UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09729

iShares Trust

(Exact name of registrant as specified in charter)

c/o: State Street Bank and Trust Company

One Congress Street, Suite 1Boston, MA 02114-2016

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

Registrant’s telephone number, including area code: (415) 670-2000

Date of fiscal year end: March 31, 2023

Date of reporting period: March 31, 2023

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

MARCH 31, 2023

2023 Annual Report

iShares Trust

·  iShares Environmental Infrastructure and Industrials ETF | EFRA | NASDAQ

·  iShares Global 100 ETF | IOO | NYSE Arca

·  iShares Global Infrastructure ETF | IGF | NASDAQ

·  iShares Global Timber & Forestry ETF | WOOD | NASDAQ

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended March 31, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate.

Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks declined, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and volatile commodities prices.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, we believe that it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector late in the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, we prefer an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession. Nevertheless, we are overweight on emerging market stocks as we believe a weakening U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where we believe that valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we’re concerned about tightening credit and financial conditions. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

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.

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of March 31, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	15.62%	(7.73)%
U.S. small cap equities (Russell 2000® Index)	9.14	(11.61)
International equities (MSCI Europe, Australasia, Far East Index)	27.27	(1.38)
Emerging market equities (MSCI Emerging Markets Index)	14.04	(10.70)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	1.93	2.52
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	4.38	(6.90)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	4.89	(4.78)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	7.00	0.26
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	7.88	(3.35)
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
Annual Report:
Market Overview	4
Fund Summary	5
About Fund Performance	12
Disclosure of Expenses	12
Schedules of Investments	13
Financial Statements
Statements of Assets and Liabilities	24
Statements of Operations	25
Statements of Changes in Net Assets	26
Financial Highlights	28
Notes to Financial Statements	32
Report of Independent Registered Public Accounting Firm	41
Important Tax Information	42
Board Review and Approval of Investment Advisory Contract	43
Statement Regarding Liquidity Risk Management Program	45
Supplemental Information	46
Trustee and Officer Information	47
General Information	50
Glossary of Terms Used in this Report	51

Market Overview

iShares Trust

Global Market Overview

Global equity markets declined during the 12 months ended March 31, 2023 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned -7.44% in U.S. dollar terms for the reporting period. In the first half of the reporting period, concerns about the state of the global economy in the face of high inflation and rapidly rising interest rates drove stocks sharply lower. However, stock prices recovered somewhat in the reporting period’s second half, as economic growth proved resilient despite its slower pace.

Inflation was a significant factor in equity markets, and while its impact varied by country, most major economies experienced substantial inflation during the reporting period. This drove a wave of monetary tightening by most of the world’s central banks, which sent interest rates and borrowing costs sharply higher. The U.S. Federal Reserve (“Fed”) raised interest rates eight times, driving an increase in the value of the U.S. dollar relative to most other currencies. Commodities prices were volatile, and as the reporting period began, disruptions in the wake of Russia’s invasion of Ukraine meant high prices for energy commodities and some foods. While oil, gas, and most other commodities declined as markets adjusted to the war’s disruption, elevated prices exacerbated inflationary pressure.

The U.S. economy recovered from a decline in the first half of 2022 to post modest growth in the third and fourth quarters of 2022. Consumers continued to power the economy with growing spending, despite higher prices for many consumer goods and services. The strong labor market supported spending as unemployment remained very low, at one point dropping to the lowest recorded level since 1969. Furthermore, the labor force participation rate—which measures the total proportion of employed persons of working age—rose, indicating that more people were being drawn into the labor force. Amid tightening labor supply, wages rose significantly, with the largest gains at the lower end of the wage spectrum.

In addition to its interest rate increases, the Fed also started to reduce the size of its balance sheet by reducing the store of U.S. Treasuries it had accumulated to stabilize markets in the early phases of the coronavirus pandemic. While the Fed indicated that more tightening could be needed to achieve its long-term inflation goal, it sounded a more cautious note about the potential for further interest rate increases near the end of the reporting period.

European stocks outpaced most other regions of the globe, advancing modestly for the reporting period despite slowing economic growth. European stocks benefited from a solid recovery following the early phases of the war in Ukraine. While the conflict disrupted critical natural gas supplies, new sources were secured and prices began to decline, while a warm winter helped moderate consumption. The European Central Bank (“ECB”) responded to the highest inflation since the introduction of the euro by raising interest rates six times.

While inflation was somewhat more moderate in the Asia-Pacific region, stocks there declined amid higher interest rates and disruption from coronavirus-related lockdowns in China. However, China relaxed its strict anti-coronavirus protocols in December 2022, boosting analysts’ expectations for future growth in the region. Emerging market stocks declined substantially, pressured by slowing economic growth and a stronger U.S. dollar. The Fed’s interest rate increases weighed on emerging market equities by making U.S. assets relatively more attractive.

4 2 0 2 3   I S H A R E S   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 March 31, 2023 iShares^® Environmental Infrastructure and Industrials ETF

Investment Objective

The iShares Environmental Infrastructure and Industrials ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. and non-U.S. companies that provide infrastructure and industrials solutions aiming to support energy efficiency and emissions mitigation, pollution reduction or land and resource optimization, as represented by the FTSE Green Revenues Select Infrastructure and Industrials Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Cumulative Total Returns
	Since Inception
Fund NAV		9.76	%
Fund Market		9.90
Index		9.76

For the fiscal period ended March 31, 2023, the Fund did not have six months of performance and therefore line graphs are not presented.

The inception date of the Fund was November 1, 2022. The first day of secondary market trading was November 3, 2022.

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

Expense Example

Actual						Hypothetical 5% Return
	Beginning Account Value (11/01/22)	(a)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(b)		Beginning Account Value (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(b)	Annualized Expense Ratio
	$       1,000.00		$      1,097.60	$        2.03			$      1,000.00	$      1,022.60	$        2.37		0.47	%

^(a)  Commencement of operations.

^(b)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 150/365 for actual expenses and 182/365 for hypothetical expenses (to reflect the six month period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of    Total Investments(a)
Industrials	53.8%
Utilities	30.0
Materials	9.9
Information Technology	6.3

TEN LARGEST HOLDINGS
Security	Percent of    Total Investments(a)
American Water Works Co. Inc.	6.3%
Xylem Inc./NY	6.1
Veolia Environnement SA	6.1
Westinghouse Air Brake Technologies Corp.	5.8
Essential Utilities Inc.	4.6
Pentair PLC	4.1
United Utilities Group PLC	4.1
Shimadzu Corp.	3.8
Intertek Group PLC	3.7
Tetra Tech Inc.	3.5

^(a)  Excludes money market funds.

F U N D    S U M M A R Y 5

Fund Summary as of March 31, 2023 iShares^® Global 100 ETF

Investment Objective

The iShares Global 100 ETF (the “Fund”) seeks to track the investment results of an index composed of 100 large-capitalization global equities, as represented by the S&P Global 100^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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(6.02	)%		11.14	%		10.12	%		(6.02	)%		69.59	%		162.33	%
Fund Market		(6.11	)		11.09			10.10			(6.11	)		69.16			161.84
Index		(6.33	)		11.07			10.01			(6.33	)		69.02			159.68

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

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 (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$      1,184.90	$        2.23			$      1,000.00	$      1,022.90	$        2.07		0.41	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (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.

6 2 0 2 3   I S H A R E S   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 March 31, 2023(continued) iShares^® Global 100 ETF

Portfolio Management Commentary

Amid significant inflation and sharply higher interest rates, large-capitalization global stocks declined significantly for the reporting period. Stocks from the U.S., which represented approximately 73% of the Index on average, detracted the most from the Index’s return.

In the U.S., the consumer discretionary sector was the leading source of weakness. While consumer spending continued to grow, rising inflation drove up costs for companies, and consumers increasingly sought bargains as higher prices eroded personal spending power. Individual savings rates declined, while credit card debt and interest rates rose, further pressuring consumers. A tight labor market amid historically low unemployment also meant higher labor costs for the sector.

Within the sector, the internet and direct marketing retail industry was the largest detractor from the Index’s performance. The sharp rise in e-commerce that boosted the industry early in the pandemic waned as more workers returned to the office and brick-and-mortar retailers gained market share. Overbuilding of warehouses during the online shopping surge created excess capacity, which weighed on industry cash flow. Slowing revenue growth from data cloud services also pressured the industry’s profitability, as business customers tried to reduce expenditures amid economic uncertainty.

The communication services sector also declined, as the rising interest rate environment negatively impacted the interactive media and services industry, particularly high-valuation stocks with growth prospects. Demand for online advertisements slowed during the reporting period as businesses cut back on marketing expenditures in a more challenging economic environment. Heightened competition also worked against large companies in the industry, which lost market share to new players.

Swiss stocks also declined, led by the pharmaceuticals industry in the healthcare sector. Diminished demand for diagnostics products related to COVID-19 weighed on the industry. The Japanese consumer discretionary sector was another notable detractor, as the automobiles industry faced investor concerns about the pace of entry into the electric vehicle market.

On the upside, French stocks contributed modestly to the Index’s return. Increased sales of luxury goods buoyed the textiles, apparel, and luxury goods industry in the consumer discretionary sector.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of    Total Investments(a)
Information Technology	30.8%
Health Care	12.4
Consumer Staples	11.8
Consumer Discretionary	11.7
Financials	9.6
Communication Services	7.7
Energy	7.1
Industrials	5.5
Materials	2.1
Other (each representing less than 1%)	1.3

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of    Total Investments(a)
United States	72.0%
United Kingdom	7.4
Switzerland	5.4
France	5.1
Germany	3.4
Japan	3.1
South Korea	1.5
Australia	0.9
Spain	0.9
Netherlands	0.3

^(a)  Excludes money market funds.

F U N D    S U M M A R Y 7

Fund Summary as of March 31, 2023 iShares^® Global Infrastructure ETF

Investment Objective

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

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(3.74	)%		5.15	%		5.63	%		(3.74	)%		28.56	%		72.92	%
Fund Market		(3.83	)		5.08			5.62			(3.83	)		28.12			72.78
Index		(4.25	)		4.97			5.47			(4.25	)		27.46			70.35

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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 (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$      1,155.20	$        2.26			$      1,000.00	$      1,022.80	$        2.12		0.42	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (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.

8 2 0 2 3   I S H A R E S   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 March 31, 2023(continued) iShares^® Global Infrastructure ETF

Portfolio Management Commentary

Global infrastructure stocks declined for the reporting period amid slowing economic growth, high inflation, and concerns about the impact of rising interest rates. Early in the reporting period, high food and oil prices in the wake of Russia’s invasion of Ukraine weighed on infrastructure companies. However, China’s easing of its stringent Covid-19 pandemic restrictions and moderating inflation in the second half of the reporting period eased pressure on global infrastructure stocks.

Companies in the U.S. detracted the most from the Index’s return, particularly in the utilities sector. Increased costs of fuel, supply chain disruptions, and elevated inflation drove higher utility rates for customers and negatively impacted the industry’s finances. Supply-chain constraints and weather extremes also compromised the ability to provide reliable power generation and distribution. In addition, utilities faced difficulties rebuilding natural gas stockpiles amid strong demand as power plants transitioned away from burning coal, while a drought in the western U.S. limited hydropower generation in that region. Renewable energy providers faced similar supply-chain, fuel, and labor challenges that drove costs higher.

In Canada, energy infrastructure stocks detracted from the Index’s performance. The oil and gas storage and transportation industry faced disruption and expenses related to a large spill on a key North American crude oil pipeline and ensuing regulatory limits on the pipeline’s shipments. Concerns and legal battles persisted about the viability of another pipeline running from Canada into Michigan. Meanwhile, earnings declined for pipeline operators as rising interest rates led to higher financing costs in the capital-intensive business.

Conversely, stocks of airport services firms in Mexico contributed to the Index’s return. Many North American companies, responding to supply-chain difficulties that surfaced during the pandemic, returned more of their production base closer to home. Increased travel tied to that trend benefited the industry’s stocks. Overall, air travel in Mexico returned to pre-pandemic levels, and passenger traffic rose in the first 11 months of 2022 compared with the same time frame in 2019. The increase, in part, reflected relaxed U.S. border restrictions with Mexico beginning in late 2021.

Portfolio Information

INDUSTRY ALLOCATION
Industry	Percent of    Total Investments(a)
Electric Utilities	25.6%
Airport Services	23.3
Oil & Gas Storage & Transportation	20.2
Highways & Railtracks	12.0
Multi-Utilities	11.4
Marine Ports & Services	4.0
Independent Power Producers & Energy Traders	1.5
Water Utilities	1.4
Other (each representing less than 1%)	0.6

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of    Total Investments(a)
United States	39.7%
Canada	9.5
Australia	8.8
Spain	8.1
Mexico	7.0
France	6.0
China	5.1
New Zealand	2.9
Italy	2.5
United Kingdom	2.2

^(a)  Excludes money market funds.

F U N D    S U M M A R Y 9

Fund Summary as of March 31, 2023 iShares^® Global Timber & Forestry ETF

Investment Objective

The iShares Global Timber & Forestry ETF (the “Fund”) seeks to track the investment results of an index composed of global equities in or related to the timber and forestry industry, as represented by the S&P Global Timber & Forestry 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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(17.90	)%		0.12	%		5.55	%		(17.90	)%		0.61	%		71.70	%
Fund Market		(18.26	)		0.02			5.51			(18.26	)		0.12			70.92
Index		(18.58	)		(0.12	)		5.35			(18.58	)		(0.61	)		68.44

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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 (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$      1,097.00	$        2.25			$      1,000.00	$      1,022.80	$        2.17		0.43	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (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.

10 2 0 2 3   I S H A R E S   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 March 31, 2023(continued) iShares^® Global Timber & Forestry ETF

Portfolio Management Commentary

Global timber and forestry stocks declined during the reporting period as rising interest rates weakened construction for new housing, sending lumber prices down sharply. Aggressive efforts by the Fed to slow inflation by raising interest rates forced mortgage rates above 7% for the first time in over two decades. Higher financing costs to purchase a home drove many prospective buyers out of the market, weakening construction of new housing and lumber prices. Construction for new housing trended lower throughout the reporting period, including five successive months of declining housing starts through January 2023. Lumber prices dropped more than 60% during the reporting period to the lowest levels since June 2020. An index of homebuilder confidence dropped in the first nine months of the reporting period to the lowest levels in more than a decade before rebounding during the first three months of 2023.

U.S.-based specialized real estate investment trusts (“REITs”) engaged in logging and forest management detracted the most from the Index’s return. Rising interest rates, which increase REITs’ financing costs while slowing growth, broadly weighed on REITs. Timber REITs are highly sensitive to the price of timber and prevailing homebuilding conditions, and the housing market slowdown and decreased sales of wood products weakened financial performance for the timber industry. Consequently, lumber REITs paid fewer dividends to shareholders.

Swedish stocks, particularly in the paper and forest products sector, also detracted from performance. Lower prices for solid wood products, increased raw material costs, and higher distribution expenses lowered profits.

Canadian stocks also detracted from the Index’s performance, led by paper and forest products companies that produce wood materials such as lumber, plywood, pulp, and newsprint. The fall in lumber prices led to sharply lower sales and profits. Insect infestations, forest fires, and the low availability of wood fiber led the Canadian companies to curtail operations at some of their pulp and paper plants.

Portfolio Information

INDUSTRY ALLOCATION
Industry	Percent of    Total Investments(a)
Paper Products	39.1%
Paper & Plastic Packaging Products & Materials	22.6
Forest Products	18.0
Timber REITs	17.0
Homebuilding	3.3

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of    Total Investments(a)
United States	30.5%
Sweden	14.2
Brazil	11.0
Canada	10.0
Japan	9.7
Finland	9.4
Ireland	5.6
United Kingdom	3.9
South Africa	2.1
China	2.1

^(a)  Excludes money market funds.

F U N D    S U M M A R Y 11

About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

12 2 0 2 3   I S H A R E S   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   March 31, 2023 iShares^® Environmental Infrastructure and Industrials  ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Building Products — 5.8%
Advanced Drainage Systems Inc.		1,236	$	104,084
China Lesso Group Holdings Ltd.		18,000		16,083
Reliance Worldwide Corp. Ltd.		15,692		39,031
TOTO Ltd.		2,900		97,161
				256,359
Chemicals — 3.2%
Umicore SA		4,072		138,127
Commercial Services & Supplies — 11.7%
Befesa SA(a)		808		36,716
Beijing GeoEnviron Engineering & Technology Inc.		2,400		3,559
Clean Harbors Inc.(b)		1,012		144,271
Derichebourg SA		1,836		10,783
Focused Photonics Hangzhou Inc.(b)		800		3,083
Stericycle Inc.(b)		1,828		79,719
Sunny Friend Environmental Technology Co. Ltd.		1,000		5,432
Tetra Tech Inc.		1,044		153,374
TOMRA Systems ASA		4,652		78,537
				515,474
Construction & Engineering — 4.1%
Stantec Inc.		2,208		129,082
Sweco AB, Class B		3,976		50,498
				179,580
Containers & Packaging — 2.3%
DS Smith PLC		25,384		98,828
Electronic Equipment, Instruments & Components — 6.2%
Badger Meter Inc.		576		70,168
Landis+Gyr Group AG		484		37,252
Shimadzu Corp.		5,300		166,381
				273,801
Machinery — 27.0%
Construcciones y Auxiliar de Ferrocarriles SA		372		10,333
Dawonsys Co. Ltd.(b)		576		6,208
Evoqua Water Technologies Corp.(b)		2,330		115,848
Franklin Electric Co. Inc.		912		85,819
Lindsay Corp.		216		32,644
METAWATER Co. Ltd.		400		5,227
Mueller Water Products Inc., Class A		3,084		42,991
NGK Insulators Ltd.		5,000		66,303
Norma Group SE		636		15,030
Organo Corp.		500		13,668

Security	Shares		Value
Machinery (continued)
Pentair PLC		3,272	$	180,843
Watts Water Technologies Inc., Class A		540		90,893
Westinghouse Air Brake Technologies Corp.		2,515		254,166
Xylem Inc./NY		2,571		269,184
				1,189,157
Metals & Mining — 4.5%
Asahi Holdings Inc.		1,400		21,394
Dowa Holdings Co. Ltd.		900		28,942
Sibanye Stillwater Ltd.		55,672		114,953
Sims Ltd.		3,204		33,412
				198,701
Multi-Utilities — 7.0%
Qatar Electricity & Water Co. QSC		9,044		41,561
Veolia Environnement SA		8,660		267,223
				308,784
Professional Services — 5.0%
Arcadis NV		1,440		58,959
Intertek Group PLC		3,208		160,672
				219,631
Water Utilities — 22.9%
Aguas Andinas SA, Class A		54,547		15,461
American States Water Co.		728		64,712
American Water Works Co. Inc.		1,896		277,745
Beijing Enterprises Water Group Ltd.		80,000		19,990
California Water Service Group		1,069		62,216
China Water Affairs Group Ltd.		18,000		14,697
Cia. de Saneamento Basico do Estado de Sao Paulo		6,744		67,341
Cia. de Saneamento de Minas Gerais-COPASA		3,788		11,756
Essential Utilities Inc.		4,588		200,266
Penno Group PLC		5,176		55,926
SJW Group		536		40,806
United Utilities Group PLC		13,619		178,238
				1,009,154
Total Investments — 99.7% (Cost: $3,980,465)				4,387,596
Other Assets Less Liabilities — 0.3%				14,607
Net Assets — 100.0%			$	4,402,203

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

^(b)  Non-income producing security.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 11/01/22(a)		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(b)	$	—		$         2	(c)	$	—	$	(2	)	$	—	$	—		—	$	6	(d)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(b)		—		0	(c)		—		—			—		—		—		22			—
								$	(2	)	$	—	$	—			$	28		$	—

^(a)  Commencement of operations.

S C H E D U L E   O F   I N V E S T M E N T S 13

Schedule of Investments  (continued) March 31, 2023 iShares^® Environmental Infrastructure and Industrials  ETF

Affiliates (continued)

^(b)  As of period end, the entity is no longer held.

^(c)  Represents net amount purchased (sold).

