LOGO

  SEPTEMBER 30, 2023

 

   

 

2023 Semi-Annual Report

(Unaudited)

 

 

iShares Trust

· iShares Global Comm Services ETF | IXP | NYSE Arca

· iShares Global Consumer Discretionary ETF | RXI | NYSE Arca

· iShares Global Consumer Staples ETF | KXI | NYSE Arca

· iShares Global Energy ETF | IXC | NYSE Arca

· iShares Global Financials ETF | IXG | NYSE Arca

· iShares Global Healthcare ETF | IXJ | NYSE Arca

· iShares Global Industrials ETF | EXI | NYSE Arca

· iShares Global Materials ETF | MXI | NYSE Arca

· iShares Global Tech ETF | IXN | NYSE Arca

· iShares Global Utilities ETF | JXI | 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

  52

Statements of Operations

  55

Statements of Changes in Net Assets

  58

Financial Highlights

  63

Notes to Financial Statements

  73

Board Review and Approval of Investment Advisory Contract

  83

Supplemental Information

  88

General Information

  89

Glossary of Terms Used in this Report

  90


Fund Summary as of September 30, 2023     iShares® Global Comm Services ETF

 

Investment Objective

The iShares Global Comm Services ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the communication services sector, as represented by the S&P Global 1200 Communication Services 4.5/22.5/45 Capped 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

     1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    7.11      31.68      5.11      4.21       31.68      28.31      50.98

Fund Market

    7.36        31.57        5.21        4.22         31.57        28.91        51.14  

Index

    7.30        31.75        5.41        4.24               31.75        30.12        51.47  

Index performance through June 23, 2019 reflects the performance of the S&P Global 1200 Communication Services Sector IndexTM. Index performance beginning on June 24, 2019 reflects the performance of S&P Global 1200 Communication Services 4.5/22.5/45 Capped IndexTM.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

    Actual           Hypothetical 5% Return           
 

 

 

     

 

 

      
     

Beginning

Account Value

(04/01/23)

 

 

 

      

Ending
Account Value

(09/30/23)

 
 

 

      

Expenses

Paid During

the Period

 

 

(a) 

              

Beginning

Account Value

(04/01/23)

 

 

 

      

Ending

Account Value

(09/30/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

      $       1,000.00          $       1,071.10          $       2.12               $       1,000.00          $       1,023.00          $       2.07          0.41

 

  (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) 

Interactive Media & Services

    48.6

Diversified Telecommunication Services

    18.3  

Entertainment

    16.4  

Media

    9.1  

Wireless Telecommunication Services

    7.6  
GEOGRAPHIC ALLOCATION

 

   

Country/Geographic Region

   

Percent of

Total Investments

 

(a) 

United States

    71.0

Japan

    7.8  

China

    7.2  

Germany

    2.2  

Canada

    2.2  

United Kingdom

    1.9  

France

    1.3  

Spain

    1.3  

Australia

    1.0  

Other (each representing less than 1%)

    4.1  
  (a) 

Excludes money market funds.

 

 

 

4  

2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Fund Summary as of September 30, 2023     iShares® Global Consumer Discretionary ETF

 

Investment Objective

The iShares Global Consumer Discretionary ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the consumer discretionary sector, as represented by the S&P Global 1200 Consumer Discretionary (Sector) Capped 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

     1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    1.57      21.07      5.16      7.90       21.07      28.63      113.98

Fund Market

    1.61        21.38        5.20        7.89         21.38        28.84        113.76  

Index

    1.82        21.21        5.34        8.00               21.21        29.68        115.87  

Index performance through September 22, 2019 reflects the performance of the S&P Global 1200 Consumer Discretionary Sector IndexTM. Index performance beginning on September 23, 2019 reflects the performance of the S&P Global 1200 Consumer Discretionary (Sector) Capped IndexTM.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

             Actual                    Hypothetical 5% Return           
 

 

 

     

 

 

      
     

Beginning

Account Value

(04/01/23)

 

 

 

      

Ending

Account Value

(09/30/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(04/01/23)

 

 

 

      

Ending

Account Value

(09/30/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

      $       1,000.00          $       1,015.70          $       2.07               $       1,000.00          $       1,023.00          $       2.07          0.41

 

  (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) 

Consumer Discretionary Distribution & Retail

    33.2

Automobiles & Components

    27.6  

Consumer Services

    21.3  

Consumer Durables & Apparel

    17.9  

GEOGRAPHIC ALLOCATION

 

 

   

Country/Geographic Region

   

Percent of

Total Investments

 

(a) 

United States

    57.4

Japan

    13.4  

China

    6.6  

France

    6.6  

Germany

    3.5  

United Kingdom

    2.4  

Italy

    1.8  

Switzerland

    1.4  

Spain

    1.3  

Canada

    1.3  

Australia

    1.2  

Other (each representing less than 1%)

    3.1  

 

  (a) 

Excludes money market funds.

 

 

 

F U N D   S U M M A R Y

  5


Fund Summary as of September 30, 2023     iShares® Global Consumer Staples ETF

 

Investment Objective

The iShares Global Consumer Staples ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the consumer staples sector, as represented by the S&P Global 1200 Consumer Staples (Sector) Capped 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

     1 Year      5 Years     10 Years            1 Year      5 Years      10 Years  

Fund NAV

    (6.70 )%       8.59      4.94     5.71       8.59      27.26      74.18

Fund Market

    (6.94      8.59        4.95       5.69         8.59        27.32        73.92  

Index

    (6.64      8.32        4.87       5.65               8.32        26.84        73.25  

Index performance through June 23, 2019 reflects the performance of the S&P Global 1200 Consumer Staples Sector IndexTM. Index performance beginning on June 24, 2019 reflects the performance of the S&P Global 1200 Consumer Staples (Sector) Capped IndexTM.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

   

Actual

       

Hypothetical 5% Return

          
                                                          
   

Beginning

Account Value

(04/01/23)

      

Ending

        Account Value

(09/30/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

     

Beginning

Account Value

(04/01/23)

      

Ending

        Account Value

(09/30/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

    $        1,000.00        $        933.00          $        1.98         $      1,000.00        $      1,023.00          $        2.07          0.41

 

  (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) 

Packaged Foods & Meats

    20.7

Household Products

    15.3  

Consumer Staples Merchandise Retail

    14.7  

Soft Drinks & Non-alcoholic Beverages

    11.4  

Personal Care Products

    9.8  

Tobacco

    9.1  

Food Retail

    7.2  

Distillers & Vintners

    4.7  

Brewers

    4.2  

Agricultural Products & Services

    1.6  

Other (each representing less than 1%)

    1.3  

GEOGRAPHIC ALLOCATION

 

   

Country/Geographic Region

   

Percent of

Total Investments

 

(a) 

United States

    58.1

United Kingdom

    11.4  

Switzerland

    8.8  

Japan

    5.9  

France

    4.7  

Canada

    2.0  

Netherlands

    1.6  

Belgium

    1.6  

Australia

    1.4  

Mexico

    1.3  

Germany

    1.0  

Other (each representing less than 1%)

    2.2  
  (a) 

Excludes money market funds.

