LOGO

  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  

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              Account Value             Paid During       Account Value              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   H A R E S  E M I - A N N U A L  E P O R T   T O  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.

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        Account Value        Paid During       Account Value      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) 

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

  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  

 

 

U N D  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 IndexTM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns         

Cumulative Total Returns

     6-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)   

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      Account Value        Paid During       Account Value      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)

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) 

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   H A R E S   S E M I - A N N U A L  E P O R T   T O  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   

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      Account Value        Paid During       Account Value      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) 

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) 

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  

 

 

U N D  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.

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      Account Value        Paid During       Account Value      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) 

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

 

   
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   H A R E S   S E M I - A N N U A L  E P O R T   T O  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.

 

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      Account Value        Paid During       Account Value      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) 

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) 

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  

 

 

U N D  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 IndexTM (the “Index”).The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may 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      Account Value        Paid During       Account Value      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)

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

 

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  

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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      Account Value        Paid During       Account Value      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) 

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)

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   

 

 

U N D  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 IndexSM (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      Account Value        Paid During       Account Value      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) 

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) 

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  

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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 40TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns        Cumulative Total Returns
     6-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        Account Value        Paid During       Account Value      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) 

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) 

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  

 

 

U N D  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  

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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.

 

 

C H E D U L E   O F  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  H A R E S   E M I - A N N U A L  E P O R T  T O  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.

 

 

C H E D U L E   O F  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   H A R E S  E M I - A N N U A L  E P O R T   T O  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

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

   $ 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) 

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

           

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) 

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

   $      $      $ 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.

 

 

C H E D U L E   O F  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

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

   $ 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   H A R E S  E M I - A N N U A L  E P O R T   T O  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.

 

 

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

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

   $ 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) 

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

           

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) 

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

   $      $      $ 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   H A R E S  E M I - A N N U A L  E P O R T   T O  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.

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

   $ 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.

 

 

C H E D U L E   O F  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   H A R E S  E M I - A N N U A L  E P O R T   T O  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