iSHARES TRUST


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

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

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)

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

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)

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%.

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)

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 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			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

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)

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		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 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 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			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

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)

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 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			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

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)

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.


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^® 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 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			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

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)

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%.

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)

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.


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^® 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

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)

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.


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^® 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




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)

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)

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




	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

Germany — 0.3%
Henkel AG & Co. KGaA, Preference Shares, NVS		40,151		2,859,131


Total Preferred Stocks — 0.3% (Cost: $3,794,879)				2,859,131


Total Long-Term Investments — 100.2% (Cost: $1,017,130,849)				903,794,569


Security	Shares		Value


Short-Term Securities

Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%^(b)(c)		2,650,000	$	2,650,000


Total Short-Term Securities — 0.3% (Cost: $2,650,000)				2,650,000


Total Investments — 100.5% (Cost: $1,019,780,849)				906,444,569

Liabilities in Excess of Other Assets — (0.5)%				(4,171,810	)


Net Assets — 100.0%			$	902,272,759

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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

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^(a)	$	—	$	—		$	(791	)^(b)	$	791	$	—	$	—		—	$	1,058	^(c)	$	—

BlackRock Cash Funds: Treasury, SL Agency Shares		2,050,000		600,000	^(b)		—			—		—		2,650,000		2,650,000		55,522			—


									$	791	$	—	$	2,650,000			$	56,580		$	—

^(a)

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

^(b)

Represents net amount purchased (sold).

^(c)


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) (continued)

September 30, 2023

iShares^® Global Consumer Staples ETF

Derivative Financial Instruments Categorized by Risk Exposure

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	$	—	$	—	$	(206,519	)	$	—	$	—	$	—	$	(206,519	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(334,362	)	$	—	$	—	$	—	$	(334,362	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	3,982,007

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	559,236,218	$	341,699,220	$	—	$	900,935,438
Preferred Stocks		—		2,859,131		—		2,859,131
Short-Term Securities
Money Market Funds		2,650,000		—		—		2,650,000


	$	561,886,218	$	344,558,351	$	—	$	906,444,569

See notes to financial statements.


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)

September 30, 2023

iShares^® Global Energy ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 2.4%
Ampol Ltd.		169,366	$	3,656,633
Santos Ltd.		2,303,557		11,612,292
Woodside Energy Group Ltd.		1,342,279		31,209,434


				46,478,359

Austria — 0.3%
OMV AG		99,759		4,764,944


Brazil — 1.0%
Petroleo Brasileiro SA, ADR		1,314,538		19,704,925


Canada — 11.2%
Cameco Corp.		305,343		12,114,805
Canadian Natural Resources Ltd.		773,525		50,024,985
Cenovus Energy Inc.		954,358		19,870,602
Enbridge Inc.		1,495,404		49,599,080
Imperial Oil Ltd.		124,296		7,655,883
Pembina Pipeline Corp.		389,529		11,712,398
Suncor Energy Inc.		928,107		31,917,451
TC Energy Corp.		727,765		25,027,722
Tourmaline Oil Corp.		226,290		11,387,389


				219,310,315

Chile — 0.1%
Empresas COPEC SA		250,440		1,775,471


Colombia — 0.1%
Ecopetrol SA, ADR		173,474		2,008,829


Finland — 0.5%
Neste OYJ		305,523		10,347,643


France — 5.5%
TotalEnergies SE		1,627,450		107,003,728


Italy — 1.7%
Eni SpA		1,699,286		27,297,004
Tenaris SA		326,554		5,158,231


				32,455,235

Japan — 1.0%
ENEOS Holdings Inc.		2,151,120		8,467,105
Inpex Corp.		725,400		10,879,784


				19,346,889

Norway — 1.5%
Aker BP ASA		219,758		6,067,970
Equinor ASA		700,534		22,957,921


				29,025,891

Portugal — 0.2%
Galp Energia SGPS SA		316,794		4,692,389


Spain — 0.8%
Repsol SA		901,403		14,827,182


United Kingdom — 11.6%
BP PLC		12,238,897		78,891,126
Shell PLC		4,691,374		148,689,422


				227,580,548


Security	Shares		Value

United States — 60.5%
APA Corp.		217,933	$	8,957,046
Baker Hughes Co., Class A		713,752		25,209,721
Chevron Corp.		1,242,807		209,562,116
ConocoPhillips		748,804		89,706,719
Coterra Energy Inc.		537,220		14,531,801
Devon Energy Corp.		454,411		21,675,405
Diamondback Energy Inc.		126,352		19,569,398
EOG Resources Inc.		412,236		52,255,035
EQT Corp.		256,512		10,409,257
Exxon Mobil Corp.		2,804,095		329,705,490
Halliburton Co.		635,207		25,725,884
Hess Corp.		195,870		29,968,110
Kinder Morgan Inc.		1,372,491		22,755,901
Marathon Oil Corp.		427,168		11,426,744
Marathon Petroleum Corp.		283,167		42,854,494
Occidental Petroleum Corp.		469,055		30,432,288
ONEOK Inc.		411,766		26,118,317
Phillips 66		315,434		37,899,395
Pioneer Natural Resources Co.		165,160		37,912,478
Schlumberger NV		1,005,978		58,648,518
Targa Resources Corp.		158,658		13,600,164
Valero Energy Corp.		249,640		35,376,484
Williams Companies Inc. (The)		859,922		28,970,772


				1,183,271,537


Total Common Stocks — 98.4% (Cost: $1,672,574,119)				1,922,593,885


Preferred Stocks

Brazil — 1.1%
Petroleo Brasileiro SA, Preference Shares, ADR		1,623,439		22,257,349


Total Preferred Stocks — 1.1% (Cost: $25,889,436)				22,257,349


Total Long-Term Investments — 99.5% (Cost: $1,698,463,555)				1,944,851,234


Short-Term Securities

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%^(a)(b)		2,750,000		2,750,000


Total Short-Term Securities — 0.1% (Cost: $2,750,000)				2,750,000


Total Investments — 99.6% (Cost: $1,701,213,555)				1,947,601,234

Other Assets Less Liabilities — 0.4%				7,023,001


Net Assets — 100.0%			$	1,954,624,235

^(a)	Affiliate of the Fund.

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


S C H E D U L E O F I N V E S T M E N T S		25

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Global Energy 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^(a)	$	—	$	—	$	(650	)^(b)	$	650	$	—	$	—		—	$	1,363	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,710,000		—		(960,000	)^(b)		—		—		2,750,000		2,750,000		76,478			—


								$	650	$	—	$	2,750,000			$	77,841		$	—

^(a)

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

^(b)

Represents net amount purchased (sold).

^(c)

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 100 Index		14		12/15/23	$	1,305	$	9,020
S&P Energies Select Sector E-Mini Index		83		12/15/23		7,931		(130,237	)


							$	(121,217	)

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)	$	—	$	—	$	9,020	$	—	$	—	$	—	$	9,020


Liabilities — Derivative Financial Instruments
Futures contracts Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	130,237	$	—	$	—	$	—	$	130,237

^(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	$	—	$	—	$	969,909		$	—	$	—	$	—	$	969,909


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(294,302	)	$	—	$	—	$	—	$	(294,302	)


26		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Global Energy ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	8,493,528

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

Fair Value Hierarchy as of Period End



	Level 1			Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	1,426,071,077		$	496,522,808	$	—	$	1,922,593,885
Preferred Stocks		22,257,349			—		—		22,257,349
Short-Term Securities
Money Market Funds		2,750,000			—		—		2,750,000


	$	1,451,078,426		$	496,522,808	$	—	$	1,947,601,234

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—		$	9,020	$	—	$	9,020
Liabilities
Equity Contracts		(130,237	)		—		—		(130,237	)


	$	(130,237	)	$	9,020	$	—		(121,217	)

^(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		27

Schedule of Investments (unaudited)

September 30, 2023

iShares^® Global Financials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 4.2%
ASX Ltd.		9,349	$	341,968
Australia & New Zealand Banking Group Ltd.		144,928		2,377,061
Commonwealth Bank of Australia		80,978		5,172,554
Insurance Australia Group Ltd.		118,102		428,421
Macquarie Group Ltd.		17,365		1,859,584
Medibank Pvt Ltd.		132,746		292,988
National Australia Bank Ltd.		151,468		2,811,903
QBE Insurance Group Ltd.		72,697		728,223
Suncorp Group Ltd.		60,938		542,935
Westpac Banking Corp.		170,465		2,304,269


				16,859,906

Austria — 0.2%
Erste Group Bank AG		17,214		594,518


Belgium — 0.4%
Ageas SA/NV		8,218		338,470
Groupe Bruxelles Lambert NV		4,678		348,091
KBC Group NV		16,306		1,015,156


				1,701,717

Brazil — 0.5%
B3 SA - Brasil, Bolsa, Balcao		280,481		685,781
Banco do Brasil SA		69,074		648,339
Itausa SA		3,518		6,334
NU Holdings Ltd.^(a)		114,879		832,873


				2,173,327

Canada — 6.8%
Bank of Montreal		34,375		2,899,825
Bank of Nova Scotia(The)		57,759		2,588,896
Brookfield Asset Management Ltd.		16,745		557,982
Brookfield Corp., Class A		70,307		2,198,372
Canadian Imperial Bank of Commerce		44,365		1,712,540
Intact Financial Corp.		8,505		1,239,948
Manulife Financial Corp.		89,034		1,626,964
National Bank of Canada		16,380		1,088,141
Power Corp. of Canada		27,151		691,244
Royal Bank of Canada		67,378		5,888,289
Sun Life Financial Inc.		28,405		1,385,900
Toronto-Dominion Bank(The)		88,766		5,347,853


				27,225,954

Chile — 0.1%
Banco de Chile		2,093,588		213,004
Banco Santander Chile, ADR		7,936		145,546


				358,550

China — 2.0%
Bank of China Ltd., Class H		4,041,000		1,407,795
China Construction Bank Corp., Class H		4,786,720		2,690,863
China Merchants Bank Co. Ltd., Class H		160,000		664,256
Industrial & Commercial Bank of China Ltd., Class H		3,441,000		1,650,444
Ping An Insurance Group Co. of China Ltd., Class H		299,500		1,698,658


				8,112,016

Colombia — 0.0%
Bancolombia SA, ADR		5,459		145,646


Denmark — 0.3%
Danske Bank A/S		32,832		761,899
Tryg A/S		17,361		317,695


				1,079,594


Security	Shares		Value

Finland — 0.3%
Sampo OYJ, Class A		22,538	$	974,351


France — 2.2%
AXA SA		83,875		2,488,476
BNP Paribas SA		52,476		3,336,754
Credit Agricole SA		54,089		665,014
Edenred		12,045		753,487
Euronext NV^(b)		4,804		334,162
Societe Generale SA		34,100		825,138
Worldline SA/France^(a)(b)		12,002		336,911


				8,739,942

Germany — 2.8%
Allianz SE, Registered		19,511		4,643,152
Commerzbank AG		50,725		575,695
Deutsche Bank AG, Registered		98,567		1,083,278
Deutsche Boerse AG		9,196		1,588,120
Hannover Rueck SE		2,927		642,238
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		6,585		2,564,545


				11,097,028

Hong Kong — 1.7%
AIA Group Ltd.		557,000		4,504,538
Hong Kong Exchanges & Clearing Ltd.		58,600		2,174,808


				6,679,346

Ireland — 0.1%
Bank of Ireland Group PLC		48,503		474,146


Italy — 1.6%
Assicurazioni Generali SpA		53,485		1,091,757
Banco BPM SpA		73,200		348,615
FinecoBank Banca Fineco SpA		29,419		355,242
Intesa Sanpaolo SpA		777,266		1,990,747
Mediobanca Banca di Credito Finanziario SpA		30,706		404,831
Nexi SpA^(a)(b)		41,105		250,456
UniCredit SpA		87,199		2,077,636


				6,519,284

Japan — 5.0%
Dai-ichi Life Holdings Inc.		47,800		986,798
Daiwa Securities Group Inc.		69,800		402,506
Japan Exchange Group Inc.		25,200		466,862
Japan Post Holdings Co. Ltd.		97,100		776,814
Mitsubishi UFJ Financial Group Inc.		613,100		5,195,505
Mizuho Financial Group Inc.		123,210		2,091,852
MS&AD Insurance Group Holdings Inc.		21,700		794,096
Nomura Holdings Inc.		142,200		569,430
ORIX Corp.		57,000		1,064,326
Resona Holdings Inc.		114,700		634,197
Sompo Holdings Inc.		16,900		724,279
Sumitomo Mitsui Financial Group Inc.		64,800		3,183,367
Sumitomo Mitsui Trust Holdings Inc.		17,927		674,898
T&D Holdings Inc.		26,500		435,793
Tokio Marine Holdings Inc.		96,800		2,241,277


				20,242,000

Mexico — 0.3%
Grupo Financiero Banorte SAB de CV, Class O		120,791		1,012,697


Netherlands — 1.2%
ABN AMRO Bank NV, CVA^(b)		19,951		281,959
Adyen NV^(a)(b)		1,505		1,115,858
Aegon NV		64,851		312,563


28		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Global Financials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Netherlands (continued)
EXOR NV, NVS		5,008	$	442,951
ING Groep NV		175,674		2,315,395
NN Group NV		14,239		456,476


				4,925,202

Norway — 0.2%
DNB Bank ASA		43,088		865,714


Peru — 0.1%
Credicorp Ltd.		3,293		421,405


Singapore — 1.4%
DBS Group Holdings Ltd.		88,100		2,163,704
Oversea-Chinese Banking Corp. Ltd.		187,700		1,755,380
United Overseas Bank Ltd.		74,100		1,543,362


				5,462,446

South Korea — 0.3%
KB Financial Group Inc.		18,129		739,425
Shinhan Financial Group Co. Ltd.		23,775		625,715


				1,365,140

Spain — 1.5%
Banco Bilbao Vizcaya Argentaria SA		288,197		2,332,357
Banco Santander SA		781,870		2,977,415
CaixaBank SA		194,105		773,313


				6,083,085

Sweden — 1.7%
EQT AB		16,001		315,267
Industrivarden AB, Class A		7,535		198,692
Industrivarden AB, Class C		7,228		190,466
Investor AB, Class B		88,089		1,686,421
Kinnevik AB, Class B^(a)		11,714		116,331
Nordea Bank Abp		172,924		1,895,891
Skandinaviska Enskilda Banken AB, Class A		80,626		961,211
Svenska Handelsbanken AB, Class A		74,065		659,022
Swedbank AB, Class A		44,860		824,590


				6,847,891

Switzerland — 2.8%
Baloise Holding AG, Registered		2,218		321,114
Julius Baer Group Ltd.		9,953		637,070
Partners Group Holding AG		1,058		1,187,705
Swiss Life Holding AG, Registered		1,427		887,848
Swiss Re AG		14,011		1,438,935
UBS Group AG, Registered		147,186		3,625,513
Zurich Insurance Group AG		7,071		3,235,374


				11,333,559

Taiwan — 0.5%
Cathay Financial Holding Co. Ltd.		460,521		635,882
CTBC Financial Holding Co. Ltd.		952,000		723,305
Fubon Financial Holding Co. Ltd.		401,400		755,727


				2,114,914

United Kingdom — 5.1%
3i Group PLC		47,292		1,190,370
abrdn PLC		98,189		185,517
Admiral Group PLC		12,600		364,135
Aviva PLC		134,571		636,946
Barclays PLC		712,035		1,372,397
Direct Line Insurance Group PLC^(a)		63,185		132,185
Hargreaves Lansdown PLC		16,929		159,217
HSBC Holdings PLC		967,252		7,569,117
Intermediate Capital Group PLC		14,185		238,101