^(d)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Micro E-Mini Russell 2000 Index		1		06/16/23	$	9	$	345

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)	$	—	$	—	$	345	$	—	$	—	$	—	$	345

^(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 March 31, 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	$	—	$	—	$	646	$	—	$	—	$	—	$	646
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	345	$	—	$	—	$	—	$	345

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	8,961

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	$	2,538,033	$	1,849,563	$	—	$	4,387,596

14 2 0 2 3   I S H A R E S   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  (continued) March 31, 2023 iShares^® Environmental Infrastructure and Industrials  ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	345	$	—	$	—	$	345

^(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 15

Schedule of Investments March 31, 2023 iShares^® Global 100 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 0.9%
BHP Group Ltd.		1,052,462	$	33,272,459
France — 5.1%
AXA SA		415,308		12,674,191
Cie. de Saint-Gobain		107,411		6,105,624
Engie SA		387,360		6,129,851
L’Oreal SA		52,260		23,351,996
LVMH Moet Hennessy Louis Vuitton SE		54,215		49,764,399
Orange SA		394,109		4,682,083
Sanofi		238,884		25,913,830
Schneider Electric SE		119,015		19,890,236
Societe Generale SA		156,158		3,518,450
TotalEnergies SE		486,328		28,675,684
Vivendi SE		169,754		1,716,476
				182,422,820
Germany — 3.4%
Allianz SE, Registered		83,791		19,341,983
BASF SE		191,442		10,050,447
Bayer AG, Registered		204,197		13,044,432
Deutsche Bank AG, Registered		426,026		4,332,342
Deutsche Telekom AG, Registered		727,093		17,619,131
E.ON SE		470,552		5,870,003
Mercedes-Benz Group AG		162,685		12,510,925
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		29,255		10,228,585
RWE AG		140,624		6,050,819
Siemens AG, Registered		155,610		25,209,426
				124,258,093
Japan — 3.1%
Bridgestone Corp.		127,600		5,183,457
Canon Inc.		216,850		4,829,218
Honda Motor Co. Ltd.		352,900		9,334,616
Mitsubishi UFJ Financial Group Inc.		2,538,800		16,270,326
Nissan Motor Co. Ltd.		505,400		1,912,730
Panasonic Holdings Corp.		480,400		4,298,192
Seven & i Holdings Co. Ltd.		166,120		7,504,322
Sony Group Corp.		262,800		23,936,713
Toyota Motor Corp.		2,613,400		37,202,790
				110,472,364
Netherlands — 0.3%
ING Groep NV		779,524		9,257,108
Koninklijke Philips NV		187,492		3,443,643
				12,700,751
South Korea — 1.5%
Samsung Electronics Co. Ltd.		1,068,725		52,849,474
Spain — 0.9%
Banco Bilbao Vizcaya Argentaria SA		1,256,640		8,984,170
Banco Santander SA		3,478,456		12,962,395
Repsol SA		275,776		4,240,845
Telefonica SA		1,190,813		5,128,608
				31,316,018
Switzerland — 5.4%
ABB Ltd., Registered		356,484		12,263,585
Credit Suisse Group AG, Registered(a)		789,904		709,353
Nestle SA, Registered		572,170		69,764,976
Novartis AG, Registered		499,391		45,853,341
Roche Holding AG, Bearer		5,654		1,698,974

Security	Shares		Value
Switzerland (continued)
Roche Holding AG, NVS		145,963	$	41,707,827
Swiss Re AG		60,122		6,176,540
UBS Group AG, Registered		732,779		15,506,182
				193,680,778
United Kingdom — 7.4%
Anglo American PLC		278,738		9,271,241
AstraZeneca PLC		322,643		44,703,565
Aviva PLC		592,256		2,958,398
Barclays PLC		3,186,327		5,735,083
BP PLC		3,798,138		24,006,202
Diageo PLC		485,333		21,660,229
GSK PLC		833,593		14,729,015
HSBC Holdings PLC		4,148,500		28,195,257
National Grid PLC		801,635		10,843,715
Prudential PLC		567,528		7,770,381
Rio Tinto PLC		221,350		15,024,772
Shell PLC		1,480,866		42,202,564
Standard Chartered PLC		502,407		3,807,774
Unilever PLC		546,245		28,305,866
Vodafone Group PLC		5,559,648		6,132,830
				265,346,892
United States — 71.7%
3M Co.		114,001		11,982,645
Abbott Laboratories		362,240		36,680,422
Alphabet Inc., Class A(b)		1,239,020		128,523,545
Alphabet Inc., Class C, NVS(b)		1,080,119		112,332,376
Amazon.com Inc.(b)		1,854,602		191,561,841
American Tower Corp.		96,733		19,766,421
Aon PLC, Class A		42,673		13,454,370
Apple Inc.		3,093,937		510,190,211
Bristol-Myers Squibb Co.		442,303		30,656,021
Caterpillar Inc.		108,134		24,745,385
Chevron Corp.		370,073		60,381,111
Citigroup Inc.		402,396		18,868,348
Coca-Cola Co. (The)		808,605		50,157,768
Colgate-Palmolive Co.		173,914		13,069,637
DuPont de Nemours Inc.		95,179		6,830,997
Emerson Electric Co.		118,713		10,344,651
Exxon Mobil Corp.		856,663		93,941,665
Ford Motor Co.		816,909		10,293,053
General Electric Co.		227,070		21,707,892
Goldman Sachs Group Inc. (The)		70,548		23,076,956
Honeywell International Inc.		139,387		26,639,643
HP Inc.		179,562		5,270,145
Intel Corp.		859,492		28,079,604
International Business Machines Corp.		188,061		24,652,917
Johnson & Johnson		543,888		84,302,640
Johnson Controls International PLC		142,720		8,594,598
JPMorgan Chase & Co.		610,191		79,513,989
Kimberly-Clark Corp.		69,827		9,372,180
Marsh & McLennan Companies Inc.		102,855		17,130,500
McDonald’s Corp.		152,167		42,547,415
Merck & Co. Inc.		527,683		56,140,194
Microsoft Corp.		1,548,526		446,440,046
Morgan Stanley		271,435		23,831,993
Nike Inc., Class B		260,184		31,908,966
PepsiCo Inc.		286,692		52,263,952
Pfizer Inc.		1,168,695		47,682,756
Philip Morris International Inc.		322,095		31,323,739
Procter & Gamble Co. (The)		490,812		72,978,836

16 2 0 2 3   I S H A R E S   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  (continued) March 31, 2023 iShares^® Global 100 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Raytheon Technologies Corp.		305,086	$	29,877,072
Texas Instruments Inc.		188,517		35,066,047
Walmart Inc.		291,974		43,051,566
				2,585,234,113
Total Long-Term Investments — 99.7% (Cost: $2,748,173,306)				3,591,553,762
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%(c)(d)(e)		607,063		607,245
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.73%(c)(d)		3,900,000		3,900,000
Total Short-Term Securities — 0.1% (Cost: $4,507,308)				4,507,245
Total Investments — 99.8% (Cost: $2,752,680,614)				3,596,061,007
Other Assets Less Liabilities — 0.2%				8,092,062
Net Assets — 100.0%			$	3,604,153,069

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

^(b)  Non-income producing security.

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—		$608,357	(a)	$	—		$	(1,049	)	$	(63	)	$	607,245		607,063	$	46,637	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		8,396,000		—			(4,496,000	)(a)		—			—			3,900,000		3,900,000		146,039			3
									$	(1,049	)	$	(63	)	$	4,507,245			$	192,676		$	3

^(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
Euro STOXX 50 Index		25		06/16/23	$	1,157	$	55,884
FTSE 100 Index		17		06/16/23		1,605		8,366
S&P 500 E-Mini Index		38		06/16/23		7,862		426,458
							$	490,708

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  (continued) March 31, 2023 iShares^® Global 100 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
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	490,708	$	—	$	—	$	—	$	490,708

^(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 March 31, 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	$	—	$	—	$	(1,647,999	)	$	—	$	—	$	—	$	(1,647,999	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(502,842	)	$	—	$	—	$	—	$	(502,842	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	8,725,620

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	$	2,585,234,113	$	1,006,319,649	$	—	$	3,591,553,762
Short-Term Securities
Money Market Funds		4,507,245		—		—		4,507,245
	$	2,589,741,358	$	1,006,319,649	$	—	$	3,596,061,007
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	426,458	$	64,250	$	—	$	490,708

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

See notes to financial statements.

18 2 0 2 3   I S H A R E S   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 March 31, 2023 iShares^® Global Infrastructure ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Argentina — 0.1%
Corp. America Airports SA(a)		489,781	$	4,985,971
Australia — 8.7%
Atlas Arteria Ltd.		20,316,342		85,775,249
Dalrymple Bay Infrastructure Ltd.		4,214,945		7,550,847
Qube Holdings Ltd.		29,436,144		56,840,522
Transurban Group		19,372,023		184,971,471
				335,138,089
Belgium — 0.2%
Euronav NV		364,480		6,090,940
Brazil — 0.5%
Centrais Eletricas Brasileiras SA, ADR		2,028,059		13,446,031
Cia. de Saneamento Basico do Estado de Sao Paulo, ADR		540,204		5,407,442
				18,853,473
Canada — 9.4%
Enbridge Inc.		5,006,474		190,886,870
Gibson Energy Inc.		345,641		5,524,118
Keyera Corp.		566,568		12,404,549
Pembina Pipeline Corp.		1,363,712		44,175,591
TC Energy Corp.		2,516,630		97,890,669
Westshore Terminals Investment Corp.		607,487		12,154,235
				363,036,032
China — 5.1%
Beijing Capital International Airport Co. Ltd., Class H(a)(b)		27,884,000		20,536,235
CGN Power Co. Ltd., Class H(c)		17,893,000		4,285,257
China Gas Holdings Ltd.		4,730,400		6,660,095
China Longyuan Power Group Corp. Ltd., Class H		5,286,000		6,030,340
China Merchants Port Holdings Co. Ltd.		22,692,000		34,836,566
China Resources Gas Group Ltd.		1,427,300		5,250,192
China Resources Power Holdings Co. Ltd.		2,898,000		6,183,158
COSCO SHIPPING Ports Ltd.(b)		28,678,000		19,176,324
Guangdong Investment Ltd.(b)		4,562,000		4,666,805
Hainan Meilan International Airport Co. Ltd., Class H(a)		2,981,000		7,241,613
Jiangsu Expressway Co. Ltd., Class H		20,372,000		18,945,345
Kunlun Energy Co. Ltd.		6,318,000		4,932,643
Shenzhen Expressway Co. Ltd., Class H		10,218,000		9,078,133
Shenzhen International Holdings Ltd.		23,087,500		20,428,089
Yuexiu Transport Infrastructure Ltd.		15,620,000		8,283,157
Zhejiang Expressway Co. Ltd., Class H		22,708,000		18,066,515
				194,600,467
France — 6.0%
Aeroports de Paris(a)		461,924		65,945,057
Engie SA		2,966,503		46,887,068
Gaztransport Et Technigaz SA		54,087		5,534,578
Getlink SE		6,693,204		110,234,497
				228,601,200
Germany — 2.0%
Fraport AG Frankfurt Airport Services Worldwide(a)		616,602		31,082,795
RWE AG		1,083,851		46,636,322
				77,719,117
Italy — 2.4%
Enav SpA(c)		4,244,636		17,765,277
Enel SpA		12,384,376		75,531,647
				93,296,924

Security	Shares		Value
Japan — 2.0%
Japan Airport Terminal Co. Ltd.(a)(b)		1,552,800	$	77,566,656
Mexico — 6.9%
Grupo Aeroportuario del Centro Norte SAB de CV, ADR(b)		567,370		50,785,289
Grupo Aeroportuario del Pacifico SAB de CV, ADR		603,758		117,799,223
Grupo Aeroportuario del Sureste SAB de CV, ADR		314,062		96,250,581
				264,835,093
New Zealand — 2.9%
Auckland International Airport Ltd.(a)		20,133,178		109,564,395
Norway — 0.1%
Frontline PLC, NVS		330,254		5,400,876
Singapore — 1.4%
Hutchison Port Holdings Trust, Class U(b)		84,226,700		15,775,829
SATS Ltd.(a)(b)		14,601,118		30,728,046
SIA Engineering Co. Ltd.(a)(b)		4,301,900		7,291,239
				53,795,114
South Korea — 0.2%
Sebang Co. Ltd.		186,697		6,596,814
Spain — 8.0%
Aena SME SA(a)(c)		1,172,082		189,535,352
Iberdrola SA		9,402,376		117,132,899
				306,668,251
Switzerland — 1.5%
Flughafen Zurich AG, Registered(a)		317,327		58,139,332
United Kingdom — 2.2%
National Grid PLC		6,212,929		84,042,274
United States — 39.3%
American Electric Power Co. Inc.		823,625		74,941,639
American Water Works Co. Inc.		309,289		45,307,746
Cheniere Energy Inc.		614,796		96,891,850
Consolidated Edison Inc.		568,777		54,414,896
Dominion Energy Inc.		1,335,579		74,672,222
DTE Midstream LLC(a)		239,212		11,809,896
Duke Energy Corp.		1,234,162		119,059,608
Edison International		612,072		43,206,162
Equitrans Midstream Corp.		1,093,075		6,317,973
Eversource Energy		558,269		43,690,132
Exelon Corp.		1,592,777		66,721,429
Kinder Morgan Inc.		4,891,096		85,643,091
NextEra Energy Inc.		2,482,613		191,359,810
ONEOK Inc.		1,105,069		70,216,084
PG&E Corp.(a)		2,580,579		41,727,962
Public Service Enterprise Group Inc.		799,721		49,942,576
Sempra Energy		503,815		76,156,675
Southern Co. (The)		1,744,933		121,412,438
Targa Resources Corp.		559,700		40,830,115
WEC Energy Group Inc.		505,582		47,924,118
Williams Companies Inc. (The)		3,011,438		89,921,539
Xcel Energy Inc.		877,133		59,153,850
				1,511,321,811
Total Common Stocks — 98.9% (Cost: $3,534,674,811)				3,800,252,829

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  (continued) March 31, 2023 iShares^® Global Infrastructure ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Preferred Stocks
Brazil — 0.1%
Cia. Energetica de Minas Gerais, Preference Shares, ADR		2,316,505	$	5,188,971
Total Preferred Stocks — 0.1% (Cost: $4,132,079)				5,188,971
Total Long-Term Investments — 99.0% (Cost: $3,538,806,890)				3,805,441,800
Short-Term Securities
Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%(d)(e)(f)		8,021,129		8,023,535
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.73%(d)(e)		16,620,000		16,620,000
Total Short-Term Securities — 0.7% (Cost: $24,640,612)				24,643,535
Total Investments — 99.7% (Cost: $3,563,447,502)				3,830,085,335
Other Assets Less Liabilities — 0.3%				13,348,655
Net Assets — 100.0%			$	3,843,433,990

^(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

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,940,677	$	6,086,396	(a)	$	—	$	(5,398	)	$	1,860	$	8,023,535		8,021,129	$	307,537	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		6,110,000		10,510,000	(a)		—		—			—		16,620,000		16,620,000		122,877			4
								$	(5,398	)	$	1,860	$	24,643,535			$	430,414		$	4

^(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
IBEX 35 Index		81		04/21/23	$	8,090	$	249,877
S&P/TSX 60 Index		80		06/15/23		14,315		292,902
SPI 200 Index		88		06/15/23		10,621		224,331
Dow Jones U.S. Real Estate Index		162		06/16/23		5,367		255,169
							$	1,022,279

20 2 0 2 3   I S H A R E S   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  (continued) March 31, 2023 iShares^® Global Infrastructure 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
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	1,022,279	$	—	$	—	$	—	$	1,022,279

^(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 March 31, 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	$	—	$	—	$	(2,315,530	)	$	—	$	—	$	—	$	(2,315,530	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	847,114		$	—	$	—	$	—	$	847,114

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	22,189,912

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	$	2,175,984,103	$	1,624,268,726	$	—	$	3,800,252,829
Preferred Stocks		5,188,971		—		—		5,188,971
Short-Term Securities
Money Market Funds		24,643,535		—		—		24,643,535
	$	2,205,816,609	$	1,624,268,726	$	—	$	3,830,085,335
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	548,071	$	474,208	$	—	$	1,022,279

^(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   March 31, 2023 iShares^® Global Timber & Forestry ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 10.9%
Dexco SA		800,162	$	928,282
Klabin SA		2,580,978		9,211,868
Suzano SA		1,442,804		11,842,012
				21,982,162
Canada — 9.9%
Canfor Corp.(a)		269,669		4,333,859
Interfor Corp.(a)		200,044		3,259,319
Stella-Jones Inc.		92,390		3,540,420
West Fraser Timber Co. Ltd.		124,008		8,845,262
				19,978,860
China — 2.0%
Nine Dragons Paper Holdings Ltd.(b)		5,493,000		4,112,439
Finland — 9.3%
Stora Enso OYJ, Class R		846,647		11,014,770
UPM-Kymmene OYJ		230,553		7,743,806
				18,758,576
Ireland — 5.5%
Smurfit Kappa Group PLC		307,783		11,163,312
Japan — 9.6%
Daio Paper Corp.		315,900		2,470,574
Nippon Paper Industries Co. Ltd.(a)		358,900		2,772,579
Oji Holdings Corp.		1,951,900		7,728,267
Sumitomo Forestry Co. Ltd.		327,400		6,503,929
				19,475,349
Portugal — 1.5%
Altri SGPS SA(b)		296,899		1,528,885
Navigator Co. SA (The)		393,397		1,406,394
				2,935,279
South Africa — 2.1%
Sappi Ltd.		1,652,358		4,251,307
Sweden — 14.1%
Billerud AB		428,918		4,408,496
Holmen AB, Class B		229,798		8,859,228
Svenska Cellulosa AB SCA, Class B		1,154,188		15,201,273
				28,468,997

Security	Shares		Value
United Kingdom — 3.8%
Mondi PLC		490,506	$	7,787,766
United States — 30.2%
Clearwater Paper Corp.(a)		36,985		1,236,039
International Paper Co.		341,437		12,312,218
Mercer International Inc.		124,988		1,221,758
PotlatchDeltic Corp.		185,572		9,185,814
Rayonier Inc.		277,264		9,221,801
Sylvamo Corp.		92,087		4,259,944
Westrock Co.		267,202		8,141,645
Weyerhaeuser Co.		515,853		15,542,651
				61,121,870
Total Long-Term Investments — 98.9% (Cost: $229,104,265)				200,035,917
Short-Term Securities
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%(c)(d)(e)		666,360		666,559
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.73%(c)(d)		260,000		260,000
Total Short-Term Securities — 0.4% (Cost: $926,797)				926,559
Total Investments — 99.3% (Cost: $230,031,062)				200,962,476
Other Assets Less Liabilities — 0.7%				1,340,877
Net Assets — 100.0%			$	202,303,353

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

^(e)  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 year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—		$667,501	(a)	$	—		$	(704	)	$	(238	)	$	666,559		666,360	$	16,928	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		470,000		—			(210,000	)(a)		—			—			260,000		260,000		4,402			—
									$	(704	)	$	(238	)	$	926,559			$	21,330		$	—

^(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.

22 2 0 2 3   I S H A R E S   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   (continued) March 31, 2023 iShares^® Global Timber & Forestry 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
Russell 1000 Value Index		26		06/16/23	$	1,966	$	66,260

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)	$	—	$	—	$	66,260	$	—	$	—	$	—	$	66,260

^(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 March 31, 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	$	—	$	—	$	(252,878	)	$	—	$	—	$	—	$	(252,878	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	14,730		$	—	$	—	$	—	$	14,730

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	1,566,946

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	$	107,334,199	$	92,701,718	$	—	$	200,035,917
Short-Term Securities
Money Market Funds		926,559		—		—		926,559
	$	108,260,758	$	92,701,718	$	—	$	200,962,476
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	66,260	$	—	$	—	$	66,260

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

See notes to financial statements.

S C H E D U L E    O F    I N V E S T M E N T S 23

Statements of Assets and Liabilities

March 31, 2023

	iShares Environmental Infrastructure and Industrials ETF			iShares Global 100 ETF		iShares Global Infrastructure ETF			iShares Global Timber & Forestry ETF
ASSETS
Investments, at value — unaffiliated(a)(b)		$	4,387,596	$	3,591,553,762	$	3,805,441,800		$	200,035,917
Investments, at value — affiliated(c)			—		4,507,245		24,643,535			926,559
Cash			1,882		6,391		22,620			52,001
Cash pledged for futures contracts			1,000		430,000		522,000			112,000
Foreign currency collateral pledged for futures contracts(d)			—		187,956		2,737,441			—
Foreign currency, at value(e)			6,846		2,100,960		14,422,557			319,589
Receivables:
Investments sold			—		—		178,260,670			13,328,983
Securities lending income — affiliated			6		2,890		117,410			559
Dividends — unaffiliated			6,615		6,789,680		7,659,537			986,572
Dividends — affiliated			12		20,422		17,309			515
Tax reclaims			190		1,891,132		277,891			504,145
Variation margin on futures contracts			159		125,842		505,864			23,706
Total assets			4,404,306		3,607,616,280		4,034,628,634			216,290,546
LIABILITIES
Collateral on securities loaned, at value			—		609,268		8,021,119			666,811
Payables:
Investments purchased			395		32,039		181,697,893			13,231,007
Capital shares redeemed			—		—		145,280			—
Investment advisory fees			1,708		1,170,068		1,330,352			71,491
IRS compliance fee for foreign withholding tax claims			—		1,494,463		—			—
Professional fees			—		157,373		—			17,884
Total liabilities			2,103		3,463,211		191,194,644			13,987,193
NET ASSETS		$	4,402,203	$	3,604,153,069	$	3,843,433,990		$	202,303,353
NET ASSETS CONSIST OF
Paid-in capital		$	4,016,012	$	2,929,955,850	$	3,961,921,115		$	260,086,403
Accumulated earnings (loss)			386,191		674,197,219		(118,487,125	)		(57,783,050	)
NET ASSETS		$	4,402,203	$	3,604,153,069	$	3,843,433,990		$	202,303,353
NET ASSETVALUE
Shares outstanding			160,000		51,450,000		80,600,000			2,820,000
Net asset value		$	27.51	$	70.05	$	47.69		$	71.74
Shares authorized			Unlimited		Unlimited		Unlimited			Unlimited
Par value			None		None		None			None
(a) Investments, at cost — unaffiliated		$	3,980,465	$	2,748,173,306	$	3,538,806,890		$	229,104,265
(b) Securities loaned, at value		$	—	$	582,061	$	7,163,249		$	616,863
(c)  Investments, at cost — affiliated		$	—	$	4,507,308	$	24,640,612		$	926,797
(d) Foreign currency collateral pledged, at cost		$	—	$	188,683	$	2,756,643		$	—
(e) Foreign currency, at cost		$	6,765	$	2,123,077	$	14,409,485		$	319,161

See notes to financial statements.

24 2 0 2 3   I S H A R E S   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

Year Ended March 31, 2023

	iShares Environmental Infrastructure and Industrials				iShares Global 100			iShares Global Infrastructure			iShares Global Timber &
			ETF	(a)		ETF			ETF			Forestry ETF
INVESTMENT INCOME
Dividends — unaffiliated		$	27,663		$	83,753,562		$	123,051,271		$	5,724,445
Dividends — affiliated			22			146,039			122,877			4,402
Securities lending income — affiliated — net			6			46,637			307,537			16,928
Other income — unaffiliated			—			1,171,834			64,110			506
Foreign taxes withheld			(1,341	)		(3,870,695	)		(7,632,922	)		(413,705	)
Foreign withholding tax claims			—			3,466,320			234,674			178,307
IRS compliance fee for foreign withholding tax claims			—			(1,460,773	)		—			195
Total investment income			26,350			83,252,924			116,147,547			5,511,078
EXPENSES
Investment advisory			8,359			14,080,736			14,877,540			1,019,624
Commitment costs			15			3,321			5,820			1,655
Professional			—			464,099			29,883			17,881
Total expenses			8,374			14,548,156			14,913,243			1,039,160
Net investment income			17,976			68,704,768			101,234,304			4,471,918
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated			(35,017	)		(32,267,941	)		(99,379,068	)		(16,512,813	)
Investments — affiliated			(2	)		(1,049	)		(5,398	)		(704	)
Capital gain distributions from underlying funds — affiliated			—			3			4			—
Foreign currency transactions			801			(575,716	)		1,060,958			(28,951	)
Futures contracts			646			(1,647,999	)		(2,315,530	)		(252,878	)
In-kind redemptions — unaffiliated(b)			—			172,820,875			100,177,790			4,560,419
			(33,572	)		138,328,173			(461,244	)		(12,234,927	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated			407,131			(446,084,468	)		(212,265,291	)		(45,306,529	)
Investments — affiliated			—			(63	)		1,860			(238	)
Foreign currency translations			101			23,258			361,959			(49,770	)
Futures contracts			345			(502,842	)		847,114			14,730
			407,577			(446,564,115	)		(211,054,358	)		(45,341,807	)
Net realized and unrealized gain (loss)			374,005			(308,235,942	)		(211,515,602	)		(57,576,734	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	391,981		$	(239,531,174	)	$	(110,281,298	)	$	(53,104,816	)

^(a)  For the period from November 01, 2022 (commencement of operations) to March 31, 2023.