 

 

 

6  

2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Fund Summary as of September 30, 2023     iShares® Global Energy ETF

 

Investment Objective

The iShares Global Energy ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the energy sector, as represented by the S&P Global 1200 Energy 4.5/22.5/45 Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns          Cumulative Total Returns  
    

6-Month

Total Returns

     1 Year      5 Years     10 Years           1 Year      5 Years      10 Years  

Fund NAV

    11.45      29.77      6.77     4.00        29.77      38.78      47.96

Fund Market

    11.37        29.77        6.80       4.02          29.77        38.95        48.25  

Index(a)

    11.46        29.08        6.26       3.68          29.08        35.49        43.50  

S&P Global 1200 Energy Sector Index™

    11.45        29.77        6.77       4.00          29.77        38.76        47.97  

S&P Global 1200 Energy 4.5/22.5/45 Capped Index(b)

    N/A        N/A        N/A       N/A            N/A        N/A        N/A  

 

  (a)

Index performance through April 19, 2023 reflects the S&P Global 1200 Energy Sector Index™ performance of the Index. Index performance beginning on April 20, 2023 reflects the performance of the S&P Global 1200 Energy 4.5/22.5/45 Capped Index., which effective as of April 20, 2023, replaced the S&P Global 1200 Energy Sector Index™ as the underlying index of the fund.

 

 

  (b) 

The inception date of the S&P Global 1200 Energy 4.5/22.5/45 Capped Index was April 20, 2023. The cumulative total return for this index for the period April 20, 2023 through September 30, 2023 was 7.10%.

 

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

   

Actual

       

Hypothetical 5% Return

          
                                                          
   

Beginning

Account Value

(04/01/23)

      

Ending

      Account Value

(09/30/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

     

Beginning

Account Value

(04/01/23)

      

Ending

      Account Value

(09/30/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

    $        1,000.00        $      1,114.50          $         2.17         $      1,000.00        $      1,023.00          $         2.07          0.41

 

  (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) 

Integrated Oil & Gas

    55.7

Oil & Gas Exploration & Production

    21.5  

Oil & Gas Storage & Transportation

    9.1  

Oil & Gas Refining & Marketing

    7.2  
Oil & Gas Equipment & Services     5.9  

Other (each representing less than 1%)

    0.6  

GEOGRAPHIC ALLOCATION

 

   

Country/Geographic Region

   

Percent of

Total Investments

 

(a) 

United States

    60.8

United Kingdom

    11.7  

Canada

    11.3  

France

    5.5  

Australia

    2.4  

Brazil

    2.2  

Italy

    1.7  

Norway

    1.5  

Japan

    1.0  

Other (each representing less than 1%)

    1.9  
  (a) 

Excludes money market funds.

 

 

 

F U N D   S U M M A R Y

  7


Fund Summary as of September 30, 2023     iShares® Global Financials ETF

 

Investment Objective

The iShares Global Financials ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the financials sector, as represented by the S&P Global 1200 Financials Sector 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

     1 Year      5 Years     10 Years           1 Year      5 Years      10 Years  

Fund NAV

    3.62      18.51      4.10     5.68        18.51      22.24      73.80

Fund Market

    3.74        18.51        4.11       5.65          18.51        22.30        73.19  

Index

    3.93        18.44        4.14       5.74            18.44        22.47        74.78  

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

    Actual         Hypothetical 5% Return           
 

 

     

 

 

      
   

Beginning

Account Value

(04/01/23)

      

Ending

      Account Value

(09/30/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

       

Beginning

Account Value

(04/01/23)

 

 

 

      

Ending

Account Value

(09/30/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

    $        1,000.00        $      1,036.20          $         2.19           $      1,000.00          $      1,022.80          $         2.17          0.43

 

  (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) 

Banks

    39.1

Financial Services

    20.6  

Insurance

    20.4  

Capital Markets

    18.0  

Consumer Finance

    1.9  

GEOGRAPHIC ALLOCATION

 

   

Country/Geographic Region

   

Percent of

Total Investments

 

(a) 

United States

    55.8

Canada

    6.8  

United Kingdom

    5.2  

Japan

    5.1  

Australia

    4.2  

Switzerland

    2.8  

Germany

    2.8  

France

    2.2  

China

    2.0  

Sweden

    1.7  

Hong Kong

    1.7  

Italy

    1.6  

Spain

    1.5  

Singapore

    1.4  

Netherlands

    1.2  

Brazil

    1.2  

Other (each representing less than 1%)

    2.8  
  (a) 

Excludes money market funds.

 

 

 

8  

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Fund Summary as of September 30, 2023     iShares® Global Healthcare ETF

 

Investment Objective

The iShares Global Healthcare ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the healthcare sector, as represented by the S&P Global 1200 Health Care Sector 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

     1 Year      5 Years     10 Years           1 Year      5 Years      10 Years  

Fund NAV

    (0.48 )%       10.73      7.02     9.30        10.73      40.36      143.43

Fund Market

    (0.36      10.78        7.03       9.30          10.78        40.45        143.24  

Index

    (0.31      10.60        7.03       9.37            10.60        40.47        144.96  

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

    Actual         Hypothetical 5% Return           
 

 

     

 

 

      
   

Beginning

Account Value

(04/01/23)

      

Ending

      Account Value

(09/30/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

       

Beginning

Account Value

(04/01/23)

 

 

 

      

Ending

Account Value

(09/30/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

    $        1,000.00        $         995.20          $         2.05           $      1,000.00          $      1,023.00          $         2.07          0.41

 

  (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) 

Pharmaceuticals

    42.6

Health Care Equipment & Supplies

    17.7  

Health Care Providers & Services

    16.6  

Biotechnology

    13.4  

Life Sciences Tools & Services

    9.6  

Health Care Technology

    0.1  

GEOGRAPHIC ALLOCATION

 

   

Country/Geographic Region

   

Percent of

Total Investments

 

(a) 

United States

    71.2

Switzerland

    7.6  

Denmark

    4.9  

United Kingdom

    4.4  

Japan

    4.3  

France

    2.7  

Germany

    1.7  

Australia

    1.5  

Other (each representing less than 1%)

    1.7  
  (a) 

Excludes money market funds.