Security	Shares		Value

United Kingdom (continued)
Legal & General Group PLC		285,985	$	771,683
Lloyds Banking Group PLC		3,251,075		1,747,109
London Stock Exchange Group PLC		19,961		2,000,608
M&G PLC		114,459		274,234
NatWest Group PLC, NVS		269,603		771,214
Phoenix Group Holdings PLC		45,953		269,311
Prudential PLC		132,867		1,428,231
Schroders PLC		44,302		218,908
St. James’s Place PLC		26,234		264,674
Standard Chartered PLC		111,534		1,025,837


				20,619,794

United States — 55.3%
Aflac Inc.		26,117		2,004,480
Allstate Corp.(The)		12,604		1,404,212
American Express Co.		28,108		4,193,432
American International Group Inc.		34,394		2,084,276
Ameriprise Financial Inc.		4,959		1,634,883
Aon PLC, Class A		9,803		3,178,329
Arch Capital Group Ltd.^(a)		17,953		1,431,034
Arthur J Gallagher & Co.		10,400		2,370,472
Assurant Inc.		2,642		379,338
Bank of America Corp.		333,990		9,144,646
Bank of New York Mellon Corp.(The)		37,624		1,604,664
Berkshire Hathaway Inc., Class B^(a)		88,105		30,863,181
BlackRock Inc.^(c)		6,782		4,384,495
Blackstone Inc., NVS^(d)		34,290		3,673,831
Brown & Brown Inc.		11,280		787,795
Capital One Financial Corp.		18,412		1,786,885
Cboe Global Markets Inc.		5,134		801,982
Charles Schwab Corp.(The)		71,921		3,948,463
Chubb Ltd.		19,843		4,130,916
Cincinnati Financial Corp.		7,589		776,279
Citigroup Inc.		93,032		3,826,406
Citizens Financial Group Inc.		22,817		611,496
CME Group Inc.		17,349		3,473,617
Comerica Inc.		6,323		262,721
Discover Financial Services		12,058		1,044,584
Everest Re Group Ltd.		2,082		773,817
FactSet Research Systems Inc.		1,849		808,494
Fidelity National Information Services Inc.		28,432		1,571,437
Fifth Third Bancorp.		32,744		829,405
Fiserv Inc.^(a)		29,452		3,326,898
FleetCor Technologies Inc.^(a)		3,560		909,010
Franklin Resources Inc.		13,763		338,294
Global Payments Inc.		12,561		1,449,414
Globe Life Inc.		4,203		456,992
Goldman Sachs Group Inc. (The)		15,928		5,153,823
Hartford Financial Services Group Inc. (The)		14,775		1,047,695
Huntington Bancshares Inc./OH		70,517		733,377
Intercontinental Exchange Inc.		27,686		3,046,014
Invesco Ltd.		21,928		318,394
Jack Henry & Associates Inc.		3,533		533,978
JPMorgan Chase & Co.		140,396		20,360,228
KeyCorp.		45,001		484,211
Loews Corp.		8,934		565,611
M&T Bank Corp.		7,985		1,009,703
MarketAxess Holdings Inc.		1,795		383,484
Marsh & McLennan Companies Inc.		23,853		4,539,226
Mastercard Inc., Class A		40,196		15,913,998
MetLife Inc.		30,519		1,919,950


S C H E D U L E O F I N V E S T M E N T S		29

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Global Financials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


United States (continued)
Moody’s Corp.		7,610	$	2,406,054
Morgan Stanley		61,639		5,034,057
MSCI Inc., Class A		3,822		1,960,992
Nasdaq Inc.		16,244		789,296
Northern Trust Corp.		9,979		693,341
PayPal Holdings Inc.^(a)		53,048		3,101,186
PNC Financial Services Group Inc. (The)		19,214		2,358,903
Principal Financial Group Inc.		10,744		774,320
Progressive Corp.(The)		28,351		3,949,294
Prudential Financial Inc.		17,539		1,664,276
Raymond James Financial Inc.		9,082		912,105
Regions Financial Corp.		45,664		785,421
S&P Global Inc.		15,722		5,744,976
State Street Corp.		15,394		1,030,782
Synchrony Financial		20,203		617,606
T Rowe Price Group Inc.		10,894		1,142,454
Travelers Companies Inc. (The)		11,060		1,806,209
Truist Financial Corp.		64,718		1,851,582
U.S. Bancorp		75,220		2,486,773
Visa Inc., Class A		77,627		17,854,986
W R Berkley Corp.		9,821		623,535
Wells Fargo & Co.		176,760		7,222,414
Willis Towers Watson PLC		5,081		1,061,726
Zions Bancorp. NA		7,219		251,871


				222,400,029


Total Common Stocks — 98.6% (Cost: $445,869,875)				396,429,201


Preferred Stocks

Brazil — 0.6%
Banco Bradesco SA, Preference Shares, ADR^(d)		256,422		730,802


Security	Shares		Value


Brazil (continued)
Itau Unibanco Holding SA, Preference Shares, ADR		234,935	$	1,261,601
Itausa SA, Preference Shares, NVS		248,603		447,595


				2,439,998


Total Preferred Stocks — 0.6% (Cost: $3,358,184)				2,439,998


Total Long-Term Investments — 99.2% (Cost: $449,228,059)				398,869,199


Short-Term Securities

Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(c)(e)(f)		2,295,814		2,296,503
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%^(c)(e)		1,090,000		1,090,000


Total Short-Term Securities — 0.9% (Cost: $3,386,714)				3,386,503


Total Investments — 100.1% (Cost: $452,614,773)				402,255,702

Liabilities in Excess of Other Assets — (0.1)%				(241,747	)


Net Assets — 100.0%			$	402,013,955

^(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)	Affiliate of the Fund.

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

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

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

Affiliates




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


BlackRock Cash Funds: Institutional, SL Agency Shares	$	778,304	$	1,518,106	^(a)	$	—		$	231		$	(138	)	$	2,296,503		2,295,814	$	3,286	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		590,000		500,000	^(a)		—			—			—			1,090,000		1,090,000		22,107			—
BlackRock Inc.		5,195,048		183,684			(870,022	)		(181,822	)		57,607			4,384,495		6,782		74,810			—


									$	(181,591	)	$	57,469		$	7,770,998			$	100,203		$	—

^(a)

Represents net amount purchased (sold).

^(b)


30		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Global Financials ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)


Long Contracts
Euro Stoxx 50 Index		7		12/15/23	$	310	$	(4,138	)
FTSE 100 Index		6		12/15/23		559		4,954
S&P Financial Select Sector E-Mini Index		21		12/15/23		2,166		(62,065	)


							$	(61,249	)

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)	$	—	$	—	$	4,954	$	—	$	—	$	—	$	4,954


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	66,203	$	—	$	—	$	—	$	66,203

^(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	$	—	$	—	$	123,428		$	—	$	—	$	—	$	123,428


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(86,995	)	$	—	$	—	$	—	$	(86,995	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	3,031,669

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

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	253,518,270	$	142,910,931	$	—	$	396,429,201
Preferred Stocks		2,439,998		—		—		2,439,998


S C H E D U L E O F I N V E S T M E N T S		31

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Global Financials ETF

Fair Value Hierarchy as of Period End (continued)



	Level 1			Level 2			Level 3		Total

Short-Term Securities
Money Market Funds	$	3,386,503		$	—		$	—	$	3,386,503


	$	259,344,771		$	142,910,931		$	—	$	402,255,702

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—		$	4,954		$	—	$	4,954
Liabilities
Equity Contracts		(62,065	)		(4,138	)		—		(66,203	)


	$	(62,065	)	$	816		$	—		(61,249	)

^(a)

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

See notes to financial statements.


32		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

September 30, 2023

iShares^® Global Healthcare ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 1.5%
Cochlear Ltd.		38,100	$	6,240,140
CSL Ltd.		281,065		45,280,419
Ramsay Health Care Ltd.		107,525		3,568,798
Sonic Healthcare Ltd.		275,560		5,261,801


				60,351,158

Belgium — 0.6%
Argenx SE^(a)		34,101		16,669,496
UCB SA		72,894		5,970,692


				22,640,188

Brazil — 0.1%
Rede D’Or Sao Luiz SA^(b)		599,024		3,028,160


China — 0.3%
Wuxi Biologics Cayman Inc.^(a)(b)		2,078,000		12,077,040


Denmark — 4.9%
Coloplast A/S, Class B		68,336		7,231,112
Genmab A/S^(a)		38,347		13,576,777
Novo Nordisk A/S		1,881,533		171,315,802


				192,123,691

France — 2.7%
EssilorLuxottica SA		166,501		28,962,116
Eurofins Scientific SE		74,351		4,190,211
Sanofi		648,402		69,622,326
Sartorius Stedim Biotech		13,830		3,290,205


				106,064,858

Germany — 1.5%
Bayer AG, Registered		572,451		27,491,608
Fresenius Medical Care AG & Co. KGaA		115,908		4,983,111
Fresenius SE & Co. KGaA		236,043		7,331,547
Merck KGaA		75,356		12,562,398
Siemens Healthineers AG^(b)(c)		164,463		8,318,844


				60,687,508

Japan — 4.3%
Astellas Pharma Inc.		1,053,075		14,576,262
Chugai Pharmaceutical Co. Ltd.		368,400		11,359,261
Daiichi Sankyo Co. Ltd.		1,133,400		31,029,431
Eisai Co. Ltd.		170,800		9,466,377
Hoya Corp.		206,300		21,128,717
M3 Inc.		246,200		4,465,756
Olympus Corp.		735,700		9,551,948
Ono Pharmaceutical Co. Ltd.		282,200		5,412,135
Otsuka Holdings Co. Ltd.		324,900		11,535,604
Shionogi & Co. Ltd.		162,100		7,230,380
Sysmex Corp.		97,200		4,618,669
Takeda Pharmaceutical Co. Ltd.		921,192		28,553,729
Terumo Corp.		431,700		11,427,464


				170,355,733

Netherlands — 0.4%
Koninklijke Philips NV^(a)(c)		541,114		10,796,440
QIAGEN NV^(a)		133,607		5,390,985


				16,187,425

South Korea — 0.2%
Celltrion Inc.		67,248		6,939,118


Spain — 0.1%
Grifols SA^(a)		167,601		2,170,751


Security	Shares		Value

Sweden — 0.1%
Getinge AB, Class B		129,240	$	2,271,053


Switzerland — 7.5%
Alcon Inc.		289,110		22,309,864
Lonza Group AG, Registered		43,388		20,068,990
Novartis AG, Registered		1,207,626		123,333,191
Roche Holding AG, Bearer		15,676		4,605,402
Roche Holding AG, NVS		409,370		111,758,433
Sonova Holding AG, Registered		29,602		7,006,102
Straumann Holding AG		67,668		8,612,711


				297,694,693

United Kingdom — 4.3%
AstraZeneca PLC		903,085		121,812,090
GSK PLC		2,386,992		43,189,738
Smith & Nephew PLC		515,169		6,393,538


				171,395,366

United States — 71.0%
Abbott Laboratories		1,011,176		97,932,396
AbbVie Inc.		1,028,475		153,304,483
Agilent Technologies Inc.		172,103		19,244,557
Align Technology Inc.^(a)		41,633		12,711,388
AmerisourceBergen Corp.		97,134		17,481,206
Amgen Inc.		311,675		83,765,773
Baxter International Inc.		293,839		11,089,484
Becton Dickinson and Co.		169,037		43,701,136
Biogen Inc.^(a)		84,385		21,687,789
Bio-Rad Laboratories Inc., Class A^(a)		12,443		4,460,193
Bio-Techne Corp.		91,100		6,201,177
Boston Scientific Corp.^(a)		853,188		45,048,326
Bristol-Myers Squibb Co.		1,217,139		70,642,748
Cardinal Health Inc.		147,669		12,820,623
Catalent Inc.^(a)		103,362		4,706,072
Centene Corp.^(a)(c)		317,486		21,868,436
Charles River Laboratories International Inc.^(a)(c)		29,873		5,854,511
Cigna Group(The)		172,463		49,336,490
Cooper Companies Inc. (The)^(c)		28,751		9,143,106
CVS Health Corp.		748,412		52,254,126
Danaher Corp.		382,907		94,999,227
DaVita Inc.^(a)		31,808		3,006,810
DENTSPLY SIRONA Inc.		124,286		4,245,610
Dexcom Inc.^(a)		226,009		21,086,640
Edwards Lifesciences Corp.^(a)(c)		354,228		24,540,916
Elevance Health Inc.		137,286		59,777,070
Eli Lilly & Co.		464,639		249,571,546
GE Healthcare Inc., NVS^(a)		226,454		15,407,930
Gilead Sciences Inc.		726,037		54,409,213
HCA Healthcare Inc.		117,273		28,846,813
Henry Schein Inc.^(a)		77,762		5,773,828
Hologic Inc.^(a)		142,654		9,900,188
Humana Inc.		72,352		35,200,695
IDEXX Laboratories Inc.^(a)		48,364		21,148,126
Illumina Inc.^(a)		91,573		12,571,141
Incyte Corp.^(a)		106,925		6,177,057
Insulet Corp.^(a)		40,385		6,441,004
Intuitive Surgical Inc.^(a)		204,721		59,837,901
IQVIA Holdings Inc.^(a)(c)		107,349		21,120,916
Johnson & Johnson		1,403,135		218,538,276
Laboratory Corp. of America Holdings		51,298		10,313,463
McKesson Corp.		78,490		34,131,376
Medtronic PLC		775,651		60,780,012


S C H E D U L E O F I N V E S T M E N T S		33

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Global Healthcare ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


United States (continued)
Merck & Co. Inc.		1,478,600	$	152,221,870
Mettler-Toledo International Inc.^(a)		12,755		14,133,433
Moderna Inc.^(a)		192,932		19,927,946
Molina Healthcare Inc.^(a)		33,810		11,085,961
Organon & Co.		146,670		2,546,191
Pfizer Inc.		3,289,863		109,124,756
Quest Diagnostics Inc.		64,790		7,895,309
Regeneron Pharmaceuticals Inc.^(a)		62,539		51,467,095
ResMed Inc.		85,678		12,669,206
Revvity Inc.		72,737		8,051,986
STERIS PLC		57,492		12,614,895
Stryker Corp.		196,942		53,818,340
Teleflex Inc.		27,078		5,318,390
Thermo Fisher Scientific Inc.^(c)		224,878		113,826,497
UnitedHealth Group Inc.		539,753		272,138,065
Universal Health Services Inc., Class B		36,819		4,629,253
Vertex Pharmaceuticals Inc.^(a)		150,389		52,296,271
Viatris Inc.		697,938		6,881,669
Waters Corp.^(a)		34,185		9,373,869
West Pharmaceutical Services Inc.		42,997		16,132,904
Zimmer Biomet Holdings Inc.		121,170		13,597,697
Zoetis Inc.		267,690		46,572,706


				2,797,404,087


Total Common Stocks — 99.5% (Cost: $3,627,787,006)				3,921,390,829


Preferred Stocks

Germany — 0.1%
Sartorius AG, Preference Shares, NVS		15,635		5,295,477


Total Preferred Stocks — 0.1% (Cost: $5,591,434)				5,295,477


Total Long-Term Investments — 99.6% (Cost: $3,633,378,440)				3,926,686,306


Security	Shares		Value


Short-Term Securities

Money Market Funds — 1.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(d)(e)(f)		51,823,232	$	51,838,779
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%^(d)(e)		7,930,000		7,930,000


Total Short-Term Securities — 1.5% (Cost: $59,767,712)				59,768,779


Total Investments — 101.1% (Cost: $3,693,146,152)				3,986,455,085

Liabilities in Excess of Other Assets — (1.1)%				(44,799,892	)


Net Assets — 100.0%			$	3,941,655,193

^(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




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


BlackRock Cash Funds: Institutional, SL Agency Shares	$	28,986,449	$	22,856,343	^(a)	$	—	$	275	$	(4,288	)	$	51,838,779		51,823,232	$	69,381	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		5,900,000		2,030,000	^(a)		—		—		—			7,930,000		7,930,000		149,668			—


								$	275	$	(4,288	)	$	59,768,779			$	219,049		$	—

^(a)

Represents net amount purchased (sold).

