
		FEBRUARY 28, 2023

2023 Semi-Annual Report

(Unaudited)

iShares, Inc.

iShares MSCI Agriculture Producers ETF | VEGI | NYSE Arca

iShares MSCI Global Energy Producers ETF | FILL | NYSE Arca

iShares MSCI Global Gold Miners ETF | RING | NASDAQ

iShares MSCI Global Metals & Mining Producers ETF | PICK | Cboe BZX

iShares MSCI Global Silver and Metals Miners ETF | SLVP | Cboe BZX

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended February 28, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strong U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector shortly following the end of the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, several factors lead us to take an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession in a business environment characterized by higher costs and reduced pricing power. Nevertheless, we are overweight on emerging market stocks as a weaker U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we believe that troubles in the banking sector will likely lead to reduced lending. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, 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.

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

Total Returns as of February 28, 2023

6-Month

12-Month

U.S. large cap equities

(S&P 500^® Index)

1.26%

(7.69)%

U.S. small cap equities

(Russell 2000^® Index)

3.63

(6.02)

International equities

(MSCI Europe, Australasia, Far East Index)

12.58

(3.14)

Emerging market equities

(MSCI Emerging Markets Index)

(2.29)

(15.28)

3-month Treasury bills

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

1.74

2.11

U.S. Treasury securities

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

(4.81)

(14.06)

U.S. investment grade bonds

(Bloomberg U.S. Aggregate Bond Index)

(2.13)

(9.72)

Tax-exempt municipal bonds

(Bloomberg Municipal Bond Index)

0.66

(5.10)

U.S. high yield bonds

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

2.52

(5.45)

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
Semi-Annual Report:
Fund Summary		4
About Fund Performance		9
Disclosure of Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		29
Statements of Operations		31
Statements of Changes in Net Assets		33
Financial Highlights		36
Notes to Financial Statements		41
Statement Regarding Liquidity Risk Management Program		50
General Information		51
Glossary of Terms Used in this Report		52


Fund Summary as of February 28, 2023		iShares^® MSCI Agriculture Producers ETF

Investment Objective

The iShares MSCI Agriculture Producers ETF (the “Fund”) (formerly the iShares MSCI Global Agriculture Producers ETF) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of agriculture, as represented by the MSCIACWI Select Agriculture Producers Investable Market 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


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		0.68	%		2.46	%		9.81	%		6.53	%		2.46	%		59.67	%		88.27	%
Fund Market		0.37			1.73			9.65			6.45			1.73			58.47			86.86
Index		0.47			2.56			9.91			6.60			2.56			60.42			89.52

Past performance is not an indication 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” for more information.

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,006.80	$ 1.94			$ 1,000.00	$ 1,022.90	$ 1.96		0.39	%

^(a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). 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 “Disclosure of Expenses” for more information.

Portfolio Information

INDUSTRY ALLOCATION


Industry	Percent of Total Investments	^(a)
Fertilizers & Agricultural Chemicals	36.7	%
Agricultural & Farm Machinery	32.0
Agricultural Products	18.3
Packaged Foods & Meats	12.9
Other (each representing less than 1%)	0.1

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
United States	59.7	%
Canada	7.4
Norway	4.1
Japan	3.7
India	3.5
United Kingdom	3.3
China	2.3
Chile	2.3
Saudi Arabia	2.1
Malaysia	1.6
Singapore	1.3
Germany	1.2
Israel	1.1
Other (each representing less than 1%)	6.4

^(a)

Excludes money market funds.


4		2 0 2 3 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 February 28, 2023		iShares^® MSCI Global Energy Producers ETF

Investment Objective

The iShares MSCI Global Energy Producers ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of energy exploration and production, as represented by the MSCI ACWI Select Energy Producers Investable Market 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


				Average Annual Total Returns								Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years		1 Year			5 Years			10 Years
Fund NAV		3.55	%		18.27	%		7.23	%		3.36%		18.27	%		41.78	%		39.18%
Fund Market		3.79			17.23			7.30			3.40		17.23			42.23			39.77
Index		3.34			17.21			6.97			3.13		17.21			40.07			36.14

Expense Example


Actual					Hypothetical 5% Return
	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,035.50	$ 1.97			$ 1,000.00	$ 1,022.90	$ 1.96		0.39	%

^(a)

Portfolio Information

INDUSTRY ALLOCATION


Industry	Percent of Total Investments^(a)
Integrated Oil & Gas	57.8	%
Oil & Gas Exploration & Production	28.1
Oil & Gas Refining & Marketing	10.9
Coal & Consumable Fuels	3.2

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
United States	53.8	%
United Kingdom	12.8
Canada	8.5
France	5.8
India	3.8
Australia	2.8
Brazil	1.9
Norway	1.4
China	1.4
Italy	1.4
Japan	1.1
Other (each representing less than 1%)	5.3

^(a)

Excludes money market funds.


F U N D S U M M A R Y		5


Fund Summary as of February 28, 2023		iShares^® MSCI Global Gold Miners ETF

Investment Objective

The iShares MSCI Global Gold Miners ETF (the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of gold mining, as represented by the MSCI ACWI Select Gold Miners Investable Market 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


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		18.35	%		(21.12	)%		5.99	%		(2.83	)%		(21.12	)%		33.79	%		(24.92	)%
Fund Market		18.69			(22.15	)		5.98			(2.77	)		(22.15	)		33.73			(24.46	)
Index		18.05			(22.45	)		6.11			(2.69	)		(22.45	)		34.49			(23.90	)

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,183.50	$ 2.11			$ 1,000.00	$ 1,022.90	$ 1.96		0.39	%

^(a)

Portfolio Information

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments^(a)
Canada	53.3	%
United States	19.3
Australia	6.3
South Africa	6.3
China	4.6
Saudi Arabia	4.3
Turkey	1.8
United Kingdom	1.7
Peru	1.4
Indonesia	1.0
Russia	0.0

TEN LARGEST HOLDINGS


Security	Percent of Total Investments^(a)
Newmont Corp.	18.5	%
Barrick Gold Corp.	15.1
Agnico Eagle Mines Ltd.	11.0
Wheaton Precious Metals Corp.	4.6
Newcrest Mining Ltd.	4.4
AngloGold Ashanti Ltd.	4.3
Gold Fields Ltd.	4.2
Zijin Mining Group Co. Ltd., Class H	4.1
Yamana Gold Inc.	3.1
Kinross Gold Corp.	3.0

^(a)

Excludes money market funds.


