iSHARES TRUST


		SEPTEMBER 30, 2023

2023 Semi-Annual Report

(Unaudited)

iShares Trust

iShares Asia 50 ETF | AIA | NASDAQ

iShares Blockchain and Tech ETF | IBLC | NYSE Arca

iShares Emerging Markets Infrastructure ETF | EMIF | NASDAQ

iShares Europe ETF | IEV | NYSE Arca

iShares Future Metaverse Tech and Communications ETF | IVRS | NYSE Arca

iShares India 50 ETF | INDY | NASDAQ

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 combination of continued economic growth and moderating inflation provided a supportive backdrop for investors during the 12-month reporting period ended September 30, 2023. Significantly tighter monetary policy helped to rein in inflation while the economy proved more resilient than many investors anticipated. A moderating labor market also helped ease inflationary pressure, although wages continued to grow and unemployment rates touched the lowest levels in decades. This robust labor market powered further growth in consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were substantial, as the durability of consumer sentiment and spending mitigated investors’ concerns about the economy’s trajectory. The U.S. economy resumed growth in the third quarter of 2022 and continued to expand thereafter. All major classes of equities rose, although large-capitalization U.S. stocks posted significantly higher returns than small-capitalization U.S. stocks due primarily to the performance of large technology companies. International developed market equities also advanced strongly, and emerging market equities posted solid gains.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates six times during the 12-month period. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. However, the Fed declined to raise interest rates at two of its meetings late in the period.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for two pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt.

While we favor an overweight position in developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on Japanese stocks in the near term as shareholder-friendly policies generate increased investor interest. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, euro area government bonds and gilts, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

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 September 30, 2023

	6-Month		12-Month

U.S. large cap equities (S&P 500^® Index)		5.18%		21.62%

U.S. small cap equities (Russell 2000^® Index)		(0.19)		8.93

International equities (MSCI Europe, Australasia, Far East Index)		(1.28)		25.65

Emerging market equities (MSCI Emerging Markets Index)		(2.05)		11.70

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.50		4.47

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(6.98)		(2.90)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(4.05)		0.64

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(4.05)		2.66

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		2.22		10.28

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		14
Disclosure of Expenses		14
Schedules of Investments		15
Financial Statements
Statements of Assets and Liabilities		57
Statements of Operations		60
Statements of Changes in Net Assets		63
Financial Highlights		68
Notes to Financial Statements		78
Board Review and Approval of Investment Advisory Contract		90
Supplemental Information		102
General Information		103
Glossary of Terms Used in this Report		104


Fund Summary as of September 30, 2023		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&PAsia 50TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns							Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years	1 Year			5 Years			10 Years

Fund NAV		(9.20	)%		13.63	%		(0.36	)%	3.88%		13.63	%		(1.79	)%	46.26%
Fund Market		(9.62	)		13.88			(0.36	)	3.88		13.88			(1.79	)	46.35
Index		(8.80	)		14.05			0.27		4.48		14.05			1.33		54.98

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

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(04/01/23)

(09/30/23)

the Period

^(a)

(04/01/23)

(09/30/23)

the Period

^(a)

Ratio

$ 1,000.00

$ 908.00

$ 2.39

$ 1,000.00

$ 1,022.50

$ 2.53

0.50

^(a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (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

SECTOR ALLOCATION



Sector		Percent of Total Investments^(a)

Information Technology		38.7%
Financials		21.3
Consumer Discretionary		16.3
Communication Services		16.2
Materials		3.1
Industrials		1.8
Health Care		1.4
Real Estate		1.2

^(a)

Excludes money market funds.

GEOGRAPHIC ALLOCATION



Country/Geographic Region	Percent of Total Investments^(a)

China		38.5	%
Taiwan		25.6
South Korea		22.6
Hong Kong		8.4
Singapore		4.9


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 September 30, 2023		iShares^® Blockchain and Tech ETF

Investment Objective

The iShares Blockchain and Tech ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. and non-U.S. companies that are involved in the development, innovation, and utilization of blockchain and crypto technologies; as represented by the NYSE FactSet Global Blockchain Technologies 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			Since Inception	1 Year			Since Inception

Fund NAV		(0.45	)%		12.58	%	(26.72)%		12.58	%	(36.00)%
Fund Market		(0.41	)		12.84		(26.55)		12.84		(35.79)
Index		(0.88	)		10.83		(27.41)		10.83		(36.76)

The inception date of the Fund was April 25, 2022. The first day of secondary market trading was April 27, 2022.

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(04/01/23)

(09/30/23)

the Period

^(a)

(04/01/23)

(09/30/23)

the Period

^(a)

Ratio

$ 1,000.00

$ 995.50

$ 2.34

$ 1,000.00

$ 1,022.70

$ 2.38

0.47

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector		Percent of Total Investments^(a)

Information Technology		73.5%
Financials		24.7
Other (each representing less than 1%)		1.8

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments^(a)

Coinbase Global Inc., Class A		13.3	%
Riot Blockchain Inc.		11.7
Marathon Digital Holdings Inc.		9.8
Cleanspark Inc.		7.4
Applied Blockchain Inc.		5.6
International Business Machines Corp.		4.4
Advanced Micro Devices Inc.		4.3
Hut 8 Mining Corp.		4.3
PayPal Holdings Inc.		4.2
Nvidia Corp.		4.1


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


Fund Summary as of September 30, 2023		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-Month Total Returns			1Year			5 Years			10 Years	1 Year			5 Years			10 Years

Fund NAV		(2.89	)%		12.37	%		(3.57	)%	(1.96)%		12.37	%		(16.62	)%	(17.97)%
Fund Market		(2.41	)		11.60			(3.56	)	(2.04)		11.60			(16.56	)	(18.60)
Index		(2.57	)		12.71			(2.95	)	(1.49)		12.71			(13.91	)	(13.93)

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(04/01/23)

(09/30/23)

the Period

^(a)

(04/01/23)

(09/30/23)

the Period

^(a)

Ratio

$ 1,000.00

$ 971.10

$ 2.96

$ 1,000.00

$ 1,022.00

$ 3.03

0.60

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)
Utilities	40.3	%
Industrials	39.3
Energy	20.4

^(a)

Excludes money market funds.

GEOGRAPHIC ALLOCATION



Country/Geographic Region	Percent of Total Investments	^(a)

China	35.1	%
Brazil	25.7
Mexico	17.6
Thailand	10.1
Qatar	4.9
United Arab Emirates	3.4
South Korea	3.2
Russia	0.0


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 September 30, 2023		iShares^® Europe ETF

Investment Objective

The iShares Europe ETF (the “Fund”) seeks to track the investment results of an index composed of European equities, as represented by the S&P Europe 350TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns							Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years	1 Year			5 Years			10 Years

Fund NAV		(2.56	)%		29.81	%		3.96	%	3.70%		29.81	%		21.43	%	43.84%
Fund Market		(2.43	)		29.80			4.02		3.67		29.80			21.76		43.43
Index		(2.09	)		29.26			4.22		4.00		29.26			22.93		47.99

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(04/01/23)

(09/30/23)

the Period

^(a)

(04/01/23)

(09/30/23)

the Period

^(a)

Ratio

$ 1,000.00

$ 974.40

$ 2.96

$ 1,000.00

$ 1,022.00

$ 3.03

0.60

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Financials	18.2	%
Health Care	16.1
Industrials	14.8
Consumer Staples	12.2
Consumer Discretionary	10.6
Materials	7.0
Energy	6.6
Information Technology	6.6
Utilities	4.0
Communication Services	3.2
Real Estate	0.7

^(a)

Excludes money market funds.

GEOGRAPHIC ALLOCATION



Country/Geographic Region	Percent of Total Investments	^(a)
United Kingdom	24.1	%
France	18.0
Switzerland	15.6
Germany	12.4
Netherlands	6.5
Denmark	5.0
Sweden	4.6
Spain	3.9
Italy	3.8
Belgium	1.5
Finland	1.4
Ireland	1.3
Norway	1.0
Other (each representing less than 1%)	0.9


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


Fund Summary as of September 30, 2023		iShares^® Future Metaverse Tech and Communications ETF

Investment Objective

The iShares Future MetaverseTech andCommunications ETF(the “Fund”) seeks to track the investment results of an index composed of U.S. and non-U.S. companies that provide products and services that are expected to contribute to the metaverse in areas including virtual platforms, social media, gaming, 3D software, digital assets, and virtual and augmented reality, as represented by the Morningstar Global Metaverse & Virtual Interaction Select 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-Month Total Returns			Since Inception

Fund NAV		4.38	%	9.41%
Fund Market		4.56		9.39
Index		4.88		9.89

The inception date of the Fund was February 14, 2023. The first day of secondary market trading was February 16, 2023.

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(04/01/23)

(09/30/23)

the Period

^(a)

(04/01/23)

(09/30/23)

the Period

^(a)

Ratio

$ 1,000.00

$ 1,043.80

$ 2.40

$ 1,000.00

$ 1,022.70

$ 2.38

0.47

^(a)

Portfolio Information

SECTOR ALLOCATION



Industry	Percent of Total Investments	^(a)
Entertainment	30.1	%
Software	29.9
Semiconductors & Semiconductor Equipment	14.5
Interactive Media & Services	12.8
Technology Hardware, Storage & Peripherals	6.9
Household Durables	5.4
Other (each representing less than 1%)	0.4

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)
Apple Inc.	5.9	%
Meta Platforms Inc., Class A	5.0
Nvidia Corp	4.8
Activision Blizzard Inc.	4.7
NetEase Inc.	4.6
Electronic Arts Inc.	4.6
Take-Two Interactive Software Inc.	4.6
ROBLOX Corp., Class A	4.6
Nintendo Co.. Ltd.	4.5
PTC Inc.	4.4


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


Fund Summary as of September 30, 2023		iShares^® India 50 ETF

Investment Objective

The iShares India 50 ETF(the “Fund”) seeks to track the investment results of an index composed of 50 of the largest Indian equities, as represented by the Nifty 50 Index (the “Index”) and determined by the Index provider, NSE Indices Ltd.. 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		9.65	%^(a)		10.86	%		8.27	%	9.50%		10.86	%		48.76	%	147.93%
Fund Market		10.11			11.13			8.26		9.50		11.13			48.70		147.90
Index		12.84			13.70			10.72		11.32		13.70			66.38		192.13

^(a)

The NAV total return presented in the table for the six-months period differs from the same period return disclosed in the financial highlights. The total return in the financial highlights is calculated in the same manner but differs due to certain adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

Expense Example

Actual

Hypothetical 5% Return

Beginning

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(04/01/23)

(09/30/23)

the Period

^(a)

(04/01/23)

(09/30/23)

the Period

^(a)

Ratio

$ 1,000.00

$ 1,096.50

$ 4.66

$ 1,000.00

$ 1,020.60

$ 4.50

0.89

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Financials	36.0	%
Information Technology	13.8
Energy	11.2
Consumer Staples	9.3
Consumer Discretionary	7.8
Materials	6.8
Industrials	5.9
Health Care	4.1
Communication Services	2.7
Utilities	2.4

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

HDFC Bank Ltd.	13.3	%
Reliance Industries Ltd.	9.2
ICICI Bank Ltd.	7.7
Infosys Ltd.	5.9
ITC Ltd.	4.6
Larsen & Toubro Ltd.	4.2
Tata Consultancy Services Ltd.	4.2
Axis Bank Ltd.	3.3
Kotak Mahindra Bank Ltd.	3.0
Bharti Airtel Ltd.	2.7


F U N D S U M M A R Y		9


Fund Summary as of September 30, 2023		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 notholdall 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		(4.98	)%		2.78	%		(3.71	)%	0.05%		2.78	%		(17.24	)%	0.53%
Fund Market		(5.08	)		2.83			(3.71	)	0.00		2.83			(17.24	)	0.03
Index		(4.38	)		2.90			(3.59	)	0.14		2.90			(16.69	)	1.36

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

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(04/01/23)

(09/30/23)

the Period

^(a)

(04/01/23)

(09/30/23)

the Period

^(a)

Ratio

$ 1,000.00

$ 950.20

$ 2.34

$ 1,000.00

$ 1,022.60

$ 2.43

0.48

^(a)

Portfolio Information

INDUSTRY ALLOCATION



Industry	Percent of Total Investments	^(a)

Real Estate Operating Companies	20.2	%
Diversified Real Estate Activities	19.5
Industrial REITs	14.3
Retail REITs	13.4
Diversified REITs	11.6
Office REITs	8.4
Multi-Family Residential REITs	4.0
Real Estate Development	3.5
Health Care REITs	1.8
Hotel & Resort REITs	1.5
Self Storage REITs	1.0
Other (each representing less than 1%)	0.8

^(a)

Excludes money market funds.

GEOGRAPHIC ALLOCATION



Country/Geographic Region	Percent of Total Investments	^(a)

Japan	31.6	%
Australia	12.9
Hong Kong	10.8
United Kingdom	9.3
Singapore	8.5
Germany	5.0
Sweden	3.9
Canada	3.5
France	3.3
Switzerland	2.8
Belgium	2.4
Israel	2.3
Other (each representing less than 1%)	3.7


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


Fund Summary as of September 30, 2023		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 Developedex USex Korea SmallCap 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


				Average Annual Total Returns						Cumulative Total Returns

	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception

Fund NAV		(1.06	)%		23.01	%		(1.48	)%		23.01	%	(3.70)%
Fund Market		(1.18	)		23.17			(1.35	)		23.17		(3.37)
Index		(0.43	)		23.23			(1.15	)		23.23		(2.88)

The inception date of the Fund was March 23, 2021. The first day of secondary market trading was March 25, 2021.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would payon 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

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(04/01/23)

(09/30/23)

the Period

^(a)

(04/01/23)

(09/30/23)

the Period

^(a)

Ratio

$ 1,000.00

$ 989.40

$ 1.54

$ 1,000.00

$ 1,023.50

$ 1.57

0.31

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector		Percent of Total Investments^(a)
Industrials		23.9%
Financials		15.6
Materials		13.4
Real Estate		11.6
Consumer Discretionary		9.9
Consumer Staples		6.4
Energy		4.9
Information Technology		4.6
Utilities		3.6
Health Care		3.5
Communication Services		2.6

^(a)

Excludes money market funds.

GEOGRAPHIC ALLOCATION



Country/Geographic Region		Percent of Total Investments^(a)
Japan		25.2%
Canada		16.1
United Kingdom		14.6
Switzerland		7.7
Australia		6.4
Sweden		4.3
Denmark		3.4
Spain		3.2
Germany		2.9
France		2.7
Austria		2.2
Belgium		2.0
Finland		2.0
Italy		2.0
Netherlands		1.3
Singapore		1.0
Other (each representing less than 1%)		3.0


F U N D S U M M A R Y		11


Fund Summary as of September 30, 2023		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 are presentative 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			Since Inception	1 Year			5 Years			Since Inception

Fund NAV		0.06	%		20.78	%		3.94	%	5.60%		20.78	%		21.33	%	49.44%
Fund Market		(0.37	)		20.33			3.87		5.56		20.33			20.93		49.08
Index		0.49			20.51			3.98		5.61		20.51			21.54		49.50

The inception date of the Fund was May 17, 2016. The first day of secondary market trading was May 19, 2016.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would payon 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

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(04/01/23)

(09/30/23)

the Period

^(a)

(04/01/23)

(09/30/23)

the Period

^(a)

Ratio

$ 1,000.00

$ 1,000.60

$ 0.75

$ 1,000.00

$ 1,024.30

$ 0.76

0.15

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)
Financials	27.7	%
Health Care	16.1
Consumer Staples	12.7
Industrials	12.5
Utilities	8.9
Information Technology	6.7
Materials	5.5
Energy	3.1
Consumer Discretionary	2.6
Communication Services	2.6
Real Estate	1.6

^(a)

Excludes money market funds.

GEOGRAPHIC ALLOCATION



Country/Geographic Region	Percent of Total Investments	^(a)
Canada	20.2	%
Japan	18.9
Switzerland	12.3
United Kingdom	11.7
China	6.2
Germany	5.4
France	4.6
Denmark	3.8
Spain	2.7
Hong Kong	2.5
India	2.4
Australia	2.1
Netherlands	1.2
Other (each representing less than 1%)	6.0


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


Fund Summary as of September 30, 2023		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-Month Total Returns			1 Year			5 Years			10 Years	1 Year			5 Years			10 Years

Fund NAV		8.94	%		18.55	%		1.57	%	0.02%		18.55	%		8.11	%	0.16%
Fund Market		9.03			18.63			1.60		0.01		18.63			8.26		0.08
Index		9.33			19.27			1.92		0.42		19.27			9.96		4.27

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would payon 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

Ending

Expenses

Beginning

Ending

Expenses

Annualized

Account Value

Paid During

Account Value

Paid During

Expense

(04/01/23)

(09/30/23)

the Period

^(a)

(04/01/23)

(09/30/23)

the Period

^(a)

Ratio

$ 1,000.00

$ 1,089.40

$ 2.51

$ 1,000.00

$ 1,022.60

$ 2.43

0.48

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)
Financials	31.6	%
Materials	20.3
Energy	15.1
Consumer Staples	14.4
Industrials	7.4
Communication Services	4.9
Utilities	2.7
Consumer Discretionary	1.3
Health Care	1.2
Real Estate	1.1

^(a)

Excludes money market funds.

GEOGRAPHIC ALLOCATION



Country/Geographic Region	Percent of Total Investments	^(a)
Brazil	61.9	%
Mexico	26.6
Chile	6.2
Peru	3.5
Colombia	1.8


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

About Fund Performance

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

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

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.


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)

September 30, 2023

iShares^® Asia 50 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

China — 38.4%
Alibaba Group Holding Ltd.^(a)		10,050,000	$	108,963,929
ANTA Sports Products Ltd.		773,800		8,658,308
Baidu Inc.^(a)		1,472,200		24,778,112
Bank of China Ltd., Class H		54,392,000		18,948,971
BYD Co. Ltd., Class H		607,000		18,701,802
China Construction Bank Corp., Class H		64,003,960		35,979,936
China Merchants Bank Co. Ltd., Class H		2,150,000		8,925,946
Industrial & Commercial Bank of China Ltd., Class H		46,163,115		22,141,713
JD.com Inc., Class A		1,598,900		23,262,124
Kuaishou Technology^(a)(b)		1,625,000		12,928,026
Li Auto Inc.^(a)		739,100		13,189,709
Li Ning Co. Ltd.		1,526,000		6,372,089
Meituan, Class B^(a)(b)		2,823,680		40,876,128
NetEase Inc.		1,213,600		24,334,184
Ping An Insurance Group Co. of China Ltd., Class H		4,058,500		23,018,372
Tencent Holdings Ltd.^(c)		4,036,600		156,474,487
Wuxi Biologics Cayman Inc.^(a)(b)		2,322,000		13,495,133
Xiaomi Corp., Class B^(a)(b)		9,981,400		15,636,930

				576,685,899

Hong Kong — 8.4%
AIA Group Ltd.		7,490,400		60,575,929
CK Hutchison Holdings Ltd.		1,743,648		9,257,178
Hong Kong Exchanges & Clearing Ltd.		773,500		28,706,720
Link REIT		1,666,460		8,148,208
Sun Hung Kai Properties Ltd.^(c)		980,000		10,456,557
Techtronic Industries Co. Ltd.		859,500		8,297,257

				125,441,849

Singapore — 4.9%
DBS Group Holdings Ltd.		1,195,100		29,351,221
Oversea-Chinese Banking Corp. Ltd.		2,525,674		23,620,227
United Overseas Bank Ltd.		998,000		20,786,444

				73,757,892

South Korea — 20.9%
Celltrion Inc.^(c)		75,230		7,762,756
Hyundai Motor Co.		89,435		12,646,462
KB Financial Group Inc.		242,612		9,895,388
Kia Corp.		164,752		9,916,468
LG Chem Ltd.		30,764		11,263,814
LG Energy Solution^(a)(c)		25,875		9,125,036
NAVER Corp.		97,801		14,622,684
POSCO Holdings Inc.		48,408		19,071,241
Samsung Electronics Co. Ltd.		3,336,319		168,664,633
Samsung SDI Co. Ltd.		33,994		12,846,756
Shinhan Financial Group Co. Ltd.		320,302		8,429,763
SK Hynix Inc.		349,733		29,610,021

				313,855,022

Taiwan — 25.5%
Cathay Financial Holding Co. Ltd.		6,297,235		8,695,141
Chunghwa Telecom Co. Ltd.		2,454,551		8,822,574
CTBC Financial Holding Co. Ltd.		12,738,359		9,678,278


Security	Shares		Value

Taiwan (continued)
Delta Electronics Inc.		1,250,000	$	12,589,900
Formosa Plastics Corp.		3,105,071		7,675,955
Fubon Financial Holding Co. Ltd.		5,502,780		10,360,236
Hon Hai Precision Industry Co. Ltd.		7,826,052		25,225,203
MediaTek Inc.		1,040,112		23,779,934
Nan Ya Plastics Corp.		3,662,510		7,555,849
Taiwan Semiconductor Manufacturing Co. Ltd.		15,840,343		258,296,322
United Microelectronics Corp.		7,563,000		10,619,710

				383,299,102


Total Common Stocks — 98.1% (Cost: $1,631,093,772)				1,473,039,764


Preferred Stocks

South Korea — 1.6%
Hyundai Motor Co., Series 2, Preference Shares, NVS		23,473		1,840,038
LG Chem Ltd., Preference Shares, NVS		5,001		1,150,587
Samsung Electronics Co. Ltd., Preference Shares, NVS		535,249		21,563,288

				24,553,913


Total Preferred Stocks — 1.6% (Cost: $23,671,006)				24,553,913


Total Long-Term Investments — 99.7% (Cost: $1,654,764,778)				1,497,593,677


Short-Term Securities

Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(d)(e)(f)		5,373,301		5,374,913
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%^(d)(e)		1,310,000		1,310,000


Total Short-Term Securities — 0.4% (Cost: $6,684,376)				6,684,913


Total Investments — 100.1% (Cost: $1,661,449,154)				1,504,278,590

Liabilities in Excess of Other Assets — (0.1)%				(1,797,775	)


Net Assets — 100.0%			$	1,502,480,815

^(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		15

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Asia 50 ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	5,372,175	^(a)	$	—	$	2,201	$	537	$	5,374,913		5,373,301	$	16,549	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		700,000		610,000	^(a)		—		—		—		1,310,000		1,310,000		30,705			—

								$	2,201	$	537	$	6,684,913			$	47,254		$	—

^(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		27		10/30/23	$	1,543	$	24,304
MSCI China Index		85		12/15/23		1,885		(46,442	)
MSCI Emerging Markets Index		23		12/15/23		1,099		(31,595	)

							$	(53,733	)

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)	$	—	$	—	$	24,304	$	—	$	—	$	—	$	24,304

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	78,037	$	—	$	—	$	—	$	78,037

^(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 September 30, 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	$	—	$	—	$	35,085		$	—	$	—	$	—	$	35,085

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(230,299	)	$	—	$	—	$	—	$	(230,299	)


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)

September 30, 2023

iShares^® Asia 50 ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	6,930,169

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	$	—		$	1,473,039,764		$	—	$	1,473,039,764
Preferred Stocks		—			24,553,913			—		24,553,913
Short-Term Securities
Money Market Funds		6,684,913			—			—		6,684,913

	$	6,684,913		$	1,497,593,677		$	—	$	1,504,278,590

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—		$	24,304		$	—	$	24,304
Liabilities
Equity Contracts		(31,595	)		(46,442	)		—		(78,037	)

	$	(31,595	)	$	(22,138	)	$	—		(53,733	)

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

September 30, 2023

iShares^® Blockchain and Tech ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Broadline Retail — 0.6%
GoTo Gojek Tokopedia Tbk PT^(a)		7,343,200	$	40,176


Capital Markets — 17.3%
Allfunds Group PLC		3,848		21,192
Bakkt Holdings Inc.^(a)(b)		71,846		84,060
Coinbase Global Inc., Class A^(a)(b)		12,777		959,297
Galaxy Digital Holdings Ltd.^(a)		25,820		94,859
Robinhood Markets Inc., Class A^(a)		4,400		43,164
SBI Holdings Inc.		2,200		46,301
Voyager Digital Ltd.^(a)(c)		57,043		—

				1,248,873

Financial Services — 7.3%
Block Inc.^(a)		5,034		222,805
PayPal Holdings Inc.^(a)		5,225		305,453

				528,258

Hotels, Restaurants & Leisure — 0.1%
Everi Holdings Inc.^(a)		795		10,510


Interactive Media & Services — 1.0%
Z Holdings Corp.		25,000		69,353


IT Services — 5.9%
DXC Technology Co.^(a)(b)		1,888		39,327
International Business Machines Corp.		2,245		314,974
NTT Data Corp.		5,400		72,259

				426,560

Professional Services — 0.2%
SOS Ltd., ADR, ADR^(a)		2,783		12,190


Semiconductors & Semiconductor Equipment — 9.1%
Advanced Micro Devices Inc.^(a)		3,035		312,059
Ambarella Inc.^(a)		346		18,348
Amlogic Shanghai Co. Ltd.^(a)		2,356		20,380
Goke Microelectronics Co. Ltd.		1,200		11,963
Nvidia Corp.		686		298,403

				661,153

Software — 54.4%
Applied Blockchain Inc., NVS^(a)		64,651		403,422
Bit Digital Inc.^(a)(b)		83,344		178,356
Bitdeer Technologies Group, NVS		3,450		33,258
Bitfarms Ltd./Canada^(a)(b)		224,076		239,761


Security	Shares		Value

Software (continued)
Cipher Mining Inc.^(a)(b)		40,900	$	95,297
Cleanspark Inc.^(a)(b)		140,441		535,080
Hive Digital Technologies Ltd., NVS^(b)		77,926		240,012
Hut 8 Mining Corp.^(a)(b)		157,187		306,515
Iris Energy Ltd.^(a)(b)		39,015		144,746
Marathon Digital Holdings Inc.^(a)(b)		83,042		705,857
Northern Data AG^(a)		2,700		65,811
Riot Blockchain Inc.^(a)		90,263		842,154
Terawulf Inc.^(a)		114,429		144,181

				3,934,450

Technology Hardware, Storage & Peripherals — 3.8%
Canaan Inc., ADR^(a)(b)		140,623		255,934
GRG Banking Equipment Co. Ltd., Class A		9,700		16,147

				272,081


Total Long-Term Investments — 99.7% (Cost: $6,873,114)				7,203,604


Short-Term Securities

Money Market Funds — 32.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(d)(e)(f)		2,328,565		2,329,263
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%^(d)(e)		10,000		10,000


Total Short-Term Securities — 32.4% (Cost: $2,338,939)				2,339,263


Total Investments — 132.1% (Cost: $9,212,053)				9,542,867

Liabilities in Excess of Other Assets — (32.1)%				(2,316,401	)


Net Assets — 100.0%			$	7,226,466

^(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.


