SA(b)

    38,777       1,375,688  

Safran SA

    68,494       8,663,163  

Sanofi

    223,417       21,507,015  

Sartorius Stedim Biotech

    4,714       2,634,205  

Schneider Electric SE

    110,392       18,386,215  

SCOR SE

    29,379       845,994  

Sodexo SA(b)

    16,202       1,415,984  

STMicroelectronics NV, New

    127,238       5,550,079  

Suez SA

    74,502       1,698,803  

Teleperformance

    11,394       4,481,656  

Thales SA

    21,031       2,039,072  

TotalEnergies SE

    481,795       23,028,810  

Ubisoft Entertainment SA(b)

    17,722       1,061,233  

Unibail-Rodamco-Westfield(b)

    22,640       1,666,318  

Valeo

    44,069       1,229,871  

Veolia Environment SA

    106,737       3,261,432  

Vinci SA

    100,866       10,490,951  

Vivendi SE

    157,153       1,978,547  

Worldline SA(b)(c)

    48,398       3,689,187  
   

 

 

 
          345,432,244  
Germany — 12.7%            

adidas AG

    36,270       11,398,080  

Allianz SE, Registered

    80,030       17,930,366  

Aroundtown SA

    188,428       1,298,062  

BASF SE

    178,169       13,507,031  

Bayer AG, Registered

    190,229       10,324,769  

Bayerische Motoren Werke AG

    62,622       5,947,772  

Beiersdorf AG

    19,313       2,083,874  

Brenntag SE

    30,401       2,824,089  

Commerzbank AG(b)

    193,908       1,284,391  

Continental AG(b)

    20,653       2,242,061  

Covestro AG(c)

    37,471       2,553,678  

Daimler AG, Registered

    162,954       14,377,706  

Delivery Hero SE(b)(c)

    37,223       4,747,986  

Deutsche Bank AG, Registered(b)

    402,160       5,110,546  

 

 

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) (continued)

September 30, 2021

  

iShares® Europe ETF

(Percentages shown are based on Net Assets)

 

Security   Shares      Value  
Germany (continued)             

Deutsche Boerse AG

    36,864      $ 5,981,796  

Deutsche Post AG, Registered

    192,376        12,063,855  

Deutsche Telekom AG, Registered

    628,391        12,601,875  

Deutsche Wohnen SE

    70,575        4,315,276  

E.ON SE

    438,315        5,349,940  

Fresenius Medical Care AG & Co. KGaA

    39,094        2,742,220  

Fresenius SE & Co. KGaA

    81,006        3,877,364  

GEA Group AG

    32,514        1,484,893  

Hannover Rueck SE

    11,674        2,032,923  

HeidelbergCement AG

    28,720        2,142,609  

HelloFresh SE(b)

    33,692        3,105,293  

Henkel AG & Co. KGaA

    18,964        1,631,380  

Infineon Technologies AG

    253,506        10,367,931  

LANXESS AG

    17,653        1,193,067  

LEG Immobilien SE

    14,491        2,046,909  

Merck KGaA

    25,289        5,473,543  

MTU Aero Engines AG

    10,274        2,309,818  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered

    27,140        7,405,671  

Puma SE

    20,025        2,226,080  

RWE AG

    130,123        4,589,226  

SAP SE

    212,832        28,781,085  

Siemens AG, Registered

    155,104        25,367,414  

Siemens Healthineers AG(c)

    54,618        3,542,274  

Symrise AG

    25,039        3,281,888  

Volkswagen AG

    5,734        1,768,384  

Vonovia SE

    110,844        6,663,760  

Zalando SE(b)(c)

    37,520        3,421,880  
    

 

 

 
           261,398,765  
Ireland — 1.2%             

CRH PLC

    153,161        7,228,410  

Flutter Entertainment PLC, Class DI(b)

    29,507        5,852,177  

Kerry Group PLC, Class A

    29,965        4,026,355  

Kingspan Group PLC

    30,188        3,011,231  

Ryanair Holdings PLC, ADR(a)(b)

    19,489        2,144,959  

Smurfit Kappa Group PLC

    49,989        2,631,841  
    

 

 