6		2 0 2 3 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 February 28, 2023		iShares^® MSCI Global Metals & Mining Producers ETF

Investment Objective

The iShares MSCI Global Metals & Mining Producers ETF(the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in mining, extraction or production of diversified metals, excluding gold and silver, as represented by the MSCI ACWI Select Metals & Mining Producers ex Gold & Silver Investable Market 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


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		18.72	%		(4.48	)%		8.97	%		4.62	%		(4.48	)%		53.66	%		57.05	%
Fund Market		19.39			(5.38	)		9.15			4.72			(5.38	)		54.94			58.55
Index		18.48			(4.49	)		9.34			4.86			(4.49	)		56.25			60.72

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,187.20	$ 2.11			$ 1,000.00	$ 1,022.90	$ 1.96		0.39	%

^(a)

Portfolio Information

INDUSTRY ALLOCATION


Industry	Percent of Total Investments	^(a)
Diversified Metals & Mining	48.9	%
Steel	34.9
Copper	10.1
Aluminum	4.3
Precious Metals & Minerals	1.8

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
Australia	26.1	%
United States	18.2
United Kingdom	17.3
Brazil	6.7
Canada	4.9
Japan	4.4
India	3.0
South Korea	2.3
China	2.2
South Africa	2.1
Taiwan	1.8
Sweden	1.7
France	1.7
Saudi Arabia	1.4
Mexico	1.2
Other (each representing less than 1%)	5.0

(a)

Excludes money market funds.


F U N D S U M M A R Y		7


Fund Summary as of February 28, 2023		iShares^® MSCI Global Silver and Metals Miners ETF

Investment Objective

The iShares MSCIGlobal Silver and Metals Miners ETF(the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of silver exploration or metals mining, as represented by the MSCI ACWI Select Silver Miners Investable Market 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


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		12.37	%		(24.97	)%		1.35	%		(4.56	)%		(24.97	)%		6.93	%		(37.31	)%
Fund Market		11.57			(25.67	)		1.13			(4.64	)		(25.67	)		5.79			(37.80	)
Index		12.38			(25.09	)		1.35			(4.58	)		(25.09	)		6.92			(37.43	)

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (09/01/22)	Ending Account Value (02/28/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,123.70	$ 2.05			$ 1,000.00	$ 1,022.90	$ 1.96		0.39	%

^(a)

Portfolio Information

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
Canada	65.9	%
United States	20.0
Mexico	7.8
Japan	4.7
Other (each representing less than 1%)	1.6

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Pan American Silver Corp.	15.0	%
Hecla Mining Co.	14.8
Industrias Penoles SAB de CV	7.7
First Majestic Silver Corp.	6.7
Asahi Holdings Inc.	4.7
Wheaton Precious Metals Corp.	4.6
Newmont Corp.	4.5
Fortuna Silver Mines Inc.	4.5
MAG Silver Corp.	4.4
Agnico Eagle Mines Ltd.	4.4

^(a)

Excludes money market funds.


8		2 0 2 3 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 using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.


A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E OF E X P E N S E S		9

Schedule of Investments (unaudited)

February 28, 2023

iShares^® MSCI Agriculture Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 0.8%
Australian Agricultural Co. Ltd.^(a)		105,007	$	117,827
Costa Group Holdings Ltd.		231,220		404,864
Elders Ltd.		77,883		487,435
Inghams Group Ltd.		184,997		402,703
Nufarm Ltd./Australia		192,090		747,921
Select Harvests Ltd.		60,201		169,036

				2,329,786

Brazil — 0.5%
BrasilAgro - Co. Brasileira de Propriedades Agricolas		22,933		113,626
Jalles Machado SA		51,341		76,588
Sao Martinho SA		79,293		411,955
SLC Agricola SA		59,307		558,129
Tres Tentos Agroindustrial SA		61,748		150,258

				1,310,556

Canada — 7.4%
Ag Growth International Inc.		9,396		378,732
Nutrien Ltd.		261,331		20,362,559
Rogers Sugar Inc.		46,723		212,642

				20,953,933

China — 2.3%
Asia - Potash International Investment Guangzhou Co. Ltd.^(a)		27,500		112,691
AustAsia Group Ltd.		58,848		30,588
Beijing Dabeinong Technology Group Co. Ltd., Class A^(a)		122,600		145,256
China BlueChemical Ltd., Class H		756,000		170,640
China Modern Dairy Holdings Ltd.^(b)		1,566,000		213,575
China XLX Fertiliser Ltd.		275,000		145,171
China Youran Dairy Group Ltd.^(a)(b)(c)		375,000		91,844
COFCO Joycome Foods Ltd.		1,163,000		339,572
First Tractor Co. Ltd., Class H		200,000		99,414
Fujian Sunner Development Co. Ltd., Class A		37,100		132,456
Heilongjiang Agriculture Co. Ltd., Class A		52,700		107,923
Henan Shuanghui Investment & Development Co. Ltd., Class A		103,400		393,669
Inner Mongolia Yili Industrial Group Co. Ltd., Class A		193,500		848,449
Jiangsu Yangnong Chemical Co. Ltd., Class A		9,500		146,730
Muyuan Foods Co. Ltd., Class A		159,266		1,133,677
New Hope Liuhe Co. Ltd., Class A^(a)		133,800		253,846
Qinghai Salt Lake Industry Co. Ltd., Class A^(a)		162,400		578,531
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A		63,680		330,990
Shandong Weifang Rainbow Chemical Co. Ltd.		8,500		94,699
Sinofert Holdings Ltd.		1,056,000		127,865
Wens Foodstuffs Group Co. Ltd., Class A		198,820		565,516
Yuan Longping High-Tech Agriculture Co. Ltd., Class A^(a)		39,300		96,680
Yunnan Yuntianhua Co. Ltd.^(a)		54,900		191,690
Zangge Mining Co. Ltd.		47,400		190,120

				6,541,592

Egypt — 0.1%
Abou Kir Fertilizers & Chemical Industries		161,776		220,398
Misr Fertilizers Production Co. SAE		23,499		109,541

				329,939

France — 0.1%
Vilmorin & Cie SA		2,854		145,651


Germany — 1.2%
K+S AG, Registered		96,253		2,284,745
KWS Saat SE & Co. KGaA		5,751		383,715