^(b)


34		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Global Healthcare ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)


Long Contracts
S&P Health Care Select Sector E-Mini Index		107		12/15/23	$	14,039	$	(355,754	)

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)	$	—	$	—	$	355,754	$	—	$	—	$	—	$	355,754

^(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	$	—	$	—	$	519,135		$	—	$	—	$	—	$	519,135


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(837,201	)	$	—	$	—	$	—	$	(837,201	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	13,384,005

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	2,800,432,247	$	1,120,958,582	$	—	$	3,921,390,829
Preferred Stocks		—		5,295,477		—		5,295,477
Short-Term Securities
Money Market Funds		59,768,779		—		—		59,768,779


	$	2,860,201,026	$	1,126,254,059	$	—	$	3,986,455,085


S C H E D U L E O F I N V E S T M E N T S		35

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Global Healthcare ETF

Fair Value Hierarchy as of Period End (continued)




	Level 1			Level 2		Level 3		Total


Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(355,754	)	$	—	$	—	$	(355,754	)

^(a)

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

See notes to financial statements.


36		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

September 30, 2023

iShares^® Global Industrials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 1.0%
Brambles Ltd.		130,212	$	1,196,196
Computershare Ltd.		53,758		895,852
Qantas Airways Ltd.^(a)		170,698		565,093
Transurban Group		291,217		2,366,329


				5,023,470

Brazil — 0.4%
CCR SA		104,237		267,304
Localiza Rent a Car SA		78,144		910,388
WEG SA		137,748		993,946


				2,171,638

Canada — 3.8%
CAE Inc.^(a)		29,820		696,184
Canadian National Railway Co.		55,517		6,012,145
Canadian Pacific Kansas City Ltd.		87,782		6,524,919
Thomson Reuters Corp.		14,318		1,751,576
Waste Connections Inc.		24,211		3,250,771
WSP Global Inc.		11,598		1,636,913


				19,872,508

Chile — 0.2%
Sociedad Quimica y Minera de Chile SA, ADR		13,252		790,747


Denmark — 1.2%
AP Moller - Maersk A/S, Class A		277		490,207
AP Moller - Maersk A/S, Class B, NVS		426		766,329
DSV A/S		16,870		3,143,568
Vestas Wind Systems A/S^(a)		95,166		2,035,970


				6,436,074

Finland — 0.5%
Kone OYJ, Class B		37,910		1,597,529
Metso OYJ		65,596		687,896
Wartsila OYJ Abp		45,210		512,407


				2,797,832

France — 7.1%
Airbus SE		58,097		7,776,195
Alstom SA		26,185		622,344
Bouygues SA		19,332		675,936
Bureau Veritas SA		27,149		673,189
Cie. de Saint-Gobain		48,432		2,898,673
Eiffage SA		7,274		690,431
Getlink SE		30,490		486,069
Legrand SA		25,067		2,303,314
Safran SA		32,632		5,113,733
Schneider Electric SE		50,742		8,361,879
Teleperformance		5,529		694,201
Thales SA		8,878		1,247,742
Vinci SA		47,717		5,278,980


				36,822,686

Germany — 3.7%
Brenntag SE		14,458		1,118,712
Daimler Truck Holding AG		48,717		1,686,789
Deutsche Post AG, Registered		88,510		3,591,339
GEA Group AG		15,594		574,707
MTU Aero Engines AG		5,039		912,611
Rheinmetall AG		4,071		1,047,270
Siemens AG, Registered		70,866		10,127,363


				19,058,791


Security	Shares		Value

Hong Kong — 0.5%
CK Hutchison Holdings Ltd.		252,020	$	1,337,996
Techtronic Industries Co. Ltd.		123,000		1,187,391


				2,525,387

Ireland — 0.4%
Kingspan Group PLC		14,468		1,080,517
Ryanair Holdings PLC, ADR^(a)(b)		9,495		923,009


				2,003,526

Italy — 0.2%
Prysmian SpA		25,974		1,042,551


Japan — 14.2%
AGC Inc.		21,500		753,519
ANA Holdings Inc.^(a)		45,400		950,587
Central Japan Railway Co.		96,900		2,356,413
Dai Nippon Printing Co. Ltd.		24,300		632,241
Daifuku Co. Ltd.		35,500		670,120
Daikin Industries Ltd.		27,800		4,358,252
East Japan Railway Co.		35,400		2,025,833
FANUC Corp.		88,700		2,306,858
Hankyu Hanshin Holdings Inc.		23,800		812,071
Hitachi Ltd.		88,200		5,466,418
ITOCHU Corp.		137,100		4,951,218
Japan Airlines Co. Ltd.		41,100		798,539
Kajima Corp.		44,100		717,860
Kintetsu Group Holdings Co. Ltd.		18,700		530,195
Komatsu Ltd.		91,400		2,465,160
Kubota Corp.		99,900		1,469,610
Makita Corp.		26,100		643,605
Marubeni Corp.		160,000		2,494,119
Mitsubishi Corp.		135,200		6,442,324
Mitsubishi Electric Corp.		202,900		2,506,720
Mitsubishi Heavy Industries Ltd.		31,700		1,768,128
Mitsui & Co. Ltd.		145,300		5,270,023
Nidec Corp.		49,500		2,285,585
Nippon Yusen KK		48,100		1,248,908
Obayashi Corp.		67,100		590,472
Odakyu Electric Railway Co. Ltd.		34,500		515,491
Recruit Holdings Co. Ltd.		159,400		4,876,845
Secom Co. Ltd.		19,900		1,350,031
SG Holdings Co. Ltd.		45,600		583,765
SMC Corp.		5,500		2,465,442
Sumitomo Corp.		115,200		2,299,152
Taisei Corp.		17,500		615,929
Tokyu Corp.		57,500		662,949
Toppan Inc.		31,200		746,346
Toshiba Corp.^(a)		8,306		255,757
Toyota Industries Corp.		17,500		1,377,520
Toyota Tsusho Corp.		22,200		1,305,716
West Japan Railway Co.		22,800		943,483
Yamato Holdings Co. Ltd.		30,200		491,542
Yaskawa Electric Corp.		24,900		896,675


				73,901,421

Netherlands — 1.1%
Ferrovial SE		46,800		1,430,067
IMCD NV		5,385		680,851
Randstad NV		11,702		646,490
Wolters Kluwer NV		24,203		2,930,388


				5,687,796


S C H E D U L E O F I N V E S T M E N T S		37

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Global Industrials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

South Korea — 0.2%
LG Energy Solution^(a)		3,063	$	1,080,193


Spain — 0.3%
ACS Actividades de Construccion y Servicios SA		18,812		676,286
Aena SME SA^(c)		6,860		1,032,276


				1,708,562

Sweden — 3.2%
Alfa Laval AB		27,243		933,288
Assa Abloy AB, Class B		93,212		2,025,363
Atlas Copco AB, Class A		242,995		3,263,585
Atlas Copco AB, Class B		146,697		1,715,627
Epiroc AB, Class A		58,656		1,113,716
Epiroc AB, Class B		37,209		595,243
Nibe Industrier AB, Class B		141,865		927,477
Sandvik AB		102,404		1,884,269
Skanska AB, Class B		33,465		549,513
SKF AB, Class B		35,058		582,017
Volvo AB, Class B		150,297		3,095,763


				16,685,861

Switzerland — 2.5%
ABB Ltd., Registered		152,701		5,450,384
Adecco Group AG, Registered		15,770		647,723
Geberit AG, Registered		3,240		1,615,715
Kuehne + Nagel International AG, Registered		5,189		1,474,353
Schindler Holding AG, Participation Certificates, NVS		3,802		757,358
Schindler Holding AG, Registered		1,845		354,994
SGS SA		14,196		1,191,408
Siemens Energy AG^(a)		48,070		626,482
VAT Group AG^(c)		2,504		893,535


				13,011,952

United Kingdom — 4.8%
Ashtead Group PLC		42,421		2,572,519
BAE Systems PLC		287,316		3,491,418
Bunzl PLC		31,847		1,134,192
DCC PLC		9,714		543,883
Experian PLC		86,721		2,836,433
IMI PLC		26,414		502,643
Intertek Group PLC		15,024		751,335
Melrose Industries PLC		127,543		727,046
RELX PLC		182,697		6,164,181
Rentokil Initial PLC		237,482		1,763,212
Rolls-Royce Holdings PLC^(a)		791,085		2,119,619
Smiths Group PLC		33,068		651,042
Spirax-Sarco Engineering PLC		6,825		790,016
Weir Group PLC(The)		24,978		577,116


				24,624,655

United States — 54.2%
3M Co.		52,088		4,876,479
A O Smith Corp.		11,547		763,603
Alaska Air Group Inc.^(a)		11,986		444,441
Allegion PLC		8,212		855,690
American Airlines Group Inc.^(a)(b)		61,579		788,827
AMETEK Inc.		21,812		3,222,941
Automatic Data Processing Inc.		38,825		9,340,519
Axon Enterprise Inc.^(a)		6,589		1,311,145
Boeing Co.(The)^(a)		53,393		10,234,370
Broadridge Financial Solutions Inc.		11,089		1,985,485
Carrier Global Corp.		78,715		4,345,068
Caterpillar Inc.		48,099		13,131,027


Security	Shares		Value

United States (continued)
Ceridian HCM Holding Inc.^(a)(b)		14,660	$	994,681
CH Robinson Worldwide Inc.		11,034		950,358
Cintas Corp.		8,157		3,923,599
Copart Inc.^(a)		81,659		3,518,686
CSX Corp.		189,339		5,822,174
Cummins Inc.		13,389		3,058,851
Deere & Co.		25,695		9,696,779
Delta Air Lines Inc.		60,469		2,237,353
Dover Corp.		13,230		1,845,717
Eaton Corp. PLC		37,599		8,019,115
Emerson Electric Co.		53,915		5,206,572
Equifax Inc.		11,527		2,111,516
Expeditors International of Washington Inc.		14,176		1,624,995
Fastenal Co.		53,687		2,933,458
FedEx Corp.		21,821		5,780,819
Fortive Corp.		33,075		2,452,842
Generac Holdings Inc.^(a)(b)		5,802		632,186
General Dynamics Corp.		21,384		4,725,222
General Electric Co.		102,564		11,338,450
Honeywell International Inc.		62,570		11,559,182
Howmet Aerospace Inc.		36,806		1,702,278
Huntington Ingalls Industries Inc.		3,777		772,699
IDEX Corp.		7,101		1,477,150
Illinois Tool Works Inc.		25,953		5,977,235
Ingersoll Rand Inc.^(b)		38,007		2,421,806
Jacobs Solutions Inc., NVS		11,863		1,619,300
JB Hunt Transport Services Inc.		7,742		1,459,522
Johnson Controls International PLC		63,944		3,402,460
L3Harris Technologies Inc.		17,890		3,115,007
Leidos Holdings Inc.		13,028		1,200,660
Lockheed Martin Corp.		21,105		8,631,101
Masco Corp.		21,075		1,126,459
Nordson Corp.		5,108		1,139,952
Norfolk Southern Corp.		21,424		4,219,028
Northrop Grumman Corp.		13,408		5,902,068
Old Dominion Freight Line Inc.		8,465		3,463,370
Otis Worldwide Corp.		38,688		3,107,033
PACCAR Inc.		49,379		4,198,203
Parker-Hannifin Corp.		12,109		4,716,698
Paychex Inc.		30,322		3,497,036
Paycom Software Inc.		4,623		1,198,605
Pentair PLC		15,398		997,021
Quanta Services Inc.		13,641		2,551,822
Raytheon Technologies Corp.		137,162		9,871,549
Republic Services Inc., Class A		19,325		2,754,006
Robert Half International Inc.		10,051		736,537
Rockwell Automation Inc.		10,789		3,084,251
Rollins Inc.		26,369		984,355
Snap-on Inc.		4,973		1,268,413
Southwest Airlines Co.		55,674		1,507,095
Stanley Black & Decker Inc.		14,444		1,207,230
Textron Inc.		18,702		1,461,374
Trane Technologies PLC		21,564		4,375,551
TransDigm Group Inc.^(a)		5,200		4,384,276
Union Pacific Corp.		57,371		11,682,457
United Airlines Holdings Inc.^(a)		30,867		1,305,674
United Parcel Service Inc., Class B		68,157		10,623,632
United Rentals Inc.		6,444		2,864,809
Verisk Analytics Inc., Class A		13,715		3,240,032
Waste Management Inc.		34,767		5,299,881


38		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Global Industrials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


United States (continued)
Westinghouse Air Brake Technologies Corp.		16,837	$	1,789,268
WW Grainger Inc.		4,202		2,907,112
Xylem Inc./NY		22,635		2,060,464


				281,036,629


Total Common Stocks — 99.5% (Cost: $552,746,933)				516,282,279


Rights

Brazil — 0.0%
Localiza Rent a Car SA, (Expires 11/17/23, Strike Price BRL 47.13)		448		1,426


Total Rights — 0.0% (Cost: $—)				1,426


Total Long-Term Investments — 99.5% (Cost: $552,746,933)				516,283,705


Short-Term Securities

Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(d)(e)(f)		2,694,834		2,695,643


Security	Shares		Value


Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%^(d)(e)		1,940,000	$	1,940,000


Total Short-Term Securities — 0.9% (Cost: $4,635,871)				4,635,643


Total Investments — 100.4% (Cost: $557,382,804)				520,919,348

Liabilities in Excess of Other Assets — (0.4)%				(1,969,826	)


Net Assets — 100.0%			$	518,949,522

^(a)	Non-income producing security.

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

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

^(d)	Affiliate of the Fund.

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

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

Affiliates




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


BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,819,037	$	—		$	(1,123,143	)^(a)	$	(675	)	$	424	$	2,695,643		2,694,834	$	3,819	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		310,000		1,630,000	^(a)		—			—			—		1,940,000		1,940,000		21,309			—


									$	(675	)	$	424	$	4,635,643			$	25,128		$	—

^(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
TOPIX Index		2		12/07/23	$	311	$	(4,876	)
Euro Stoxx 50 Index		14		12/15/23		620		(1,058	)
S&P Industrial Select Sector E-Mini Index		16		12/15/23		1,648		(11,359	)


							$	(17,293	)


S C H E D U L E O F I N V E S T M E N T S		39

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Global Industrials 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)	$	—	$	—	$	17,293	$	—	$	—	$	—	$	17,293

^(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	$	—	$	—	$	87,569		$	—	$	—	$	—	$	87,569


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(57,807	)	$	—	$	—	$	—	$	(57,807	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	2,115,574

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

Fair Value Hierarchy as of Period End




	Level 1			Level 2			Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	304,794,531		$	211,487,748		$	—	$	516,282,279
Rights		1,426			—			—		1,426
Short-Term Securities
Money Market Funds		4,635,643			—			—		4,635,643


	$	309,431,600		$	211,487,748		$	—	$	520,919,348


Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(11,359	)	$	(5,934	)	$	—	$	(17,293	)

^(a)

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

See notes to financial statements.