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) (continued)

September 30, 2023

iShares^® Blockchain and Tech ETF

Affiliates



Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,274,838		$ 54,437	^(a)	$	—	$	(205	)	$	193	$	2,329,263		2,328,565	$	51,058	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		10,000	^(a)		—		—			—		10,000		10,000		150			—

								$	(205	)	$	193	$	2,339,263			$	51,208		$	—

^(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
Micro E-Mini Russell 2000 Index		1		12/15/23	$	9	$	(393	)

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)	$	—	$	—	$	393	$	—	$	—	$	—	$	393

^(a)

For the period ended September 30, 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	$	—	$	—	$	1,134		$	—	$	—	$	—	$	1,134

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(1,143	)	$	—	$	—	$	—	$	(1,143	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	4,497

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		19

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Blockchain and Tech ETF

Fair Value Hierarchy as of Period End

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	$	6,840,022		$	363,582	$	—	$	7,203,604
Short-Term Securities
Money Market Funds		2,339,263			—		—		2,339,263

	$	9,179,285		$	363,582	$	—	$	9,542,867

Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(393	)	$	—	$	—	$	(393	)

^(a)

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

See 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)

September 30, 2023

iShares^® Emerging Markets Infrastructure ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Brazil — 22.1%
CCR SA		256,200	$	656,995
Centrais Eletricas Brasileiras SA, ADR		204,277		1,493,265
Cia. de Saneamento Basico do Estado de Sao Paulo, ADR		67,440		817,373
Cia. Paranaense de Energia, ADR		73,040		640,561
Ultrapar Participacoes SA, ADR		262,100		961,907

				4,570,101

China — 34.8%
Beijing Capital International Airport Co. Ltd., Class H^(a)		440,000		203,486
CGN Power Co. Ltd., Class H^(b)		2,100,000		543,649
China Gas Holdings Ltd.		580,000		546,717
China Longyuan Power Group Corp. Ltd., Class H		660,000		572,401
China Merchants Port Holdings Co. Ltd.		332,000		412,688
China Oilfield Services Ltd., Class H		656,000		785,066
China Resources Gas Group Ltd.		178,000		520,483
China Resources Power Holdings Co. Ltd.		352,000		669,738
China Suntien Green Energy Corp. Ltd., Class H^(c)		660,000		227,902
COSCO SHIPPING Energy Transportation Co. Ltd., Class H		470,000		511,621
COSCO SHIPPING Ports Ltd.^(c)		382,000		248,855
Guangdong Investment Ltd.		556,000		423,777
Jiangsu Expressway Co. Ltd., Class H		318,000		286,831
Kunlun Energy Co. Ltd.		788,000		678,117
Shenzhen Expressway Co. Ltd., Class H		160,000		130,518
Shenzhen International Holdings Ltd.		347,499		213,844
Zhejiang Expressway Co. Ltd., Class H		304,000		226,205

				7,201,898

Mexico — 17.4%
Grupo Aeroportuario del Centro Norte SAB de CV, ADR		8,920		775,237
Grupo Aeroportuario del Pacifico SAB de CV, ADR		10,140		1,666,712
Grupo Aeroportuario del Sureste SAB de CV, ADR		4,740		1,164,665

				3,606,614

Qatar — 4.8%
Qatar Gas Transport Co. Ltd.		981,600		1,001,909


South Korea — 3.1%
Korea Electric Power Corp., ADR^(a)(c)		101,360		652,758


Thailand — 10.1%
Airports of Thailand PCL, NVDR^(a)		1,090,000		2,085,403


United Arab Emirates — 3.4%
ADNOC Drilling Co. PJSC		636,380		696,491


Total Common Stocks — 95.7% (Cost: $18,472,052)				19,815,174


Security	Shares		Value

Preferred Stocks

Brazil — 3.4%
Cia. Energetica de Minas Gerais, Preference Shares, ADR		289,220	$	699,913


Russia — 0.0%
Transneft PJSC, Preference Shares, NVS^(a)(d)		640		—


Total Preferred Stocks — 3.4% (Cost: $1,989,239)				699,913


Total Long-Term Investments — 99.1% (Cost: $20,461,291)				20,515,087


Short-Term Securities

Money Market Funds — 3.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(e)(f)(g)		695,875		696,084
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%^(e)(f)		10,000		10,000


Total Short-Term Securities — 3.4% (Cost: $705,878)				706,084


Total Investments — 102.5% (Cost: $21,167,169)				21,221,171

Liabilities in Excess of Other Assets — (2.5)%				(521,495	)


Net Assets — 100.0%			$	20,699,676

^(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)	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.


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, 2023

iShares^® Emerging Markets Infrastructure ETF

Affiliates



Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	951,005	$	—	$	(254,800	)^(a)	$	(298	)	$	177	$	696,084		695,875	$	2,241	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		40,000		—		(30,000	)^(a)		—			—		10,000		10,000		3,824			—

								$	(298	)	$	177	$	706,084			$	6,065		$	—

^(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
MSCI Emerging Markets Index		3		12/15/23	$	143	$	(1	)

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)	$	—	$	—	$	1	$	—	$	—	$	—	$	1

^(a)

For the period ended September 30, 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	$	—	$	—	$	13,238		$	—	$	—	$	—	$	3,238

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(1,986	)	$	—	$	—	$	—	$	(1,986	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	246,295

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


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)

September 30, 2023

iShares^® Emerging Markets Infrastructure 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 inputl evels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.




	Level 1			Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	9,525,964		$	10,289,210	$	—	$	19,815,174
Preferred Stocks		699,913			—		—		699,913
Short-Term Securities
Money Market Funds		706,084			—		—		706,084

	$	10,931,961		$	10,289,210	$	—	$	21,221,171

Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(1	)	$	—	$	—	$	(1	)

^(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		23

Schedule of Investments (unaudited)

September 30, 2023

iShares^® Europe ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Austria — 0.3%
Erste Group Bank AG		61,110	$	2,110,548
OMV AG		24,792		1,184,179
Verbund AG		14,289		1,162,433


				4,457,160

Belgium — 1.5%
Ageas SA/NV		29,227		1,203,755
Anheuser-Busch InBev SA/NV		178,553		9,898,290
Argenx SE^(a)		10,028		4,901,959
Groupe Bruxelles Lambert NV		17,184		1,278,665
KBC Group NV		56,901		3,542,463
Solvay SA		12,415		1,371,972
UCB SA		21,288		1,743,684
Umicore SA		34,159		808,768


				24,749,556

Denmark — 5.0%
AP Moller - Maersk A/S, Class A		450		796,364
AP Moller - Maersk A/S, Class B, NVS		805		1,448,110
Carlsberg A/S, Class B		16,512		2,081,915
Chr Hansen Holding A/S		17,083		1,045,018
Coloplast A/S, Class B		19,587		2,072,638
Danske Bank A/S		115,039		2,669,593
DSV A/S		30,683		5,717,492
Genmab A/S^(a)		11,286		3,995,815
GN Store Nord A/S^(a)		25,785		463,593
Novo Nordisk A/S		553,859		50,429,516
Novozymes A/S, Class B		36,059		1,450,829
Orsted A/S^(b)		32,575		1,772,183
Pandora A/S		14,332		1,478,937
Tryg A/S		59,555		1,089,820
Vestas Wind Systems A/S^(a)		172,543		3,691,365


				80,203,188

Finland — 1.4%
Elisa OYJ		24,826		1,151,260
Fortum OYJ		76,627		888,648
Kesko OYJ, Class B		47,048		842,923
Kone OYJ, Class B		69,094		2,911,624
Metso OYJ		121,724		1,276,503
Neste OYJ		73,791		2,499,200
Nokia OYJ		904,583		3,401,297
Sampo OYJ, Class A		79,849		3,451,991
Stora Enso OYJ, Class R		102,387		1,283,254
UPM-Kymmene OYJ		91,432		3,130,710
Wartsila OYJ Abp		84,723		960,244


				21,797,654

France — 18.0%
Accor SA		29,171		981,149
Air Liquide SA		89,722		15,112,011
Airbus SE		105,611		14,135,872
Alstom SA		53,230		1,265,128
ArcelorMittal SA		78,889		1,975,069
Arkema SA		10,958		1,078,712
AXA SA		297,408		8,823,757
BNP Paribas SA		186,074		11,831,752
Bouygues SA		32,594		1,139,636
Bureau Veritas SA		48,458		1,201,569
Capgemini SE		26,692		4,657,588
Carrefour SA		98,053		1,684,070


Security	Shares		Value

France (continued)
Cie. de Saint-Gobain		87,813	$	5,255,641
Cie. Generale des Etablissements Michelin SCA		122,012		3,734,416
Credit Agricole SA		191,790		2,358,020
Danone SA		107,697		5,940,323
Dassault Systemes SE		115,767		4,299,867
Edenred		41,158		2,574,681
Eiffage SA		13,043		1,238,010
Engie SA		309,625		4,748,458
EssilorLuxottica SA		48,953		8,515,159
Eurofins Scientific SE		21,902		1,234,335
Euronext NV^(b)		16,994		1,182,088
Gecina SA		9,223		940,359
Getlink SE		55,589		886,194
Hermes International		5,787		10,548,701
Kering SA		12,073		5,485,522
Legrand SA		44,757		4,112,554
L’Oreal SA		39,480		16,360,988
LVMH Moet Hennessy Louis Vuitton SE		44,722		33,757,526
Orange SA		311,341		3,571,164
Pernod Ricard SA		34,148		5,685,297
Publicis Groupe SA		39,486		2,988,799
Renault SA		34,337		1,404,949
Safran SA		59,131		9,266,370
Sanofi		191,659		20,579,433
Sartorius Stedim Biotech		4,047		962,795
Schneider Electric SE		92,242		15,200,750
Societe Generale SA		125,291		3,031,742
Sodexo SA		14,213		1,463,194
Teleperformance		9,871		1,239,367
Thales SA		16,205		2,277,501
TotalEnergies SE		398,008		26,168,755
Unibail-Rodamco-Westfield, New^(a)		18,483		908,910
Valeo		39,913		684,905
Veolia Environnement SA		104,170		3,011,153
Vinci SA		86,997		9,624,567
Vivendi SE		105,858		927,116
Worldline SA/France^(a)(b)		42,287		1,187,050


				287,242,972

Germany — 11.8%
adidas AG		28,369		4,976,166
Allianz SE, Registered		69,090		16,441,770
BASF SE		152,787		6,915,895
Bayer AG, Registered		168,294		8,082,216
Bayerische Motoren Werke AG		49,661		5,043,924
Beiersdorf AG		16,907		2,180,818
Brenntag SE		26,467		2,047,929
Commerzbank AG		180,400		2,047,421
Continental AG		18,467		1,297,530
Covestro AG^(a)(b)		32,837		1,765,807
Daimler Truck Holding AG		88,815		3,075,152
Delivery Hero SE^(a)(b)		34,612		988,293
Deutsche Bank AG, Registered		350,979		3,857,354
Deutsche Boerse AG		32,548		5,620,935
Deutsche Post AG, Registered		161,321		6,545,683
Deutsche Telekom AG, Registered		600,913		12,605,228
E.ON SE		383,596		4,536,410
Fresenius Medical Care AG & Co. KGaA		34,187		1,469,766
Fresenius SE & Co. KGaA		69,570		2,160,859
GEA Group AG		27,215		1,002,991
Hannover Rueck SE		10,423		2,287,002


24		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)

September 30, 2023

iShares^® Europe ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Germany (continued)
HeidelbergCement AG		23,888	$	1,850,134
HelloFresh SE^(a)		28,190		837,652
Henkel AG & Co. KGaA		16,759		1,056,683
Infineon Technologies AG		223,711		7,409,473
LEG Immobilien SE^(a)		13,093		900,369
Mercedes-Benz Group AG		137,451		9,566,140
Merck KGaA		22,094		3,683,232
MTU Aero Engines AG		9,337		1,691,019
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		23,378		9,104,621
Puma SE		16,750		1,035,692
Rheinmetall AG		7,462		1,919,610
RWE AG		115,956		4,304,262
SAP SE		174,673		22,610,028
Siemens AG, Registered		128,821		18,409,633
Siemens Healthineers AG^(b)		48,308		2,443,508
Symrise AG, Class A		22,860		2,176,245
Volkswagen AG		4,817		632,605
Vonovia SE		139,553		3,343,453
Zalando SE^(a)(b)		37,670		836,965


				188,760,473

Ireland — 1.3%
Bank of Ireland Group PLC		164,150		1,604,666
CRH PLC		125,434		6,915,696
Flutter Entertainment PLC, Class DI^(a)		30,253		4,935,182
Kerry Group PLC, Class A		26,039		2,175,674
Kingspan Group PLC		25,796		1,926,528
Ryanair Holdings PLC, ADR^(a)(c)		17,385		1,689,996
Smurfit Kappa Group PLC		43,979		1,460,972


				20,708,714

Italy — 3.8%
Assicurazioni Generali SpA		189,656		3,871,332
Banco BPM SpA		259,558		1,236,146
Enel SpA		1,323,620		8,117,420
Eni SpA		417,768		6,710,945
Ferrari NV		21,616		6,372,083
FinecoBank Banca Fineco SpA		101,274		1,222,911
Intesa Sanpaolo SpA		2,770,297		7,095,331
Mediobanca Banca di Credito Finanziario SpA		107,878		1,422,274
Moncler SpA		35,501		2,057,460
Nexi SpA^(a)(b)		146,733		894,055
Prysmian SpA		47,231		1,895,771
Snam SpA		343,843		1,613,404
Stellantis NV		378,997		7,257,196
Telecom Italia SpA/Milano^(a)		1,964,435		612,640
Tenaris SA		75,091		1,186,134
Terna - Rete Elettrica Nazionale		235,132		1,768,530
UniCredit SpA		309,203		7,367,188


				60,700,820

Netherlands — 6.4%
ABN AMRO Bank NV, CVA^(b)		72,553		1,025,359
Adyen NV^(a)(b)		5,298		3,928,116
Aegon NV		241,930		1,166,033
Akzo Nobel NV		29,094		2,097,632
ASM International NV		7,767		3,243,441
ASML Holding NV		69,171		40,724,426
BE Semiconductor Industries NV		13,901		1,359,607
EXOR NV, NVS		17,753		1,570,229
Ferrovial SE		85,327		2,607,336


Security	Shares		Value

Netherlands (continued)
Heineken Holding NV		18,000	$	1,356,502
Heineken NV		43,416		3,827,620
IMCD NV		9,614		1,215,543
ING Groep NV		620,041		8,172,182
Koninklijke Ahold Delhaize NV		166,703		5,024,376
Koninklijke KPN NV		574,039		1,891,266
Koninklijke Philips NV^(a)(c)		159,083		3,174,063
NN Group NV		49,202		1,577,326
Prosus NV^(a)		259,689		7,652,003
QIAGEN NV^(a)		40,058		1,616,323
Randstad NV		20,773		1,147,627
Universal Music Group NV		131,137		3,422,173
Wolters Kluwer NV		44,114		5,341,121


				103,140,304

Norway — 1.0%
Aker BP ASA		53,115		1,466,614
DNB Bank ASA		153,269		3,079,445
Equinor ASA		169,773		5,563,806
Mowi ASA		75,444		1,333,494
Norsk Hydro ASA		226,461		1,417,157
Orkla ASA		128,008		956,083
Telenor ASA		110,092		1,248,513
Yara International ASA		27,474		1,037,409


				16,102,521

Portugal — 0.3%
EDP - Energias de Portugal SA		516,659		2,148,240
Galp Energia SGPS SA		74,496		1,103,443
Jeronimo Martins SGPS SA		47,432		1,065,238


				4,316,921

Singapore — 0.3%
STMicroelectronics NV, New		112,103		4,832,053


Spain — 3.9%
ACS Actividades de Construccion y Servicios SA		34,310		1,233,434
Aena SME SA^(b)		12,717		1,913,623
Amadeus IT Group SA		77,173		4,661,456
Banco Bilbao Vizcaya Argentaria SA		1,019,248		8,248,701
Banco Santander SA		2,799,493		10,660,662
CaixaBank SA		693,983		2,764,822
Cellnex Telecom SA^(b)		99,749		3,469,470
Enagas SA		40,348		668,143
Endesa SA		52,455		1,067,534
Grifols SA^(a)		49,056		635,368
Iberdrola SA		989,930		11,071,820
Industria de Diseno Textil SA		191,701		7,133,586
Naturgy Energy Group SA		30,808		838,136
Redeia Corp. SA		72,128		1,134,669
Repsol SA		221,527		3,643,899
Telefonica SA		982,511		4,013,893


				63,159,216

Sweden — 4.6%
Alfa Laval AB		49,604		1,699,328
Assa Abloy AB, Class B		170,071		3,695,399
Atlas Copco AB, Class A		442,881		5,948,187
Atlas Copco AB, Class B		269,696		3,154,106
Boliden AB		45,646		1,309,894
Electrolux AB, Class B^(a)		39,792		410,058
Embracer Group AB, Class B^(a)(c)		146,531		292,262
Epiroc AB, Class A		107,371		2,038,680


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, 2023

iShares^® Europe ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Sweden (continued)
Epiroc AB, Class B		64,326	$	1,029,042
EQT AB		58,889		1,160,289
Essity AB, Class B		100,437		2,166,148
Evolution AB^(b)		32,871		3,316,987
Getinge AB, Class B		36,495		641,304
H & M Hennes & Mauritz AB, Class B		105,728		1,499,244
Hexagon AB, Class B		363,606		3,094,554
Industrivarden AB, Class A		29,662		782,163
Industrivarden AB, Class C		30,164		794,854
Investor AB, Class B		312,107		5,975,136
Kinnevik AB, Class B^(a)		42,614		423,196
Nibe Industrier AB, Class B		265,635		1,736,653
Nordea Bank Abp		613,166		6,722,585
Sandvik AB		185,336		3,410,247
Skandinaviska Enskilda Banken AB, Class A		282,625		3,369,414
Skanska AB, Class B		65,370		1,073,411
SKF AB, Class B		62,006		1,029,395
Svenska Cellulosa AB SCA, Class B		100,330		1,373,730
Svenska Handelsbanken AB, Class A		269,852		2,401,113
Swedbank AB, Class A		156,664		2,879,704
Tele2 AB, Class B		89,853		687,149
Telefonaktiebolaget LM Ericsson, Class B		528,030		2,572,435
Telia Co. AB		400,907		826,950
Volvo AB, Class B		272,112		5,604,864


				73,118,481

Switzerland — 15.6%
ABB Ltd., Registered		277,270		9,896,648
Adecco Group AG, Registered		27,662		1,136,164
Alcon Inc.		85,378		6,588,397
Baloise Holding AG, Registered		7,875		1,140,113
Barry Callebaut AG, Registered		659		1,047,970
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		185		2,055,820
Chocoladefabriken Lindt & Spruengli AG, Registered		18		1,970,923
Cie. Financiere Richemont SA, Class A, Registered		89,188		10,861,602
DSM-Firmenich AG		35,499		2,999,767
Geberit AG, Registered		5,727		2,855,926
Givaudan SA, Registered		1,365		4,444,209
Holcim AG		91,273		5,842,285
Julius Baer Group Ltd.		35,415		2,266,839
Kuehne + Nagel International AG, Registered		9,464		2,689,012
Logitech International SA, Registered		29,058		1,999,144
Lonza Group AG, Registered		12,724		5,885,448
Nestle SA, Registered		457,385		51,774,151
Novartis AG, Registered		355,667		36,323,784
Partners Group Holding AG		3,799		4,264,736
Roche Holding AG, Bearer		4,484		1,317,340
Roche Holding AG, NVS		120,353		32,856,493
Schindler Holding AG, Participation Certificates, NVS		6,829		1,360,335
Schindler Holding AG, Registered		3,603		693,248
SGS SA		26,027		2,184,331
Siemens Energy AG^(a)		87,594		1,141,586
SIG Group AG		57,400		1,414,072
Sika AG, Registered		26,323		6,669,215
Sonova Holding AG, Registered		8,629		2,042,283
Straumann Holding AG		19,962		2,540,742
Swatch Group AG (The), Bearer		4,958		1,269,853
Swatch Group AG (The), Registered		8,909		435,107
Swiss Life Holding AG, Registered		5,197		3,233,460
Swiss Prime Site AG, Registered		12,636		1,156,810


Security	Shares		Value

Switzerland (continued)
Swiss Re AG		49,365	$	5,069,803
Swisscom AG, Registered		4,263		2,531,327
Temenos AG, Registered		11,549		807,740
UBS Group AG, Registered		521,905		12,855,663
VAT Group AG^(b)		4,477		1,597,587
Zurich Insurance Group AG		25,164		11,513,924


				248,733,857

United Kingdom — 24.1%
3i Group PLC		166,291		4,185,650
abrdn PLC		333,701		630,491
Admiral Group PLC		46,769		1,351,607
Anglo American PLC		229,134		6,291,926
Antofagasta PLC		56,850		986,902
Ashtead Group PLC		77,972		4,728,424
Associated British Foods PLC		58,945		1,480,924
AstraZeneca PLC		265,986		35,877,365
Auto Trader Group PLC^(b)		165,344		1,242,389
Aviva PLC		474,382		2,245,325
BAE Systems PLC		523,647		6,363,275
Barclays PLC		2,512,856		4,843,350
Barratt Developments PLC		165,651		888,159
Berkeley Group Holdings PLC		19,814		989,502
BP PLC		2,961,956		19,092,574
British American Tobacco PLC		383,002		12,025,757
British Land Co. PLC(The)		154,572		595,358
BT Group PLC		973,359		1,382,229
Bunzl PLC		56,863		2,025,105
Burberry Group PLC		67,644		1,567,643
Centrica PLC		1,021,913		1,922,127
Compass Group PLC		305,849		7,444,848
Croda International PLC		24,557		1,466,828
DCC PLC		17,974		1,006,356
Diageo PLC		383,472		14,137,882
Direct Line Insurance Group PLC^(a)		227,766		476,493
DS Smith PLC		225,498		786,473
Entain PLC		109,426		1,241,089
Experian PLC		158,087		5,170,641
Glencore PLC		1,924,442		10,958,752
GSK PLC		701,747		12,697,265
Haleon PLC		852,550		3,533,893
Halma PLC		63,379		1,493,255
Hargreaves Lansdown PLC		57,639		542,093
HSBC Holdings PLC		3,429,775		26,839,303
IMI PLC		46,025		875,829
Imperial Brands PLC		158,762		3,220,711
Informa PLC		235,970		2,154,752
InterContinental Hotels Group PLC		31,239		2,310,258
Intermediate Capital Group PLC		50,996		855,990
Intertek Group PLC		27,976		1,399,052
J Sainsbury PLC		299,722		923,002
Johnson Matthey PLC		32,370		640,838
Kingfisher PLC		336,900		914,553
Land Securities Group PLC		125,075		896,541
Legal & General Group PLC		1,006,599		2,716,139
Lloyds Banking Group PLC		11,523,643		6,192,739
London Stock Exchange Group PLC		70,778		7,093,784
M&G PLC		395,901		948,545
Marks & Spencer Group PLC^(a)		322,711		928,186
Melrose Industries PLC		229,162		1,306,314
Mondi PLC		83,676		1,395,871


