iShares Trust


		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 50^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		(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 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		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

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)

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 350^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		5.42	%		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.

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)

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 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		4.34	%		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

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)

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.

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)

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.


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^® 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 Index^SM (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.

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)

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 40^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		(2.41	)%		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	)

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)

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		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

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.


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

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		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^® 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




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)


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)

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




	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




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)

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)

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




	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

iShares^® International Developed Property ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Germany — 9.7%
ADLER Group SA^(a)(c)		6,583	$	112,094
alstria office REIT-AG		14,093		255,634
Aroundtown SA		76,652		528,048
Deutsche EuroShop AG		3,827		77,865
Deutsche Wohnen SE		28,489		1,741,947
DIC Asset AG		2,951		52,163
Grand City Properties SA		8,229		204,913
Hamborner REIT AG		5,616		60,685
Instone Real Estate Group AG^(c)		3,687		105,276
LEG Immobilien SE		5,766		814,469
Sirius Real Estate Ltd.		84,179		148,357
TAG Immobilien AG		11,597		339,077
Vonovia SE		45,537		2,737,610


				7,178,138

Hong Kong — 9.3%
Champion REIT		154,000		80,771
CK Asset Holdings Ltd.		155,500		897,200
Far East Consortium International Ltd.		89,000		30,183
Hang Lung Group Ltd.		66,000		153,849
Hang Lung Properties Ltd.		146,000		332,742
Henderson Land Development Co. Ltd.		103,044		393,465
Hongkong Land Holdings Ltd.^(a)		92,400		441,365
Hysan Development Co. Ltd.		48,000		156,308
K Wah International Holdings Ltd.		115,000		46,420
Kerry Properties Ltd.		46,500		122,316
Link REIT		165,600		1,418,090
Prosperity REIT		100,000		39,743
Sino Land Co. Ltd.		244,000		328,253
Sun Hung Kai Properties Ltd.		121,500		1,517,090
Sunlight REIT		80,000		46,142
Swire Properties Ltd.		84,200		211,131
Wharf Real Estate Investment Co. Ltd.		123,000		631,960
Zensun Enterprises Ltd.^(a)		43,000		32,424


				6,879,452

Ireland — 0.2%
Hibernia REIT PLC		52,972		71,668
Irish Residential Properties REIT PLC		34,063		56,976


				128,644

Israel — 2.3%
AFI Properties Ltd.^(a)(b)		782		40,629
Airport City Ltd.^(b)		5,211		93,907
Alony Hetz Properties & Investments Ltd.		11,859		182,038
Amot Investments Ltd.		14,067		99,404
Ashtrom Group Ltd.		1		16
Azrieli Group Ltd.		2,896		260,694
Big Shopping Centers Ltd.		875		129,368
Blue Square Real Estate Ltd.		404		30,125
Electra Real Estate Ltd.^(a)		1,568		23,355
Gav-Yam Lands Corp. Ltd.		4,613		46,945
Gazit-Globe Ltd.		5,320		37,470
Israel Canada T.R Ltd.^(a)		9,483		40,981
Israel Land Development - Urban Renewal Ltd.		1,232		15,212
Isras Investment Co. Ltd.		134		30,227
Mega Or Holdings Ltd.		1,827		67,796
Mehadrin Ltd.^(b)		1		38
Melisron Ltd.^(b)		1,817		145,117
Mivne Real Estate KD Ltd.		47,154		165,539
Norstar Holdings Inc.		1,923		13,610
Prashkovsky Investments and Construction Ltd.		507		14,913


Security	Shares		Value

Israel (continued)
Property & Building Corp. Ltd.^(b)		218	$	30,966
REIT 1 Ltd.		14,051		82,870
Sella Capital Real Estate Ltd.		15,390		45,490
Summit Real Estate Holdings Ltd.^(b)		2,868		50,152
YH Dimri Construction & Development Ltd.		533		38,026


				1,684,888

Italy — 0.0%
COIMA RES SpA^(c)		1,733		13,871
Immobiliare Grande Distribuzione SIIQ SpA^(b)		4,504		20,370


				34,241

Japan — 28.6%
Activia Properties Inc.		59		241,266
Advance Residence Investment Corp.		109		354,535
Aeon Mall Co. Ltd.		7,380		113,552
AEON REIT Investment Corp.		135		181,374
Airport Facilities Co. Ltd.		2,200		11,886
Ardepro Co. Ltd.		13,700		6,983
Arealink Co. Ltd.		700		9,160
Comforia Residential REIT Inc.		49		151,233
CRE Inc./Japan		900		19,375
CRE Logistics REIT Inc.		40		74,423
Daibiru Corp.		4,500		66,146
Daito Trust Construction Co. Ltd.		5,500		645,193
Daiwa House Industry Co. Ltd.		52,700		1,756,755
Daiwa House REIT Investment Corp.		166		487,485
Daiwa Office Investment Corp.		23		155,216
Daiwa Securities Living Investments Corp.		169		169,222
Dear Life Co. Ltd.		2,000		8,631
ESCON Japan Reit Investment Corp.		28		34,422
Frontier Real Estate Investment Corp.^(a)		40		175,307
Fukuoka REIT Corp.		58		86,990
Global One Real Estate Investment Corp.		77		80,010
GLP J-REIT		355		584,357
Goldcrest Co. Ltd.		1,100		16,677
Good Com Asset Co. Ltd.		600		7,737
Hankyu Hanshin REIT Inc.		55		81,167
Health Care & Medical Investment Corp.		26		35,998
Heiwa Real Estate Co. Ltd.		2,500		86,729
Heiwa Real Estate REIT Inc.		74		109,060
Hoshino Resorts REIT Inc.		18		118,624
Hulic Co. Ltd.		39,500		439,892
Hulic Reit Inc.		95		149,335
Ichigo Hotel REIT Investment Corp.		19		16,052
Ichigo Inc.		18,800		61,848
Ichigo Office REIT Investment Corp.		122		98,446
Industrial & Infrastructure Fund Investment Corp.		165		300,632
Invesco Office J-Reit Inc.		695		140,935
Invincible Investment Corp.		485		190,009
Itochu Advance Logistics Investment Corp.		45		62,783
Japan Excellent Inc.		102		124,899
Japan Hotel REIT Investment Corp.		351		210,713
Japan Logistics Fund Inc.		72		214,134
Japan Metropolitan Fund Invest		553		530,994
Japan Prime Realty Investment Corp.		76		275,335
Japan Property Management Center Co. Ltd.		1,000		10,754
Japan Real Estate Investment Corp.		110		659,807
Katitas Co. Ltd.		4,000		140,993
Keihanshin Building Co. Ltd.		3,700		46,730
Kenedix Office Investment Corp.		34		233,703


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) (continued)

September 30, 2021

iShares^® International Developed Property ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Kenedix Residential Next Investment Corp.		78	$	152,222
Kenedix Retail REIT Corp.		45		116,694
LaSalle Logiport REIT		142		239,229
Leopalace21 Corp.^(b)		13,300		29,561
Marimo Regional Revitalization REIT Inc.		12		13,974
Mirai Corp.		134		64,656
Mirainovate Co. Ltd.^(b)		3,180		7,029
Mitsubishi Estate Co. Ltd.		110,100		1,753,100
Mitsubishi Estate Logistics REIT Investment Corp.		31		136,174
Mitsui Fudosan Co. Ltd.		76,456		1,816,203
Mitsui Fudosan Logistics Park Inc.		41		217,350
Mori Hills REIT Investment Corp.		129		174,799
Mori Trust Hotel Reit Inc.		25		30,833
Mori Trust Sogo REIT Inc.		77		102,171
Nippon Accommodations Fund Inc.		40		224,628
Nippon Building Fund Inc.		131		851,077
Nippon Commercial Development Co. Ltd.		900		14,028
Nippon Prologis REIT Inc.		204		681,778
Nippon REIT Investment Corp.		35		136,110
Nomura Real Estate Holdings Inc.		9,300		241,786
Nomura Real Estate Master Fund Inc.		373		536,849
NTT UD REIT Investment Corp.		105		144,299
One REIT Inc.		18		47,853
Ooedo Onsen Reit Investment Corp.		20		14,353
Orix JREIT Inc.		217		377,660
SAMTY Co. Ltd.		2,700		56,448
Samty Residential Investment Corp.		57		59,851
Sankei Real Estate Inc.		28		30,634
Sekisui House Reit Inc.		340		281,505
Shinoken Group Co. Ltd.		1,700		17,676
SOSiLA Logistics REIT Inc.		47		69,850
SRE Holdings Corp.^(b)		500		35,467
Star Asia Investment Corp.		143		73,489
Star Mica Holdings Co. Ltd.		1,100		15,175
Starts Corp. Inc.		2,500		59,488
Starts Proceed Investment Corp.		18		40,051
Sumitomo Realty & Development Co. Ltd.		37,700		1,377,978
Sun Frontier Fudousan Co. Ltd.		2,000		19,954
Takara Leben Co. Ltd.		7,200		20,786
Takara Leben Real Estate Investment Corp.		36		35,194
TKP Corp.^(b)		1,100		18,546
TOC Co. Ltd.		4,000		23,572
Tokyo Rakutenchi Co. Ltd.		200		7,392
Tokyo Tatemono Co. Ltd.		16,500		261,313
Tokyu Fudosan Holdings Corp.		47,700		293,570
Tokyu REIT Inc.		73		121,036
Tosei Corp.		2,300		24,763
Tosei Reit Investment Corp.		24		29,539
United Urban Investment Corp.		247		333,838
XYMAX REIT Investment Corp.		17		17,159


				21,226,197

Malta — 0.0%
BGP Holdings PLC^(d)		1,986,852		23


Netherlands — 0.4%
Brack Capital Properties NV^(b)		190		20,433
CTP NV^(c)		4,761		103,680
Eurocommercial Properties NV		3,056		65,290
NSI NV		1,360		50,411
Vastned Retail NV		1,374		36,928


Security	Shares		Value

Netherlands (continued)
Wereldhave NV		3,127	$	44,427


				321,169

New Zealand — 0.7%
Argosy Property Ltd.		66,052		73,548
Goodman Property Trust		83,829		139,532
Kiwi Property Group Ltd.		123,469		98,146
Precinct Properties New Zealand Ltd.		94,221		109,107
Vital Healthcare Property Trust		30,848		65,197


				485,530

Norway — 0.4%
Entra ASA^(c)		14,396		308,777
Selvaag Bolig ASA		3,302		20,586


				329,363

Singapore — 7.1%
AIMS APAC REIT^(a)		34,085		36,148
ARA LOGOS Logistics Trust		107,046		72,418
Ascendas India Trust		58,500		61,360
Ascendas REIT		265,692		585,631
Ascott Residence Trust		145,760		98,700
CapitaLand China Trust		82,626		75,183
CapitaLand Integrated Commercial Trust		394,910		588,044
Capitaland Investment Ltd./Singapore^(b)		197,700		495,051
CDL Hospitality Trusts		61,100		46,422
City Developments Ltd.		37,100		187,766
Cromwell European Real Estate Investment Trust		24,620		74,433
Eagle Hospitality Trust^(b)(d)		53,200		1
EC World Real Estate Investment Trust		20,900		12,314
ESR-REIT		217,589		74,517
Far East Hospitality Trust		82,500		37,498
First REIT^(a)		86,000		16,151
Fortune REIT		113,000		112,352
Frasers Centrepoint Trust		85,606		142,473
Frasers Logistics & Commercial Trust		229,872		256,449
IREIT Global		38,300		18,053
Keppel DC REIT		99,603		181,806
Keppel Pacific Oak US REIT		58,800		46,158
Keppel REIT		155,700		121,213
Lendlease Global Commercial REIT		72,000		46,036
Manulife US Real Estate Investment Trust		114,550		79,843
Mapletree Commercial Trust		172,412		261,286
Mapletree Industrial Trust		154,732		316,202
Mapletree Logistics Trust		227,691		340,383
Mapletree North Asia Commercial Trust		168,000		119,399
OUE Commercial Real Estate Investment Trust		191,000		64,004
OUE Ltd.		24,600		24,328
Parkway Life REIT		30,500		104,452
Prime U.S. REIT		44,600		38,108
Sasseur Real Estate Investment Trust^(a)		38,900		24,426
SPH REIT^(a)		75,000		51,802
Starhill Global REIT		114,200		52,454
Suntec REIT^(a)		169,700		176,597
Tuan Sing Holdings Ltd.^(a)		40,400		14,594
UOL Group Ltd.		37,700		189,577
Wing Tai Holdings Ltd.^(a)		38,700		51,589


				5,295,221

South Korea — 0.3%
ESR Kendall Square REIT Co. Ltd.		7,595		40,787
IGIS Value Plus REIT Co. Ltd.		2,208		10,816
JR Reit XXVII		9,142		42,900


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^® International Developed Property ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

South Korea (continued)
Koramco Energy Plus Reit		2,371	$	12,716
Korea REIT & Trust Co. Ltd.		11,952		24,576
LOTTE Reit Co. Ltd.		10,024		46,815
Mirae Asset Maps Asia Pacific Real Estate 1 Investment		6,896		27,811
Shinhan Alpha REIT Co. Ltd.		3,351		22,962
SK D&D Co. Ltd.		559		15,965


				245,348

Spain — 0.8%
Aedas Homes SA^(c)		1,520		44,017
Inmobiliaria Colonial Socimi SA		21,208		205,865
Lar Espana Real Estate Socimi SA		4,825		30,013
Merlin Properties Socimi SA		26,311		270,395
Metrovacesa SA^(c)		3,424		29,271


				579,561

Sweden — 5.0%
Akelius Residential Property AB, Class D		16,760		31,540
Annehem Fastigheter AB, Class B^(b)		3,182		12,722
Atrium Ljungberg AB, Class B		3,773		78,952
Castellum AB		17,997		439,348
Catena AB		2,342		126,806
Cibus Nordic Real Estate AB		3,219		76,114
Dios Fastigheter AB		6,783		66,169
Fabege AB		21,471		323,846
Fastighets AB Balder, Class B^(b)		8,325		500,304
Hufvudstaden AB, Class A		9,249		138,134
K-Fast Holding AB^(b)		4,806		39,856
Kungsleden AB		13,103		172,873
NP3 Fastigheter AB		2,238		58,287
Nyfosa AB		13,196		186,611
Platzer Fastigheter Holding AB, Class B		4,861		73,295
Sagax AB, Class B		13,212		412,003
Sagax AB, Class D		8,695		31,981
Samhallsbyggnadsbolaget i Norden AB		81,529		451,490
Samhallsbyggnadsbolaget i Norden AB, Class D, New		11,428		39,449
Wallenstam AB, Class B		16,569		244,879
Wihlborgs Fastigheter AB		10,680		212,284