Security	Shares		Value

Germany (continued)
Suedzucker AG		35,572	$	603,562

				3,272,022

Hong Kong — 0.9%
WH Group Ltd.^(c)		4,189,500		2,437,991


India — 3.5%
Astec Lifesciences Ltd.		2,928		47,787
Balrampur Chini Mills Ltd.		60,936		263,022
Bayer CropScience Ltd.		6,714		347,533
Chambal Fertilisers and Chemicals Ltd.		82,842		274,969
Coromandel International Ltd.		59,544		646,859
Deepak Fertilisers & Petrochemicals Corp. Ltd.		28,539		213,046
EID Parry India Ltd.		39,743		241,403
Escorts Kubota Ltd.		16,178		406,145
Gujarat Ambuja Exports Ltd.		34,246		94,430
Gujarat Narmada Valley Fertilizers & Chemicals Ltd.		38,678		245,814
Gujarat State Fertilizers & Chemicals Ltd.		99,168		149,979
Kaveri Seed Co. Ltd.		10,011		62,471
Paradeep Phosphates Ltd., NVS		141,893		93,830
PI Industries Ltd.		38,099		1,427,322
Rallis India Ltd.		38,718		91,970
Rashtriya Chemicals & Fertilizers Ltd.		68,648		80,905
Sharda Cropchem Ltd.		13,472		76,562
Shree Renuka Sugars Ltd.^(a)		317,825		167,407
Sumitomo Chemical India Ltd.		49,689		268,756
Tata Coffee Ltd.		37,627		94,480
Tata Consumer Products Ltd.		280,032		2,421,480
Triveni Engineering & Industries Ltd.		36,100		117,751
UPL Ltd.		245,387		2,058,856

				9,892,777

Indonesia — 0.7%
Astra Agro Lestari Tbk PT		239,500		130,362
Charoen Pokphand Indonesia Tbk PT		3,707,100		1,306,464
Inti Agri Resources Tbk PT^(a)(d)		2,230,700		—
Japfa Comfeed Indonesia Tbk PT		2,626,900		231,645
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		1,528,500		106,746
Sawit Sumbermas Sarana Tbk PT		1,659,600		176,842

				1,952,059

Ireland — 0.1%
Origin Enterprises PLC		57,518		257,340


Israel — 1.1%
ICL Group Ltd.		356,190		2,585,000
Israel Corp. Ltd.		1,951		665,153

				3,250,153

Japan — 3.7%
Hokuto Corp.		10,300		142,513
Kubota Corp.		508,900		7,681,215
Kumiai Chemical Industry Co. Ltd.		36,800		233,282
Maruha Nichiro Corp.		21,200		377,408
Mitsui DM Sugar Holdings Co. Ltd.		8,400		128,416
NH Foods Ltd.		41,000		1,132,102
Prima Meat Packers Ltd.		11,700		183,947
Sakata Seed Corp.		14,600		435,732
YAMABIKO Corp.		16,600		153,936

				10,468,551

Malaysia — 1.5%
Farm Fresh Bhd		369,900		129,367
Genting Plantations Bhd		134,100		179,896


10		2 0 2 3 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)

February 28, 2023

iShares^® MSCI Agriculture Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Malaysia (continued)
IOI Corp. Bhd		1,264,500	$	1,079,210
Kuala Lumpur Kepong Bhd		217,400		1,007,356
QL Resources Bhd		553,907		717,147
Sime Darby Plantation Bhd		1,044,600		984,982
Ta Ann Holdings Bhd		77,800		57,906
TSH Resources Bhd		275,400		63,215
United Plantations Bhd		52,200		191,933

				4,411,012

Netherlands — 0.6%
OCI NV		52,929		1,758,179


Norway — 4.1%
Austevoll Seafood ASA		45,408		387,998
Bakkafrost P/F		25,256		1,652,392
Grieg Seafood ASA		22,587		162,854
Leroy Seafood Group ASA		135,586		672,328
Mowi ASA		207,830		3,588,135
Salmar ASA		32,812		1,360,225
Yara International ASA		83,180		3,954,278

				11,778,210

Poland — 0.1%
Grupa Azoty SA^(a)		24,686		214,812


Qatar — 0.1%
Baladna		378,473		139,440


Russia — 0.0%
PhosAgro PJSC^(a)(d)		7,038		1
PhosAgro PJSC, GDR^(a)(d)		2		—
PhosAgro PJSC, New^(a)(d)		136		1
Ros Agro PLC, GDR^(a)(d)		5,334		1

				3

Saudi Arabia — 2.1%
Al Jouf Agricultural Development Co.		7,318		102,575
Almarai Co. JSC		125,596		1,755,043
National Agriculture Development Co. (The)^(a)		24,792		158,272
SABIC Agri-Nutrients Co.		107,618		3,828,218
Saudi Fisheries Co.^(a)		9,759		69,345
Tanmiah Food Co.		2,989		96,218

				6,009,671

Singapore — 1.3%
Bumitama Agri Ltd.		175,100		83,686
First Resources Ltd.		276,300		315,029
Golden Agri-Resources Ltd.		3,254,900		615,521
Wilmar International Ltd.		965,100		2,819,688

				3,833,924

South Africa — 0.1%
Astral Foods Ltd.		19,230		171,201
Oceana Group Ltd.		43,476		171,631

				342,832

South Korea — 0.2%
Dongwon Industries Co. Ltd.		8,789		342,344
Harim Holdings Co. Ltd.		22,303		201,842
Hyundai Feed Inc.^(a)(b)		5,533		74,497
Namhae Chemical Corp.		11,128		75,732

				694,415

Sweden — 0.7%
Husqvarna AB, Class B		210,807		1,866,495


Security	Shares		Value

Taiwan — 0.5%
Charoen Pokphand Enterprise.		90,800	$	239,409
Sesoda Corp.		83,000		115,301
Sinon Corp.		179,000		232,434
Taiwan Fertilizer Co. Ltd.		369,000		692,812
Taiwan TEA Corp.^(a)		259,000		185,841

				1,465,797

Thailand — 0.6%
Betagro PCL, NVS		312,800		296,503
Charoen Pokphand Foods PCL, NVDR		1,946,800		1,222,759
GFPT PCL, NVDR		243,000		83,884
Khon Kaen Sugar Industry PCL, NVDR		987,754		103,397
Thaifoods Group PCL, NVDR		616,900		92,537

				1,799,080

Turkey — 0.4%
Hektas Ticaret TAS^(a)		566,667		1,067,020
Turk Traktor ve Ziraat Makineleri AS		6,641		198,763

				1,265,783

United Kingdom — 3.3%
CNH Industrial NV		514,088		8,427,115
Cranswick PLC		26,919		1,013,479