 
       24,894,973  
Italy — 3.0%             

Assicurazioni Generali SpA

    234,228        4,960,758  

Atlantia SpA(b)

    98,349        1,856,011  

CNH Industrial NV

    195,471        3,285,683  

Enel SpA

    1,507,620        11,571,311  

Eni SpA

    488,225        6,510,578  

Ferrari NV

    24,944        5,205,808  

FinecoBank Banca Fineco SpA(b)

    117,603        2,124,130  

Intesa Sanpaolo SpA

    3,319,951        9,398,728  

Mediobanca Banca di Credito Finanziario SpA(b)

    139,182        1,674,500  

Moncler SpA

    41,165        2,510,678  

Prysmian SpA

    52,949        1,849,429  

Snam SpA

    395,720        2,189,078  

Telecom Italia SpA/Milano

    1,967,551        769,333  

Terna - Rete Elettrica Nazionale

    276,323        1,961,010  

UniCredit SpA

    435,221        5,759,574  
    

 

 

 
       61,626,609  
Luxembourg — 0.2%             

Societe Generale SA

    155,647        4,874,060  
    

 

 

 
Netherlands — 8.9%             

ABN AMRO Bank NV, CVA(b)(c)

    81,424        1,174,734  
Security   Shares      Value  
Netherlands (continued)             

Adyen NV(b)(c)

    5,923      $ 16,556,927  

Aegon NV

    273,248        1,410,464  

Akzo Nobel NV

    36,049        3,938,880  

ArcelorMittal SA

    130,350        3,990,353  

Argenx SE(b)

    9,786        2,957,161  

ASM International NV

    7,459        2,921,082  

ASML Holding NV

    81,558        60,928,571  

Euronext NV(c)

    19,223        2,175,482  

EXOR NV

    22,132        1,857,257  

Heineken Holding NV

    20,037        1,744,739  

Heineken NV

    45,403        4,738,930  

IMCD NV

    10,949        2,095,420  

ING Groep NV

    756,097        10,992,518  

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

    29,216        2,134,638  

Koninklijke Ahold Delhaize NV

    204,349        6,804,440  

Koninklijke DSM NV

    34,132        6,825,577  

Koninklijke KPN NV

    701,688        2,208,043  

Koninklijke Philips NV

    177,737        7,896,304  

NN Group NV

    62,059        3,250,789  

Prosus NV

    169,331        13,553,420  

QIAGEN NV(b)

    44,084        2,287,188  

Randstad NV

    24,762        1,667,152  

Stellantis NV

    430,038        8,184,105  

Universal Music Group NV(b)

    157,153        4,207,812  

Wolters Kluwer NV

    52,383        5,552,415  
    

 

 

 
           182,054,401  
Norway — 0.9%             

DNB Bank ASA

    176,331        4,008,829  

Equinor ASA

    210,029        5,341,208  

Mowi ASA

    87,129        2,213,670  

Norsk Hydro ASA

    271,600        2,027,220  

Orkla ASA

    141,131        1,295,328  

Telenor ASA

    124,894        2,102,215  

Yara International ASA

    30,687        1,520,119  
    

 

 

 
       18,508,589  
Portugal — 0.2%             

EDP - Energias de Portugal SA

    569,353        2,990,878  

Galp Energia SGPS SA

    89,159        1,012,666  
    

 

 

 
       4,003,544  
Spain — 3.8%             

ACS Actividades de Construccion y Servicios SA

    53,992        1,462,571  

Aena SME SA(b)(c)

    14,425        2,494,683  

Amadeus IT Group SA(b)

    88,473        5,819,026  

Banco Bilbao Vizcaya Argentaria SA

    1,295,241        8,549,374  

Banco Santander SA

    3,386,510        12,267,168  

CaixaBank SA

    845,397        2,621,596  

Cellnex Telecom SA(c)

    110,708        6,835,117  

Enagas SA

    40,348        896,699  

Endesa SA

    62,732        1,265,147  

Ferrovial SA

    96,806        2,825,638  

Grifols SA

    58,678        1,432,800  

Iberdrola SA

    1,124,611        11,314,068  

Industria de Diseno Textil SA

    219,505        8,076,849  

International Consolidated Airlines Group SA(b)