40		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

September 30, 2023

iShares^® Global Materials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 11.2%
BHP Group Ltd.		558,091	$	15,677,227
BlueScope Steel Ltd.		50,664		627,397
Fortescue Metals Group Ltd.		186,222		2,475,458
James Hardie Industries PLC^(a)		48,627		1,271,753
Mineral Resources Ltd.		19,005		816,108
Newcrest Mining Ltd.		98,298		1,548,835
Northern Star Resources Ltd.		127,315		845,403
Pilbara Minerals Ltd.		309,196		843,545
Rio Tinto Ltd.		40,944		2,953,201
South32 Ltd.		500,673		1,081,056


				28,139,983

Belgium — 0.6%
Solvay SA		8,090		894,020
Umicore SA		21,896		518,422


				1,412,442

Brazil — 2.1%
Vale SA, Class B, ADR		400,044		5,360,590


Canada — 7.4%
Agnico Eagle Mines Ltd.		54,519		2,477,388
Barrick Gold Corp.		192,957		2,802,902
CCL Industries Inc., Class B, NVS		15,981		670,773
First Quantum Minerals Ltd.		61,772		1,459,425
Franco-Nevada Corp.		21,170		2,826,251
Kinross Gold Corp.		134,499		612,957
Nutrien Ltd.		54,529		3,367,489
Teck Resources Ltd., Class B		50,835		2,187,973
Wheaton Precious Metals Corp.		49,956		2,027,296


				18,432,454

Chile — 0.1%
Empresas CMPC SA		121,015		222,802


Denmark — 0.6%
Chr Hansen Holding A/S		11,285		690,337
Novozymes A/S, Class B		23,108		929,747


				1,620,084

Finland — 1.1%
Stora Enso OYJ, Class R		67,766		849,336
UPM-Kymmene OYJ		58,672		2,008,980


				2,858,316

France — 4.7%
Air Liquide SA		57,702		9,718,834
ArcelorMittal SA		50,929		1,275,061
Arkema SA		6,916		680,816


				11,674,711

Germany — 3.3%
BASF SE		98,412		4,454,614
Covestro AG^(a)(b)		21,352		1,148,202
HeidelbergCement AG		15,040		1,164,853
Symrise AG, Class A		14,596		1,389,522


				8,157,191

Ireland — 2.1%
CRH PLC		78,866		4,348,210
Smurfit Kappa Group PLC		28,695		953,241


				5,301,451

Japan — 6.4%
Asahi Kasei Corp.		153,400		965,571


Security	Shares		Value

Japan (continued)
JFE Holdings Inc.		64,700	$	947,486
Mitsubishi Chemical Group Corp.		157,300		991,001
Nippon Paint Holdings Co. Ltd.		118,500		795,861
Nippon Steel Corp.		104,729		2,453,604
Nitto Denko Corp.		16,600		1,088,551
Shin-Etsu Chemical Co. Ltd.		223,000		6,477,178
Sumitomo Chemical Co. Ltd.		183,100		498,017
Sumitomo Metal Mining Co. Ltd.		30,200		886,857
Toray Industries Inc.		179,200		932,389


				16,036,515

Mexico — 1.1%
Cemex SAB de CV, NVS^(a)		1,669,507		1,089,215
Grupo Mexico SAB de CV, Series B		342,738		1,622,290


				2,711,505

Netherlands — 0.5%
Akzo Nobel NV		18,855		1,359,416


Norway — 0.6%
Norsk Hydro ASA		149,449		935,228
Yara International ASA		17,929		676,992


				1,612,220

Peru — 0.3%
Southern Copper Corp.		9,336		702,907


South Korea — 2.1%
LG Chem Ltd.		5,200		1,903,908
POSCO Holdings Inc.		8,195		3,228,574


				5,132,482

Sweden — 0.7%
Boliden AB		29,952		859,526
Svenska Cellulosa AB SCA, Class B		65,762		900,421


				1,759,947

Switzerland — 5.5%
DSM-Firmenich AG		22,784		1,925,313
Givaudan SA, Registered		876		2,852,108
Holcim AG		58,774		3,762,060
SIG Group AG		38,240		942,057
Sika AG, Registered		16,976		4,301,052


				13,782,590

Taiwan — 1.0%
Formosa Plastics Corp.		524,720		1,297,145
Nan Ya Plastics Corp.		625,940		1,291,330


				2,588,475

United Kingdom — 8.9%
Anglo American PLC		147,393		4,047,352
Antofagasta PLC		37,888		657,726
Croda International PLC		15,770		941,967
DS Smith PLC		150,552		525,082
Glencore PLC		1,237,707		7,048,134
Johnson Matthey PLC		21,241		420,514
Mondi PLC		53,861		898,501
Rio Tinto PLC		123,138		7,732,136


				22,271,412

United States — 38.7%
Air Products and Chemicals Inc.		24,491		6,940,749
Albemarle Corp.		12,911		2,195,386
Amcor PLC		162,051		1,484,387
Avery Dennison Corp.		8,878		1,621,744
Ball Corp.		34,662		1,725,474


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

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Global Materials ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
Celanese Corp., Class A		11,024	$	1,383,732
CF Industries Holdings Inc.		21,291		1,825,490
Corteva Inc.		78,280		4,004,805
Dow Inc.		77,350		3,988,166
DuPont de Nemours Inc.		50,504		3,767,093
Eastman Chemical Co.		13,005		997,744
Ecolab Inc.		27,968		4,737,779
FMC Corp.		13,792		923,650
Freeport-McMoRan Inc.		157,820		5,885,108
International Flavors & Fragrances Inc.		28,190		1,921,712
International Paper Co.		37,959		1,346,406
Linde PLC		53,758		20,016,791
LyondellBasell Industries NV, Class A		28,225		2,672,908
Martin Marietta Materials Inc.		6,810		2,795,369
Mosaic Co.(The)		36,503		1,299,507
Newmont Corp.		87,607		3,237,079
Nucor Corp.		27,430		4,288,681
Packaging Corp. of America		9,921		1,523,370
PPG Industries Inc.		25,957		3,369,219
Sealed Air Corp.		15,903		522,573
Sherwin-Williams Co.(The)		26,067		6,648,388
Steel Dynamics Inc.		17,186		1,842,683
Vulcan Materials Co.		14,628		2,955,149
Westrock Co.		28,318		1,013,784


				96,934,926


Total Common Stocks — 99.0% (Cost: $308,925,563)				248,072,419


Preferred Stocks

Brazil — 0.2%
Gerdau SA, Preference Shares, ADR		126,976		605,675


Security	Shares		Value

South Korea — 0.1%
LG Chem Ltd., Preference Shares, NVS		862	$	198,322


Total Preferred Stocks — 0.3% (Cost: $1,377,920)				803,997


Total Long-Term Investments — 99.3% (Cost: $310,303,483)				248,876,416


Short-Term Securities

Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%^(c)(d)		110,000		110,000


Total Short-Term Securities — 0.0% (Cost: $110,000)				110,000


Total Investments — 99.3% (Cost: $310,413,483)				248,986,416

Other Assets Less Liabilities — 0.7%				1,654,576


Net Assets — 100.0%			$	250,640,992

^(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)	Affiliate of the Fund.

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

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^(a)	$	1,651,059	$	—	$	(1,651,483	)^(b)	$	(36	)	$	460	$	—		—	$	1,098	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		530,000		—		(420,000	)^(b)		—			—		110,000		110,000		8,016			—


								$	(36	)	$	460	$	110,000			$	9,114		$	—

^(a)

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

^(b)

Represents net amount purchased (sold).

^(c)


42		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Global Materials ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)


Long Contracts
S&P/TSE 60 Index		3		12/14/23	$	520	$	(15,378	)
FTSE 100 Index		4		12/15/23		373		1,786
MSCI Emerging Markets Index		7		12/15/23		334		(6,041	)
S&P 500 E-Mini Index		2		12/15/23		432		(18,004	)


							$	(37,637	)

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)	$	—	$	—	$	1,786	$	—	$	—	$	—	$	1,786


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	39,423	$	—	$	—	$	—	$	39,423

^(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	$	—	$	—	$	58,146		$	—	$	—	$	—	$	58,146


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(115,374	)	$	—	$	—	$	—	$	(115,374	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	1,419,562

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		43

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Global Materials ETF

Fair Value Hierarchy as of Period End




	Level 1			Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	124,365,184		$	123,707,235	$	—	$	248,072,419
Preferred Stocks		605,675			198,322		—		803,997
Short-Term Securities
Money Market Funds		110,000			—		—		110,000


	$	125,080,859		$	123,905,557	$	—	$	248,986,416

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—		$	1,786	$	—	$	1,786
Liabilities
Equity Contracts		(39,423	)		—		—		(39,423	)


	$	(39,423	)	$	1,786	$	—		(37,637	)

^(a)

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

See notes to financial statements.


44		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

September 30, 2023

iShares^® Global Tech ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 0.2%
WiseTech Global Ltd.		54,236	$	2,251,355
Xero Ltd.^(a)		43,217		3,108,073


				5,359,428

Canada — 1.2%
CGI Inc.^(a)		64,858		6,392,924
Constellation Software Inc./Canada		6,114		12,622,186
Open Text Corp.		83,243		2,921,549
Shopify Inc., Class A^(a)		370,984		20,250,141


				42,186,800

China — 0.2%
Xiaomi Corp., Class B^(a)(b)		4,761,000		7,458,615


Finland — 0.2%
Nokia OYJ		1,634,901		6,147,345


France — 0.5%
Capgemini SE		48,265		8,421,942
Dassault Systemes SE		212,157		7,880,025


				16,301,967

Germany — 1.6%
Infineon Technologies AG		405,182		13,419,927
SAP SE		316,363		40,950,670


				54,370,597

Japan — 3.7%
Advantest Corp.		237,200		6,616,342
Canon Inc.		314,300		7,571,057
Disco Corp.		27,500		5,080,793
FUJIFILM Holdings Corp.		128,600		7,439,581
Fujitsu Ltd.		53,800		6,327,476
Keyence Corp.		61,740		22,833,031
Kyocera Corp.		108,200		5,485,491
Lasertec Corp.		24,400		3,794,502
Murata Manufacturing Co. Ltd.		584,400		10,660,713
NEC Corp.		85,600		4,727,055
Nomura Research Institute Ltd.		143,700		3,735,009
NTT Data Corp.		182,600		2,443,435
Obic Co. Ltd.		20,900		3,166,777
Omron Corp.		64,800		2,883,692
Renesas Electronics Corp.^(a)		443,300		6,771,386
Ricoh Co. Ltd.		187,300		1,616,016
Rohm Co. Ltd.		107,200		2,015,280
TDK Corp.		118,800		4,392,068
Tokyo Electron Ltd.		146,300		19,983,445


				127,543,149

Netherlands — 2.4%
ASM International NV		14,197		5,928,560
ASML Holding NV		125,079		73,640,262
BE Semiconductor Industries NV		25,176		2,462,374


				82,031,196

Singapore — 0.3%
STMicroelectronics NV , New		203,569		8,774,574


South Korea — 3.0%
Samsung Electronics Co. Ltd.		1,592,910		80,528,145
Samsung SDI Co. Ltd.		16,213		6,127,095
SK Hynix Inc.		167,147		14,151,442


				100,806,682


Security	Shares		Value

Sweden — 0.3%
Hexagon AB, Class B		650,238	$	5,534,002
Telefonaktiebolaget LM Ericsson, Class B		958,424		4,669,211


				10,203,213

Switzerland — 0.1%
Logitech International SA, Registered		49,410		3,399,329
Temenos AG, Registered		20,684		1,446,644


				4,845,973

Taiwan — 4.6%
Delta Electronics Inc.		598,000		6,023,008
Hon Hai Precision Industry Co. Ltd.		3,741,378		12,059,340
MediaTek Inc.		495,000		11,317,115
Taiwan Semiconductor Manufacturing Co. Ltd.		7,561,600		123,301,211
United Microelectronics Corp.		3,619,000		5,081,678


				157,782,352

United Kingdom — 0.2%
Halma PLC		116,756		2,750,856
Sage Group PLC(The)		317,627		3,822,293


				6,573,149

United States — 80.8%
Accenture PLC, Class A		195,714		60,105,726
Adobe Inc.^(a)		141,419		72,109,548
Advanced Micro Devices Inc.^(a)		501,285		51,542,124
Akamai Technologies Inc.^(a)		46,739		4,979,573
Amphenol Corp., Class A		185,059		15,543,105
Analog Devices Inc.		155,573		27,239,277
Ansys Inc.^(a)		26,926		8,011,831
Apple Inc.		4,175,375		714,865,954
Applied Materials Inc.		260,544		36,072,317
Arista Networks Inc.^(a)		77,802		14,310,122
Autodesk Inc.^(a)		66,311		13,720,409
Broadcom Inc.		128,040		106,347,463
Cadence Design Systems Inc.^(a)		84,325		19,757,347
CDW Corp./DE		41,668		8,406,936
Cisco Systems Inc.		1,264,352		67,971,563
Cognizant Technology Solutions Corp., Class A		156,697		10,614,655
Corning Inc.		238,185		7,257,497
DXC Technology Co.^(a)		69,650		1,450,809
Enphase Energy Inc.^(a)		41,875		5,031,281
EPAM Systems Inc.^(a)		17,693		4,523,923
F5 Inc.^(a)		18,838		3,035,555
Fair Isaac Corp.^(a)		7,638		6,633,832
First Solar Inc.^(a)		33,146		5,356,062
Fortinet Inc.^(a)		202,238		11,867,326
Gartner Inc.^(a)		24,454		8,402,639
Gen Digital Inc.		175,711		3,106,570
Hewlett Packard Enterprise Co.		401,866		6,980,412
HP Inc.		269,198		6,918,389
Intel Corp.		1,299,392		46,193,386
International Business Machines Corp.		282,654		39,656,356
Intuit Inc.		86,891		44,396,088
Juniper Networks Inc.		100,083		2,781,307
Keysight Technologies Inc.^(a)		55,342		7,322,300
KLA Corp.		42,419		19,455,899
Lam Research Corp.		41,357		25,921,327
Microchip Technology Inc.		168,887		13,181,630
Micron Technology Inc.		339,833		23,118,839
Microsoft Corp.		2,110,892		666,514,149
Monolithic Power Systems Inc.		14,822		6,847,764
Motorola Solutions Inc.		51,821		14,107,749


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

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Global Tech ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

United States (continued)
NetApp Inc.		65,360	$	4,959,517
Nvidia Corp.		345,804		150,421,282
NXP Semiconductors NV		79,984		15,990,401
ON Semiconductor Corp.^(a)		133,887		12,444,797
Oracle Corp.		488,440		51,735,565
Palo Alto Networks Inc.^(a)		94,895		22,247,184
PTC Inc.^(a)		36,869		5,223,600
Qorvo Inc.^(a)		30,985		2,958,138
Qualcomm Inc.		346,257		38,455,302
Roper Technologies Inc.		33,108		16,033,542
Salesforce Inc.^(a)		302,197		61,279,508
Seagate Technology Holdings PLC		58,852		3,881,289
ServiceNow Inc.^(a)		63,292		35,377,696
Skyworks Solutions Inc.		49,665		4,896,472
SolarEdge Technologies Inc.^(a)		17,217		2,229,774
Synopsys Inc.^(a)		47,210		21,667,974
TE Connectivity Ltd.		97,402		12,032,069
Teledyne Technologies Inc.^(a)		14,620		5,973,440
Teradyne Inc.		47,373		4,759,092
Texas Instruments Inc.		281,710		44,794,707
Trimble Inc.^(a)		77,687		4,184,222
Tyler Technologies Inc.^(a)		13,077		5,049,553
VeriSign Inc.^(a)		27,673		5,604,613
Western Digital Corp.^(a)		97,757		4,460,652
Zebra Technologies Corp., Class A^(a)(c)		15,715		3,717,069


				2,752,036,497


Total Common Stocks — 99.3% (Cost: $2,679,163,053)				3,382,421,537


Preferred Stocks

South Korea — 0.3%
Samsung Electronics Co. Ltd., Preference Shares, NVS		255,311		10,285,576


Total Preferred Stocks — 0.3% (Cost: $8,809,879)				10,285,576


Security	Shares		Value

Warrants

Canada — 0.0%
Constellation Software Inc., Issued 08/29/23, 1 Share for 1 Warrant, Expires 03/31/40, Strike Price CAD)^(d)		5,997	$	—


Total Warrants — 0.0% (Cost: $—)				—


Total Long-Term Investments — 99.6% (Cost: $2,687,972,932)				3,392,707,113


Short-Term Securities

Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(e)(f)(g)		969,997		970,288
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%^(e)(f)		8,920,000		8,920,000


Total Short-Term Securities — 0.3% (Cost: $9,890,197)				9,890,288


Total Investments — 99.9% (Cost: $2,697,863,129)				3,402,597,401

Other Assets Less Liabilities — 0.1%				2,734,501


Net Assets — 100.0%			$	3,405,331,902

^(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.