 

 

 

F U N D   S U M M A R Y

  9


Fund Summary as of September 30, 2023     iShares® Global Industrials ETF

 

Investment Objective

The iShares Global Industrials ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the industrials sector, as represented by the S&P Global 1200 Industrials Sector 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

     1 Year      5 Years     10 Years           1 Year      5 Years      10 Years  

Fund NAV

    0.05      27.52      5.56     7.45        27.52      31.10      105.18

Fund Market

    0.28        27.95        5.57       7.43          27.95        31.14        104.86  

Index

    0.39        27.49        5.68       7.48            27.49        31.79        105.81  

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

    Actual         Hypothetical 5% Return           
 

 

     

 

 

      
   

Beginning

Account Value

(04/01/23)

      

Ending

      Account Value

(09/30/23)

 

 

 

      


Expenses

Paid During
the Period

 


(a) 

       


Beginning

Account Value
(04/01/23)

 


 

      

Ending

Account Value

(09/30/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

    $        1,000.00        $      1,000.50          $         2.10           $      1,000.00          $      1,022.90          $         2.12          0.42

 

  (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) 

Capital Goods

    67.5

Transportation

    17.9  

Commercial & Professional Services

    14.6  

GEOGRAPHIC ALLOCATION

 

   

Country/Geographic Region

   

Percent of

Total Investments

 

(a) 

United States

    54.4

Japan

    14.3  

France

    7.1  

United Kingdom

    4.8  

Canada

    3.9  

Germany

    3.7  

Sweden

    3.2  

Switzerland

    2.5  

Denmark

    1.3  

Netherlands

    1.1  

Australia

    1.0  

Other (each representing less than 1%)

    2.7  
  (a) 

Excludes money market funds.

 

 

 

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Fund Summary as of September 30, 2023     iShares® Global Materials ETF

 

Investment Objective

The iShares Global Materials ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the materials sector, as represented by the S&P Global 1200 Materials Sector 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
     1 Year      5 Years     10 Years             1 Year      5 Years      10 Years  

Fund NAV

    (4.70 )%       19.68      6.42   5.51%       19.68      36.51      71.03

Fund Market

    (4.57      19.88        6.51     5.55          19.88        37.10        71.60  

Index

    (4.30      19.74        6.60     5.66                19.74        37.65        73.44  

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

   

Actual

       

Hypothetical 5% Return

          
                                                          
   

Beginning

Account Value

(04/01/23)

      

Ending

      Account Value

(09/30/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

     

Beginning

Account Value

(04/01/23)

      

Ending

      Account Value

(09/30/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

    $        1,000.00        $         953.00          $        2.05         $      1,000.00        $      1,022.90          $        2.12          0.42

 

  (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) 

Chemicals

    48.0

Metals & Mining

    38.1  

Construction Materials

    7.0  

Containers & Packaging

    4.9  

Paper & Forest Products

    2.0  

GEOGRAPHIC ALLOCATION

 

   

Country/Geographic Region

   
Percent of
Total Investments
 
(a) 

United States

    39.0

Australia

    11.3  

United Kingdom

    9.0  

Canada

    7.4  

Japan

    6.4  

Switzerland

    5.5  

France

    4.7  

Germany

    3.3  

Brazil

    2.4  

South Korea

    2.1  

Ireland

    2.1  

Finland

    1.2  

Mexico

    1.1  

Taiwan

    1.0  

Other (each representing less than 1%)

    3.5  
  (a) 

Excludes money market funds.

 

 

 

F U N D   S U M M A R Y

  11


Fund Summary as of September 30, 2023     iShares® Global Tech ETF

 

Investment Objective

The iShares Global Tech ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the technology sector, as represented by the S&P Global 1200 Information Technology 4.5/22.5/45 Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns          Cumulative Total Returns  
     6-Month
Total Returns
     1 Year      5 Years     10 Years             1 Year      5 Years      10 Years  

Fund NAV

    6.74      37.86      15.61   17.68%       37.86      106.57      409.50

Fund Market

    6.70        38.04        15.59     17.69          38.04        106.39        409.73  

Index(a)

    6.94        37.89        15.77     17.84          37.89        107.96        416.13  

S&P Global 1200 Information Technology Sector Index™

    6.74        37.86        15.61     17.68          37.86        106.57        409.48  

S&P Global 1200 Information Technology 4.5/22.5/45 Capped Index(b)

    N/A        N/A        N/A     N/A                N/A        N/A        N/A  

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

 

  (a) 

Index performance through April 19, 2023 reflects the S&P Global 1200 Information Technology Sector Index™ performance of the Index. Index performance beginning on April 20, 2023 reflects the performance of the S&P Global 1200 Information Technology 4.5/22.5/45 Capped Index, which effective as of April 20, 2023, replaced the S&P Global 1200 Information Technology Sector Index™ as the underlying index of the fund.

 
  (b) 

The inception date of the S&P Global 1200 Information Technology 4.5/22.5/45 Capped Index was April 20, 2023. The cumulative total return for this index for the period April 20, 2023 through September 30, 2023 was 8.91%.