    490,526        1,171,140  

Naturgy Energy Group SA(a)

    66,461        1,672,885  

Red Electrica Corp. SA

    72,128        1,447,051  

Repsol SA

    278,501        3,635,426  

Telefonica SA

    1,039,284        4,876,919  
    

 

 

 
       78,664,157  

 

 

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® Europe ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Sweden — 5.0%  

Alfa Laval AB

    56,602     $ 2,111,171  

Assa Abloy AB, Class B

    192,407       5,581,074  

Atlas Copco AB, Class A

    125,611       7,585,101  

Atlas Copco AB, Class B

    75,328       3,828,666  

Boliden AB

    53,701       1,719,529  

Electrolux AB, Series B

    51,033       1,179,052  

Embracer Group AB(b)

    109,274       1,052,248  

Epiroc AB, Class A

    119,418       2,482,646  

Epiroc AB, Class B

    76,961       1,363,116  

Essity AB, Class B

    116,911       3,625,875  

Evolution AB(c)

    35,029       5,304,765  

H & M Hennes & Mauritz AB, Class B(b)

    143,235       2,899,307  

Hexagon AB, Class B

    381,214       5,896,615  

Industrivarden AB, Class A

    30,845       985,397  

Industrivarden AB, Class C

    33,099       1,022,616  

Investor AB, Class B

    355,733       7,649,814  

Kinnevik AB, Class B(b)

    45,927       1,614,528  

Nibe Industrier AB, Class B

    273,972       3,442,940  

Sandvik AB

    213,852       4,885,728  

Securitas AB, Class B

    63,253       1,001,144  

Sinch AB(b)(c)

    109,356       2,120,630  

Skandinaviska Enskilda Banken AB, Class A

    309,186       4,357,460  

Skanska AB, Class B

    78,199       1,961,824  

SKF AB, Class B

    74,180       1,749,254  

Svenska Cellulosa AB SCA, Class B

    119,027       1,844,688  

Svenska Handelsbanken AB, Class A

    301,918       3,381,300  

Swedbank AB, Class A

    178,137       3,592,075  

Swedish Match AB

    306,797       2,686,541  

Tele2 AB, Class B

    98,402       1,457,011  

Telefonaktiebolaget LM Ericsson, Class B

    560,145       6,322,313  

Telia Co. AB

    479,927       1,974,290  

Volvo AB, Class B

    309,380       6,907,367  
   

 

 

 
          103,586,085  
Switzerland — 15.2%  

ABB Ltd., Registered

    346,974       11,606,909  

Adecco Group AG, Registered

    31,162       1,561,395  

Alcon Inc.

    96,999       7,854,078  

Baloise Holding AG, Registered

    9,729       1,475,789  

Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS

    202       2,258,533  

Chocoladefabriken Lindt & Spruengli AG, Registered

    22       2,594,345  

Cie. Financiere Richemont SA, Class A, Registered

    101,328       10,505,898  

Credit Suisse Group AG, Registered

    488,631       4,825,848  

Geberit AG, Registered

    6,964       5,112,984  

Givaudan SA, Registered

    1,539       7,016,438  

Holcim Ltd.

    99,902       4,813,776  

Julius Baer Group Ltd.

    42,646       2,833,387  

Kuehne + Nagel International AG, Registered

    9,901       3,380,212  

Logitech International SA, Registered

    33,390       2,970,612  

Lonza Group AG, Registered

    14,538       10,905,090  

Nestle SA, Registered

    547,381       65,953,947  

Novartis AG, Registered

    473,867       38,856,694  

Partners Group Holding AG

    4,392       6,854,322  

Roche Holding AG, Bearer

    5,283       2,168,269  

Roche Holding AG, NVS

    136,654       49,874,577  

Schindler Holding AG, Participation Certificates, NVS

    8,079       2,168,966  

Schindler Holding AG, Registered

    3,725       959,656  

SGS SA, Registered

    1,174       3,417,322  

Siemens Energy AG(b)

    75,804       2,027,717  

Sika AG, Registered

    27,693       8,755,778  
Security   Shares     Value  
Switzerland (continued)  