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	$	6,263,870	$	—		$	(5,295,125	)^(a)	$	(305	)	$	1,848	$	970,288		969,997	$	16,423	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		5,680,000		3,240,000	^(a)		—			—			—		8,920,000		8,920,000		182,811			—


									$	(305	)	$	1,848	$	9,890,288			$	199,234		$	—

^(a)

Represents net amount purchased (sold).

^(b)


46		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Global Tech ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)


Long Contracts
S&P Technology Select Sector E-Mini Index		72		12/15/23	$	12,012	$	(549,730	)

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)	$	—	$	—	$	549,730	$	—	$	—	$	—	$	549,730

^(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	$	—	$	—	$	1,997,151		$	—	$	—	$	—	$	1,997,151


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(1,040,593	)	$	—	$	—	$	—	$	(1,040,593	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	14,151,460

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	2,794,223,297	$	588,198,240	$	—	$	3,382,421,537
Preferred Stocks		—		10,285,576		—		10,285,576
Warrants		—		—		—		—
Short-Term Securities
Money Market Funds		9,890,288		—		—		9,890,288


	$	2,804,113,585	$	598,483,816	$	—	$	3,402,597,401


S C H E D U L E O F I N V E S T M E N T S		47

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Global Tech ETF

Fair Value Hierarchy as of Period End (continued)




	Level 1			Level 2		Level 3		Total


Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(549,730	)	$	—	$	—	$	(549,730	)

^(a)

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

See notes to financial statements.


48		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

September 30, 2023

iShares^® Global Utilities ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Australia — 1.2%
APA Group		117,880	$	627,102
Origin Energy Ltd.		161,262		908,056


				1,535,158

Austria — 0.5%
Verbund AG		7,796		634,217


Brazil — 0.6%
Centrais Eletricas Brasileiras SA		96,643		709,266


Canada — 3.9%
Algonquin Power & Utilities Corp.		64,610		382,451
Brookfield Infrastructure Partners LP^(a)		42,867		1,258,000
Emera Inc.		25,368		885,662
Fortis Inc.		45,347		1,722,402
Hydro One Ltd.^(b)		29,700		756,139


				5,004,654

Chile — 0.1%
Enel Americas SA^(a)		1,728,465		198,435


Colombia — 0.1%
Interconexion Electrica SA ESP		41,313		151,074


Denmark — 0.8%
Orsted A/S^(b)		17,681		961,903


Finland — 0.4%
Fortum OYJ		41,093		476,558


France — 3.3%
Engie SA		163,578		2,508,658
Veolia Environnement SA		56,846		1,643,199


				4,151,857

Germany — 3.8%
E.ON SE		209,397		2,476,330
RWE AG		63,267		2,348,458


				4,824,788

Italy — 5.0%
Enel SpA		721,480		4,424,651
Snam SpA		191,619		899,128
Terna - Rete Elettrica Nazionale		131,508		989,129


				6,312,908

Japan — 2.7%
Chubu Electric Power Co. Inc.		70,900		902,549
Kansai Electric Power Co. Inc.(The)		76,800		1,063,261
Osaka Gas Co. Ltd.		38,900		640,095
Tokyo Gas Co. Ltd.		37,600		852,491


				3,458,396

Portugal — 0.9%
EDP - Energias de Portugal SA		277,714		1,154,719


Spain — 6.1%
Enagas SA		21,105		349,488
Endesa SA		29,620		602,809
Iberdrola SA		517,759		5,790,849
Naturgy Energy Group SA		17,214		468,310
Redeia Corp. SA		36,323		571,409


				7,782,865

United Kingdom — 6.7%
Centrica PLC		524,651		986,822


Security	Shares		Value


United Kingdom (continued)
National Grid PLC		345,418	$	4,130,973
Severn Trent PLC		23,676		683,180
SSE PLC		102,266		2,004,038
United Utilities Group PLC		63,422		732,841


				8,537,854

United States — 63.7%
AES Corp.(The)		62,526		950,395
Alliant Energy Corp.		23,495		1,138,333
Ameren Corp.		24,545		1,836,702
American Electric Power Co. Inc.		48,104		3,618,383
American Water Works Co. Inc.		18,176		2,250,734
Atmos Energy Corp.		13,879		1,470,202
CenterPoint Energy Inc.		58,979		1,583,586
CMS Energy Corp.		27,239		1,446,663
Consolidated Edison Inc.		32,183		2,752,612
Constellation Energy Corp.		30,012		3,273,709
Dominion Energy Inc.		78,133		3,490,201
DTE Energy Co.		19,264		1,912,530
Duke Energy Corp.		71,795		6,336,627
Edison International		35,789		2,265,086
Entergy Corp.		19,763		1,828,078
Evergy Inc.		21,466		1,088,326
Eversource Energy		32,604		1,895,923
Exelon Corp.		92,929		3,511,787
FirstEnergy Corp.		48,090		1,643,716
NextEra Energy Inc.		188,522		10,800,425
NiSource Inc.		38,607		952,821
NRG Energy Inc.		21,375		823,365
PG&E Corp.^(a)		195,182		3,148,286
Pinnacle West Capital Corp.		10,587		780,050
PPL Corp.		68,890		1,623,048
Public Service Enterprise Group Inc.		46,635		2,653,998
Sempra Energy		58,755		3,997,103
Southern Co.(The)		101,590		6,574,905
WEC Energy Group Inc.		29,482		2,374,775
Xcel Energy Inc.		51,534		2,948,775


				80,971,144


Total Long-Term Investments — 99.8% (Cost: $159,262,643)				126,865,796


Short-Term Securities

Money Market Funds — 0.6%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%^(c)(d)		730,000		730,000


Total Short-Term Securities — 0.6% (Cost: $730,000)				730,000


Total Investments — 100.4% (Cost: $159,992,643)				127,595,796

Liabilities in Excess of Other Assets — (0.4)%				(497,398	)


Net Assets — 100.0%			$	127,098,398

^(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)	Affiliate of the Fund.

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


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

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Global Utilities 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^(a)	$	—	$	—		$	(1	)^(b)	$	1	$	—	$	—		—	$	21	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		110,000		620,000	^(b)		—			—		—		730,000		730,000		6,085			—


									$	1	$	—	$	730,000			$	6,106		$	—

^(a)

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

^(b)

Represents net amount purchased (sold).

^(c)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)


Long Contracts
Euro Stoxx 50 Index		1		12/15/23	$	44	$	14
S&P Utilities Select Sector E-Mini Index		2		12/15/23		120		(4,498	)


							$	(4,484	)

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)	$	—	$	—	$	14	$	—	$	—	$	—	$	14


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	4,498	$	—	$	—	$	—	$	4,498

^(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	$	—	$	—	$	(7,243	)	$	—	$	—	$	—	$	(7,243	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(21,080	)	$	—	$	—	$	—	$	(21,080	)


50		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Global Utilities ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments




Futures contracts:
Average notional value of contracts — long	$	372,691

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

Fair Value Hierarchy as of Period End




	Level 1			Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	87,519,318		$	39,346,478	$	—	$	126,865,796
Short-Term Securities
Money Market Funds		730,000			—		—		730,000


	$	88,249,318		$	39,346,478	$	—	$	127,595,796

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—		$	14	$	—	$	14
Liabilities
Equity Contracts		(4,498	)		—		—		(4,498	)


	$	(4,498	)	$	14	$	—		(4,484	)

^(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		51

Statements of Assets and Liabilities (unaudited)

September 30, 2023


	iShares Global Comm Services ETF			iShares Global Consumer Discretionary ETF			iShares Global Consumer Staples ETF			iShares Global Energy ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	282,208,636		$	306,726,394		$	903,794,569		$	1,944,851,234
Investments, at value — affiliated^(c)		1,066,962			5,300,654			2,650,000			2,750,000
Cash		12,733			5,901			22,148			2,756
Cash pledged for futures contracts		44,999			20,001			242,000			608,000
Foreign currency collateral pledged for futures contracts^(d)		7,007			26,478			87,113			65,885
Foreign currency, at value^(e)		206,257			190,207			1,399,381			2,956,733
Receivables:
Investments sold		—			53,248			1,557,203			—
Securities lending income — affiliated		223			318			23			165
Dividends — unaffiliated		358,732			399,341			3,827,666			5,312,534
Dividends — affiliated		3,418			1,694			7,736			16,112
Tax reclaims		10,638			83,129			895,680			610,219
Variation margin on futures contracts		—			671			—			—


Total assets		283,919,605			312,808,036			914,483,519			1,957,173,638


LIABILITIES
Collateral on securities loaned, at value		227,679			5,091,561			—			—
Payables:
Investments purchased		—			—			1,209,663			—
Capital shares redeemed		—			53,263			10,501,458			—
Investment advisory fees		101,920			111,570			476,837			650,760
IRS compliance fee for foreign withholding tax claims		440,646			—			—			1,728,250
Professional fees		4,706			5,617			—			—
Variation margin on futures contracts		5,966			—			22,802			170,393


Total liabilities		780,917			5,262,011			12,210,760			2,549,403

Commitments and contingent liabilities

NET ASSETS	$	283,138,688		$	307,546,025		$	902,272,759		$	1,954,624,235


NET ASSETS CONSIST OF
Paid-in capital	$	415,062,245		$	384,352,407		$	1,001,876,128		$	1,916,012,004
Accumulated earnings (loss)		(131,923,557	)		(76,806,382	)		(99,603,369	)		38,612,231


NET ASSETS	$	283,138,688		$	307,546,025		$	902,272,759		$	1,954,624,235


NET ASSETVALUE
Shares outstanding		4,150,000			2,100,000			15,800,000			47,400,000


Net asset value	$	68.23		$	146.45		$	57.11		$	41.24


Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited


Par value		None			None			None			None


^(a) Investments, at cost — unaffiliated	$	301,735,683		$	341,399,806		$	1,017,130,849		$	1,698,463,555
^(b) Securities loaned, at value	$	223,092		$	4,997,561		$	—		$	—
^(c) Investments, at cost — affiliated	$	1,066,962		$	5,301,142		$	2,650,000		$	2,750,000
^(d) Foreign currency collateral pledged, at cost	$	7,316		$	26,721		$	90,669		$	68,619
^(e) Foreign currency, at cost	$	207,228		$	190,757		$	1,406,799		$	2,939,028

See notes to financial statements.


52		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities (unaudited) (continued)

September 30, 2023


	iShares Global Financials ETF			iShares Global Healthcare ETF		iShares Global Industrials ETF			iShares Global Materials ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	394,484,704		$	3,926,686,306	$	516,283,705		$	248,876,416
Investments, at value — affiliated^(c)		7,770,998			59,768,779		4,635,643			110,000
Cash		25,329			—		18,733			15,474
Cash pledged for futures contracts		135,000			595,000		154,000			33,000
Foreign currency collateral pledged for futures contracts^(d)		51,322			—		64,580			47,498
Foreign currency, at value^(e)		564,522			1,192,625		752,642			970,539
Receivables:
Investments sold		24,232			—		—			249,762
Securities lending income — affiliated		231			10,208		743			—
Capital shares sold		—			116,285		3,503,967			—
Dividends — unaffiliated		691,579			4,056,750		724,274			456,704
Dividends — affiliated		4,213			25,085		3,977			1,037
Tax reclaims		939,651			2,512,122		177,802			233,720


Total assets		404,691,781			3,994,963,160		526,320,066			250,994,150


LIABILITIES
Bank overdraft		—			1,974		—			—
Collateral on securities loaned, at value		2,296,684			51,837,006		2,692,372			—
Payables:
Investments purchased		4,535			21,685		4,477,621			—
Capital shares redeemed		—			—		—			249,718
Investment advisory fees		139,623			1,336,059		140,167			90,008
IRS compliance fee for foreign withholding tax claims		205,710			—		48,094			—
Professional fees		11,390			—		4,706			10,191
Variation margin on futures contracts		19,884			111,243		7,584			3,241


Total liabilities		2,677,826			53,307,967		7,370,544			353,158

Commitments and contingent liabilities

NET ASSETS	$	402,013,955		$	3,941,655,193	$	518,949,522		$	250,640,992


NET ASSETS CONSIST OF
Paid-in capital	$	600,536,040		$	3,597,618,032	$	575,249,925		$	413,306,556
Accumulated earnings (loss)		(198,522,085	)		344,037,161		(56,300,403	)		(162,665,564	)


NET ASSETS	$	402,013,955		$	3,941,655,193	$	518,949,522		$	250,640,992


NET ASSETVALUE
Shares outstanding		5,700,000			47,850,000		4,600,000			3,200,000


Net asset value	$	70.53		$	82.38	$	112.82		$	78.33


Shares authorized		Unlimited			Unlimited		Unlimited			Unlimited


Par value		None			None		None			None


^(a) Investments, at cost — unaffiliated	$	443,247,138		$	3,633,378,440	$	552,746,933		$	310,303,483
^(b) Securities loaned, at value	$	2,223,909		$	50,429,147	$	2,618,969		$	—
^(c) Investments, at cost — affiliated	$	9,367,635		$	59,767,712	$	4,635,871		$	110,000
^(d) Foreign currency collateral pledged, at cost	$	53,410		$	—	$	65,457		$	50,856
^(e) Foreign currency, at cost	$	566,118		$	1,206,842	$	752,554		$	962,924

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		53

Statements of Assets and Liabilities (unaudited) (continued)

September 30, 2023


	iShares Global Tech ETF		iShares Global Utilities ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	3,392,707,113	$	126,865,796
Investments, at value — affiliated^(c)		9,890,288		730,000
Cash		4,315		10,954
Cash pledged for futures contracts		691,000		8,000
Foreign currency collateral pledged for futures contracts^(d)		—		4,229
Foreign currency, at value^(e)		2,040,736		135,680
Receivables:
Securities lending income — affiliated		853		—
Capital shares sold		1,556		—
Dividends — unaffiliated		2,014,844		180,136
Dividends — affiliated		26,993		1,680
Tax reclaims		55,474		22,871
Variation margin on futures contracts		38,845		302
Other assets		10,270		—


Total assets		3,407,482,287		127,959,648


LIABILITIES
Collateral on securities loaned, at value		967,000		—
Payables:
Capital shares redeemed		1,557		—
Investment advisory fees		1,181,828		43,728
IRS compliance fee for foreign withholding tax claims		—		716,715
Professional fees		—		100,807


Total liabilities		2,150,385		861,250

Commitments and contingent liabilities

NET ASSETS	$	3,405,331,902	$	127,098,398


NET ASSETS CONSIST OF
Paid-in capital	$	2,694,400,330	$	206,932,069
Accumulated earnings (loss)		710,931,572		(79,833,671	)


NET ASSETS	$	3,405,331,902	$	127,098,398


NET ASSET VALUE
Shares outstanding		58,850,000		2,350,000


Net asset value	$	57.86	$	54.08


Shares authorized		Unlimited		Unlimited


Par value		None		None


^(a)Investments, at cost — unaffiliated	$	2,687,972,932	$	159,262,643
^(b)Securities loaned, at value	$	946,120	$	—
^(c)Investments, at cost — affiliated	$	9,890,197	$	730,000
^(d)Foreign currency collateral pledged, at cost	$	—	$	4,226
^(e)Foreign currency, at cost	$	2,068,506	$	135,813

See notes to financial statements.