 

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

   

Actual

       

Hypothetical 5% Return

          
                                                          
   

Beginning

Account Value

(04/01/23)

      

Ending

      Account Value

(09/30/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

     

Beginning

Account Value

(04/01/23)

      

Ending

      Account Value

(09/30/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

    $      1,000.00        $      1,067.40          $        2.12         $      1,000.00        $      1,023.00          $        2.07          0.41

 

  (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) 

Software

    33.6

Semiconductors & Semiconductor Equipment

    27.9  

Technology Hardware, Storage & Peripherals

    25.4  

IT Services

    5.6  

Electronic Equipment, Instruments & Components

    4.2  

Communications Equipment

    3.3  

GEOGRAPHIC ALLOCATION

 

   

Country/Geographic Region

   
Percent of
Total Investments
 
(a) 

United States

    81.1

Taiwan

    4.6  

Japan

    3.8  

South Korea

    3.3  

Netherlands

    2.4  

Germany

    1.6  

Canada

    1.2  

Other (each representing less than 1%)

    2.0  
  (a) 

Excludes money market funds.

 

 

 

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Fund Summary as of September 30, 2023     iShares® Global Utilities ETF

 

Investment Objective

The iShares Global Utilities ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in the utilities sector, as represented by the S&P Global 1200 Utilities (Sector) Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns          Cumulative Total Returns  
    

6-Month

Total Returns

     1 Year      5 Years     10 Years             1 Year      5 Years      10 Years  

Fund NAV

    (9.18 )%       1.94      5.01   5.66%       1.94      27.67      73.45

Fund Market

    (9.22      1.88        5.02     5.67          1.88        27.73        73.51  

Index

    (9.56      1.02        4.58     5.30                1.02        25.08        67.67  

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

 

   

Actual

       

Hypothetical 5% Return

          
                                                          
   

Beginning

Account Value

(04/01/23)

      

Ending

      Account Value

(09/30/23)

 

 

 

      

Expenses

Paid During

the Period

 

(a) 

     

Beginning

Account Value

(04/01/23)

      

Ending

      Account Value

(09/30/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

    $        1,000.00        $         908.20          $        2.72         $      1,000.00        $      1,022.20          $        2.88          0.57

 

  (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) 

Electric Utilities

    61.6

Multi-Utilities

    28.7  

Gas Utilities

    4.2  

Water Utilities

    2.9  

Independent Power and Renewable Electricity Producers

    2.6  

GEOGRAPHIC ALLOCATION

 

   

Country/Geographic Region

   
Percent of
Total Investments
 
(a) 

United States

    63.8

United Kingdom

    6.7  

Spain

    6.1  

Italy

    5.0  

Canada

    3.9  

Germany

    3.8  

France

    3.3  

Japan

    2.7  

Australia

    1.2  

Other (each representing less than 1%)

    3.5  
  (a) 

Excludes money market funds.

 

 

 

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. 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.

 

 

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Schedule of Investments (unaudited) 

September 30, 2023

  

iShares® Global Comm Services ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   

Australia — 1.0%

   

SEEK Ltd.

    30,130     $ 425,649  

Telstra Corp. Ltd.

    977,156       2,414,202  
   

 

 

 
      2,839,851  
Brazil — 0.1%            

Telefonica Brasil SA, ADR NVS

    29,549       252,644  
   

 

 

 
Canada — 2.2%            

BCE Inc.

    77,155       2,945,324  

Rogers Communications Inc., Class B, NVS

    31,420       1,206,371  

TELUS Corp.

    122,358       1,998,086  
   

 

 

 
      6,149,781  
China — 7.2%            

Baidu Inc.(a)

    191,950       3,230,647  

Kuaishou Technology(a)(b)

    211,500       1,682,632  

NetEase Inc.

    157,800       3,164,086  

Tencent Holdings Ltd.

    316,200       12,257,155  
   

 

 

 
      20,334,520  
Finland — 0.2%            

Elisa OYJ

    12,739       590,748  
   

 

 

 
France — 1.3%            

Orange SA

    155,223       1,780,449  

Publicis Groupe SA

    19,788       1,497,806  

Vivendi SE

    52,263       457,725  
   

 

 

 
      3,735,980  
Germany — 2.2%            

Deutsche Telekom AG, Registered

    295,194       6,192,224  
   

 

 

 
Italy — 0.1%            

Telecom Italia SpA/Milano(a)

    894,239       278,882  
   

 

 

 
Japan — 7.8%            

Dentsu Group Inc.

    19,600       576,469  

KDDI Corp.

    126,700       3,878,346  

Nexon Co. Ltd.

    38,600       689,729  

Nintendo Co. Ltd.

    99,300       4,126,207  

Nippon Telegraph & Telephone Corp.

    4,824,500       5,710,446  

SoftBank Corp.

    239,400       2,709,600  

SoftBank Group Corp.

    88,600       3,732,320  

Z Holdings Corp.

    226,100       627,226  
   

 

 

 
      22,050,343  
Mexico — 0.5%            

America Movil SAB de CV

    1,761,163       1,524,943  
   

 

 

 
Netherlands — 0.9%            

Koninklijke KPN NV

    283,392       933,681  

Universal Music Group NV

    64,672       1,687,692  
   

 

 

 
      2,621,373  
Norway — 0.2%            

Telenor ASA

    53,261       604,014  
   

 

 

 
South Korea — 0.7%            

NAVER Corp.

    12,768       1,909,003  
   

 

 

 
Spain — 1.3%            

Cellnex Telecom SA(b)

    49,592       1,724,909  

Telefonica SA

    486,314       1,986,759  
   

 

 

 
      3,711,668  
Security   Shares     Value  

Sweden — 0.3%

   

Embracer Group AB, Class B(a)(c)

    71,778     $ 143,164  

Tele2 AB, Class B

    47,060       359,891  

Telia Co. AB

    196,201       404,703  
   

 

 

 
      907,758  
Switzerland — 0.5%            

Swisscom AG, Registered

    2,151       1,277,242  
   

 

 

 
Taiwan — 0.4%            

Chunghwa Telecom Co. Ltd.

    326,120       1,172,197  
   

 

 

 
United Kingdom — 1.9%            

Auto Trader Group PLC(b)

    77,853       584,985  

BT Group PLC

    480,511       682,355  

Informa PLC

    117,992       1,077,440  

Rightmove PLC

    69,842       476,622  

Vodafone Group PLC

    1,925,253       1,804,731  

WPP PLC

    90,746       808,484  
   

 

 

 
      5,434,617  
United States — 70.8%            

Activision Blizzard Inc.

    60,506       5,665,177  

Alphabet Inc., Class A(a)

    259,957       34,017,973  

Alphabet Inc., Class C, NVS(a)

    221,127       29,155,595  

AT&T Inc.