				3,716,943

Switzerland — 2.0%
Allreal Holding AG, Registered		1,142		226,697
Intershop Holding AG		100		62,343
Mobimo Holding AG, Registered		523		173,601
PSP Swiss Property AG, Registered		3,622		436,390
Swiss Prime Site AG, Registered		6,014		587,453


				1,486,484

United Kingdom — 9.6%
AEW UK REIT PLC		13,857		19,117
Assura PLC		211,902		204,287
Big Yellow Group PLC		13,622		256,042
BMO Commercial Property Trust Ltd.		62,512		81,112
British Land Co. PLC (The)		74,249		492,688
Capital & Counties Properties PLC		68,117		152,448
Civitas Social Housing PLC		50,144		59,005
CLS Holdings PLC		14,940		44,569
Custodian REIT PLC		34,054		42,718
Derwent London PLC		8,880		411,454
Empiric Student Property PLC^(b)		47,308		56,476
GCP Student Living PLC		35,575		101,380
Grainger PLC		58,675		240,760
Great Portland Estates PLC		19,956		200,300


Security	Shares		Value

United Kingdom (continued)
Hammerson PLC		334,723	$	144,430
Helical PLC		8,340		49,748
Home Reit PLC		19,286		28,195
Impact Healthcare REIT PLC		28,344		42,068
Intu Properties PLC^(a)(d)		47,783		1
Land Securities Group PLC		59,473		554,308
LondonMetric Property PLC		72,059		231,650
LXI REIT PLC		55,978		103,686
NewRiver REIT PLC		25,455		28,570
Phoenix Spree Deutschland Ltd.		8,169		42,377
Picton Property Income Ltd. (The)		43,792		56,055
Primary Health Properties PLC		104,870		212,772
PRS REIT PLC (The)		37,241		50,179
Regional REIT Ltd.^(c)		34,007		40,477
Safestore Holdings PLC		16,688		235,872
Schroder REIT Ltd.		42,870		28,420
Segro PLC		95,011		1,526,241
Shaftesbury PLC		22,599		184,499
Standard Life Investment Property Income Trust Ltd.		32,902		31,653
Supermarket Income REIT PLC		64,443		101,158
Triple Point Social Housing REIT PLC^(c)		29,709		37,828
Tritax Big Box REIT PLC		136,211		389,464
UK Commercial Property REIT Ltd.		68,602		67,669
UNITE Group PLC (The)		31,584		463,012
Workspace Group PLC		10,012		111,294


				7,123,982


Total Common Stocks — 99.4% (Cost: $81,195,847)				73,739,168


Rights

Austria — 0.0%
BUWOG AG ^(a)(b)(d)		463		—


Total Rights — 0.0% (Cost: $0)				—


Short-Term Investments

Money Market Funds — 1.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(e)(f)(g)		905,429		905,882
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(e)(f)		30,000		30,000


				935,882


Total Short-Term Investments — 1.3% (Cost: $935,659)				935,882


Total Investments in Securities — 100.7% (Cost: $82,131,506)				74,675,050

Other Assets, Less Liabilities — (0.7)%				(513,035	)


Net Assets — 100.0%			$	74,162,015

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


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^® International Developed Property ETF

^(e)	Affiliate of the Fund.

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

^(g)	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	$	385,445	$	520,397	^(a)	$	—	$	140	$	(100	)	$	905,882		905,429	$	14,193	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		30,000		0	^(a)		—		—		—			30,000		30,000		1			—

								$	140	$	(100	)	$	935,882			$	14,194		$	—

^(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
Mini TOPIX Index		10		12/09/21	$	181	$	(2,116	)
Dow Jones U.S. Real Estate Index		6		12/17/21		238		(9,359	)

							$	(11,475	)

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)	$	11,475

^(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	$	76,430


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(19,736	)


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) (continued)

September 30, 2021

iShares^® International Developed Property ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	524,538

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	$	15,801,109		$	57,938,034		$	25	$	73,739,168
Rights		—			—			—		—
Money Market Funds		935,882			—			—		935,882


	$	16,736,991		$	57,938,034		$	25	$	74,675,050


Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	(9,359	)	$	(2,116	)	$	—	$	(11,475	)

^(a)

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

See notes to financial statements.


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)

September 30, 2021

iShares^® International Developed Small Cap Value Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 7.8%
Abacus Property Group		9,837	$	24,926
Accent Group Ltd.		6,940		11,239
Arena REIT		7,100		21,501
AUB Group Ltd.		1,496		25,384
Australian Pharmaceutical Industries Ltd.		8,188		8,731
Aventus Group		9,180		21,085
Bapcor Ltd.		7,330		39,538
Bega Cheese Ltd.		6,366		24,452
Brickworks Ltd.		1,282		22,807
BWP Trust		10,634		30,387
BWX Ltd.		2,666		9,336
Centuria Industrial REIT		9,940		26,429
Centuria Office REIT		10,633		19,135
Charter Hall Long Wale REIT		11,630		41,107
Charter Hall Retail REIT		10,415		29,530
Charter Hall Social Infrastructure REIT		7,172		18,391
Data#3 Ltd.		3,300		11,353
Elders Ltd.		3,266		28,533
Emeco Holdings Ltd.		12,636		9,497
Estia Health Ltd.		4,832		7,952
Gold Road Resources Ltd.		23,537		20,314
Growthpoint Properties Australia Ltd.		6,124		17,936
GUD Holdings Ltd.		2,204		16,083
GWA Group Ltd.		6,012		11,769
Healius Ltd.		12,486		42,620
Imdex Ltd.		9,025		15,061
Ingenia Communities Group		6,548		30,815
Link Administration Holdings Ltd.		11,337		35,551
McMillan Shakespeare Ltd.		1,106		11,526
Monadelphous Group Ltd.		1,876		12,110
National Storage REIT		24,829		40,746
New Hope Corp. Ltd.		5,440		9,384
NIB Holdings Ltd.		10,024		49,379
Pendal Group Ltd.		6,035		35,114
Premier Investments Ltd.		1,762		37,881
Regis Resources Ltd.		17,134		24,844
Reliance Worldwide Corp. Ltd.		17,156		62,384
Sandfire Resources Ltd.		3,658		14,271
Sandfire Resources Ltd.		3,658		14,492
Select Harvests Ltd.		2,633		15,604
Senex Energy Ltd.		3,312		8,783
SmartGroup Corp. Ltd.		1,992		13,593
Steadfast Group Ltd.		18,767		64,787
Super Retail Group Ltd.		3,543		30,830
Tassal Group Ltd.		5,188		13,114
Virtus Health Ltd.		1,244		5,273
Waypoint REIT		16,940		33,228


				1,118,805

Austria — 1.4%
EVN AG		799		21,241
Oesterreichische Post AG		720		30,525
Strabag SE		351		15,968
UNIQA Insurance Group AG		2,405		21,415
Vienna Insurance Group AG Wiener Versicherung Gruppe		816		23,536
Wienerberger AG		2,464		82,733


				195,418

Belgium — 2.2%
Befimmo SA		469		18,824


Security	Shares		Value

Belgium (continued)
Bekaert SA		859	$	35,736
bpost SA^(a)		2,174		19,171
Cofinimmo SA		652		98,870
Euronav NV		4,452		42,193
KBC Ancora		768		39,401
Montea NV		266		35,249
Orange Belgium SA		329		7,401
Tessenderlo Group SA^(a)		566		21,062


				317,907

Canada — 20.5%
Aecon Group Inc.		1,365		20,659
Alamos Gold Inc., Class A		9,212		66,257
Allied Properties REIT		2,813		89,325
AltaGas Ltd.		6,232		122,957
ARC Resources Ltd.		14,440		135,325
Canadian Apartment Properties REIT		3,744		174,726
Canadian Western Bank		1,859		53,821
Canfor Corp.^(a)		1,320		28,993
Capital Power Corp.		2,408		81,198
Cascades Inc.		2,081		25,746
Celestica Inc.^(a)		2,574		22,862
Choice Properties REIT		5,604		63,048
CI Financial Corp.		4,190		85,050
Dream Office REIT		1,017		18,468
Finning International Inc.		3,639		89,783
Granite REIT		1,269		90,251
Home Capital Group Inc.^(a)		1,166		34,163
iA Financial Corp. Inc.		2,371		134,518
Kinross Gold Corp.		28,459		152,563
Kirkland Lake Gold Ltd.		5,962		248,346
Laurentian Bank of Canada		1,016		32,246
Linamar Corp.		1,040		54,003
Lundin Mining Corp.		14,665		105,478
Maple Leaf Foods Inc.		1,871		38,023
Martinrea International Inc.		2,200		19,541
Mullen Group Ltd.		2,016		20,501
North West Co. Inc. (The)		1,072		28,624
Onex Corp.		1,723		121,804
Parex Resources Inc.		2,779		50,551
PrairieSky Royalty Ltd.		4,747		50,633
Russel Metals Inc.		1,396		33,473
Tourmaline Oil Corp.		6,045		211,188
TransAlta Corp.		5,127		54,160
Transcontinental Inc., Class A		1,769		28,101
West Fraser Timber Co. Ltd.		2,462		207,363
Westshore Terminals Investment Corp.		834		16,099
Yamana Gold Inc.		29,900		118,033


				2,927,880

China — 0.1%
Asia Cement China Holdings Corp.		10,000		7,853
Pou Sheng International Holdings Ltd.^(a)		44,000		7,427


				15,280

Denmark — 1.4%
FLSmidth & Co. A/S		1,088		37,819
NKT A/S^(a)		945		41,038
Scandinavian Tobacco Group A/S, Class A^(b)		1,334		26,328
Schouw & Co. A/S		272		26,125
Spar Nord Bank A/S		1,813		21,095


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^® International Developed Small Cap Value Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Denmark (continued)
Topdanmark A/S		932	$	48,086


				200,491

Finland — 2.6%
Cargotec OYJ, Class B		1,054		53,355
Kemira OYJ		1,973		30,285
Konecranes OYJ		1,577		63,100
Metsa Board OYJ		3,746		35,066
Outokumpu OYJ^(a)		6,784		41,215
Sanoma OYJ		1,598		25,063
Terveystalo Oyj^(b)		1,339		16,751
TietoEVRY OYJ		1,870		56,319
Uponor OYJ		1,183		29,319
YIT OYJ		3,590		18,968


				369,441

France — 3.4%
APERAM SA		1,063		58,930
Coface SA^(a)		2,298		28,784
Fnac Darty SA		364		23,830
IPSOS		833		37,854
Mersen SA		313		11,532
Metropole Television SA		1,409		29,313
Nexans SA		649		60,515
Nexity SA		929		44,176
Peugeot Invest		108		14,906
Rothschild & Co.		608		26,340
Sopra Steria Group SACA		313		57,990
SPIE SA		2,732		61,837
Television Francaise 1		2,204		21,606
Vicat SA		341		15,160


				492,773

Germany — 3.0%
alstria office REIT-AG		3,901		70,761
Aurubis AG		822		61,730
Bilfinger SE		608		21,121
Deutsche EuroShop AG		1,144		23,276
Freenet AG		2,802		73,314
Hamburger Hafen und Logistik AG		592		13,303
Hornbach Holding AG & Co. KGaA		188		24,376
Kloeckner & Co. SE^(a)		1,611		20,050
Salzgitter AG^(a)		832		27,871
Sirius Real Estate Ltd.		21,200		37,363
Suedzucker AG		1,679		26,914
Takkt AG		722		11,412
Wacker Neuson SE		542		15,627


				427,118

Hong Kong — 0.1%
Chow Sang Sang Holdings International Ltd.		4,000		5,967
CITIC Telecom International Holdings Ltd.		32,000		10,884


				16,851

Ireland — 0.7%
Grafton Group PLC		4,788		81,372
Hibernia REIT PLC		14,056		19,017


				100,389

Israel — 0.7%
Clal Insurance Enterprises Holdings Ltd.^(a)		1,016		21,643
FIBI Holdings Ltd.		356		14,993
Formula Systems 1985 Ltd.		164		15,999
Isracard Ltd.		4,032		16,778


Security	Shares		Value

Israel (continued)
Menora Mivtachim Holdings Ltd.		468	$	9,652
Oil Refineries Ltd.^(a)		33,617		7,578
Summit Real Estate Holdings Ltd.^(a)		884		15,458
Tera Light Ltd.^(a)		468		1,453


				103,554

Italy — 1.4%
Banca IFIS SpA		546		10,518
Banca Popolare di Sondrio SCPA		9,855		41,868
BPER Banca		23,504		52,322
Credito Emiliano SpA		1,599		11,153
Societa Cattolica Di Assicurazione SPA^(a)		2,552		20,807
Unipol Gruppo SpA		10,468		60,838


				197,506

Japan — 15.7%
Adeka Corp.		2,000		44,941
Aichi Steel Corp.		400		9,514
Aisan Industry Co. Ltd.		800		5,988
Alconix Corp.		400		5,779
Alpen Co. Ltd.		400		11,119
AOKI Holdings Inc.		800		5,190
Arata Corp.		400		15,766
Arcs Co. Ltd.		800		16,249
Autobacs Seven Co. Ltd.		1,200		15,939
Awa Bank Ltd. (The)		800		15,643
Axial Retailing Inc.		400		13,556
Bank of Okinawa Ltd. (The)^(a)		400		10,031
Bunka Shutter Co. Ltd.		1,200		12,097
C.I. Takiron Corp.		800		4,534
Canon Electronics Inc.		400		5,989
Cawachi Ltd.		400		8,100
Central Glass Co. Ltd.		800		14,866
Chubu Shiryo Co. Ltd.		400		4,088
Chudenko Corp.		400		8,078
Chugoku Marine Paints Ltd.		1,200		8,984
Chuo Spring Co. Ltd.		400		3,966
Daibiru Corp.		800		11,759
DCM Holdings Co. Ltd.		2,000		19,374
Digital Holdings Inc.		400		6,619
Doshisha Co. Ltd.		400		6,278
DyDo Group Holdings Inc.		180		9,180
Eagle Industry Co. Ltd.		400		4,421
EDION Corp.		2,000		18,852
Exedy Corp.		800		12,206
FCC Co. Ltd.		800		11,270
Feed One Co. Ltd.		800		5,385
Fudo Tetra Corp.		400		6,435
Fuji Seal International Inc.		800		17,263
Fujibo Holdings Inc.		400		15,108
Furukawa Co. Ltd.		800		8,720
Furuno Electric Co. Ltd.		400		4,517
Futaba Industrial Co. Ltd.		1,600		6,802
Geo Holdings Corp.		400		4,510
Goldcrest Co. Ltd.		400		6,065
Gunze Ltd.		400		15,574
H2O Retailing Corp.		2,000		17,287
Hakuto Co. Ltd.		400		6,500
Hamakyorex Co. Ltd.		400		12,006
Hanwa Co. Ltd.		800		24,726
Heiwado Co. Ltd.		800		15,540