54		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations (unaudited)

Six Months Ended September 30, 2023


	iShares Global Comm Services ETF			iShares Global Consumer Discretionary ETF			iShares Global Consumer Staples ETF			iShares Global Energy ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	2,586,057		$	3,051,744		$	24,206,526		$	44,133,282
Dividends — affiliated		18,413			9,598			55,522			76,478
Interest — unaffiliated		2,571			1,749			8,747			21,318
Securities lending income — affiliated — net		3,675			1,942			1,058			1,363
Other income — unaffiliated		—			5,802			—			—
Foreign taxes withheld		(106,930	)		(257,915	)		(1,343,984	)		(1,812,052	)
Foreign withholding tax claims		23,796			51,080			—			—
IRS compliance fee for foreign withholding tax claims		1,026			—			—			(51,845	)


Total investment income		2,528,608			2,864,000			22,927,869			42,368,544


EXPENSES
Investment advisory		603,352			680,412			3,137,142			3,731,833
Professional		7,878			5,694			4,862			3,782
Commitment costs		114			120			200			1,042


Total expenses		611,344			686,226			3,142,204			3,736,657


Net investment income		1,917,264			2,177,774			19,785,665			38,631,887


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(3,308,473	)		(5,392,683	)		(5,018,394	)		(4,190,240	)
Investments — affiliated		(713	)		(124	)		791			650
Foreign currency transactions		(29,376	)		(40,985	)		(54,493	)		(60,738	)
Futures contracts		122,158			130,658			(206,519	)		969,909
In-kind redemptions — unaffiliated^(a)		11,514,287			4,092,458			57,289,898			17,059,168


		8,297,883			(1,210,676	)		52,011,283			13,778,749

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		9,938,579			4,665,272			(171,206,753	)		144,058,156
Investments — affiliated		190			(668	)		—			—
Foreign currency translations		(1,473	)		623			(61,202	)		(54,096	)
Futures contracts		(42,260	)		(56,858	)		(334,362	)		(294,302	)


		9,895,036			4,608,369			(171,602,317	)		143,709,758


Net realized and unrealized gain (loss)		18,192,919			3,397,693			(119,591,034	)		157,488,507


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	20,110,183		$	5,575,467		$	(99,805,369	)	$	196,120,394

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

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		55

Statements of Operations (unaudited) (continued)

Six Months Ended September 30, 2023


	iShares Global Financials ETF			iShares Global Healthcare ETF			iShares Global Industrials ETF			iShares Global Materials ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	8,409,797		$	34,716,700		$	4,540,748		$	5,721,644
Dividends — affiliated		96,917			149,668			21,309			8,016
Interest — unaffiliated		5,962			20,310			2,732			2,523
Securities lending income — affiliated — net		3,286			69,381			3,819			1,098
Other income — unaffiliated		6,297			12,957			—			6,457
Foreign taxes withheld		(675,271	)		(1,855,914	)		(311,108	)		(332,276	)
Foreign withholding tax claims		61,379			257,171			—			96,848
IRS compliance fee for foreign withholding tax claims		(187,011	)		—			(48,094	)		—
Other foreign taxes		—			(257	)		—			—


Total investment income		7,721,356			33,370,016			4,209,406			5,504,310


EXPENSES
Investment advisory		860,637			8,283,877			795,270			624,470
Professional		32,913			27,018			26,135			14,118
Commitment costs		621			—			67			610


Total expenses		894,171			8,310,895			821,472			639,198


Net investment income		6,827,185			25,059,121			3,387,934			4,865,112


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(5,754,235	)		(8,512,965	)		(2,842,731	)		(927,126	)
Investments — affiliated		(103,393	)		275			(675	)		(36	)
Foreign currency transactions		(41,776	)		(140,746	)		(58,346	)		(51,926	)
Futures contracts		123,428			519,135			87,569			58,146
In-kind redemptions — unaffiliated^(a)		(1,402,819	)		154,276,198			14,936,976			(96,758	)
In-kind redemptions — affiliated^(a)		(78,198	)		—			—			—


		(7,256,993	)		146,141,897			12,122,793			(1,017,700	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		16,393,167			(187,440,430	)		(20,575,312	)		(17,008,462	)
Investments — affiliated		57,469			(4,288	)		424			460
Foreign currency translations		(27,494	)		(66,275	)		(6,445	)		(6,238	)
Futures contracts		(86,995	)		(837,201	)		(57,807	)		(115,374	)


		16,336,147			(188,348,194	)		(20,639,140	)		(17,129,614	)


Net realized and unrealized gain (loss)		9,079,154			(42,206,297	)		(8,516,347	)		(18,147,314	)


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	15,906,339		$	(17,147,176	)	$	(5,128,413	)	$	(13,282,202	)

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

See notes to financial statements.


56		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations (unaudited) (continued)

Six Months Ended September 30, 2023


	iShares Global Tech ETF			iShares Global Utilities ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	20,016,031		$	2,934,294
Dividends — affiliated		182,811			6,085
Interest — unaffiliated		20,038			1,173
Securities lending income — affiliated — net		16,423			21
Non-cash dividends — unaffiliated		—			187,450
Other income — unaffiliated		—			320,748
Foreign taxes withheld		(1,242,114	)		(105,497	)
Foreign withholding tax claims		—			762,389
IRS compliance fee for foreign withholding tax claims		—			(667,428	)


Total investment income		18,993,189			3,439,235


EXPENSES
Investment advisory		7,058,291			281,490
Commitment costs		6,680			37
Professional		3,782			113,822


Total expenses		7,068,753			395,349


Net investment income		11,924,436			3,043,886


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		44,792,540			(1,405,582	)
Investments — affiliated		(305	)		1
Foreign currency transactions		(224,893	)		(6,896	)
Futures contracts		1,997,151			(7,243	)
In-kind redemptions — unaffiliated^(a)		76,212,573			560,240


		122,777,066			(859,480	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		75,295,814			(14,971,069	)
Investments — affiliated		1,848			—
Foreign currency translations		(31,664	)		1,997
Futures contracts		(1,040,593	)		(21,080	)


		74,225,405			(14,990,152	)


Net realized and unrealized gain (loss)		197,002,471			(15,849,632	)


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	208,926,907		$	(12,805,746	)

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

See notes to financial statements.


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

Statements of Changes in Net Assets


	iShares Global Comm Services ETF						iShares Global Consumer Discretionary ETF


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


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	1,917,264		$	2,803,241		$	2,177,774		$	3,458,130
Net realized gain (loss)		8,297,883			(9,373,960	)		(1,210,676	)		(13,236,888	)
Net change in unrealized appreciation (depreciation)		9,895,036			(21,120,876	)		4,608,369			(18,050,264	)


Net increase (decrease) in net assets resulting from operations		20,110,183			(27,691,595	)		5,575,467			(27,829,022	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(2,147,975	)^(b)		(2,680,016	)		(2,100,978	)		(3,272,046	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		8,636,315			46,641,829			(845,114	)		(22,847,245	)


NET ASSETS
Total increase (decrease) in net assets		26,598,523			16,270,218			2,629,375			(53,948,313	)
Beginning of period		256,540,165			240,269,947			304,916,650			358,864,963


End of period	$	283,138,688		$	256,540,165		$	307,546,025		$	304,916,650

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

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

See notes to financial statements.


58		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares Global Consumer Staples ETF							iShares Global Energy ETF


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


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	19,785,665		$	27,404,809			$	38,631,887		$	105,959,894
Net realized gain (loss)			52,011,283			(3,811,619	)			13,778,749			218,809,541
Net change in unrealized appreciation (depreciation)			(171,602,317	)		13,550,641				143,709,758			(137,884,777	)


Net increase (decrease) in net assets resulting from operations			(99,805,369	)		37,143,831				196,120,394			186,884,658


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(15,738,199	)		(24,794,345	)			(34,111,212	)^(b)		(103,333,626	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(518,862,779	)		502,554,697				(6,161,086	)		(565,617,612	)


NET ASSETS
Total increase (decrease) in net assets			(634,406,347	)		514,904,183				155,848,096			(482,066,580	)
Beginning of period			1,536,679,106			1,021,774,923				1,798,776,139			2,280,842,719


End of period		$	902,272,759		$	1,536,679,106			$	1,954,624,235		$	1,798,776,139

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

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

See notes to financial statements.


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

Statements of Changes in Net Assets (continued)


	iShares Global Financials ETF							iShares Global Healthcare ETF


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


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	6,827,185		$	23,005,081			$	25,059,121		$	51,322,730
Net realized gain (loss)			(7,256,993	)		(112,153,947	)			146,141,897			238,770,770
Net change in unrealized appreciation (depreciation)			16,336,147			(22,033,959	)			(188,348,194	)		(403,158,385	)


Net increase (decrease) in net assets resulting from operations			15,906,339			(111,182,825	)			(17,147,176	)		(113,064,885	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(6,734,930	)		(27,379,101	)			(30,474,507	)		(46,042,619	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(32,532,183	)		(598,208,666	)			(93,979,001	)		750,358,066


NET ASSETS
Total increase (decrease) in net assets			(23,360,774	)		(736,770,592	)			(141,600,684	)		591,250,562
Beginning of period			425,374,729			1,162,145,321				4,083,255,877			3,492,005,315


End of period		$	402,013,955		$	425,374,729			$	3,941,655,193		$	4,083,255,877

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

See notes to financial statements.


60		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares Global Industrials ETF						iShares Global Materials ETF


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


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	3,387,934		$	5,326,682		$	4,865,112		$	13,017,394
Net realized gain (loss)		12,122,793			(8,631,133	)		(1,017,700	)		(12,741,655	)
Net change in unrealized appreciation (depreciation)		(20,639,140	)		(3,808,019	)		(17,129,614	)		(79,806,887	)


Net decrease in net assets resulting from operations		(5,128,413	)		(7,112,470	)		(13,282,202	)		(79,531,148	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(4,016,258	)		(5,234,413	)		(5,133,739	)		(22,752,409	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		191,136,013			(27,176,051	)		(82,113,251	)		(273,573,823	)


NET ASSETS
Total increase (decrease) in net assets		181,991,342			(39,522,934	)		(100,529,192	)		(375,857,380	)
Beginning of period		336,958,180			376,481,114			351,170,184			727,027,564


End of period	$	518,949,522		$	336,958,180		$	250,640,992		$	351,170,184

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

See notes to financial statements.


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

Statements of Changes in Net Assets (continued)


	iShares Global Tech ETF							iShares Global Utilities ETF


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


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income		$	11,924,436		$	25,012,577			$	3,043,886		$	4,990,892
Net realized gain (loss)			122,777,066			482,657,182				(859,480	)		(3,520,341	)
Net change in unrealized appreciation (depreciation)			74,225,405			(988,068,765	)			(14,990,152	)		(15,202,838	)


Net increase (decrease) in net assets resulting from operations			208,926,907			(480,399,006	)			(12,805,746	)		(13,732,287	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders			(9,583,547	)		(23,649,568	)			(2,198,165	)		(5,088,399	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			28,372,371			(1,320,298,332	)			5,945,925			(25,424,599	)


NET ASSETS
Total increase (decrease) in net assets			227,715,731			(1,824,346,906	)			(9,057,986	)		(44,245,285	)
Beginning of period			3,177,616,171			5,001,963,077				136,156,384			180,401,669


End of period		$	3,405,331,902		$	3,177,616,171			$	127,098,398		$	136,156,384

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

See notes to financial statements.


62		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)


	iShares Global Comm Services ETF


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


Net asset value, beginning of period		$	64.14			$	73.93			$	80.09			$	51.81			$	56.22			$	57.19


Net investment income^(a)			0.44	^(b)			0.71	^(b)			0.74	^(b)			0.66				0.78				1.82
Net realized and unrealized gain (loss)^(c)			4.11				(9.72	)			(5.42	)			28.33				(3.85	)			(0.62	)


Net increase (decrease) from investment operations			4.55				(9.01	)			(4.68	)			28.99				(3.07	)			1.20


Distributions from net investment income^(d)			(0.46	)^(e)			(0.78	)			(1.48	)			(0.71	)			(1.34	)			(2.17	)


Net asset value, end of period		$	68.23			$	64.14			$	73.93			$	80.09			$	51.81			$	56.22


Total Return^(f)
Based on net asset value			7.11	%^(b)(g)			(12.16	)%^(b)			(6.03	)%^(b)			56.20	%			(5.70	)%			2.37	%


Ratios to Average Net Assets^(h)
Total expenses			0.41	%⁽ⁱ⁾			0.42	%			0.43	%			0.43	%			0.46	%			0.46	%


Total expenses excluding professional fees for foreign withholding tax claims			0.41	%⁽ⁱ⁾			0.41	%			0.41	%			N/A				N/A				N/A


Net investment income			1.30	%^(b)(i)			1.18	%^(b)			0.89	%^(b)			0.96	%			1.34	%			3.28	%


Supplemental Data
Net assets, end of period (000)		$	283,139			$	256,540			$	240,270			$	320,380			$	225,363			$	236,105


Portfolio turnover rate^(j)			10	%			14	%			18	%			13	%			24	%			79	%

^(a)	Based on average shares outstanding.

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

• Net investment income per share by $0.00, $0.03 and $0.10.

• Total return by 0.01%, 0.05% and 0.15%.

• Ratio of net investment income to average net assets by 0.01%, 0.06% and 0.12%.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

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

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

^(g)	Not annualized.

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

⁽ⁱ⁾	Annualized.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		63

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Consumer Discretionary ETF


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


Net asset value, beginning of period		$	145.20			$	156.03			$	162.55			$	95.12			$	113.27			$	111.45


Net investment income^(a)			0.99	^(b)			1.58	^(b)			1.02	^(b)			1.06				1.75				1.70
Net realized and unrealized gain (loss)^(c)			1.22				(11.15	)			(5.95	)			67.38				(18.03	)			1.87


Net increase (decrease) from investment operations			2.21				(9.57	)			(4.93	)			68.44				(16.28	)			3.57


Distributions from net investment income^(d)			(0.96	)			(1.26	)			(1.59	)			(1.01	)			(1.87	)			(1.75	)


Net asset value, end of period		$	146.45			$	145.20			$	156.03			$	162.55			$	95.12			$	113.27


Total Return^(e)
Based on net asset value			1.57	%^(b)(f)			(6.12	)%^(b)			(3.13	)%^(b)			72.21	%			(14.71	)%^(g)			3.32	%


Ratios to Average Net Assets^(h)
Total expenses			0.41	%⁽ⁱ⁾			0.41	%			0.40	%			0.43	%			0.46	%			0.46	%


Total expenses excluding professional fees for foreign withholding tax claims			0.41	%⁽ⁱ⁾			0.41	%			0.40	%			N/A				N/A				N/A


Net investment income			1.31	%^(b)(i)			1.17	%^(b)			0.60	%^(b)			0.75	%			1.47	%			1.51	%


Supplemental Data
Net assets, end of period (000)		$	307,546			$	304,917			$	358,865			$	430,745			$	156,949			$	203,889


Portfolio turnover rate^(j)			7	%			17	%			12	%			34	%			17	%			30	%

^(a)	Based on average shares outstanding.