    604,588       9,080,912  

Charter Communications Inc., Class A(a)

    8,611       3,787,290  

Comcast Corp., Class A

    288,841       12,807,210  

Electronic Arts Inc.

    20,850       2,510,340  

Fox Corp., Class A, NVS

    21,456       669,427  

Fox Corp., Class B

    11,159       322,272  

Interpublic Group of Companies Inc. (The)

    32,555       933,026  

Live Nation Entertainment Inc.(a)

    11,993       995,899  

Match Group Inc.(a)

    23,519       921,357  

Meta Platforms Inc, Class A(a)

    172,755       51,862,778  

Netflix Inc.(a)

    29,117       10,994,579  

News Corp., Class A, NVS

    32,217       646,273  

News Corp., Class B

    9,772       203,942  

Omnicom Group Inc.

    16,710       1,244,561  

Paramount Global, Class B, NVS(c)

    40,782       526,088  

Take-Two Interactive Software Inc.(a)

    13,362       1,875,891  

T-Mobile U.S. Inc.(a)

    43,779       6,131,249  

Verizon Communications Inc.

    355,536       11,522,922  

Walt Disney Co.(The)(a)

    154,745       12,542,082  

Warner Bros. Discovery Inc.(a)

    187,582       2,037,140  
   

 

 

 
      200,453,983  
   

 

 

 

Total Common Stocks — 99.6%
(Cost: $301,404,241)

 

    282,041,771  
   

 

 

 

Preferred Stocks

   

Italy — 0.0%

   

Telecom Italia SpA, Preference Shares, NVS(a)

    532,771       166,865  
   

 

 

 

Total Preferred Stocks — 0.0%
(Cost: $331,442)

 

    166,865  
   

 

 

 

Total Long-Term Investments — 99.6%
(Cost: $301,735,683)

 

    282,208,636  
   

 

 

 

 

 

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® Global Comm Services ETF

(Percentages shown are based on Net Assets)

 

Security  

    

Shares

    Value  

 

 

Short-Term Securities

   

Money Market Funds — 0.4%

   

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(d)(e)(f)

    226,894     $ 226,962  

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(d)(e)

    840,000       840,000  
   

 

 

 

Total Short-Term Securities — 0.4%
(Cost: $1,066,962)

 

    1,066,962  
   

 

 

 

Total Investments — 100.0%
(Cost: $302,802,645)

 

    283,275,598  

Liabilities in Excess of Other Assets — (0.0)%

 

    (136,910
   

 

 

 

Net Assets — 100.0%

    $  283,138,688  
   

 

 

 

 

(a) 

Non-income producing security.

(b) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c) 

All or a portion of this security is on loan.

(d) 

Affiliate of the Fund.

(e) 

Annualized 7-day yield as of period end.

(f) 

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

 

Affiliates

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

  $ 1,024,044     $     $ (796,559 )(a)    $ (713   $ 190     $ 226,962       226,894     $ 3,675 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    540,000       300,000 (a)                        840,000       840,000       18,413        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ (713   $ 190     $ 1,066,962       $ 22,088     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (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

        

Mini TOPIX Index

     10       12/07/23     $ 155     $ (2,713

Euro Stoxx 50 Index

     1       12/15/23       45       (271

S&P Communication Services Select Sector E-Mini Index

     8       12/15/23       693       (13,512
        

 

 

 
         $ (16,496
        

 

 

 

 

 

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® Global Comm Services ETF

 

Derivative Financial Instruments Categorized by Risk Exposure

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

 

 

 
     Commodity
Contracts
     Credit
Contracts
     Equity
Contracts
     Foreign
Currency
Exchange
Contracts
     Interest
Rate
Contracts
     Other
Contracts
     Total  

 

 

Liabilities — Derivative Financial Instruments

                    

Futures contracts

                    

Unrealized depreciation on futures contracts(a)

   $      $      $ 16,496      $      $      $      $ 16,496  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (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

   $      $      $ 122,158      $      $      $      $ 122,158  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                    

Futures contracts

   $      $      $ (42,260    $      $      $      $ (42,260
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts:

  

Average notional value of contracts — long

   $ 878,760       

 

 

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

   $ 208,381,351      $ 73,660,420      $      $ 282,041,771  

Preferred Stocks

            166,865               166,865  

Short-Term Securities

           

Money Market Funds

     1,066,962                      1,066,962  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 209,448,313      $ 73,827,285      $      $ 283,275,598  
  

 

 

    

 

 

    

 

 

    

 

 

 

Derivative Financial Instruments(a)

           

Liabilities

           

Equity Contracts

   $ (13,512    $ (2,984    $      $ (16,496
  

 

 

    

 

 

    

 

 

    

 

 

 

 

  (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® Global Consumer Discretionary ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Australia — 1.2%            

Aristocrat Leisure Ltd.

    38,794     $ 1,013,549  

Lottery Corp. Ltd.(The)

    134,033       405,049  

Wesfarmers Ltd.

    67,694       2,291,033  
   

 

 

 
      3,709,631  
Brazil — 0.1%            

Lojas Renner SA

    56,896       151,676  

Magazine Luiza SA(a)

    172,523       72,763  
   

 

 

 
      224,439  
Canada — 1.3%            

Canadian Tire Corp. Ltd., Class A, NVS

    3,111       334,520  

Dollarama Inc.

    16,867       1,162,094  

Gildan Activewear Inc.

    10,548       295,647  

Magna International Inc.

    15,888       851,454  

Restaurant Brands International Inc.

    18,634       1,240,894  
   

 

 

 
      3,884,609  
Chile — 0.0%            

Falabella SA

    47,328       105,752  
   

 

 

 
China — 6.6%            

Alibaba Group Holding Ltd.(a)

    924,100       10,019,260  

ANTA Sports Products Ltd.

    71,200       796,681  

BYD Co. Ltd., Class H

    56,500       1,740,777  

JD.com Inc., Class A

    147,550       2,146,680  

Li Auto Inc.(a)

    68,100       1,215,288  

Li Ning Co. Ltd.