26		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)

September 30, 2023

iShares^® Europe ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United Kingdom (continued)
National Grid PLC		633,767	$	7,579,439
NatWest Group PLC, NVS		955,977		2,734,626
Next PLC		21,561		1,912,280
Ocado Group PLC^(a)		124,399		904,491
Pearson PLC		119,314		1,258,852
Persimmon PLC		51,597		675,739
Phoenix Group Holdings PLC		162,517		952,443
Prudential PLC		470,408		5,056,570
Reckitt Benckiser Group PLC		126,172		8,897,742
RELX PLC		332,368		11,214,068
Rentokil Initial PLC		430,568		3,196,801
Rightmove PLC		141,221		963,734
Rio Tinto PLC		191,473		12,023,058
Rolls-Royce Holdings PLC^(a)		1,441,824		3,863,197
Sage Group PLC(The)		182,895		2,200,941
Schroders PLC		151,104		746,646
Segro PLC		210,018		1,836,405
Severn Trent PLC		42,011		1,212,243
Shell PLC		1,147,319		36,363,376
Smith & Nephew PLC		148,315		1,840,673
Smiths Group PLC		60,270		1,186,594
Spirax-Sarco Engineering PLC		12,434		1,439,275
SSE PLC		187,397		3,672,293
St. James’s Place PLC		91,528		923,422
Standard Chartered PLC		409,570		3,767,032
Taylor Wimpey PLC		597,669		852,383
Tesco PLC		1,231,612		3,961,458
Unilever PLC		431,106		21,325,430
United Utilities Group PLC		117,958		1,363,005
Vodafone Group PLC		3,899,813		3,655,681
Weir Group PLC(The)		43,084		995,455
Whitbread PLC		34,293		1,443,491
WPP PLC		183,713		1,636,756


				384,939,956


Total Common Stocks — 99.3% (Cost: $1,715,998,651)				1,586,963,846


Preferred Stocks

Germany — 0.6%
Bayerische Motoren Werke AG, Preference Shares, NVS		10,324		960,964


Security	Shares		Value

Germany (continued)
Henkel AG & Co. KGaA, Preference Shares, NVS		29,508	$	2,101,249
Porsche Automobil Holding SE, Preference Shares, NVS		26,266		1,292,009
Sartorius AG, Preference Shares, NVS^(c)		4,601		1,558,330
Volkswagen AG, Preference Shares, NVS		31,356		3,602,785


				9,515,337

Italy — 0.0%
Telecom Italia SpA, Preference Shares, NVS^(a)		1,187,149		371,819


Total Preferred Stocks — 0.6% (Cost: $17,572,780)				9,887,156


Total Long-Term Investments — 99.9% (Cost: $1,733,571,431)				1,596,851,002


Short-Term Securities

Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(d)(e)(f)		6,556,651		6,558,618
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%^(d)(e)		2,700,000		2,700,000


Total Short-Term Securities — 0.6% (Cost: $9,258,178)				9,258,618


Total Investments — 100.5% (Cost: $1,742,829,609)				1,606,109,620

Liabilities in Excess of Other Assets — (0.5)%				(7,284,981	)


Net Assets — 100.0%			$	1,598,824,639

^(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		27

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Europe ETF

Affiliates



Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,784,666	$	2,774,151	^(a)	$	—	$	1,531	$	(1,730	)	$	6,558,618		6,556,651	$	23,535	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,050,000		650,000	^(a)		—		—		—			2,700,000		2,700,000		86,476			—

								$	1,531	$	(1,730	)	$	9,258,618			$	110,011		$	—

^(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		20		12/15/23	$	886	$	(12,823	)
FTSE 100 Index		6		12/15/23		559		(1,167	)

							$	(13,990	)

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)	$	—	$	—	$	13,990	$	—	$	—	$	—	$	13,990

^(a)

For the period ended September 30, 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	$	—	$	—	$	143,997		$	—	$	—	$	—	$	143,997

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(210,879	)	$	—	$	—	$	—	$	(210,879	)


28		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)

September 30, 2023

iShares^® Europe ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	2,048,886

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

Assets
Investments
Long-Term Investments
Common Stocks	$	2,902,239	$	1,584,061,607		$	—	$	1,586,963,846
Preferred Stocks		—		9,887,156			—		9,887,156
Short-Term Securities
Money Market Funds		9,258,618		—			—		4,517,853

	$	12,160,857	$	1,593,948,763		$	—	$	1,606,109,620


Derivative financial instruments^(a)
Liabilities
Equity Contracts	$	—	$	(13,990	)	$	—	$	(13,990	)

^(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		29

Schedule of Investments (unaudited)

September 30, 2023

iShares^® Future Metaverse Tech and Communications ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Communications Equipment — 0.2%
Arista Networks Inc.^(a)		45	$	8,277


Electronic Equipment, Instruments & Components — 0.1%
TDK Corp.		100		3,697


Entertainment — 30.1%
Activision Blizzard Inc.		2,795		261,696
Electronic Arts Inc.		2,121		255,368
Kakao Games Corp.^(a)		2,281		42,996
NetEase Inc.		12,800		256,656
Nintendo Co. Ltd.		6,000		249,318
ROBLOX Corp., Class A^(a)(b)		8,794		254,674
Take-Two Interactive Software Inc.^(a)		1,816		254,948
Ubisoft Entertainment SA^(a)		3,132		101,498


				1,677,154

Household Durables — 5.4%
Garmin Ltd.		535		56,282
Sony Group Corp.		3,000		245,327


				301,609

Interactive Media & Services — 12.7%
Alphabet Inc., Class A^(a)		1,176		153,891
Bumble Inc., Class A^(a)		23		343
JOYY Inc., ADR		8		305
Match Group Inc.^(a)		52		2,037
Meta Platforms Inc., Class A^(a)		923		277,094
Snap Inc., Class A, NVS^(a)		3,650		32,521
Tencent Holdings Ltd.		6,300		244,213


				710,404

IT Services — 0.2%
Shopify Inc., Class A^(a)		225		12,282


Semiconductors & Semiconductor Equipment — 14.4%
Advanced Micro Devices Inc.^(a)		377		38,763
Intel Corp.		760		27,018
Micron Technology Inc.		2,301		156,537
Nvidia Corp.		613		266,649
Qualcomm Inc.		1,522		169,033
SK Hynix Inc.		1,741		147,401


				805,401


Security	Shares		Value

Software — 29.8%
Adobe Inc.^(a)		74	$	37,733
Ansys Inc.^(a)		798		237,445
Aspen Technology Inc.^(a)		4		817
Autodesk Inc.^(a)		1,156		239,188
Dassault Systemes SE		6,548		243,209
Microsoft Corp.		524		165,453
PTC Inc.^(a)		1,752		248,223
Salesforce Inc.^(a)		218		44,206
Unity Software Inc.^(a)		6,504		204,160
Zoom Video Communications Inc., Class A^(a)		3,457		241,783


				1,662,217

Technology Hardware, Storage & Peripherals — 6.9%
Apple Inc.		1,909		326,840
Samsung Electronics Co. Ltd.		1,135		57,379


				384,219


Total Long-Term Investments — 99.8% (Cost: $5,256,685)				5,565,260


Short-Term Securities

Money Market Funds — 4.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(c)(d)		247,150		247,225


Total Short-Term Securities — 4.4% (Cost: $247,249)				247,225


Total Investments — 104.2% (Cost: $5,503,934)				5,812,485

Liabilities in Excess of Other Assets — (4.2)%				(235,274	)


Net Assets — 100.0%			$	5,577,211

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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


30		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)

September 30, 2023

iShares^® Future Metaverse Tech and Communications ETF

Affiliates



Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	247,280	^(a)	$	—		(31		$	(24	)	$	247,225		247,150	$	115	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares^(c)		—		0	^(a)		—		—			—					—		8			—

								$	(31	)	$	(24	)	$	247,225			$	123		$	—

^(a)

Represents net amount purchased (sold).

^(b)

^(c)

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

Fair Value Hierarchy as of Period End


	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	3,973,566	$	1,591,694	$	—	$	5,565,260
Short-Term Securities
Money Market Funds		247,225		—		—		247,225

	$	4,220,791	$	1,591,694	$	—	$	5,812,485

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		31

Schedule of Investments (unaudited)

September 30, 2023

iShares^® India 50 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Automobiles — 6.2%
Bajaj Auto Ltd.		72,602	$	4,415,929
Eicher Motors Ltd.		87,772		3,636,298
Hero MotoCorp Ltd.		83,325		3,061,558
Mahindra & Mahindra Ltd.		572,953		10,699,229
Maruti Suzuki India Ltd.		85,052		10,844,072
Tata Motors Ltd.		1,129,247		8,541,514

				41,198,600

Banks — 31.0%
Axis Bank Ltd.		1,775,737		22,103,914
HDFC Bank Ltd.		4,804,969		88,122,643
ICICI Bank Ltd.		4,483,948		51,371,692
IndusInd Bank Ltd.		418,152		7,168,228
Kotak Mahindra Bank Ltd.		941,687		19,624,757
State Bank of India		2,457,175		17,650,145

				206,041,379

Chemicals — 2.0%
Asian Paints Ltd.		288,520		10,966,181
UPL Ltd.		322,603		2,388,785

				13,354,966

Construction & Engineering — 4.2%
Larsen & Toubro Ltd.		774,023		28,122,487


Construction Materials — 1.9%
Grasim Industries Ltd.		235,397		5,492,157
UltraTech Cement Ltd.		74,072		7,345,487

				12,837,644

Consumer Finance — 2.4%
Bajaj Finance Ltd.		170,705		16,011,875


Electric Utilities — 1.0%
Power Grid Corp. of India Ltd.		2,916,512		7,000,497


Financial Services — 1.0%
Bajaj Finserv Ltd.		347,395		6,422,577


Food Products — 2.2%
Britannia Industries Ltd.		75,710		4,134,526
Nestle India Ltd.		22,785		6,166,632
Tata Consumer Products Ltd.		386,645		4,075,211

				14,376,369

Health Care Providers & Services — 0.6%
Apollo Hospitals Enterprise Ltd.		64,188		3,963,514


Independent Power and Renewable Electricity Producers — 1.3%
NTPC Ltd.		3,038,691		8,969,100


Insurance — 1.5%
HDFC Life Insurance Co. Ltd.^(a)		689,473		5,280,854
SBI Life Insurance Co. Ltd.^(a)		288,923		4,532,080

				9,812,934

IT Services — 13.7%
HCL Technologies Ltd.		677,141		10,036,192
Infosys Ltd.		2,285,401		39,275,333
Larsen & Toubro Infotech Ltd.^(a)		58,839		3,676,334
Tata Consultancy Services Ltd.		656,002		27,776,555
Tech Mahindra Ltd.		400,044		5,873,108
Wipro Ltd.		902,731		4,396,259

				91,033,781


Security	Shares		Value

Life Sciences Tools & Services — 0.6%
Divi’s Laboratories Ltd.		81,740	$	3,697,623


Metals & Mining — 2.9%
Hindalco Industries Ltd.		936,990		5,530,665
JSW Steel Ltd.		595,006		5,565,998
Tata Steel Ltd.		5,157,145		7,976,575

				19,073,238

Oil, Gas & Consumable Fuels — 11.2%
Bharat Petroleum Corp. Ltd.		608,342		2,537,684
Coal India Ltd.		1,462,701		5,187,654
Oil & Natural Gas Corp. Ltd.		2,501,686		5,759,324
Reliance Industries Ltd.		2,165,989		60,982,675

				74,467,337

Personal Care Products — 2.5%
Hindustan Unilever Ltd.		571,682		16,954,392


Pharmaceuticals — 3.0%
Cipla Ltd.		336,579		4,800,284
Dr. Reddy’s Laboratories Ltd.		77,989		5,233,847
Sun Pharmaceutical Industries Ltd.		690,638		9,614,008

				19,648,139

Textiles, Apparel & Luxury Goods — 1.5%
Titan Co. Ltd.		266,983		10,099,178


Tobacco — 4.6%
ITC Ltd.		5,669,373		30,291,612


Trading Companies & Distributors — 0.9%
Adani Enterprises Ltd.		211,680		6,131,120


Transportation Infrastructure — 0.8%
Adani Ports & Special Economic Zone Ltd.		511,755		5,072,350


Wireless Telecommunication Services — 2.7%
Bharti Airtel Ltd.		1,615,077		17,986,019


Total Long-Term Investments — 99.7% (Cost: $601,080,889)				662,566,731


Short-Term Securities

Money Market Funds — 1.7%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%^(b)(c)		11,660,000		11,660,000


Total Short-Term Securities — 1.7% (Cost: $11,660,000)				11,660,000


Total Investments — 101.4% (Cost: $612,740,889)				674,226,731

Liabilities in Excess of Other Assets — (1.4)%				(9,520,579	)


Net Assets — 100.0%			$	664,706,152

^(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)	Affiliate of the Fund.

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


32		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)

September 30, 2023

iShares^® India 50 ETF

Affiliates


Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	—	$	11,660,000	^(a)	$	—	$	—	$	—	$	11,660,000		11,660,000	$	257,409	$	—

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
IFSC Nifty 50 Index		69		10/26/23	$	2,720	$	(16,630	)

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)	$	—	$	—	$	16,630	$	—	$	—	$	—	$	16,630

^(a)

For the period ended September 30, 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	$	—	$	—	$	86,803		$	—	$	—	$	—	$	86,803


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(39,459	)	$	—	$	—	$	—	$	(39,459	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	1,379,370

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		33

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® India 50 ETF

Fair Value Hierarchy as of Period End



	Level 1			Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	—		$	662,566,731	$	—	$	662,566,731
Short-Term Securities
Money Market Funds		11,660,000			—		—		11,660,000

	$	11,660,000		$	662,566,731	$	—	$	674,226,731


Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(16,630	)	$	—	$	—	$	(16,630	)

^(a)

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

See notes to financial statements.


34		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)

September 30, 2023

iShares^® International Developed Property ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 12.8%
Abacus Group		24,229	$	16,279
Abacus Storage King^(a)		32,215		21,541
Arena REIT		20,679		44,392
BWP Trust		28,640		61,407
Centuria Capital Group		47,822		41,515
Centuria Industrial REIT		31,837		61,235
Centuria Office REIT		25,649		18,738
Charter Hall Group		28,045		169,447
Charter Hall Long Wale REIT		39,070		80,390
Charter Hall Retail REIT		30,521		61,211
Charter Hall Social Infrastructure REIT		20,019		32,202
Cromwell Property Group		84,338		19,956
Dexus		63,772		297,273
Dexus Industria REIT		12,901		21,221
GDI Property Group Partnership^(b)		29,037		9,961
Goodman Group		101,643		1,393,101
GPT Group(The)		113,578		282,835
Growthpoint Properties Australia Ltd.		15,832		22,339
HealthCo REIT^(b)		28,268		26,354
Home Consortium Ltd.		14,335		43,150
HomeCo Daily Needs REIT		106,668		78,786
Hotel Property Investments Ltd.		11,397		19,951
Ingenia Communities Group		22,045		58,986
Lendlease Corp. Ltd.		40,871		187,435
Lifestyle Communities Ltd.^(b)		5,753		59,394
Mirvac Group		233,957		317,991
National Storage REIT		74,980		104,337
Region RE Ltd.		67,921		87,688
Rural Funds Group		22,748		25,769
Scentre Group		307,747		483,583
Stockland		141,540		354,242
Vicinity Ltd.		229,426		248,641
Waypoint REIT Ltd.		39,654		57,044

				808,394

Austria — 0.3%
CA Immobilien Anlagen AG		2,547		84,340
Immofinanz AG^(a)		1,887		36,640

				120,980

Belgium — 2.3%
Aedifica SA		2,816		160,048
Care Property Invest NV		2,175		27,309
Cofinimmo SA		2,010		137,801
Intervest Offices & Warehouses NV		1,696		24,565
Montea NV		909		64,545
Retail Estates NV		731		43,746
Shurgard Self Storage Ltd.		1,470		58,200
VGP NV		832		77,179
Warehouses De Pauw CVA		9,579		236,733
Xior Student Housing NV		1,682		48,101

				878,227

Canada — 3.5%
Allied Properties REIT		3,779		49,886
Artis REIT		3,110		14,792
Boardwalk REIT		1,314		64,633
BSR Real Estate Investment Trust		1,080		12,937
BTB Real Estate Investment Trust		2,160		4,755
Canadian Apartment Properties REIT		4,863		161,402
Choice Properties REIT		9,508		88,762


Security	Shares		Value

Canada (continued)
Crombie REIT		3,046	$	28,010
CT REIT		3,142		31,669
Dream Industrial REIT		7,571		71,571
Dream Office REIT		968		6,877
DREAM Unlimited Corp., Class A		1,330		17,998
First Capital Real Estate Investment Trust		6,198		60,691
Granite REIT		1,862		98,813
H&R Real Estate Investment Trust		7,712		52,407
InterRent REIT		4,124		37,923
Killam Apartment REIT		3,378		43,324
Minto Apartment Real Estate Investment Trust^(c)		1,086		10,898
Morguard North American Residential REIT		1,169		12,781
Nexus Industrial REIT		1,950		10,322
NorthWest Healthcare Properties REIT		6,862		25,665
Prinmaris REIT		2,850		28,306
PRO Real Estate Investment Trust		1,709		5,385
RioCan REIT		8,678		115,451
Slate Grocery REIT		1,687		13,799
SmartCentres Real Estate Investment Trust		4,189		70,195
StorageVault Canada Inc., NVS		14,234		47,368
Tricon Residential Inc.		15,496		114,544
True North Commercial Real Estate Investment Trust		2,775		4,372

				1,305,536

China — 0.5%
Gemdale Properties & Investment Corp. Ltd.		334,000		13,828
Wharf Holdings Ltd.(The)		57,000		142,664
Yuexiu REIT		129,000		21,699

				178,191

Finland — 0.3%
Citycon OYJ		4,830		27,055
Kojamo OYJ		10,505		93,076

				120,131

France — 3.3%
Altarea SCA		278		25,487
Carmila SA		3,294		49,267
Covivio		2,865		127,082
Gecina SA		3,044		310,360
ICADE		1,840		60,601
Klepierre SA		11,562		283,102
Mercialys SA		5,614		50,517
Nexity SA		2,882		42,488
Unibail-Rodamco-Westfield, New^(a)		6,018		295,938

				1,244,842

Germany — 4.9%
ADLER Group SA^(a)(c)		6,991		3,592
Aroundtown SA^(a)(b)		51,466		106,767
Deutsche EuroShop AG		727		14,028
Deutsche Wohnen SE		3,125		70,798
DIC Asset AG^(b)		2,216		9,145
Grand City Properties SA^(a)		4,283		40,384
Hamborner REIT AG		4,215		28,688
Instone Real Estate Group SE^(c)		2,740		16,976
LEG Immobilien SE^(a)		4,394		302,163
TAG Immobilien AG^(a)		10,372		108,368
Vib Vermoegen AG^(a)		656		9,085
Vonovia SE		48,302		1,157,234

				1,867,228

Hong Kong — 10.8%
Champion REIT		110,000		36,170


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) (continued)

September 30, 2023

iShares^® International Developed Property ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Hong Kong (continued)
CK Asset Holdings Ltd.		113,000	$	593,543
Fortune REIT		88,000		52,750
Hang Lung Group Ltd.		49,000		68,960
Hang Lung Properties Ltd.		103,000		140,920
Henderson Land Development Co. Ltd.		77,044		202,314
Hongkong Land Holdings Ltd.^(b)		61,700		220,041
Hysan Development Co. Ltd.		35,000		67,757
Kerry Properties Ltd.		34,500		58,509
Link REIT		151,879		742,617
New World Development Co. Ltd.		82,000		158,989
Prosperity REIT		75,000		13,881
Shun Tak Holdings Ltd.^(a)		128,000		18,535
Sino Land Co. Ltd.		198,000		222,678
Sun Hung Kai Properties Ltd.		89,500		954,961
Sunlight REIT		60,000		18,728
Swire Properties Ltd.		62,000		128,943
Wharf Real Estate Investment Co. Ltd.		92,000		354,562

				4,054,858

Ireland — 0.1%
Irish Residential Properties REIT PLC		25,548		25,068


Israel — 2.3%
Africa Israel Residences Ltd.		367		19,061
Airport City Ltd.^(a)		3,814		58,547
Alony Hetz Properties & Investments Ltd.		9,081		62,296
Amot Investments Ltd.		12,784		62,049
Ashtrom Group Ltd.		1		10
Aura Investments Ltd.		7,420		17,344
Azrieli Group Ltd.		2,178		111,803
Big Shopping Centers Ltd.^(a)		720		59,626
Blue Square Real Estate Ltd.		330		18,860
Electra Real Estate Ltd.		1,340		12,918
G City Ltd.		5,196		15,981
Gav-Yam Lands Corp. Ltd.		1,027		6,532
IES Holdings Ltd.^(a)		165		9,755
Israel Canada T.R Ltd.		7,867		19,709
Israel Land Development Co. Ltd.(The)		1,077		9,573
Isras Investment Co. Ltd.		93		17,357
Mega Or Holdings Ltd.		1,308		23,380
Mehadrin Ltd.^(a)		1		33
Melisron Ltd.		1,505		94,123
Menivim- The New REIT Ltd.		40,734		16,660
Mivne Real Estate KD Ltd.		35,658		85,841
Norstar Holdings Inc.^(a)(b)		1,859		4,318
Prashkovsky Investments and Construction Ltd.		447		9,925
Property & Building Corp. Ltd.^(a)		165		7,291
Reit 1 Ltd.		11,393		46,550
Sella Capital Real Estate Ltd.		12,675		26,320
Summit Real Estate Holdings Ltd.		2,156		27,618
YH Dimri Construction & Development Ltd.		406		26,433

				869,913

Italy — 0.0%
Immobiliare Grande Distribuzione SIIQ SpA		3,360		7,573


Japan — 31.3%
Activia Properties Inc.		42		115,873
Advance Logistics Investment Corp.		40		33,682
Advance Residence Investment Corp.		83		188,154
Aeon Mall Co. Ltd.		5,680		66,850
AEON REIT Investment Corp.		105		102,886


Security	Shares		Value

Japan (continued)
Arealink Co. Ltd.		500	$	9,845
Comforia Residential REIT Inc.		40		88,654
CRE Inc./Japan		800		8,476
CRE Logistics REIT Inc.		37		40,619
Daito Trust Construction Co. Ltd.		3,900		410,801
Daiwa House Industry Co. Ltd.		39,500		1,060,156
Daiwa House REIT Investment Corp.		127		224,072
Daiwa Office Investment Corp.		17		75,940
Daiwa Securities Living Investments Corp.		134		99,361
Dear Life Co. Ltd.		1,500		8,024
ESCON Japan Reit Investment Corp.		20		15,837
Frontier Real Estate Investment Corp.		30		91,790
Fukuoka REIT Corp.		43		45,721
Global One Real Estate Investment Corp.		61		46,832
GLP J-Reit.		292		260,992
Goldcrest Co. Ltd.		900		13,333
Hankyu Hanshin REIT Inc.		42		39,641
Health Care & Medical Investment Corp.		22		21,433
Heiwa Real Estate Co. Ltd.		1,900		50,542
Heiwa Real Estate REIT Inc.		60		58,779
Hoshino Resorts REIT Inc.		15		65,691
Hulic Co. Ltd.		35,500		318,322
Hulic Reit Inc.		76		81,036
Ichigo Hotel REIT Investment Corp.		16		12,435
Ichigo Inc.		13,500		29,414
Ichigo Office REIT Investment Corp.		62		36,287
Industrial & Infrastructure Fund Investment Corp.		125		115,497
Invincible Investment Corp.		401		165,624
Japan Excellent Inc.		75		66,342
Japan Hotel REIT Investment Corp.		267		139,411
Japan Logistics Fund Inc.		55		106,632
Japan Metropolitan Fund Invest.		414		268,501
Japan Prime Realty Investment Corp.		59		142,380
Japan Property Management Center Co. Ltd.		600		4,578
Japan Real Estate Investment Corp.		84		327,326
JINUSHI Co. Ltd.		700		8,980
JSB Co. Ltd.		300		10,752
Katitas Co. Ltd.		3,000		43,671
Keihanshin Building Co. Ltd.		2,600		23,853
Kenedix Office Investment Corp		50		115,633
Kenedix Residential Next Investment Corp.		63		96,143
Kenedix Retail REIT Corp.		36		69,609
LA Holdings Co. Ltd/Japan		300		9,362
LaSalle Logiport REIT		110		105,465
Leopalace21 Corp.^(a)		11,600		25,422
Marimo Regional Revitalization REIT Inc.		12		10,107
Mirai Corp.		105		33,274
Mitsubishi Estate Co. Ltd.		78,500		1,024,112
Mitsubishi Estate Logistics REIT Investment Corp.		30		75,302
Mitsui Fudosan Co. Ltd.		55,556		1,223,565
Mitsui Fudosan Logistics Park Inc.		34		107,085
Mori Hills REIT Investment Corp.		96		90,954
Mori Trust Reit Inc.		155		75,476
Nippon Accommodations Fund Inc.		30		126,627
Nippon Building Fund Inc.		101		409,003
Nippon Prologis REIT Inc.		145		270,711
NIPPON REIT Investment Corp.		27		64,450
Nisshin Fudosan Co.		1,700		6,137
Nomura Real Estate Holdings Inc.		6,700		168,207
Nomura Real Estate Master Fund Inc.		280		313,601