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^® International Developed Small Cap Value Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
HI-LEX Corp.		400	$	6,327
Hitachi Zosen Corp.		3,600		27,522
Hokuetsu Corp.		3,200		19,597
Hokuto Corp.		400		7,047
Honeys Holdings Co. Ltd.		400		3,950
Hosiden Corp.		1,200		10,342
Inabata & Co. Ltd.		800		12,380
Iseki & Co. Ltd.^(a)		400		5,931
Ishihara Sangyo Kaisha Ltd.		800		9,063
Itochu Enex Co. Ltd.		800		7,191
Japan Petroleum Exploration Co. Ltd.		800		14,978
Japan Wool Textile Co. Ltd. (The)		1,200		10,890
Joshin Denki Co. Ltd.		400		9,052
Joyful Honda Co. Ltd.		1,200		16,611
JVCKenwood Corp.		4,000		7,494
Kaga Electronics Co. Ltd.		400		10,783
Kanamoto Co. Ltd.		400		9,359
Kanematsu Corp.		1,600		19,788
Kanto Denka Kogyo Co. Ltd.		800		7,619
Katakura Industries Co. Ltd.		400		6,115
Kato Sangyo Co. Ltd.		400		11,845
Keiyo Co. Ltd.		800		5,811
Kintetsu World Express Inc.		800		20,261
Kissei Pharmaceutical Co. Ltd.		800		17,218
Kitz Corp.		1,600		11,263
Kiyo Bank Ltd. (The)		1,200		16,981
Kohnan Shoji Co. Ltd.		400		13,160
Kojima Co. Ltd.		400		2,408
Komeri Co. Ltd.		800		19,404
Kurabo Industries Ltd.		400		7,348
Kureha Corp.		400		26,986
Kyoei Steel Ltd.		800		9,881
Kyokuto Kaihatsu Kogyo Co. Ltd.		800		11,686
LEC Inc.		400		3,877
Life Corp.		400		16,030
Macnica Fuji Electronics Holdings Inc.		1,200		27,927
Makino Milling Machine Co. Ltd.		400		15,378
Marusan Securities Co. Ltd.		1,200		6,837
Maxell Holdings Ltd.		800		9,562
Megachips Corp.		400		11,984
Meidensha Corp.		800		17,627
Mimasu Semiconductor Industry Co. Ltd.		400		8,758
Mirait Holdings Corp.		2,000		39,594
Mixi Inc.		800		17,994
Mizuno Corp.		400		9,515
Modec Inc.		400		6,345
Nachi-Fujikoshi Corp.		400		16,339
Nichiha Corp.		800		22,811
Nihon Chouzai Co. Ltd.		400		6,120
Nihon Parkerizing Co. Ltd.		2,000		20,524
Nikkon Holdings Co. Ltd.		1,200		24,693
Nippn Corp., New		1,200		17,511
Nippon Densetsu Kogyo Co. Ltd.		800		13,551
Nippon Light Metal Holdings Co. Ltd.		1,600		27,857
Nippon Soda Co. Ltd.		400		12,855
Nippon Steel Trading Corp.		400		18,081
Nippon Suisan Kaisha Ltd.		5,600		32,541
Nippon Yakin Kogyo Co. Ltd.		400		9,411
Nishio Rent All Co. Ltd.		400		10,518
Nissha Co. Ltd.		800		12,718


Security	Shares		Value

Japan (continued)
Nisshinbo Holdings Inc.		2,800	$	21,103
Nitta Corp.		400		9,798
Nitto Kogyo Corp.		400		6,262
Nojima Corp.		800		20,580
Noritake Co. Ltd./Nagoya Japan		400		17,829
Noritsu Koki Co. Ltd.		400		9,063
Noritz Corp.		800		13,054
Obara Group Inc.		400		13,928
Okamura Corp.		1,600		23,283
Oki Electric Industry Co. Ltd.		2,000		17,489
Okuwa Co. Ltd.		400		4,234
Oyo Corp.		400		5,246
Pacific Industrial Co. Ltd.		800		8,441
Pacific Metals Co. Ltd.		400		6,629
Pasona Group Inc.		400		11,314
Press Kogyo Co. Ltd.		2,000		6,110
Pressance Corp.		400		6,566
Prima Meat Packers Ltd.		800		20,266
Qol Holdings Co. Ltd.		400		5,412
Raito Kogyo Co. Ltd.		800		14,103
Restar Holdings Corp.		400		6,641
Retail Partners Co. Ltd.		800		8,880
Ryobi Ltd.		400		4,517
S Foods Inc.		400		10,996
Sakai Chemical Industry Co. Ltd.		400		8,437
Sakata INX Corp.		800		8,395
Sankyo Tateyama Inc.		400		2,789
Sanyo Chemical Industries Ltd.		400		20,875
Sanyo Special Steel Co. Ltd.		400		6,425
Sekisui Jushi Corp.		400		7,594
Shin-Etsu Polymer Co. Ltd.		800		7,474
Shinmaywa Industries Ltd.		1,200		9,991
Shizuoka Gas Co. Ltd.		1,200		14,468
Siix Corp.		800		8,577
Sinfonia Technology Co. Ltd.		400		4,345
Sintokogio Ltd.		1,200		8,386
Sodick Co. Ltd.		800		6,512
Starts Corp. Inc.		800		19,036
Stella Chemifa Corp.		400		10,603
Sumitomo Mitsui Construction Co. Ltd.		3,200		14,264
Sumitomo Riko Co. Ltd.		800		5,454
Sumitomo Warehouse Co. Ltd. (The)		1,200		19,597
Sun Frontier Fudousan Co. Ltd.		400		3,991
Suruga Bank Ltd.		4,400		16,352
SWCC Showa Holdings Co. Ltd.		400		8,023
Tachibana Eletech Co. Ltd.		400		5,484
Taihei Dengyo Kaisha Ltd.		400		10,099
Taikisha Ltd.		400		12,023
Takaoka Toko Co. Ltd.		400		5,208
Takasago International Corp.		400		10,666
Takasago Thermal Engineering Co. Ltd.		1,200		22,707
Tamron Co. Ltd.		400		9,485
Tekken Corp.		400		6,500
Toa Corp./Tokyo		400		8,790
Toagosei Co. Ltd.		2,800		32,492
Toho Holdings Co. Ltd.		1,200		19,491
Tokyo Steel Manufacturing Co. Ltd.		1,600		16,428
Tokyu Construction Co. Ltd.		1,600		11,217
Tomy Co. Ltd.		2,000		20,402
Toppan Forms Co. Ltd.		800		7,324


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^® International Developed Small Cap Value Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Topre Corp.		800	$	9,448
Towa Pharmaceutical Co. Ltd.		400		11,341
Toyo Ink SC Holdings Co. Ltd.		800		15,040
Toyo Tanso Co. Ltd.		400		10,570
Toyobo Co. Ltd.		2,000		24,954
TPR Co. Ltd.		400		5,340
Tsubakimoto Chain Co.		800		24,717
United Super Markets Holdings Inc.		1,200		11,824
Valor Holdings Co. Ltd.		800		17,283
Valqua Ltd.		400		7,685
Vital KSK Holdings Inc.		800		5,691
VT Holdings Co. Ltd.		2,000		9,813
Wakita & Co. Ltd.		800		7,775
Warabeya Nichiyo Holdings Co. Ltd.		400		9,128
YAMABIKO Corp.		800		8,836
Yamazen Corp.		1,200		11,511
Yellow Hat Ltd.		800		13,955
Yodogawa Steel Works Ltd.		400		8,720
Yondoshi Holdings Inc.		400		6,556
Yuasa Trading Co. Ltd.		400		10,817


				2,252,715

Luxembourg — 0.1%
Kernel Holding SA		1,134		17,136


Netherlands — 2.4%
Accell Group NV^(a)		468		20,790
Arcadis NV		1,593		79,567
Boskalis Westminster		1,715		52,207
Flow Traders^(b)		596		23,003
Mediaset NV		6,120		17,501
PostNL NV		10,239		49,403
Rhi Magnesita NV		655		28,930
Sligro Food Group NV^(a)		736		20,082
TKH Group NV		900		50,395
Vastned Retail NV		348		9,353


				351,231

New Zealand — 1.4%
Genesis Energy Ltd.		11,189		25,452
Goodman Property Trust		23,800		39,615
Kathmandu Holdings Ltd.		12,628		13,851
Oceania Healthcare Ltd.		14,746		15,074
Precinct Properties New Zealand Ltd.^(c)		22,796		26,397
Summerset Group Holdings Ltd.		4,960		51,872
Z Energy Ltd.		10,126		23,878


				196,139

Norway — 2.6%
Atea ASA		1,841		31,842
Austevoll Seafood ASA		1,920		22,736
Bank Norwegian ASA		3,432		41,027
Elkem ASA^(b)		5,784		24,945
Entra ASA^(b)		3,708		79,532
Kongsberg Gruppen ASA		1,666		46,463
Norway Royal Salmon ASA		332		6,806
Storebrand ASA		10,236		97,448
Veidekke ASA		2,378		29,070


				379,869

Poland — 0.1%
Grupa Azoty SA^(a)		1,132		7,969


Security	Shares		Value

Singapore — 1.1%
CapitaLand China Trust		22,400	$	20,382
CDL Hospitality Trusts		17,200		13,068
COSCO Shipping International Singapore Co. Ltd.^(a)(c)		24,000		4,914
Cromwell European Real Estate Investment Trust		6,920		20,921
First Resources Ltd.^(c)		12,400		14,831
Haw Par Corp. Ltd.		3,200		27,129
Manulife US Real Estate Investment Trust		31,200		21,747
Raffles Medical Group Ltd.		20,400		21,844
Sheng Siong Group Ltd.^(c)		8,800		9,555


				154,391

Sweden — 8.6%
AFRY AB		2,146		65,347
Arjo AB, Class B		4,893		60,258
Atrium Ljungberg AB, Class B		990		20,716
Axfood AB		2,280		54,511
Betsson AB, Class B		2,631		21,879
Bilia AB, Class A		1,683		30,373
BillerudKorsnas AB		3,845		73,241
Bonava AB, Class B		1,862		16,930
Bravida Holding AB^(b)		4,424		59,709
Bure Equity AB		1,196		49,432
Cloetta AB, Class B		4,745		14,657
Dometic Group AB^(b)		7,087		107,018
Fabege AB		5,659		85,354
Granges AB		2,336		28,151
Hexpol AB		5,422		61,659
Hufvudstaden AB, Class A		2,373		35,441
Lindab International AB		1,498		38,158
Loomis AB		1,650		44,782
Medicover AB		1,268		33,956
Mekonomen AB^(a)		905		16,127
Munters Group AB^(b)		2,307		18,921
NCC AB, Class B		2,129		33,538
Nobia AB		2,596		17,108
Nordic Entertainment Group AB, Class B^(a)		1,660		89,635
Peab AB, Class B		4,357		45,055
Ratos AB, Class B		4,253		24,896
Resurs Holding AB^(b)		3,885		17,993
SSAB AB, Class B^(a)		14,400		61,380


				1,226,225

Switzerland — 6.3%
ALSO Holding AG, Registered		64		18,460
Arbonia AG		984		19,170
Bobst Group SA, Registered^(a)		188		16,320
Bossard Holding AG, Class A, Registered		55		17,180
Bucher Industries AG, Registered		142		67,423
Burckhardt Compression Holding AG		67		27,103
Bystronic AG, Registered		28		37,797
Emmi AG, Registered		46		47,533
Forbo Holding AG, Registered		23		45,430
Galenica AG^(b)		1,106		78,024
Huber + Suhner AG, Registered		429		33,282
Interroll Holding AG, Registered		12		50,861
Kardex Holding AG, Registered		128		36,042
Komax Holding AG, Registered^(a)		76		19,981
Landis+Gyr Group AG		602		38,664
Schweiter Technologies AG, Bearer		24		34,508
SFS Group AG		364		49,458
Softwareone Holding AG		2,329		50,927


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) (continued)

September 30, 2021

iShares^® International Developed Small Cap Value Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Switzerland (continued)
St. Galler Kantonalbank AG, Class A, Registered		65	$	29,014
Swissquote Group Holding SA, Registered		192		35,370
u-blox Holding AG^(a)		162		10,751
Valiant Holding AG, Registered		396		37,619
Vetropack Holding AG, Registered		264		16,402
Vontobel Holding AG, Registered		616		51,826
Ypsomed Holding AG, Registered		69		11,357
Zehnder Group AG, Registered		215		22,748


				903,250

United Kingdom — 15.2%
AG Barr PLC^(a)		1,735		12,086
Assura PLC		57,678		55,605
Balfour Beatty PLC		14,571		52,909
Bank of Georgia Group PLC^(a)		819		17,149
Beazley PLC^(a)		13,137		67,121
Big Yellow Group PLC		3,546		66,651
BMO Commercial Property Trust Ltd.		11,497		14,918
Bodycote PLC		4,055		47,513
Brewin Dolphin Holdings PLC		6,353		32,785
Chemring Group PLC		6,118		26,296
Close Brothers Group PLC		3,292		68,619
CLS Holdings PLC		3,325		9,919
Currys PLC		22,018		39,606
Drax Group PLC		8,717		56,589
Endeavour Mining PLC		4,234		96,598
Essentra PLC		6,572		23,687
Ferrexpo PLC		6,366		28,066
Frasers Group PLC^(a)		4,081		37,319
Hays PLC		33,930		73,925
IG Group Holdings PLC		7,984		86,277
IP Group PLC		21,983		41,468
Jupiter Fund Management PLC		9,502		32,007
Keller Group PLC		1,577		20,229
LondonMetric Property PLC		19,335		62,157
Man Group PLC		30,978		85,274
Mediclinic International PLC^(a)		8,696		36,604
Morgan Advanced Materials PLC		6,156		29,902
Ninety One PLC		7,152		24,805
OSB Group PLC		8,266		55,744
Paragon Banking Group PLC		5,581		41,021
Petropavlovsk PLC^(a)		77,231		21,353
Picton Property Income Ltd. (The)		11,619		14,873
Playtech PLC^(a)		6,631		41,921
Plus500 Ltd.		2,157		40,398
PZ Cussons PLC		4,019		12,211
QinetiQ Group PLC		12,287		53,184
Rathbone Brothers PLC		1,258		34,051
Redde Northgate PLC		5,279		28,594
Redrow PLC		5,002		44,920