				9,440,594

United States — 59.4%
AGCO Corp.^(b)		31,855		4,485,505
American Vanguard Corp.		13,831		288,653
Archer-Daniels-Midland Co.		275,976		21,967,690
Benson Hill Inc.^(a)(b)		56,301		125,551
Bunge Ltd.		75,257		7,187,044
Cal-Maine Foods Inc.		18,861		1,071,305
CF Industries Holdings Inc.		98,562		8,465,490
Corteva Inc.		358,948		22,358,871
Darling Ingredients Inc.^(a)		80,518		5,094,374
Deere & Co.		144,047		60,390,264
FMC Corp.		63,283		8,172,999
Fresh Del Monte Produce Inc.		19,047		595,790
Ingredion Inc.		32,934		3,273,640
Intrepid Potash Inc.^(a)(b)		5,420		171,651
Lamb Weston Holdings Inc.		72,258		7,272,045
Lindsay Corp.		5,539		833,564
Mosaic Co. (The)		171,052		9,098,256
Pilgrim’s Pride Corp.^(a)(b)		23,797		556,612
Scotts Miracle-Gro Co. (The)		20,898		1,724,085
Titan International Inc.^(a)		25,009		310,362
Toro Co. (The)		52,253		5,770,821
Vital Farms Inc.^(a)		10,127		163,652

				169,378,224


Total Common Stocks — 97.4% (Cost: $294,367,119)				277,540,821


Preferred Stocks

Chile — 2.2%
Sociedad Quimica y Minera de Chile SA, Class B, Preference Shares		71,750		6,403,732


Total Preferred Stocks — 2.2% (Cost: $5,027,479)				6,403,732


Total Long-Term Investments — 99.6% (Cost: $299,394,598)				283,944,553


S C H E D U L E O F I N V E S T M E N T S		11

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Agriculture Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Short-Term Securities

Money Market Funds — 1.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%^(e)(f)(g)		4,624,052	$	4,626,826


Total Short-Term Securities — 1.6% (Cost: $4,626,344)				4,626,826


Total Investments — 101.2% (Cost: $304,020,942)				288,571,379

Liabilities in Excess of Other Assets — (1.2)%				(3,468,304	)


NetAssets—100.0%			$	285,103,075

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

^(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

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 02/28/23		Shares Held at 02/28/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	807,964	$	3,818,841	^(a)	$	—		$	(136	)	$	157	$	4,626,826		4,624,052	$	14,416	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares^(c)		—		—			0	^(a)		—			—		—		—		6,439			—

									$	(136	)	$	157	$	4,626,826			$	20,855		$	—

^(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.

^(c)

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

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		6		03/17/23	$	269	$	16,785
S&P 500 E-Mini Index		3		03/17/23		596		(204	)

							$	16,581

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:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	16,785	$	—	$	—	$	—	$	16,785


12		2 0 2 3 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)

February 28, 2023

iShares^® MSCI Agriculture Producers ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	204	$	—	$	—	$	—	$	204

^(a)

Net cumulative unrealized 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 February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	115,947	$	—	$	—	$	—	$	115,947

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	8,938	$	—	$	—	$	—	$	8,938

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	1,018,164

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

Fair Value Hierarchy as of Period End

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

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


	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	197,237,734		$	80,303,084	$	3	$	277,540,821
Preferred Stocks		—			6,403,732		—		6,403,732
Short-Term Securities
Money Market Funds		4,626,826			—		—		4,626,826

	$	201,864,560		$	86,706,816	$	3	$	288,571,379

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—		$	16,785	$	—	$	16,785
Liabilities
Equity Contracts		(204	)		—		—		(204	)

	$	(204	)	$	16,785	$	—		16,581

^(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		13

Schedule of Investments (unaudited)

February 28, 2023

iShares^® MSCI Global Energy Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 2.8%
Beach Energy Ltd.		68,404	$	64,513
Boss Energy Ltd. ^(a)		14,504		25,013
Karoon Energy Ltd.^(a)		24,206		37,646
New Hope Corp. Ltd.		22,793		83,000
Paladin Energy Ltd.^(a)		121,520		56,509
Santos Ltd.		136,493		637,342
Strike Energy Ltd.^(a)		84,638		19,934
Terracom Ltd.		23,912		12,114
Washington H Soul Pattinson & Co. Ltd.		9,515		186,126
Whitehaven Coal Ltd.		35,446		171,704
Woodside Energy Group Ltd.		81,707		1,979,758

				3,273,659

Austria — 0.3%
OMV AG		6,373		310,413


Brazil — 1.0%
3R Petroleum Oleo E Gas SA^(a)		7,644		53,160
Enauta Participacoes SA		5,292		13,929
Petro Rio SA^(a)		30,404		195,707
Petroleo Brasileiro SA		160,258		880,042
Petroreconcavo SA		5,482		29,633

				1,172,471

Canada — 8.5%
Advantage Energy Ltd.^(a)		7,866		46,003
Africa Oil Corp.		16,665		34,075
ARC Resources Ltd.		27,376		298,137
Athabasca Oil Corp.^(a)		25,284		55,219
Baytex Energy Corp.^(a)		23,520		90,667
Birchcliff Energy Ltd.		11,784		72,457
Cameco Corp.		18,619		508,969
Canadian Natural Resources Ltd.		47,657		2,693,171
Cardinal Energy Ltd.^(b)		5,880		30,682
Cenovus Energy Inc.		62,010		1,143,402
Crescent Point Energy Corp.		23,879		163,277
Crew Energy Inc.^(a)		5,880		20,124
Denison Mines Corp.^(a)		34,104		42,989
Energy Fuels Inc./Canada^(a)		6,762		45,542
Enerplus Corp.		9,861		156,461
Freehold Royalties Ltd.		5,797		65,766
Frontera Energy Corp.^(a)		2,548		22,968
Headwater Exploration Inc.		8,428		36,998
Imperial Oil Ltd.		9,101		450,148
International Petroleum Corp.^(a)		4,141		41,789
Kelt Exploration Ltd.^(a)		6,860		23,629
MEG Energy Corp.^(a)		11,466		181,170
NexGen Energy Ltd.^(a)		17,542		73,922
NuVista Energy Ltd.^(a)		7,644		67,225
Obsidian Energy Ltd.^(a)		2,940		20,771
Paramount Resources Ltd., Class A		3,234		70,629
Parex Resources Inc.		4,704		76,671
Peyto Exploration & Development Corp.		7,252		63,033
Pipestone Energy Corp.^(a)		5,096		10,644
PrairieSky Royalty Ltd.		9,417		147,898
Spartan Delta Corp.		5,684		51,612
Suncor Energy Inc.		58,329		1,960,402
Surge Energy Inc.		3,748		24,199
Tamarack Valley Energy Ltd.		21,558		68,568
Topaz Energy Corp.		3,920		55,561