Sonova Holding AG, Registered

    10,548     $ 3,986,175  

Straumann Holding AG, Registered

    2,224       3,988,657  

Swatch Group AG (The), Bearer

    5,645       1,472,677  

Swatch Group AG (The), Registered

    10,612       546,032  

Swiss Life Holding AG, Registered

    6,184       3,115,917  

Swiss Prime Site AG, Registered

    15,053       1,470,391  

Swiss Re AG

    56,484       4,820,918  

Swisscom AG, Registered

    4,897       2,818,129  

Temenos AG, Registered

    12,887       1,748,592  

UBS Group AG, Registered

    718,954       11,475,665  

VAT Group AG(c)

    5,188       2,047,549  

Vifor Pharma AG

    9,072       1,175,885  

Zurich Insurance Group AG

    29,339       11,997,310  
   

 

 

 
          311,416,439  
United Kingdom — 21.2%  

3i Group PLC

    189,417       3,253,565  

Abrdn PLC

    428,987       1,467,117  

Admiral Group PLC

    52,435       2,190,917  

Anglo American PLC

    264,350       9,265,109  

Ashtead Group PLC

    87,117       6,585,466  

Associated British Foods PLC

    70,460       1,753,940  

AstraZeneca PLC

    301,177       36,297,169  

Aviva PLC

    758,852       4,021,822  

BAE Systems PLC

    631,987       4,786,704  

Barclays PLC

    3,079,583       7,825,150  

Barratt Developments PLC

    198,248       1,752,470  

Berkeley Group Holdings PLC, NVS

    22,150       1,293,464  

BP PLC

    3,950,727       17,994,979  

British American Tobacco PLC

    444,276       15,529,453  

British Land Co. PLC (The)

    184,942       1,227,205  

BT Group PLC(b)

    1,683,277       3,608,627  

Bunzl PLC

    65,924       2,175,129  

Burberry Group PLC

    77,518       1,886,527  

Compass Group PLC(b)

    344,595       7,047,372  

Croda International PLC

    27,831       3,188,796  

DCC PLC

    20,093       1,675,071  

Diageo PLC

    452,810       21,922,800  

Direct Line Insurance Group PLC

    248,891       971,190  

DS Smith PLC

    269,872       1,490,422  

Entain PLC(b)

    113,949       3,254,567  

Experian PLC

    188,090       7,879,114  

Ferguson PLC

    44,995       6,246,289  

GlaxoSmithKline PLC

    974,574       18,393,299  

Halma PLC

    72,758       2,775,245  

Hargreaves Lansdown PLC

    68,892       1,322,769  

HSBC Holdings PLC

    4,042,261       21,135,681  

IMI PLC

    56,044       1,253,527  

Imperial Brands PLC

    186,836       3,907,982  

Informa PLC(b)

    285,933       2,102,739  

InterContinental Hotels Group PLC(b)

    37,278       2,380,257  

Intertek Group PLC

    31,855       2,130,056  

ITV PLC(b)

    714,888       1,022,412  

J Sainsbury PLC

    335,084       1,284,304  

Johnson Matthey PLC

    38,721       1,389,193  

Kingfisher PLC

    403,201       1,819,999  

Land Securities Group PLC

    139,890       1,303,820  

Legal & General Group PLC

    1,169,036       4,392,168  

Lloyds Banking Group PLC

    13,783,266       8,578,991  

London Stock Exchange Group PLC

    62,877       6,300,788  

M&G PLC

    510,541       1,394,904  

 

 

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® Europe ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
United Kingdom (continued)  

Marks & Spencer Group PLC(b)

    386,261     $ 948,124  

Melrose Industries PLC

    849,054       1,971,253  

Mondi PLC

    95,926       2,350,761  

National Grid PLC

    752,245       8,963,538  

Natwest Group PLC

    1,028,042       3,099,399  

Next PLC

    25,410       2,795,122  

Ocado Group PLC(b)

    125,255       2,799,176  

Pearson PLC

    144,684       1,387,551  

Persimmon PLC

    61,317       2,192,999  

Prudential PLC

    508,733       9,872,172  

Reckitt Benckiser Group PLC

    142,718       11,211,953  

RELX PLC

    384,929       11,080,657  

Rentokil Initial PLC

    362,981       2,850,415  

Rolls-Royce Holdings PLC(b)