36		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)

September 30, 2023

iShares^® International Developed Property ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
NTT UD REIT Investment Corp.		84	$	77,578
One REIT Inc.		14		24,268
Ooedo Onsen Reit Investment Corp.		15		6,564
Orix JREIT Inc.		165		197,896
Raysum Co. Ltd.		400		8,683
SAMTY Co. Ltd.		2,400		38,071
Samty Residential Investment Corp.		42		32,388
Sankei Real Estate Inc.		28		17,133
Sekisui House Reit Inc.		259		144,277
SOSiLA Logistics REIT Inc.		44		36,336
SRE Holdings Corp.^(a)		600		11,802
Star Asia Investment Corp.		140		54,188
Star Mica Holdings Co. Ltd.		1,500		6,306
Starts Corp. Inc.		2,000		39,035
Starts Proceed Investment Corp.		15		21,960
Sumitomo Realty & Development Co. Ltd.		28,200		732,115
Sun Frontier Fudousan Co. Ltd.		1,700		17,112
Takara Leben Co. Ltd.		4,900		15,533
Takara Leben Real Estate Investment Corp.		42		27,272
TKP Corp.^(a)(b)		900		15,678
TOC Co. Ltd.		3,000		12,869
Tokaido REIT Inc.		14		11,610
Tokyo Tatemono Co. Ltd.		12,300		170,062
Tokyu Fudosan Holdings Corp.		35,900		220,590
Tokyu REIT Inc.		54		66,082
Tosei Corp.		1,600		20,640
Tosei Reit Investment Corp.		17		15,997
United Urban Investment Corp.		184		191,553
XYMAX REIT Investment Corp.		13		10,059

				11,808,927

Netherlands — 0.6%
Argo Properties NV^(a)(b)		717		10,513
Brack Capital Properties NV^(a)		1		64
CTP NV^(c)		6,405		91,491
Eurocommercial Properties NV		2,519		55,840
NSI NV		1,092		20,712
Vastned Retail NV		1,039		21,189
Wereldhave NV		2,420		38,466

				238,275

New Zealand — 0.6%
Argosy Property Ltd.		51,582		34,626
Goodman Property Trust		61,650		78,149
Kiwi Property Group Ltd.		92,655		46,931
Precinct Properties New Zealand Ltd.		79,613		54,873

				214,579

Norway — 0.1%
Entra ASA^(c)		4,247		36,227


Singapore — 8.4%
AIMS APAC REIT^(b)		41,156		39,074
CapitaLand Ascendas REIT		210,892		422,981
CapitaLand Ascott Trust		133,785		93,778
CapitaLand China Trust		69,326		44,787
Capitaland India Trust		59,766		45,809
CapitaLand Integrated Commercial Trust		299,910		404,733
Capitaland Investment Ltd/Singapore		141,900		320,631
CDL Hospitality Trusts		40,162		30,471
City Developments Ltd.		30,000		144,776
Cromwell European Real Estate Investment Trust		18,820		25,469


Security	Shares		Value

Singapore (continued)
Digital Core REIT Management Pte Ltd.		43,100	$	22,791
Eagle Hospitality Trust^(a)(d)		53,200		1
EC World Real Estate Investment Trust^(d)		15,900		3,018
ESR-LOGOS REIT		351,636		71,822
Far East Hospitality Trust		62,000		28,801
Frasers Centrepoint Trust		64,006		102,310
Frasers Logistics & Commercial Trust		172,472		134,675
Hong Fok Corp. Ltd.^(b)		21,700		14,339
Keppel DC REIT^(b)		79,303		120,407
Keppel Pacific Oak US REIT		44,400		9,768
Keppel REIT		114,600		71,529
Lendlease Global Commercial REIT^(b)		102,792		40,902
Manulife US Real Estate Investment Trust		103,850		5,915
Mapletree Industrial Trust		122,632		202,437
Mapletree Logistics Trust		196,911		241,400
Mapletree Pan Asia Commercial Trust		137,112		143,096
PARAGON REIT		74,500		45,473
Parkway Life REIT		23,100		62,306
Prime U.S. REIT		37,500		5,167
Sasseur Real Estate Investment Trust		30,100		14,852
Starhill Global REIT		84,800		30,055
Suntec REIT		132,100		111,876
UOL Group Ltd.		27,500		128,633

				3,184,082

South Korea — 0.4%
D&D Platform REIT Co. Ltd., NVS		3,390		7,693
ESR Kendall Square REIT Co. Ltd.		9,440		26,431
Haesung Industrial Co. Ltd.		720		4,166
JR REIT XXVII		9,795		29,551
Koramco Energy Plus Reit		3,017		12,290
LOTTE Reit Co. Ltd.		6,952		16,838
NH All-One REIT Co. Ltd.		2,493		6,187
Shinhan Alpha REIT Co. Ltd.		4,236		19,243
SK D&D Co. Ltd.		408		8,568
SK REITs Co. Ltd.		7,107		22,092

				153,059

Spain — 0.8%
Aedas Homes SA^(c)		775		13,249
Inmobiliaria Colonial SOCIMI SA		17,101		96,976
Lar Espana Real Estate SOCIMI SA		2,953		17,296
Merlin Properties SOCIMI SA		19,838		166,914
Metrovacesa SA^(c)		899		6,986

				301,421

Sweden — 3.9%
Atrium Ljungberg AB, Class B		3,168		51,555
Castellum AB^(b)		25,118		254,610
Catena AB		1,912		66,343
Cibus Nordic Real Estate AB		3,373		33,354
Corem Property Group AB, Class B		32,026		17,688
Dios Fastigheter AB		6,274		35,751
Fabege AB		14,636		116,568
Fastighets AB Balder, Class B^(a)		39,295		176,152
Hufvudstaden AB, Class A		6,800		75,108
Neobo Fastigheter AB^(a)(b)		8,173		7,310
NP3 Fastigheter AB		1,785		25,759
Nyfosa AB		8,452		45,318
Pandox AB, Class B.		5,340		56,668
Platzer Fastigheter Holding AB, Class B		3,848		23,668
Sagax AB, Class B		12,247		232,637


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, 2023

iShares^® International Developed Property ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Sweden (continued)
Sagax AB, Class D		6,318	$	14,813
Samhallsbyggnadsbolaget i Norden AB^(b)		62,987		22,938
Wallenstam AB, Class B		26,150		87,287
Wihlborgs Fastigheter AB		15,984		111,433

				1,454,960

Switzerland — 2.8%
Allreal Holding AG, Registered		915		145,754
Intershop Holding AG		68		44,956
Mobimo Holding AG, Registered		430		115,178
Peach Property Group AG^(a)(b)		769		11,178
PSP Swiss Property AG, Registered		2,720		320,911
Swiss Prime Site AG, Registered		4,549		416,455

				1,054,432

United Kingdom — 9.3%
Abrdn Property Income Trust		24,677		14,723
AEW U.K. REIT PLC		8,805		10,546
Assura PLC		175,819		90,698
Balanced Commercial Property Trust Ltd.		41,948		34,639
Big Yellow Group PLC		10,311		117,498
British Land Co. PLC(The)		55,646		214,329
Capital & Counties Properties PLC		115,807		161,761
CLS Holdings PLC		7,871		11,375
Custodian Reit PLC		25,544		25,612
Derwent London PLC		6,681		156,638
Empiric Student Property PLC		35,498		38,763
Grainger PLC		44,192		125,954
Great Portland Estates PLC		14,983		76,377
Hammerson PLC		228,377		69,900
Helical PLC		6,226		16,066
Home Reit PLC^(d)		52,824		20,624
Impact Healthcare Reit PLC, Class B		23,810		24,038
Land Securities Group PLC		44,674		320,224
Life Science Reit PLC		20,928		17,772
LondonMetric Property PLC		57,817		120,563
LXI REIT PLC		101,406		112,343
NewRiver REIT PLC		19,028		18,550
Picton Property Income Ltd.		32,847		27,233
Primary Health Properties PLC		79,336		90,070
PRS REIT PLC(The)		30,557		25,427
Regional REIT Ltd.^(c)		25,507		8,870
Safestore Holdings PLC		12,987		116,029
Schroder REIT Ltd.		28,844		14,383
Segro PLC		72,614		634,939
Sirius Real Estate Ltd.		70,318		73,716
Supermarket Income Reit PLC		73,240		67,761
Target Healthcare REIT PLC		37,086		34,298
Triple Point Social Housing REIT PLC^(c)		20,007		12,254


Security	Shares		Value

United Kingdom (continued)
Tritax Big Box REIT PLC		112,876	$	192,094
UK Commercial Property REIT Ltd.		51,400		33,245
UNITE Group PLC(The)		23,510		256,307
Urban Logistics REIT PLC		27,864		37,329
Warehouse REIT PLC		25,082		25,125
Workspace Group PLC		8,036		47,869

				3,495,942


Total Common Stocks — 99.3% (Cost: $60,523,204)				37,422,845


Rights

Austria — 0.0%
Buwog AG^(d)		463		—


Total Rights — 0.0% (Cost: $—)				—


Total Long-Term Investments — 99.3% (Cost: $60,523,204)				37,422,845


Short-Term Securities

Money Market Funds — 2.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(e)(f)(g)		553,333		553,499
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%^(e)(f)		390,000		390,000


Total Short-Term Securities — 2.5% (Cost: $943,300)				943,499


Total Investments — 101.8% (Cost: $61,466,504)				38,366,344

Liabilities in Excess of Other Assets — (1.8)%				(678,396	)


Net Assets — 100.0%			$	37,687,948

^(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.


38		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)

September 30, 2023

iShares^® International Developed Property ETF

Affiliates


Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	912,455	$	—		$	(358,927	)^(a)	$	53	$	(82	)	$	553,499		553,333	$	6,588	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		10,000		380,000	^(a)		—			—		—			390,000		390,000		608			—

									$	53	$	(82	)	$	943,499			$	7,196		$	—

^(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		8		12/07/23	$	124	$	(1,796	)
Dow Jones U.S. Real Estate Index		5		12/15/23		152		(6,573	)

							$	(8,369	)

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)	$	—	$	—	$	8,369	$	—	$	—	$	—	$	8,369

^(a)

For the period ended September 30, 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	$	—	$	—	$	28,278		$	—	$	—	$	—	$	28,278


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(15,634	)	$	—	$	—	$	—	$	(15,634	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts
Average notional value of contracts — long	$	351,760


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, 2023

iShares^® International Developed Property ETF

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

Assets
Investments
Long-Term Investments
Common Stocks	$	2,398,561		$	35,000,641		$	23,643	$	37,422,845
Rights		—			—			—		—
Short-Term Securities
Money Market Funds		943,499			—			—		943,499

	$	3,342,060		$	35,000,641		$	23,643	$	38,366,344

Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(6,573	)	$	(1,796	)	$	—	$	(8,369	)

^(a)

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

See notes to financial statements.


40		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)

September 30, 2023

iShares^® International Developed Small Cap Value Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 6.4%
Abacus Group		159,783	$	107,355
Abacus Storage King^(a)(b)		158,967		106,296
APM Human Services International Ltd.		96,747		114,047
Arena REIT		102,663		220,390
Bapcor Ltd.		105,723		459,952
Bega Cheese Ltd.		93,483		150,731
Brickworks Ltd.		18,717		299,055
BWP Trust		151,725		325,316
Centuria Capital Group		225,675		195,911
Centuria Industrial REIT		165,495		318,309
Centuria Office REIT		143,922		105,141
Charter Hall Long Wale REIT		210,630		433,390
Charter Hall Retail REIT		158,865		318,612
Charter Hall Social Infrastructure REIT		108,112		173,907
Elders Ltd.		49,419		182,791
Estia Health Ltd.		72,726		142,369
Growthpoint Properties Australia Ltd.		90,384		127,534
GUD Holdings Ltd.		44,013		331,002
Helia Group Ltd.		107,304		240,345
HomeCo Daily Needs REIT		551,871		407,617
Ingenia Communities Group		115,668		309,492
Judo Capital Holdings Ltd.^(a)		162,180		103,902
Kelsian Group Ltd.		63,393		231,413
National Storage REIT		387,702		539,500
Nine Entertainment Co. Holdings Ltd.		467,721		612,358
NRW Holdings Ltd.		134,436		232,752
OFX Group Ltd.^(a)		69,564		77,437
Perseus Mining Ltd.		423,912		442,623
Premier Investments Ltd.		26,214		418,123
Reliance Worldwide Corp. Ltd.		251,022		623,821
Rural Funds Group.		118,677		134,438
Sigma Healthcare Ltd.		259,386		115,073
SmartGroup Corp. Ltd.		27,336		144,949
Super Retail Group Ltd.		51,765		395,562
Viva Energy Group Ltd.^(c)		259,896		498,122
Waypoint REIT Ltd.		208,743		300,287

				9,939,922

Austria — 2.2%
BAWAG Group AG^(c)		25,347		1,158,510
CA Immobilien Anlagen AG		12,852		425,576
EVN AG^(b)		11,373		303,968
Mayr Melnhof Karton AG^(b)		2,703		364,559
Vienna Insurance Group AG Wiener
Versicherung Gruppe		12,495		348,266
Wienerberger AG		33,507		848,073

				3,448,952

Belgium — 2.0%
Aedifica SA		15,147		860,883
Bekaert SA		10,557		472,626
bpost SA		31,416		172,218
Etablissements Franz Colruyt NV		15,453		668,006
KBC Ancora		10,965		447,097
Montea NV		4,641		329,539
Tessenderlo Group SA		6,834		196,922

				3,147,291

Canada — 16.0%
Allied Properties REIT		40,443		533,880
AltaGas Ltd.		87,618		1,680,434


Security	Shares		Value

Canada (continued)
ARC Resources Ltd.		194,412	$	3,103,149
B2Gold Corp.		335,988		964,736
Brookfield Renewable Corp., Class A		40,290		964,350
Canadian Western Bank		29,682		614,947
Canfor Corp.^(a)		18,819		233,739
Capital Power Corp		36,771		1,026,583
Cargojet Inc.		2,754		182,566
Celestica Inc.^(a)		32,334		791,299
Dream Industrial REIT		77,724		734,751
Enerplus Corp		68,340		1,202,522
Granite REIT		19,023		1,009,518
H&R Real Estate Investment Trust		83,538		567,683
iA Financial Corp. Inc.		32,793		2,057,032
Kinross Gold Corp.		387,039		1,763,866
Laurentian Bank of Canada		13,668		304,605
Linamar Corp.		13,413		646,135
Mullen Group Ltd.		26,724		264,043
Onex Corp.		21,471		1,261,940
Parex Resources Inc.		32,946		618,291
Prinmaris REIT		30,600		303,916
Russel Metals Inc.		19,635		549,621
SSR Mining Inc.		64,719		859,585
Transcontinental Inc., Class A		22,848		191,935
West Fraser Timber Co. Ltd.		24,378		1,769,862
Whitecap Resources Inc.		92,718		782,975

				24,983,963

Denmark — 3.3%
Alm Brand A/S		271,626		406,800
FLSmidth & Co. A/S^(b)		17,748		799,951
ISS A/S		48,858		750,533
NKT A/S^(a)		16,932		881,994
Scandinavian Tobacco Group A/S, Class A^(c)		17,493		266,461
Schouw & Co. A/S		3,876		258,069
Spar Nord Bank A/S		24,786		383,420
Sydbank A/S		17,748		842,464
Topdanmark A/S		13,668		593,393

				5,183,085

Finland — 2.0%
Cargotec OYJ, Class B		15,351		641,750
Kemira OYJ		35,853		557,468
Konecranes OYJ		22,542		747,251
Metsa Board OYJ, Class B		53,703		431,095
TietoEVRY OYJ		31,671		711,320

				3,088,884

France — 2.6%
APERAM SA		13,821		401,454
Carmila SA		17,901		267,740
Cie. Plastic Omnium SA		17,085		277,074
Coface SA		32,385		412,296
Derichebourg SA		29,988		150,751
Fnac Darty SA		3,264		79,946
Imerys SA		12,138		358,222
IPSOS		12,189		559,968
Mersen SA		5,147		205,030
Metropole Television SA		20,604		260,771
Nexity SA		13,617		200,750
Rubis SCA		29,631		663,632
Television Francaise 1		34,476		263,739

				4,101,373


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

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® International Developed Small Cap Value Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Germany — 2.9%
1&1 AG		14,637	$	247,339
Aurubis AG		9,537		703,676
CropEnergies AG		6,375		53,235
Deutz AG		38,148		168,005
ElringKlinger AG		8,823		54,567
Freenet AG		37,230		871,496
Hornbach Holding AG & Co. KGaA		2,754		175,528
Kloeckner & Co. SE		23,562		169,932
Norma Group SE		10,098		186,586
Patrizia SE		13,107		103,868
ProSiebenSat.1 Media SE^(b)		54,060		365,154
Siltronic AG		6,630		564,397
Suedzucker AG		24,633		366,217
Vitesco Technologies Group AG^(a)		5,712		462,258

				4,492,258

Hong Kong — 0.6%
CITIC Telecom International Holdings Ltd.		459,000		181,496
Fortune REIT		408,000		244,568
Luk Fook Holdings International Ltd.		102,000		263,852
United Laboratories International Holdings Ltd.(The)^(b)		204,000		206,161

				896,077

Ireland — 0.3%
Dalata Hotel Group PLC		68,952		292,691
Greencore Group PLC^(a)		154,632		143,198

				435,889

Israel — 0.6%
FIBI Holdings Ltd.		5,304		241,009
Formula Systems 1985 Ltd.		2,397		176,874
Isracard Ltd.		60,180		248,830
Paz Ashdod Refinery Ltd.^(a)		3,060		84,637
Paz Oil Co. Ltd.^(a)		3,060		251,964

				1,003,314

Italy — 1.8%
Azimut Holding SpA		33,660		732,494
Biesse SpA		4,284		49,887
Credito Emiliano SpA		24,687		202,197
Datalogic SpA		8,415		54,061
Iren SpA		203,949		392,137
Maire Tecnimont SpA		49,929		204,510
Piaggio & C SpA		51,510		164,405
Tod’s SpA^(a)		2,652		95,810
Unipol Gruppo SpA		133,569		720,915
Webuild SpA		97,155		172,363

				2,788,779

Japan — 25.0%
77 Bank Ltd.(The)		20,400		432,020
ADEKA Corp.		30,600		522,525
Aisan Industry Co. Ltd.		10,200		91,161
Alpen Co. Ltd.		5,100		65,956
AOKI Holdings Inc.		10,200		68,979
Aoyama Trading Co. Ltd.		15,300		170,878
Arata Corp.		5,100		190,264
Arcs Co. Ltd.		10,200		185,819
Asahi Diamond Industrial Co. Ltd.		15,300		90,557
ASAHI YUKIZAI Corp.		3,900		96,334
Aska Pharmaceutical Holdings Co. Ltd.		5,100		57,813
Autobacs Seven Co. Ltd.		20,400		215,935
Avex Inc.		10,200		98,452
Axial Retailing Inc.		5,100		127,639


Security	Shares		Value

Japan (continued)
Bando Chemical Industries Ltd.		10,200	$	111,800
Belluna Co. Ltd.		15,300		68,765
BML Inc.		5,100		95,252
Bunka Shutter Co. Ltd.		15,300		113,101
Canon Electronics Inc.		5,100		64,482
Cawachi Ltd.		5,100		84,834
Central Glass Co. Ltd.		5,100		101,055
Chiyoda Corp.^(a)(b)		45,900		116,162
Chori Co. Ltd.		5,100		102,098
Chudenko Corp.		10,200		164,662
Citizen Watch Co. Ltd.		66,300		407,828
CKD Corp		20,400		280,451
CMIC Holdings Co. Ltd.		5,100		58,721
CMK Corp.		15,300		68,586
Daiichi Jitsugyo Co. Ltd.		9,000		112,030
Daiken Corp.		5,100		102,060
Daiki Aluminium Industry Co. Ltd.		10,200		88,982
Daishi Hokuetsu Financial Group Inc.		15,100		382,717
DCM Holdings Co. Ltd.		30,600		248,564
Dexerials Corp.		15,300		376,725
Doshisha Co. Ltd.		5,100		76,013
Doutor Nichires Holdings Co. Ltd.		10,200		158,926
Duskin Co. Ltd.		10,200		220,985
Eagle Industry Co. Ltd.		10,200		115,440
EDION Corp.		25,500		252,229
Eiken Chemical Co. Ltd.		10,200		93,090
eRex Co. Ltd.^(b)		10,200		52,224
Exedy Corp.		10,200		178,320
FCC Co. Ltd.		10,200		128,323
Fuji Co. Ltd./Ehime		10,200		121,867
Fuji Corp./Aichi		25,500		395,597
Fuji Seal International Inc.		10,200		121,470
Fukuyama Transporting Co. Ltd.		10,200		267,904
Furukawa Co. Ltd.		10,200		114,508
Genky DrugStores Co. Ltd.		2,600		96,100
Geo Holdings Corp.		5,100		81,009
GLOBERIDE Inc.		5,100		68,804
Godo Steel Ltd.		2,800		85,913
Goldcrest Co. Ltd.		5,100		75,554
G-Tekt Corp.		5,100		62,071
Gunma Bank Ltd.(The)		127,500		594,033
Gunze Ltd.		5,100		153,706
H2O Retailing Corp.		25,500		309,704
Halows Co. Ltd.		2,800		78,714
Hanwa Co. Ltd.		10,200		323,380
Happinet Corp.		5,100		85,174
Heiwado Co. Ltd.		10,200		177,987
Hitachi Zosen Corp.		51,000		285,609
Hogy Medical Co. Ltd.		5,100		108,939
Hokuetsu Corp.		40,800		295,801
Honeys Holdings Co. Ltd.		5,100		53,441
Hosiden Corp.		15,300		196,104
Hosokawa Micron Corp.		5,100		139,733
Ichikoh Industries Ltd.		15,300		57,872
Integrated Design & Engineering Holdings Co. Ltd., NVS		5,100		121,881
Inui Global Logistics Co. Ltd.^(b)		5,100		45,079
Ishihara Sangyo Kaisha Ltd.		10,200		100,952
Itochu Enex Co. Ltd.		15,300		154,083
JAFCO Group Co. Ltd.		15,300		168,299


42		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)

September 30, 2023

iShares^® International Developed Small Cap Value Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Japan Lifeline Co. Ltd.		20,400	$	158,641
Japan Medical Dynamic Marketing Inc.		5,100		25,680
Japan Petroleum Exploration Co. Ltd.		10,200		382,230
Japan Pulp & Paper Co. Ltd.		3,100		101,241
Japan Wool Textile Co. Ltd.(The)		20,400		183,552
JDC Corp.		10,200		45,243
Joshin Denki Co. Ltd.		5,100		80,246
Joyful Honda Co. Ltd.		15,300		179,883
K&O Energy Group Inc.		5,100		89,218
Kaga Electronics Co. Ltd.		5,100		220,929
Kanamoto Co. Ltd.		10,200		179,133
Kanto Denka Kogyo Co. Ltd.		15,300		89,296
Kato Sangyo Co. Ltd.		5,100		135,496
Kissei Pharmaceutical Co. Ltd.		10,200		230,987
Kitz Corp.		25,500		176,298
Koa Corp.		10,200		122,612
Kojima Co. Ltd.		10,200		43,526
Komeri Co. Ltd.		10,200		214,979
Komori Corp.		15,300		108,211
Konishi Co. Ltd.		10,200		155,387
Konoike Transport Co. Ltd.		10,200		131,906
Krosaki Harima Corp.		1,200		77,239
Kureha Corp.		5,100		283,554
KYB Corp.		5,100		164,927
Kyoei Steel Ltd.		5,100		67,821
Kyokuto Kaihatsu Kogyo Co. Ltd.		10,200		120,011
Life Corp.		5,100		124,201
Macromill Inc.		10,200		49,960
Makino Milling Machine Co. Ltd.		5,100		222,447
Maruzen Showa Unyu Co. Ltd.		5,100		129,048
Matsuda Sangyo Co. Ltd.		5,100		80,804
Maxell Ltd.		10,200		114,101
MCJ Co. Ltd.		20,400		152,996
Megachips Corp.		5,100		142,463
Megmilk Snow Brand Co. Ltd.		15,300		234,571
Meidensha Corp.		10,200		153,023
Meiko Electronics Co. Ltd.		5,100		115,491
Meisei Industrial Co. Ltd.		15,300		103,416
Micronics Japan Co. Ltd.		10,200		144,184
Mimasu Semiconductor Industry Co. Ltd.		5,100		94,591
MIRAIT ONE corp.		25,500		335,216
Miroku Jyoho Service Co. Ltd.		5,100		56,152
Mitsubishi Pencil Co. Ltd.		15,300		196,282
Mitsubishi Shokuhin Co. Ltd.		5,100		133,120
Mitsui DM Sugar Holdings Co. Ltd.		5,100		102,699
Mitsui-Soko Holdings Co. Ltd.		5,100		146,783
Mizuno Corp.		5,100		161,510
Morita Holdings Corp.		10,200		108,565
Musashi Seimitsu Industry Co. Ltd.		15,300		166,160
Nachi-Fujikoshi Corp.		5,100		136,938
Nakayama Steel Works Ltd.		5,100		30,838
Neturen Co. Ltd.		10,200		68,247
Nichias Corp.		15,300		313,518
Nichicon Corp.		20,400		192,143
Nichiha Corp.		10,200		200,541
Nichireki Co. Ltd.		7,200		96,158
Nihon Chouzai Co. Ltd.		5,100		50,355
Nihon Parkerizing Co. Ltd.		30,600		226,095
Nikkiso Co. Ltd.		15,300		103,627
Nikkon Holdings Co. Ltd.		15,300		323,313