^(b)  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 25

Statements of Changes in Net Assets

	iShares Environmental Infrastructure and Industrials ETF					iShares Global 100 ETF
		Period From
				11/01/22	(a)		Year Ended			Year Ended
		to 03/31/23					03/31/23			03/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income			$	17,976		$	68,704,768		$	55,780,470
Net realized gain (loss)				(33,572	)		138,328,173			116,816,003
Net change in unrealized appreciation (depreciation)				407,577			(446,564,115	)		345,899,984
Net increase (decrease) in net assets resulting from operations				391,981			(239,531,174	)		518,496,457
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders				(5,790	)		(66,133,768	)		(56,448,560	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions				4,016,012			66,208,396			408,496,678
NET ASSETS
Total increase (decrease) in net assets				4,402,203			(239,456,546	)		870,544,575
Beginning of period				—			3,843,609,615			2,973,065,040
End of period			$	4,402,203		$	3,604,153,069		$	3,843,609,615

^(a)  Commencement of operations.

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

See notes to financial statements.

26 2 0 2 3   I S H A R E S   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 Infrastructure ETF						iShares Global Timber & Forestry ETF
	Year Ended 03/31/23				Year Ended 03/31/22			Year Ended 03/31/23			Year Ended 03/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	101,234,304		$	70,322,524		$	4,471,918		$	5,956,846
Net realized gain (loss)			(461,244	)		102,129,926			(12,234,927	)		41,102,186
Net change in unrealized appreciation (depreciation)			(211,054,358	)		292,894,503			(45,341,807	)		(34,689,412	)
Net increase (decrease) in net assets resulting from operations			(110,281,298	)		465,346,953			(53,104,816	)		12,369,620
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(92,664,851	)		(76,469,201	)		(5,674,714	)		(4,841,317	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			613,390,828			(19,508,370	)		(54,370,685	)		(24,124,346	)
NET ASSETS
Total increase (decrease) in net assets			410,444,679			369,369,382			(113,150,215	)		(16,596,043	)
Beginning of year			3,432,989,311			3,063,619,929			315,453,568			332,049,611
End of year		$	3,843,433,990		$	3,432,989,311		$	202,303,353		$	315,453,568

^(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 27

Financial Highlights

(For a share outstanding throughout the period)

	iShares Environmental Infrastructure and Industrials                 ETF
	Period From
				11/01/22	(a)
		to 03/31/23
Net asset value, beginning of period			$	25.10
Net investment income(b)				0.11
Net realized and unrealized gain(c)				2.34
Net increase from investment operations				2.45
Distributions from net investment income(d)				(0.04	)
Net asset value, end of period			$	27.51
Total Return(e)
Based on net asset value				9.76	%(f)
Ratios to Average Net Assets(g)
Total expenses				0.47	%(h)
Net investment income				1.01	%(h)
Supplemental Data
Net assets, end of period (000)			$	4,402
Portfolio turnover rate(i)				13	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

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

^(f)  Not annualized.

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

^(h)  Annualized.

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

See notes to financial statements.

28 2 0 2 3   I S H A R E S   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 100 ETF
		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 year	$	75.96		$	65.92		$	44.71		$	47.57		$	45.54
Net investment income(b)		1.30	(c)		1.16			0.99			1.06			1.14
Net realized and unrealized gain (loss)(d)		(5.93	)		10.08			21.16			(2.83	)		1.97
Net increase (decrease) from investment operations		(4.63	)		11.24			22.15			(1.77	)		3.11
Distributions from net investment income(e)		(1.28	)		(1.20	)		(0.94	)		(1.09	)		(1.08	)
Net asset value, end of year	$	70.05		$	75.96		$	65.92		$	44.71		$	47.57
Total Return(f)
Based on net asset value		(6.02	)%(c)		17.11	%		49.88	%		(3.91	)%		7.00	%
Ratios to Average Net Assets(g)
Total expenses		0.41	%		0.40	%		0.40	%		0.40	%		0.40	%
Total expenses excluding professional fees for foreign withholding tax claims		0.40	%		0.40	%		N/A			0.40	%		N/A
Net investment income		1.95	%(c)		1.58	%		1.71	%		2.11	%		2.46	%
Supplemental Data
Net assets, end of year (000)	$	3,604,153		$	3,843,610		$	2,973,065		$	1,855,568		$	2,031,281
Portfolio turnover rate(h)		2	%		2	%		3	%		5	%		9	%

^(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 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 $0.06.

• Total return by 0.08%.

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

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

^(h)  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 29

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Global Infrastructure ETF
		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 year	$	50.78		$	45.05		$	33.89		$	44.78		$	42.73
Net investment income(a)		1.33			1.04			1.04			1.54			1.34
Net realized and unrealized gain (loss)(b)		(3.20	)		5.84			11.14			(10.86	)		2.10
Net increase (decrease) from investment operations		(1.87	)		6.88			12.18			(9.32	)		3.44
Distributions from net investment income(c)		(1.22	)		(1.15	)		(1.02	)		(1.57	)		(1.39	)
Net asset value, end of year	$	47.69		$	50.78		$	45.05		$	33.89		$	44.78
Total Return(d)
Based on net asset value		(3.74	)%(e)		15.54	%		36.27	%(f)		(21.75	)%		8.40	%
Ratios to Average Net Assets(g)
Total expenses		0.41	%		0.40	%		0.43	%		0.46	%		0.46	%
Total expenses excluding professional fees for foreign withholding tax claims		0.41	%		N/A			N/A			N/A			N/A
Net investment income		2.81	%(e)		2.23	%		2.57	%		3.38	%		3.15	%
Supplemental Data
Net assets, end of year (000)	$	3,843,434		$	3,432,989		$	3,063,620		$	2,741,647		$	2,825,830
Portfolio turnover rate(h)		19	%		16	%		25	%		9	%		19	%

^(a)  Based on average shares outstanding.

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

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

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

^(e)  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:

• Total return by 0.01%.

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

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

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

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

See notes to financial statements.

30 2 0 2 3   I S H A R E S   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 Timber & Forestry ETF
		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 year			$	89.11			$	85.14			$	48.10			$	63.82			$	78.11
Net investment income(a)				1.40	(b)			1.58	(b)			0.78				0.79				1.57
Net realized and unrealized gain (loss)(c)				(17.13	)			3.53				37.04				(15.27	)			(14.25	)
Net increase (decrease) from investment operations				(15.73	)			5.11				37.82				(14.48	)			(12.68	)
Distributions from net investment income(d)				(1.64	)			(1.14	)			(0.78	)			(1.24	)			(1.61	)
Net asset value, end of year			$	71.74			$	89.11			$	85.14			$	48.10			$	63.82
Total Return(e)
Based on net asset value				(17.90	)%(b)			6.04	%(b)			79.23	%			(23.04	)%			(16.22	)%
Ratios to Average Net Assets(f)
Total expenses				0.42	%			0.41	%			0.43	%			0.46	%			0.46	%
Total expenses excluding professional fees for foreign withholding tax claims				0.41	%			0.40	%			N/A				N/A				0.46	%
Net investment income				1.81	%(b)			1.78	%(b)			1.15	%			1.30	%			2.17	%
Supplemental Data
Net assets, end of year (000)			$	202,303			$	315,454			$	332,050			$	173,178			$	279,553
Portfolio turnover rate(g)				29	%			18	%			14	%			10	%			18	%

^(a)  Based on average shares outstanding.

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

• Net investment income per share by $0.07 and $0.05.

• Total return by 0.09% and 0.07%.

• Ratio of net investment income to average net assets by 0.07% and 0.06%.

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

^(g)  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 31

Notes to Financial Statements

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
Environmental Infrastructure and Industrials(a)		Non-diversified
Global 100		Diversified
Global Infrastructure		Diversified
Global Timber & Forestry		Non-diversified

^(a)  The Fund commenced operations on November 01, 2022.

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 March 31, 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.

32 2 0 2 3   I S H A R E S   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  (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. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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

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 33

Notes to Financial Statements  (continued)

or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
Global 100
Barclays Bank PLC	$	582,061	$	(582,061	)	$	—		$	—
Global Infrastructure
BNP Paribas SA	$	689,227	$	(689,227	)	$	—		$	—
BofA Securities, Inc.		76,353		(76,353	)		—			—
HSBC Bank PLC		43,831		(43,831	)		—			—
J.P. Morgan Securities LLC		1,839,432		(1,839,432	)		—			—
Macquarie Bank Limited		2,719,014		(2,719,014	)		—			—
Morgan Stanley & Co. LLC		1,795,392		(1,576,185	)		—			219,207	(b)
	$	7,163,249	$	(6,944,042	)	$	—		$	219,207
Global Timber & Forestry
BofA Securities, Inc.	$	247,061	$	(247,061	)	$	—		$	—
J.P. Morgan Securities LLC		369,802		(369,802	)		—			—
	$	616,863	$	(616,863	)	$	—		$	—

^(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 March 31, 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.

34 2 0 2 3   I S H A R E S   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  (continued)

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 of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fees
Environmental Infrastructure and Industrials		0.47	%
Global 100		0.40

For its investment advisory services to each of the iShares Global Infrastructure and iShares Global Timber & Forestry ETFs, 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.

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

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

Pursuant to the current securities lending agreement, the iShares Global 100 ETF (the “Group 1 Fund”), 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.

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 35

Notes to Financial Statements  (continued)

Pursuant to the current securities lending agreement, the iShares Environmental Infrastructure and Industrials ETF. iShares Global Infrastructure ETF and iShares Global Timber & Forestry ETF(the “Group 2 Fund”), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

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

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended March 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Environmental Infrastructure and Industrials	$	2
Global 100		11,635
Global Infrastructure		71,754
Global Timber & Forestry		4,910

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

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 year ended March 31, 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 100	$	18,169,944	$	11,582,837	$	(6,722,081	)
Global Infrastructure		6,575,076		14,633,680		(3,281,391	)
Global Timber & Forestry		2,729,869		2,431,572		(234,766	)

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 year ended March 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Environmental Infrastructure and Industrials	$	753,978	$	748,497
Global 100		130,298,506		85,575,066
Global Infrastructure		736,377,585		659,281,717
Global Timber & Forestry		72,589,924		76,355,842

For the year ended March 31, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind     Sales
Environmental Infrastructure and Industrials	$	4,010,012	$	—
Global 100		338,242,775		311,132,004
Global Infrastructure		926,884,181		401,111,730
Global Timber & Forestry		—		49,644,281

36 2 0 2 3   I S H A R E S   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  (continued)

8. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of March 31, 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2023, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital		Accumulated    Earnings (Loss)
Global 100	$	170,781,074	$	(170,781,074	)
Global Infrastructure		92,715,152		(92,715,152	)
Global Timber & Forestry		3,821,265		(3,821,265	)

The tax character of distributions paid was as follows:

iShares ETF	Period Ended 03/31/23
Environmental Infrastructure and Industrials
Ordinary income	$	5,790

iShares ETF	Year Ended 03/31/23		Year Ended 03/31/22
Global 100
Ordinary income	$	66,133,768	$	56,448,560
Global Infrastructure
Ordinary income	$	92,664,851	$	76,469,201
Global Timber & Forestry
Ordinary income	$	5,674,714	$	4,841,317

As of March 31, 2023, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Total
Environmental Infrastructure and Industrials	$	12,995	$	(33,072	)	$	406,268		$	386,191
Global 100		19,770,814		(138,980,093	)		793,406,498			674,197,219
Global Infrastructure		17,618,492		(370,265,257	)		234,159,640			(118,487,125	)
Global Timber & Forestry		29,586		(27,091,323	)		(30,721,313	)		(57,783,050	)

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

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.

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 37

Notes to Financial Statements  (continued)

As of March 31, 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)
Environmental Infrastructure and Industrials	$	3,981,429	$	458,265	$	(52,098	)	$	406,167
Global 100		2,802,627,816		997,547,403		(204,114,212	)		793,433,191
Global Infrastructure		3,596,689,989		413,110,635		(178,948,178	)		234,162,457
Global Timber & Forestry		231,660,638		9,022,380		(39,720,542	)		(30,698,162	)

9. LINE OF CREDIT

The iShares Environmental Infrastructure and Industrials ETF, iShares Global 100 ETF, iShares Global Infrastructure ETF and iShares Global Timber & Forestry 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 11, 2023. 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 year ended March 31, 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.

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.

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.

38 2 0 2 3   I S H A R E S   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  (continued)

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.

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

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

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

Certain Funds invest a significant portion of their assets in securities 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:

	Period Ended 03/31/23(a)
iShares ETF	Shares		Amount
Environmental Infrastructure and Industrials
Shares sold		160,000	$	4,016,012

^(a)  The Fund commenced operations on November 01, 2022.

	Year Ended 03/31/23						Year Ended 03/31/22
iShares ETF	Shares			Amount			Shares			Amount
Global 100
Shares sold		5,700,000		$	385,994,005			8,550,000		$	627,959,649
Shares redeemed		(4,850,000	)		(319,785,609	)		(3,050,000	)		(219,462,971	)
		850,000		$	66,208,396			5,500,000		$	408,496,678

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 39

Notes to Financial Statements  (continued)

	Year Ended 03/31/23						Year Ended 03/31/22
iShares ETF	Shares			Amount			Shares			Amount
Global Infrastructure
Shares sold		21,600,000		$	1,019,069,803			5,600,000		$	265,747,265
Shares redeemed		(8,600,000	)		(405,678,975	)		(6,000,000	)		(285,255,635	)
		13,000,000		$	613,390,828			(400,000	)	$	(19,508,370	)
Global Timber & Forestry
Shares sold		—		$	(1,137	)		1,380,000		$	129,168,563
Shares redeemed		(720,000	)		(54,369,548	)		(1,740,000	)		(153,292,909	)
		(720,000	)	$	(54,370,685	)		(360,000	)	$	(24,124,346	)

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 the iShares Global Infrastructure ETF is able to pass through to shareholders as a foreign tax credit in the current year, the Fund 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 Fund.

The iShares Global 100 ETF is seeking a closing agreement with the Internal Revenue Service (“IRS”) to address any prior years’ U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Fund has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statement of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

13. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the four funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (four of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2023, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2023, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

iShares Environmental Infrastructure and Industrials ETF⁽¹⁾

iShares Global 100 ETF⁽²⁾

iShares Global Infrastructure ETF⁽²⁾

iShares Global Timber & Forestry ETF⁽²⁾

⁽¹⁾  Statement of operations and statement of changes in net assets for the period November 1, 2022 (commencement of operations) to March 31, 2023.

⁽²⁾  Statements of operations for the year ended March 31, 2023 and statements of changes in net assets for each of the two years in the period ended March 31, 2023.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 25, 2023

We have served as the auditor of one or more BlackRock investment companies since 2000.

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Important Tax Information  (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2023:

iShares ETF	Qualified Dividend Income
Environmental Infrastructure and Industrials	$	26,765
Global 100		83,155,055
Global Infrastructure		113,451,966
Global Timber & Forestry		3,912,298

The following amount, or maximum amount allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2023:

iShares ETF	Qualified Business Income
Global 100	$	319,732

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended March 31, 2023:

iShares ETF	Foreign Source Income Earned		Foreign Taxes Paid
Environmental Infrastructure and Industrials	$	15,292	$	183
Global Infrastructure		81,875,964		7,422,358
Global Timber & Forestry		5,622,955		192,308

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2023 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received Deduction
Environmental Infrastructure and Industrials		64.36	%
Global 100		60.68	%
Global Infrastructure		37.45	%

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Board Review and Approval of Investment Advisory Contract  

iShares Environmental Infrastructure and Industrials 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 to consider and approve the proposed Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. 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 terms of the proposed Advisory Agreement. At a meeting held on September 21-22, 2022, the Board, including the Independent Board Members, approved the selection of BFA as investment adviser and approved the proposed Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. (“BTC”), and BlackRock, Inc. (“BlackRock”), as applicable, at prior Board meetings. 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 Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses of the Fund; (ii) the nature, extent and quality of the services to be provided by BFA; (iii) the costs of services to be provided to the Fund and the availability of information related to profits to be realized by BFA and its affiliates; (iv) potential economies of scale; (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, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the Advisory Agreement are discussed below.

Expenses 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 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 waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

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 of the Fund supported the Board’s approval of the Advisory Agreement.

Nature, Extent and Quality of Services to be Provided by BFA: The Board reviewed the scope of services to be provided by BFA under the Advisory Agreement. 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 and have made significant investments into the iShares business to support the iShares funds and their shareholders. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA’s compliance program and its compliance record with respect to other iShares funds. 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 who will be responsible for the day-to-day management of the Fund, as well as the resources that will be available to them in managing the Fund. The Board also considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided throughout the year with respect to other iShares funds, and other matters related to BFA’s portfolio compliance program.

Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided to the Fund under the Advisory Agreement supported the Board’s approval of the Advisory Agreement.

Costs of Services to be Provided to the Fund and Profits to be Realized by BFA and Affiliates: The Board did not consider the profitability of the Fund to BFA based on the fees payable under the Advisory Agreement or revenue to be received by BFA or its affiliates in connection with services to be provided to the Fund since the proposed relationship had not yet commenced. The Board noted that it expects to receive profitability information from BFA periodically following the Fund’s launch and will thus be in a position to evaluate whether any new or additional breakpoints or other adjustments in Fund fees would be appropriate.

Economies of Scale: The Board considered information that it had previously received regarding potential economies of scale, efficiencies and scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

This consideration 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 Advisory Agreement.

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 noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index

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Board Review and Approval of Investment Advisory Contract  (continued)

as the Fund. The Board further noted that BFA previously provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the iShares funds, including in terms of the different and generally more extensive services provided to the iShares funds, 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 considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement.

Other Benefits to BFA and/or its Affiliates: Except as noted below, the Board did not consider the “fallout” benefits or ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA since the proposed relationship had not yet commenced. However, 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 considered the potential payment of advisory fees and/or administration 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 and/or administration services. The Board also noted the potential revenue to be received by BFA and/or its affiliates pursuant to an agreement that would permit 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 also considered the potential for revenue to BTC, the Fund’s securities lending agent, and its affiliates in the event of any loaning of portfolio securities of 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 Advisory Agreement.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services to be rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the Advisory Agreement.

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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Global 100 ETF, iShares Global Infrastructure ETF and iShares Global Timber & Forestry ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, the imposition of capital controls in certain non-U.S. countries, Russian sanctions and the closure of the Russian securities market.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

S T A T E M E N T   R E G A R D I N G   L I Q U I D I T Y   R I S K   M A N A G E M E N T   P R O G R A M 45

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.

March 31, 2023

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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 Infrastructure	$	1.222854	$	—	$	—	$	1.222854		100	%		—	%		—	%		100	%
Global Timber & Forestry		1.642848		—		—		1.642848		100			—			—			100

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

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Trustee and Officer Information  (unaudited)

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 380 funds as of March 31, 2023. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (1957)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji(b) (1970)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).
(a)   Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. (b)   Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.
Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (1955)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (1956)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (1954)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

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Trustee and Officer Information  (unaudited)  (continued)

Independent Trustees (continued)
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Chair (1994-2005) and Member (1992-2021) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020); Director of the Jackson Hole Center for the Arts (since 2021); Member of the Wyoming State Investment Funds Committee (since 2022).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).
John E. Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (1964)	Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).
Officers
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Dominik Rohé (1973)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2005); Head of Americas ETF and Index Investments (since 2023); Head of Latin America (2019-2023).
Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (1967)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Marisa Rolland (1980)	Secretary (since 2022).	Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).

48 2 0 2 3   I S H A R E S   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

Trustee and Officer Information  (unaudited)  (continued)

Officers (continued)
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Jennifer Hsui (1976)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).
James Mauro (1970)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

Effective March 30, 2023, Dominik Rohé replaced Armando Senra as President.

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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.

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Glossary of Terms Used in this Report

Portfolio Abbreviation
ADR	American Depositary Receipt
NVS	Non-Voting Shares

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The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

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iS-AR-303-0323

            

MARCH 31, 2023

2023 Annual Report

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,

Significant economic headwinds emerged during the 12-month reporting period ended March 31, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate.

Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks declined, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and volatile commodities prices.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, we believe that it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector late in the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, we prefer an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession. Nevertheless, we are overweight on emerging market stocks as we believe a weakening U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where we believe that valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we’re concerned about tightening credit and financial conditions. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

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.

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of March 31, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	15.62%	(7.73)%
U.S. small cap equities (Russell 2000® Index)	9.14	(11.61)
International equities (MSCI Europe, Australasia, Far East Index)	27.27	(1.38)
Emerging market equities (MSCI Emerging Markets Index)	14.04	(10.70)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	1.93	2.52
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	4.38	(6.90)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	4.89	(4.78)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	7.00	0.26
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	7.88	(3.35)
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
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		25
Disclosure of Expenses		25
Schedules of Investments		26
Financial Statements
Statements of Assets and Liabilities		64
Statements of Operations		67
Statements of Changes in Net Assets		70
Financial Highlights		75
Notes to Financial Statements		85
Report of Independent Registered Public Accounting Firm		96
Important Tax Information		97
Statement Regarding Liquidity Risk Management Program		98
Supplemental Information		99
Trustee and Officer Information		101
General Information		104
Glossary of Terms Used in this Report		105

Market Overview

iShares Trust

Global Market Overview

Global equity markets declined during the 12 months ended March 31, 2023 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned -7.44% in U.S. dollar terms for the reporting period. In the first half of the reporting period, concerns about the state of the global economy in the face of high inflation and rapidly rising interest rates drove stocks sharply lower. However, stock prices recovered somewhat in the reporting period’s second half, as economic growth proved resilient despite its slower pace.

Inflation was a significant factor in equity markets, and while its impact varied by country, most major economies experienced substantial inflation during the reporting period. This drove a wave of monetary tightening by most of the world’s central banks, which sent interest rates and borrowing costs sharply higher. The U.S. Federal Reserve (“Fed”) raised interest rates eight times, driving an increase in the value of the U.S. dollar relative to most other currencies. Commodities prices were volatile, and as the reporting period began, disruptions in the wake of Russia’s invasion of Ukraine meant high prices for energy commodities and some foods. While oil, gas, and most other commodities declined as markets adjusted to the war’s disruption, elevated prices exacerbated inflationary pressure.

The U.S. economy recovered from a decline in the first half of 2022 to post modest growth in the third and fourth quarters of 2022. Consumers continued to power the economy with growing spending, despite higher prices for many consumer goods and services. The strong labor market supported spending as unemployment remained very low, at one point dropping to the lowest recorded level since 1969. Furthermore, the labor force participation rate—which measures the total proportion of employed persons of working age—rose, indicating that more people were being drawn into the labor force. Amid tightening labor supply, wages rose significantly, with the largest gains at the lower end of the wage spectrum.

In addition to its interest rate increases, the Fed also started to reduce the size of its balance sheet by reducing the store of U.S. Treasuries it had accumulated to stabilize markets in the early phases of the coronavirus pandemic. While the Fed indicated that more tightening could be needed to achieve its long-term inflation goal, it sounded a more cautious note about the potential for further interest rate increases near the end of the reporting period.