Security	Shares		Value

Canada (continued)
Tourmaline Oil Corp.		13,795	$	604,574
Vermilion Energy Inc.		6,958		93,215
Whitecap Resources Inc.		25,748		197,379

				9,809,946

China — 1.4%
AAG Energy Holdings Ltd.^(c)		67,000		14,735
CGN Mining Co. Ltd.^(a)		90,000		10,669
China Coal Energy Co. Ltd., Class H.		91,000		70,419
China Shenhua Energy Co. Ltd., Class A.		17,800		71,726
China Shenhua Energy Co. Ltd., Class H		146,000		439,150
Guanghui Energy Co. Ltd., Class A		19,600		30,364
Inner Mongolia Dian Tou Energy Corp. Ltd.		5,800		11,120
Inner Mongolia Yitai Coal Co. Ltd., Class B		47,800		64,454
Jizhong Energy Resources Co. Ltd.		10,100		10,349
PetroChina Co. Ltd., Class A		55,600		41,762
PetroChina Co. Ltd., Class H		898,000		458,104
Pingdingshan Tianan Coal Mining Co. Ltd.		7,000		12,087
Productive Technologies Co. Ltd.^(a)		196,000		24,720
Shaanxi Coal Industry Co. Ltd., Class A		24,300		69,930
Shan Xi Hua Yang Group New Energy Co. Ltd.		7,300		16,716
Shanxi Coking Coal Energy Group Co. Ltd., Class A		9,810		18,370
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		9,800		31,462
Yankuang Energy Group Co. Ltd., Class A		6,900		35,420
Yankuang Energy Group Co. Ltd., Class H		68,000		205,111

				1,636,668

Finland — 0.8%
Neste OYJ		18,168		876,265


France — 5.7%
Etablissements Maurel et Prom SA		2,548		9,486
TotalEnergies SE		107,043		6,604,997

				6,614,483

Greece — 0.1%
Hellenic Energy Holdings SA		2,971		26,271
Motor Oil Hellas Corinth Refineries SA		2,766		73,238

				99,509

Hong Kong — 0.0%
United Energy Group Ltd.^(b)		360,000		33,042


Hungary — 0.1%
MOL Hungarian Oil & Gas PLC		17,248		130,976


India — 3.8%
Bharat Petroleum Corp. Ltd.		38,464		147,684
Coal India Ltd.		68,167		177,537
Gujarat Mineral Development Corp. Ltd.		3,822		6,165
Hindustan Petroleum Corp. Ltd.		26,950		70,213
Indian Oil Corp. Ltd.		122,856		113,031
Oil & Natural Gas Corp. Ltd.		107,937		198,048
Oil India Ltd.		11,760		35,055
Reliance Industries Ltd.		98,646		2,766,836
Reliance Industries Ltd., GDR^(c)		16,018		890,326

				4,404,895

Indonesia — 0.4%
Adaro Energy Indonesia Tbk PT		607,600		119,043
Bukit Asam Tbk PT		159,400		40,335
Bumi Resources Tbk PT^(a)		3,151,200		28,103
Energi Mega Persada Tbk PT, NVS		404,000		7,206
Harum Energy Tbk PT		117,600		12,564


14		2 0 2 3 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)

February 28, 2023

iShares^® MSCI Global Energy Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Indonesia (continued)
Indika Energy Tbk PT		68,600	$	10,342
Indo Tambangraya Megah Tbk PT		19,600		47,776
Medco Energi Internasional Tbk PT		294,012		22,060
Sugih Energy Tbk PT^(a)(d)		206,700		—
United Tractors Tbk PT		71,200		130,228

				417,657

Israel — 0.1%
Delek Group Ltd.^(a)		392		36,643
Equital Ltd.^(a)		960		22,680
Naphtha Israel Petroleum Corp. Ltd.		1,373		5,098
Oil Refineries Ltd.		89,082		26,878
Paz Oil Co. Ltd.^(a)		411		43,555

				134,854

Italy — 1.3%
Eni SpA		107,751		1,521,878
Saras SpA^(a)		24,206		36,616

				1,558,494

Japan — 1.1%
Cosmo Energy Holdings Co. Ltd.		3,536		105,693
ENEOS Holdings Inc.		130,400		448,299
Idemitsu Kosan Co. Ltd.		9,268		205,115
Inpex Corp.		44,400		465,507
Japan Petroleum Exploration Co. Ltd.		1,400		50,443

				1,275,057

Malaysia — 0.0%
Hibiscus Petroleum Bhd		58,800		13,933


Norway — 1.4%
Aker BP ASA		13,623		365,650
BW Energy Ltd.^(a)		3,822		10,728
DNO ASA		21,787		24,964
Equinor ASA		40,984		1,254,657

				1,655,999

Philippines — 0.0%
Semirara Mining & Power Corp.		29,600		16,025


Poland — 0.4%
Polski Koncern Naftowy ORLEN SA		27,527		411,131


Portugal — 0.2%
Galp Energia SGPS SA		21,270		259,484


Russia — 0.0%
LUKOIL PJSC^(a)(d)		17,021		2
Rosneft Oil Co. PJSC^(a)(d)		47,821		6
Surgutneftegas PJSC^(a)(d)		285,010		38
Tatneft PJSC^(a)(d)		57,983		8

				54

Saudi Arabia — 0.8%
Rabigh Refining & Petrochemical Co.^(a)		17,761		47,879
Saudi Arabian Oil Co.^(c)		103,837		877,194

				925,073

South Africa — 0.2%
Exxaro Resources Ltd.		10,795		118,219
Thungela Resources Ltd.		5,518		64,159

				182,378

South Korea — 0.4%
HD Hyundai Co. Ltd.		1,960		88,027
SK Innovation Co. Ltd.^(a)		2,356		266,476