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

• Net investment income per share by $0.02, $0.01 and $0.03.

• Total return by 0.07%, 0.00% and 0.02%.

• Ratio of net investment income to average net assets by 0.03%, 0.01% and 0.02%.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

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

^(f)	Not annualized.

^(g)	Includes payment received from an affiliate, which had no impact on the Fund’s total return.

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

⁽ⁱ⁾	Annualized.

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

See notes to financial statements.


64		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Consumer Staples ETF


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


Net asset value, beginning of period			$	61.84		$	62.11				$	58.11				$	47.96				$	51.67			$	50.14


Net investment income^(b)				0.79			1.29	^(c)				1.37					1.34					1.18				1.20
Net realized and unrealized gain (loss)^(d)				(4.91	)		(0.38	)				4.09					10.17					(3.69	)			1.70


Net increase (decrease) from investment operations				(4.12	)		0.91					5.46					11.51					(2.51	)			2.90


Distributions from net investment income^(e)				(0.61	)		(1.18	)				(1.46	)				(1.36	)				(1.20	)			(1.37	)


Net asset value, end of period			$	57.11		$	61.84				$	62.11				$	58.11				$	47.96			$	51.67


Total Return^(f)
Based on net asset value				(6.70	)%^(g)		1.56	%^(c)				9.42	%				24.21	%				(5.10	)%			6.07	%


Ratios to Average Net Assets^(h)
Total expenses				0.41	%⁽ⁱ⁾		0.41	%				0.40	%				0.43	%				0.46	%			0.46	%


Total expenses excluding professional fees for foreign withholding tax claims				0.41	%⁽ⁱ⁾		0.41	%				N/A					N/A					N/A				N/A


Net investment income				2.58	%⁽ⁱ⁾		2.18	%^(c)				2.22	%				2.46	%				2.21	%			2.43	%


Supplemental Data
Net assets, end of period (000)			$	902,273		$	1,536,679				$	1,021,775				$	525,907				$	683,380			$	738,832


Portfolio turnover rate^(j)				5	%		13	%				8	%				7	%				7	%			7	%

^(a)	Per share amounts reflect a two-for-one stock split effective after the close of trading on May 1, 2018.

^(b)	Based on average shares outstanding.

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

• Net investment income per share by $0.00.

• Total return by 0.01%.

• Ratio of net investment income to average net assets by 0.01%.

^(d)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

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

^(g)	Not annualized.

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

⁽ⁱ⁾	Annualized.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		65

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Energy ETF


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


Net asset value, beginning of period		$	37.71		$	36.12		$	24.63		$	17.06			$	33.70		$	33.91


Net investment income^(a)			0.82			1.89	^(b)		1.22			0.94				1.13			1.11
Net realized and unrealized gain (loss)^(c)			3.42			1.56			11.37			7.62				(15.61	)		(0.29	)


Net increase (decrease) from investment operations			4.24			3.45			12.59			8.56				(14.48	)		0.82


Distributions from net investment income^(d)			(0.71	)^(e)		(1.86	)		(1.10	)		(0.99	)			(2.16	)		(1.03	)


Net asset value, end of period		$	41.24		$	37.71		$	36.12		$	24.63			$	17.06		$	33.70


Total Return^(f)
Based on net asset value			11.45	%^(g)		9.39	%^(b)		52.61	%		51.36	%			(45.73	)%		2.56	%


Ratios to Average Net Assets^(h)
Total expenses			0.41	%⁽ⁱ⁾		0.44	%		0.40	%		0.43	%			0.46	%		0.46	%


Total expenses excluding professional fees for foreign withholding tax claims			0.41	%⁽ⁱ⁾		0.41	%		N/A			N/A				N/A			N/A


Net investment income			4.24	%⁽ⁱ⁾		5.03	%^(b)		4.33	%		4.65	%			3.78	%		3.17	%


Supplemental Data
Net assets, end of period (000)		$	1,954,624		$	1,798,776		$	2,280,843		$	1,308,021			$	616,818		$	1,031,245


Portfolio turnover rate^(j)			4	%		10	%		6	%		5	%			7	%		6	%

^(a)	Based on average shares outstanding.

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

• Net investment income per share by $0.07.

• Total return by 0.24%.

• Ratio of net investment income to average net assets by 0.18%.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

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

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

^(g)	Not annualized.

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

⁽ⁱ⁾	Annualized.

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

See notes to financial statements.


66		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Financials ETF


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


Net asset value, beginning of period		$	69.17			$	79.60		$	73.29			$	47.23			$	61.61			$	68.93


Net investment income^(a)			1.16	^(b)			2.19	^(b)		1.65	^(b)			1.36				1.71				1.84
Net realized and unrealized gain (loss)^(c)			1.33				(10.01	)		6.01				26.09				(14.12	)			(7.38	)


Net increase (decrease) from investment operations			2.49				(7.82	)		7.66				27.45				(12.41	)			(5.54	)


Distributions from net investment income^(d)			(1.13	)			(2.61	)		(1.35	)			(1.39	)			(1.97	)			(1.78	)


Net asset value, end of period		$	70.53			$	69.17		$	79.60			$	73.29			$	47.23			$	61.61


Total Return^(e)
Based on net asset value			3.62	%^(b)(f)			(9.86	)%^(b)(g)		10.48	%^(b)			58.99	%			(20.99	)%^(h)			(8.02	)%


Ratios to Average Net Assets⁽ⁱ⁾
Total expenses			0.43	%^(j)			0.42	%		0.40	%			0.43	%			0.46	%			0.46	%


Total expenses excluding professional fees for foreign withholding tax claims			0.42	%^(j)			0.41	%		0.40	%			0.43	%			N/A				0.46	%


Net investment income			3.25	%^(b)(j)			3.12	%^(b)		2.07	%^(b)			2.28	%			2.66	%			2.84	%


Supplemental Data
Net assets, end of period (000)		$	402,014			$	425,375		$	1,162,145			$	472,743			$	203,073			$	341,918


Portfolio turnover rate^(k)			3	%			13	%		12	%			4	%			7	%			7	%

^(a)	Based on average shares outstanding.

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

• Net investment income per share by $0.00, $0.03 and $0.01.

• Total return by 0.00%, 0.06% and 0.02%.

• Ratio of net investment income to average net assets by 0.01%, 0.04% and 0.01%.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

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

^(f)	Not annualized.

^(g)	Includes proceeds received from a class action litigation, which impacted the Fund’s total return. Not including these proceeds, the Fund’s total return would have been (9.92)% for the year ended March 31, 2023.

^(h)	Includes payment received from an affiliate, which had no impact on the Fund’s total return.

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

^(j)	Annualized.

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

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		67

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Healthcare ETF


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


Net asset value, beginning of period		$	83.42		$	87.41		$	76.96		$	60.95		$	61.13		$	55.61


Net investment income^(b)			0.53	^(c)		1.11	^(c)		1.07			1.02			0.96			0.92
Net realized and unrealized gain (loss)^(d)			(0.93	)		(4.11	)		10.39			15.96			(0.16	)		5.80


Net increase (decrease) from investment operations			(0.40	)		(3.00	)		11.46			16.98			0.80			6.72


Distributions from net investment income^(e)			(0.64	)		(0.99	)		(1.01	)		(0.97	)		(0.98	)		(1.20	)


Net asset value, end of period		$	82.38		$	83.42		$	87.41		$	76.96		$	60.95		$	61.13


Total Return^(f)
Based on net asset value			(0.48	)%^(c)(g)		(3.44	)%^(c)		14.94	%		28.03	%		1.23	%		12.29	%


Ratios to Average Net Assets^(h)
Total expenses			0.41	%⁽ⁱ⁾		0.42	%		0.40	%		0.43	%		0.46	%		0.46	%


Total expenses excluding professional fees for foreign withholding tax claims			0.41	%⁽ⁱ⁾		0.41	%		N/A			N/A			N/A			N/A


Net investment income			1.24	%^(c)(i)		1.34	%^(c)		1.27	%		1.41	%		1.52	%		1.55	%


Supplemental Data
Net assets, end of period (000)		$	3,941,655		$	4,083,256		$	3,492,005		$	2,705,201		$	1,947,392		$	2,121,287


Portfolio turnover rate^(j)			2	%		3	%		4	%		5	%		5	%		8	%

^(a)	Per share amounts reflect a two-for-one stock split effective after the close of trading on May 1, 2018.

^(b)	Based on average shares outstanding.

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

• Net investment income per share by $0.00 and $0.01.

• Total return by 0.01% and 0.01%.

• Ratio of net investment income to average net assets by 0.01% and 0.01%.

^(d)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

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

^(g)	Not annualized.

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

⁽ⁱ⁾	Annualized.

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

See notes to financial statements.


68		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Industrials ETF


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


Net asset value, beginning of period		$	114.22			$	115.84			$	115.74			$	71.50			$	88.88			$	91.22


Net investment income^(a)			1.02				1.77	^(b)			1.53	^(b)			1.32				1.61				1.65
Net realized and unrealized gain (loss)^(c)			(0.93	)			(1.65	)			0.32				44.27				(17.32	)			(2.27	)


Net increase (decrease) from investment operations			0.09				0.12				1.85				45.59				(15.71	)			(0.62	)


Distributions from net investment income^(d)			(1.49	)			(1.74	)			(1.75	)			(1.35	)			(1.67	)			(1.72	)


Net asset value, end of period		$	112.82			$	114.22			$	115.84			$	115.74			$	71.50			$	88.88


Total Return^(e)
Based on net asset value			0.05	%^(f)			0.22	%^(b)			1.54	%^(b)			64.27	%			(18.08	)%			(0.59	)%


Ratios to Average Net Assets^(g)
Total expenses			0.42	%^(h)			0.42	%			0.41	%			0.43	%			0.46	%			0.46	%


Total expenses excluding professional fees for foreign withholding tax claims			0.42	%^(h)			0.41	%			0.40	%			0.43	%			N/A				N/A


Net investment income			1.74	%^(h)			1.69	%^(b)			1.27	%^(b)			1.34	%			1.75	%			1.87	%


Supplemental Data
Net assets, end of period (000)		$	518,950			$	336,958			$	376,481			$	422,466			$	146,580			$	217,744


Portfolio turnover rate⁽ⁱ⁾			5	%			9	%			7	%			8	%			5	%			5	%

^(a)	Based on average shares outstanding.

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

• Net investment income per share by $0.02 and $0.05.

• Total return by 0.01% and 0.05%.

• Ratio of net investment income to average net assets by 0.01% and 0.04%.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Materials ETF


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


Net asset value, beginning of period		$	83.61			$	93.81			$	86.59			$	49.67			$	64.22			$	67.34


Net investment income^(a)			1.31	^(b)			2.60	^(b)			3.16	^(b)			2.07				1.54				1.91
Net realized and unrealized gain (loss)^(c)			(5.20	)			(9.00	)			7.23				35.84				(13.63	)			(3.44	)


Net increase (decrease) from investment operations			(3.89	)			(6.40	)			10.39				37.91				(12.09	)			(1.53	)


Distributions from net investment income^(d)			(1.39	)			(3.80	)			(3.17	)			(0.99	)			(2.46	)			(1.59	)


Net asset value, end of period		$	78.33			$	83.61			$	93.81			$	86.59			$	49.67			$	64.22


Total Return^(e)
Based on net asset value			(4.70	)%^(b)(f)			(6.77	)%^(b)			12.19	%^(b)			76.78	%			(19.66	)%			(2.14	)%


Ratios to Average Net Assets^(g)
Total expenses			0.42	%^(h)			0.41	%			0.40	%			0.43	%			0.45	%			0.46	%


Total expenses excluding professional fees for foreign withholding tax claims			0.41	%^(h)			0.41	%			0.40	%			N/A				N/A				0.46	%


Net investment income			3.19	%^(b)(h)			3.20	%^(b)			3.48	%^(b)			2.76	%			2.43	%			2.91	%


Supplemental Data
Net assets, end of period (000)		$	250,641			$	351,170			$	727,028			$	722,999			$	129,132			$	208,704


Portfolio turnover rate⁽ⁱ⁾			4	%			9	%			6	%			4	%			12	%			11	%

^(a)	Based on average shares outstanding.

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

• Net investment income per share by $0.02, $0.00 and $0.01.

• Total return by 0.03%, 0.01% and (0.01%).

• Ratio of net investment income to average net assets by 0.05%, 0.00% and 0.01%.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

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

See notes to financial statements.


70		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Tech ETF


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


Net asset value, beginning of period		$	54.36		$	57.86		$	51.13		$	30.49		$	28.48		$	26.31


Net investment income^(b)			0.20			0.37	^(c)		0.29	^(c)		0.33			0.38			0.30
Net realized and unrealized gain (loss)^(d)			3.47			(3.51	)		6.81			20.62			2.00			2.10


Net increase (decrease) from investment operations			3.67			(3.14	)		7.10			20.95			2.38			2.40


Distributions from net investment income^(e)			(0.17	)		(0.36	)		(0.37	)		(0.31	)		(0.37	)		(0.23	)


Net asset value, end of period		$	57.86		$	54.36		$	57.86		$	51.13		$	30.49		$	28.48


Total Return^(f)
Based on net asset value			6.74	%^(g)		(5.34	)%^(c)		13.89	%^(c)		68.97	%		8.33	%		9.19	%


Ratios to Average Net Assets^(h)
Total expenses			0.41	%⁽ⁱ⁾		0.41	%		0.40	%		0.43	%		0.46	%		0.46	%


Total expenses excluding professional fees for foreign withholding tax claims			0.41	%⁽ⁱ⁾		0.41	%		0.40	%		0.43	%		N/A			0.46	%


Net investment income			0.69	%⁽ⁱ⁾		0.77	%^(c)		0.50	%^(c)		0.75	%		1.21	%		1.09	%


Supplemental Data
Net assets, end of period (000)		$	3,405,332		$	3,177,616		$	5,001,963		$	5,046,541		$	2,752,872		$	2,819,178


Portfolio turnover rate^(j)			6	%		12	%		7	%		4	%		7	%		17	%

^(a)	Per share amounts reflect a six-for-one stock split effective after the close of trading on July 16, 2021.

^(b)	Based on average shares outstanding.

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

• Net investment income per share by $0.00 and $0.00.

• Total return by 0.01% and 0.01%.

• Ratio of net investment income to average net assets by 0.00% and 0.00%..

^(d)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

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

^(g)	Not annualized.

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

⁽ⁱ⁾	Annualized.

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

See notes to financial statements.