European stocks outpaced most other regions of the globe, advancing modestly for the reporting period despite slowing economic growth. European stocks benefited from a solid recovery following the early phases of the war in Ukraine. While the conflict disrupted critical natural gas supplies, new sources were secured and prices began to decline, while a warm winter helped moderate consumption. The European Central Bank (“ECB”) responded to the highest inflation since the introduction of the euro by raising interest rates six times.

While inflation was somewhat more moderate in the Asia-Pacific region, stocks there declined amid higher interest rates and disruption from coronavirus-related lockdowns in China. However, China relaxed its strict anti-coronavirus protocols in December 2022, boosting analysts’ expectations for future growth in the region. Emerging market stocks declined substantially, pressured by slowing economic growth and a stronger U.S. dollar. The Fed’s interest rate increases weighed on emerging market equities by making U.S. assets relatively more attractive.

4 2 0 2 3   I S H A R E S   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 March 31, 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
	1 Year			5 Years			10 Years		1 Year			5 Years			10 Years
Fund NAV		(12.16	)%		4.50	%		4.43%		(12.16	)%		24.62	%		54.24	%
Fund Market		(12.27	)		4.42			4.42		(12.27	)		24.14			54.06
Index		(12.49	)		4.71			4.44		(12.49	)		25.90			54.36

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

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 (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)		Beginning       Account Value       (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,229.40	$        2.39			$      1,000.00	$      1,022.80	$        2.17		0.43	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (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.

F U N D   S U M M A R Y 5

Fund Summary as of March 31, 2023   (continued) iShares^® Global Comm Services ETF

Portfolio Management Commentary

Global communication services stocks declined during the reporting period amid macroeconomic and inflation-related headwinds. Revenues for media and entertainment companies were challenged by a downturn in advertising spending and increased competition for subscribers as more companies pivoted away from legacy TV toward streaming. Additionally, stagnating subscriber growth in broadband services pressured companies in the cable and satellite industry.

U.S. communication services stocks, which represented 65% of the Index on average during the reporting period, detracted the most from the Index’s return. The media and entertainment industry led the decline. Rising inflation cut into revenues for companies focused on search and digital advertising, leading to hiring slowdowns, layoffs, and other methods of cost-cutting. Many U.S. and global businesses reduced their marketing budgets amid economic uncertainty, dampening prospects for U.S. companies that derive a substantial portion of their revenue from online advertisements. Some U.S. media and entertainment companies encountered stiff competition for subscribers from foreign-owned video and social media platforms, exacerbating the industry downturn. Similarly, costs associated with acquiring and maintaining subscribers on streaming platforms curbed the profits of an entertainment conglomerate. Inflation’s effect on consumer spending habits also weighed on the company’s performance, as its theme park revenues fell short of analyst expectations. Stocks of U.S. cable and satellite companies declined markedly during the reporting period. Market share gains by wireless telecommunications firms in broadband internet contributed to flat subscriber numbers for major cable providers.

South Korean interactive media and services companies detracted from the Index’s performance, as investor concerns over the planned acquisition of a U.S. e-commerce site weighed on a top online portal operator. In Japan, entertainment stocks weighed on performance as a manufacturer of gaming systems lowered its financial outlook based on weakening demand. On the upside, the Chinese interactive media and services industry contributed to the Index’s return, buoyed by an easing of China’s coronavirus pandemic-related restrictions.

Portfolio Information

INDUSTRY ALLOCATION

Industry	Percent of Total Investments	(a)
Interactive Media & Services	47.6	%
Diversified Telecommunication Services	19.4
Entertainment	15.8
Media	9.4
Wireless Telecommunication Services	7.8

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	66.9	%
China	10.4
Japan	7.3
Canada	2.7
Germany	2.3
United Kingdom	2.2
France	1.4
Spain	1.3
Australia	1.1
South Korea	1.1
Other (each representing less than 1%)	3.3

^(a)  Excludes money market funds.

6 2 0 2 3   I S H A R E S   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 March 31, 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
	1 Year			5 Years			10 Years		1 Year			5 Years			10 Years
Fund NAV		(6.12	)%		6.66	%		9.44%		(6.12	)%		38.02	%		146.45	%
Fund Market		(6.27	)		6.63			9.42		(6.27	)		37.83			146.09
Index		(6.66	)		6.77			9.46		(6.66	)		38.78			146.93

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

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.

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 (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)		Beginning       Account Value       (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,192.00	$        2.30			$      1,000.00	$      1,022.80	$        2.12		0.42	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (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.

F U N D   S U M M A R Y 7

Fund Summary as of March 31, 2023   (continued) iShares^® Global Consumer Discretionary ETF

Portfolio Management Commentary

Global consumer discretionary stocks declined for the reporting period, as supply chain disruptions diminished inventories and rising inflation led consumers to focus their spending more on essentials than on discretionary items. In the U.S., which represented approximately 59% of the Index on average, automobile manufacturers detracted the most from the Index’s performance, followed by the internet and direct marketing retail industry.

A substantial decline in new car sales during the reporting period weighed on the U.S. automobiles and components industry. In 2022, the annual total of new vehicle purchases in the U.S. dropped to its lowest level since 2011. Several factors slowed automobile production, including a global shortage of semiconductor chips, the continuing war in Ukraine, and COVID-19-related lockdowns in China that shut down factories. Against this backdrop, investors lost confidence in a leading maker of electric vehicles as signs emerged of weakening demand for its products in the U.S. and China. The internet and direct marketing retail industry in the U.S. also weighed on the Index’s performance. Sales declined for some large online retailers as U.S. consumers embraced shopping at brick-and-mortar stores. The markets also reacted negatively to projections of weak holiday sales coupled with historically high operating costs.

The Japanese automobiles and components industry ended the reporting period lower as inventory shortfalls translated into weak vehicle sales. Consumer durables equities in Japan also trailed, following the broader Japanese market lower in August 2022 amid investor concerns that interest rate raises by the Fed could depress economic activity. In China, stocks of e-commerce companies fell due to investor concerns about stricter government regulation in the wake of a consolidation of power by President Xi Jinping.

On the upside, the consumer durables industry in France and Switzerland supported the Index’s performance, benefiting from robust year-over-year growth in sales for luxury fashion retailers. Dutch internet and direct marketing retail stocks also contributed, as the food service businesses of an e-commerce conglomerate showed robust growth.

Portfolio Information

INDUSTRY ALLOCATION

Industry	Percent of Total Investments	(a)
Consumer Discretionary Distribution & Retail	34.8	%
Automobiles & Components	25.4
Consumer Services	19.9
Consumer Durables & Apparel	19.9

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	56.4	%
Japan	11.6
France	7.5
China	7.3
Germany	3.7
United Kingdom	2.5
Switzerland	1.8
Netherlands	1.7
Italy	1.6
Spain	1.3
Canada	1.2
Australia	1.2
Other (each representing less than 1%)	2.2

^(a)  Excludes money market funds.

8 2 0 2 3   I S H A R E S   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 March 31, 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
	1 Year			5 Years			10 Years		1 Year			5 Years			10 Years
Fund NAV		1.56	%		6.80	%		6.58%		1.56	%		38.95	%		89.07	%
Fund Market		1.75			6.80			6.57		1.75			38.94			88.90
Index		1.17			6.70			6.51		1.17			38.30			87.83

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

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.

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 (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)		Beginning       Account Value       (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,163.90	$        2.27			$      1,000.00	$      1,022.80	$        2.12		0.42	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (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.

F U N D   S U M M A R Y 9

Fund Summary as of March 31, 2023   (continued) iShares^® Global Consumer Staples ETF

Portfolio Management Commentary

Despite rising interest rates and concerns about an economic slowdown, global consumer staples stocks advanced slightly for the reporting period. Because consumer staples products are typically in demand regardless of the economic environment, consumer staples stocks are often less affected by negative economic trends. Nonetheless, in an environment of elevated inflation, consumers reduced their purchases of some goods and increasingly sought bargains and purchased off-brand products.

U.S. stocks contributed the most to the Index’s return, led by the soft drinks and non-alcoholic beverages industry. U.S. consumer spending grew notably amid low unemployment and rising wages. Sales and profits in the industry grew as grocery shoppers responded to high inflation by increasing purchases of packaged foods relative to fresh foods such as meat and produce. Consumers’ willingness to tolerate price increases for the convenience of pre-packaged foods allowed companies in the industry to offset higher costs of inputs and transportation. Consequently, the industry’s profit margins remained healthy despite the economic headwinds. Sales of energy drinks also grew, as new varieties with vitamins and alternative sweeteners boosted sales.

The French personal care products industry also contributed to the Index’s performance amid strong sales of cosmetics. Despite high inflation, many consumers viewed personal care products to be a small luxury for which they were willing to pay higher prices. Strong demand from North America and Europe helped offset declines in Asian sales due to China’s COVID-19 lockdowns. The stock of a Swedish company in the food, beverage, and tobacco industry also gained amid a move toward smokeless products before being acquired by a large multinational company.

On the downside, Swiss consumer staples stocks declined, particularly the packaged foods and meats industry. Sales of branded items declined as consumers reduced their purchases following price increases. Furthermore, higher prices were insufficient to cover the rise in input costs, pressuring profit margins. To support earnings, the industry eliminated some less profitable product lines in an effort to bolster profitability at the expense of overall revenue growth.

Portfolio Information

INDUSTRY ALLOCATION

Industry	Percent of Total Investments	(a)
Packaged Foods & Meats	20.9	%
Household Products	14.9
Consumer Staples Merchandise Retail	14.1
Soft Drinks & Non-alcoholic Beverages	12.6
Personal Care Products	9.4
Tobacco	8.8
Food Retail	6.9
Distillers & Vintners	5.1
Brewers	4.3
Agricultural Products & Services	1.4
Food Distributors	1.0
Other (each representing less than 1%)	0.6

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	58.0	%
United Kingdom	11.6
Switzerland	8.8
Japan	5.4
France	5.2
Canada	2.0
Netherlands	1.7
Belgium	1.6
Australia	1.5
Mexico	1.1
Other (each representing less than 1%)	3.1

^(a)  Excludes money market funds.

10 2 0 2 3   I S H A R E S   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 March 31, 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 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.

On February 16, 2023, the Board approved a proposal to change the Fund’s index to S&P Global 1200 Energy 4.5/22.5/45 Capped Index. This change became effective on April 20, 2023.

Performance

	Average Annual Total Returns								Cumulative Total Returns
	1 Year			5 Years			10 Years		1 Year			5 Years			10 Years
Fund NAV		9.39	%		7.06	%		3.33%		9.39	%		40.63	%		38.75	%
Fund Market		9.43			7.05			3.33		9.43			40.60			38.80
Index		8.45			6.52			3.01		8.45			37.15			34.55

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

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 (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)		Beginning       Account Value       (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,164.30	$        2.37			$      1,000.00	$      1,022.70	$        2.22		0.44	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (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.

11

Fund Summary as of March 31, 2023   (continued) iShares^® Global Energy ETF

Portfolio Management Commentary

Global energy stocks advanced during the reporting period as higher natural gas prices throughout 2022 offset declining oil prices. U.S. natural gas futures climbed to a 14-year high in August 2022 when Russia announced plans to shut down a natural gas pipeline to Europe, complicating efforts to refill supplies ahead of the winter. However, an unseasonably warm winter weakened demand for natural gas, sending prices for the fuel sharply lower during the first three months of 2023. U.S. supplies of natural gas uncharacteristically outstripped demand during the winter months. Meanwhile, oil prices retreated from highs reached in the months following Russia’s invasion of Ukraine as rising interest rates and high inflationary pressures weakened the outlook for global economic growth. COVID-19 related lockdowns in China, the world’s largest importer of oil, also weakened global demand. Dropping prices led the Organization of the Petroleum Exporting Countries (“OPEC”) and other allied countries to agree in October 2022 to cut supplies to stimulate a rebound in prices.

Oil, gas, and consumable fuels companies in the U.S. contributed the most to the Index’s stronger performance as stocks in the sector posted record profits. Some large oil companies also used excess cash to buy back their own stock and raise dividends.

British oil, gas, and consumable fuels companies also contributed to the Index’s performance as they, too, reported record profits, bought back their own stock, and increased dividend payments. Some companies scaled back plans to reduce production to reduce carbon emissions and instead announced plans to increase investments in the oil and gas industry.

Conversely, Canadian oil, gas, and consumable fuels companies detracted from the Index, particularly those that operate pipelines. A shortage of skilled workers, inflationary pressures, and contractor disputes added to escalating expenses for a planned pipeline from gas fields in British Columbia to a Pacific Ocean port. In addition, outages at U.S. refineries and a global glut of high sulfur fuel oil weakened demand for Western Canada Select crude oil.

Portfolio Information

INDUSTRY ALLOCATION

Industry	Percent of Total Investments	(a)
Integrated Oil & Gas	56.2	%
Oil & Gas Exploration & Production	20.8
Oil & Gas Storage & Transportation	9.6
Oil & Gas Refining & Marketing	7.8
Oil & Gas Equipment & Services	5.2
Other (each representing less than 1%)	0.4

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	60.9	%
United Kingdom	12.2
Canada	11.4
France	5.3
Australia	2.4
Italy	1.6
Brazil	1.6
Norway	1.4
Other (each representing less than 1%)	3.2

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 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
	1 Year			5 Years			10 Years		1 Year			5 Years			10 Years
Fund NAV		(9.86	)%		2.85	%		6.35%		(9.86	)%		15.07	%		85.08	%
Fund Market		(9.90	)		2.74			6.30		(9.90	)		14.48			84.21
Index		(10.35	)		2.83			6.38		(10.35	)		14.98			85.62

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

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 (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)		Beginning       Account Value       (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,143.70	$        2.30			$      1,000.00	$      1,022.80	$        2.17		0.43	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (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.

F U N D   S U M M A R Y 13

Fund Summary as of March 31, 2023   (continued) iShares^® Global Financials ETF

Portfolio Management Commentary

Global financials stocks declined for the reporting period. From a country perspective, U.S. stocks, which constituted approximately 52% of the Index on average during the reporting period, were the leading detractor from the Index’s return. The U.S. banks industry detracted the most from the Index’s performance. Near the end of the reporting period, bank stock prices dropped sharply lower following the failure of two regional U.S. banks in the largest collapse for the industry since 2008. The banks, which both had a high percentage of uninsured deposits, were unable to meet a surge in customer withdrawals. The government intervened to help depositors and provide liquidity in order to maintain the stability of the financial system. The disruption created by the failures led to increased scrutiny of the industry by investors. While banks often profit when interest rates are rising since they charge higher interest on loans, the inflationary environment during the reporting period curbed consumer spending on big-ticket purchases that often require financing from banks. Notably, new mortgage loans slowed, a consequence of higher interest rates and increasingly less affordable housing prices.

The U.S. financial services industry also negatively impacted the Index’s return. Stocks of large conglomerates that own diverse businesses dropped following a broad decline in the equities of their underlying companies, while revenues for bond rating firms in the financial exchanges and data industry dropped amid a slowdown in bond issuance. Also within financial services, investment banking and brokerage companies with large holdings of bonds with declining value weighed on performance. Investors became concerned about some financial services companies facing the same liquidity issues as the failed regional banks, though the companies in question insisted their cash positions were strong.

Bank stocks in Canada detracted from the Index’s performance, as economic uncertainty led Canadian banks to set aside a significant portion of capital to cover potential loan losses, which pressured earnings. Similarly, Australian banks were notable detractors as interest rate raises by the Reserve Bank of Australia weakened the housing market and the economic outlook.

Portfolio Information

INDUSTRY ALLOCATION

Industry	Percent of Total Investments	(a)
Banks	38.8	%
Insurance	20.9
Financial Services	20.3
Capital Markets	17.8
Consumer Finance	2.2

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	54.6	%
Canada	7.2
United Kingdom	5.1
Australia	4.4
Japan	4.4
Switzerland	3.0
Germany	2.7
France	2.4
China	2.3
Hong Kong	2.2
Sweden	1.7
Italy	1.6
Netherlands	1.6
Spain	1.5
Singapore	1.5
Brazil	1.0
Other (each representing less than 1%)	2.8

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 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
	1 Year			5 Years			10 Years		1 Year			5 Years			10 Years
Fund NAV		(3.44	)%		10.07	%		10.34%		(3.44	)%		61.53	%		167.40	%
Fund Market		(3.73	)		10.00			10.31		(3.73	)		61.07			166.80
Index		(3.73	)		10.05			10.39		(3.73	)		61.39			168.72

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

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 (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)		Beginning       Account Value       (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,112.70	$        2.21			$      1,000.00	$      1,022.80	$        2.12		0.42	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (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.

F U N D   S U M M A R Y 15

Fund Summary as of March 31, 2023   (continued) iShares^® Global Healthcare ETF

Portfolio Management Commentary

Global healthcare stocks declined slightly during the reporting period. Rising interest rates made the relatively small dividends on healthcare stocks unattractive when compared to investment in the bond markets. Merger and acquisition activity among biotechnology and pharmaceutical companies dropped in 2022 to the lowest levels in years amid heightened U.S. regulatory scrutiny to prevent monopolies in the sector. In this environment, the number of new biotechnology companies launching initial public offerings to raise capital also tightened after two record-setting years.

U.S. companies in the healthcare equipment and supplies industry detracted the most from the Index’s performance. Although demand for elective surgical procedures mostly rebounded from lows during the height of the COVID-19 pandemic, global supply chain pressures, compounded by geopolitical tensions, and rising fuel and energy costs weakened sales and earnings. Lockdowns in China related to the coronavirus pandemic, ongoing high inflation, and foreign exchange losses from the stronger U.S. dollar also pressured financial performance. In addition, a new federal law, the Inflation Reduction Act, gave the government more power to negotiate for lower prescription drug prices with pharmaceutical companies. The stock of a major drugstore chain in the healthcare services industry dropped after a federal healthcare agency downgraded its rating on a prescription drug plan, reducing payments from the government.

Swiss companies in the pharmaceuticals, biotechnology, and life sciences industry also detracted from the Index’s return. Demand for COVID-19 treatments and diagnostic testing kits declined as vaccines against the virus expanded. Russia’s invasion of Ukraine complicated clinical drug trials conducted by a Swiss pharmaceutical company, as a portion of the patients in the studies came from the two warring countries. Competitors’ biosimilar drugs, which have similar active properties as older, licensed drugs, also weakened sales.

Conversely, the pharmaceuticals industry in Denmark contributed to the Index’s performance. The industry benefited from soaring sales and profits from a new anti-obesity drug, outstripping projections. However, the high cost of the drug, lack of insurance coverage, and production delays limited sales growth.

Portfolio Information

INDUSTRY ALLOCATION

Industry	Percent of Total Investments	(a)
Pharmaceuticals	41.3	%
Health Care Equipment & Supplies	18.5
Health Care Providers & Services	15.7
Biotechnology	13.6
Life Sciences Tools & Services	10.7
Health Care Technology	0.2

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	70.7	%
Switzerland	7.9
Japan	4.7
Denmark	4.4
United Kingdom	4.3
France	2.8
Germany	2.1
Australia	1.8
Other (each representing less than 1%)	1.3

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 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
	1 Year			5 Years			10 Years		1 Year			5 Years			10 Years
Fund NAV		0.22	%		6.39	%		8.64%		0.22	%		36.31	%		129.11	%
Fund Market		(0.04	)		6.32			8.61		(0.04	)		35.88			128.38
Index		(0.38	)		6.42			8.65		(0.38	)		36.51			129.31

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

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 (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)		Beginning       Account Value       (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,274.50	$        2.38			$      1,000.00	$      1,022.80	$        2.12		0.42	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (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.

F U N D   S U M M A R Y 17

Fund Summary as of March 31, 2023   (continued) iShares^® Global Industrials ETF

Portfolio Management Commentary

Global industrials stocks declined slightly during the reporting period, as manufacturing activity slowed and investors expressed concern over the impacts of a prolonged slowing of economic growth, even as earnings for many companies in the sector improved. Supply-chain constraints led to parts shortages that slowed the delivery of goods. Rising costs of raw materials and fuel also weighed on the profitability of industrials companies.

Japanese industrials stocks, which comprised approximately 14% of the index on average during the reporting period, were the leading detractors from the Index’s performance. Growth among companies within Japan’s professional services industry weakened as a global economic slowdown weighed on demand for their services. Although headquartered in Japan, these companies operate as international conglomerates with business divisions across a wide range of consumer-centric services, including residential real estate, payments, travel booking, and employment websites. As such, these companies were exposed to declines in U.S. labor activity through their ownership of major online job search engines serving that market, which generate a significant portion of their revenue. U.S. job listings decreased sharply, putting a strain on operational margins. Being online businesses, these companies were also exposed to a persistent selloff affecting stocks of U.S. companies broadly focused on technology. Domestically, these Japanese conglomerates felt the impact of rising inflation on consumer and business spending. A weakened Japanese yen also increased the cost of imports, contributing to record trade deficits.

On the upside, the German capital goods industry was a notable contributor to the Index’s performance, as demand for industrial goods remained strong in the face of macroeconomic headwinds. Industrial conglomerates reported a record-high backlog of orders and an increase in revenues across multiple business units. These conglomerates continued expansion in newer areas of growth, while divesting less strategic businesses.

The French capital goods industry also contributed to performance, led by aerospace and defense companies. A sizable increase in French defense spending and growing demand for engine parts from airplane manufacturers lifted investor sentiment.

Portfolio Information

INDUSTRY ALLOCATION

Industry	Percent of Total Investments	(a)
Capital Goods	67.2	%
Transportation	18.6
Commercial & Professional Services	14.2

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	53.4	%
Japan	13.8
France	7.4
United Kingdom	4.7
Germany	4.3
Canada	3.7
Sweden	3.4
Switzerland	2.5
Denmark	1.4
Australia	1.0
Other (each representing less than 1%)	4.4

^(a)  Excludes money market funds.

18 2 0 2 3   I S H A R E S   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 March 31, 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
	1 Year			5 Years			10 Years		1 Year			5 Years			10 Years
Fund NAV		(6.77	)%		7.77	%		6.27%		(6.77	)%		45.38	%		83.76	%
Fund Market		(6.89	)		7.64			6.29		(6.89	)		44.47			83.98
Index		(7.24	)		7.87			6.39		(7.24	)		46.08			85.71

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

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 (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)		Beginning       Account Value       (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,255.80	$        2.36			$      1,000.00	$      1,022.80	$        2.12		0.42	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (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.