Security	Shares		Value

Japan (continued)
Nippn Corp., New		15,300	$	222,404
Nippon Carbon Co. Ltd.		3,100		94,422
Nippon Denko Co. Ltd.		30,600		62,148
Nippon Densetsu Kogyo Co. Ltd.		10,200		149,601
Nippon Light Metal Holdings Co. Ltd.		20,400		229,407
Nippon Pillar Packing Co. Ltd.		5,100		132,964
Nippon Road Co. Ltd.(The)		5,000		62,829
Nippon Soda Co. Ltd.		8,500		312,573
Nippon Suisan Kaisha Ltd.		91,800		449,348
Nippon Thompson Co. Ltd.		20,400		75,442
Nishimatsu Construction Co. Ltd.		10,200		252,949
Nishio Holdings Co. Ltd.		5,100		120,384
Nissha Co. Ltd.^(b)		10,200		114,546
Nisshinbo Holdings Inc.		40,800		303,205
Nissin Corp.		5,100		91,192
Nitta Corp.		5,100		113,204
Nittetsu Mining Co. Ltd.		5,100		170,719
Nitto Boseki Co. Ltd.		8,200		191,148
Nojima Corp.		20,400		178,341
Noritake Co. Ltd./Nagoya Japan		5,100		211,945
Noritz Corp.		10,200		108,095
Obara Group Inc.		3,300		85,091
Ohara Inc.		5,100		44,264
Oiles Corp.		10,200		136,940
Okamura Corp.		20,400		308,042
Okinawa Financial Group Inc.		5,100		82,669
Onward Holdings Co. Ltd.		35,700		124,466
Oriental Shiraishi Corp		30,600		67,279
Osaka Organic Chemical Industry Ltd.		5,100		86,102
Osaka Soda Co. Ltd.		6,500		279,760
Pacific Industrial Co. Ltd.		15,300		146,557
Pack Corp.(The)		5,100		107,527
Pasona Group Inc.		5,100		55,672
Piolax Inc.		7,100		108,621
Press Kogyo Co. Ltd.		25,500		117,460
Pressance Corp.		5,100		62,458
Prima Meat Packers Ltd.		10,200		167,321
Qol Holdings Co. Ltd.		5,100		63,298
Riken Corp.^(a)		2,700		66,127
Riken Technos Corp.		15,300		73,081
RS Technologies Co. Ltd.		5,100		97,238
Ryobi Ltd.		10,200		207,157
S Foods Inc.		5,100		114,112
Sakai Chemical Industry Co. Ltd.		5,100		70,539
Sakai Moving Service Co. Ltd.		5,400		90,065
Sakata INX Corp.		15,300		131,652
San-A Co. Ltd.		5,100		163,061
San-Ai Obbli Co. Ltd.		15,300		162,119
San-In Godo Bank Ltd.		45,900		296,644
Sanoh Industrial Co. Ltd.		5,100		33,954
Sanyo Chemical Industries Ltd.		3,400		93,076
Sanyo Denki Co. Ltd.		2,700		123,369
Sanyo Special Steel Co. Ltd.		5,100		100,365
SBS Holdings Inc.		5,100		95,562
Seiko Group Corp.		10,200		178,085
Sekisui Jushi Corp.		7,800		124,279
Senshu Electric Co. Ltd.		5,100		120,267
Senshu Ikeda Holdings Inc.		91,800		196,913
Shiga Bank Ltd.(The)		15,300		357,508
Shin-Etsu Polymer Co. Ltd.		10,200		91,165


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, 2023

iShares^® International Developed Small Cap Value Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Shinmaywa Industries Ltd.		15,300	$	130,340
Shizuoka Gas Co. Ltd.		15,300		104,253
Sinfonia Technology Co. Ltd.		10,200		109,566
Sintokogio Ltd.		15,300		111,866
SKY Perfect JSAT Holdings Inc.		35,700		166,936
Sodick Co. Ltd.		15,300		74,815
Star Micronics Co. Ltd.		10,200		127,924
Starts Corp. Inc.		10,200		199,080
Stella Chemifa Corp.		2,500		51,883
Sumitomo Densetsu Co. Ltd.		5,100		94,592
Sumitomo Riko Co. Ltd.		10,200		76,235
Sumitomo Seika Chemicals Co. Ltd.		2,600		78,721
Sumitomo Warehouse Co. Ltd.(The)		15,300		243,954
Sun Frontier Fudousan Co. Ltd.		10,200		102,674
SWCC Corp.		5,100		72,580
Tachibana Eletech Co. Ltd.		5,100		95,489
Tachi-S Co. Ltd.		10,200		116,034
Taiyo Holdings Co. Ltd.		10,200		174,689
Takaoka Toko Co. Ltd.		5,100		71,585
Takara Standard Co. Ltd.		15,300		189,448
Takasago Thermal Engineering Co. Ltd.		20,400		396,208
Takuma Co. Ltd.		20,400		210,959
Tamron Co. Ltd.		5,100		155,829
T-Gaia Corp.		5,100		60,207
Toagosei Co. Ltd.		35,700		320,611
Tocalo Co. Ltd.		15,300		139,176
Toei Co. Ltd.		2,000		251,123
Toho Holdings Co. Ltd.		15,300		327,894
TOKAI Holdings Corp.		35,700		221,017
Tokai Rika Co. Ltd.		15,300		239,779
Tokuyama Corp.		20,400		320,411
Tokyo Kiraboshi Financial Group Inc.		7,900		237,776
Tokyo Steel Manufacturing Co. Ltd.		20,400		229,787
Tokyotokeiba Co. Ltd.		5,100		137,271
Tokyu Construction Co. Ltd.		20,400		106,373
Tomoku Co. Ltd.		5,100		83,699
Topre Corp.		15,300		173,595
Topy Industries Ltd.		5,100		86,781
Toyo Construction Co. Ltd.		25,500		207,723
Toyo Ink SC Holdings Co. Ltd.		10,200		159,388
Toyobo Co. Ltd.		25,500		183,636
TPR Co. Ltd.		10,200		124,451
Trancom Co. Ltd.		1,800		88,333
Transcosmos Inc.		5,100		108,911
TRE Holdings Corp.		10,200		82,207
Trusco Nakayama Corp.		10,200		166,924
TSI Holdings Co. Ltd.		20,400		110,379
Tsubakimoto Chain Co.		10,200		263,956
Union Tool Co.		3,000		77,732
Unipres Corp		10,200		79,049
United Arrows Ltd.		10,200		133,558
United Super Markets Holdings Inc.		15,300		109,453
Valor Holdings Co. Ltd.		10,200		149,155
Valqua Ltd.		5,100		141,110
VT Holdings Co. Ltd.		30,600		104,603
Wacoal Holdings Corp.		15,300		345,657
Wakita & Co. Ltd.		15,300		143,545
Warabeya Nichiyo Holdings Co. Ltd.		5,100		96,393
Xebio Holdings Co. Ltd.		5,100		34,100
Yamazen Corp.		20,400		160,291


Security	Shares		Value

Japan (continued)
Yellow Hat Ltd.		10,200	$	129,407
Yodogawa Steel Works Ltd.		10,200		241,570
Yokowo Co. Ltd.		5,100		53,653
Yuasa Trading Co. Ltd.		5,100		140,914

				38,961,836

Netherlands — 1.3%
AMG Critical Materials NV		9,945		298,453
Eurocommercial Properties NV		16,116		357,250
Flow Trades Ltd., NVS		8,160		151,924
Fugro NV^(a)		34,884		534,784
Iveco Group NV^(a)		62,679		583,880
NSI NV		6,069		115,111

				2,041,402

New Zealand — 0.9%
Genesis Energy Ltd.		163,557		238,985
Goodman Property Trust		344,658		436,897
Precinct Properties New Zealand Ltd.		414,579		285,750
Summerset Group Holdings Ltd.		72,624		443,611

				1,405,243

Norway — 0.3%
Austevoll Seafood ASA		28,662		200,840
BW LPG Ltd.^(c)		23,868		300,563

				501,403

Portugal — 0.2%
Sonae SGPS SA		304,521		295,756

Singapore — 1.0%
CapitaLand China Trust^(b)		362,100		233,927
Capitaland India Trust		300,900		230,634
CDL Hospitality Trusts		275,400		208,945
First Resources Ltd.		158,100		176,499
Frasers Centrepoint Trust^(b)		336,600		538,038
UMS Holdings Ltd.		142,800		135,390

				1,523,433

Spain — 3.2%
Acerinox SA		62,373		602,723
Almirall SA		23,562		239,643
Atresmedia Corp. de Medios de Comunicacion SA		27,438		106,021
Cia. de Distribucion Integral Logista Holdings SA		19,482		497,859
Construcciones y Auxiliar de Ferrocarriles SA		5,865		183,031
Ence Energia y Celulosa SA		39,474		132,257
Faes Farma SA		100,317		338,815
Fluidra SA		34,629		706,584
Fomento de Construcciones y Contratas SA		14,076		176,891
Gestamp Automocion SA^(c)		48,501		202,191
Indra Sistemas SA^(b)		38,709		559,332
Laboratorios Farmaceuticos Rovi SA		6,630		358,853
Pharma Mar SA		4,284		145,250
Viscofan SA		12,240		747,260

				4,996,710

Sweden — 4.2%
AFRY AB		31,773		371,999
Betsson AB		37,383		410,834
Bilia AB, Class A		22,440		217,921
Billerud AB		67,422		624,088
Bravida Holding AB^(c)		64,923		477,845
Catena AB		10,710		371,618
Clas Ohlson AB, Class B		12,945		138,406
Cloetta AB, Class B		69,513		116,127


44		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)

September 30, 2023

iShares^® International Developed Small Cap Value Factor ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Sweden (continued)
Fabege AB		79,305	$	631,623
Fagerhult AB		21,522		101,055
Granges AB		33,099		311,362
Hexpol AB		78,183		692,745
Hufvudstaden AB, Class A		33,558		370,659
Lindab International AB		21,930		320,163
Loomis AB, Class B		22,338		601,178
NCC AB, Class B		27,999		302,694
Peab AB, Class B		62,118		254,819
Ratos AB, Class B		64,107		190,896
Resurs Holding AB^(c)		44,982		96,749

				6,602,781

Switzerland — 7.6%
ALSO Holding AG, Registered		867		217,513
Arbonia AG		14,178		129,954
Aryzta AG^(a)		291,261		498,168
Bucher Industries AG, Registered		2,091		797,659
Burckhardt Compression Holding AG		969		527,341
Bystronic AG, Registered		408		253,141
Cembra Money Bank AG		9,282		629,412
Comet Holding AG, Registered		2,346		521,602
EFG International AG		24,582		278,249
Forbo Holding AG, Registered		306		372,751
Galenica AG^(c)		15,351		1,134,065
Huber + Suhner AG, Registered		5,253		378,706
Implenia AG, Registered		4,539		148,875
Komax Holding AG, Registered		1,479		339,703
Landis+Gyr Group AG		7,752		559,481
OC Oerlikon Corp. AG, Registered		60,282		255,462
Schweiter Technologies AG, NVS		306		195,092
SFS Group AG		5,508		600,886
Siegfried Holding AG, Registered		1,275		1,089,010
St. Galler Kantonalbank AG, Class A, Registered		867		473,116
Stadler Rail AG		16,881		657,023
Sulzer AG, Registered		5,457		520,447
Swissquote Group Holding SA, Registered		2,754		501,790
Valiant Holding AG, Registered		4,998		517,466
Vetropack Holding AG, Class A, Registered		3,876		171,283
Zehnder Group AG, Registered		2,907		170,410

				11,938,605

United Kingdom — 14.4%
Balanced Commercial Property Trust Ltd.		170,238		140,576
Balfour Beatty PLC		178,041		697,301
Bank of Georgia Group PLC		11,271		507,439
Bellway PLC		38,811		1,078,248
Big Yellow Group PLC		53,652		611,387
C&C Group PLC		123,930		209,644
Centamin PLC		365,160		371,047
Clarkson PLC		7,803		260,384
Close Brothers Group PLC		47,328		509,596
Crest Nicholson Holdings PLC		80,886		171,423
easyJet PLC^(a)		118,167		612,499
Grafton Group PLC		62,424		688,518
Grainger PLC		228,021		649,895
Helical PLC		31,977		82,517
Ibstock PLC^(c)		117,351		204,031
IG Group Holdings PLC		120,258		941,453
International Distributions Services PLC^(a)		214,404		680,992
Investec PLC		197,064		1,158,189


Security	Shares		Value

United Kingdom (continued)
Jupiter Fund Management PLC		139,893	$	163,125
Keller Group PLC		22,389		205,149
Lancashire Holdings Ltd.		76,347		549,591
Man Group PLC/Jersey		374,646		1,018,295
Marks & Spencer Group PLC^(a)		623,577		1,793,542
OSB Group PLC		134,079		531,976
Petershill Partners PLC^(c)		90,882		167,437
Picton Property Income Ltd.		170,136		141,057
Playtech PLC^(a)		97,002		534,952
Plus500 Ltd.		27,795		466,978
Premier Foods PLC		203,439		297,859
Rathbones Group PLC		18,717		396,344
Redde Northgate PLC		71,247		293,818
Redrow PLC		85,221		512,772
Safestore Holdings PLC		67,116		599,630
Savills PLC		42,228		445,926
Serco Group PLC		349,809		635,935
TP ICAP Group PLC		248,982		516,735
Travis Perkins PLC		67,116		686,198
Tritax Big Box REIT PLC		595,170		1,012,867
UK Commercial Property REIT Ltd.		234,345		151,571
Vesuvius PLC		67,065		354,279
Vistry Group PLC		109,446		1,210,702
Workspace Group PLC		45,237		269,470

				22,531,347

United States — 0.1%
GQG Partners Inc.		201,093		177,336


Total Common Stocks — 98.9% (Cost: $169,079,750)				154,485,639


Preferred Stocks

Italy — 0.2%
Danieli & C Officine Meccaniche SpA, Preference Shares, NVS		12,750		266,026


Total Preferred Stocks — 0.2% (Cost: $234,656)				266,026


Total Long-Term Investments — 99.1% (Cost: $169,314,406)				154,751,665


Short-Term Securities

Money Market Funds — 1.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(d)(e)(f)		2,253,962		2,254,638
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%^(d)(e)		50,000		50,000


Total Short-Term Securities — 1.5% (Cost: $2,304,702)				2,304,638


Total Investments — 100.6% (Cost: $171,619,108)				157,056,303

Liabilities in Excess of Other Assets — (0.6)%				(953,137	)


Net Assets — 100.0%			$	156,103,166

^(a)	Non-income producing security.

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


S C H E D U L E O F I N V E S T M E N T S		45

Schedule of Investments (unaudited) (continued)

September 30, 2021

iShares^® International Developed Small Cap Value Factor ETF

^(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.

Affiliates


Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares.	$	2,137,769	$	116,909	^(a)	$	—	$	304	$	(344)	$	2,254,638		2,253,962	$	20,617	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		50,000	^(a)		—		—		—		50,000		50,000		2,581			—

								$	304	$	(344)	$	2,304,638			$	23,198		$	—

^(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		22		12/07/23	$	341	$	(5,944	)

S&P/TSE 60 Index Mini		9		12/14/23		390		(10,751	)
FTSE 250 Index		13		12/15/23		580		(8,938	)

							$	(25,633	)

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)	$	—	$	—	$	25,633	$	—	$	—	$	—	$	25,633

^(a)


46		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)

September 30, 2023

iShares^® International Developed Small Cap Value Factor ETF

For the period ended September 30, 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	$	—	$	—	$	38,647	$	—	$	—	$	—	$	38,647


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(35,204)	$	—	$	—	$	—	$	(35,204	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	1,140,271

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

The following table summarizes the Funds 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	$	36,944,804	$	117,540,835	$	—	$	154,485,639
Preferred Stocks		—		266,026		—		266,026
Short-Term Securities
Money Market Funds		2,304,638		—		—		2,304,638

	$	39,249,442	$	117,806,861	$	—	$	157,056,303


Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(10,751)	$	(14,882)	$	—	$	(25,633)

^(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		47

Schedule of Investments (unaudited)

September 30, 2023

iShares^® International Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 2.1%
Altium Ltd.		7,280	$	200,986
AUB Group Ltd.		8,944		166,864
Bapcor Ltd.		55,952		243,421
Brickworks Ltd.		11,024		176,138
carsales.com Ltd.		36,816		659,535
Cleanaway Waste Management Ltd.		222,560		346,628
Collins Foods Ltd.		18,928		115,746
Computershare Ltd.		82,784		1,379,556
CSL Ltd.		31,824		5,126,942
Elders Ltd.		69,264		256,193
IPH Ltd.		51,376		243,275
Nick Scali Ltd.		23,712		168,201
Northern Star Resources Ltd.		123,760		821,797
PSC Insurance Group Ltd.		26,624		83,116
Sonic Healthcare Ltd.		80,704		1,541,038
Steadfast Group Ltd.		145,600		525,907
Technology One Ltd.		19,344		191,830
Washington H Soul Pattinson & Co. Ltd.		32,240		672,548


				12,919,721

Belgium — 0.2%
Elia Group SA/NV		3,737		365,707
UCB SA		10,608		868,893


				1,234,600

Brazil — 0.2%
Localiza Rent a Car SA		90,034		1,048,908


Canada — 20.0%
Alimentation Couche-Tard Inc.		27,456		1,394,379
Atco Ltd., Class I, NVS		18,558		470,013
Barrick Gold Corp.		241,072		3,501,823
Brookfield Asset Management Ltd.		48,048		1,601,069
Brookfield Corp., Class A		70,304		2,198,278
Canadian Imperial Bank of Commerce		276,224		10,662,562
Canadian National Railway Co.		59,072		6,397,129
Canadian Natural Resources Ltd.		201,344		13,021,209
Canadian Tire Corp. Ltd., Class A, NVS		11,440		1,230,121
Canadian Western Bank		21,632		448,168
Capital Power Corp		33,107		924,290
Cargojet Inc.		1,456		96,520
CCL Industries Inc., Class B, NVS		12,272		515,094
Cogeco Communications Inc.		4,160		192,556
Dollarama Inc.		4,576		315,275
Empire Co. Ltd., Class A, NVS		14,560		396,092
Enghouse Systems Ltd.		5,616		123,959
EQB Inc.		2,288		127,013
Finning International Inc.		16,293		480,543
FirstService Corp.		1,166		169,597
Fortis Inc.		101,961		3,872,754
Franco-Nevada Corp.		8,736		1,166,279
George Weston Ltd.		4,992		553,613
Great-West Lifeco Inc.		67,808		1,940,010
Hydro One Ltd.^(a)		50,336		1,281,516
iA Financial Corp. Inc.		16,848		1,056,838
Imperial Oil Ltd.		20,384		1,255,531
Intact Financial Corp.		17,888		2,607,901
Jamieson Wellness Inc.^(a)		4,784		85,836
Loblaw Companies Ltd.		10,192		865,935
Magna International Inc.		39,520		2,117,917


Security	Shares		Value

Canada (continued)
Manulife Financial Corp		498,784	$	9,114,536
Maple Leaf Foods Inc.^(b)		11,856		227,824
Metro Inc.		18,720		972,213
North West Co. Inc.(The)		11,648		293,290
Open Text Corp.		30,160		1,058,514
Parkland Corp.		29,328		857,870
Power Corp. of Canada		150,800		3,839,252
Premium Brands Holdings Corp., Class A		5,824		407,776
Quebecor Inc., Class B		28,912		619,642
RB Global Inc.		14,560		911,601
Royal Bank of Canada		186,992		16,341,580
Saputo Inc.		29,536		617,576
Stantec Inc.		4,576		296,914
Stella-Jones Inc.		3,952		190,057
Sun Life Financial Inc.		124,384		6,068,785
TFI International Inc.		3,744		480,842
TMX Group Ltd.		32,864		706,277
Toromont Industries Ltd.		6,032		491,264
Toronto-Dominion Bank(The)		275,808		16,616,506
Waste Connections Inc.		8,736		1,172,968
Wheaton Precious Metals Corp.		31,066		1,260,709


				123,615,816

China — 6.2%
Bank of China Ltd., Class A		2,059,200		1,065,321
Bosideng International Holdings Ltd.		832,000		357,160
China Coal Energy Co. Ltd.		83,200		99,906
China Coal Energy Co. Ltd., Class H		832,000		651,416
China Construction Bank Corp., Class A		249,600		215,919
China Foods Ltd.		416,000		136,646
China Medical System Holdings Ltd.		416,000		627,867
China Merchants Bank Co. Ltd., Class A		468,000		2,130,942
China Merchants Bank Co. Ltd., Class H		936,000		3,885,900
China National Nuclear Power Co. Ltd., Class A		416,000		416,876
China Railway Group Ltd., Class A		291,200		273,712
China Railway Group Ltd., Class H		1,040,000		534,848
China Resources Gas Group Ltd.		249,600		729,846
China Suntien Green Energy Corp. Ltd., Class H		832,000		287,295
China Tourism Group Duty Free Corp. Ltd., Class A		10,600		155,332
China Water Affairs Group Ltd.		258,000		166,713
Citic Pacific Special Steel Group Co. Ltd.		83,200		169,053
CSPC Pharmaceutical Group Ltd.		1,354,000		990,239
ENN Energy Holdings Ltd.		208,000		1,713,961
Greentown China Holdings Ltd.		271,000		280,233
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd.		4,000		11,518
Haier Smart Home Co. Ltd., Class H		291,200		910,165
Harbin Boshi Automation Co. Ltd.		16,400		36,052
Huaxia Bank Co. Ltd., Class A		487,600		382,791
Industrial & Commercial Bank of China Ltd., Class A		2,766,400		1,775,743
Industrial Bank Co. Ltd., Class A		644,800		1,443,937
Inspur Electronic Information Industry Co. Ltd., Class A		16,400		84,526
Kweichow Moutai Co. Ltd., Class A		7,000		1,737,717
Luzhou Laojiao Co. Ltd., Class A		7,900		236,527
Metallurgical Corp. of China Ltd., Class A		187,200		94,419
Ping An Insurance Group Co. of China Ltd., Class A		208,000		1,387,830
Ping An Insurance Group Co. of China Ltd., Class H		1,812,500		10,279,857
Postal Savings Bank of China Co. Ltd., Class H^(a)		2,912,000		1,466,329
Shanghai Baosight Software Co. Ltd., Class A		20,908		129,740
Shanghai Tunnel Engineering Co. Ltd., Class A		124,800		100,357
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		98,000		100,038


48		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)

September 30, 2023

iShares^® International Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

China (continued)
Sinoma Science & Technology Co. Ltd., Class A		16,400	$	46,253
Tsingtao Brewery Co. Ltd., Class A		3,500		42,047
Tsingtao Brewery Co. Ltd., Class H		54,000		439,720
Wuliangye Yibin Co. Ltd., Class A		26,700		575,893
Xiamen Xiangyu Co. Ltd.		99,200		92,577
Yankuang Energy Group Co. Ltd., Class A		259,850		722,210
Yuexiu Property Co. Ltd.		577,000		663,246
Zhengzhou Coal Mining Machinery Group Co. Ltd.		20,800		37,363
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class H		124,800		121,272
Zhongsheng Group Holdings Ltd.		104,000		291,188


				38,098,500

Colombia — 0.1%
Grupo Argos SA		108,876		249,505
Grupo Nutresa SA		10,192		123,701
Interconexion Electrica SA ESP		151,158		552,757