    1,636,948       3,057,352  

Royal Dutch Shell PLC, Class A

    796,028       17,703,005  

Royal Dutch Shell PLC, Class B

    719,420       15,939,908  

Sage Group PLC (The)

    221,103       2,105,266  

Schroders PLC

    24,836       1,196,096  

Segro PLC

    233,689       3,753,941  

Severn Trent PLC

    50,186       1,756,967  

Smith & Nephew PLC

    172,349       2,969,201  

Smiths Group PLC

    77,799       1,500,181  

Spirax-Sarco Engineering PLC

    14,304       2,878,048  

SSE PLC

    203,852       4,292,130  

St. James’s Place PLC

    104,280       2,103,567  

Standard Chartered PLC

    503,807       2,945,144  

Taylor Wimpey PLC

    715,418       1,492,147  

Tesco PLC

    1,518,204       5,170,446  

Unilever PLC

    511,783       27,707,075  

United Utilities Group PLC

    134,770       1,754,078  

Vodafone Group PLC

    5,222,241       7,946,641  

Weir Group PLC (The)(b)

    51,527       1,163,144  

Whitbread PLC(b)

    39,035       1,735,615  

Wm Morrison Supermarkets PLC

    458,983       1,821,288  

WPP PLC

    247,677       3,318,268  
   

 

 

 
      435,311,196  

United States — 0.0%

 

Jackson Financial Inc., Class A(b)

    12,589       327,314  
   

 

 

 

Total Common Stocks — 98.4%
(Cost: $1,941,017,383)

 

      2,022,704,440  
   

 

 

 

Preferred Stocks

 

Germany — 0.9%

 

Bayerische Motoren Werke AG, Preference Shares, NVS

    10,935       829,487  
Security   Shares     Value  
Germany (continued)  

Henkel AG & Co. KGaA, Preference Shares, NVS

    34,215     $ 3,165,179  

Porsche Automobil Holding SE, Preference Shares, NVS

    30,091       2,975,707  

Sartorius AG, Preference Shares, NVS

    4,812       3,063,360  

Volkswagen AG, Preference Shares, NVS

    35,643       7,944,916  
   

 

 

 
      17,978,649  
Italy — 0.0%  

Telecom Italia SpA/Milano, Preference Shares, NVS

    1,189,092       479,841  
   

 

 

 

Total Preferred Stocks — 0.9%
(Cost: $19,695,167)

 

    18,458,490  
   

 

 

 

Rights

 

France — 0.0%

 

Veolia Environment SA (Expires 10/01/21)(a)(b)

    106,737       88,549  
   

 

 

 

Total Rights — 0.0%
(Cost: $0)

      88,549  
   

 

 

 

Short-Term Investments

 

Money Market Funds — 0.3%

 

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

    3,426,290       3,428,003  

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

    1,700,000       1,700,000  
   

 

 

 
      5,128,003  
   

 

 

 

Total Short-Term Investments — 0.3%
(Cost: $5,127,756)

 

    5,128,003  
   

 

 

 

Total Investments in Securities — 99.6%
(Cost: $1,965,840,306)

 

    2,046,379,482  

Other Assets, Less Liabilities — 0.4%

 

    8,962,249  
   

 

 

 

Net Assets — 100.0%

 

  $   2,055,341,731  
   

 

 

 

 

(a)

All or a portion of this security is on loan.

(b)

Non-income producing security.

(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.

 

 

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® Europe ETF

 

Affiliates

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

 

 

 
Affiliated Issuer   

Value at

03/31/21

    

Purchases

at Cost

    

Proceeds

from Sales

   

Net Realized

Gain (Loss)

    

Change in

Unrealized

Appreciation

(Depreciation)

    

Value at

09/30/21

    

Shares

Held at

09/30/21

     Income     

Capital

Gain

Distributions

from

Underlying

Funds

 

 

 

BlackRock Cash Funds: Institutional, SL Agency Shares

   $ 8,383,628      $      $ (4,955,170 )(a)    $ 515      $ (970    $ 3,428,003        3,426,290      $ 27,780 (b)     $  

BlackRock Cash Funds: Treasury, SL Agency Shares

     820,000        880,000 (a)                           1,700,000        1,700,000        36         
          

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 
           $ 515      $ (970    $ 5,128,003         $ 27,816      $  
          

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

  (a)

Represents net amount purchased (sold).