F U N D   S U M M A R Y 19

Fund Summary as of March 31, 2023   (continued) iShares^® Global Materials ETF

Portfolio Management Commentary

Global materials stocks declined during the reporting period. Rising interest rates and the slowing global economic outlook weakened metals prices from the high levels reached in the months after Russia’s invasion of Ukraine disrupted world markets. In addition, rising expenses for mining extraction and production pressured profit margins for mining companies, as the cost of labor, diesel and other energy, explosives, and raw materials increased. Extreme weather, leading to floods and droughts, disrupted mining operations and reduced output.

U.S. stocks detracted the most from the Index’s performance, led by the metals and mining industry. A sharp drop in gold prices sent the stock prices of U.S. gold mining companies lower. After starting the reporting period at historically high levels, with Russia’s invasion of Ukraine raising geopolitical uncertainty, gold prices trended lower amid rising interest rates and a stronger U.S. dollar. Although gold prices rallied higher beginning in November, high production costs weighed on the profit margins of gold mining companies. The stocks of copper mining companies also fell. Copper prices dropped sharply over the first four months of the reporting period as the global economic outlook worsened and COVID-19 related lockdowns in China weakened demand in the world’s largest market for the metal.

Stocks of British companies in the materials sector also detracted from the Index’s performance. British metals and mining companies warned that logistical bottlenecks, extreme weather, and lingering production issues related to the COVID-19 pandemic would likely weaken production of various metals for several years. The lower production expectations, combined with escalating production costs, weakened the earnings outlook for the industry.

Canadian companies in the metals and mining industry also detracted from the Index’s return. Gold mining companies struggled to raise production, even as gold prices rebounded late in the reporting period, as repairs and upgrades stalled operations. Meanwhile, slumping copper prices, combined with escalated costs and operational challenges, squeezed profit margins for copper mining companies.

Portfolio Information

INDUSTRY ALLOCATION

Industry	Percent of Total Investments	(a)
Chemicals	47.9	%
Metals & Mining	39.3
Construction Materials	6.1
Containers & Packaging	4.9
Paper & Forest Products	1.8

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	37.2	%
Australia	12.0
United Kingdom	9.1
Canada	7.7
Japan	6.5
Switzerland	4.7
France	4.6
Germany	3.3
Brazil	2.7
South Korea	2.0
Ireland	1.9
Netherlands	1.4
Taiwan	1.1
Finland	1.1
Other (each representing less than 1%)	4.7

^(a) Excludes money market funds.

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Fund Summary as of March 31, 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 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.

On February 16, 2023, the Board approved a proposal to change the Fund’s index to S&P Global 1200 Information Technology 4.5/22.5/45 Capped Index. This change became effective on April 20, 2023.

Performance

	Average Annual Total Returns								Cumulative Total Returns
	1 Year			5 Years			10 Years		1 Year			5 Years			10 Years
Fund NAV		(5.34	)%		16.62	%		17.80%		(5.34	)%		115.71	%		414.74	%
Fund Market		(5.60	)		16.54			17.79		(5.60	)		114.94			414.24
Index		(5.49	)		16.76			17.94		(5.49	)		117.05			420.75

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

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 (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)		Beginning       Account Value       (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,291.50	$        2.40			$      1,000.00	$      1,022.80	$        2.12		0.42	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (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.

F U N D   S U M M A R Y 21

Fund Summary as of March 31, 2023   (continued) iShares^® Global Tech ETF

Portfolio Management Commentary

Global information technology stocks declined moderately during the reporting period, as the return to pre-pandemic life and looming recession concerns weighed on companies’ growth. The reopening of physical restaurants and stores encouraged consumers to spend less time and money online. Businesses that were avid buyers of computing equipment in the early days of the pandemic scaled back purchases, softening demand. Persistently high inflation, especially in the U.S., limited what households opted to spend on technology and e-commerce.

U.S. information technology stocks, which comprised approximately 82% of the Index on average during the reporting period, were the largest detractor from the Index’s return, led by the U.S. information technology services industry. Online payment providers experienced a slowdown in growth amid a decline in transaction volumes. Meanwhile, more established companies in the industry faced increasing competition for e-commerce payment activity from newer applications. Companies in the industry cut revenue forecasts, further dampening sentiment among investors who believed that this signaled difficulties in generating organic growth in an increasingly challenging economy.

The U.S. software and services industry also detracted notably from the Index’s return, as demand for both hardware and software diminished and global shipments of computers fell significantly. Schools, governments, and businesses exhausted their need for computing equipment to facilitate remote working and learning, while high inflation and recession fears curtailed corporate spending on cloud services and personal computers. Consumer interest in videogaming waned, dampening appetite for gaming computer cards and consoles. Currency fluctuations put further strain on revenues, as a strengthening U.S. dollar translated into reduced earnings from non-U.S. sales.

Companies in the Taiwanese semiconductor industry also weighed on performance. Global demand for chips slowed, while investors expressed concerns about the impact of new U.S. restrictions on technology exports to China on the industry.

Additionally, the South Korean technology hardware and equipment industry modestly detracted from the Index’s return. Memory chip producers faced an oversupply of inventory, fueling a decline in profitability.

Portfolio Information

INDUSTRY ALLOCATION

Industry	Percent of Total Investments	(a)
Software	31.6	%
Semiconductors & Semiconductor Equipment	28.6
Technology Hardware, Storage & Peripherals	26.4
IT Services	5.3
Electronic Equipment, Instruments & Components	4.8
Communications Equipment	3.3

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	81.3	%
Taiwan	4.1
Japan	3.7
South Korea	3.2
Netherlands	2.7
Germany	1.8
Canada	1.2
Other (each representing less than 1%)	2.0

^(a)  Excludes money market funds.

22 2 0 2 3   I S H A R E S   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 March 31, 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
	1 Year			5 Years			10 Years		1 Year			5 Years			10 Years
Fund NAV		(4.93	)%		7.67	%		7.12%		(4.93	)%		44.69	%		98.91	%
Fund Market		(5.39	)		7.59			7.12		(5.39	)		44.17			98.88
Index		(5.64	)		7.29			6.78		(5.64	)		42.14			92.67

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

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 (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)		Beginning       Account Value       (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,122.40	$        2.38			$      1,000.00	$      1,022.70	$        2.27		0.45	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (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.

F U N D   S U M M A R Y 23

Fund Summary as of March 31, 2023   (continued) iShares^® Global Utilities ETF

Portfolio Management Commentary

Global utilities stocks declined for the reporting period in an environment of rising interest rates and elevated inflation. Bond yields rose along with interest rates, making bonds a more attractive investment for yield-seeking investors relative to the regular dividends paid by most utilities companies. Higher interest rates also drove borrowing costs higher, which negatively impacted the highly indebted utilities sector.

U.S. utilities detracted the most from the Index’s performance as the Fed raised interest rates eight times, sending U.S. bond yields higher and weighing on the value of utilities stocks. Within the sector, multi-utilities were the largest source of weakness. Disappointing financial performance led a large company in the industry to conduct a strategic review of its finances. Increased costs of fuel, supply chain disruptions, and elevated inflation drove higher utility rates for customers and negatively impacted the industry’s finances. After regulators took an unfavorable stance regarding commitments for a planned investment in a wind project, a negotiated settlement removed a guaranteed energy performance threshold that required the company to pay the entirety of replacement costs for replacement energy generation. Electric utilities stocks also declined, as lower than expected revenues weighed on the industry. High levels of variable-rate debt also worked against profitability, as rising interest rates increased financing expenses.

Canadian utilities also detracted from the Index’s performance, as disappointing earnings and higher borrowing costs in the multi-utilities industry prompted concern from investors about the sustainability of dividend payments. The Danish electric utilities industry faced earnings pressure from higher interest rates and cost inflation, and the deteriorating outlook prompted a write-down of the value of a large wind project.

On the upside, Spanish and French utilities companies contributed modestly to the Index’s return. Investments in expanding capacity in North and South America helped the Spanish electric utilities industry to offset declining domestic earnings. In France, the multi-utilities industry benefited from higher natural gas prices early in the reporting period, boosting profitability and driving a planned dividend increase.

Portfolio Information

INDUSTRY ALLOCATION

Industry	Percent of Total Investments	(a)
Electric Utilities	61.1	%
Multi-Utilities	28.9
Gas Utilities	3.9
Water Utilities	3.1
Independent Power and Renewable Electricity Producers	3.0

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United States	64.5	%
United Kingdom	6.7
Spain	6.4
Italy	4.6
Canada	4.1
Germany	3.8
France	3.3
Japan	2.0
Australia	1.1
Denmark	1.1
Portugal	1.0
Other (each representing less than 1%)	1.4

^(a)  Excludes money market funds.

24 2 0 2 3   I S H A R E S   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

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.

A B O U T   F U N D   P E R F O R M A N C E / D I S C L O S U R E   O F   E X P E N S E S 25

Schedule of Investments   March 31, 2023 iShares^® Global Comm Services ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.1%
SEEK Ltd.		24,696	$	399,213
Telstra Corp. Ltd.		811,324		2,297,184
				2,696,397
Canada — 2.7%
BCE Inc.		64,032		2,868,292
Rogers Communications Inc., Class B, NVS		24,605		1,140,405
Shaw Communications Inc., Class B, NVS		31,483		942,044
TELUS Corp.		100,169		1,988,557
				6,939,298
China — 10.4%
Baidu Inc.(a)		159,300		3,001,414
Kuaishou Technology(a)(b)		137,600		1,058,050
NetEase Inc.		128,600		2,270,159
Tencent Holdings Ltd.		416,300		20,344,287
				26,673,910
Finland — 0.3%
Elisa OYJ		10,544		635,923
France — 1.3%
Orange SA		132,594		1,575,240
Publicis Groupe SA		16,607		1,296,339
Vivendi SE		56,523		571,535
				3,443,114
Germany —2.3%
Deutsche Telekom AG, Registered		245,096		5,939,238
Italy —0.1%
Telecom Italia SpA/Milano(a)		719,185		237,175
Japan — 7.3%
Dentsu Group Inc.		15,800		556,923
KDDI Corp.		110,000		3,392,152
Nexon Co. Ltd.		31,700		756,957
Nintendo Co. Ltd.		82,100		3,188,892
Nippon Telegraph & Telephone Corp.		160,200		4,787,211
SoftBank Corp.		195,000		2,251,040
SoftBank Group Corp.		83,500		3,282,677
Z Holdings Corp.		186,900		529,946
				18,745,798
Mexico — 0.7%
America Movil SAB de CV		1,387,459		1,457,525
Grupo Televisa SAB, CPO		185,020		195,801
Sitios Latinoamerica SAB de CV(a)		1,760		728
				1,654,054
Netherlands — 0.8%
Koninklijke KPN NV		223,921		791,240
Universal Music Group NV		53,483		1,354,443
				2,145,683
Norway —0.2%
Telenor ASA		45,068		528,430
South Korea — 1.1%
Kakao Corp.		21,895		1,036,921
NAVER Corp.		10,481		1,642,278
				2,679,199
Spain — 1.3%
Cellnex Telecom SA(b)		41,664		1,620,214

Security	Shares		Value
Spain (continued)
Telefonica SA		405,523	$	1,746,512
				3,366,726
Sweden — 0.4%
Embracer Group AB(a)(c)		58,176		272,691
Tele2 AB, Class B		39,108		389,245
Telia Co. AB		171,337		435,069
				1,097,005
Switzerland — 0.4%
Swisscom AG, Registered		1,782		1,137,222
Taiwan — 0.4%
Chunghwa Telecom Co. Ltd.		267,120		1,050,021
United Kingdom — 2.2%
Auto Trader Group PLC(b)		67,831		517,394
BT Group PLC		489,876		882,427
Informa PLC		99,380		851,831
Rightmove PLC		61,060		425,016
Vodafone Group PLC		1,881,811		2,075,820
WPP PLC		75,477		896,735
				5,649,223
United States — 66.7%
Activision Blizzard Inc.		50,008		4,280,185
Alphabet Inc., Class A(a)		305,932		31,734,326
Alphabet Inc., Class C, NVS(a)		266,697		27,736,488
AT&T Inc.		500,511		9,634,837
Charter Communications Inc., Class A(a)		7,396		2,644,884
Comcast Corp., Class A		295,378		11,197,780
DISH Network Corp., Class A(a)		17,398		162,323
Electronic Arts Inc.		18,290		2,203,030
Fox Corp., Class A, NVS		20,846		709,806
Fox Corp., Class B		9,626		301,390
Interpublic Group of Companies Inc. (The)		27,278		1,015,833
Live Nation Entertainment Inc.(a)		10,008		700,560
Match Group Inc.(a)		19,609		752,789
Meta Platforms Inc, Class A(a)		153,885		32,614,387
Netflix Inc.(a)		31,271		10,803,505
News Corp., Class A, NVS		26,704		461,178
News Corp., Class B		8,311		144,861
Omnicom Group Inc.		14,235		1,342,930
Paramount Global, Class B, NVS		35,456		791,023
Take-Two Interactive Software Inc.(a)		11,132		1,328,048
T-Mobile U.S. Inc.(a)		41,590		6,023,896
Verizon Communications Inc.		288,180		11,207,320
Walt Disney Co. (The)(a)		108,916		10,905,759
Warner Bros. Discovery Inc.(a)(c)		155,170		2,343,067
				171,040,205
Total Common Stocks — 99.7% (Cost: $284,959,057)				255,658,621
Preferred Stocks
Italy — 0.0%
Telecom Italia SpA/Milano, Preference Shares, NVS(a)		422,595		135,853
Total Preferred Stocks — 0.0% (Cost: $301,043)				135,853
Total Long-Term Investments — 99.7% (Cost: $285,260,100)				255,794,474

26 2 0 2 3   I S H A R E S   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  (continued) March 31, 2023 iShares^® Global Comm Services ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%(d)(e)(f)		1,023,737	$	1,024,044
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.73%(d)(e)		540,000		540,000
Total Short-Term Securities — 0.6% (Cost: $1,564,234)				1,564,044
Total Investments — 100.3% (Cost: $286,824,334)				257,358,518
Liabilities in Excess of Other Assets — (0.3)%				(818,353	)
Net Assets — 100.0%			$	256,540,165

^(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 year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	1,023,535	(a)	$	—	$	699	$	(190	)	$	1,024,044		1,023,737	$	10,328	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		330,000		210,000	(a)		—		—		—			540,000		540,000		7,542			—
								$	699	$	(190	)	$	1,564,044			$	17,870		$	—

^(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		06/08/23	$	152	$	4,682
E-Mini S&P Communication Services Select Sector Index		6		06/16/23		459		17,560
Euro STOXX 50 Index		2		06/16/23		92		3,522
							$	25,764

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  (continued) March 31, 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
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	25,764	$	—	$	—	$	—	$	25,764

^(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 March 31, 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	$	—	$	—	$	(32,611	)	$	—	$	—	$	—	$	(32,611	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	32,579		$	—	$	—	$	—	$	32,579

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	312,216

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	$	179,633,557	$	76,025,064	$	—	$	255,658,621
Preferred Stocks		—		135,853		—		135,853
Short-Term Securities
Money Market Funds		1,564,044		—		—		1,564,044
	$	181,197,601	$	76,160,917	$	—	$	257,358,518
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	17,560	$	8,204	$	—	$	25,764

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

See notes to financial statements.

28 2 0 2 3   I S H A R E S   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   March 31, 2023 iShares^® Global Consumer Discretionary ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.2%
Aristocrat Leisure Ltd.		36,867	$	921,768
Lottery Corp. Ltd. (The)		124,827		429,325
Wesfarmers Ltd.		63,590		2,149,247
				3,500,340
Brazil — 0.1%
Lojas Renner SA		53,987		176,497
Magazine Luiza SA(a)		155,896		101,809
				278,306
Canada — 1.2%
Canadian Tire Corp. Ltd., Class A, NVS		3,008		392,542
Dollarama Inc.		15,954		953,463
Gildan Activewear Inc.		10,143		336,974
Magna International Inc.		14,955		801,030
Restaurant Brands International Inc.		17,155		1,151,664
				3,635,673
Chile — 0.0%
Falabella SA		41,874		96,297
China — 7.2%
Alibaba Group Holding Ltd.(a)		867,900		10,992,376
ANTA Sports Products Ltd.		60,600		879,858
BYD Co. Ltd., Class H		49,000		1,441,391
JD.com Inc., Class A		134,800		2,943,519
Li Ning Co. Ltd.		131,500		1,034,104
Meituan, Class B(a)(b)		264,400		4,796,802
				22,088,050
Denmark — 0.2%
GN Store Nord A/S(a)		7,694		172,520
Pandora A/S		5,355		514,017
				686,537
France — 7.5%
Accor SA(a)		9,536		310,026
Cie. Generale des Etablissements Michelin SCA		40,048		1,224,198
Hermes International		1,953		3,955,324
Kering SA		4,036		2,633,198
LVMH Moet Hennessy Louis Vuitton SE		14,650		13,447,357
Renault SA(a)		11,609		473,138
Sodexo SA		4,713		460,321
Valeo		13,099		268,788
				22,772,350
Germany —3.0%
adidas AG		10,018		1,775,915
Bayerische Motoren Werke AG		17,893		1,961,048
Continental AG		6,057		453,847
Delivery Hero SE(a)(b)		10,651		363,358
Mercedes-Benz Group AG		43,774		3,366,341
Puma SE		5,793		359,122
Volkswagen AG		1,662		285,075
Zalando SE(a)(b)		12,562		526,480
				9,091,186
Ireland — 0.5%
Flutter Entertainment PLC, Class DI(a)		8,592		1,563,497
Italy —1.6%
Ferrari NV		7,176		1,944,578
Moncler SpA		11,704		808,413

Security	Shares		Value
Italy (continued)
Stellantis NV		121,307	$	2,206,122
				4,959,113
Japan — 11.6%
Aisin Corp.		10,400		286,650
Bandai Namco Holdings Inc.		37,500		808,468
Bridgestone Corp.		34,400		1,397,421
Denso Corp.		28,400		1,603,106
Fast Retailing Co. Ltd.		10,500		2,298,581
Honda Motor Co. Ltd.		95,843		2,535,159
Isuzu Motors Ltd.		34,900		417,089
Nissan Motor Co. Ltd.		132,400		501,079
Nitori Holdings Co. Ltd.		4,900		591,733
Oriental Land Co. Ltd./Japan		65,500		2,242,669
Pan Pacific International Holdings Corp.		30,200		584,256
Panasonic Holdings Corp.		130,700		1,169,387
Rakuten Group Inc.		50,400		235,055
Sekisui House Ltd.		38,600		786,716
Shimano Inc.		4,700		814,913
Sony Group Corp.		70,800		6,448,703
Subaru Corp.		34,488		550,553
Sumitomo Electric Industries Ltd.		44,400		570,403
Suzuki Motor Corp.		27,400		997,837
Toyota Motor Corp.		705,000		10,035,956
Yamaha Motor Co. Ltd.		19,513		510,671
				35,386,405
Netherlands — 1.7%
Prosus NV		65,293		5,112,703
South Korea — 0.7%
Hyundai Motor Co.		7,908		1,125,091
Kia Corp.		15,004		936,371
				2,061,462
Spain — 1.3%
Amadeus IT Group SA(a)		25,264		1,694,798
Industria de Diseno Textil SA		62,924		2,113,944
				3,808,742
Sweden — 0.7%
Electrolux AB, Class B		13,063		158,773
Evolution AB(b)		10,736		1,438,391
H & M Hennes & Mauritz AB, Class B		40,139		573,889
				2,171,053
Switzerland — 1.8%
Cie. Financiere Richemont SA, Class A, Registered		29,258		4,691,697
Swatch Group AG (The), Bearer		1,622		558,602
Swatch Group AG (The), Registered		3,139		199,033
				5,449,332
United Kingdom — 2.4%
Barratt Developments PLC		56,915		327,533
Berkeley Group Holdings PLC		6,358		329,395
Burberry Group PLC		22,705		727,010
Compass Group PLC		100,130		2,516,421
Entain PLC		33,024		512,866
InterContinental Hotels Group PLC		10,589		693,216
Kingfisher PLC		109,846		355,078
Next PLC		7,248		589,116
Pearson PLC		40,093		419,570
Persimmon PLC		17,412		270,368
Taylor Wimpey PLC		204,708		301,160

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  (continued) March 31, 2023 iShares^® Global Consumer Discretionary ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Whitbread PLC		11,305	$	417,621
				7,459,354
United States — 56.2%
Advance Auto Parts Inc.		3,383		411,407
Amazon.com Inc.(a)		309,167		31,933,859
Aptiv PLC(a)		15,194		1,704,615
AutoZone Inc.(a)		1,052		2,585,974
Bath & Body Works Inc.		12,810		468,590
Best Buy Co. Inc.		11,077		866,997
Booking Holdings Inc.(a)		2,178		5,776,949
BorgWarner Inc.		13,129		644,765
Caesars Entertainment Inc.(a)		12,032		587,282
CarMax Inc.(a)(c)		8,862		569,649
Carnival Corp.(a)(c)		56,202		570,450
Chipotle Mexican Grill Inc.(a)		1,555		2,656,391
Darden Restaurants Inc.		6,850		1,062,846
Domino’s Pizza Inc.		2,005		661,389
DR Horton Inc.		17,525		1,712,017
eBay Inc.		30,432		1,350,268
Etsy Inc.(a)(c)		7,047		784,542
Expedia Group Inc.(a)		8,241		799,624
Ford Motor Co.		219,581		2,766,721
Garmin Ltd.		8,598		867,710
General Motors Co.		78,170		2,867,276
Genuine Parts Co.		7,905		1,322,586
Hasbro Inc.		7,321		393,064
Hilton Worldwide Holdings Inc.		14,942		2,104,880
Home Depot Inc. (The)		44,827		13,229,344
Las Vegas Sands Corp.(a)		18,429		1,058,746
Lennar Corp., Class A		14,218		1,494,454
LKQ Corp.		14,233		807,865
Lowe’s Companies Inc.		33,912		6,781,383
Marriott International Inc./MD, Class A		15,089		2,505,378
McDonald’s Corp.		41,100		11,491,971
MGM Resorts International		17,650		784,013
Mohawk Industries Inc.(a)		2,993		299,958
Newell Brands Inc., NVS		20,445		254,336
Nike Inc., Class B		69,916		8,574,498
Norwegian Cruise Line Holdings Ltd.(a)		23,829		320,500
NVR Inc.(a)		170		947,272
O’Reilly Automotive Inc.(a)		3,495		2,967,185
Pool Corp.		2,207		755,765
PulteGroup Inc.		12,652		737,359
Ralph Lauren Corp.		2,343		273,358
Ross Stores Inc.		19,312		2,049,583
Royal Caribbean Cruises Ltd.(a)		12,324		804,757
Starbucks Corp.		64,536		6,720,134
Tapestry Inc.		13,139		566,422
Tesla Inc.(a)		148,635		30,835,817
TJX Companies Inc. (The)		64,923		5,087,366

Security	Shares		Value
United States (continued)
Tractor Supply Co.		6,194	$	1,455,838
Ulta Beauty Inc.(a)		2,852		1,556,251
VF Corp.		18,557		425,141
Whirlpool Corp.		3,056		403,453
Wynn Resorts Ltd.(a)		5,782		647,064
Yum! Brands Inc.		15,694		2,072,863
				171,377,925
Total Common Stocks — 98.9% (Cost: $339,814,478)				301,498,325
Preferred Stocks
Germany —0.7%
Bayerische Motoren Werke AG, Preference Shares, NVS		3,356		343,045
Porsche Automobil Holding SE, Preference Shares, NVS		8,587		492,954
Volkswagen AG, Preference Shares, NVS		10,292		1,404,572
				2,240,571
South Korea — 0.1%
Hyundai Motor Co., Series 2, Preference Shares, NVS		2,089		154,308
Total Preferred Stocks — 0.8% (Cost: $3,417,410)				2,394,879
Total Long-Term Investments — 99.7% (Cost: $343,231,888)				303,893,204
Short-Term Securities
Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%(d)(e)(f)		1,455,152		1,455,589
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.73%(d)(e)		260,000		260,000
Total Short-Term Securities — 0.5% (Cost: $1,715,409)				1,715,589
Total Investments — 100.2% (Cost: $344,947,297)				305,608,793
Liabilities in Excess of Other Assets — (0.2)%				(692,143	)
Net Assets — 100.0%			$	304,916,650

^(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.