Security	Shares		Value

United Kingdom (continued)
Safestore Holdings PLC		4,495	$	63,533
Savills PLC		2,900		52,790
Serco Group PLC		26,118		47,050
TBC Bank Group PLC		766		14,966
TI Fluid Systems PLC^(b)		6,505		22,033
Tritax Big Box REIT PLC		37,698		107,789
UK Commercial Property REIT Ltd.		17,024		16,792
Ultra Electronics Holdings PLC		1,528		66,624
Vesuvius PLC		4,588		29,925
Vistry Group PLC		4,871		80,202
Workspace Group PLC		2,952		32,815


				2,168,873


Total Common Stocks — 98.8% (Cost: $14,090,186)				14,141,211


Preferred Stocks

Germany — 0.2%
Draegerwerk AG & Co. KGaA, Preference Shares, NVS		196		16,063
Schaeffler AG, Preference Shares, NVS		1,696		12,955


				29,018

Italy — 0.1%
Danieli & C Officine Meccaniche SpA, Preference Shares		863		16,494


Total Preferred Stocks — 0.3% (Cost: $47,710)				45,512


Short-Term Investments

Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(d)(e)(f)		56,387		56,415


Total Short-Term Investments — 0.4% (Cost: $56,415)				56,415


Total Investments in Securities — 99.5% (Cost: $14,194,311)				14,243,138

Other Assets, Less Liabilities — 0.5%				66,283


Net Assets — 100.0%			$	14,309,421

^(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.


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^® International Developed Small Cap Value Factor 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	$	—	$	56,414	^(a)	$	—	$	1	$	—	$	56,415		56,387		$	83	^(b)	$	—

^(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
Mini TOPIX Index		5		12/09/21	$	91	$	(1,266	)

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)	$	1,266

^(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	$	3,945

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(1,223	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	53,558

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


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^® International Developed Small Cap Value Factor ETF

Fair Value Hierarchy as of Period End (continued)




	Level 1		Level 2			Level 3		Total


Investments
Assets
Common Stocks	$	5,604,068	$	8,537,143		$	—	$	14,141,211
Preferred Stocks		32,557		12,955			—		45,512
Money Market Funds		56,415		—			—		56,415

	$	5,693,040	$	8,550,098		$	—	$	14,243,138

Derivative financial instruments^(a)
Liabilities
Futures Contracts	$	—	$	(1,266	)	$	—	$	(1,266	)

^(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^® International Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 2.0%
Altium Ltd.		3,168	$	79,927
Appen Ltd.		3,240		20,569
AUB Group Ltd.		3,816		64,749
Bapcor Ltd.		19,728		106,412
Breville Group Ltd.		2,952		60,773
Cleanaway Waste Management Ltd.		66,672		130,846
Codan Ltd./Australia		4,752		43,137
Collins Foods Ltd.		3,816		33,180
Computershare Ltd.		31,608		408,724
CSL Ltd.		8,496		1,775,079
Domino’s Pizza Enterprises Ltd.		1,440		164,705
Evolution Mining Ltd.		117,432		296,929
JB Hi-Fi Ltd.		15,048		489,280
Nick Scali Ltd.		7,992		65,636
Northern Star Resources Ltd.		50,256		307,800
Pro Medicus Ltd.		288		11,173
Sonic Healthcare Ltd.		20,448		590,930
Technology One Ltd.		5,328		43,018


				4,692,867

Austria — 0.1%
CA Immobilien Anlagen AG		3,456		146,356
Wienerberger AG		4,824		161,975


				308,331

Belgium — 0.3%
Barco NV		3,096		67,206
Elia Group SA/NV		1,440		172,080
Etablissements Franz Colruyt NV		3,528		179,971
UCB SA		3,528		395,056


				814,313

Canada — 19.5%
Agnico Eagle Mines Ltd.		12,600		653,676
Alimentation Couche-Tard Inc., Class B		11,736		449,018
Atco Ltd., Class I, NVS		7,128		228,652
Badger Infrastructure Solutions Ltd.		1,872		50,029
Bank of Montreal		44,856		4,478,163
Brookfield Asset Management Inc., Class A		28,368		1,520,082
Canadian Imperial Bank of Commerce		37,656		4,191,928
Canadian National Railway Co.		22,968		2,661,648
Canadian Pacific Railway Ltd.		11,520		752,265
Canadian Tire Corp. Ltd., Class A, NVS		2,952		413,084
Canadian Western Bank		5,904		170,930
Cargojet Inc.		216		34,518
Cogeco Communications Inc.		1,152		102,376
Cogeco Inc.		504		35,892
Dollarama Inc.		2,304		99,938
Empire Co. Ltd., Class A, NVS		5,112		155,790
Enghouse Systems Ltd.		936		41,065
Equitable Group Inc.		288		32,493
Finning International Inc.		8,856		218,498
First National Financial Corp.		1,872		64,292
FirstService Corp.		504		91,123
Fortis Inc.		34,272		1,520,404
Franco-Nevada Corp.		3,024		392,862
George Weston Ltd.		2,376		256,284
goeasy Ltd.		360		57,445
iA Financial Corp. Inc.		6,048		343,131
Intact Financial Corp.		5,832		771,154
Loblaw Companies Ltd.		4,680		321,163


Security	Shares		Value

Canada (continued)
Magna International Inc.		12,168	$	915,722
Manulife Financial Corp.		185,616		3,572,808
Maple Leaf Foods Inc.		4,176		84,865
Metro Inc.		7,704		376,441
National Bank of Canada		20,808		1,598,139
North West Co. Inc. (The)		4,464		119,195
Open Text Corp.		8,352		407,643
Parkland Corp./Canada		10,368		291,329
Premium Brands Holdings Corp.		1,728		176,729
Quebecor Inc., Class B		11,232		271,444
Ritchie Bros Auctioneers Inc.		3,528		217,708
Royal Bank of Canada		69,984		6,963,590
Saputo Inc.		10,152		258,168
Stantec Inc.		2,736		128,527
Stella-Jones Inc.		1,728		58,187
Sun Life Financial Inc.		39,672		2,042,172
TMX Group Ltd.		2,160		232,934
Toromont Industries Ltd.		2,404		200,675
Toronto-Dominion Bank (The)		108,792		7,202,123
Wheaton Precious Metals Corp.		11,016		414,687


				45,640,989

China — 5.8%
China Communications Services Corp. Ltd., Class H		288,000		159,270
China Gas Holdings Ltd.		129,600		382,766
China Medical System Holdings Ltd.		72,000		131,219
China Merchants Bank Co. Ltd., Class A		79,200		616,953
China Overseas Land & Investment Ltd.		504,000		1,140,608
China Railway Group Ltd., Class A		100,800		88,122
China Resources Gas Group Ltd.		36,000		189,141
CIFI Holdings Group Co. Ltd.		576,000		391,023
CSPC Pharmaceutical Group Ltd.		288,000		343,686
Foshan Haitian Flavouring & Food Co. Ltd., Class A		7,200		122,356
Guangdong Investment Ltd.		288,000		375,818
Guangdong Xinbao Electrical Appliances Holdings Co. Ltd., Class A		7,200		20,460
Haier Smart Home Co. Ltd., Class H		72,000		251,702
Kweichow Moutai Co. Ltd., Class A		2,500		707,200
Longfor Group Holdings Ltd.^(a)		144,000		657,949
Luxshare Precision Industry Co. Ltd., Class A		7,200		39,588
Metallurgical Corp. of China Ltd., Class A		36,000		24,207
New China Life Insurance Co. Ltd., Class A		14,400		89,285
New China Life Insurance Co. Ltd., Class H		108,000		317,971
Ping An Insurance Group Co. of China Ltd., Class A		64,800		484,276
Ping An Insurance Group Co. of China Ltd., Class H		504,000		3,447,044
Shanghai International Airport Co. Ltd., Class A^(b)		7,200		49,097
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A		21,600		38,155
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		72,000		139,550
Shengyi Technology Co. Ltd., Class A		7,200		24,062
Shenzhou International Group Holdings Ltd.		14,400		305,618
Sichuan Kelun Pharmaceutical Co. Ltd., Class A		14,400		39,940
Suofeiya Home Collection Co. Ltd., Class A		7,200		18,507
Tencent Holdings Ltd.		40,600		2,423,768
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		7,200		23,359
Wuliangye Yibin Co. Ltd., Class A		11,300		383,295
Zhejiang Supor Co. Ltd., Class A		7,200		52,112


				13,478,107


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^® International Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Colombia — 0.3%
Bancolombia SA		16,776	$	145,212
Grupo Argos SA		37,872		110,996
Grupo Nutresa SA		16,632		94,608
Interconexion Electrica SA ESP		39,528		235,644
Promigas SA ESP		19,224		36,855


				623,315

Denmark — 0.7%
Coloplast A/S, Class B		3,960		619,195
DSV A/S		1,008		241,279
GN Store Nord A/S		864		59,757
Novozymes A/S, Class B		4,536		310,949
Ringkjoebing Landbobank A/S		720		83,103
Rockwool International A/S, Class B		216		92,251
ROCKWOOL International A/S, Class A		72		26,299
Royal Unibrew A/S		1,512		181,866
SimCorp A/S		864		102,085


				1,716,784

Finland — 0.6%
Huhtamaki OYJ		5,976		268,735
Neste OYJ		14,256		804,214
Olvi Oyj, Class A		648		37,588
Uponor OYJ		2,232		55,316
Valmet OYJ		7,272		262,549


				1,428,402

France — 6.1%
Danone SA		47,160		3,215,270
Dassault Systemes SE		3,456		181,874
Iliad SA		504		106,083
Pharmagest Interactive		144		15,925
Rubis SCA		11,016		381,408
Sanofi		69,984		6,736,940
Schneider Electric SE		19,584		3,261,791
Teleperformance		720		283,201


				14,182,492

Germany — 11.7%
Allianz SE, Registered		30,456		6,823,532
Atoss Software AG		72		14,946
Bechtle AG		1,296		88,640
Brenntag SE		4,968		461,501
Cewe Stiftung & Co. KGaA		216		28,974
Deutsche Boerse AG		8,280		1,343,567
Deutsche Wohnen SE		14,688		898,091
DIC Asset AG		4,392		77,635
Encavis AG^(c)		4,513		78,648
Fresenius Medical Care AG & Co. KGaA		8,784		616,147
Fresenius SE & Co. KGaA		17,280		827,110
FUCHS PETROLUB SE		1,800		65,845
Gerresheimer AG		799		78,180
LANXESS AG		2,952		199,509
LEG Immobilien SE		4,536		640,727
Nemetschek SE		432		45,122
New Work SE		72		17,681
Nexus AG		144		11,926
Rheinmetall AG		2,520		246,149
SAP SE		34,200		4,624,836
Siemens AG, Registered		42,120		6,888,768
Sirius Real Estate Ltd.		68,472		120,675
Software AG		1,944		90,353
Stratec SE		144		20,417


Security	Shares		Value

Germany (continued)
Symrise AG		2,016	$	264,239
TAG Immobilien AG		9,720		284,197
Talanx AG^(b)		5,184		220,528
Vib Vermoegen AG		1,224		52,601
Vonovia SE		38,088		2,289,788


				27,420,332

Greece — 0.2%
Hellenic Telecommunications Organization SA		19,080		358,155
Sarantis SA		2,291		23,566


				381,721

Hong Kong — 3.3%
AIA Group Ltd.		360,000		4,141,584
CLP Holdings Ltd.		144,000		1,386,492
Henderson Land Development Co. Ltd.		179,852		686,750
K Wah International Holdings Ltd.		144,000		58,126
MTR Corp. Ltd.		87,500		470,918
Swire Properties Ltd.		86,400		216,648
Techtronic Industries Co. Ltd.		36,000		711,415


				7,671,933

India — 2.7%
Aegis Logistics Ltd.		3,024		9,229
Asian Paints Ltd.		4,680		204,005
Balkrishna Industries Ltd.		1,368		46,498
Berger Paints India Ltd.		1,584		17,217
Infosys Ltd.		123,624		2,771,678
LIC Housing Finance Ltd.		13,608		77,959
Page Industries Ltd.		144		61,335
Power Grid Corp. of India Ltd.		411,264		1,048,630
Reliance Industries Ltd.		5,832		197,383
Reliance Industries Ltd., GDR^(a)		6,480		441,288
Schaeffler India Ltd.		70		7,089
Sundaram Finance Ltd.		1,152		37,886
Tata Consultancy Services Ltd.		23,328		1,182,222
UltraTech Cement Ltd.		1,008		100,020


				6,202,439

Indonesia — 1.0%
Bank Central Asia Tbk PT		369,400		899,754
Bank Mandiri Persero Tbk PT		1,389,600		593,897
Bank Rakyat Indonesia Persero Tbk PT		3,031,222		807,962
Mayora Indah Tbk PT		180,000		29,680


				2,331,293

Ireland — 1.1%
CRH PLC		35,352		1,668,432
Kerry Group PLC, Class A		2,376		319,260
Smurfit Kappa Group PLC		12,960		682,323


				2,670,015

Italy — 3.1%
ACEA SpA		4,327		92,425
Buzzi Unicem SpA		1,080		24,531
DiaSorin SpA		216		45,233
Enel SpA		770,184		5,911,330
Interpump Group SpA		720		46,403
Iren SpA		45,792		135,721
Recordati Industria Chimica e Farmaceutica SpA		4,104		237,866
Reply SpA		144		26,433
Terna - Rete Elettrica Nazionale		116,784		828,793
Zignago Vetro SpA		432		8,522