Security	Shares		Value

South Korea (continued)
S-Oil Corp.		1,963	$	119,023

				473,526

Spain — 0.8%
Repsol SA		59,166		935,701


Thailand — 0.5%
Bangchak Corp. PCL, NVDR		44,100		40,187
Banpu PCL, NVDR		346,000		106,657
Esso Thailand PCL, NVDR^(b)		39,200		9,906
IRPC PCL, NVDR		480,200		38,842
PTT Exploration & Production PCL, NVDR		58,831		248,999
Star Petroleum Refining PCL, NVDR.		88,800		27,602
Thai Oil PCL, NVDR		52,100		74,298

				546,491

Turkey — 0.2%
Turkiye Petrol Rafinerileri AS^(a)		5,898		184,948


United Arab Emirates — 0.0%
Dana Gas PJSC		150,724		32,410


United Kingdom — 12.7%
BP PLC		780,795		5,131,016
Capricorn Energy PLC^(a)		13,230		39,689
Diversified Energy Co. PLC		34,594		43,359
Energean PLC		5,096		73,924
EnQuest PLC^(a)		61,348		14,015
Genel Energy PLC		7,056		10,633
Gulf Keystone Petroleum Ltd.		8,330		20,770
Harbour Energy PLC		18,605		64,915
Pantheon Resources PLC^(a)(b)		31,262		21,472
Serica Energy PLC		8,428		26,250
Shell PLC		303,590		9,195,248
Tullow Oil PLC^(a)		46,550		19,487

				14,660,778

United States — 53.4%
Antero Resources Corp.^(a)		11,662		305,544
APA Corp.		13,818		530,335
Arch Resources Inc.		784		123,362
Berry Corp.		2,352		22,179
California Resources Corp.		2,254		95,119
Callon Petroleum Co.^(a)(b)		2,100		81,396
Centrus Energy Corp., Class A^(a)(b)		438		19,627
Chesapeake Energy Corp.		4,880		394,353
Chevron Corp.		78,994		12,699,865
Chord Energy Corp.		1,699		228,719
Civitas Resources Inc.		2,352		165,040
CNX Resources Corp.^(a)		7,534		115,647
Comstock Resources Inc.		3,920		47,589
ConocoPhillips		53,568		5,536,253
CONSOL Energy Inc.		1,410		77,169
Coterra Energy Inc.		34,016		849,379
Crescent Energy Co., Class A		1,704		19,664
CVR Energy Inc.		1,274		40,424
Delek U.S. Holdings Inc.		2,744		69,066
Denbury Inc.^(a)		2,159		179,996
Devon Energy Corp.		26,725		1,441,012
Diamondback Energy Inc.		7,166		1,007,396
Earthstone Energy Inc., Class A^(a)(b)		2,058		28,709
Enviva Inc.		1,415		61,637
EOG Resources Inc.		25,217		2,850,025


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)

February 28, 2023

iShares^® MSCI Global Energy Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
EQT Corp.		14,116	$	468,369
Exxon Mobil Corp.		177,144		19,469,897
Gran Tierra Energy Inc.^(a)		15,190		12,673
Gulfport Energy Corp.^(a)		530		35,044
Hess Corp.		11,922		1,605,893
HF Sinclair Corp.		6,456		320,992
Kimbell Royalty Partners LP		2,254		34,779
Kosmos Energy Ltd.^(a)		19,915		156,731
Laredo Petroleum Inc.^(a)		658		33,815
Magnolia Oil & Gas Corp., Class A.		7,258		158,587
Marathon Oil Corp.		27,354		687,953
Marathon Petroleum Corp.		20,175		2,493,630
Matador Resources Co.		5,099		274,275
Murphy Oil Corp.		6,428		250,821
Northern Oil and Gas Inc.		2,842		88,216
Occidental Petroleum Corp.		31,105		1,821,509
Ovintiv Inc.		10,627		454,517
Par Pacific Holdings Inc.^(a)		1,960		54,449
PBF Energy Inc., Class A		4,318		188,740
PDC Energy Inc.		3,914		262,669
Peabody Energy Corp.^(a)		4,900		133,770
Permian Res Corp., NVS		8,936		96,598
Pioneer Natural Resources Co.		9,765		1,957,004
Range Resources Corp.		10,364		279,206
Ranger Oil Corp.		882		36,603
SandRidge Energy Inc.^(a)		1,313		19,157
SilverBow Resources Inc.^(a)		588		14,477
Sitio Royalties Corp.		3,134		73,680
SM Energy Co.		5,396		159,236
Southwestern Energy Co.^(a)		37,842		200,563
Talos Energy Inc.^(a)		2,450		43,634
Tellurian Inc.^(a)		20,384		30,372
Texas Pacific Land Corp.		270		480,651
Uranium Energy Corp.^(a)(b)		15,600		57,720
VAALCO Energy Inc.		4,410		20,683
Valero Energy Corp.		16,561		2,181,581
Viper Energy Partners LP		2,531		72,463
Vitesse Energy Inc.^(a)		928		16,138
W&T Offshore Inc.^(a)		4,214		23,641

				61,760,241


Total Common Stocks — 98.4% (Cost: $87,695,011)				113,806,561


Security	Shares		Value

Preferred Stocks

Brazil — 0.9%
Petroleo Brasileiro SA, Preference Shares, NVS		204,923	$	987,930


Russia — 0.0%
Surgutneftegas PJSC, Preference Shares, NVS^(a)(d)		275,500		37


Total Preferred Stocks — 0.9% (Cost: $925,150)				987,967


Total Long-Term Investments — 99.3% (Cost: $88,620,161)				114,794,528


Short-Term Securities

Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%^(e)(f)(g)		269,272		269,433
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%^(e)(f)		20,000		20,000


Total Short-Term Securities — 0.2% (Cost: $289,197)				289,433


Total Investments — 99.5% (Cost: $88,909,358)				115,083,961

Other Assets Less Liabilities — 0.5%.				541,193


NetAssets — 100.0%			$	115,625,154

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

^(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.


16		2 0 2 3 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)

February 28, 2023

iShares^® MSCI Global Energy Producers ETF

Affiliates


Affiliated Issuer	Value at 08/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/28/23		Shares Held at 02/28/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	504,806	$	—	$	(236,033	)^(a)	$	684	$	(24	)	$	269,433		269,272	$	2,676	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		160,000		—		(140,000	)^(a)		—		—			20,000		20,000		4,093			—

								$	684	$	(24	)	$	289,433			$	6,769		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Energy Select Sector Index		7		03/17/23	$	612	$	(23,929	)
FTSE 100 Index		1		03/17/23		95		(844	)

							$	(24,773	)

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:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	24,773	$	—	$	—	$	—	$	24,773

^(a)

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(20,611	)	$	—	$	—	$	—	$	(20,611	)

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(20,807	)	$	—	$	—	$	—	$	(20,807	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	968,568

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		17

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Global Energy Producers ETF

Fair Value Hierarchy as of Period End


	Level 1			Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	73,119,284		$	40,687,223		$	54	$	113,806,561
Preferred Stocks		987,930			—			37		987,967
Short-Term Securities
Money Market Funds		289,433			—			—		289,433

	$	74,396,647		$	40,687,223		$	91	$	115,083,961

Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(23,929	)	$	(844	)	$	—	$	(24,773	)

^(a)

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

See notes to financial statements.