30 2 0 2 3   I S H A R E S   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  (continued) March 31, 2023 iShares^® Global Consumer Discretionary ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,228,868	$	—	$	(768,333	)(a)	$	(5,126	)	$	180	$	1,455,589		1,455,152	$	10,386	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		370,000		—		(110,000	)(a)		—			—		260,000		260,000		8,454			—
								$	(5,126	)	$	180	$	1,715,589			$	18,840		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
TOPIX Index		1		06/08/23	$	152	$	159
E-Mini Consumer Discretionary Index		3		06/16/23		457		24,513
Euro STOXX 50 Index		7		06/16/23		324		10,895
							$	35,567

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)	$	—	$	—	$	35,567	$	—	$	—	$	—	$	35,567

^(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 March 31, 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	$	—	$	—	$	(129,191	)	$	—	$	—	$	—	$	(129,191	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(38,191	)	$	—	$	—	$	—	$	(38,191	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	820,257

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 31

Schedule of Investments  (continued) March 31, 2023 iShares^® Global Consumer Discretionary ETF

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	175,388,201	$	126,110,124	$	—	$	301,498,325
Preferred Stocks		—		2,394,879		—		2,394,879
Short-Term Securities
Money Market Funds		1,715,589		—		—		1,715,589
	$	177,103,790	$	128,505,003	$	—	$	305,608,793
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	24,513	$	11,054	$	—	$	35,567

^(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   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   March 31, 2023 iShares^® Global Consumer Staples ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.5%
Coles Group Ltd.		504,546	$	6,096,261
Endeavour Group Ltd./Australia		518,262		2,354,618
Treasury Wine Estates Ltd.		274,850		2,412,852
Woolworths Group Ltd.		463,177		11,775,210
				22,638,941
Belgium — 1.6%
Anheuser-Busch InBev SA/NV		375,941		25,060,165
Brazil — 0.4%
Ambev SA, ADR		1,657,110		4,673,050
Natura & Co. Holding SA		321,252		836,652
				5,509,702
Canada — 2.0%
Alimentation Couche-Tard Inc.		291,070		14,634,263
George Weston Ltd.		24,645		3,265,941
Loblaw Companies Ltd.		57,988		5,284,781
Metro Inc.		89,580		4,927,397
Saputo Inc.		92,840		2,402,231
				30,514,613
Chile — 0.1%
Cencosud SA		513,472		992,204
Denmark — 0.4%
Carlsberg AS, Class B		37,473		5,814,568
Finland — 0.1%
Kesko OYJ, Class B		103,995		2,234,988
France — 5.2%
Carrefour SA		220,262		4,453,166
Danone SA		241,886		15,051,019
L’Oreal SA		95,604		42,719,943
Pernod Ricard SA		77,519		17,552,694
				79,776,822
Germany —0.6%
Beiersdorf AG		36,933		4,804,515
HelloFresh SE(a)		65,457		1,560,974
Henkel AG & Co. KGaA		37,584		2,734,113
				9,099,602
Ireland — 0.4%
Kerry Group PLC, Class A		59,301		5,913,808
Japan — 5.4%
Aeon Co. Ltd.		331,417		6,429,754
Ajinomoto Co. Inc.		202,600		7,048,018
Asahi Group Holdings Ltd.		192,298		7,156,951
Japan Tobacco Inc.		415,500		8,776,833
Kao Corp.		176,900		6,885,879
Kikkoman Corp.		73,300		3,742,221
Kirin Holdings Co. Ltd.		316,396		5,005,629
MEIJI Holdings Co. Ltd.		107,200		2,549,564
Nissin Foods Holdings Co. Ltd.		30,300		2,770,625
Seven & i Holdings Co. Ltd.		303,037		13,689,425
Shiseido Co. Ltd.		152,300		7,140,318
Unicharm Corp.		167,400		6,881,098
Yakult Honsha Co. Ltd.		60,420		4,390,139
				82,466,454
Mexico — 1.1%
Fomento Economico Mexicano SAB de CV		699,397		6,667,947

Security	Shares		Value
Mexico (continued)
Grupo Bimbo SAB de CV, Series A		522,762	$	2,630,636
Wal-Mart de Mexico SAB de CV		1,927,456		7,704,476
				17,003,059
Netherlands — 1.7%
Heineken Holding NV		41,668		3,822,960
Heineken NV		89,913		9,661,220
Koninklijke Ahold Delhaize NV		376,489		12,862,787
			26,346,967
Norway —0.3%
Mowi ASA		173,262		3,204,652
Orkla ASA		285,975		2,028,281
				5,232,933
Sweden — 0.4%
Essity AB, Class B		229,483		6,554,927
Switzerland — 8.7%
Barry Callebaut AG, Registered		1,353		2,866,694
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		389		4,594,339
Chocoladefabriken Lindt & Spruengli AG, Registered		40		4,737,443
Nestle SA, Registered		1,003,134		122,312,634
				134,511,110
United Kingdom — 11.5%
Associated British Foods PLC		135,723		3,257,064
British American Tobacco PLC		849,670		29,784,645
Diageo PLC		885,002		39,497,307
Haleon PLC		1,933,882		7,682,214
Imperial Brands PLC		365,377		8,402,081
J Sainsbury PLC		669,636		2,304,340
Marks & Spencer Group PLC(a)		748,135		1,543,389
Ocado Group PLC(a)		276,767		1,832,584
Reckitt Benckiser Group PLC		279,482		21,262,284
Tesco PLC		2,819,555		9,243,712
Unilever PLC		998,252		51,728,414
				176,538,034
United States — 57.6%
Altria Group Inc.		678,497		30,274,536
Archer-Daniels-Midland Co.		207,556		16,533,911
Brown-Forman Corp., Class B		69,638		4,475,634
Bunge Ltd.		56,574		5,403,949
Campbell Soup Co.		76,391		4,199,977
Church & Dwight Co. Inc.		92,161		8,147,954
Clorox Co. (The)		47,028		7,441,711
Coca-Cola Co. (The)		1,093,096		67,804,745
Colgate-Palmolive Co.		317,171		23,835,401
Conagra Brands Inc.		179,823		6,754,152
Constellation Brands Inc., Class A		61,540		13,901,271
Costco Wholesale Corp.		135,025		67,089,872
Dollar General Corp.		85,126		17,915,618
Dollar Tree Inc.(a)		79,163		11,363,849
Estee Lauder Companies Inc. (The), Class A		87,954		21,677,143
General Mills Inc.		223,713		19,118,513
Hershey Co. (The)		55,906		14,223,045
Hormel Foods Corp.		110,263		4,397,288
JM Smucker Co. (The)		40,595		6,388,435
Kellogg Co.		97,459		6,525,855
Keurig Dr Pepper Inc.		323,533		11,414,244
Kimberly-Clark Corp.		128,030		17,184,187
Kraft Heinz Co. (The)		303,154		11,722,965

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  (continued) March 31, 2023 iShares^® Global Consumer Staples ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Kroger Co. (The)		246,780	$	12,183,529
Lamb Weston Holdings Inc.		54,778		5,725,397
McCormick & Co. Inc./MD, NVS		95,464		7,943,559
Molson Coors Beverage Co., Class B		71,580		3,699,254
Mondelez International Inc., Class A		518,127		36,123,814
Monster Beverage Corp.(a)		290,035		15,664,790
PepsiCo Inc.		502,384		91,584,603
Philip Morris International Inc.		589,193		57,299,019
Procter & Gamble Co. (The)		860,558		127,956,369
Sysco Corp.		192,489		14,865,925
Target Corp.		174,685		28,933,077
Tyson Foods Inc., Class A		108,744		6,450,694
Walgreens Boots Alliance Inc.		272,574		9,425,609
Walmart Inc.		475,231		70,072,811
				885,722,705
Total Common Stocks — 99.0% (Cost: $1,463,415,766)				1,521,931,602
Preferred Stocks
Germany —0.4%
Henkel AG & Co. KGaA, Preference Shares, NVS		67,833		5,306,842
Total Preferred Stocks — 0.4% (Cost: $5,952,205)				5,306,842
Total Long-Term Investments — 99.4% (Cost: $1,469,367,971)				1,527,238,444

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.73%(b)(c)		2,050,000	$	2,050,000
Total Short-Term Securities — 0.1% (Cost: $2,050,000)				2,050,000
Total Investments — 99.5% (Cost: $1,471,417,971)				1,529,288,444
Other Assets Less Liabilities — 0.5%				7,390,662
Net Assets — 100.0%			$	1,536,679,106

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	404,159	$	—		$	(409,281	)(b)	$	5,141	$	(19	)	$	—		—	$	7,826	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,390,000		660,000	(b)		—			—		—			2,050,000		2,050,000		46,735			—
									$	5,141	$	(19	)	$	2,050,000			$	54,561		$	—

^(a)  As of period end, the entity is no longer held.

^(b)  Represents net amount purchased (sold).

^(c)  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
E-Mini Consumer Staples Index		96		06/16/23	$	7,274	$	302,710

34 2 0 2 3   I S H A R E S   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  (continued) March 31, 2023 iShares^® Global Consumer Staples ETF

Futures Contracts (continued)

Description	Number of Contracts		Expiration Date		Notional Amount  (000)		Value/ Unrealized Appreciation (Depreciation)
Euro STOXX 50 Index		7		06/16/23	$	324	$	8,911
FTSE 100 Index		15		06/16/23		1,416		22,741
							$	334,362

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)	$	—	$	—	$	334,362	$	—	$	—	$	—	$	334,362

^(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 March 31, 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	$	—	$	—	$	(1,432	)	$	—	$	—	$	—	$	(1,432	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	108,887		$	—	$	—	$	—	$	108,887

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	6,763,108

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	$	939,742,283	$	582,189,319	$	—	$	1,521,931,602
Preferred Stocks		—		5,306,842		—		5,306,842
Short-Term Securities
Money Market Funds		2,050,000		—		—		2,050,000
	$	941,792,283	$	587,496,161	$	—	$	1,529,288,444

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  (continued) March 31, 2023 iShares^® Global Consumer Staples ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	302,710	$	31,652	$	—	$	334,362

^(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   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   March 31, 2023 iShares^® Global Energy ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 2.4%
Ampol Ltd.		164,074	$	3,345,130
Santos Ltd.		2,281,466		10,500,214
Woodside Energy Group Ltd.		1,307,528		29,210,368
				43,055,712
Austria — 0.3%
OMV AG		98,964		4,544,737
Brazil — 0.7%
Petroleo Brasileiro SA, ADR		1,278,712		13,336,966
Canada — 11.3%
Cameco Corp.		297,838		7,799,102
Canadian Natural Resources Ltd.		762,531		42,197,332
Cenovus Energy Inc.		952,359		16,616,075
Enbridge Inc.		1,394,403		53,165,806
Imperial Oil Ltd.		120,215		6,113,486
Pembina Pipeline Corp.		379,808		12,303,362
Suncor Energy Inc.		930,697		28,895,336
TC Energy Corp.		700,932		27,264,517
Tourmaline Oil Corp.		218,516		9,106,046
				203,461,062
Chile — 0.1%
Empresas COPEC SA		249,166		1,758,509
Colombia — 0.1%
Ecopetrol SA, ADR		167,872		1,772,728
Finland — 0.8%
Neste OYJ		296,089		14,627,944
France — 5.3%
Total Energies SE		1,611,968		95,047,552
Italy —1.6%
Eni SpA		1,721,593		24,009,962
Tenaris SA		315,367		4,468,494
				28,478,456
Japan — 0.9%
ENEOS Holdings Inc.		2,225,120		7,806,856
Inpex Corp.		727,800		7,701,959
				15,508,815
Norway —1.4%
Aker BP ASA		214,623		5,263,634
Equinor ASA		721,667		20,515,835
				25,779,469
Portugal — 0.2%
Galp Energia SGPS SA		314,192		3,555,168
Spain — 0.8%
Repsol SA		913,543		14,048,338
United Kingdom — 12.2%
BP PLC		12,589,191		79,570,217
Shell PLC		4,896,333		139,538,489
				219,108,706

Security	Shares		Value
United States — 60.6%
APA Corp.		221,590	$	7,990,535
Baker Hughes Co.		693,015		20,000,413
Chevron Corp.		1,225,030		199,875,895
ConocoPhillips		842,779		83,612,104
Coterra Energy Inc.		544,015		13,350,128
Devon Energy Corp.		450,154		22,782,294
Diamondback Energy Inc.		126,786		17,137,664
EOG Resources Inc.		404,490		46,366,689
EQT Corp.		253,095		8,076,261
Exxon Mobil Corp.		2,835,762		310,969,661
Halliburton Co.		622,135		19,684,351
Hess Corp.		191,076		25,286,998
Kinder Morgan Inc.		1,361,641		23,842,334
Marathon Oil Corp.		438,859		10,515,062
Marathon Petroleum Corp.		312,636		42,152,712
Occidental Petroleum Corp.		501,281		31,294,973
ONEOK Inc.		307,868		19,561,933
Phillips 66		321,108		32,553,929
Pioneer Natural Resources Co.		163,773		33,448,997
Schlumberger NV		977,978		48,018,720
Targa Resources Corp.		156,353		11,405,951
Valero Energy Corp.		265,445		37,056,122
Williams Companies Inc. (The)		838,187		25,028,264
				1,090,011,990
Total Common Stocks — 98.7% (Cost: $1,661,417,442)				1,774,096,152
Preferred Stocks
Brazil — 0.8%
Petroleo Brasileiro SA, Preference Shares, ADR		1,584,021		14,699,715
Total Preferred Stocks — 0.8% (Cost: $25,048,902)				14,699,715
Total Long-Term Investments — 99.5% (Cost: $1,686,466,344)				1,788,795,867
Short-Term Securities
Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.73%(a)(b)		3,710,000		3,710,000
Total Short-Term Securities — 0.2% (Cost: $3,710,000)				3,710,000
Total Investments — 99.7% (Cost: $1,690,176,344)				1,792,505,867
Other Assets Less Liabilities — 0.3%				6,270,272
Net Assets — 100.0%			$	1,798,776,139

^(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 37

Schedule of Investments  (continued) March 31, 2023 iShares^® Global Energy ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	4,166	(b)	$	—	$	(4,166	)	$	—	$	—		—	$	4,211	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,430,000		280,000	(b)		—		—			—		3,710,000		3,710,000		98,055			3
								$	(4,166	)	$	—	$	3,710,000			$	102,266		$	3

^(a)  As of period end, the entity is no longer held.

^(b)  Represents net amount purchased (sold).

^(c)  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
E-Mini Energy Select Sector Index		98		06/16/23	$	8,556	$	165,243
FTSE 100 Index		15		06/16/23		1,416		7,842
							$	173,085

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)	$	—	$	—	$	173,085	$	—	$	—	$	—	$	173,085

^(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 March 31, 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	$	—	$	—	$	(2,539,479	)	$	—	$	—	$	—	$	(2,539,479	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	107,699		$	—	$	—	$	—	$	107,699

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	8,875,282

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

38 2 0 2 3   I S H A R E S   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  (continued) March 31, 2023 iShares^® Global Energy ETF

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	1,310,341,255	$	463,754,897	$	—	$	1,774,096,152
Preferred Stocks		14,699,715		—		—		14,699,715
Short-Term Securities
Money Market Funds		3,710,000		—		—		3,710,000
	$	1,328,750,970	$	463,754,897	$	—	$	1,792,505,867
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	165,243	$	7,842	$	—	$	173,085

^(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 39

Schedule of Investments   March 31, 2023 iShares^® Global Financials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 4.4%
ASX Ltd.		10,084	$	440,375
Australia & New Zealand Banking Group Ltd.		156,198		2,407,029
Commonwealth Bank of Australia		87,818		5,798,229
Insurance Australia Group Ltd.		127,417		401,070
Macquarie Group Ltd.		18,904		2,238,228
Medibank Pvt Ltd.		143,222		323,205
National Australia Bank Ltd.		163,345		3,043,664
QBE Insurance Group Ltd.		77,223		756,053
Suncorp Group Ltd.		65,744		534,178
Westpac Banking Corp.		182,493		2,657,026
				18,599,057
Austria — 0.1%
Erste Group Bank AG		18,567		615,112
Belgium — 0.5%
Ageas SA/NV		9,283		401,567
Groupe Bruxelles Lambert NV		5,265		449,315
KBC Group NV		17,589		1,208,554
				2,059,436
Brazil — 0.4%
B3 SA - Brasil, Bolsa, Balcao		317,175		647,685
Banco do Brasil SA		74,519		575,016
NU Holdings Ltd.(a)		118,856		565,755
				1,788,456
Canada — 7.2%
Bank of Montreal		36,904		3,287,091
Bank of Nova Scotia (The)		61,965		3,120,945
Brookfield Asset Management Ltd.		18,661		611,264
Brookfield Corp.		74,286		2,420,135
Canadian Imperial Bank of Commerce		47,115		1,997,899
Intact Financial Corp.		9,116		1,304,637
Manulife Financial Corp.		96,643		1,773,397
National Bank of Canada		17,550		1,255,315
Power Corp. of Canada		29,293		748,635
Royal Bank of Canada		71,894		6,875,545
Sun Life Financial Inc.		30,504		1,425,100
Toronto-Dominion Bank (The)		94,735		5,674,287
				30,494,250
Chile — 0.1%
Banco de Chile		2,258,864		219,382
Banco Santander Chile, ADR		7,691		137,130
				356,512
China — 2.3%
Bank of China Ltd., Class H		4,017,000		1,539,984
China Construction Bank Corp., Class H		5,110,720		3,307,632
China Merchants Bank Co. Ltd., Class H		172,500		875,958
Industrial & Commercial Bank of China Ltd., Class H		3,703,000		1,967,919
Ping An Insurance Group Co. of China Ltd., Class H		320,500		2,073,383
				9,764,876
Colombia — 0.0%
Bancolombia SA, ADR		5,882		147,815
Denmark — 0.3%
Danske Bank A/S(a)		35,424		712,688
Tryg A/S		18,729		409,520
				1,122,208

Security	Shares		Value
Finland — 0.3%
Sampo OYJ, Class A		24,974	$	1,178,401
France — 2.4%
AXA SA		103,956		3,172,485
BNP Paribas SA		59,055		3,526,618
Credit Agricole SA		71,217		803,413
Edenred		12,990		768,809
Euronext NV(b)		5,182		396,811
Societe Generale SA		39,102		881,021
Worldline SA/France(a)(b)		13,038		554,096
				10,103,253
Germany —2.7%
Allianz SE, Registered		20,984		4,843,863
Commerzbank AG(a)		54,721		576,116
Deutsche Bank AG, Registered		107,493		1,093,118
Deutsche Boerse AG		9,887		1,925,098
Hannover Rueck SE		3,146		615,296
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		7,290		2,548,842
				11,602,333
Hong Kong — 2.2%
AIA Group Ltd.		608,600		6,382,604
Hong Kong Exchanges & Clearing Ltd.		65,000		2,881,105
				9,263,709
Ireland — 0.1%
Bank of Ireland Group PLC		52,328		529,470
Italy —1.6%
Assicurazioni Generali SpA		62,732		1,249,910
FinecoBank Banca Fineco SpA		31,741		486,307
Intesa Sanpaolo SpA		888,726		2,280,862
Mediobanca Banca di Credito Finanziario SpA		33,127		332,891
Nexi SpA(a)(b)		44,345		360,398
UniCredit SpA		100,643		1,896,905
				6,607,273
Japan — 4.3%
Dai-ichi Life Holdings Inc.		53,400		981,678
Daiwa Securities Group Inc.		78,100		366,650
Japan Exchange Group Inc.		28,000		428,228
Japan Post Holdings Co. Ltd.		126,000		1,022,612
Mitsubishi UFJ Financial Group Inc.		634,000		4,063,096
Mizuho Financial Group Inc.		132,110		1,871,677
MS&AD Insurance Group Holdings Inc.		23,600		731,384
Nomura Holdings Inc.		157,800		608,369
ORIX Corp.		61,500		1,014,013
Resona Holdings Inc.		123,700		596,746
Sompo Holdings Inc.		18,500		733,064
Sumitomo Mitsui Financial Group Inc.		71,900		2,877,263
Sumitomo Mitsui Trust Holdings Inc.		19,427		667,433
T&D Holdings Inc.		30,100		373,056
Tokio Marine Holdings Inc.		106,300		2,045,737
				18,381,006
Mexico — 0.3%
Grupo Financiero Banorte SAB de CV, Class O		127,702		1,076,467
Netherlands — 1.5%
ABN AMRO Bank NV, CVA(b)		21,526		341,347
Adyen NV(a)(b)		1,601		2,551,078
Aegon NV		73,507		315,577
EXOR NV, NVS(a)		6,028		497,066