    140,500       586,683  

Meituan, Class B(a)(b)

    259,200       3,752,229  
   

 

 

 
          20,257,598  
Denmark — 0.2%            

GN Store Nord A/S(a)

    9,005       161,902  

Pandora A/S

    4,993       515,234  
   

 

 

 
      677,136  
France — 6.6%            

Accor SA

    11,065       372,165  

Cie. Generale des Etablissements Michelin SCA

    42,610       1,304,162  

Hermes International

    2,016       3,674,819  

Kering SA

    4,147       1,884,243  

LVMH Moet Hennessy Louis Vuitton SE

    15,600       11,775,355  

Renault SA

    11,294       462,111  

Sodexo SA

    4,904       504,855  

Valeo

    12,350       211,925  
   

 

 

 
      20,189,635  
Germany — 2.8%            

adidas AG

    9,881       1,733,212  

Bayerische Motoren Werke AG

    17,299       1,757,009  

Continental AG

    6,481       455,368  

Delivery Hero SE(a)(b)

    11,902       339,844  

Mercedes-Benz Group AG

    47,877       3,332,082  

Puma SE

    6,024       372,478  

Volkswagen AG

    1,836       241,118  

Zalando SE(a)(b)

    13,065       290,283  
   

 

 

 
      8,521,394  
Ireland — 0.5%            

Flutter Entertainment PLC, Class DI(a)

    10,539       1,719,230  
   

 

 

 
Italy — 1.8%            

Ferrari NV

    7,551       2,225,925  

Moncler SpA

    12,382       717,599  
Security   Shares     Value  
Italy (continued)            

Stellantis NV

    132,007     $ 2,527,726  
   

 

 

 
      5,471,250  
Japan — 13.4%            

Aisin Corp.

    10,900       411,857  

Bandai Namco Holdings Inc.

    39,800       809,551  

Bridgestone Corp.

    35,000       1,363,878  

Denso Corp.

    118,800       1,906,250  

Fast Retailing Co. Ltd.

    12,200       2,657,346  

Honda Motor Co. Ltd.

    298,629       3,359,484  

Isuzu Motors Ltd.

    37,600       472,692  

Nissan Motor Co. Ltd.

    141,100       622,708  

Nitori Holdings Co. Ltd.

    5,300       590,926  

Oriental Land Co. Ltd.

    69,900       2,293,255  

Pan Pacific International Holdings Corp.

    31,900       669,484  

Panasonic Holdings Corp.

    146,600       1,654,787  

Rakuten Group Inc.

    86,400       355,000  

Sekisui House Ltd.

    39,600       788,097  

Shimano Inc.

    5,000       669,222  

Sony Group Corp.

    75,600       6,182,232  

Subaru Corp.

    36,888       717,268  

Sumitomo Electric Industries Ltd.

    47,500       572,228  

Suzuki Motor Corp.

    29,400       1,182,496  

Toyota Motor Corp.

    741,000       13,293,781  

Yamaha Motor Co. Ltd.

    21,113       554,997  
   

 

 

 
          41,127,539  
Netherlands — 0.9%            

Prosus NV(a)

    90,869       2,677,548  
   

 

 

 
South Korea — 0.7%            

Hyundai Motor Co.

    8,235       1,164,461  

Kia Corp.

    15,114       909,716  
   

 

 

 
      2,074,177  
Spain — 1.3%            

Amadeus IT Group SA

    26,880       1,623,624  

Industria de Diseno Textil SA

    66,947       2,491,235  
   

 

 

 
      4,114,859  
Sweden — 0.6%            

Electrolux AB, Class B(a)

    13,146       135,470  

Evolution AB(b)

    11,451       1,155,512  

H & M Hennes & Mauritz AB, Class B

    36,826       522,200  
   

 

 

 
      1,813,182  
Switzerland — 1.4%            

Cie. Financiere Richemont SA, Class A, Registered

    31,245       3,805,117  

Swatch Group AG (The), Bearer

    1,736       444,628  

Swatch Group AG (The), Registered

    3,139       153,305  
   

 

 

 
      4,403,050  
United Kingdom — 2.4%            

Barratt Developments PLC

    58,575       314,058  

Berkeley Group Holdings PLC

    6,888       343,984  

Burberry Group PLC

    22,705       526,186  

Compass Group PLC

    106,530       2,593,108  

Entain PLC

    38,115       432,293  

InterContinental Hotels Group PLC

    10,461       773,636  

Kingfisher PLC

    114,121       309,794  

Next PLC

    7,493       664,566  

Pearson PLC

    42,935       452,997  

Persimmon PLC

    19,142       250,693  

Taylor Wimpey PLC

    213,926       305,097  

 

 

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® Global Consumer Discretionary ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 
United Kingdom (continued)            

Whitbread PLC

    11,750     $ 494,591  
   

 

 

 
      7,461,003  
United States — 57.2%            

Airbnb Inc., Class A(a)(c)

    25,532       3,503,246  

Amazon.com Inc.(a)

    236,689           30,087,906  

Aptiv PLC(a)

    16,877       1,663,903  

AutoZone Inc.(a)(c)

    1,085       2,755,889  

Bath & Body Works Inc.

    13,716       463,601  

Best Buy Co. Inc.

    11,589       805,088  

Booking Holdings Inc.(a)

    2,136       6,587,317  

BorgWarner Inc.

    14,027       566,270  

Caesars Entertainment Inc.(a)

    12,847       595,458  

CarMax Inc.(a)(c)

    9,441       667,762  

Carnival Corp.(a)

    60,105       824,641  

Chipotle Mexican Grill Inc., Class A(a)

    1,653       3,028,015  

Darden Restaurants Inc.

    7,213       1,033,046  

Domino’s Pizza Inc.

    2,096       793,944  

DR Horton Inc.

    18,218       1,957,888  

eBay Inc.

    31,752       1,399,946  

Etsy Inc.(a)

    7,396       477,634  

Expedia Group Inc.(a)

    8,370       862,696  

Ford Motor Co.

    234,571       2,913,372  

Garmin Ltd.

    9,140       961,528  

General Motors Co.

    82,097       2,706,738  

Genuine Parts Co.

    8,380       1,209,904  

Hasbro Inc.

    7,788       515,098  

Hilton Worldwide Holdings Inc.

    15,605       2,343,559  

Home Depot Inc. (The)

    44,226       13,363,328  

Las Vegas Sands Corp.

    19,614       899,106  

Lennar Corp., Class A

    15,069       1,691,194  

LKQ Corp.