				7,357,257


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^® International Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan — 13.5%
Aeon Delight Co. Ltd.		100	$	3,177
Aeon Mall Co. Ltd.		7,200		110,782
Aica Kogyo Co. Ltd .		7,200		246,304
Alfresa Holdings Corp.		14,400		215,113
Astellas Pharma Inc.		86,400		1,422,062
Chiba Bank Ltd. (The)		43,200		279,945
COMSYS Holdings Corp.		8,200		216,307
Dai-ichi Life Holdings Inc.		64,800		1,417,244
DCM Holdings Co. Ltd.		7,200		69,748
Fuji Oil Holdings Inc.		7,200		168,858
Fujicco Co. Ltd.		7,200		124,934
Hakuhodo DY Holdings Inc.		7,200		123,904
Hankyu Hanshin Holdings Inc.		7,200		226,609
Hikari Tsushin Inc.		700		118,313
Itochu Techno-Solutions Corp.		1,300		42,217
Japan Material Co. Ltd.		7,200		83,467
Kandenko Co. Ltd.		12,500		103,345
Kansai Paint Co. Ltd.		8,200		203,415
Kao Corp.		21,600		1,285,493
KDDI Corp.		108,000		3,555,696
Kobayashi Pharmaceutical Co. Ltd.		200		15,857
Kurita Water Industries Ltd.		2,600		125,108
Kyowa Exeo Corp.		8,600		210,815
Lasertec Corp.		600		136,594
MCJ Co. Ltd.		7,200		77,583
Medipal Holdings Corp.		7,200		135,505
Mizuho Leasing Co. Ltd.		1,300		42,174
MonotaRO Co. Ltd.		1,000		22,410
Morinaga & Co. Ltd./Japan		1,500		55,322
Murata Manufacturing Co. Ltd.		14,400		1,273,715
NEC Networks & System Integration Corp.		3,100		58,465
Nichias Corp.		7,200		175,671
Nihon Unisys Ltd.		7,200		186,463
Nippon Gas Co. Ltd.		7,200		98,896
Nippon Telegraph & Telephone Corp.		86,400		2,394,070
Nissan Chemical Corp.		5,600		327,523
Nisshin Seifun Group Inc.		14,400		238,618
Nitori Holdings Co. Ltd.		800		157,658
Nitto Denko Corp.		8,600		612,204
Nomura Co. Ltd.		7,200		64,766
Nomura Real Estate Holdings Inc.		8,200		213,188
Nomura Research Institute Ltd.		8,600		316,108
NSD Co. Ltd.		7,200		131,192
NTT Data Corp.		14,400		278,413
Obic Co. Ltd.		1,000		190,158
Okinawa Electric Power Co. Inc. (The)		7,200		92,740
Otsuka Corp.		7,200		370,244
Paltac Corp.		200		9,058
Pan Pacific International Holdings Corp.		14,400		297,120
Penta-Ocean Construction Co. Ltd.		21,800		147,989
Raito Kogyo Co. Ltd.		7,200		126,929
Sanwa Holdings Corp.		7,200		93,606
SBI Holdings Inc.		21,600		529,036
SCSK Corp.		2,700		57,107
Sekisui House Ltd.		45,800		959,096
Seven & i Holdings Co. Ltd.		28,800		1,311,104
Shimizu Corp.		43,200		323,367
Shin-Etsu Chemical Co. Ltd.		11,000		1,856,457
Shin-Etsu Polymer Co. Ltd.		7,200		67,268
Shionogi & Co. Ltd.		8,600		588,492


Security	Shares		Value

Japan (continued)
Ship Healthcare Holdings Inc.		7,200	$	185,453
Sohgo Security Services Co. Ltd.		400		17,983
Sony Group Corp.		13,300		1,476,548
Star Micronics Co. Ltd.		7,200		99,738
Sugi Holdings Co. Ltd.		400		29,162
Sundrug Co. Ltd.		7,200		219,629
Takuma Co. Ltd.		2,200		30,604
TechnoPro Holdings Inc.		7,200		216,529
Terumo Corp.		8,600		406,078
TIS Inc.		8,200		223,812
Tokio Marine Holdings Inc.		52,900		2,835,704
Tokyo Century Corp.		800		45,040
Tokyo Tatemono Co. Ltd.		14,400		228,055
Unicharm Corp.		8,200		363,358
USS Co. Ltd.		16,400		279,166
Yakult Honsha Co. Ltd.		800		40,497
Yamaguchi Financial Group Inc.		21,600		128,300
Yamaha Corp.		4,100		257,898


				31,468,576

Malaysia — 0.5%
Allianz Malaysia Bhd		2,000		6,105
My EG Services Bhd		144,000		31,546
Top Glove Corp. Bhd		1,814,400		1,248,172


				1,285,823

Mexico — 0.5%
America Movil SAB de CV, Series L, NVS		1,008,000		891,702
Arca Continental SAB de CV		36,000		219,542
Bolsa Mexicana de Valores SAB de CV		43,200		83,129
Grupo Comercial Chedraui SA de CV		14,400		24,724


				1,219,097

Netherlands — 0.1%
Aalberts NV		2,520		145,457
IMCD NV		720		137,793


				283,250

New Zealand — 0.3%
Fisher & Paykel Healthcare Corp. Ltd.		13,464		296,150
Mainfreight Ltd.		1,800		120,185
Ryman Healthcare Ltd.		14,487		150,746
Summerset Group Holdings Ltd.		5,328		55,720


				622,801

Norway — 0.1%
Borregaard ASA		2,736		66,369
Tomra Systems ASA		1,886		98,661


				165,030

Philippines — 0.1%
Ayala Land Inc.		79,200		52,013
International Container Terminal Services Inc.		29,520		112,849


				164,862

Poland — 0.0%
Neuca SA		72		16,347


Russia — 0.3%
Polymetal International PLC		38,376		648,413


South Korea — 0.2%
AfreecaTV Co. Ltd.		72		9,057
Douzone Bizon Co. Ltd.		216		17,352
KIWOOM Securities Co. Ltd.		864		79,097
LEENO Industrial Inc.		216		31,883


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^® International Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

South Korea (continued)
LG Household & Health Care Ltd.		151	$	170,241
NICE Information Service Co. Ltd.		1,224		20,973
SK Gas Ltd.		216		29,120


				357,723

Spain — 2.3%
Cie. Automotive SA		4,032		101,723
Elecnor SA		504		5,646
Iberdrola SA		496,368		4,993,674
Vidrala SA		504		54,995
Viscofan SA		2,736		179,221


				5,335,259

Sweden — 1.1%
AAK AB		4,824		103,768
Assa Abloy AB, Class B		28,872		837,479
Atrium Ljungberg AB, Class B		2,592		54,239
Castellum AB		12,816		312,868
Fabege AB		13,502		203,650
Hexpol AB		12,888		146,563
ICA Gruppen AB		8,208		376,579
Lifco AB, Class B		2,232		59,950
Platzer Fastigheter Holding AB, Class B		2,808		42,339
Swedish Match AB		62,784		549,783


				2,687,218

Switzerland — 8.0%
ALSO Holding AG, Registered		216		62,302
Berner Kantonalbank AG		360		80,082
Chocoladefabriken Lindt & Spruengli AG, Registered		1		117,925
Coca-Cola HBC AG, Class DI		9,072		292,338
DKSH Holding AG		2,258		176,619
EMS-Chemie Holding AG, Registered		216		204,082
Geberit AG, Registered		1,224		898,663
Givaudan SA, Registered		216		984,763
Liechtensteinische Landesbank AG		936		52,779
Logitech International SA, Registered		3,096		275,442
Nestle SA, Registered		58,824		7,087,705
Novartis AG, Registered		82,656		6,777,722
Roche Holding AG, Bearer		1,368		561,460
Siegfried Holding AG, Registered		72		64,149
Sika AG, Registered		2,304		728,462
Straumann Holding AG, Registered		72		129,129
Temenos AG, Registered		974		132,159


				18,625,781

Taiwan — 1.1%
Advantech Co. Ltd.		17,000		221,545
Chailease Holding Co. Ltd.		72,950		640,654
E.Sun Financial Holding Co. Ltd.		792,059		745,339
Shanghai Commercial & Savings Bank Ltd. (The)		432,000		686,459
Voltronic Power Technology Corp.		3,000		182,939


				2,476,936

Thailand — 0.1%
CP ALL PCL, NVS		151,200		282,634
Krungthai Card PCL, NVS		28,800		46,342
Vibhavadi Medical Center PCL, NVDR^(c)		316,800		19,962


				348,938

Turkey — 0.2%
BIM Birlesik Magazalar AS		56,016		402,499


United Arab Emirates — 0.1%
Aldar Properties PJSC		286,416		316,584


Security	Shares		Value

United Arab Emirates (continued)
National Central Cooling Co. PJSC		38,664	$	28,315


				344,899

United Kingdom — 12.5%
Ashtead Group PLC		6,912		522,502
Avon Protection PLC		1,224		32,028
B&M European Value Retail SA		50,040		396,988
BAE Systems PLC		292,464		2,215,138
Bunzl PLC		14,112		465,618
CareTech Holdings PLC		3,672		31,712
Clarkson PLC		1,440		73,730
Clinigen Group PLC		3,672		31,418
Cranswick PLC		2,016		97,028
Croda International PLC		2,880		329,982
DCC PLC		5,256		438,171
Dechra Pharmaceuticals PLC		1,728		112,923
Diageo PLC		100,080		4,845,374
Diploma PLC		3,960		150,580
EMIS Group PLC		3,249		60,958
Experian PLC		20,592		862,602
Ferguson PLC		9,576		1,329,358
Focusrite PLC		648		14,494
Games Workshop Group PLC		1,224		169,375
Gamma Communications PLC		792		19,423
Genus PLC		792		57,900
Grainger PLC		24,480		100,448
Halma PLC		5,040		192,243
Hargreaves Lansdown PLC		14,616		280,636
HomeServe PLC		15,336		186,903
Impax Asset Management Group PLC		1,944		30,175
Intertek Group PLC		6,624		442,929
Learning Technologies Group PLC		7,560		21,921
Liontrust Asset Management PLC		2,736		78,338
London Stock Exchange Group PLC		6,408		642,134
Reckitt Benckiser Group PLC		46,224		3,631,366
RELX PLC		90,864		2,615,633
RWS Holdings PLC		8,424		71,111
Sage Group PLC (The)		54,144		515,540
Sanne Group PLC		6,624		80,594
Smith & Nephew PLC		36,576		630,125
Spectris PLC		4,464		231,680
Spirax-Sarco Engineering PLC		1,080		217,302
Ultra Electronics Holdings PLC		2,880		125,573
Unilever PLC		128,808		6,973,450


				29,325,403


Total Common Stocks — 99.5% (Cost: $227,919,642)				232,699,445


Short-Term Investments

Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(d)(e)(f)		120,688		120,748


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) (continued)

September 30, 2021

iShares^® International Dividend Growth 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)		280,000	$	280,000


				400,748


Total Short-Term Investments — 0.2% (Cost: $400,748)				400,748


Total Investments in Securities — 99.7% (Cost: $228,320,390)				233,100,193

Other Assets, Less Liabilities — 0.3%				650,702


Net Assets — 100.0%			$	233,750,895

^(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	$	56,251	$	64,595	^(a)	$	—	$	(98	)	$	—	$	120,748		120,688	$	4,322	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		120,000		160,000	^(a)		—		—			—		280,000		280,000		13			—

								$	(98	)	$	—	$	400,748			$	4,335		$	—

^(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
MSCI EAFE Index		8		12/17/21	$	907	$	(19,469	)

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)	$	19,469

^(a)


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^® International Dividend Growth 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	$	57,242


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(15,299	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	883,900

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	$	56,227,056		$	176,472,389	$	—	$	232,699,445
Money Market Funds		400,748			—		—		400,748

	$	56,627,804		$	176,472,389	$	—	$	233,100,193

Derivative financial instruments^(a)
Liabilities

Futures Contracts	$	(19,469	)	$	—	$	—	$	(19,469	)

^(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		41

Schedule of Investments (unaudited)

September 30, 2021

iShares^® Latin America 40 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Brazil — 41.7%
Ambev SA, ADR		13,641,590	$	37,650,788
B3 SA - Brasil, Bolsa, Balcao		18,960,032		44,355,838
Banco do Brasil SA		4,434,247		23,532,064
BRF SA, ADR^(a)(b)		1,533,749		7,699,420
CCR SA		3,438,556		7,387,615
Lojas Renner SA		2,780,891		17,576,692
Magazine Luiza SA		8,468,908		22,300,719
Natura & Co. Holding SA^(a)		2,603,560		21,786,573
Pagseguro Digital Ltd., Class A^(a)(b)		623,004		32,221,767
Petroleo Brasileiro SA, ADR		5,758,618		59,544,110
Rede D’Or Sao Luiz SA^(c)		2,302,179		28,708,805
StoneCo Ltd., Class A^(a)(b)		717,429		24,909,135
Vale SA, ADR		12,430,183		173,401,053
WEG SA		4,546,760		33,087,839


				534,162,418

Chile — 6.8%
Banco de Chile		134,421,138		12,411,976
Banco Santander Chile, ADR		481,097		9,511,288
Cencosud SA		4,164,415		8,053,531
Empresas CMPC SA		3,404,143		6,406,126
Empresas COPEC SA		1,048,549		8,703,422
Enel Americas SA, ADR^(b)		1,195,260		6,992,271
Enel Chile SA		74,916,826		3,554,576
Falabella SA		2,251,578		7,886,632
Sociedad Quimica y Minera de Chile SA, ADR		442,026		23,745,637


				87,265,459

Colombia — 2.4%
Bancolombia SA, ADR		349,784		12,109,522
Ecopetrol SA, ADR		763,425		10,955,149
Interconexion Electrica SA ESP		1,371,162		8,174,110


				31,238,781

Mexico — 24.6%
America Movil SAB de CV, Series L, NVS		71,889,600		63,595,383
Cemex SAB de CV, NVS^(a)		46,850,615		33,796,268
Fibra Uno Administracion SA de CV		9,167,700		10,392,858
Fomento Economico Mexicano SAB de CV		5,685,500		49,367,157
Grupo Financiero Banorte SAB de CV, Class O		7,585,700		48,719,146
Grupo Mexico SAB de CV, Series B		9,637,900		38,469,422
Grupo Televisa SAB, CPO		7,830,700		17,268,777
Wal-Mart de Mexico SAB de CV		15,672,500		53,247,701


				314,856,712

Peru — 2.8%
Credicorp Ltd.		195,716		21,712,733


Security	Shares		Value


Peru (continued)
Southern Copper Corp.		263,177	$	14,774,757


				36,487,490


Total Common Stocks — 78.3% (Cost: $1,148,023,067)				1,004,010,860


Preferred Stocks

Brazil — 19.8%
Banco Bradesco SA, Preference Shares, ADR		15,006,157		57,473,581
Gerdau SA, Preference Shares, ADR		3,546,978		17,451,132
Itau Unibanco Holding SA, Preference Shares, ADR		14,997,940		79,039,144
Itausa SA, Preference Shares, NVS		14,011,734		28,662,850
Petroleo Brasileiro SA, Preference Shares, ADR		7,108,737		71,087,370


				253,714,077


Total Preferred Stocks — 19.8% (Cost: $375,743,002)				253,714,077


Short-Term Investments

Money Market Funds — 3.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%^(d)(e)(f)		44,178,686		44,200,775
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(d)(e)		60,000		60,000


				44,260,775


Total Short-Term Investments — 3.5% (Cost: $44,249,185)				44,260,775


Total Investments in Securities —101.6% (Cost: $1,568,015,254)				1,301,985,712

Other Assets, Less Liabilities — (1.6)%				(19,926,933	)


Net Assets — 100.0%			$	1,282,058,779

^(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.