18		2 0 2 3 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)

February 28, 2023

iShares^® MSCI Global Gold Miners ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 6.3%
De Grey Mining Ltd.^(a)(b)		5,268,984	$	4,932,818
Newcrest Mining Ltd.		1,214,984		18,599,868
West African Resources Ltd.^(a)		5,075,712		3,159,855

				26,692,541

Canada — 53.0%
Agnico Eagle Mines Ltd.		1,013,789		46,673,672
Alamos Gold Inc., Class A		1,124,603		11,464,440
B2Gold Corp.		3,058,844		10,446,473
Barrick Gold Corp.		3,965,247		64,077,462
Calibre Mining Corp.^(a)		3,156,707		2,637,337
Centerra Gold Inc.		857,530		5,417,302
Eldorado Gold Corp.^(a)		687,586		6,424,860
Equinox Gold Corp.^(a)		1,204,160		4,368,334
IAMGOLD Corp.^(a)		2,041,126		4,622,264
Kinross Gold Corp.		3,466,720		12,804,887
Lundin Gold Inc.		425,166		4,393,434
New Gold Inc.^(a)		3,515,388		3,220,399
SSR Mining Inc.		613,592		8,395,575
Torex Gold Resources Inc.^(a)		410,937		5,059,540
Wesdome Gold Mines Ltd.^(a)		729,887		3,482,275
Wheaton Precious Metals Corp.		471,246		19,633,811
Yamana Gold Inc.		2,590,804		13,253,068

				226,375,133

China — 4.6%
Zijin Mining Group Co. Ltd., Class A		1,245,135		2,046,041
Zijin Mining Group Co. Ltd., Class H		11,648,000		17,627,630

				19,673,671

Indonesia — 1.0%
Aneka Tambang Tbk		34,306,500		4,476,744


Peru — 1.4%
Cia. de Minas Buenaventura SAA, ADR.		771,981		5,851,616


Russia — 0.0%
Polymetal International PLC^(a)(c)		822,891		110
Polyus PJSC^(a)(c)		62,547		8

				118

Saudi Arabia — 4.3%
AngloGold Ashanti Ltd.		1,078,322		18,161,659


South Africa — 6.2%
DRDGOLD Ltd.		3,835,467		2,815,453


Security	Shares		Value

South Africa (continued)
Gold Fields Ltd.		1,988,784	$	18,048,453
Harmony Gold Mining Co. Ltd.		1,869,019		5,740,966

				26,604,872

Turkey — 1.8%
Koza Altin Isletmeleri AS		5,863,400		7,586,811


United Kingdom — 1.7%
Centamin PLC		4,198,374		5,145,373
Hochschild Mining PLC		2,869,824		2,204,647

				7,350,020

United States — 19.3%
Coeur Mining Inc.^(a)		1,210,180		3,775,762
Newmont Corp.		1,798,679		78,440,391

				82,216,153


Total Long-Term Investments — 99.6% (Cost: $520,666,835)				424,989,338


Short-Term Securities

Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.81%^(d)(e)(f)		1,165,760		1,166,460
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.41%^(d)(e)		120,000		120,000


Total Short-Term Securities — 0.3% (Cost: $1,285,324)				1,286,460


Total Investments — 99.9% (Cost: $521,952,159)				426,275,798

Other Assets Less Liabilities — 0.1%				399,959


NetAssets —100.0%			$	426,675,757

^(a)	Non-income producing security.

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

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

^(d)	Affiliate of the Fund.

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

^(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		19

Schedule of Investments (unaudited) (continued)

February 28, 2023

iShares^® MSCI Global Gold Miners ETF

Affiliates


Affiliated Issuer	Value at 08/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 02/28/23		Shares Held at 02/28/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,922,895	$	—		$	(759,022	)^(a)	$	2,679	$	(92	)	$	1,166,460		1,165,760	$	22,527	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		100,000		20,000	^(a)		—			—		—			120,000		120,000		6,538			—

									$	2,679	$	(92	)	$	1,286,460			$	29,065		$	—

^(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
S&P/TSX 60 Index		10		03/16/23	$	1,783	$	(4,991	)

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:


	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	4,991	$	—	$	—	$	—	$	4,991

^(a)

For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(175,999	)	$	—	$	—	$	—	$	(175,999	)

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	35,182		$	—	$	—	$	—	$	35,182

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	1,444,841

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


20		2 0 2 3 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)

February 28, 2023

iShares^® MSCI Global Gold Miners ETF

Fair Value Hierarchy as of Period End


	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	314,442,902		$	110,546,318	$	118	$	424,989,338
Short-Term Securities
Money Market Funds		1,286,460			—		—		1,286,460

	$	315,729,362		$	110,546,318	$	118	$	426,275,798

Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(4,991	)	$	—	$	—	$	(4,991	)