    15,964       790,378  

Lowe’s Companies Inc.

    35,024       7,279,388  

Marriott International Inc., Class A

    14,950       2,938,572  

McDonald’s Corp.

    43,548       11,472,285  

MGM Resorts International

    16,751       615,767  

Mohawk Industries Inc.(a)

    3,124       268,070  

Nike Inc., Class B

    73,233       7,002,539  

Norwegian Cruise Line Holdings Ltd.(a)

    25,494       420,141  

NVR Inc.(a)

    196       1,168,807  

O’Reilly Automotive Inc.(a)

    3,606       3,277,349  

Pool Corp.

    2,331       830,069  

PulteGroup Inc.

    13,189       976,645  

Ralph Lauren Corp., Class A

    2,397       278,268  

Ross Stores Inc.

    20,328       2,296,048  

Royal Caribbean Cruises Ltd.(a)

    14,064       1,295,857  

Starbucks Corp.

    68,476       6,249,804  

Tapestry Inc.

    13,944       400,890  

Tesla Inc.(a)

    127,176       31,821,979  

TJX Companies Inc. (The)

    68,712       6,107,122  

Tractor Supply Co.

    6,493       1,318,404  
Security   Shares     Value  

 

 
United States (continued)            

Ulta Beauty Inc.(a)

    2,973     $ 1,187,565  

VF Corp.

    19,270       340,501  

Whirlpool Corp.

    3,291       440,007  

Wynn Resorts Ltd.

    5,780       534,130  

Yum! Brands Inc.

    16,719       2,088,872  
   

 

 

 
          176,077,534  
   

 

 

 

Total Common Stocks — 99.0%
(Cost: $337,807,618)

      304,509,566  
   

 

 

 

Preferred Stocks

   
Germany — 0.7%            

Bayerische Motoren Werke AG, Preference Shares, NVS

    3,550       330,436  

Porsche Automobil Holding SE, Preference Shares, NVS

    9,180       451,559  

Volkswagen AG, Preference Shares, NVS

    10,952       1,258,378  
   

 

 

 
      2,040,373  
South Korea — 0.1%            

Hyundai Motor Co., Series 2, Preference Shares, NVS

    2,251       176,455  
   

 

 

 

Total Preferred Stocks — 0.8%
(Cost: $3,592,188)

      2,216,828  
   

 

 

 

Total Long-Term Investments — 99.8%
(Cost: $341,399,806)

      306,726,394  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 1.7%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(d)(e)(f)

    5,089,127       5,090,654  

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(d)(e)

    210,000       210,000  
   

 

 

 

Total Short-Term Securities — 1.7%
(Cost: $5,301,142)

      5,300,654  
   

 

 

 

Total Investments — 101.5%
(Cost: $346,700,948)

      312,027,048  

Liabilities in Excess of Other Assets — (1.5)%

 

    (4,481,023
   

 

 

 

Net Assets — 100.0%

    $ 307,546,025  
   

 

 

 

 

(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

  19


Schedule of Investments (unaudited) (continued)

September 30, 2023

  

iShares® Global Consumer Discretionary 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

   $ 1,455,589      $ 3,635,857 (a)     $       $ (124     $ (668    $ 5,090,654        5,089,127      $ 1,942 (b)     $  

BlackRock Cash Funds: Treasury, SL Agency Shares

     260,000               (50,000 )(a)                     210,000        210,000        9,598         
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 
             $ (124     $ (668    $ 5,300,654         $ 11,540      $  
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

  (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

           

TOPIX Index

     1        12/07/23      $ 155      $ (1,697

Euro Stoxx 50 Index

     6        12/15/23        266        (2,949

S&P Consumer Discretionary Select Sector E-Mini Index

     2        12/15/23        329        (16,645
           

 

 

 
            $ (21,291
           

 

 

 

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)

   $      $      $ 21,291      $      $      $      $ 21,291  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (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

   $      $      $ 130,658      $      $      $      $ 130,658  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                    

Futures contracts

   $      $      $ (56,858    $      $      $      $ (56,858
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts:

  

Average notional value of contracts — long

   $ 859,713     

 

 

 

 

20  

2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

September 30, 2023

  

iShares® Global Consumer Discretionary ETF

 

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

Fair Value Hierarchy as of Period End

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

   $ 180,186,582      $ 124,322,984      $      $ 304,509,566  

Preferred Stocks

            2,216,828               2,216,828  

Short-Term Securities

           

Money Market Funds

     5,300,654                      5,300,654  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 185,487,236      $ 126,539,812      $             —      $ 312,027,048  
  

 

 

    

 

 

    

 

 

    

 

 

 

Derivative Financial Instruments(a)

           

Liabilities

           

Equity Contracts

   $ (16,645    $ (4,646    $      $ (21,291
  

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

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

 

See notes to financial statements.

 

 

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

  21


Schedule of Investments (unaudited) 

September 30, 2023

  

iShares® Global Consumer Staples ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Australia — 1.4%            

Coles Group Ltd.

    330,624     $ 3,299,909  

Endeavour Group Ltd./Australia

    337,664       1,140,046  

Treasury Wine Estates Ltd.

    179,078       1,414,115  

Woolworths Group Ltd.

    300,979       7,205,796  
   

 

 

 
          13,059,866  
Belgium — 1.6%            

Anheuser-Busch InBev SA/NV

    257,452       14,272,147  
   

 

 

 
Brazil — 0.4%            

Ambev SA, ADR

    1,089,347       2,810,515  

Natura & Co. Holding SA(a)

    206,432       597,955  
   

 

 

 
      3,408,470  
Canada — 2.0%            

Alimentation Couche-Tard Inc.

    183,660       9,327,345  

George Weston Ltd.

    15,023       1,666,051  

Loblaw Companies Ltd.

    36,739       3,121,429  

Metro Inc.

    56,925       2,956,370  

Saputo Inc.