 
  (b)

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

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

 

 
Description   

Number of

Contracts

    

Expiration

Date

    

Notional

Amount

(000)

    

Value/

Unrealized

Appreciation

(Depreciation)

 

 

 

Long Contracts

           

Euro STOXX 50 Index

     177        12/17/21      $ 8,273      $ (197,306

FTSE 100 Index

     47        12/17/21        4,461        2,799  
           

 

 

 
            $ (194,507
           

 

 

 

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)

   $ 2,799  
  

 

 

 

Liabilities — Derivative Financial Instruments

  

Futures contracts

  

Unrealized depreciation on futures contracts(a)

   $ 197,306  
  

 

 

 

 

  (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

   $ 869,902  
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ (314,862
  

 

 

 

 

 

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) (continued)

September 30, 2021

  

iShares® Europe ETF

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts:

  

Average notional value of contracts — long

   $ 11,294,646      

 

 

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

   $ 70,146,783     $ 1,952,557,657     $     $ 2,022,704,440  

Preferred Stocks

           18,458,490             18,458,490  

Rights

           88,549             88,549  

Money Market Funds

     5,128,003                               —       5,128,003  
  

 

 

   

 

 

   

 

 

   

 

 

 
   $     75,274,786     $ 1,971,104,696     $     $ 2,046,379,482  
  

 

 

   

 

 

   

 

 

   

 

 

 

Derivative financial instruments(a)

        

Assets

        

Futures Contracts

   $     $ 2,799     $     $ 2,799  

Liabilities

        

Futures Contracts

           (197,306           (197,306
  

 

 

   

 

 

   

 

 

   

 

 

 
   $     $ (194,507   $     $ (194,507
  

 

 

   

 

 

   

 

 

   

 

 

 

 

  (a)

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

 

See notes to financial statements.

 

 

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) 

September 30, 2021

  

iShares® International Developed Property ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Australia — 11.8%  

Abacus Property Group

    30,112     $ 76,300  

APN Industria REIT

    11,375       28,182  

Arena REIT

    27,597       83,571  

Aventus Group

    32,851       75,452  

BWP Trust

    38,380       109,672  

Cedar Woods Properties Ltd.

    4,865       21,304  

Centuria Capital Group

    50,533       122,958  

Centuria Industrial REIT

    37,012       98,409  

Centuria Office REIT(a)

    34,504       62,094  

Charter Hall Group

    36,870       445,803  

Charter Hall Long Wale REIT

    45,388       160,427  

Charter Hall Retail REIT

    41,180       116,757  

Charter Hall Social Infrastructure REIT

    25,753       66,040  

Cromwell Property Group

    113,230       64,752  

Dexus

    85,141       655,295  

GDI Property Group

    39,129       32,499  

Goodman Group

    133,079           2,047,696  

GPT Group (The)

    151,635       546,174  

Growthpoint Properties Australia Ltd.

    23,682       69,359  

Home Consortium Ltd.

    14,654       80,942  

HomeCo Daily Needs REIT(a)

    40,605       46,235  

Hotel Property Investments

    13,778       34,265  

Ingenia Communities Group

    23,095       108,686  

Irongate Group

    42,321       46,063  

Lendlease Corp. Ltd.

    54,508       419,083  

Lifestyle Communities Ltd.