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

February 28, 2023

iShares^® MSCI Global Metals & Mining Producers ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 26.0%
29Metals Ltd.^(a)		368,419	$	394,444
Allkem Ltd.^(b)		786,713		5,980,520
Alumina Ltd.		3,429,659		3,460,508
Arafura Rare Earths Ltd.^(b)		2,390,376		965,090
Argosy Minerals Ltd.^(b)		1,574,700		730,829
AVZ Minerals Ltd.^(a)(b)(c)		3,302,250		1,384,803
BHP Group Ltd.		6,964,876		210,792,254
BlueScope Steel Ltd.		644,525		8,246,499
Chalice Mining Ltd.^(b)		464,418		1,976,680
Champion Iron Ltd.		458,925		2,260,274
Core Lithium Ltd.^(a)(b)		2,025,650		1,259,109
Coronado Global Resources Inc.^(d)		1,028,775		1,304,651
Deterra Royalties Ltd.		609,725		1,825,984
Fortescue Metals Group Ltd.		2,327,975		33,359,686
Goulamina Holdings Pty Ltd.^(b)		1,246,575		437,915
Grange Resources Ltd.^(a)		706,875		450,111
IGO Ltd.		933,800		8,208,615
Iluka Resources Ltd.		589,425		4,107,968
Imdex Ltd.		548,232		864,763
ionner Ltd.^(a)(b)		2,036,582		517,274
Jervois Global Ltd.^(a)(b)		2,327,742		281,001
Lake Resources NL^(a)(b)		1,725,285		720,858
Liontown Resources Ltd.^(a)(b)		2,272,317		2,063,667
Lynas Rare Earths Ltd.^(b)		1,237,575		6,796,762
Mincor Resources NL^(a)(b)		528,868		447,753
Mineral Resources Ltd. .		234,900		12,973,191
Mount Gibson Iron Ltd.^(a)(b)		822,150		312,070
Neometals Ltd.^(b)		646,292		384,147
Nickel Mines Ltd.		1,482,259		972,285
OZ Minerals Ltd.		461,825		8,682,609
Perenti Global Ltd.^(b)		848,588		604,752
Pilbara Minerals Ltd.^(a)(b)		3,493,050		9,733,617
Rio Tinto Ltd.		510,914		39,930,018
Sandfire Resources Ltd.^(a)		679,469		2,675,458
Sayona Mining Ltd.^(a)(b)		9,150,559		1,432,762
Sims Ltd.		231,826		2,476,135
South32 Ltd.		6,364,582		18,491,813
Syrah Resources Ltd.^(b)		872,591		1,100,390
Vulcan Energy Resources Ltd.^(a)(b)		129,653		555,338
Vulcan Steel Ltd.		75,466		424,227

				399,586,830

Austria — 0.4%
voestalpine AG		160,225		5,917,922


Belgium — 0.1%
Bekaert SA		49,300		2,175,270


Brazil — 5.8%
Bradespar SA		47,665		227,152
Cia. Brasileira de Aluminio		201,550		401,141
Cia. Siderurgica Nacional SA		912,050		2,904,024
Vale SA		5,254,996		85,638,533

				89,170,850

Canada — 4.9%
Algoma Steel Group Inc.		121,179		973,340
Altius Minerals Corp.		54,463		864,144
Capstone Mining Corp.^(b)		474,150		2,109,264
ERO Copper Corp.^(a)(b)		105,850		1,660,088
Filo Mining Corp.^(a)(b)		117,450		1,850,623


Security	Shares		Value

Canada (continued)
First Quantum Minerals Ltd.		808,485	$	17,662,835
Global Atomic Corp.^(a)(b)		209,764		470,413
Hudbay Minerals Inc.		304,183		1,509,211
Ivanhoe Mines Ltd., Class A^(b)		836,760		6,990,886
Labrador Iron Ore Royalty Corp.		79,772		2,123,940
Largo Inc.^(b)		54,375		347,888
Lithium Americas Corp.^(a)(b)		147,966		3,493,928
Lundin Mining Corp.		913,599		5,684,467
Major Drilling Group International Inc.^(b)		102,950		805,794
Solaris Resources Inc.^(b)		71,050		297,842
Stelco Holdings Inc.		48,866		1,998,331
Taseko Mines Ltd.^(b)		406,777		694,606
Teck Resources Ltd., Class B.		627,768		25,060,112

				74,597,712

Chile — 0.0%
CAP SA		92,075		765,445


China — 2.2%
Aluminum Corp. of China Ltd., Class A		1,160,065		923,038
Aluminum Corp. of China Ltd., Class H.		5,214,000		2,662,439
Anhui Honglu Steel Construction Group Co. Ltd., Class A		76,950		390,706
Baoshan Iron & Steel Co. Ltd., Class A.		1,812,593		1,715,902
Chengtun Mining Group Co. Ltd., Class A		290,000		260,400
China Hongqiao Group Ltd.		3,262,500		3,489,578
China Metal Recycling Holdings Ltd.^(c)		132,000		—
China Minmetals Rare Earth Co. Ltd., Class A^(b)		72,500		419,961
China Nonferrous Mining Corp. Ltd.		1,450,000		730,466
China Northern Rare Earth Group High-Tech Co. Ltd., Class A		290,070		1,212,454
China Oriental Group Co. Ltd.		2,630,000		533,573
China Zhongwang Holdings Ltd.^(b)(c)		1,552,000		150,682
CMOC Group Ltd., Class A		1,595,000		1,356,196
CMOC Group Ltd., Class H.		4,680,000		2,635,297
GEM Co. Ltd., Class A		427,217		484,414
Guangdong HEC Technology Holding Co. Ltd., Class A		218,400		296,341
Henan Shenhuo Coal & Power Co. Ltd.		217,500		584,369
Hesteel Co. Ltd., Class A		860,000		311,769
Huaibei Mining Holdings Co. Ltd.		217,500		454,709
Hunan Valin Steel Co. Ltd., Class A		580,000		468,297
Inner Mongolia BaoTou Steel Union Co. Ltd., Class A		3,770,021		1,112,945
Inner Mongolia ERDOS Resources Co. Ltd.		101,060		243,432
Jiangxi Copper Co. Ltd., Class A.		147,125		415,517
Jiangxi Copper Co. Ltd., Class H		1,580,000		2,491,774
Jinchuan Group International Resources Co. Ltd.		4,350,000		338,350
MMG Ltd.^(a)(b)		3,934,000		1,109,589
Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A^(b)		725,000		582,313
Shandong Nanshan Aluminum Co. Ltd., Class A.		1,003,430		521,222
Shanxi Meijin Energy Co. Ltd., Class A.		365,128		493,585
Shanxi Taigang Stainless Steel Co. Ltd., Class A		507,500		348,951
Shenghe Resources Holding Co. Ltd., Class A		145,000		334,234
Shougang Fushan Resources Group Ltd.		2,900,000		931,586
Sinomine Resource Group Co. Ltd., Class A		37,900		408,252
Tiangong International Co. Ltd.		1,450,000		534,404
Tianshan Aluminum Group Co. Ltd., Class A		349,000		416,030
Tibet Summit Resources Co. Ltd., Class-A^(b)		72,500		272,810
Tongling Nonferrous Metals Group Co. Ltd., Class A		936,800		454,934
Western Mining Co. Ltd., Class A		217,500		359,455
Western Superconducting Technologies Co. Ltd., Class A		35,850		467,412


22		2 0 2 3 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)

February 28, 2023

iShares^® MSCI Global Metals & Mining Producers ETF

(Percentages shown are based on Net Assets)


Security		Shares