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) (continued)

September 30, 2021

iShares^® Latin America 40 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	$	54,526,143	$	—	$	(10,317,626	)^(a)	$	(6,549	)	$	(1,193	)	$	44,200,775		44,178,686	$	548,948	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		7,240,000		—		(7,180,000	)^(a)		—			—			60,000		60,000		156			—


								$	(6,549	)	$	(1,193	)	$	44,260,775			$	549,104		$	—

^(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
MEX BOLSA Index		265		12/17/21	$	6,612	$	(18,806	)
MSCI Brazil Index		329		12/17/21		14,831		(752,221	)


							$	(771,027	)

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)	$	771,027

^(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	$	662,686


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(841,752	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	11,378,481

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		43

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® Latin America 40 ETF

Fair Value Hierarchy as of Period End




	Level 1			Level 2		Level 3		Total


Investments
Assets

Common Stocks	$	981,638,182		$	22,372,678	$	—	$	1,004,010,860
Preferred Stocks		253,714,077			—		—		253,714,077
Money Market Funds		44,260,775			—		—		44,260,775


	$	1,279,613,034		$	22,372,678	$	—	$	1,301,985,712

Derivative financial instruments^(a)
Liabilities

Futures Contracts	$	(771,027	)	$	—	$	—	$	(771,027	)

^(a)

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

See notes to financial statements.


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

Statements of Assets and Liabilities (unaudited)

September 30, 2021


	iShares Asia 50 ETF		iShares Emerging Markets Infrastructure ETF			iShares Europe ETF			iShares International Developed Property ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	2,453,271,575	$	16,113,224		$	2,041,251,479		$	73,739,168
Affiliated^(c)		20,394,393		1,432,474			5,128,003			935,882
Cash		9,536		585			6,138			4,696
Foreign currency, at value^(d)		1,892,273		30,336			3,485,538			87,492
Cash pledged:
Futures contracts		505,000		4,000			—			16,000
Foreign currency collateral pledged:
Futures contracts^(e)		—		—			1,022,425			4,492
Receivables:
Investments sold		—		588,854			—			—
Securities lending income — Affiliated		10,296		394			92			734
Variation margin on futures contracts		53,980		490			—			—
Dividends		3,238,179		78,161			1,698,927			275,441
Tax reclaims		—		—			9,104,043			54,557


Total assets		2,479,375,232		18,248,518			2,061,696,645			75,118,462


LIABILITIES
Collateral on securities loaned, at value		16,431,996		1,413,136			3,421,451			906,065
Deferred foreign capital gain tax		—		—			—			11,516
Payables:
Investments purchased		—		592,565			—			—
Variation margin on futures contracts		—		—			76,466			6,754
Investment advisory fees		1,057,646		7,947			1,014,073			30,800
Professional fees		—		—			435,773			—
Foreign taxes		—		—			—			1,312
IRS compliance fee for foreign withholding tax claims		—		—			1,407,151			—


Total liabilities		17,489,642		2,013,648			6,354,914			956,447


NET ASSETS	$	2,461,885,590	$	16,234,870		$	2,055,341,731		$	74,162,015


NET ASSETS CONSIST OF:
Paid-in capital	$	2,107,316,356	$	47,407,336		$	2,309,740,292		$	113,560,538
Accumulated earnings (loss)		354,569,234		(31,172,466	)		(254,398,561	)		(39,398,523	)


NET ASSETS	$	2,461,885,590	$	16,234,870		$	2,055,341,731		$	74,162,015


Shares outstanding		31,300,000		650,000			39,400,000			2,000,000


Net asset value	$	78.65	$	24.98		$	52.17		$	37.08


Shares authorized		Unlimited		Unlimited			Unlimited			Unlimited



Par value		None		None			None			None


^(a) Securities loaned, at value	$	15,509,455	$	1,339,168		$	3,203,850		$	739,625
^(b) Investments, at cost — Unaffiliated	$	2,050,915,849	$	14,835,658		$	1,960,712,550		$	81,195,847
^(c) Investments, at cost — Affiliated	$	20,390,419	$	1,432,381		$	5,127,756		$	935,659
^(d) Foreign currency, at cost	$	1,893,479	$	30,534		$	3,523,148		$	87,486
^(e) Foreign currency collateral pledged, at cost	$	—	$	—		$	1,077,300		$	4,646

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		45

Statements of Assets and Liabilities (unaudited) (continued)

September 30, 2021


	iShares International Developed Small Cap Value Factor ETF		iShares International Dividend Growth ETF		iShares Latin America 40 ETF


ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	14,186,723	$	232,699,445	$	1,257,724,937
Affiliated^(c)		56,415		400,748		44,260,775
Cash		4,253		19,553		5,852
Foreign currency, at value^(d)		72,743		132,782		1,303,707
Cash pledged:
Futures contracts		4,000		34,000		2,438,000
Foreign currency collateral pledged:
Futures contracts^(e)		—		—		534,263
Receivables:

Investments sold		103,437		—		—
Securities lending income — Affiliated		30		308		8,344
Variation margin on futures contracts		—		—		26,679
Dividends		54,104		583,187		20,402,026
Tax reclaims		3,270		184,212		—


Total assets		14,484,975		234,054,235		1,326,704,583


LIABILITIES

Collateral on securities loaned, at value		56,417		120,847		44,116,377
Deferred foreign capital gain tax		—		148,975		—
Payables:
Investments purchased		113,657		—		—
Variation margin on futures contracts		1,821		3,536		—
Bank borrowings		—		47		—
Investment advisory fees		3,659		29,935		529,427


Total liabilities		175,554		303,340		44,645,804


NET ASSETS	$	14,309,421	$	233,750,895	$	1,282,058,779


NET ASSETS CONSIST OF:
Paid-in capital	$	14,178,031	$	230,176,403	$	2,296,414,021
Accumulated earnings (loss)		131,390		3,574,492		(1,014,355,242	)


NET ASSETS	$	14,309,421	$	233,750,895	$	1,282,058,779


Shares outstanding		400,000		3,600,000		48,250,000


Net asset value	$	35.77	$	64.93	$	26.57


Shares authorized		Unlimited		Unlimited		Unlimited


Par value		None		None		None


^(a) Securities loaned, at value	$	53,969	$	96,283	$	42,555,331
^(b) Investments, at cost — Unaffiliated	$	14,137,896	$	227,919,642	$	1,523,766,069
^(c) Investments, at cost — Affiliated	$	56,415	$	400,748	$	44,249,185
^(d) Foreign currency, at cost	$	73,405	$	132,928	$	1,311,887
^(e) Foreign currency collateral pledged, at cost	$	—	$	—	$	551,075

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

Statements of Operations (unaudited)

Six Months Ended September 30, 2021


	iShares Asia 50 ETF			iShares Emerging Markets Infrastructure ETF				iShares Europe ETF				iShares International Developed Property ETF


INVESTMENT INCOME
Dividends — Unaffiliated	$	35,411,780			$	641,013			$	32,867,620			$	1,624,540
Dividends — Affiliated		131				1				36				1
Non-cash dividends — Unaffiliated		—				—				1,824,882				—
Interest — Unaffiliated		55				—				—				—
Securities lending income — Affiliated — net		109,385				4,108				27,780				14,193
Other income — Unaffiliated		—				—				5,817				—
Foreign taxes withheld		(3,783,638	)			(23,868	)			(4,392,634	)			(127,434	)
Foreign withholding tax claims		—				—				6,410,811				—
IRS Compliance fee for foreign withholding tax claims		—				—				(1,198,771	)			—


Total investment income		31,737,713				621,254				35,545,541				1,511,300


EXPENSES
Investment advisory fees		7,298,496				47,872				5,611,881				199,427
Commitment fees		12,798				136				—				—
Professional fees		—				—				644,152				—


Total expenses		7,311,294				48,008				6,256,033				199,427


Net investment income		24,426,419				573,246				29,289,508				1,311,873


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated^(a)		12,999,252				(716,651	)			(17,998,347	)			(930,162	)
Investments — Affiliated		(3,537	)			(96	)			515				140
In-kind redemptions — Unaffiliated		62,949,094				—				—				291,910
Futures contracts		(227,434	)			(13,687	)			869,902				76,430
Foreign currency transactions		(342,900	)			11				158,389				(4,749	)


Net realized gain (loss)		75,374,475				(730,423	)			(16,969,541	)			(566,431	)


Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated^(b)		(478,759,539	)			755,046				67,390,716				3,403,331
Investments — Affiliated		(120	)			(41	)			(970	)			(100	)
Futures contracts		(376,347	)			(3,120	)			(314,862	)			(19,736	)
Foreign currency translations		381,828				(263	)			(194,562	)			2,671


Net change in unrealized appreciation (depreciation)		(478,754,178	)			751,622				66,880,322				3,386,166


Net realized and unrealized gain (loss)		(403,379,703	)			21,199				49,910,781				2,819,735


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(378,953,284	)		$	594,445			$	79,200,289			$	4,131,608


^(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	—			$	—			$	—			$	1,312
^(b) Net of increase in deferred foreign capital gain tax of	$	—			$	—			$	—			$	(5,736	)

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		47

Statements of Operations (unaudited) (continued)

Six Months Ended September 30, 2021


	iShares International Developed Small Cap Value Factor ETF				iShares International Dividend Growth ETF			iShares Latin America 40 ETF


INVESTMENT INCOME
Dividends — Unaffiliated		$	226,592		$	4,054,453		$	55,713,132
Dividends — Affiliated			—			13			156
Securities lending income — Affiliated — net			83			4,322			548,948
Foreign taxes withheld			(26,863	)		(396,441	)		(1,723,946	)


Total investment income			199,812			3,662,347			54,538,290


EXPENSES
Investment advisory fees			26,369			177,127			4,038,987
Commitment fees			—			591			12,798
Interest expense			—			229			—


Total expenses			26,369			177,947			4,051,785

Less:
Investment advisory fees waived			(6,592	)		—			—


Total expenses after fees waived			19,777			177,947			4,051,785


Net investment income			180,035			3,484,400			50,486,505


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated^(a)			(23,151	)		421,217			(84,062,634	)
Investments — Affiliated			1			(98	)		(6,549	)
In-kind redemptions — Unaffiliated			—			4,731,943			81,159,914
Futures contracts			3,945			57,242			662,686
Foreign currency transactions			(1,252	)		(186	)		94,150


Net realized gain (loss)			(20,457	)		5,210,118			(2,152,433	)

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated^(b)			80,432			(5,898,347	)		(32,074,526	)
Investments — Affiliated			—			—			(1,193	)
Futures contracts			(1,223	)		(15,299	)		(841,752	)
Foreign currency translations			(1,095	)		(1,856	)		(33,380	)


Net change in unrealized appreciation (depreciation)			78,114			(5,915,502	)		(32,950,851	)


Net realized and unrealized gain (loss)			57,657			(705,384	)		(35,103,284	)


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS		$	237,692		$	2,779,016		$	15,383,221


^(a) Net of foreign capital gain tax and capital gain tax refund, if applicable		$	—		$	73,589		$	—
^(b) Net of increase in deferred foreign capital gain tax of		$	—		$	(93,606	)	$	—

See notes to financial statements.