40 2 0 2 3   I S H A R E S   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  (continued) March 31, 2023 iShares^® Global Financials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Netherlands (continued)
ING Groep NV		193,800	$	2,301,440
NN Group NV		15,355		557,539
				6,564,047
Norway — 0.2%
DNB Bank ASA		46,765		836,894
Peru — 0.1%
Credicorp Ltd.		3,548		469,720
Singapore — 1.4%
DBS Group Holdings Ltd.		95,600		2,376,782
Oversea-Chinese Banking Corp. Ltd.		210,900		1,965,964
United Overseas Bank Ltd.		81,200		1,821,238
				6,163,984
South Korea — 0.3%
KB Financial Group Inc.		19,998		730,371
Shinhan Financial Group Co. Ltd.		26,460		718,794
				1,449,165
Spain — 1.5%
Banco Bilbao Vizcaya Argentaria SA		313,590		2,241,967
Banco Santander SA		873,359		3,254,554
CaixaBank SA		210,685		822,083
				6,318,604
Sweden — 1.7%
EQTAB		17,261		352,597
Industrivarden AB, Class A		9,495		256,626
Industrivarden AB, Class C		8,908		240,198
Investor AB, Class B		94,751		1,887,495
Kinnevik AB, Class B(a)		12,632		188,885
Nordea Bank Abp		166,685		1,779,911
Skandinaviska Enskilda Banken AB, Class A		88,526		977,173
Svenska Handelsbanken AB, Class A		79,906		692,055
Swedbank AB, Class A		47,696		784,342
				7,159,282
Switzerland — 2.9%
Baloise Holding AG, Registered		2,389		372,006
Credit Suisse Group AG, Registered(c)		191,107		171,619
Julius Baer Group Ltd.		11,126		760,000
Partners Group Holding AG		1,171		1,102,757
Swiss Life Holding AG, Registered		1,604		989,839
Swiss Re AG		15,028		1,543,878
UBS Group AG, Registered		183,293		3,878,624
Zurich Insurance Group AG		7,798		3,736,791
				12,555,514
Taiwan — 0.5%
Cathay Financial Holding Co. Ltd.		496,521		683,634
CTBC Financial Holding Co. Ltd.		1,024,000		737,413
Fubon Financial Holding Co. Ltd.		410,000		763,053
				2,184,100
United Kingdom — 5.0%
3i Group PLC		50,622		1,055,138
abrdn PLC		104,111		262,034
Admiral Group PLC		14,341		360,116
Aviva PLC		146,064		729,609
Barclays PLC		784,357		1,411,767
Direct Line Insurance Group PLC		68,171		115,806
Hargreaves Lansdown PLC		18,261		180,902
HSBC Holdings PLC		1,038,390		7,057,412
Intermediate Capital Group PLC		15,301		230,953

Security	Shares		Value
United Kingdom (continued)
Legal & General Group PLC		310,634	$	918,732
Lloyds Banking Group PLC		3,498,204		2,056,759
London Stock Exchange Group PLC		19,750		1,918,311
M&G PLC		123,495		302,690
NatWest Group PLC, NVS		263,091		858,472
Phoenix Group Holdings PLC		44,228		298,823
Prudential PLC .		149,844		2,051,608
Schroders PLC		47,794		272,543
St. James’s Place PLC		28,304		424,714
Standard Chartered PLC		126,450		958,373
				21,464,762
United States — 54.2%
Aflac Inc.		29,130		1,879,468
Allstate Corp. (The)		13,681		1,515,992
American Express Co.		30,974		5,109,161
American International Group Inc.		38,640		1,945,910
Ameriprise Financial Inc.		5,426		1,663,069
Aon PLC, Class A		10,641		3,355,001
Arch Capital Group Ltd.(a)(c)		19,242		1,305,955
Arthur J Gallagher & Co.		11,043		2,112,636
Assurant Inc.		2,872		344,841
Bank of America Corp.		362,392		10,364,411
Bank of New York Mellon Corp. (The)		38,253		1,738,216
Berkshire Hathaway Inc., Class B(a)		93,647		28,915,384
BlackRock Inc.(d)		7,764		5,195,048
Brown & Brown Inc.		12,231		702,304
Capital One Financial Corp.		19,833		1,907,141
Cboe Global Markets Inc.		5,534		742,884
Charles Schwab Corp. (The)		79,338		4,155,725
Chubb Ltd.		21,509		4,176,618
Cincinnati Financial Corp.		8,183		917,151
Citigroup Inc.		100,739		4,723,652
Citizens Financial Group Inc.		25,615		777,928
CME Group Inc.		18,708		3,582,956
Comerica Inc.		6,818		296,038
Discover Financial Services		13,902		1,374,074
Everest Re Group Ltd.		2,048		733,225
FactSet Research Systems Inc.		1,993		827,274
Fidelity National Information Services Inc.		30,875		1,677,439
Fifth Third Bancorp		35,550		947,052
First Republic Bank/CA(c)		9,672		135,311
Fiserv Inc.(a)		33,033		3,733,720
FleetCor Technologies Inc.(a)		3,839		809,453
Franklin Resources Inc.		14,843		399,870
Global Payments Inc.		13,685		1,440,209
Globe Life Inc.		4,709		518,084
Goldman Sachs Group Inc. (The)		17,613		5,761,388
Hartford Financial Services Group Inc. (The)		16,390		1,142,219
Huntington Bancshares Inc./OH		75,045		840,504
Intercontinental Exchange Inc.		29,067		3,031,397
Invesco Ltd.		23,656		387,958
Jack Henry & Associates Inc.		3,813		574,695
JPMorgan Chase & Co.		152,409		19,860,417
KeyCorp		48,547		607,809
Lincoln National Corp.		8,010		179,985
Loews Corp.		10,152		589,019
M&T Bank Corp.		8,815		1,054,010
MarketAxess Holdings Inc.		1,930		755,190
Marsh & McLennan Companies Inc.		25,747		4,288,163
Mastercard Inc., Class A		43,836		15,930,441

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  (continued) March 31, 2023 iShares^® Global Financials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
MetLife Inc.		34,286	$	1,986,531
Moody’s Corp.		8,205		2,510,894
Morgan Stanley		67,949		5,965,922
MSCI Inc.		4,142		2,318,236
Nasdaq Inc.		17,634		964,051
Northern Trust Corp.		10,841		955,417
PayPal Holdings Inc.(a)		58,841		4,468,386
PNC Financial Services Group Inc. (The)		20,864		2,651,814
Principal Financial Group Inc.		11,832		879,354
Progressive Corp. (The)		30,422		4,352,171
Prudential Financial Inc.		19,149		1,584,388
Raymond James Financial Inc.		10,092		941,281
Regions Financial Corp.		48,588		901,793
S&P Global Inc.		17,078		5,887,982
State Street Corp.		18,161		1,374,606
Synchrony Financial		22,742		661,337
T Rowe Price Group Inc.		11,681		1,318,785
Travelers Companies Inc. (The)		12,032		2,062,405
Truist Financial Corp.		69,012		2,353,309
U.S. Bancorp.		72,451		2,611,859
Visa Inc., Class A		84,432		19,036,039
W R Berkley Corp.		10,595		659,645
Wells Fargo & Co.		197,724		7,390,923
Willis Towers Watson PLC		5,555		1,290,871
Zions Bancorp. NA		7,786		233,035
				230,387,429
Total Common Stocks — 98.5% (Cost: $484,830,169)				419,243,135
Preferred Stocks
Brazil — 0.6%
Banco Bradesco SA, Preference Shares, ADR		276,663		724,857

Security	Shares		Value
Brazil (continued)
Itau Unibanco Holding SA, Preference Shares, ADR		252,011	$	1,227,294
Itausa SA, Preference Shares, NVS		268,223		435,003
				2,387,154
Total Preferred Stocks — 0.6% (Cost: $3,609,754)				2,387,154
Total Long-Term Investments — 99.1% (Cost: $488,439,923)				421,630,289
Short-Term Securities
Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%(d)(e)(f)		778,071		778,304
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.73%(d)(e)		590,000		590,000
Total Short-Term Securities — 0.3% (Cost: $1,368,377)				1,368,304
Total Investments — 99.4% (Cost: $489,808,300)				422,998,593
Other Assets Less Liabilities — 0.6%				2,376,136
Net Assets — 100.0%			$	425,374,729

^(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 year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	20,641	$	755,962	(a)	$	—		$	1,774		$	(73	)	$	778,304		778,071	$	7,305	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,000,000		—			(1,410,000	)(a)		—			—			590,000		590,000		30,486			1
BlackRock Inc.		15,373,572		2,142,349			(10,475,534	)		(2,549,218	)		703,879			5,195,048		7,764		266,059			—
									$	(2,547,444	)	$	703,806		$	6,563,352			$	303,850		$	1

^(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.

42 2 0 2 3   I S H A R E S   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  (continued) March 31, 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
E-Mini Financial Select Sector Index		26		06/16/23	$	2,595	$	1,929
Euro STOXX 50 Index		12		06/16/23		556		22,841
FTSE 100 Index		5		06/16/23		472		976
							$	25,746

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)	$	—	$	—	$	25,746	$	—	$	—	$	—	$	25,746

^(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 March 31, 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	$	—	$	—	$	(702,503	)	$	—	$	—	$	—	$	(702,503	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	100,971		$	—	$	—	$	—	$	100,971

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	3,711,556

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	$	264,720,649	$	154,522,486	$	—	$	419,243,135
Preferred Stocks		2,387,154		—		—		2,387,154
Short-Term Securities
Money Market Funds		1,368,304		—		—		1,368,304
	$	268,476,107	$	154,522,486	$	—	$	422,998,593

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  (continued) March 31, 2023 iShares^® Global Financials ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	1,929	$	23,817	$	—	$	25,746

^(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   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   March 31, 2023 iShares^® Global Healthcare ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.8%
Cochlear Ltd.		38,390	$	6,111,701
CSL Ltd.		284,298		55,060,110
Ramsay Health Care Ltd.		109,989		4,914,654
Sonic Healthcare Ltd.		281,874		6,607,958
				72,694,423
Belgium — 0.5%
Argenx SE(a)		32,744		12,159,661
UCB SA		74,566		6,664,421
				18,824,082
Brazil — 0.1%
Rede D’Or Sao Luiz SA(b)		522,600		2,190,023
China — 0.3%
Wuxi Biologics Cayman Inc.(a)(b)		2,098,500		12,930,869
Denmark — 4.3%
Coloplast A/S, Class B		69,898		9,203,277
Genmab A/S(a)		38,928		14,714,989
Novo Nordisk A/S, Class B		965,142		153,285,067
				177,203,333
France — 2.8%
EssilorLuxottica SA		179,142		32,303,381
Eurofins Scientific SE(c)		76,045		5,091,948
Sanofi		676,917		73,431,087
Sartorius Stedim Biotech		14,138		4,337,469
				115,163,885
Germany —1.9%
Bayer AG, Registered		578,224		36,937,876
Fresenius Medical Care AG & Co. KGaA		116,354		4,938,556
Fresenius SE & Co. KGaA		241,455		6,520,066
Merck KGaA		76,428		14,248,838
QIAGEN NV(a)		136,593		6,221,330
Siemens Healthineers AG(b)		166,099		9,575,937
				78,442,603
Japan — 4.7%
Astellas Pharma Inc.		1,079,775		15,340,703
Chugai Pharmaceutical Co. Ltd.		377,900		9,331,336
Daiichi Sankyo Co. Ltd.		1,149,000		41,912,803
Eisai Co. Ltd.		175,000		9,939,928
Hoya Corp.		210,700		23,284,928
M3 Inc.		250,600		6,307,363
Olympus Corp.		757,500		13,303,782
Ono Pharmaceutical Co. Ltd.		277,900		5,790,929
Otsuka Holdings Co. Ltd.		328,800		10,439,272
Shionogi & Co. Ltd.		165,600		7,469,470
Sysmex Corp.		99,400		6,523,775
Takeda Pharmaceutical Co. Ltd.		932,692		30,632,907
Terumo Corp.		445,700		12,054,094
				192,331,290
Netherlands — 0.2%
Koninklijke Philips NV		521,819		9,584,185
South Korea — 0.2%
Celltrion Inc.		63,268		7,313,032
Spain — 0.0%
Grifols SA(a)		171,451		1,697,065

Security	Shares		Value
Sweden — 0.1%
Getinge AB, Class B		130,414	$	3,180,574
Switzerland — 7.8%
Alcon Inc.		295,203		20,955,719
Lonza Group AG, Registered		43,877		26,413,928
Novartis AG, Registered		1,416,307		130,043,210
Roche Holding AG, Bearer		15,708		4,720,108
Roche Holding AG,NVS		413,965		118,287,377
Sonova Holding AG, Registered		30,258		8,925,763
Straumann Holding AG		68,541		10,280,091
				319,626,196
United Kingdom — 4.3%
AstraZeneca PLC		912,982		126,497,554
GSK PLC		2,358,291		41,669,381
Smith & Nephew PLC		519,270		7,218,127
				175,385,062
United States — 70.4%
Abbott Laboratories		1,027,338		104,028,246
AbbVie Inc.		1,042,014		166,065,771
Agilent Technologies Inc.		174,116		24,087,207
Align Technology Inc.(a)		42,634		14,245,725
AmerisourceBergen Corp.		94,973		15,206,127
Amgen Inc.		314,245		75,968,729
Baxter International Inc.		297,365		12,061,124
Becton Dickinson and Co.		167,246		41,400,075
Biogen Inc.(a)		84,687		23,545,527
Bio-Rad Laboratories Inc., Class A(a)		12,689		6,078,285
Bio-Techne Corp.		91,924		6,819,842
Boston Scientific Corp.(a)		843,936		42,222,118
Bristol-Myers Squibb Co.		1,252,765		86,829,142
Cardinal Health Inc.		154,131		11,636,890
Catalent Inc.(a)		105,682		6,944,364
Centene Corp.(a)		324,113		20,487,183
Charles River Laboratories International Inc.(a)		29,994		6,053,389
Cigna Corp.		175,771		44,914,764
Cooper Companies Inc. (The)		29,053		10,847,228
CVS Health Corp.		755,692		56,155,472
Danaher Corp.		386,215		97,341,629
DaVita Inc.(a)(c)		32,534		2,638,833
DENTSPLY SIRONA Inc.		127,124		4,993,431
Dexcom Inc.(a)(c)		227,402		26,419,564
Edwards Lifesciences Corp.(a)		364,287		30,137,463
Elevance Health Inc.		140,726		64,707,222
Eli Lilly & Co.		464,686		159,582,466
GE Healthcare Inc., NVS(a)		214,167		17,568,119
Gilead Sciences Inc.		736,099		61,074,134
HCA Healthcare Inc.		124,273		32,768,305
Henry Schein Inc.(a)		79,544		6,486,018
Hologic Inc.(a)		146,159		11,795,031
Humana Inc.		74,303		36,071,134
IDEXX Laboratories Inc.(a)		48,813		24,410,405
Illumina Inc.(a)(c)		92,753		21,569,710
Incyte Corp.(a)		109,317		7,900,340
Insulet Corp.(a)(c)		40,761		13,001,129
Intuitive Surgical Inc.(a)		207,399		52,984,223
IQVIA Holdings Inc.(a)		109,540		21,786,411
Johnson & Johnson		1,540,490		238,775,950
Laboratory Corp. of America Holdings		51,998		11,929,381
McKesson Corp.		80,589		28,693,713
Medtronic PLC		782,801		63,109,417

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  (continued) March 31, 2023 iShares^® Global Healthcare ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Merck & Co. Inc.		1,493,894	$	158,935,383
Mettler-Toledo International Inc.(a)		13,062		19,987,603
Moderna Inc.(a)		194,302		29,840,901
Molina Healthcare Inc.(a)(c)		34,221		9,153,775
Organon & Co.		150,036		3,528,847
PerkinElmer Inc.		74,353		9,908,281
Pfizer Inc.		3,307,437		134,943,430
Quest Diagnostics Inc.		66,978		9,476,047
Regeneron Pharmaceuticals Inc.(a)		63,270		51,987,061
ResMed Inc.		86,593		18,963,001
STERIS PLC		58,322		11,155,832
Stryker Corp.		198,419		56,642,672
Teleflex Inc.		27,686		7,013,141
Thermo Fisher Scientific Inc.		231,087		133,191,614
UnitedHealth Group Inc.		550,533		260,176,390
Universal Health Services Inc., Class B		37,655		4,785,950
Vertex Pharmaceuticals Inc.(a)		151,299		47,669,776
Viatris Inc.		715,494		6,883,052
Waters Corp.(a)(c)		34,955		10,823,117
West Pharmaceutical Services Inc.		43,574		15,097,084
Zimmer Biomet Holdings Inc.		123,420		15,945,864
Zoetis Inc.		274,619		45,707,586
				2,873,157,643
Total Common Stocks — 99.4% (Cost: $3,579,998,148)				4,059,724,265
Preferred Stocks
Germany —0.2%
Sartorius AG, Preference Shares, NVS		15,750		6,637,936
Total Preferred Stocks — 0.2% (Cost: $5,615,757)				6,637,936
Total Long-Term Investments — 99.6% (Cost: $3,585,613,905)				4,066,362,201

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%(d)(e)(f)		28,977,756	$	28,986,449
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.73%(d)(e)		5,900,000		5,900,000
Total Short-Term Securities — 0.8% (Cost: $34,881,094)				34,886,449
Total Investments — 100.4% (Cost: $3,620,494,999)				4,101,248,650
Liabilities in Excess of Other Assets — (0.4)%				(17,992,773	)
Net Assets — 100.0%			$	4,083,255,877

^(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 year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	6,065,148	$	22,912,502	(a)	$	—	$	4,655	$	4,144	$	28,986,449		28,977,756	$	48,440	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		4,860,000		1,040,000	(a)		—		—		—		5,900,000		5,900,000		129,215			4
								$	4,655	$	4,144	$	34,886,449			$	177,655		$	4

^(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.

46 2 0 2 3   I S H A R E S   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  (continued) March 31, 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
E-Mini Health Care Sector Index		124		06/16/23	$	16,357	$	481,447

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)	$	—	$	—	$	481,447	$	—	$	—	$	—	$	481,447

^(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 March 31, 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	$	—	$	—	$	(1,915,886	)	$	—	$	—	$	—	$	(1,915,886	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(34,093	)	$	—	$	—	$	—	$	(34,093	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	12,829,375

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	$	2,875,347,666	$	1,184,376,599	$	—	$	4,059,724,265
Preferred Stocks		—		6,637,936		—		6,637,936
Short-Term Securities
Money Market Funds		34,886,449		—		—		34,886,449
	$	2,910,234,115	$	1,191,014,535	$	—	$	4,101,248,650

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  (continued) March 31, 2023 iShares^® Global Healthcare ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	481,447	$	—	$	—	$	481,447

^(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   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   March 31, 2023 iShares^® Global Industrials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.0%
Brambles Ltd.		83,494	$	752,803
Computershare Ltd.		34,483		500,872
Qantas Airways Ltd.(a)		109,231		487,547
Transurban Group		184,875		1,765,257
				3,506,479
Brazil — 0.4%
CCR SA		66,848		168,820
Localiza Rent a Car SA		46,178		486,520
WEG SA		88,323		706,626
				1,361,966
Canada — 3.7%
CAE Inc.(a)		19,111		432,136
Canadian National Railway Co.		36,507		4,307,637
Canadian Pacific Railway Ltd.		55,921		4,306,103
Thomson Reuters Corp.		9,515		1,237,971
Waste Connections Inc.		15,463		2,152,120
				12,435,967
Denmark — 1.4%
AP Moller - Maersk A/S, Class A		182		322,876
AP Moller - Maersk A/S, Class B, NVS		333		605,297
DSV A/S		10,797		2,093,510
Vestas Wind Systems A/S		60,714		1,769,474
				4,791,157
Finland — 0.6%
Kone OYJ, Class B		24,249		1,264,683
Metso Outotec OYJ		42,067		459,345
Wartsila OYJ Abp		29,007		273,747
				1,997,775
France — 7.4%
Airbus SE		36,963		4,937,054
Alstom SA		18,548		504,993
Bouygues SA		12,385		417,697
Bureau Veritas SA		17,405		500,089
Cie. de Saint-Gobain		31,009		1,762,662
Eiffage SA		4,662		504,503
Getlink SE		24,139		397,560
Legrand SA		16,043		1,465,886
Safran SA		21,063		3,118,095
Schneider Electric SE		34,336		5,738,362
Teleperformance		3,555		859,009
Thales SA		6,417		948,732
Vinci SA		31,892		3,656,173
				24,810,815
Germany —4.3%
Brenntag SE		9,289		699,055
Daimler Truck Holding AG(a)		31,171		1,051,990
Deutsche Post AG, Registered		59,594		2,791,123
GEA Group AG		9,998		456,084
MTU Aero Engines AG		3,215		804,521
Rheinmetall AG		2,620		776,175
Siemens AG, Registered		44,971		7,285,477
Siemens Energy AG(a)		24,028		529,853
				14,394,278
Hong Kong — 0.6%
CK Hutchison Holdings Ltd.		161,520		999,268

Security	Shares		Value
Hong Kong (continued)
Techtronic Industries Co. Ltd.		111,500	$	1,208,114
				2,207,382
Ireland — 0.4%
Kingspan Group PLC		9,281		635,983
Ryanair Holdings PLC, ADR(a)(b)		6,057		571,115
				1,207,098
Italy — 0.5%
CNH Industrial NV		59,883		916,280
Prysmian SpA		16,121		676,932
				1,593,212
Japan — 13.8%
AGC Inc.		13,700		510,749
ANA Holdings Inc.(a)		29,500		641,180
Central Japan Railway Co.		12,400		1,479,563
Dai Nippon Printing Co. Ltd.		16,400		459,175
Daifuku Co. Ltd.		23,400		434,472
Daikin Industries Ltd.		17,700		3,175,496
East Japan Railway Co.		22,900		1,267,322
FANUC Corp.		58,500		2,112,563
Hankyu Hanshin Holdings Inc.		14,600		432,919
Hitachi Ltd.		56,500		3,105,279
ITOCHU Corp.		88,600		2,885,387
Japan Airlines Co. Ltd.		26,400		514,750
Kajima Corp.		28,700		346,335
Kintetsu Group Holdings Co. Ltd.		11,500		370,460
Komatsu Ltd.		58,700		1,457,235
Kubota Corp.		68,100		1,032,486
Makita Corp.		16,900		420,892
Marubeni Corp.		103,400		1,406,210
Mitsubishi Corp.		88,600		3,183,970
Mitsubishi Electric Corp.		129,300		1,545,152
Mitsubishi Heavy Industries Ltd.		20,400		751,556
Mitsui & Co. Ltd.		95,800		2,986,071
Nidec Corp.		32,000		1,665,311
Nippon Yusen KK		30,700		717,101
Obayashi Corp.		43,900		335,942
Odakyu Electric Railway Co. Ltd.		20,800		270,614
Recruit Holdings Co. Ltd.		102,000		2,805,921
Secom Co. Ltd.		12,900		794,997
SG Holdings Co. Ltd.		29,500		437,431
SMC Corp.		3,800		2,014,442
Sumitomo Corp.		75,400		1,335,737
Taisei Corp.		12,100		374,360
Tokyu Corp.		37,600		500,536
Toppan Inc.		21,100		425,214
Toshiba Corp.		26,100		876,427
TOTO Ltd.		9,600		321,636
Toyota Industries Corp.		12,300		685,246
Toyota Tsusho Corp.		14,300		609,713
West Japan Railway Co.		14,800		609,635
Yamato Holdings Co. Ltd.		20,200		346,739
Yaskawa Electric Corp.		16,100		706,145
				46,352,369
Netherlands — 0.9%
IMCD NV		3,455		564,947
Randstad NV		7,511		445,888
Wolters Kluwer NV		15,483		1,954,519
				2,965,354