    60,659       1,268,335  
   

 

 

 
      18,339,530  
Chile — 0.1%            

Cencosud SA

    447,148       847,853  
   

 

 

 
Denmark — 0.3%            

Carlsberg A/S, Class B

    22,349       2,817,874  
   

 

 

 
Finland — 0.1%            

Kesko OYJ, Class B

    67,945       1,217,319  
   

 

 

 
France — 4.7%            

Carrefour SA

    133,359       2,290,454  

Danone SA

    155,737       8,590,101  

L’Oreal SA

    57,050       23,642,208  

Pernod Ricard SA

    49,354       8,216,943  
   

 

 

 
      42,739,706  
Germany — 0.7%            

Beiersdorf AG

    24,404       3,147,848  

HelloFresh SE(a)

    42,693       1,268,601  

Henkel AG & Co. KGaA

    24,401       1,538,524  
   

 

 

 
      5,954,973  
Ireland — 0.4%            

Kerry Group PLC, Class A

    38,616       3,226,538  
   

 

 

 
Japan — 5.9%            

Aeon Co. Ltd.

    226,617       4,488,850  

Ajinomoto Co. Inc.

    133,200       5,136,009  

Asahi Group Holdings Ltd.

    138,898       5,188,472  

Japan Tobacco Inc.

    279,500       6,430,747  

Kao Corp.

    124,200       4,603,473  

Kikkoman Corp.

    55,200       2,893,184  

Kirin Holdings Co. Ltd.

    206,796       2,895,235  

MEIJI Holdings Co. Ltd.

    70,600       1,754,696  

Nissin Foods Holdings Co. Ltd.

    29,700       2,467,858  

Seven & i Holdings Co. Ltd.

    201,037       7,870,635  

Shiseido Co. Ltd.

    100,900       3,535,953  

Unicharm Corp.

    114,900       4,062,602  

Yakult Honsha Co. Ltd.

    84,240       2,045,931  
   

 

 

 
      53,373,645  
Mexico — 1.3%            

Fomento Economico Mexicano SAB de CV

    459,662       5,020,081  
Security   Shares     Value  
Mexico (continued)            

Grupo Bimbo SAB de CV, Series A

    383,445     $ 1,848,633  

Wal-Mart de Mexico SAB de CV

    1,210,759       4,557,498  
   

 

 

 
      11,426,212  
Netherlands — 1.6%            

Heineken Holding NV

    25,025       1,885,914  

Heineken NV

    62,588       5,517,852  

Koninklijke Ahold Delhaize NV

    240,990       7,263,363  
   

 

 

 
      14,667,129  
Norway — 0.4%            

Mowi ASA

    109,726       1,939,438  

Orkla ASA

    181,148       1,352,982  
   

 

 

 
      3,292,420  
Portugal — 0.2%            

Jeronimo Martins SGPS SA

    68,433       1,536,883  
   

 

 

 
Sweden — 0.4%            

Essity AB, Class B

    148,850       3,210,283  
   

 

 

 
Switzerland — 8.8%            

Barry Callebaut AG, Registered

    1,020       1,622,048  

Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS

    360       4,000,514  

Chocoladefabriken Lindt & Spruengli AG, Registered

    38       4,160,838  

Nestle SA, Registered

    616,835       69,823,252  
   

 

 

 
      79,606,652  
United Kingdom — 11.4%            

Associated British Foods PLC

    84,480       2,122,461  

British American Tobacco PLC

    552,082       17,334,645  

Diageo PLC

    553,744       20,415,486  

Haleon PLC

    1,185,778       4,915,151  

Imperial Brands PLC

    226,014       4,585,012  

J Sainsbury PLC

    435,137       1,340,016  

Marks & Spencer Group PLC(a)

    487,398       1,401,862  

Ocado Group PLC(a)

    179,828       1,307,508  

Reckitt Benckiser Group PLC

    181,960       12,831,953  

Tesco PLC

    1,768,389       5,687,992  

Unilever PLC

    622,270       30,781,699  
   

 

 

 
      102,723,785  
United States — 58.2%            

Altria Group Inc.

    439,126       18,465,248  

Archer-Daniels-Midland Co.

    132,533       9,995,639  

Brown-Forman Corp., Class B

    45,204       2,607,819  

Bunge Ltd.

    37,319       4,039,782  

Campbell Soup Co.

    48,461       1,990,778  

Church & Dwight Co. Inc.

    60,800       5,571,104  

Clorox Co.(The)

    30,705       4,024,197  

Coca-Cola Co.(The)

    709,254       39,704,039  

Colgate-Palmolive Co.

    204,725       14,557,995  

Conagra Brands Inc.

    118,067       3,237,397  

Constellation Brands Inc., Class A

    40,045       10,064,510  

Costco Wholesale Corp.

    98,173       55,463,818  

Dollar General Corp.

    54,228       5,737,322  

Dollar Tree Inc.(a)

    51,800       5,514,110  

Estee Lauder Companies Inc. (The), Class A

    57,286       8,280,691  

General Mills Inc.

    144,542       9,249,243  

Hershey Co.(The)

    37,019       7,406,761  

Hormel Foods Corp.

    71,530       2,720,286  

JM Smucker Co.(The)

    25,348       3,115,523  

Kellogg Co.

    65,097       3,873,922  

Kenvue Inc.

    425,667       8,547,393  

 

 

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® Global Consumer Staples ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 
United States (continued)            

Keurig Dr Pepper Inc.

    248,433     $ 7,843,030  

Kimberly-Clark Corp.

    83,836       10,131,581  

Kraft Heinz Co.(The)

    197,291       6,636,869  

Kroger Co.(The)

    163,057       7,296,801  

Lamb Weston Holdings Inc.

    36,160       3,343,354  

McCormick & Co. Inc./MD, NVS

    62,039       4,692,630  

Molson Coors Beverage Co., Class B

    45,910       2,919,417  

Mondelez International Inc., Class A

    336,531       23,355,251  

Monster Beverage Corp.(a)

    183,675       9,725,591  

PepsiCo Inc.

    238,581       40,425,165  

Philip Morris International Inc.

    383,804       35,532,574  

Procter & Gamble Co.(The)

    544,526       79,424,562  

Sysco Corp.

    125,357       8,279,830  

Target Corp.

    114,415       12,650,866  

Tyson Foods Inc., Class A

    70,532       3,561,161  

Walgreens Boots Alliance Inc.

    177,074       3,938,126  

Walmart Inc.

    258,174       41,289,768  
   

 

 

 
      525,214,153  
   

 

 

 

Total Common Stocks — 99.9%
(Cost: $1,013,335,970)

 

    900,935,438  
   

 

 

 

Preferred Stocks