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

Statements of Changes in Net Assets


	iShares Asia 50 ETF						iShares Emerging Markets Infrastructure 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	$	24,426,419		$	32,964,049			$	573,246		$	425,682
Net realized gain (loss)		75,374,475			(56,118,297	)			(730,423	)		(1,584,038	)
Net change in unrealized appreciation (depreciation)		(478,754,178	)		882,048,095				751,622			4,775,752


Net increase (decrease) in net assets resulting from operations		(378,953,284	)		858,893,847				594,445			3,617,396


DISTRIBUTIONS TO SHAREHOLDERS^(a)

Decrease in net assets resulting from distributions to shareholders		(15,010,795	)		(26,020,775	)			(442,168	)		(404,832	)


CAPITAL SHARE TRANSACTIONS

Net increase (decrease) in net assets derived from capital share transactions		(316,820,207	)		1,280,508,150				—			—


NET ASSETS
Total increase (decrease) in net assets		(710,784,286	)		2,113,381,222				152,277			3,212,564
Beginning of period		3,172,669,876			1,059,288,654				16,082,593			12,870,029


End of period	$	2,461,885,590		$	3,172,669,876			$	16,234,870		$	16,082,593

^(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		49

Statements of Changes in Net Assets (continued)


	iShares Europe ETF						iShares International Developed Property 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	$	29,289,508		$	28,195,816			$	1,311,873		$	2,546,539
Net realized loss		(16,969,541	)		(49,679,049	)			(566,431	)		(470,547	)
Net change in unrealized appreciation (depreciation)		66,880,322			542,303,419				3,386,166			24,431,424


Net increase in net assets resulting from operations		79,200,289			520,820,186				4,131,608			26,507,416


DISTRIBUTIONS TO SHAREHOLDERS^(a)

Decrease in net assets resulting from distributions to shareholders		(30,391,082	)		(27,830,960	)			(1,609,225	)		(1,993,212	)


CAPITAL SHARE TRANSACTIONS

Net increase (decrease) in net assets derived from capital share transactions		340,588,052			(79,151,475	)			(11,745,011	)		(19,458,302	)


NET ASSETS
Total increase (decrease) in net assets		389,397,259			413,837,751				(9,222,628	)		5,055,902
Beginning of period		1,665,944,472			1,252,106,721				83,384,643			78,328,741


End of period	$	2,055,341,731		$	1,665,944,472			$	74,162,015		$	83,384,643

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

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 Changes in Net Assets (continued)


	iShares International Developed Small Cap Value Factor ETF						iShares International Dividend Growth ETF


		Six Months Ended 09/30/21 (unaudited	)		Period From 03/23/21 to 03/31/21	^(a)		Six Months Ended 09/30/21 (unaudited	)		Year Ended 03/31/21

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	180,035		$	27,146		$	3,484,400		$	3,073,259
Net realized gain (loss)		(20,457	)		(4	)		5,210,118			8,076,946
Net change in unrealized appreciation (depreciation)		78,114			(31,682	)		(5,915,502	)		24,946,116


Net increase (decrease) in net assets resulting from operations		237,692			(4,540	)		2,779,016			36,096,321


DISTRIBUTIONS TO SHAREHOLDERS^(b)

Decrease in net assets resulting from distributions to shareholders		(101,762	)		—			(3,058,482	)		(3,199,818	)


CAPITAL SHARE TRANSACTIONS

Net increase in net assets derived from capital share transactions		7,298,930			6,879,101			44,175,034			77,315,151


NET ASSETS
Total increase in net assets		7,434,860			6,874,561			43,895,568			110,211,654
Beginning of period		6,874,561			—			189,855,327			79,643,673


End of period	$	14,309,421		$	6,874,561		$	233,750,895		$	189,855,327

^(a)	Commencement of operations.

^(b)	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		51

Statements of Changes in Net Assets (continued)


	iShares Latin America 40 ETF


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

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	50,486,505		$	31,050,991
Net realized loss		(2,152,433	)		(259,401,223	)
Net change in unrealized appreciation (depreciation)		(32,950,851	)		581,656,255


Net increase in net assets resulting from operations		15,383,221			353,306,023


DISTRIBUTIONS TO SHAREHOLDERS^(a)

Decrease in net assets resulting from distributions to shareholders		(23,338,721	)		(24,930,898	)


CAPITAL SHARE TRANSACTIONS

Net increase (decrease) in net assets derived from capital share transactions		(480,576,156	)		644,338,355


NET ASSETS
Total increase (decrease) in net assets		(488,531,656	)		972,713,480
Beginning of period		1,770,590,435			797,876,955


End of period	$	1,282,058,779		$	1,770,590,435

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

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

Financial Highlights

(For a share outstanding throughout each period)


	iShares Asia 50 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		$	90.91			$	56.05			$	61.05			$	67.20			$	52.54			$	43.58


Net investment income^(a)			0.74				1.31				1.42				1.48				1.06				1.04
Net realized and unrealized gain (loss)^(b)			(12.55	)			34.52				(4.94	)			(6.25	)			14.56				8.98


Net increase (decrease) from investment operations			(11.81	)			35.83				(3.52	)			(4.77	)			15.62				10.02


Distributions^(c)
From net investment income			(0.45	)			(0.97	)			(1.48	)			(1.38	)			(0.96	)			(1.06	)


Total distributions			(0.45	)			(0.97	)			(1.48	)			(1.38	)			(0.96	)			(1.06	)


Net asset value, end of period		$	78.65			$	90.91			$	56.05			$	61.05			$	67.20			$	52.54


Total Return^(d)
Based on net asset value			(13.04	)%^(e)			64.22	%			(6.00	)%			(6.94	)%			29.86	%			23.38	%


Ratios to Average Net Assets
Total expenses			0.50	%^(f)			0.50	%			0.50	%			0.50	%			0.50	%			0.50	%


Net investment income			1.67	%^(f)			1.66	%			2.32	%			2.43	%			1.67	%			2.20	%


Supplemental Data
Net assets, end of period (000)		$	2,461,886			$	3,172,670			$	1,059,289			$	1,089,745			$	947,500			$	346,766


Portfolio turnover rate^(g)			9	%^(e)			46	%			6	%			10	%			16	%			12	%

^(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		53

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Emerging Markets Infrastructure 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		$	24.74			$	19.80			$	28.64			$	32.07			$	31.49			$	29.66


Net investment income^(a)			0.88				0.65				0.75				0.75				0.66				0.90
Net realized and unrealized gain (loss)^(b)			0.04				4.91				(8.94	)			(3.45	)			0.77				1.82


Net increase (decrease) from investment operations			0.92				5.56				(8.19	)			(2.70	)			1.43				2.72


Distributions^(c)
From net investment income			(0.68	)			(0.62	)			(0.65	)			(0.73	)			(0.85	)			(0.89	)


Total distributions			(0.68	)			(0.62	)			(0.65	)			(0.73	)			(0.85	)			(0.89	)


Net asset value, end of period		$	24.98			$	24.74			$	19.80			$	28.64			$	32.07			$	31.49


Total Return^(d)
Based on net asset value			3.68	%^(e)			28.33	%			(29.33	)%			(8.35	)%			4.55	%			9.46	%


Ratios to Average Net Assets
Total expenses			0.60	%^(f)			0.60	%			0.75	%			0.75	%			0.75	%			0.75	%


Net investment income			7.18	%^(f)			2.90	%			2.60	%			2.56	%			2.02	%			3.03	%


Supplemental Data
Net assets, end of period (000)		$	16,235			$	16,083			$	12,870			$	25,773			$	41,686			$	47,235


Portfolio turnover rate^(g)			10	%^(e)			27	%			18	%			25	%			21	%			24	%

^(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.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Europe 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		$	50.25			$	35.42			$	43.40			$	46.48			$	41.82			$	39.32


Net investment income^(a)			0.82	^(b)			0.85				1.24				1.42				1.10				1.24	^(b)
Net realized and unrealized gain (loss)^(c)			1.97				14.82				(7.78	)			(3.16	)			4.69				2.46


Net increase (decrease) from investment operations			2.79				15.67				(6.54	)			(1.74	)			5.79				3.70


Distributions^(d)
From net investment income			(0.87	)			(0.84	)			(1.44	)			(1.34	)			(1.13	)			(1.20	)


Total distributions			(0.87	)			(0.84	)			(1.44	)			(1.34	)			(1.13	)			(1.20	)


Net asset value, end of period		$	52.17			$	50.25			$	35.42			$	43.40			$	46.48			$	41.82


Total Return^(e)
Based on net asset value			5.42	%^(b)(f)			44.70	%			(15.61	)%			(3.73	)%			13.96	%			9.65	%^(b)


Ratios to Average Net Assets
Total expenses			0.65	%^(g)			0.60	%			0.59	%			0.59	%			0.59	%			0.60	%


Total expenses excluding professional fees for foreign withholding tax claims			0.58	%^(g)			0.59	%			0.59	%			0.59	%			N/A				0.60	%


Net investment income			3.05	%^(b)(g)			1.94	%			2.84	%			3.23	%			2.39	%			3.17	%^(b)


Supplemental Data
Net assets, end of period (000)		$	2,055,342			$	1,665,944			$	1,252,107			$	2,002,860			$	2,765,550			$	2,471,335


Portfolio turnover rate^(h)			2	%^(f)			5	%			5	%			7	%			3	%			5	%

^(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 six month ended September 30, 2021 and year ended March 31, 2017:

• Net investment income per share by $0.15 and $0.02, respectively.

• Total return by 0.31% and 0.05%, respectively.

• Ratio of net investment income to average net assets by 0.56% and 0.04%, respectively.

^(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		55

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares International Developed Property 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		$	36.25			$	27.97			$	38.79			$	38.95			$	35.50			$	36.74


Net investment income^(a)			0.61				0.94				1.14				1.19				1.17				1.09
Net realized and unrealized gain (loss)^(b)			0.99				8.19				(9.31	)			0.23				3.96				(0.43	)


Net increase (decrease) from investment operations			1.60				9.13				(8.17	)			1.42				5.13				0.66


Distributions^(c)
From net investment income			(0.77	)			(0.85	)			(2.65	)			(1.58	)			(1.68	)			(1.87	)
Return of capital			—				—				—				—				—				(0.03	)


Total distributions			(0.77	)			(0.85	)			(2.65	)			(1.58	)			(1.68	)			(1.90	)


Net asset value, end of period		$	37.08			$	36.25			$	27.97			$	38.79			$	38.95			$	35.50


Total Return^(d)
Based on net asset value			4.34	%^(e)			32.96	%			(22.52	)%			3.91	%			14.58	%			1.97	%


Ratios to Average Net Assets
Total expenses			0.48	%^(f)			0.48	%			0.48	%			0.48	%			0.48	%			0.48	%


Net investment income			3.16	%^(f)			2.92	%			3.01	%			3.16	%			3.04	%			3.00	%


Supplemental Data
Net assets, end of period (000)		$	74,162			$	83,385			$	78,329			$	131,871			$	155,780			$	131,339


Portfolio turnover rate^(g)			5	%^(e)			16	%			8	%			9	%			11	%			8	%

^(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.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares International Developed Small Cap Value Factor ETF

	Six Months Ended					Period From
		09/30/21						03/23/21	^(a)
	(unaudited)					to 03/31/21


Net asset value, beginning of period			$	34.37			$	34.52


Net investment income^(b)				0.50				0.16
Net realized and unrealized gain (loss)^(c)				1.15				(0.31	)


Net increase (decrease) from investment operations				1.65				(0.15	)


Distributions
From net investment income				(0.25	)			—


Total distributions				(0.25	)			—


Net asset value, end of period			$	35.77			$	34.37


Total Return^(d)
Based on net asset value				4.78	%^(e)			(0.43	)%^(e)


Ratios to Average Net Assets
Total expenses				0.40	%^(f)			0.40	%^(f)


Total expenses after fees waived				0.30	%^(f)			0.30	%^(f)


Net investment income				2.73	%^(f)			17.96	%^(f)


Supplemental Data
Net assets, end of period (000)			$	14,309			$	6,875


Portfolio turnover rate^(g)				42	%^(e)			0	%^(e)

^(a)	Commencement of operations.

^(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)	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		57

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares International Dividend Growth ETF


	Six Months Ended																									Period From
		09/30/21					Year Ended					Year Ended					Year Ended					Year Ended						05/17/16	^(a)
	(unaudited)					03/31/21					03/31/20					03/31/19					03/31/18					to 03/31/17


Net asset value, beginning of period			$	64.36				$	45.51				$	53.81				$	56.40				$	51.23			$	48.33


Net investment income^(b)				1.00					1.53					1.56					1.51					1.27				1.09
Net realized and unrealized gain (loss)^(c)				0.44					18.87					(8.24	)				(2.58	)				5.31				2.70


Net increase (decrease) from investment operations				1.44					20.40					(6.68	)				(1.07	)				6.58				3.79


Distributions^(d)
From net investment income				(0.87	)				(1.55	)				(1.62	)				(1.52	)				(1.41	)			(0.89	)


Total distributions				(0.87	)				(1.55	)				(1.62	)				(1.52	)				(1.41	)			(0.89	)


Net asset value, end of period			$	64.93				$	64.36				$	45.51				$	53.81				$	56.40			$	51.23


Total Return^(e)
Based on net asset value				2.19	%^(f)				45.29	%				(12.75	)%				(1.88	)%				12.93	%			7.92	%^(f)


Ratios to Average Net Assets
Total expenses				0.15	%^(g)				0.19	%				0.22	%				0.22	%				0.22	%			0.22	%^(g)


Net investment income				2.95	%^(g)				2.66	%				2.81	%				2.80	%				2.26	%			2.56	%^(g)


Supplemental Data
Net assets, end of period (000)			$	233,751				$	189,855				$	79,644				$	75,329				$	56,397			$	20,490


Portfolio turnover rate^(h)				10	%^(f)				66	%				35	%				34	%				42	%			42	%^(f)

^(a)	Commencement of operations.

^(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.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Latin America 40 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		$	27.56			$	18.34			$	33.24			$	37.28			$	31.58			$	25.23


Net investment income^(a)			0.87				0.68				0.98				0.88				0.83				0.53
Net realized and unrealized gain (loss)^(b)			(1.48	)			9.09				(14.83	)			(3.96	)			5.49				6.26


Net increase (decrease) from investment operations			(0.61	)			9.77				(13.85	)			(3.08	)			6.32				6.79


Distributions^(c)
From net investment income			(0.38	)			(0.55	)			(1.05	)			(0.96	)			(0.62	)			(0.44	)


Total distributions			(0.38	)			(0.55	)			(1.05	)			(0.96	)			(0.62	)			(0.44	)


Net asset value, end of period		$	26.57			$	27.56			$	18.34			$	33.24			$	37.28			$	31.58


Total Return^(d)
Based on net asset value			(2.41	)%^(e)			53.62	%			(43.05	)%			(7.93	)%			20.38	%			27.27	%


Ratios to Average Net Assets
Total expenses			0.47	%^(f)			0.48	%			0.48	%			0.48	%			0.48	%			0.49	%


Net investment income			5.86	%^(f)			2.78	%			3.08	%			2.68	%			2.43	%			1.87	%


Supplemental Data
Net assets, end of period (000)		$	1,282,059			$	1,770,590			$	797,877			$	1,529,164			$	1,770,599			$	1,081,491


Portfolio turnover rate^(g)			8	%^(e)			20	%			22	%			20	%			16	%			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)	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		59

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

Asia 50		Non-diversified
Emerging Markets Infrastructure		Non-diversified
Europe		Diversified
International Developed Property		Diversified
International Developed Small Cap Value Factor		Non-diversified
International Dividend Growth		Diversified
Latin America 40		Non-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. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

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.

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.


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

Notes to Financial Statements (unaudited) (continued)

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.