				925,963

Denmark — 3.8%
Carlsberg A/S, Class B		13,520		1,704,669
Coloplast A/S, Class B		16,224		1,716,775
DSV A/S		3,978		741,263
Novo Nordisk A/S		181,223		16,500,568
Orsted A/S^(a)		35,360		1,923,697
Royal Unibrew A/S		6,032		465,854
Scandinavian Tobacco Group A/S, Class A^(a)		24,544		373,865


				23,426,691

Finland — 0.6%
Huhtamaki OYJ		16,640		547,051
Kesko OYJ, Class A		25,145		459,443
Kesko OYJ, Class B		90,480		1,621,061
Olvi OYJ, Class A		3,328		106,082
Uponor OYJ		6,656		199,742
Valmet OYJ		24,336		555,604


				3,488,983

France — 4.5%
Equasens		624		48,048
Sanofi		168,064		18,045,914
Schneider Electric SE		59,488		9,803,150
Thermador Groupe		1,040		86,644


				27,983,756

Germany — 5.3%
Adesso SE		208		22,479
Bechtle AG		6,448		300,285
Brenntag SE		20,592		1,593,341
Deutsche Boerse AG		22,256		3,843,540
E.ON SE		531,856		6,289,734
Eckert & Ziegler Strahlen- und Medizintechnik AG		2,080		70,724
Fresenius Medical Care AG & Co. KGaA		28,496		1,225,099
Fresenius SE & Co. KGaA		71,344		2,215,960
FUCHS SE		6,240		199,817
LANXESS AG^(b)		15,808		399,653
Nemetschek SE		2,496		151,903
SAP SE		91,512		11,845,499
Stratec SE		416		19,416
Symrise AG, Class A		7,904		752,452
Vonovia SE		154,960		3,712,578


				32,642,480


Security	Shares		Value

Hong Kong — 2.4%
AIA Group Ltd.		1,331,200	$	10,765,604
CK Infrastructure Holdings Ltd.		200,000		943,670
Kerry Logistics Network Ltd.		104,000		92,818
Swire Properties Ltd.		332,800		692,131
Techtronic Industries Co. Ltd.		245,000		2,365,128
VSTECS Holdings Ltd.^(b)		416,000		233,238


				15,092,589

India — 2.4%
Aegis Logistics Ltd.		17,264		68,367
Asian Paints Ltd.		18,304		695,706
Astral Ltd.		978		22,459
Balaji Amines Ltd.		208		5,432
Berger Paints India Ltd.		3,952		27,027
Berger Paints India Ltd., NVS		790		5,405
Bharat Electronics Ltd.		242,944		403,638
CRISIL Ltd.		1,872		88,320
Grindwell Norton Ltd.		1,664		41,606
Indraprastha Gas Ltd.		74,464		406,978
Infosys Ltd.		431,184		7,410,032
ITC Ltd.		446,160		2,383,845
KEI Industries Ltd.		1,040		33,134
Larsen & Toubro Infotech Ltd.^(a)		5,015		313,343
Mphasis Ltd.		9,304		265,250
Persistent Systems Ltd.		1,664		115,635
Pidilite Industries Ltd.		3,328		97,609
Radico Khaitan Ltd.		776		11,228
Reliance Industries Ltd.		55,536		1,563,597
Reliance Industries Ltd., GDR^(a)		4,632		258,267
Schaeffler India Ltd.		1,248		49,688
Tata Elxsi Ltd.		1,248		108,298
TTK Prestige Ltd.		1,388		13,066
UltraTech Cement Ltd.		2,807		278,361
Vinati Organics Ltd.		164		3,642
ZF Commercial Vehicle Control Systems India Ltd.		210		39,326


				14,709,259

Indonesia — 0.6%
Bank Central Asia Tbk PT		6,531,200		3,721,051
Bank Pembangunan Daerah Jawa Timur Tbk PT		894,400		36,748


				3,757,799

Ireland — 0.4%
Kerry Group PLC, Class A		9,559		798,697
Smurfit Kappa Group PLC		52,624		1,748,157


				2,546,854

Italy — 0.9%
A2A SpA		404,560		719,024
ACEA SpA		17,056		185,503
Buzzi Unicem SpA		9,152		250,099
DiaSorin SpA		1,456		132,587
Interpump Group SpA		2,912		133,207
Iren SpA		159,536		306,744
Italgas SpA		135,408		692,778
Recordati Industria Chimica e Farmaceutica SpA		14,768		695,946
Reply SpA		1,040		97,586
Terna - Rete Elettrica Nazionale		308,048		2,316,963


				5,530,437

Japan — 18.8%
Aeon Mall Co. Ltd.		20,800		244,802
AGC Inc.		45,000		1,577,132
Aica Kogyo Co. Ltd.		20,800		463,716


S C H E D U L E O F I N V E S T M E N T S		49

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® International Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Air Water Inc.		42,000	$	522,796
Alfresa Holdings Corp.		20,800		341,022
Astellas Pharma Inc.		255,700		3,539,302
Benefit One Inc.		20,800		150,219
Chiba Bank Ltd.(The)		104,000		755,569
COMSYS Holdings Corp.		20,800		434,877
DCM Holdings Co. Ltd.		20,800		168,958
Denka Co. Ltd.		20,800		375,718
EXEO Group Inc.		20,800		426,175
FUJIFILM Holdings Corp.		30,500		1,764,442
Hisamitsu Pharmaceutical Co. Inc.		9,600		349,283
Hulic Co. Ltd.		104,000		932,550
Kandenko Co. Ltd.		20,800		191,525
Kao Corp.		71,100		2,635,321
KDDI Corp.		249,600		7,640,372
Kobayashi Pharmaceutical Co. Ltd.		500		22,300
Kokuyo Co. Ltd.		20,800		329,620
Kubota Corp.		124,800		1,835,910
Kurita Water Industries Ltd.		2,600		90,477
Kyowa Kirin Co. Ltd.		26,600		462,491
Lasertec Corp.		3,200		497,640
M3 Inc.		20,800		377,286
MCJ Co. Ltd.		20,800		155,996
Medipal Holdings Corp.		20,800		351,593
Mitsubishi Corp.		181,900		8,667,595
Mitsubishi UFJ Financial Group Inc.		1,643,200		13,924,732
MonotaRO Co. Ltd.		20,800		221,753
Morinaga & Co. Ltd.		6,100		220,352
Murata Manufacturing Co. Ltd.		187,200		3,414,931
NEC Networks & System Integration Corp.		20,800		273,110
Nichias Corp.		20,800		426,221
Nippon Gas Co. Ltd.		20,800		307,847
Nippon Sanso Holdings Corp.		21,000		497,206
Nippon Telegraph & Telephone Corp.		4,499,100		5,325,291
Nissan Chemical Corp.		20,800		884,197
Nisshin Seifun Group Inc.		20,800		265,064
Nitori Holdings Co. Ltd.		3,000		334,486
Nitto Denko Corp.		19,300		1,265,605
Nomura Real Estate Holdings Inc.		21,800		547,301
Nomura Research Institute Ltd.		20,800		540,628
NSD Co. Ltd.		20,800		394,273
NTT Data Corp.		41,600		556,664
Obic Co. Ltd.		2,100		318,193
Open House Group Co. Ltd.		5,100		172,926
PALTAC Corp.		200		6,265
Pan Pacific International Holdings Corp.		20,800		436,529
Raito Kogyo Co. Ltd.		20,800		287,028
Rinnai Corp.		20,800		388,939
Sangetsu Corp.		20,800		405,248
SBI Holdings Inc.		62,400		1,313,258
SCSK Corp.		21,000		366,131
Sekisui House Ltd.		134,600		2,678,733
Seven & i Holdings Co. Ltd.		73,700		2,885,368
Shin-Etsu Chemical Co. Ltd.		222,800		6,471,369
Shionogi & Co. Ltd.		32,200		1,436,263
Ship Healthcare Holdings Inc.		200		3,031
Sohgo Security Services Co. Ltd.		42,300		255,314
Sompo Holdings Inc.		73,000		3,128,544
Sony Group Corp.		37,600		3,074,761
Sumitomo Mitsui Financial Group Inc.		249,600		12,261,858


Security	Shares		Value

Japan (continued)
Sumitomo Realty & Development Co. Ltd.		36,900	$	957,980
Sundrug Co. Ltd.		7,700		208,696
TDK Corp.		41,600		1,537,963
TechnoPro Holdings Inc.		20,800		452,053
Terumo Corp.		41,600		1,101,187
TIS Inc.		20,800		457,375
Tokio Marine Holdings Inc.		311,200		7,205,427
Tokyo Tatemono Co. Ltd.		41,600		575,169
Unicharm Corp.		18,500		654,118
USS Co. Ltd.		41,600		687,704
Valor Holdings Co. Ltd.		21,000		307,085
Yakult Honsha Co. Ltd.		20,800		505,168
Yamaguchi Financial Group Inc.		41,600		364,167
Yamato Holdings Co. Ltd.		21,200		345,056


				115,953,254

Malaysia — 0.0%
Allianz Malaysia Bhd		21,000		71,114


Mexico — 0.4%
Arca Continental SAB de CV		104,000		944,549
Bolsa Mexicana de Valores SAB de CV		166,400		312,319
Grupo Bimbo SAB de CV, Series A		124,800		601,675
Orbia Advance Corp. SAB de CV		270,400		561,824


				2,420,367

Netherlands — 1.2%
IMCD NV		5,824		736,356
NN Group NV		127,088		4,074,210
Wolters Kluwer NV		22,880		2,770,205


				7,580,771

New Zealand — 0.2%
EBOS Group Ltd.		24,752		507,063
Mainfreight Ltd.		11,440		446,677
Summerset Group Holdings Ltd.		33,488		204,556


				1,158,296

Norway — 0.1%
Borregaard ASA		9,984		146,905
Medistim ASA		1,456		28,993
TOMRA Systems ASA		16,432		186,732


				362,630

Philippines — 0.1%
International Container Terminal Services Inc.		185,120		676,291


Poland — 0.0%
Neuca SA		208		31,710


Portugal — 0.0%
Sonae SGPS SA		293,072		284,637


Saudi Arabia — 0.1%
Mouwasat Medical Services Co.		7,072		193,865
United Electronics Co.		10,300		207,278


				401,143

South Africa — 0.0%
PSG Konsult Ltd.		214,864		148,661


South Korea — 0.7%
AfreecaTV Co. Ltd.		624		38,759
Cheil Worldwide Inc.		23,920		355,157
CS Wind Corp.		1,592		64,141
Daesang Corp.		5,724		79,213


50		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)

September 30, 2023

iShares^® International Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

South Korea (continued)
Hyundai Home Shopping Network Corp.		776	$	24,039
KIWOOM Securities Co. Ltd.		2,912		203,483
Kolmar BNH Co. Ltd.		4,160		51,032
Korea Zinc Co. Ltd.		3,744		1,402,435
Kumho Petrochemical Co. Ltd.		3,744		371,498
LEENO Industrial Inc.		1,040		118,347
NAVER Corp.		4,784		715,278
NICE Information Service Co. Ltd.		9,152		67,012
Park Systems Corp.		160		19,317
Samsung Electro-Mechanics Co. Ltd.		4,411		448,221
SK Gas Ltd.		208		23,082
Youngone Corp.		3,744		133,822
Youngone Holdings Co. Ltd.		776		46,223


				4,161,059

Spain — 2.7%
Iberdrola SA		1,421,070		15,893,883
Vidrala SA		1,951		169,378
Viscofan SA		6,864		419,052


				16,482,313

Sweden — 0.6%
AAK AB		12,064		217,071
Assa Abloy AB, Class B		91,728		1,993,118
Atrium Ljungberg AB, Class B		5,068		82,475
Bravida Holding AB^(a)		42,016		309,245
Castellum AB		65,091		659,797
Catena AB		3,536		122,693
Lifco AB, Class B		8,320		145,545
NP3 Fastigheter AB		2,912		42,023
Platzer Fastigheter Holding AB, Class B		8,944		55,012


				3,626,979

Switzerland — 12.2%
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		57		633,415
Chocoladefabriken Lindt & Spruengli AG, Registered		6		656,974
Coca-Cola HBC AG, Class DI		32,864		898,625
DKSH Holding AG		5,824		393,947
Geberit AG, Registered		5,200		2,593,123
Givaudan SA, Registered		986		3,210,249
Logitech International SA, Registered		13,728		944,465
Nestle SA, Registered		163,280		18,482,642
Novartis AG, Registered		194,272		19,840,734
Partners Group Holding AG		4,368		4,903,492
Roche Holding AG, Bearer		4,784		1,405,476
Roche Holding AG, NVS		66,560		18,170,949
Siegfried Holding AG, Registered		86		73,455
Sika AG, Registered		10,400		2,634,952
Tecan Group AG, Registered		644		216,462
Temenos AG, Registered		5,824		407,332
VZ Holding AG		1,456		151,636


				75,617,928

Taiwan — 0.7%
Advantech Co. Ltd.		53,893		577,066
ASPEED Technology Inc.		2,000		172,285
Lotes Co. Ltd.		8,155		208,403
Parade Technologies Ltd.		15,000		459,119
Silergy Corp.		44,000		417,069
Sinbon Electronics Co. Ltd.		22,000		220,527
Unimicron Technology Corp.		335,000		1,807,412


Security	Shares		Value

Taiwan (continued)
Voltronic Power Technology Corp.		11,000	$	541,716


				4,403,597

Turkey — 0.0%
Aselsan Elektronik Sanayi Ve Ticaret AS		21,016		31,236
Tofas Turk Otomobil Fabrikasi AS		13,728		147,759


				178,995

United Kingdom — 11.6%
Ashtead Group PLC		35,360		2,144,323
BAE Systems PLC		420,784		5,113,300
British American Tobacco PLC		567,008		17,803,302
Bunzl PLC		39,104		1,392,641
Chemring Group PLC		35,984		121,834
Clarkson PLC		4,992		166,582
Cranswick PLC		6,448		278,597
Croda International PLC		15,600		931,813
DCC PLC		21,514		1,204,559
Dechra Pharmaceuticals PLC		7,488		345,345
Diageo PLC		309,504		11,410,822
Diploma PLC		12,480		455,615
Drax Group PLC		84,857		454,307
EMIS Group PLC		6,448		151,994
Games Workshop Group PLC		7,280		937,374
Gamma Communications PLC		6,032		80,312
GlobalData PLC, NVS^(b)		10,400		19,287
Halma PLC		18,720		441,057
Hargreaves Lansdown PLC		100,256		942,904
Hilton Food Group PLC		16,640		145,072
Impax Asset Management Group PLC		29,120		162,308
Learning Technologies Group PLC		50,544		39,561
London Stock Exchange Group PLC		27,248		2,730,954
National Grid PLC		1,143,339		13,673,587
RELX PLC		218,816		7,382,833
RWS Holdings PLC		83,064		243,029
Sage Group PLC(The)		113,152		1,361,660
Sirius Real Estate Ltd.		327,808		343,651
Softcat PLC		11,648		207,349
Spectris PLC		12,480		515,943
Spirax-Sarco Engineering PLC		6,032		698,223


				71,900,138


Total Common Stocks — 99.1% (Cost: $610,326,191)				612,482,239


Preferred Stocks

Germany — 0.1%
Fuchs Petrolub SE, Preference Shares, NVS		9,776		378,958


South Korea — 0.0%
Samsung Electro-Mechanics Co. Ltd., Preference Shares		368		18,406


Total Preferred Stocks — 0.1% (Cost: $337,943)				397,364


S C H E D U L E O F I N V E S T M E N T S		51

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® International Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Rights

Brazil — 0.0%
Localiza Rent a Car SA, (Expires 11/17/23, Strike Price BRL 47.13)		660	$	2,101


Total Rights — 0.0% (Cost: $—)				2,101


Total Long-Term Investments — 99.2% (Cost: $610,664,134)				612,881,704


Short-Term Securities

Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(c)(d)(e)		813,486		813,730
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%^(c)(d)		5,810,000		5,810,000


Total Short-Term Securities — 1.1% (Cost: $6,623,825)				6,623,730


Total Investments — 100.3% (Cost: $617,287,959)				619,505,434

Liabilities in Excess of Other Assets — (0.3)%				(1,860,321	)


Net Assets — 100.0%			$	617,645,113

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

^(c)	Affiliate of the Fund.

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

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

Affiliates


Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,609,211	$	—		$	(1,795,814	)^(a)	$	1	$	332	$	813,730		813,486	$	17,889	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,310,000		4,500,000	^(a)		—			—		—		5,810,000		5,810,000		24,184			—

									$	1	$	332	$	6,623,730			$	42,073		$	—

^(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/TSE 60 Index		4		12/14/23	$	693	$	(9,484	)
MSCI EAFE Index		39		12/15/23		3,981		(90,173	)

							$	(99,657	)


52		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)

September 30, 2023

iShares^® International Dividend Growth ETF

Derivative Financial Instruments Categorized by Risk Exposure

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



	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)	$	—	$	—	$	99,657	$	—	$	—	$	—	$	99,657

^(a)

For the period ended September 30, 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	$	—	$	—	$	68,478		$	—	$	—	$	—	$	68,478

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(241,363	)	$	—	$	—	$	—	$	(241,363	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	4,391,128

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

Assets
Investments
Long-Term Investments
Common Stocks	$	130,101,826		$	482,380,413	$	—	$	612,482,239
Preferred Stocks		—			397,364		—		397,364
Rights		2,101			—		—		2,101
Short-Term Securities
Money Market Funds		6,623,730			—		—		6,623,730

	$	136,727,657		$	482,777,777	$	—	$	619,505,434

Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(99,657	)	$	—	$	—	$	(99,657	)

^(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		53

Schedule of Investments (unaudited)

September 30, 2023

iShares^® Latin America 40 ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Brazil — 41.0%
Ambev SA, ADR		14,338,775	$	36,994,041
B3 SA - Brasil, Bolsa, Balcao		18,915,427		46,248,540
Banco do Brasil SA		4,657,208		43,713,297
CCR SA		3,207,736		8,225,864
Centrais Eletricas Brasileiras SA		3,360,424		24,662,252
Itausa SA		226,421		407,657
Localiza Rent a Car SA		2,757,529		32,125,593
Lojas Renner SA		3,142,952		8,378,621
Magazine Luiza SA^(a)		9,404,913		3,966,620
Natura & Co.. Holding SA^(a)		2,739,549		7,935,430
NU Holdings Ltd.^(a)		7,729,627		56,039,796
Petroleo Brasileiro SA, ADR		6,048,170		90,662,068
Rede D’Or Sao Luiz SA^(b)		3,349,649		16,933,002
Telefonica Brasil SA, ADR NVS		1,138,528		9,734,414
Vale SA, Class B, ADR		11,803,715		158,169,781
WEG SA		4,775,378		34,457,622


				578,654,598

Chile — 6.2%
Banco de Chile		141,321,223		14,378,169
Banco Santander Chile, ADR		503,998		9,243,323
Cencosud SA		4,155,218		7,878,853
Empresas CMPC SA		3,569,584		6,571,987
Empresas COPEC SA		1,183,097		8,387,454
Enel Americas SA^(a)		62,771,997		7,206,493
Falabella SA		2,520,497		5,631,933
Sociedad Quimica y Minera de Chile SA, ADR		464,252		27,701,917


				87,000,129

Colombia — 1.7%
Bancolombia SA, ADR		368,409		9,829,152
Ecopetrol SA, ADR		800,232		9,266,686
Interconexion Electrica SA ESP		1,433,511		5,242,089


				24,337,927

Mexico — 26.2%
America Movil SAB de CV		67,691,126		58,611,912
Cemex SAB de CV, NVS^(a)		49,206,311		32,103,041
Fibra Uno Administracion SA de CV		9,166,536		15,279,752
Fomento Economico Mexicano SAB de CV		5,971,415		65,215,287
Grupo Bimbo SAB de CV, Series A		4,882,159		23,537,455
Grupo Financiero Banorte SAB de CV, Class O		8,060,829		67,580,991
Grupo Mexico SAB de CV, Series B		10,122,468		47,912,918
Wal-Mart de Mexico SAB de CV		15,892,966		59,823,760


				370,065,116

Peru — 3.5%
Credicorp Ltd.		220,897		28,268,189
Southern Copper Corp.		276,439		20,813,092


				49,081,281


Total Common Stocks — 78.6% (Cost: $1,147,019,513)				1,109,139,051


Security	Shares		Value

Preferred Stocks

Brazil — 20.1%
Banco Bradesco SA, Preference Shares, ADR^(c)		17,266,921	$	49,210,725
Gerdau SA, Preference Shares, ADR		3,759,489		17,932,763
Itau Unibanco Holding SA, Preference Shares, ADR		15,752,058		84,588,551
Itausa SA, Preference Shares, NVS		16,982,284		30,575,578
Petroleo Brasileiro SA, Preference Shares, ADR		7,466,175		102,361,259


				284,668,876


Total Preferred Stocks — 20.1% (Cost: $353,233,674)				284,668,876


Rights

Brazil — 0.0%
Localiza Rent a Car SA, (Expires 11/17/23, Strike Price BRL 47.13)		20,158		64,165


Total Rights — 0.0% (Cost: $—)				64,165


Total Long-Term Investments — 98.7% (Cost: $1,500,253,187)				1,393,872,092


Short-Term Securities

Money Market Funds — 0.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(d)(e)(f)		162,024		162,072


Total Short-Term Securities — 0.0% (Cost: $162,072)				162,072


Total Investments — 98.7% (Cost: $1,500,415,259)				1,394,034,164

Other Assets Less Liabilities — 1.3%				17,697,948


Net Assets — 100.0%			$	1,411,732,112

^(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.


54		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)

September 30, 2023

iShares^® Latin America 40 ETF

Affiliates



Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	28,498,843	$	—	$	(28,338,163	)^(a)	$	(3,209	)	$	4,601	$	162,072		162,024	$	11,509	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares^(c)		6,620,000		—		(6,620,000	)^(a)		—			—		—		—		50,973			—

								$	(3,209	)	$	4,601	$	162,072			$	62,482		$	—

^(a)

Represents net amount purchased (sold).

^(b)

^(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
Bclear MSCI Brazil Index		200		12/15/23	$	10,832	$	3,569
Mexican BOLSA Index		178		12/15/23		5,274		(71,830	)

							$	(68,261	)

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)	$	—	$	—	$	3,569	$	—	$	—	$	—	$	3,569

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	71,830	$	—	$	—	$	—	$	71,830

^(a)


S C H E D U L E O F I N V E S T M E N T S		55

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Latin America 40 ETF

For the period ended September 30, 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	$	—	$	—	$	366,770		$	—	$	—	$	—	$	366,770

Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(187,698	)	$	—	$	—	$	—	$	(187,698	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	14,774,826

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

Assets
Investments
Long-Term Investments
Common Stocks	$	1,081,514,799		$	27,624,252	$	—	$	1,109,139,051
Preferred Stocks		284,668,876			—		—		284,668,876
Rights		64,165			—		—		64,165
Short-Term Securities
Money Market Funds		162,072			—		—		162,072

	$	1,366,409,912		$	27,624,252	$	—	$	1,394,034,164

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	3,569		$	—	$	—	$	3,569
Liabilities
Equity Contracts		(71,830	)		—		—		(71,830	)

	$	(68,261	)	$	—	$	—		(68,261	)

^(a)

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

See notes to financial statements.


56		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

Statements of Assets and Liabilities (unaudited)

September 30, 2023


	iShares Asia 50 ETF			iShares Blockchain and Tech ETF			iShares Emerging Markets Infrastructure ETF			iShares Europe ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	1,497,593,677		$	7,203,604		$	20,515,087		$	1,596,851,002
Investments, at value — affiliated^(c)		6,684,913			2,339,263			706,084			9,258,618
Cash		3,927			6,880			11,490			11,366
Cash pledged for futures contracts		274,000			1,365			16,000			1
Foreign currency collateral pledged for futures contracts		—			—			—			91,497
Foreign currency, at value^(d)		1,269,094			3,071			772			808,226
Receivables:
Investments sold		—			—			1,304,187			—
Securities lending income — affiliated		2,989			3,868			297			1,532
Dividends — unaffiliated		2,627,251			771			115,654			1,493,410
Dividends — affiliated		3,322			21			124			10,924
Tax reclaims		—			—			—			3,732,033
Variation margin on futures contracts		30,938			—			1,760			305

Total assets		1,508,490,111			9,558,843			22,671,455			1,612,258,914


LIABILITIES
Collateral on securities loaned, at value		5,373,157			2,329,009			697,451			6,539,000
Payables:
Investments purchased		—			—			1,264,043			—
Investment advisory fees		636,139			2,976			10,285			793,872
IRS compliance fee for foreign withholding tax claims		—			—			—			6,096,697
Professional fees		—			—			—			4,706
Variation margin on futures contracts		—			392			—			—

Total liabilities		6,009,296			2,332,377			1,971,779			13,434,275

Commitments and contingent liabilities

NET ASSETS	$	1,502,480,815		$	7,226,466		$	20,699,676		$	1,598,824,639


NET ASSETS CONSIST OF
Paid-in capital	$	1,830,428,049		$	10,141,856		$	55,561,885		$	2,110,987,184
Accumulated loss		(327,947,234	)		(2,915,390	)		(34,862,209	)		(512,162,545	)

NET ASSETS	$	1,502,480,815		$	7,226,466		$	20,699,676		$	1,598,824,639


NET ASSET VALUE
Shares outstanding		27,000,000			450,000			1,000,000			33,500,000

Net asset value	$	55.65		$	16.06		$	20.70		$	47.73

Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited

Par value		None			None			None			None


^(a) Investments, at cost — unaffiliated	$	1,654,764,778		$	6,873,114		$	20,461,291		$	1,733,571,431
^(b) Securities loaned, at value	$	5,112,308		$	2,231,589		$	672,407		$	6,267,917
^(c) Investments, at cost — affiliated	$	6,684,376		$	2,338,939		$	705,878		$	9,258,178
^(d) Foreign currency, at cost	$	1,278,483		$	3,098		$	981		$	766,270

See notes to financial statements.


