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