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

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Global Utilities ETF


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


Net asset value, beginning of period		$	60.51			$	65.60			$	60.51			$	50.71			$	54.08			$	48.78


Net investment income^(a)			1.32	^(b)			1.86	^(b)			1.81				1.71				1.62				1.78
Net realized and unrealized gain (loss)^(c)			(6.79	)			(5.06	)			5.08				9.68				(2.98	)			5.07


Net increase (decrease) from investment operations			(5.47	)			(3.20	)			6.89				11.39				(1.36	)			6.85


Distributions from net investment income^(d)			(0.96	)			(1.89	)			(1.80	)			(1.59	)			(2.01	)			(1.55	)


Net asset value, end of period		$	54.08			$	60.51			$	65.60			$	60.51			$	50.71			$	54.08


Total Return^(e)
Based on net asset value			(9.18	)%^(b)(f)			(4.93	)%^(b)			11.59	%			22.70	%			(2.84	)%			14.40	%


Ratios to Average Net Assets^(g)
Total expenses			0.50	%^(h)(i)			0.43	%			0.42	%			0.43	%			0.46	%			0.46	%


Total expenses excluding professional fees for foreign withholding tax claims			0.42	%^(h)			0.41	%			N/A				N/A				N/A				0.46	%


Net investment income			4.43	%^(b)(h)			3.06	%^(b)			2.91	%			3.03	%			2.87	%			3.53	%


Supplemental Data
Net assets, end of period (000)		$	127,098			$	136,156			$	180,402			$	151,268			$	152,123			$	208,222


Portfolio turnover rate^(j)			3	%			9	%			9	%			7	%			6	%			8	%

^(a)	Based on average shares outstanding.

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

• Net investment income per share by $0.28 and $0.06.

• Total return by 0.46% and 0.12%.

• Ratio of net investment income to average net assets by 0.94% and 0.11%.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

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

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

^(f)	Not annualized.

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

^(h)	Annualized.

⁽ⁱ⁾	Professional fees were not annualized in the calculation of the expense ratio. If this expense was annualized, the total expense would have been 0.57%.

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

See notes to financial statements.


72		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited)

1.	*ORGANIZATION*

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):



iShares ETF		Diversification Classification
Global Comm Services		Non-diversified
Global Consumer Discretionary		Diversified
Global Consumer Staples		Diversified
Global Energy		Non-diversified
Global Financials		Diversified
Global Healthcare		Diversified
Global Industrials		Diversified
Global Materials		Diversified
Global Tech		Non-diversified
Global Utilities		Diversified

2.	*SIGNIFICANT ACCOUNTING POLICIES*

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of September 30, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

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


N O T E S T O F I N A N C I A L S T A T E M E N T S		73

Notes to Financial Statements (unaudited) (continued)

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

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

•

Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

•

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

•

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

•

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.


74		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

4.	*SECURITIES AND OTHER INVESTMENTS*

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:



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

Global Comm Services
Morgan Stanley	$	211,392	$	(211,392	)	$	—		$	—
UBS AG		11,700		(11,700	)		—			—


	$	223,092	$	(223,092)		$	—		$	—

Global Consumer Discretionary
RBC Capital Markets LLC.	$	5,447	$	(5,427	)	$	—		$	20	^(b)
Scotia Capital (USA) Inc.		3,468,120		(3,468,120	)		—			—
SG Americas Securities LLC.		1,523,994		(1,523,994	)		—			—


	$	4,997,561	$	(4,997,541	)	$	—		$	20

Global Financials
BMO Capital Markets	$	142,500	$	(142,500	)	$	—		$	—
BofA Securities, Inc.		2,081,409		(2,081,409	)		—			—


	$	2,223,909	$	(2,223,909	)	$	—		$	—

Global Healthcare
Barclays Bank PLC	$	7,454,528	$	(7,454,528	)	$	—		$	—
Citadel Clearing LLC		235,176		(235,176	)		—			—
Goldman Sachs & Co. LLC.		9,369,256		(9,369,256	)		—			—
HSBC Bank PLC		4,587,363		(4,587,363	)		—			—
J.P. Morgan Securities LLC.		13,221,600		(13,221,600	)		—			—
Virtu Americas LLC.		578,592		(578,592	)		—			—
Wells Fargo Bank N.A		14,982,632		(14,982,632	)		—			—


	$	50,429,147	$	(50,429,147	)	$	—		$	—


N O T E S T O F I N A N C I A L S T A T E M E N T S		75

Notes to Financial Statements (unaudited) (continued)



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

Global Industrials
Barclays Bank PLC	$	291,630	$	(291,630	)	$	—		$	—
BNP Paribas Prime Brokerage International Ltd.		435,840		(435,840	)		—			—
J.P. Morgan Securities LLC.		418,003		(418,003	)		—			—
Jefferies LLC.		127,440		(127,440	)		—			—
Morgan Stanley		611,037		(611,037	)		—			—
TD Prime Services LLC.		735,019		(735,019	)		—			—


	$	2,618,969	$	(2,618,969	)	$	—		$	—

Global Tech
Barclays Bank PLC	$	946,120	$	(946,120	)	$	—		$	—

^(a)

Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities.

^(b)

The market value of the loaned securities is determined as of September 30, 2023. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

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

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

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

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

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

For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on each Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds as follows:


Aggregate Average Daily Net Assets		Investment Advisory Fees
First $10 billion		0.4800%
Over $10 billion, up to and including $20 billion		0.4300
Over $20 billion, up to and including $30 billion		0.3800
Over $30 billion, up to and including $40 billion		0.3420
Over $40 billion		0.3078

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.


76		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

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

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

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

Pursuant to the current securities lending agreement, each of iShares Global Consumer Discretionary ETF, iShares Global Consumer Staples ETF, iShares Global Energy ETF, iShares Global Financials ETF, iShares Global Healthcare ETF, iShares Global Industrials ETF, iShares Global Materials ETF and iShares Global Utilities ETF (the “Group 2 Funds”), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

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

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



iShares ETF	Amounts
Global Comm Services	$	1,195
Global Consumer Discretionary		748
Global Consumer Staples		411
Global Energy		498
Global Financials		849
Global Healthcare		22,390
Global Industrials		1,421
Global Materials		415
Global Tech		6,708
Global Utilities		8

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


N O T E S T O F I N A N C I A L S T A T E M E N T S		77

Notes to Financial Statements (unaudited) (continued)

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended September 30, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Global Comm Services	$	11,141,965	$	6,991,875	$	(2,071,161	)
Global Consumer Discretionary		7,509,395		9,377,245		(2,199,472	)
Global Consumer Staples		22,729,430		33,480,210		(74,003	)
Global Energy		16,243,541		4,773,128		(16,664	)
Global Financials		2,791,309		862,602		(331,348	)
Global Healthcare		21,537,547		3,602,240		(234,554	)
Global Industrials		5,442,833		401,064		(55,543	)
Global Materials		1,448,709		961,026		51,474
Global Tech		38,359,873		46,351,498		20,303,018
Global Utilities		133,322		678,168		(101,846	)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7.	*PURCHASES AND SALES*

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



iShares ETF	Purchases		Sales
Global Comm Services	$	34,989,280	$	29,585,519
Global Consumer Discretionary		23,940,920		22,215,361
Global Consumer Staples		78,549,527		70,249,582
Global Energy		85,575,850		80,513,574
Global Financials		14,112,078		14,792,877
Global Healthcare		69,042,842		74,506,488
Global Industrials		24,952,009		18,567,540
Global Materials		10,707,569		13,527,256
Global Tech		210,969,369		198,388,739
Global Utilities		5,560,595		4,572,302

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



iShares ETF	In-kind Purchases		In-kind Sales
Global Comm Services	$	59,697,665	$	56,829,391
Global Consumer Discretionary		19,823,378		22,075,766
Global Consumer Staples		73,373,319		586,155,482
Global Energy		63,770,007		69,702,255
Global Financials		6,038,576		37,227,177
Global Healthcare		298,451,772		390,974,583
Global Industrials		316,509,948		133,296,056
Global Materials		—		78,360,818
Global Tech		160,603,180		143,803,237
Global Utilities		14,486,497		8,669,946

8.	*INCOME TAX INFORMATION*

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.


78		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

Management has analyzed tax laws and regulations and their application to the Funds as of September 30, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

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



iShares ETF	Non-Expiring Capital Loss Carryforwards
Global Comm Services	$	(117,568,119	)
Global Consumer Discretionary		(37,746,038	)
Global Consumer Staples		(44,421,053	)
Global Energy		(222,017,490	)
Global Financials		(141,359,570	)
Global Healthcare		(86,791,650	)
Global Industrials		(32,099,046	)
Global Materials		(96,368,567	)
Global Tech		(116,952,012	)
Global Utilities		(46,525,570	)

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of September 30, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Global Comm Services	$	305,983,822	$	23,363,730	$	(46,088,450	)	$	(22,724,720	)
Global Consumer Discretionary		350,698,688		16,469,990		(55,162,921	)		(38,692,931	)
Global Consumer Staples		1,024,395,424		21,521,402		(139,472,257	)		(117,950,855	)
Global Energy		1,722,804,428		313,242,268		(88,566,679	)		224,675,589
Global Financials		455,038,602		22,842,575		(75,686,724	)		(52,844,149	)
Global Healthcare		3,715,467,011		607,080,866		(336,448,546	)		270,632,320
Global Industrials		559,308,900		16,239,182		(54,646,027	)		(38,406,845	)
Global Materials		315,073,785		12,810,009		(78,935,015	)		(66,125,006	)
Global Tech		2,704,424,657		819,695,888		(122,072,874	)		697,623,014
Global Utilities		161,710,763		3,132,415		(37,251,866	)		(34,119,451	)

9.	*LINE OF CREDIT*

The iShares Global Comm Services ETF, iShares Global Consumer Discretionary ETF, iShares Global Consumer Staples ETF, iShares Global Energy ETF, iShares Global Financials ETF, iShares Global Industrials ETF, iShares Global Materials ETF, iShares Global Tech ETF and iShares Global Utilities ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 9, 2024. The line of credit may be used for temporary or emergency purposes, including redemptions, settlement of trades and rebalancing of portfolio holdings in certain target markets. The Funds may borrow up to the aggregate commitment amount subject to asset coverage and other limitations as specified in the Syndicated Credit Agreement. The Syndicated Credit Agreement has the following terms: a commitment fee of 0.15% per annum on the unused portion of the credit agreement and interest at a rate equal to the higher of (a) Daily Simple Secured Overnight Financing Rate (“SOFR”) plus 0.10% and 1.00% per annum or (b) the U.S. Federal Funds rate plus 1.00% per annum on amounts borrowed. The commitment fee is generally allocated to each Participating Fund based on the lesser of a Participating Fund’s relative exposure to certain target markets or a Participating Fund’s maximum borrowing amount as set forth by the terms of the Syndicated Credit Agreement.

During the six months ended September 30, 2023, the Funds did not borrow under the Syndicated Credit Agreement.

10.

PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.


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

Notes to Financial Statements (unaudited) (continued)

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

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

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Each Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the the Funds invest.

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.


80		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio.

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

11.

CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:




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


iShares ETF	Shares			Amount			Shares			Amount


Global Comm Services
Shares sold		1,000,000		$	66,699,305			5,000,000		$	285,678,262
Shares redeemed		(850,000	)		(58,062,990	)		(4,250,000	)		(239,036,433	)


		150,000		$	8,636,315			750,000		$	46,641,829

Global Consumer Discretionary
Shares sold		150,000		$	21,698,520			1,950,000		$	257,608,569
Shares redeemed		(150,000	)		(22,543,634	)		(2,150,000	)		(280,455,814	)


		—		$	(845,114	)		(200,000	)	$	(22,847,245	)

Global Consumer Staples
Shares sold		1,400,000		$	80,884,060			10,150,000		$	606,139,893
Shares redeemed		(10,350,000	)		(599,746,839	)		(1,750,000	)		(103,585,196	)


		(8,950,000	)	$	(518,862,779	)		8,400,000		$	502,554,697

Global Energy
Shares sold		1,650,000		$	67,044,157			10,350,000		$	380,017,898
Shares redeemed		(1,950,000	)		(73,205,243	)		(25,800,000	)		(945,635,510	)


		(300,000	)	$	(6,161,086	)		(15,450,000	)	$	(565,617,612	)

Global Financials
Shares sold		100,000		$	6,913,068			1,500,000		$	109,276,663
Shares redeemed		(550,000	)		(39,445,251	)		(9,950,000	)		(707,485,329	)


		(450,000	)	$	(32,532,183	)		(8,450,000	)	$	(598,208,666	)

Global Healthcare
Shares sold		3,550,000		$	302,851,555			16,250,000		$	1,349,795,290
Shares redeemed		(4,650,000	)		(396,830,556	)		(7,250,000	)		(599,437,224	)


		(1,100,000	)	$	(93,979,001	)		9,000,000		$	750,358,066

Global Industrials
Shares sold		2,850,000		$	329,440,958			900,000		$	96,114,001
Shares redeemed		(1,200,000	)		(138,304,945	)		(1,200,000	)		(123,290,052	)


		1,650,000		$	191,136,013			(300,000	)	$	(27,176,051	)


N O T E S T O F I N A N C I A L S T A T E M E N T S		81

Notes to Financial Statements (unaudited) (continued)




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


iShares ETF	Shares			Amount			Shares			Amount


Global Materials
Shares sold		—		$	7,032			800,000		$	67,400,271
Shares redeemed		(1,000,000	)		(82,120,283	)		(4,350,000	)		(340,974,094	)


		(1,000,000	)	$	(82,113,251	)		(3,550,000	)	$	(273,573,823	)

Global Tech
Shares sold		3,100,000		$	188,053,719			3,700,000		$	189,510,660
Shares redeemed		(2,700,000	)		(159,681,348	)		(31,700,000	)		(1,509,808,992	)


		400,000		$	28,372,371			(28,000,000	)	$	(1,320,298,332	)

Global Utilities
Shares sold		250,000		$	14,846,384			500,000		$	32,654,633
Shares redeemed		(150,000	)		(8,900,459	)		(1,000,000	)		(58,079,232	)


		100,000		$	5,945,925			(500,000	)	$	(25,424,599	)

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

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

12.

FOREIGN WITHHOLDING TAX CLAIMS

The Internal Revenue Service (“IRS”) has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which each of the iShares Global Consumer Discretionary ETF, iShares Global Healthcare ETF and iShares Global Materials ETF are able to pass through to shareholders as a foreign tax credit in the current year, each of the Funds will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Funds.

The iShares Global Comm Services ETF, iShares Global Energy ETF, iShares Global Financials ETF, iShares Global Industrials ETF and iShares Global Utilities ETF are seeking a closing agreement with the Internal Revenue Service (“IRS”) to address any prior years’ U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Funds paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Funds have accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statements of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

13.

SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following item was noted:

Effective October 18, 2023, the Syndicated Credit Agreement to which the Participating Funds are party was amended to extend the maturity date to October 2024 under the same terms.


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Board Review and Approval of Investment Advisory Contract

iShares Global Comm Services ETF, iShares Global Consumer Discretionary ETF, iShares Global Consumer Staples ETF, iShares Global Energy ETF, iShares Global Financials ETF, iShares Global Healthcare ETF, iShares Global Industrials ETF, iShares Global Materials ETF, iShares Global Tech ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.


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Board Review and Approval of Investment Advisory Contract (continued)

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts withsubstantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately


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Board Review and Approval of Investment Advisory Contract (continued)

large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares Global Utilities ETF (the “Fund”)

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.


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Board Review and Approval of Investment Advisory Contract (continued)


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Board Review and Approval of Investment Advisory Contract (continued)


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Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

September 30, 2023


	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date

iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share

Global Comm Services^(a)	$	0.453713	$	—	$	0.003303	$	0.457016		99	%		—	%		1	%		100	%
Global Energy^(a)		0.682758		—		0.030120		0.712878		96			—			4			100

^(a)

The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.


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General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.


G E N E R A L I N F O R M A T I O N		89

Glossary of Terms Used in this Report


Portfolio Abbreviation

ADR		American Depositary Receipt

NVS		Non-Voting Shares


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Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by S&P Dow Jones Indices LLC, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

iS-SAR-300-0923