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

Statement of Assets and Liabilities (unaudited) (continued)

September 30, 2023


	iShares Future Metaverse Tech and Communications ETF			iShares India 50 ETF		iShares International Developed Property ETF			iShares International Developed Small Cap Value Factor ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)		$	5,565,260	$	662,566,731	$	37,422,845		$	154,751,665
Investments, at value — affiliated^(c)			247,225		11,660,000		943,499			2,304,638
Cash			6,381		8,563		972			1,258
Cash pledged for futures contracts			—		146,000		12,000			56,000
Foreign currency collateral pledged for futures contracts			—		—		4,476			—
Foreign currency, at value^(d)			928		106		48,018			304,232
Receivables:
Investments sold			2,420		1,366,284		2,578			—
Securities lending income — affiliated			19		—		718			1,316
Dividends — unaffiliated			4,152		—		171,116			770,765
Dividends — affiliated			6		49,141		201			181
Tax reclaims			263		—		35,332			208,866
Variation margin on futures contracts			—		10,296		162			—

Total assets			5,826,654		675,807,121		38,641,917			158,398,921


LIABILITIES
Collateral on securities loaned, at value			247,250		—		554,101			2,253,982
Payables:
Investments purchased			—		1,135,773		—			—
Deferred foreign capital gain tax			—		9,477,594		3,343			—
Foreign taxes			—		106		330			—
Income distributions			—		—		380,795			—
Investment advisory fees			2,193		487,496		15,400			39,231
Variation margin on futures contracts			—		—		—			2,542

Total liabilities			249,443		11,100,969		953,969			2,295,755


Commitments and contingent liabilities

NET ASSETS		$	5,577,211	$	664,706,152	$	37,687,948		$	156,103,166


NET ASSETS CONSIST OF
Paid-in capital		$	5,104,279	$	334,417,415	$	95,402,876		$	173,512,227
Accumulated earnings (loss)			472,932		330,288,737		(57,714,928	)		(17,409,061	)

NET ASSETS		$	5,577,211	$	664,706,152	$	37,687,948		$	156,103,166


NET ASSETVALUE
Shares outstanding			200,000		14,700,000		1,500,000			5,100,000

Net asset value		$	27.89	$	45.22	$	25.13		$	30.61

Shares authorized			Unlimited		Unlimited		Unlimited			Unlimited

Par value			None		None		None			None


^(a) Investments, at cost — unaffiliated		$	5,256,685	$	601,080,889	$	60,523,204		$	169,314,406
^(b) Securities loaned, at value		$	252,126	$	—	$	532,236		$	2,080,883
^(c) Investments, at cost — affiliated		$	247,249	$	11,660,000	$	943,300		$	2,304,702
^(d) Foreign currency, at cost		$	958	$	106	$	47,973		$	306,991

See notes to financial statements.


58		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

Statements of Assets and Liabilities (unaudited) (continued)

September 30, 2023


	iShares International Dividend Growth ETF			iShares Latin America 40 ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	612,881,704		$	1,393,872,092
Investments, at value — affiliated^(c)		6,623,730			162,072
Cash		26,867			3,912,197
Cash pledged for futures contracts		140,000			1,664,000
Foreign currency collateral pledged for futures contracts		38,284			545,690
Foreign currency, at value^(d)		518,774			5,323,905
Receivables:
Investments sold		—			1,227
Securities lending income — affiliated		107			1,635
Capital shares sold		—			669,445
Dividends — unaffiliated		2,630,628			11,369,019
Dividends — affiliated		6,264			7,502
Tax reclaims		676,377			—
Variation margin on futures contracts		—			132,509

Total assets		623,542,735			1,417,661,293


LIABILITIES
Bank borrowings		390			—
Collateral on securities loaned, at value		813,824			160,800
Payables:
Investments purchased		223,247			5,210,242
Deferred foreign capital gain tax		152,874			—
Foreign taxes		7,930			—
Income distributions		4,605,078			—
Investment advisory fees		78,431			558,139
Variation margin on futures contracts		15,848			—

Total liabilities		5,897,622			5,929,181


Commitments and contingent liabilities

NET ASSETS	$	617,645,113		$	1,411,732,112


NET ASSETS CONSIST OF
Paid-in capital	$	649,658,183		$	2,631,616,484
Accumulated loss		(32,013,070	)		(1,219,884,372	)

NET ASSETS	$	617,645,113		$	1,411,732,112


NET ASSETVALUE
Shares outstanding		10,400,000			55,250,000

Net asset value	$	59.39		$	25.55

Shares authorized		Unlimited			Unlimited

Par value		None			None


^(a) Investments, at cost — unaffiliated	$	610,664,134		$	1,500,253,187
^(b) Securities loaned, at value	$	745,374		$	152,760
^(c) Investments, at cost — affiliated	$	6,623,825		$	162,072
^(d) Foreign currency, at cost	$	520,919		$	5,336,120

See notes to financial statements.


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

Statements of Operations (unaudited)

Six Months Ended September 30, 2023


	iShares Asia 50 ETF			iShares Blockchain and Tech ETF			iShares Emerging Markets Infrastructure ETF			iShares Europe ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	32,387,229		$	20,842		$	545,599		$	41,215,796
Dividends — affiliated		30,705			150			3,824			86,476
Securities lending income — affiliated — net		16,549			51,058			2,241			23,535
Other income — unaffiliated		—			—			—			44,481
Foreign taxes withheld		(3,345,555	)		(1,584	)		(29,511	)		(3,967,984	)
Foreign withholding tax claims		—			—			—			948,683
IRS compliance fee for foreign withholding tax claims		—			—			—			186,376
Other foreign taxes		(236	)		—			—			—

Total investment income		29,088,692			70,466			522,153			38,537,363


EXPENSES
Investment advisory		4,023,363			18,038			67,592			5,225,721
Commitment costs		9,738			—			134			—
Professional		—			—			—			108,602

Total expenses		4,033,101			18,038			67,726			5,334,323

Net investment income		25,055,591			52,428			454,427			33,203,040


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(43,251,343	)		(94,982	)		(254,984	)		(24,208,398	)
Investments — affiliated		2,201			(205	)		(298	)		1,531
Foreign currency transactions		(268,115	)		(384	)		821			(14,927	)
Futures contracts		35,085			1,134			13,238			143,997
In-kind redemptions — unaffiliated^(a)		(1,094,712	)		—			317,373			43,337,418

		(44,576,884	)		(94,437	)		76,150			19,259,621


Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(134,721,626	)		(340,894	)		(1,133,623	)		(93,197,711	)
Investments — affiliated		537			193			177			(1,730	)
Foreign currency translations		39,327			(31	)		(193	)		(94,780	)
Futures contracts		(230,299	)		(1,143	)		(1,986	)		(210,879	)

		(134,912,061	)		(341,875	)		(1,135,625	)		(93,505,100	)

Net realized and unrealized loss		(179,488,945	)		(436,312	)		(1,059,475	)		(74,245,479	)

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(154,433,354	)	$	(383,884	)	$	(605,048	)	$	(41,042,439	)

^(a)	See Note 2 of the Notes to Financial Statements.

See notes to financial statements.


60		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

Statements of Operations (unaudited) (continued)

Six Months Ended September 30, 2023


	iShares Future Metaverse Tech and Communications ETF				iShares India 50 ETF			iShares International Developed Property ETF			iShares International Developed Small Cap Value Factor ETF


INVESTMENT INCOME
Dividends — unaffiliated		$	21,886		$	6,014,673		$	1,028,366		$	4,429,024
Dividends — affiliated			8			257,409			608			2,581
Securities lending income — affiliated — net			115			—			6,588			20,617
Foreign taxes withheld			(1,069	)		(1,410,980	)		(93,181	)		(439,405	)

Total investment income			20,940			4,861,102			942,381			4,012,817


EXPENSES
Investment advisory			13,264			2,755,543			99,935			282,332
Commitment costs			—			3,508			—			—
Professional			—			—			—			4,862

Total expenses			13,264			2,759,051			99,935			287,194

Less:
Investment advisory fees waived			—			—			—			(39,797	)

Total expenses after fees waived			13,264			2,759,051			99,935			247,397

Net investment income			7,676			2,102,051			842,446			3,765,420


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated^(a)			152,850			(1,667,078	)		(1,064,907	)		(1,362,710	)
Investments — affiliated			(31	)		—			53			304
Foreign currency transactions			(548	)		(19,512	)		(13,695	)		(42,173	)
Futures contracts			—			86,803			28,278			38,647
In-kind redemptions — unaffiliated^(b)			—			—			(817,635	)		—

			152,271			(1,599,787	)		(1,867,906	)		(1,365,932	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated^(c)			74,492			55,315,965			(1,009,535	)		(4,044,867	)
Investments — affiliated			(24	)		—			(82	)		(344	)
Foreign currency translations			(85	)		1,081			(4,943	)		(12,939	)
Futures contracts			—			(39,459	)		(15,634	)		(35,204	)

			74,383			55,277,587			(1,030,194	)		(4,093,354	)

Net realized and unrealized gain (loss)			226,654			53,677,800			(2,898,100	)		(5,459,286	)

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	234,330		$	55,779,851		$	(2,055,654	)	$	(1,693,866	)


^(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of		$	—		$	(1,177,622	)	$	(409	)	$	—
^(b) See Note 2 of the Notes to Financial Statements.
^(c) Net of reduction/increase in deferred foreign capital gain tax of.		$	—		$	(6,914,264	)	$	160		$	—

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		61

Statements of Operations (unaudited) (continued)

Six Months Ended September 30, 2023


	iShares International Dividend Growth ETF			iShares Latin America 40 ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	12,567,421		$	50,191,408
Dividends — affiliated		24,184			50,973
Interest — unaffiliated.		5,723			—
Securities lending income — affiliated — net		17,889			11,509
Foreign taxes withheld		(1,253,104	)		(3,437,137	)
Other foreign taxes		(321	)		—

Total investment income		11,361,792			46,816,753


EXPENSES
Investment advisory		469,523			2,971,725
Interest expense		2,355			—
Commitment costs		1,578			6,646

Total expenses		473,456			2,978,371

Net investment income		10,888,336			43,838,382


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated^(a)		(866,181	)		(18,353,156	)
Investments — affiliated		1			(3,209	)
Foreign currency transactions		(165,264	)		39,224
Futures contracts		68,478			366,770
In-kind redemptions — unaffiliated^(b)		—			7,797,269

		(962,966	)		(10,153,102	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated^(c)		(10,083,736	)		32,384,421
Investments — affiliated		332			4,601
Foreign currency translations		(25,030	)		(93,766	)
Futures contracts		(241,363	)		(187,698	)

		(10,349,797	)		32,107,558

Net realized and unrealized gain (loss)		(11,312,763	)		21,954,456

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(424,427	)	$	65,792,838


^(a) Net of foreign capital gain tax and capital gain tax refund, if applicable of	$	(37,867	)	$	—
^(b) See Note 2 of the Notes to Financial Statements.
^(c) Net of increase in deferred foreign capital gain tax of	$	(132,522	)	$	—

See notes to financial statements.


62		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

Statements of Changes in Net Assets


	iShares Asia 50 ETF						iShares Blockchain and Tech ETF

		Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Six Months Ended 09/30/23 (unaudited)			Period From 04/25/22 to 03/31/23	^(a)

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	25,055,591		$	29,780,218		$	52,428		$	81,409
Net realized loss		(44,576,884	)		(55,023,332	)		(94,437	)		(3,175,291	)
Net change in unrealized appreciation (depreciation)		(134,912,061	)		(146,764,220	)		(341,875	)		672,269

Net decrease in net assets resulting from operations		(154,433,354	)		(172,007,334	)		(383,884	)		(2,421,613	)


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders		(14,106,211	)		(36,273,723	)		(76,921	)		(32,972	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(4,504,173	)		(1,319,572	)		1,157,886			8,983,970


NET ASSETS
Total increase (decrease) in net assets		(173,043,738	)		(209,600,629	)		697,081			6,529,385
Beginning of period		1,675,524,553			1,885,125,182			6,529,385			—

End of period	$	1,502,480,815		$	1,675,524,553		$	7,226,466		$	6,529,385

^(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		63

Statements of Changes in Net Assets (continued)


	iShares Emerging Markets Infrastructure ETF							iShares Europe ETF


	Six Months Ended 09/30/23 (unaudited)				Year Ended 03/31/23			Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	454,427		$	583,929		$	33,203,040		$	54,487,262
Net realized gain (loss)			76,150			(1,736,393	)		19,259,621			46,082,397
Net change in unrealized appreciation (depreciation)			(1,135,625	)		590,798			(93,505,100	)		(60,291,024	)

Net increase (decrease) in net assets resulting from operations			(605,048	)		(561,666	)		(41,042,439	)		40,278,635


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(235,977	)^(b)		(641,405	)		(40,381,805	)		(50,928,655	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(1,072,183	)		3,220,760			(152,684,512	)		(100,395,818	)


NET ASSETS
Total increase (decrease) in net assets			(1,913,208	)		2,017,689			(234,108,756	)		(111,045,838	)
Beginning of period			22,612,884			20,595,195			1,832,933,395			1,943,979,233

End of period		$	20,699,676		$	22,612,884		$	1,598,824,639		$	1,832,933,395

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

^(b)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


64		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

Statements of Changes in Net Assets (continued)


	iShares Future Metaverse Tech and Communications ETF						iShares India 50 ETF

		Six Months Ended 09/30/23 (unaudited)			Period From 02/14/23 to 03/31/23	^(a)		Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23	^(b)

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	7,676		$	5,190		$	2,102,051		$	1,492,220
Net realized gain (loss)		152,271			6,848			(1,599,787	)		335,736,820
Net change in unrealized appreciation (depreciation)		74,383			234,104			55,277,587			(390,329,239	)

Net increase (decrease) in net assets resulting from operations		234,330			246,142			55,779,851			(53,100,199	)


DISTRIBUTIONS TO SHAREHOLDERS^(c)
Decrease in net assets resulting from distributions to shareholders		(7,540	)		—			(1,004,640	)^(d)		(21,001,621	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		—			5,104,279			33,158,981			(12,354,375	)


NET ASSETS
Total increase (decrease) in net assets		226,790			5,350,421			87,934,192			(86,456,195	)
Beginning of period		5,350,421			—			576,771,960			663,228,155

End of period	$	5,577,211		$	5,350,421		$	664,706,152		$	576,771,960

^(a)	Commencement of operations.

^(b)	Consolidated Statement of Changes in Net Assets.

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

^(d)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		65

Statements of Changes in Net Assets (continued)


	iShares International Developed Property ETF							iShares International Developed Small Cap Value Factor ETF


	Six Months Ended 09/30/23 (unaudited)				Year Ended 03/31/23			Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	842,446		$	1,780,905		$	3,765,420		$	5,283,505
Net realized loss			(1,867,906	)		(2,795,992	)		(1,365,932	)		(2,515,952	)
Net change in unrealized appreciation (depreciation)			(1,030,194	)		(12,829,576	)		(4,093,354	)		(9,746,404	)


Net decrease in net assets resulting from operations			(2,055,654	)		(13,844,663	)		(1,693,866	)		(6,978,851	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(766,515	)		(977,169	)		(3,428,047	)		(4,915,147	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(2,613,284	)		(5,900,739	)		3,224,313			5,713,393


NET ASSETS
Total decrease in net assets			(5,435,453	)		(20,722,571	)		(1,897,600	)		(6,180,605	)
Beginning of period			43,123,401			63,845,972			158,000,766			164,181,371


End of period		$	37,687,948		$	43,123,401		$	156,103,166		$	158,000,766

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

See notes to financial statements.


66		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

Statements of Changes in Net Assets (continued)


	iShares International Dividend Growth ETF						iShares Latin America 40 ETF


	Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	10,888,336		$	12,584,318		$	43,838,382		$	123,073,780
Net realized loss		(962,966	)		(27,477,959	)		(10,153,102	)		(207,932,460	)
Net change in unrealized appreciation (depreciation)		(10,349,797	)		10,980,300			32,107,558			(181,861,919	)


Net increase (decrease) in net assets resulting from operations		(424,427	)		(3,913,341	)		65,792,838			(266,720,599	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(11,228,129	)		(11,034,484	)		(19,987,269	)^(b)		(138,313,795	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		33,877,998			288,496,363			362,793,536			(330,022,276	)


NET ASSETS
Total increase (decrease) in net assets		22,225,442			273,548,538			408,599,105			(735,056,670	)
Beginning of period		595,419,671			321,871,133			1,003,133,007			1,738,189,677


End of period	$	617,645,113		$	595,419,671		$	1,411,732,112		$	1,003,133,007

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

^(b)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		67

Financial Highlights

(For a share outstanding throughout each period)


		iShares Asia 50 ETF


	Six Months Ended 09/30/23 (unaudited)				Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19


Net asset value, beginning of period		$	61.83		$	68.67		$	90.91		$	56.05		$	61.05		$	67.20


Net investment income^(a)			0.93			1.17			0.93			1.31			1.42			1.48

Net realized and unrealized gain (loss)^(b)			(6.58	)		(6.54	)		(21.99	)		34.52			(4.94	)		(6.25	)


Net increase (decrease) from investment operations			(5.65	)		(5.37	)		(21.06	)		35.83			(3.52	)		(4.77	)


Distributions from net investment income^(c)			(0.53	)		(1.47	)		(1.18	)		(0.97	)		(1.48	)		(1.38	)


Net asset value, end of period		$	55.65		$	61.83		$	68.67		$	90.91		$	56.05		$	61.05


Total Return^(d)
Based on net asset value			(9.20	)%^(e)		(7.77	)%		(23.36	)%		64.22	%		(6.00	)%		(6.94	)%


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


Net investment income			3.11	%^(g)		1.95	%		1.12	%		1.66	%		2.32	%		2.43	%


Supplemental Data
Net assets, end of period (000)		$	1,502,481		$	1,675,525		$	1,885,125		$	3,172,670		$	1,059,289		$	1,089,745


Portfolio turnover rate^(h)			6	%		12	%		13	%		46	%		6	%		10	%

^(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)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

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

See notes to financial statements.


68		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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Blockchain and Tech ETF

		Six Months Ended 09/30/23 (unaudited	)		Period From 04/25/22 to 03/31/23	^(a)


Net asset value, beginning of period	$	16.32		$	25.56


Net investment income^(b)		0.13			0.22

Net realized and unrealized gain^(c)		(0.20	)		(9.38	)


Net increase from investment operations		(0.07	)		(9.16	)


Distributions from net investment income^(d)		(0.19	)		(0.08	)


Net asset value, end of period	$	16.06		$	16.32


Total Return^(e)
Based on net asset value		(0.45	)%^(f)		(35.71	)%(f)


Ratios to Average Net Assets^(g)
Total expenses		0.47	%^(h)		0.47	%(h)


Net investment income		1.37	%^(h)		1.56	%(h)


Supplemental Data
Net assets, end of period (000)	$	7,226		$	6,529


Portfolio turnover rate⁽ⁱ⁾		41	%		87	%

^(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)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

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

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


		iShares Emerging Markets Infrastructure ETF


	Six Months Ended 09/30/23 (unaudited)				Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19


Net asset value, beginning of period		$	21.54		$	22.88		$	24.74		$	19.80		$	28.64		$	32.07


Net investment income^(a)			0.44			0.57			0.95			0.65			0.75			0.75

Net realized and unrealized gain (loss)^(b)			(1.06	)		(1.27	)		(1.84	)		4.91			(8.94	)		(3.45	)


Net increase (decrease) from investment operations			(0.62	)		(0.70	)		(0.89	)		5.56			(8.19	)		(2.70	)


Distributions from net investment income^(c)			(0.22	)^(d)		(0.64	)		(0.97	)		(0.62	)		(0.65	)		(0.73	)


Net asset value, end of period		$	20.70		$	21.54		$	22.88		$	24.74		$	19.80		$	28.64


Total Return^(e)
Based on net asset value			(2.89	)%^(f)		(3.11	)%		(3.83	)%		28.33	%		(29.33	)%		(8.35	)%


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


Net investment income			4.03	%^(h)		2.70	%		3.96	%		2.90	%		2.60	%		2.56	%


Supplemental Data
Net assets, end of period (000)		$	20,700		$	22,613		$	20,595		$	16,083		$	12,870		$	25,773


Portfolio turnover rate⁽ⁱ⁾			8	%		26	%		23	%		27	%		18	%		25	%

^(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)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

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

See notes to financial statements.


70		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

Financial Highlights (continued)

(For a share outstanding throughout each period)


		iShares Europe ETF


	Six Months Ended 09/30/23 (unaudited)				Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19


Net asset value, beginning of period		$	50.08		$	50.17		$	50.25		$	35.42		$	43.40		$	46.48


Net investment income^(a)			0.95	^(b)		1.45	^(b)		1.24	^(b)		0.85			1.24			1.42

Net realized and unrealized gain (loss)^(c)			(2.20	)		(0.15	)		0.21			14.82			(7.78	)		(3.16	)


Net increase (decrease) from investment operations			(1.25	)		1.30			1.45			15.67			(6.54	)		(1.74	)


Distributions from net investment income^(d)			(1.10	)		(1.39	)		(1.53	)		(0.84	)		(1.44	)		(1.34	)


Net asset value, end of period		$	47.73		$	50.08		$	50.17		$	50.25		$	35.42		$	43.40


Total Return^(e)
Based on net asset value			(2.56	)%^(b)(f)		2.87	%^(b)		2.69	%^(b)		44.70	%		(15.61	)%		(3.73	)%


Ratios to Average Net Assets^(g)
Total expenses			0.60	%^(h)		0.67	%		0.63	%		0.60	%		0.59	%		0.59	%


Total expenses excluding professional fees for foreign withholding tax claims			0.59	%^(h)		0.59	%		0.58	%		0.59	%		0.59	%		0.59	%


Net investment income			3.75	%^(b)(h)		3.21	%^(b)		2.34	%^(b)		1.94	%		2.84	%		3.23	%


Supplemental Data
Net assets, end of period (000)		$	1,598,825		$	1,832,933		$	1,943,979		$	1,665,944		$	1,252,107		$	2,002,860


Portfolio turnover rate⁽ⁱ⁾			3	%		5	%		5	%		5	%		5	%		7	%

^(a)	Based on average shares outstanding.

^(b)	Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended September 30, 2023, year ended March 31, 2023 and year ended March 31, 2022 respectively:

•

Net investment income per share by $0.02, $0.27 and $0.18.

•

Total return by 0.05%, 0.56% and 0.36%.

•

Ratio of net investment income to average net assets by 0.09%, 0.60% and 0.34%.

^(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)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		71

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Future Metaverse Tech and Communications ETF

		Six Months Ended 09/30/23 (unaudited)					Period From 02/14/23 to 03/31/23	^(a)


Net asset value, beginning of period			$	26.75		$	25.52


Net investment income^(b)				0.04			0.03

Net realized and unrealized gain^(c)				1.14			1.20


Net increase from investment operations				1.18			1.23


Distributions from net investment income				(0.04	)		—


Net asset value, end of period			$	27.89		$	26.75


Total Return^(d)
Based on net asset value				4.38	%^(e)		4.82	%^(e)


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


Net investment income				0.27	%^(g)		0.84	%^(g)


Supplemental Data
Net assets, end of period (000)			$	5,577		$	5,350


Portfolio turnover rate^(h)				12	%		7	%

^(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)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

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

See notes to financial statements.