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		61

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


Asia 50
Morgan Stanley	$	15,509,455	$	15,509,455		$	—	$	—


Emerging Markets Infrastructure
Barclays Bank PLC	$	556,668	$	556,668		$	—	$	—
BNP Paribas SA		1,974		1,974			—		—
HSBC Bank PLC		80,805		80,805			—		—
J.P. Morgan Securities LLC		35,532		35,532			—		—
Morgan Stanley		628,122		628,122			—		—
Nomura Securities International, Inc.		19,424		19,424			—		—
State Street Bank & Trust Co.		16,643		16,591			—		(52	)^(b)


	$	1,339,168	$	1,339,116		$	—	$	(52	)


Europe
BofA Securities, Inc.	$	975,776	$	975,776		$	—	$	—
J.P. Morgan Securities LLC		484,264		484,264			—		—
Jefferies LLC		87,663		87,663			—		—
UBS AG		1,656,147		1,656,147			—		—


	$	3,203,850	$	3,203,850		$	—	$	—


International Developed Property
BofA Securities, Inc.	$	235,911	$	235,911		$	—	$	—
Credit Suisse Securities (USA) LLC		71,406		71,406			—		—
HSBC Bank PLC		186,345		186,345			—		—
Macquarie Bank Ltd.		57,125		57,125			—		—
Morgan Stanley		107,191		107,191			—		—
SG Americas Securities LLC		33,256		33,256			—		—
UBS AG		48,391		48,391			—		—


	$	739,625	$	739,625		$	—	$	—


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Notes to Financial Statements (unaudited) (continued)




iShares ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount


International Developed Small Cap Value Factor
BofA Securities, Inc.	$	9,077	$	9,077		$	—	$	—
Credit Suisse Securities (USA) LLC		18,758		18,758			—		—
Goldman Sachs & Co. LLC		26,134		26,134			—		—


	$	53,969	$	53,969		$	—	$	—


International Dividend Growth
Credit Suisse AG	$	2,126	$	2,126		$	—	$	—
J.P. Morgan Securities LLC		94,157		94,157			—		—


	$	96,283	$	96,283		$	—	$	—


Latin America 40
BNP Paribas SA	$	2,675,790	$	2,675,790		$	—	$	—
Citigroup Global Markets, Inc.		29,778,981		29,778,981			—		—
J.P. Morgan Securities LLC		7,299,272		7,299,272			—		—
Morgan Stanley		680,768		680,768			—		—
Wells Fargo Bank N.A		2,120,520		2,120,520			—		—


	$	42,555,331	$	42,555,331		$	—	$	—

^(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.

^(b)

The market value of the loaned securities is determined as of September 30, 2021. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

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.

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).


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		63

Notes to Financial Statements (unaudited) (continued)

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:



iShares ETF	Investment Advisory Fee

Asia 50		0.50	%
Emerging Markets Infrastructure		0.60
International Developed Property		0.48
International Developed Small Cap Value Factor		0.40
International Dividend Growth		0.15

For its investment advisory services to the iShares Europe ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the 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 $12 billion		0.6000	%
Over $12 billion, up to and including $18 billion		0.5700
Over $18 billion, up to and including $24 billion		0.5415
Over $24 billion, up to and including $30 billion		0.5145
Over $30 billion		0.4888

For its investment advisory services to the iShares Latin America 40 ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the 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 $46 billion		0.5000	%
Over $46 billion, up to and including $81 billion		0.4750
Over $81 billion, up to and including $111 billion		0.4513
Over $111 billion, up to and including $141 billion		0.4287
Over $141 billion, up to and including $171 billion		0.4073
Over $171 billion		0.3869

Prior to July 14, 2021, for its investment advisory services to the iShares Latin America 40 ETF, BFA was entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the 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 $46 billion		0.5000	%
Over $46 billion, up to and including $81 billion		0.4750
Over $81 billion, up to and including $111 billion		0.4513
Over $111 billion, up to and including $141 billion		0.4287
Over $141 billion		0.4073

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.

For the iShares Emerging Markets Infrastructure ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through July 31, 2022 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds. For the iShares International Developed Small Cap Value Factor ETF, BFA has contractually agreed to waive a portion of its investment advisory fee through March 31, 2023 in order to limit the Fund’s total annual operating expenses after fee waiver to 0.30% of average daily net assets.

This amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended September 30, 2021, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:



iShares ETF	Amounts waived

International Developed Small Cap Value Factor	$	6,592

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


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

Notes to Financial Statements (unaudited) (continued)

“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, each Fund 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 that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, 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

Asia 50	$	30,476
Emerging Markets Infrastructure		1,196
Europe		6,610
International Developed Property		3,208
International Developed Small Cap Value Factor		24
International Dividend Growth		1,032
Latin America 40		130,502

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)

Asia 50	$	42,911,767	$	25,780,426	$	(6,035,209	)
Emerging Markets Infrastructure		—		42,075		(21,885	)
Europe		7,069,996		1,198,186		(356,016	)
International Developed Property		764,453		3,999		(326	)
International Developed Small Cap Value Factor		24,513		—		—
International Dividend Growth		6,249,380		2,096,097		106,574
Latin America 40		543,516		3,299,599		(2,596,283	)

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		65

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

Asia 50	$	255,268,676	$	322,105,917
Emerging Markets Infrastructure		1,576,312		1,509,034
Europe		73,172,236		35,111,945
International Developed Property		4,444,131		4,498,826
International Developed Small Cap Value Factor		5,564,873		5,447,845
International Dividend Growth		32,383,661		24,001,620
Latin America 40		141,234,732		234,514,416

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



iShares ETF	In-kind Purchases		In-kind Sales

Asia 50	$	1,244,925	$	194,956,710
Europe		306,780,261		—
International Developed Property		—		11,168,497
International Developed Small Cap Value Factor		7,172,834		—
International Dividend Growth		57,575,967		21,647,277
Latin America 40		—		374,248,610

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

Asia 50	$	79,782,422
Emerging Markets Infrastructure		31,007,433
Europe		302,262,836
International Developed Property		28,214,572
International Dividend Growth		6,354,796
Latin America 40		713,234,299

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.

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)

Asia 50	$	2,135,048,641	$	623,343,816	$	(284,999,153	)	$	338,344,663
Emerging Markets Infrastructure		17,172,915		4,009,537		(3,639,874	)		369,663
Europe		1,998,545,027		422,606,306		(374,966,358	)		47,639,948
International Developed Property		84,871,073		6,039,608		(16,247,106	)		(10,207,498	)
International Developed Small Cap Value Factor		14,202,441		755,686		(716,255	)		39,431
International Dividend Growth		228,623,681		17,798,028		(13,340,985	)		4,457,043
Latin America 40		1,639,254,144		48,025,866		(386,065,325	)		(338,039,459	)


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

Notes to Financial Statements (unaudited) (continued)

9.	LINE OF CREDIT

The iShares Asia 50 ETF, iShares Emerging Markets Infrastructure ETF, iShares International Dividend Growth ETF and iShares Latin America 40 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 Asia 50 ETF, iShares Emerging Markets Infrastructure ETF, iShares International Dividend Growth ETF and iShares Latin America 40 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 iShares Asia 50 ETF, iShares Emerging Markets Infrastructure ETF and iShares Latin America 40 ETF did not borrow under the Credit Agreement or Syndicated Credit Agreement. For the six months ended September 30, 2021, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Credit Agreement and Syndicated Credit Agreement were as follows:



iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates

International Dividend Growth	$	1,000,000	$	41,284		1.15	%

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: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (iv) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

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. 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.


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		67

Notes to Financial Statements (unaudited) (continued)

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 issuers located in a single country or a limited number of countries. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the 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 of issuers located in China or with significant exposure to Chinese issuers or countries. Investments in Chinese securities, including certain Hong Kong-listed securities, involves risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund’s investments. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.


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

Notes to Financial Statements (unaudited) (continued)

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

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.

Transactions in capital shares were as follows:




	Six Months Ended 09/30/21						Year Ended 03/31/21


iShares ETF	Shares			Amount			Shares			Amount


Asia 50
Shares sold		450,000		$	42,768,016			16,500,000		$	1,320,555,253
Shares redeemed		(4,050,000	)		(359,588,223	)		(500,000	)		(40,047,103	)


Net increase (decrease)		(3,600,000	)	$	(316,820,207	)		16,000,000		$	1,280,508,150


Europe
Shares sold		6,250,000		$	340,588,052			2,250,000		$	86,142,285
Shares redeemed		—			—			(4,450,000	)		(165,293,760	)


Net increase (decrease)		6,250,000		$	340,588,052			(2,200,000	)	$	(79,151,475	)


International Developed Property
Shares sold		—		$	—			2,800,000		$	86,165,116
Shares redeemed		(300,000	)		(11,745,011	)		(3,300,000	)		(105,623,418	)


Net decrease		(300,000	)	$	(11,745,011	)		(500,000	)	$	(19,458,302	)




	Six Months Ended 09/30/21				Period Ended 03/31/21


iShares ETF	Shares		Amount		Shares		Amount


International Developed Small Cap Value Factor Shares sold		200,000	$	7,298,930		200,000	$	6,879,101




	Six Months Ended 09/30/21						Year Ended 03/31/21


iShares ETF	Shares			Amount			Shares			Amount


International Dividend Growth
Shares sold		1,000,000		$	67,694,980			2,150,000		$	132,833,399
Shares redeemed		(350,000	)		(23,519,946	)		(950,000	)		(55,518,248	)


Net increase		650,000		$	44,175,034			1,200,000		$	77,315,151


Latin America 40
Shares sold		—		$	170,522			37,000,000		$	972,094,694
Shares redeemed		(16,000,000	)		(480,746,678	)		(16,250,000	)		(327,756,339)


Net increase (decrease)		(16,000,000	)	$	(480,576,156	)		20,750,000		$	644,338,355

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


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		69

Notes to Financial Statements (unaudited) (continued)

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.

12.

FOREIGN WITHHOLDING TAX CLAIMS

The iShares Europe 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 Statements of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

13.

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.


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Board Review and Approval of Investment Advisory Contract

iShares Asia 50 ETF, iShares Emerging Markets Infrastructure 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 the overall fund expenses (net of waivers and reimbursements) for the Fund were higher than the median of 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.


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Board Review and Approval of Investment Advisory Contract (continued)

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 did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding 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.

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 Europe ETF (the “Fund”)


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Board Review and Approval of Investment Advisory Contract (continued)

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.

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).

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 as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board further noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

iShares International Developed Property ETF (the “Fund”)


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Board Review and Approval of Investment Advisory Contract (continued)

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.


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Board Review and Approval of Investment Advisory Contract (continued)

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 did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.

iShares International Developed Small Cap Value Factor ETF (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 Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required to consider and approve the proposed Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Contract. At a meeting held on December 10-11, 2020, the Board, including the Independent Board Members, approved the selection of BFA as investment adviser and approved the proposed Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. (“BTC”), and BlackRock, Inc. (“BlackRock”), as applicable, at prior Board meetings. 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 Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses of the Fund; (ii) the nature, extent and quality of the services to be provided by BFA; (iii) the costs of services to be provided to the Fund and the availability of information related to profits to be 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


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Board Review and Approval of Investment Advisory Contract (continued)

BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the Advisory Contract are discussed below.

Expenses 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 of the Fund in comparison with the same information for other ETFs, 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 further 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 any waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

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 of the Fund supported the Board’s approval of the Advisory Contract.

Nature, Extent and Quality of Services: The Board reviewed the scope of services to be provided by BFA under the Advisory Contract. 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 and have made significant investments into the iShares business to support the iShares funds and their shareholders. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA’s compliance program and its compliance record with respect to other iShares funds. 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 relevant, and has provided information and made appropriate 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 who will be responsible for the day-to-day management of the Fund, as well as the resources that will be available to them in managing the Fund. The Board also considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided throughout the year with respect to other iShares funds.

Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided to the Fund under the Advisory Contract supported the Board’s approval of the Advisory Contract.

Costs of Services to be Provided to the Fund and Profits to be Realized by BFA and Affiliates: The Board did not consider the profitability of the Fund to BFA based on the fees payable under the Advisory Contract or revenue to be received by BFA or its affiliates in connection with services to be provided to the Fund since the proposed relationship had not yet commenced. The Board noted that it expects to receive profitability information from BFA periodically following the Fund’s launch and will thus be in a position to evaluate whether any new or additional breakpoints or other adjustments in Fund fees would be appropriate.

Economies of Scale: The Board reviewed information regarding potential economies of scale or other efficiencies that may result from increases in the Fund’s assets. The Board considered information that it had previously received regarding economies of scale, efficiencies and scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints and 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 Contract for the Fund did not provide for any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

This consideration 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 Advisory Contract.

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”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. 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 further noted that BFA previously provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the iShares funds, including in terms of the different and generally more extensive services provided to the iShares funds, 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 considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement.

Other Benefits to BFA and/or its Affiliates: Except as noted below, the Board did not consider the “fallout” benefits or ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA since the proposed relationship had not yet commenced. However, the Board 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 considered the potential payment of advisory fees and/or administration 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 and/or administration services. The Board also noted the potential revenue


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Board Review and Approval of Investment Advisory Contract (continued)

to be received by BFA and/or its affiliates pursuant to an agreement that would permit 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. The Board also considered the potential for revenue to BTC, the Fund’s securities lending agent, and its affiliates in the event of any loaning of portfolio securities of the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions), will be reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. 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 Advisory Contract.

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 investment advisory fee rate under the Advisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services to be rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the Advisory Contract.

iShares International Dividend Growth ETF (the “Fund”)

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, 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.


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Board Review and Approval of Investment Advisory Contract (continued)

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.

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 did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.


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Board Review and Approval of Investment Advisory Contract (continued)

iShares Latin America 40 ETF (the “Fund”)

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, 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.


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Board Review and Approval of Investment Advisory Contract (continued)

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.


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

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

International Dividend Growth	$	0.865223	$	—	$	—	$	0.865223		100	%		—	%		—	%		100	%


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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.


G E N E R A L I N F O R M A T I O N		83

Glossary of Terms Used in this Report


Portfolio Abbreviations - Equity

ADR		American Depositary Receipt

CPO		Certificates of Participation (Ordinary)

GDR		Global Depositary Receipt

NVDR		Non-Voting Depositary Receipt

NVS		Non-Voting Shares

PJSC		Public Joint Stock Company

REIT		Real Estate Investment Trust


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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 Morningstar, Inc., FTSE International Limited, or S&P Dow Jones Indices LLC, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

iS-SAR-304-0921