    7,629       120,362  

Mirvac Group

    312,098       662,042  

National Storage REIT

    85,222       139,856  

Rural Funds Group

    30,328       57,918  

Scentre Group

    410,865       874,470  

Shopping Centres Australasia Property Group

    85,024       162,860  

Stockland

    188,966       599,243  

Vicinity Centres

    306,026       361,794  

Waypoint REIT

    61,762       121,147  
   

 

 

 
      8,717,710  
Austria — 0.6%  

CA Immobilien Anlagen AG

    3,738       158,298  

IMMOFINANZ AG(b)

    7,601       180,991  

S IMMO AG

    3,402       78,657  
   

 

 

 
      417,946  
Belgium — 2.5%  

Aedifica SA

    2,851       355,928  

Befimmo SA

    1,958       78,588  

Care Property Invest NV

    2,080       64,088  

Cofinimmo SA

    2,211       335,278  

Immobel SA

    328       28,419  

Intervest Offices & Warehouses NV

    1,843       50,489  

Montea NV

    819       108,530  

Retail Estates NV

    880       64,343  

Shurgard Self Storage SA

    1,951       107,008  

VGP NV

    601       138,259  

Warehouses De Pauw CVA

    11,070       448,539  

Xior Student Housing NV

    1,516       85,608  
   

 

 

 
      1,865,077  
British Virgin Islands — 0.1%  

MAS Real Estate Inc.

    33,117       40,861  
   

 

 

 
Security   Shares     Value  
Canada — 3.6%  

Allied Properties REIT

    4,997     $ 158,676  

Artis REIT

    4,867       43,690  

Automotive Properties Real Estate Investment Trust

    1,500       15,076  

Boardwalk REIT

    1,825       68,139  

BTB Real Estate Investment Trust

    2,877       9,131  

Canadian Apartment Properties REIT

    6,694       312,397  

Choice Properties REIT

    12,749       143,434  

Cominar REIT

    6,964       54,927  

Crombie REIT

    3,825       52,486  

CT REIT

    3,992       53,674  

Dream Industrial REIT

    8,237       105,352  

Dream Office REIT

    1,882       34,175  

DREAM Unlimited Corp., Class A

    1,858       41,103  

European Residential Real Estate Investment Trust

    3,480       12,089  

First Capital Real Estate Investment Trust

    8,402       116,086  

Granite REIT

    2,548       181,213  

H&R Real Estate Investment Trust

    11,265       139,012  

Inovalis Real Estate Investment Trust

    1,270       9,365  

InterRent REIT

    5,278       69,715  

Killam Apartment REIT

    4,285       71,890  

Minto Apartment Real Estate Investment Trust(c)

    1,428       25,209  

Morguard Corp.

    346       36,387  

Morguard North American Residential REIT

    1,625       21,926  

Nexus Real Estate Investment Trust

    1,312       13,228  

NorthWest Healthcare Properties REIT

    8,515       86,790  

Plaza Retail REIT

    4,043       14,364  

RioCan REIT

    12,224       208,848  

Slate Grocery REIT

    1,848       18,967  

Slate Office REIT

    2,212       9,081  

SmartCentres Real Estate Investment Trust

    5,575       130,550  

Summit Industrial Income REIT

    6,567       108,050  

Tricon Residential Inc.

    16,585       221,290  

True North Commercial Real Estate Investment Trust

    3,728       21,310  

WPT Industrial Real Estate Investment Trust

    3,196       69,189  
   

 

 

 
          2,676,819  
China — 0.7%  

Gemdale Properties & Investment Corp. Ltd.

    490,000       52,873  

Greenland Hong Kong Holdings Ltd.(a)

    60,000       14,999  

Road King Infrastructure Ltd.

    18,000       18,104  

Wharf Holdings Ltd. (The)

    108,000       357,253  

Yuexiu REIT

    128,000       60,180  

Zhuguang Holdings Group Co. Ltd.

    190,000       42,447  
   

 

 

 
      545,856  
Finland — 0.4%  

Citycon OYJ

    6,119       49,036  

Kojamo OYJ

    11,889       246,866  
   

 

 

 
      295,902  
France — 3.3%  

Altarea SCA

    292       63,251  

Carmila SA

    3,564       53,208  

Covivio

    3,743       314,551  

Gecina SA

    4,301       578,640  

ICADE

    2,561       199,982  

Klepierre SA

    15,629       349,519  

Mercialys SA

    3,949       41,952  

Nexity SA

    3,878       184,407  

Unibail-Rodamco-Westfield(b)

    9,216       678,303  
   

 

 

 
      2,463,813  

 

 

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

  

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