72		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

Financial Highlights (continued)

(For a share outstanding throughout each period)


		iShares India 50 ETF


	Six Months Ended 09/30/23 (unaudited)					Year Ended 03/31/23	^(a)		Year Ended 03/31/22	^(a)		Year Ended 03/31/21	^(a)		Year Ended 03/31/20	^(a)		Year Ended 03/31/19	^(a)


Net asset value, beginning of period		$	41.20		$	46.38		$	44.60		$	25.87		$	37.92		$	35.00


Net investment income^(b)			0.15			0.11			0.05			0.02			0.19			0.16

Net realized and unrealized gain (loss)^(c)			3.94			(3.70	)		5.10			18.74			(12.01	)		2.97


Net increase (decrease) from investment operations			4.09			(3.59	)		5.15			18.76			(11.82	)		3.13


Distributions^(d)

From net investment income			(0.07	)^(e)		—			(3.37	)		(0.03	)		(0.23	)		(0.21	)

From net realized gain			—			(1.59	)		—			—			—			—


Total distributions			(0.07	)		(1.59	)		(3.37	)		(0.03	)		(0.23	)		(0.21	)


Net asset value, end of period		$	45.22		$	41.20		$	46.38		$	44.60		$	25.87		$	37.92


Total Return^(f)
Based on net asset value			9.94	%^(g)		(7.92	)%		11.57	%		72.59	%		(31.41	)%		9.04	%


Ratios to Average Net Assets^(h)
Total expenses			0.89	%⁽ⁱ⁾		0.93	%^(j)		0.89	%		0.90	%		0.93	%		0.94	%


Net investment income			0.68	%⁽ⁱ⁾		0.25	%		0.10	%		0.06	%		0.51	%		0.45	%


Supplemental Data
Net assets, end of period (000)		$	664,706		$	576,772		$	663,228		$	691,284		$	483,841		$	828,545


Portfolio turnover rate(k)			8	%		108	%		12	%		8	%		26	%		24	%

^(a)	Consolidated Financial Highlights.

^(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)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(g)	Not annualized.

^(h)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

⁽ⁱ⁾	Annualized.

^(j)	Includes non-recurring expense of Interest expense. Without this cost, total expenses would have been 0.89%.

^(k)	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		73

Financial Highlights (continued)

(For a share outstanding throughout each period)


		iShares International Developed Property ETF


	Six Months Ended 09/30/23 (unaudited)				Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19


Net asset value, beginning of period		$	26.95		$	35.47		$	36.25		$	27.97		$	38.79		$	38.95


Net investment income^(a)			0.54			1.03	^(b)		1.06	^(b)		0.94			1.14			1.19

Net realized and unrealized gain (loss)^(c)			(1.87	)		(8.99	)		(0.35	)		8.19			(9.31	)		0.23


Net increase (decrease) from investment operations			(1.33	)		(7.96	)		0.71			9.13			(8.17	)		1.42


Distributions from net investment income^(d)			(0.49	)		(0.56	)		(1.49	)		(0.85	)		(2.65	)		(1.58	)


Net asset value, end of period		$	25.13		$	26.95		$	35.47		$	36.25		$	27.97		$	38.79


Total Return^(e)
Based on net asset value			(4.98	)%^(f)		(22.49	)%^(b)		1.79	%^(b)		32.96	%		(22.52	)%		3.91	%


Ratios to Average Net Assets^(g)
Total expenses			0.48	%^(h)		0.48	%		0.49	%		0.48	%		0.48	%		0.48	%


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


Net investment income			4.05	%^(h)		3.55	%^(b)		2.82	%^(b)		2.92	%		3.01	%		3.16	%


Supplemental Data
Net assets, end of period (000)		$	37,688		$	43,123		$	63,846		$	83,385		$	78,329		$	131,871


Portfolio turnover rate⁽ⁱ⁾			4	%		6	%		12	%		16	%		8	%		9	%

^(a)	Based on average shares outstanding.

^(b)	Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the years ended March 31, 2023 and March 31, 2022 respectively:

•

Net investment income per share by $0.01 and $0.04.

•

Total return by 0.04% and 0.12%.

•

Ratio of net investment income to average net assets by 0.04% and 0.09%.

^(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)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

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

See notes to financial statements.


74		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

Financial Highlights (continued)

(For a share outstanding throughout each period)


			iShares International Developed Small Cap Value Factor ETF


	Six Months Ended 09/30/23 (unaudited)					Year Ended 03/31/23			Year Ended 03/31/22			Period From 03/23/21 to 03/31/21	^(a)


Net asset value, beginning of period		$	31.60		$	34.20		$	34.37		$	34.52


Net investment income^(b)			0.74			1.09			1.59			0.16

Net realized and unrealized loss^(c)			(1.06	)		(2.68	)		(0.74	)		(0.31	)


Net increase (decrease) from investment operations			(0.32	)		(1.59	)		0.85			(0.15	)


Distributions from net investment income^(d)			(0.67	)		(1.01	)		(1.02	)		—


Net asset value, end of period		$	30.61		$	31.60		$	34.20		$	34.37


Total Return^(e)
Based on net asset value			(1.06	)%^(f)		(4.56	)%		2.42	%		(0.43	)%^(f)


Ratios to Average Net Assets^(g)
Total expenses			0.36	%^(h)		0.40	%		0.40	%		0.40	%^(h)


Total expenses after fees waived			0.31	%^(h)		0.30	%		0.30	%		0.30	%^(h)


Total expenses excluding professional fees for foreign withholding tax claims			0.35	%^(h)		N/A			N/A			N/A


Net investment income			4.66	%^(h)		3.59	%		4.55	%		17.96	%^(h)


Supplemental Data
Net assets, end of period (000)		$	156,103		$	158,001		$	164,181		$	6,875


Portfolio turnover rate⁽ⁱ⁾			45	%		18	%		35	%		0	%

^(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)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		75

Financial Highlights (continued)

(For a share outstanding throughout each period)


		iShares International Dividend Growth ETF


	Six Months Ended 09/30/23 (unaudited)				Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19


Net asset value, beginning of period		$	60.45		$	65.02		$	64.36		$	45.51		$	53.81		$	56.40


Net investment income^(a)			1.07			1.67			1.74			1.53			1.56			1.51

Net realized and unrealized gain (loss)^(b)			(1.03	)		(4.77	)		0.39			18.87			(8.24	)		(2.58	)


Net increase (decrease) from investment operations			0.04			(3.10	)		2.13			20.40			(6.68	)		(1.07	)


Distributions from net investment income^(c)			(1.10	)		(1.47	)		(1.47	)		(1.55	)		(1.62	)		(1.52	)


Net asset value, end of period		$	59.39		$	60.45		$	65.02		$	64.36		$	45.51		$	53.81


Total Return^(d)
Based on net asset value			0.06	%^(e)		(4.60	)%		3.28	%		45.29	%		(12.75	)%		(1.88	)%


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


Total expenses excluding professional fees for foreign withholding tax claims			N/A			0.15	%		N/A			N/A			N/A			N/A


Net investment income			3.48	%^(g)		2.89	%		2.60	%		2.66	%		2.81	%		2.80	%


Supplemental Data
Net assets, end of period (000)		$	617,645		$	595,420		$	321,871		$	189,855		$	79,644		$	75,329


Portfolio turnover rate^(h)			13	%		37	%		40	%		66	%		35	%		34	%

^(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)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

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

See notes to financial statements.


76		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

Financial Highlights (continued)

(For a share outstanding throughout each period)


		iShares Latin America 40 ETF


	Six Months Ended 09/30/23 (unaudited)				Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19


Net asset value, beginning of period		$	23.88		$	30.36		$	27.56		$	18.34		$	33.24		$	37.28


Net investment income^(a)			0.92			2.69			1.70			0.68			0.98			0.88

Net realized and unrealized gain (loss)^(b)			1.23			(6.26	)		3.09			9.09			(14.83	)		(3.96	)


Net increase (decrease) from investment operations			2.15			(3.57	)		4.79			9.77			(13.85	)		(3.08	)


Distributions from net investment income^(c)			(0.48	)^(d)		(2.91	)		(1.99	)		(0.55	)		(1.05	)		(0.96	)


Net asset value, end of period		$	25.55		$	23.88		$	30.36		$	27.56		$	18.34		$	33.24


Total Return^(e)
Based on net asset value			8.94	%^(f)		(11.29	)%		19.25	%		53.62	%		(43.05	)%		(7.93	)%


Ratios to Average Net Assets^(g)
Total expenses			0.48	%^(h)		0.48	%		0.47	%		0.48	%		0.48	%		0.48	%


Net investment income			7.07	%^(h)		10.76	%		6.07	%		2.78	%		3.08	%		2.68	%


Supplemental Data
Net assets, end of period (000)		$	1,411,732		$	1,003,133		$	1,738,190		$	1,770,590		$	797,877		$	1,529,164


Portfolio turnover rate⁽ⁱ⁾			4	%		24	%		27	%		20	%		22	%		20	%

^(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)	A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.

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

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		77

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

Blockchain and Tech		Non-diversified

Emerging Markets Infrastructure		Non-diversified

Europe		Diversified

Future Metaverse Tech and Communications		Non-diversified

India 50		Non-diversified

International Developed Property		Diversified

International Developed Small Cap Value Factor		Non-diversified

International Dividend Growth		Diversified

Latin America 40		Non-diversified

Basis of Consolidation: Effective March 17, 2023, iShares India 50 ETF transferred all of the assets of iShares India 50 ETF’s wholly owned Mauritius Subsidiary to iShares India 50 ETF through on-exchange transactions in India. After the transfer, iShares India 50 ETF began making new investments in India directly. On March 29, 2023, iShares India 50 ETF’s Mauritius Subsidiary was dissolved.

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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

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, 2023, 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.


78		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

Notes to Financial Statements (unaudited) (continued)

Collateralization: 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.

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

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

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. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. 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 BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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 Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the 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 Valuation Committee 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 Valuation Committee deems relevant and consistent with the principles of fair value measurement.

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 Valuation Committee’s assumptions used in determining the fair value of financial instruments).


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

Notes to Financial Statements (unaudited) (continued)

The 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 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.

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 BFA, 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		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount

Asia 50
BofA Securities, Inc.	$	32,010	$	(32,010	)	$	—		$	—
Goldman Sachs & Co. LLC		1,057,975		(1,057,975	)		—			—
HSBC Bank PLC		3,526,584		(3,526,584	)		—			—
Jefferies LLC		320,321		(320,321	)		—			—
Macquarie Bank Ltd.		175,418		(175,418	)		—			—

	$	5,112,308	$	(5,112,308	)	$	—		$	—


Blockchain and Tech
BNP Paribas SA	$	268,321	$	(268,321	)	$	—		$	—
BofA Securities, Inc.		43,669		(43,669	)		—			—
J.P. Morgan Securities LLC		289,194		(289,194	)		—			—
Jefferies LLC		272,401		(272,401	)		—			—
UBS AG		293,361		(293,361	)		—			—
UBS Securities LLC		960,173		(960,173	)		—			—
Wells Fargo Bank N.A.		104,470		(104,470	)		—			—

	$	2,231,589	$	(2,231,589	)	$	—		$	—


Emerging Markets Infrastructure
Barclays Bank PLC	$	323,932	$	(323,932	)	$	—		$	—
BofA Securities, Inc.		348,475		(348,475	)		—			—

	$	672,407	$	(672,407	)	$	—		$	—


80		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

Notes to Financial Statements (unaudited) (continued)



iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount


Europe
Goldman Sachs & Co. LLC	$	2,783,598	$	(2,783,598	)	$	—		$	—
HSBC Bank PLC		1,542,411		(1,542,411	)		—			—
J.P. Morgan Securities LLC		1,652,570		(1,652,570	)		—			—
Morgan Stanley & Co. LLC		289,338		(289,338	)		—			—

	$	6,267,917	$	(6,267,917	)	$	—		$	—


International Developed Property
BofA Securities, Inc.	$	—	$	—		$	—		$	—
Goldman Sachs & Co. LLC		99,179		(99,179	)		—			—
HSBC Bank PLC		15,246		(15,246	)		—			—
J.P. Morgan Securities LLC		6,887		(6,887	)		—			—
Jefferies LLC		2		(2	)		—			—
Macquarie Bank Ltd.		31,957		(31,957	)		—			—
Morgan Stanley		268,623		(268,623	)		—			—
SG Americas Securities LLC		110,342		(110,342	)		—			—
UBS AG		—		—			—			—

	$	532,236	$	(532,236	)	$	—		$	—


International Developed Small Cap Value Factor
Barclays Capital, Inc.	$	131,144	$	(131,144	)	$	—		$	—
BNP Paribas SA		553,726		(553,726	)		—			—
BofA Securities, Inc.		91,025		(91,025	)		—			—
Goldman Sachs & Co. LLC		190,886		(190,886	)		—			—
HSBC Bank PLC		698,101		(698,101	)		—			—
J.P. Morgan Securities LLC		361,500		(361,500	)		—			—
Nomura Securities International, Inc.		10,240		(10,240	)		—			—
UBS AG		44,261		(44,261	)		—			—

	$	2,080,883	$	(2,080,883	)	$	—		$	—


International Dividend Growth
Goldman Sachs & Co. LLC	$	18,546	$	(18,546	)	$	—		$	—
HSBC Bank PLC		112,134		(112,134	)		—			—
Morgan Stanley		219,061		(219,061	)		—			—
UBS AG		395,633		(395,633	)		—			—

	$	745,374	$	(745,374	)	$	—		$	—


Latin America 40
BMO Capital Markets	$	148,200	$	(148,200	)	$	—		$	—
RBC Capital Markets LLC		4,560		(4,560	)		—			—

	$	152,760	$	(152,760	)	$	—		$	—

^(a)	Collateral received, if any, 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 Statements of Assets and Liabilities.

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

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.


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		81

Notes to Financial Statements (unaudited) (continued)

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

6.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

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

For its investment advisory services to each 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 Fees

Asia 50		0.50%
Blockchain and Tech		0.47
Emerging Markets Infrastructure		0.60
Future Metaverse Tech and Communications		0.47
India 50		0.89
International Developed Property		0.48
International Developed Small Cap Value Factor		0.30
International Dividend Growth		0.15

Effective June 30, 2023, for its investment advisory services to the iShares International Developed Small Cap Value Factor ETF, BFA is entitled to an annual investment advisory fee of 0.30%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. Prior to June 30, 2023, BFA was entitled to an annual investment advisory fee of 0.40%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

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 Fees

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 Fees

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

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 Statements 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, 2027 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 had contractually agreed to waive a portion of its investment advisory fee through July 31, 2024 in order to limit the Fund’s total annual operating expenses after fee waiver to 0.30% of average daily net assets. The contractual waiver was terminated as of June 30, 2023,


82		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

Notes to Financial Statements (unaudited) (continued)

These amounts are included in investment advisory fees waived in the Statements of Operations. For the six months ended September 30, 2023, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:



iShares ETF	Amounts Waived

International Developed Small Cap Value Factor	$	39,797

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, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

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

Pursuant to the current securities lending agreement, the iShares Blockchain and Tech ETF (the “Group 1 Funds”), retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Pursuant to the current securities lending agreement, each of iShares Asia 50 ETF, iShares Emerging Markets Infrastructure ETF, iShares Europe ETF, iShares Future Metaverse Tech and Communications ETF, iShares India 50 ETF, iShares International Developed Property ETF, iShares International Developed Small Cap Value Factor ETF, iShares International Dividend Growth ETF and iShares Latin America 40 ETF (the “Group 2 Funds”), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

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

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended September 30, 2023, the Funds paid BTC the following amounts for securities lending agent services:



iShares ETF	Amounts

Asia 50	$	4,859
Blockchain and Tech		12,424
Emerging Markets Infrastructure		637
Europe		5,804
Future Metaverse Tech and Communications		37
International Developed Property		1,543
International Developed Small Cap Value Factor		4,786
International Dividend Growth		4,160
Latin America 40		4,161

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


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		83

Notes to Financial Statements (unaudited) (continued)

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, 2023, 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	$	7,597,053	$	18,284,647	$	(7,829,765)
Blockchain and Tech		32,664		592,364		30,713
Emerging Markets Infrastructure		20,986		48,931		4,045
Europe		14,325,597		1,631,006		(1,979,307)
International Developed Property		72,508		90,800		(83,530)
International Developed Small Cap Value Factor		609,367		3,384,678		(462,281)
International Dividend Growth		11,405,053		7,090,184		(304,187)
Latin America 40		1,311,077		—		—

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.

7.	*PURCHASES AND SALES*

For the six months ended September 30, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:



iShares ETF	Purchases		Sales

Asia 50	$	121,433,977	$	99,570,224
Blockchain and Tech		3,190,452		3,144,282
Emerging Markets Infrastructure		1,670,914		1,730,135
Europe		69,035,169		52,393,119
Future Metaverse Tech and Communications		655,015		654,617
India 50		65,290,344		42,595,508
International Developed Property		1,583,076		1,583,580
International Developed Small Cap Value Factor		71,549,141		71,060,030
International Dividend Growth		82,091,088		78,223,481
Latin America 40		164,111,506		44,422,905

For the six months ended September 30, 2023, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales

Asia 50	$	1,099,203	$	14,568,017
Blockchain and Tech		1,095,895		—
Emerging Markets Infrastructure		—		914,351
Europe		—		171,714,541
International Developed Property		—		2,489,478
International Developed Small Cap Value Factor		3,173,828		—
International Dividend Growth		29,075,442		—
Latin America 40		317,672,156		61,736,672

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, 2023, 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.


84		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

Notes to Financial Statements (unaudited) (continued)

As of March 31, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains and qualified late-year losses as follows:



iShares ETF	Non-Expiring Capital Loss Carryforwards		Qualified Late-Year Ordinary Losses

Asia 50		$(91,304,416)	$	—
Blockchain and Tech		(3,088,039)		—
Emerging Markets Infrastructure		(34,170,843)		—
Europe		(368,616,712)		—
India 50		—		(495,624)
International Developed Property		(31,498,243)		—
International Developed Small Cap Value Factor		(2,549,938)		—
International Dividend Growth		(32,658,402)		—
Latin America 40		(1,036,874,384)		—

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, 2023, 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	$	1,715,920,284	$	262,314,704	$	(474,010,131	)	$	(211,695,427)
Blockchain and Tech		9,310,776		931,058		(699,360	)		231,698
Emerging Markets Infrastructure		22,226,055		3,946,801		(4,951,686	)		(1,004,885)
Europe		1,775,190,758		220,410,157		(389,505,285	)		(169,095,128)
Future Metaverse Tech and Communications		5,503,934		610,498		(301,947	)		308,551
India 50		335,547,451		377,458,265		(38,795,615	)		338,662,650
International Developed Property		62,656,832		763,905		(25,062,762	)		(24,298,857)
International Developed Small Cap Value Factor		172,585,600		7,868,890		(23,423,820	)		(15,554,930)
International Dividend Growth		619,722,643		46,204,827		(46,521,693	)		(316,866)
Latin America 40		1,590,555,043		88,398,515		(284,987,655	)		(196,589,140)

9.	*LINE OF CREDIT*

The iShares Asia 50 ETF, iShares Emerging Markets Infrastructure ETF, iShares Future Metaverse Tech and Communications ETF, iShares India 50 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 9, 2024. 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) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate 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, 2023, the iShares Asia 50 ETF, iShares Emerging Markets Infrastructure ETF, iShares Future Metaverse Tech and Communications ETF, iShares India 50 ETF and iShares Latin America 40 ETF did not borrow under the Syndicated Credit Agreement.

For the six months ended September 30, 2023, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:



iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
International Dividend Growth	$	1,650,000	$	76,105		6.20%


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		85

Notes to Financial Statements (unaudited) (continued)

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.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

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 may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Each Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

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 BFA 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.


86		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

Notes to Financial Statements (unaudited) (continued)

Geographic/Asset Class 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 as well as acts of war in the region. 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. 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. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

Certain Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers. Investments in Chinese securities, including certain Hong Kong-listed securities, involve 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.

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.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

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.


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		87

Notes to Financial Statements (unaudited) (continued)

Transactions in capital shares were as follows:



	Six Months Ended 09/30/23						Year Ended 03/31/23

iShares ETF	Shares			Amount			Shares			Amount

Asia 50
Shares sold		400,000		$	24,771,421			4,250,000		$	268,352,378
Shares redeemed		(500,000	)		(29,275,594	)		(4,600,000	)		(269,671,950	)

		(100,000	)	$	(4,504,173)			(350,000	)	$	(1,319,572)



	Six Months Ended 09/30/23				Period Ended 03/31/23

iShares ETF	Shares		Amount		Shares		Amount

Blockchain and Tech
Shares sold		50,000	$	1,157,886		400,000	$	8,983,970



	Six Months Ended 09/30/23						Year Ended 03/31/23

iShares ETF	Shares			Amount			Shares			Amount


Emerging Markets Infrastructure
Shares sold		—		$	780			200,000		$	4,326,610
Shares redeemed		(50,000	)		(1,072,963	)		(50,000	)		(1,105,850	)

		(50,000	)	$	(1,072,183)			150,000		$	3,220,760


Europe
Shares sold		500,000		$	54,632,802			5,600,000		$	267,045,938
Shares redeemed		(4,200,000	)		(207,317,314	)		(7,750,000	)		(367,441,756	)

		(3,700,000	)	$	(152,684,512)			(2,150,000	)	$	(100,395,818)



	Six Months Ended 09/30/23						Period Ended 03/31/23

iShares ETF	Shares			Amount			Shares			Amount

Future Metaverse Tech and Communications
Shares sold		—		$	—			200,000		$	5,104,279



	Six Months Ended 09/30/23						Year Ended 03/31/23
iShares ETF	Shares			Amount			Shares			Amount


India 50
Shares sold		1,050,000		$	47,940,461			750,000		$	32,231,430
Shares redeemed		(350,000	)		(14,781,480	)		(1,050,000	)		(44,585,805	)

		700,000		$	33,158,981			(300,000	)	$	(12,354,375	)


International Developed Property
Shares sold		—		$	49			—		$	21
Shares redeemed		(100,000	)		(2,613,333	)		(200,000	)		(5,900,760	)

		(100,000	)	$	(2,613,284	)		(200,000	)	$	(5,900,739	)


International Developed Small Cap Value Factor
Shares sold		100,000		$	3,224,313			200,000		$	5,713,393


International Dividend Growth
Shares sold		550,000		$	33,877,998			4,900,000		$	288,496,363


Latin America 40
Shares sold		16,500,000		$	443,533,643			13,500,000		$	362,330,132
Shares redeemed		(3,250,000	)		(80,740,107	)		(28,750,000	)		(692,352,408	)

		13,250,000		$	362,793,536			(15,250,000	)	$	(330,022,276	)


88		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

Notes to Financial Statements (unaudited) (continued)

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

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

12.

FOREIGN WITHHOLDING TAX CLAIMS

The iShares Europe ETF is seeking 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’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following item was noted:

Effective October 18, 2023, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 2024 under the same terms.


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		89

Board Review and Approval of Investment Advisory Contract

iShares Asia 50 ETF, iShares International Developed Property 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 the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process 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 2, 2023 and May 15, 2023, 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 7-8, 2023, 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 other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense 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 investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of any 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, 2022, to that of such 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 ongoing enhancements and initiatives with respect 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, including related programs implemented pursuant to regulatory requirements. 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 provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

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.

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


90		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

Board Review and Approval of Investment Advisory Contract (continued)

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, 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 information considered with respect to 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, 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.

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 (as discussed above), 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.

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

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts withsubstantially 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 considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and 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, as applicable (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 further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to 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. 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 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.


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		91

Board Review and Approval of Investment Advisory Contract (continued)

iShares Blockchain and Tech ETF, iShares International Dividend Growth ETF (each 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 other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense 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 investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect 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, including related programs implemented pursuant to regulatory requirements. 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 provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

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


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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 (as discussed above), 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.

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

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, as applicable (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 further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to 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. 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 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.


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		93

Board Review and Approval of Investment Advisory Contract (continued)

iShares Emerging Markets Infrastructure ETF, iShares India 50 ETF (each 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 other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense 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 investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.


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Board Review and Approval of Investment Advisory Contract (continued)


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		95

Board Review and Approval of Investment Advisory Contract (continued)

iShares Europe 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 other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense 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 investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.


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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 (as discussed above), 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 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		97

Board Review and Approval of Investment Advisory Contract (continued)

iShares International Developed Small Cap Value Factor ETF (the “Fund”)


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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 (as discussed above), 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 any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that during the June 7-8, 2023 meeting, the Board approved a permanent reduction to the advisory fee rate charged to the Fund. In addition, the Board noted that it would continue to assess the appropriateness of adding 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		99

Board Review and Approval of Investment Advisory Contract (continued)

iShares Latin America 40 ETF (the “Fund”)


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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 (as discussed above), 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 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		101

Supplemental Information (unaudited)

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, 2023



	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
Emerging Markets Infrastructure^(a)	$	0.224714	$	—	$	0.000026	$	0.224740		100	%		—	%		0	%^(b)		100	%
India 50^(a)		0.072195		—		0.001405		0.073600		98			—			2			100
International Developed Property		0.494938		—		—		0.494938		100			—			—			100
Latin America 40^(a)		0.417749		—		0.060988		0.478737		87			—			13			100

^(a)

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

^(b)

Rounds to less than 1%.

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.


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General Information

Electronic Delivery

Shareholders can sign up for e-mail 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 Trust’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		103

Glossary of Terms Used in this Report

Portfolio Abbreviation



ADR		American Depositary Receipt

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 ICE Data Indices, LLC, FTSE International Limited, India Index Services & Products Ltd., Morningstar Inc. 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-304-0923