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  (continued) March 31, 2023 iShares^® Global Industrials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea — 0.3%
LG Energy Solution(a)		2,575	$	1,160,173
Spain — 0.6%
ACS Actividades de Construccion y Servicios SA		13,327		424,461
Aena SME SA(a)(c)		4,421		714,912
Ferrovial SA		29,739		875,736
				2,015,109
Sweden — 3.4%
Alfa Laval AB		17,843		637,122
Assa Abloy AB, Class B		59,626		1,428,190
Atlas Copco AB, Class A		153,414		1,943,501
Atlas Copco AB, Class B		93,842		1,079,440
Epiroc AB, Class A		37,641		747,174
Epiroc AB, Class B		23,812		406,005
Nibe Industrier AB, Class B		92,185		1,050,828
Sandvik AB		65,611		1,392,645
Skanska AB, Class B		24,274		371,797
SKF AB, Class B		22,537		443,909
Volvo AB, Class B		95,501		1,967,955
				11,468,566
Switzerland — 2.5%
ABB Ltd., Registered		102,767		3,535,339
Adecco Group AG, Registered		10,127		368,876
Geberit AG, Registered		2,158		1,205,129
Kuehne + Nagel International AG, Registered		3,414		1,016,809
Schindler Holding AG, Participation Certificates, NVS		2,449		542,644
Schindler Holding AG, Registered		1,251		264,735
SGS SA, Registered		365		805,098
VAT Group AG(c)		1,615		583,473
				8,322,103
United Kingdom — 4.6%
Ashtead Group PLC		27,014		1,658,791
BAE Systems PLC		183,672		2,221,719
Bunzl PLC		20,302		766,859
DCC PLC		6,013		350,505
Experian PLC		58,290		1,919,356
IMI PLC		16,988		321,562
Intertek Group PLC		9,636		482,616
Melrose Industries PLC		246,957		508,621
RELX PLC		119,184		3,860,000
Rentokil Initial PLC		151,508		1,107,302
Rolls-Royce Holdings PLC(a)		503,069		926,583
Smiths Group PLC		21,226		450,177
Spirax-Sarco Engineering PLC		4,388		644,258
Weir Group PLC (The)		15,442		354,262
				15,572,611
United States — 53.1%
3M Co.		33,098		3,478,931
AO Smith Corp.		7,628		527,476
Alaska Air Group Inc.(a)		7,714		323,679
Allegion PLC		5,282		563,748
American Airlines Group Inc.(a)		38,656		570,176
AMETEK Inc.		13,807		2,006,571
Automatic Data Processing Inc.		24,912		5,546,159
Boeing Co. (The)(a)		33,809		7,182,046
Broadridge Financial Solutions Inc.		7,078		1,037,422
Carrier Global Corp.		50,152		2,294,454
Caterpillar Inc.		31,288		7,159,946
CH Robinson Worldwide Inc.		7,079		703,440

Security	Shares		Value
United States (continued)
Cintas Corp.		5,193	$	2,402,697
Copart Inc.(a)		25,774		1,938,463
CoStar Group Inc.(a)		24,451		1,683,451
CSX Corp.		126,399		3,784,386
Cummins Inc.		8,496		2,029,524
Deere & Co.		16,258		6,712,603
Delta Air Lines Inc.(a)		38,552		1,346,236
Dover Corp.		8,400		1,276,296
Eaton Corp. PLC		23,910		4,096,739
Emerson Electric Co.		34,353		2,993,520
Equifax Inc.		7,366		1,494,119
Expeditors International of Washington Inc.		9,568		1,053,628
Fastenal Co.		34,320		1,851,221
FedEx Corp.		13,962		3,190,177
Fortive Corp.		21,218		1,446,431
Generac Holdings Inc.(a)		3,865		417,459
General Dynamics Corp.		13,530		3,087,681
General Electric Co.		65,490		6,260,844
Honeywell International Inc.		40,171		7,677,482
Howmet Aerospace Inc.		22,137		937,945
Huntington Ingalls Industries Inc.		2,427		502,438
IDEX Corp.		4,536		1,047,952
Illinois Tool Works Inc.		16,692		4,063,667
Ingersoll Rand Inc.(b)		24,346		1,416,450
Jacobs Solutions Inc., NVS		7,618		895,191
JB Hunt Transport Services Inc.		4,991		875,721
Johnson Controls International PLC		41,317		2,488,110
L3Harris Technologies Inc.		11,447		2,246,359
Leidos Holdings Inc.		8,218		756,549
Lockheed Martin Corp.		13,661		6,457,965
Masco Corp.		13,540		673,209
Nordson Corp.		3,233		718,567
Norfolk Southern Corp.		13,695		2,903,340
Northrop Grumman Corp.		8,651		3,994,340
Old Dominion Freight Line Inc.(b)		5,447		1,856,555
Otis Worldwide Corp.		24,944		2,105,274
PACCAR Inc.		31,385		2,297,382
Parker-Hannifin Corp.		7,713		2,592,416
Paychex Inc.		19,289		2,210,326
Pentair PLC		9,891		546,676
Quanta Services Inc.		8,593		1,431,938
Raytheon Technologies Corp.		88,075		8,625,185
Republic Services Inc.		12,349		1,669,832
Robert Half International Inc.		6,463		520,724
Rockwell Automation Inc.		6,903		2,025,685
Rollins Inc.		13,870		520,541
Snap-on Inc.		3,193		788,320
Southwest Airlines Co.		35,730		1,162,654
Stanley Black & Decker Inc.		8,896		716,840
Textron Inc.		12,553		886,618
Trane Technologies PLC		13,773		2,533,957
TransDigm Group Inc.		3,120		2,299,596
Union Pacific Corp.		36,787		7,403,752
United Airlines Holdings Inc.(a)		19,655		869,734
United Parcel Service Inc., Class B		43,879		8,512,087
United Rentals Inc .		4,171		1,650,715
Verisk Analytics Inc.		9,403		1,804,060
Waste Management Inc.		22,331		3,643,749
Westinghouse Air Brake Technologies Corp.		10,935		1,105,091
WW Grainger Inc.		2,705		1,863,231

50 2 0 2 3   I S H A R E S   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  (continued) March 31, 2023 iShares^® Global Industrials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Xylem Inc./NY		10,838	$	1,134,739
				178,892,485
Total Common Stocks — 99.5% (Cost: $350,943,349)				335,054,899
Rights
Brazil — 0.0%
Localiza Rent a Car SA, Rights, (Expires 05/18/23, Strike Price BRL 41.15)		206		534
Total Rights — 0.0% (Cost: $—)				534
Total Long-Term Investments — 99.5% (Cost: $350,943,349)				335,055,433
Short-Term Securities
Money Market Funds — 1.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%(d)(e)(f)		3,817,891		3,819,037

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.73%(d)(e)		310,000	$	310,000
Total Short-Term Securities — 1.2% (Cost: $4,129,689)				4,129,037
Total Investments — 100.7% (Cost: $355,073,038)				339,184,470
Liabilities in Excess of Other Assets — (0.7)%				(2,226,290	)
Net Assets — 100.0%			$	336,958,180

^(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

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,815,249	$	999,776	(a)	$	—	$	5,125	$	(1,113	)	$	3,819,037		3,817,891	$	13,687	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		310,000		0	(a)		—		—		—			310,000		310,000		14,424			—
								$	5,125	$	(1,113	)	$	4,129,037			$	28,111		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
TOPIX Index		1		06/08/23	$	152	$	5,457
Euro STOXX 50 Index		11		06/16/23		509		14,395
XAI Industrial Index		11		06/16/23		1,131		20,662
							$	40,514

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

Schedule of Investments  (continued) March 31, 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
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	40,514	$	—	$	—	$	—	$	40,514

^(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 March 31, 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	$	—	$	—	$	(30,818	)	$	—	$	—	$	—	$	(30,818	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	19,090		$	—	$	—	$	—	$	19,090

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	1,464,863

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	$	193,261,533	$	141,793,366	$	—	$	335,054,899
Rights		534		—		—		534
Short-Term Securities
Money Market Funds		4,129,037		—		—		4,129,037
	$	197,391,104	$	141,793,366	$	—	$	339,184,470
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	20,662	$	19,852	$	—	$	40,514

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

See notes to financial statements.

52 2 0 2 3   I S H A R E S   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   March 31, 2023 iShares^® Global Materials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 11.9%
BHP Group Ltd.		723,783	$	22,881,624
BlueScope Steel Ltd.		66,484		899,885
Fortescue Metals Group Ltd.		242,002		3,637,668
James Hardie Industries PLC		63,738		1,371,881
Mineral Resources Ltd.		23,949		1,294,609
Newcrest Mining Ltd.		127,973		2,284,368
Northern Star Resources Ltd.		165,011		1,353,116
OZ Minerals Ltd.		48,100		905,854
Pilbara Minerals Ltd.		372,978		992,271
Rio Tinto Ltd.		53,014		4,259,662
South32 Ltd.		650,772		1,907,236
				41,788,174
Belgium — 0.6%
Solvay SA		10,368		1,185,749
Umicore SA		29,506		1,000,880
				2,186,629
Brazil — 2.5%
Vale SA, ADR		553,058		8,727,255
Canada — 7.6%
Agnico Eagle Mines Ltd.		65,107		3,319,180
Barrick Gold Corp.		251,477		4,668,559
CCL Industries Inc., Class B, NVS		20,822		1,034,398
First Quantum Minerals Ltd.		79,833		1,835,302
Franco-Nevada Corp.		27,313		3,983,878
Kinross Gold Corp.		179,803		846,132
Nutrien Ltd.		74,322		5,488,775
Teck Resources Ltd., Class B		64,184		2,343,678
Wheaton Precious Metals Corp.		64,609		3,111,654
				26,631,556
Chile — 0.5%
Empresas CMPC SA		158,815		265,407
Sociedad Quimica y Minera de Chile SA, ADR(a)		20,329		1,647,869
				1,913,276
Denmark — 0.8%
Chr Hansen Holding A/S		14,734		1,120,821
Novozymes A/S, Class B		29,925		1,532,254
				2,653,075
Finland — 1.0%
Stora Enso OYJ, Class R		86,633		1,127,085
UPM-Kymmene OYJ		76,364		2,564,911
				3,691,996
France — 4.5%
Air Liquide SA		74,790		12,518,992
ArcelorMittal SA		81,636		2,473,267
Arkema SA		9,252		913,513
				15,905,772
Germany —3.3%
BASF SE		131,228		6,889,293
Covestro AG(b)		27,648		1,144,995
HeidelbergCement AG		20,639		1,507,001
Symrise AG		19,027		2,070,592
				11,611,881
Ireland — 1.9%
CRH PLC		106,343		5,372,478
Smurfit Kappa Group PLC		36,890		1,338,003
				6,710,481

Security	Shares		Value
Japan — 6.5%
Asahi Kasei Corp.		198,200	$	1,388,215
JFE Holdings Inc.		82,200		1,043,318
Mitsubishi Chemical Group Corp.		204,200		1,214,474
Nippon Paint Holdings Co. Ltd.		153,300		1,441,494
Nippon Steel Corp.		135,729		3,200,692
Nitto Denko Corp.		21,300		1,378,563
Shin-Etsu Chemical Co. Ltd .		289,200		9,387,728
Sumitomo Chemical Co. Ltd.		235,800		793,933
Sumitomo Metal Mining Co. Ltd.		38,900		1,488,466
Toray Industries Inc.		234,200		1,339,794
				22,676,677
Mexico — 0.9%
Cemex SAB de CV, NVS(c)		2,164,170		1,187,771
Grupo Mexico SAB de CV, Series B		445,382		2,109,015
				3,296,786
Netherlands — 1.4%
Akzo Nobel NV		24,849		1,943,555
Koninklijke DSM NV		24,991		2,957,542
				4,901,097
Norway —0.7%
Norsk Hydro ASA		195,623		1,460,017
Yara International ASA		23,223		1,009,285
				2,469,302
Peru — 0.3%
Southern Copper Corp.		12,051		918,889
South Korea — 1.9%
LG Chem Ltd.		6,756		3,710,352
POSCO Holdings Inc.		10,508		2,972,935
				6,683,287
Sweden — 0.8%
Boliden AB		39,155		1,538,173
Svenska Cellulosa AB SCA, Class B		85,699		1,128,701
				2,666,874
Switzerland — 4.7%
Givaudan SA, Registered		1,136		3,697,439
Holcim AG		80,969		5,221,796
SIG Group AG(c)		49,831		1,283,805
Sika AG, Registered		21,978		6,164,728
				16,367,768
Taiwan — 1.1%
Formosa Plastics Corp.		620,720		1,873,957
Nan Ya Plastics Corp.		801,940		2,042,792
				3,916,749
United Kingdom — 9.0%
Anglo American PLC		191,108		6,356,537
Antofagasta PLC		48,957		958,943
Croda International PLC		20,399		1,639,538
DS Smith PLC		197,592		769,289
Glencore PLC		1,730,091		9,955,316
Johnson Matthey PLC		28,596		701,069
Mondi PLC		69,447		1,102,610
Rio Tinto PLC		151,580		10,288,931
				31,772,233
United States — 36.9%
Air Products and Chemicals Inc.		31,698		9,103,983
Albemarle Corp.		16,755		3,703,525
Amcor PLC		211,802		2,410,307

S C H E D U L E   O F   I N V E S T M E N T S 53

Schedule of Investments  (continued) March 31, 2023 iShares^® Global Materials ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
Avery Dennison Corp.		11,555	$	2,067,536
Ball Corp.		44,840		2,471,132
Celanese Corp.		14,278		1,554,731
CF Industries Holdings Inc.		28,096		2,036,679
Corteva Inc.		101,924		6,147,036
Dow Inc.		100,710		5,520,922
DuPont de Nemours Inc.		65,479		4,699,428
Eastman Chemical Co.		17,011		1,434,708
Ecolab Inc.		35,396		5,859,100
FMC Corp.		18,009		2,199,439
Freeport-McMoRan Inc.		204,038		8,347,195
International Flavors & Fragrances Inc.		36,486		3,355,253
International Paper Co.		50,828		1,832,858
Linde PLC		70,371		25,012,668
LyondellBasell Industries NV, Class A		36,194		3,398,255
Martin Marietta Materials Inc.		8,848		3,141,571
Mosaic Co. (The)		48,680		2,233,438
Newmont Corp.		113,406		5,559,162
Nucor Corp.		36,148		5,583,782
Packaging Corp. of America		13,216		1,834,777
PPG Industries Inc.		33,599		4,488,154
Sealed Air Corp.		20,590		945,287
Sherwin-Williams Co. (The)		33,668		7,567,556
Steel Dynamics Inc.		23,860		2,697,612
Vulcan Materials Co.		19,021		3,263,243
Westrock Co.		36,321		1,106,701
				129,576,038
Total Common Stocks — 98.8% (Cost: $390,913,435)				347,065,795
Preferred Stocks
Brazil — 0.2%
Gerdau SA, Preference Shares, ADR		155,629		767,249

Security	Shares		Value
South Korea — 0.1%
LG Chem Ltd., Preference Shares, NVS		1,075	$	257,575
Total Preferred Stocks — 0.3% (Cost: $1,595,789)				1,024,824
Total Long-Term Investments — 99.1% (Cost: $392,509,224)				348,090,619
Short-Term Securities
Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%(d)(e)(f)		1,650,564		1,651,059
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.73%(d)(e)		530,000		530,000
Total Short-Term Securities — 0.6% (Cost: $2,181,519)				2,181,059
Total Investments — 99.7% (Cost: $394,690,743)				350,271,678
Other Assets Less Liabilities — 0.3%				898,506
Net Assets — 100.0%			$	351,170,184

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

^(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)  Non-income producing security.

^(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 year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	1,649,780	(a)	$	—		$	1,739	$	(460	)	$	1,651,059		1,650,564	$	3,946	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,490,000		—			(1,960,000	)(a)		—		—			530,000		530,000		9,115			—
									$	1,739	$	(460	)	$	2,181,059			$	13,061		$	—

^(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.

54 2 0 2 3   I S H A R E S   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  (continued) March 31, 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/TSX 60 Index		6		06/15/23	$	1,074	$	19,584
FTSE 100 Index		6		06/16/23		566		5,990
MSCI Emerging Markets Index		11		06/16/23		547		12,886
S&P 500 E-Mini Index		4		06/16/23		828		39,277
							$	77,737

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)	$	—	$	—	$	77,737	$	—	$	—	$	—	$	77,737

^(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 March 31, 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	$	—	$	—	$	(345,394	)	$	—	$	—	$	—	$	(345,394	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(180,977	)	$	—	$	—	$	—	$	(180,977	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	1,809,115

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	$	171,063,800	$	176,001,995	$	—	$	347,065,795
Preferred Stocks		767,249		257,575		—		1,024,824
Short-Term Securities
Money Market Funds		2,181,059		—		—		2,181,059
	$	174,012,108	$	176,259,570	$	—	$	350,271,678

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

Schedule of Investments  (continued) March 31, 2023 iShares^® Global Materials ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	71,747	$	5,990	$	—	$	77,737

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

See notes to financial statements.

56 2 0 2 3   I S H A R E S   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 March 31, 2023 iShares^® Global Tech ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 0.1%
Xero Ltd.(a)		40,276	$	2,442,796
Canada — 1.1%
CGI Inc.(a)		61,046		5,883,272
Constellation Software Inc./Canada		5,682		10,682,539
Open Text Corp.		77,987		3,008,111
Shopify Inc., Class A(a)		344,776		16,530,880
				36,104,802
China — 0.2%
Xiaomi Corp., Class B(a)(b)		4,169,800		6,417,113
Finland — 0.2%
Nokia OYJ		1,520,894		7,465,893
France — 0.5%
Capgemini SE		45,546		8,464,058
Dassault Systemes SE		199,880		8,245,256
				16,709,314
Germany — 1.7%
Infineon Technologies AG		376,559		15,463,459
SAP SE		314,370		39,695,645
				55,159,104
Japan — 3.7%
Advantest Corp.		52,400		4,857,811
Canon Inc.		299,900		6,678,730
FUJIFILM Holdings Corp.		115,600		5,868,196
Fujitsu Ltd.		51,700		6,986,235
Keyence Corp.		57,140		28,004,790
Kyocera Corp.		100,100		5,221,810
Lasertec Corp.		22,300		3,962,248
Murata Manufacturing Co. Ltd.		185,100		11,280,962
NEC Corp.		78,600		3,034,366
Nomura Research Institute Ltd.		128,700		3,009,997
NTT Data Corp.		186,000		2,445,257
Obic Co. Ltd.		18,900		2,993,636
Omron Corp.		59,400		3,476,497
Renesas Electronics Corp.(a)		406,500		5,886,446
Ricoh Co. Ltd.		175,700		1,317,949
Rohm Co. Ltd.		25,200		2,100,331
TDK Corp.		112,000		4,020,366
Tokyo Electron Ltd.		135,000		16,492,414
				117,638,041
Netherlands — 2.7%
ASM International NV		13,375		5,428,922
ASML Holding NV		115,912		78,987,996
				84,416,918
Singapore — 0.3%
STMicroelectronics NV , New		189,190		10,074,837
South Korea — 2.9%
Samsung Electronics Co. Ltd.		1,476,158		72,997,426
Samsung SDI Co. Ltd.		15,862		9,010,229
SK Hynix Inc.		155,338		10,630,543
				92,638,198
Sweden — 0.4%
Hexagon AB, Class B		613,628		7,062,494
Telefonaktiebolaget LM Ericsson, Class B		885,917		5,193,088
				12,255,582

Security	Shares		Value
Switzerland — 0.1%
Logitech International SA, Registered		49,914	$	2,913,307
Temenos AG, Registered		19,440		1,352,753
				4,266,060
Taiwan — 4.1%
Delta Electronics Inc.		554,000		5,496,586
Hon Hai Precision Industry Co. Ltd.		3,476,378		11,899,623
MediaTek Inc.		456,000		11,822,309
Taiwan Semiconductor Manufacturing Co. Ltd.		5,441,600		95,361,895
United Microelectronics Corp.		3,352,000		5,865,770
				130,446,183
United Kingdom — 0.2%
Halma PLC		109,469		3,022,054
Sage Group PLC (The)		317,409		3,045,992
				6,068,046
United States — 81.1%
Accenture PLC, Class A		181,065		51,750,188
Adobe Inc.(a)		131,628		50,725,482
Advanced Micro Devices Inc.(a)		463,593		45,436,750
Akamai Technologies Inc.(a)		45,340		3,550,122
Amphenol Corp., Class A		170,164		13,905,802
Analog Devices Inc.		145,614		28,717,993
Ansys Inc.(a)		24,799		8,253,107
Apple Inc.		4,276,257		705,154,779
Applied Materials Inc.		242,284		29,759,744
Arista Networks Inc.(a)		71,370		11,980,168
Autodesk Inc.(a)		62,216		12,950,883
Broadcom Inc.		120,152		77,082,314
Cadence Design Systems Inc.(a)		78,616		16,516,435
CDW Corp./DE		39,039		7,608,311
Ceridian HCM Holding Inc.(a)(c)		44,363		3,248,259
Cisco Systems Inc.		1,181,183		61,746,341
Cognizant Technology Solutions Corp., Class A		145,054		8,838,140
Corning Inc.		219,498		7,743,889
DXC Technology Co.(a)		64,936		1,659,764
Enphase Energy Inc.(a)		39,193		8,241,504
EPAM Systems Inc.(a)		16,584		4,958,616
F5 Inc.(a)		17,335		2,525,536
Fair Isaac Corp.(a)		7,253		5,096,611
First Solar Inc.(a)		28,587		6,217,673
Fortinet Inc.(a)		186,971		12,426,093
Gartner Inc.(a)		22,786		7,422,995
Gen Digital, Inc.		164,019		2,814,566
Hewlett Packard Enterprise Co.		369,609		5,887,871
HP Inc.		245,679		7,210,679
Intel Corp.		1,189,492		38,860,704
International Business Machines Corp.		259,900		34,070,291
Intuit Inc.		80,764		36,007,014
Juniper Networks Inc.		93,412		3,215,241
Keysight Technologies Inc.(a)		50,780		8,199,954
KLA Corp.		39,672		15,835,872
Lam Research Corp.		38,713		20,522,536
Microchip Technology Inc.		157,956		13,233,554
Micron Technology Inc.		312,868		18,878,455
Microsoft Corp.		2,140,281		617,043,012
Monolithic Power Systems Inc.		12,904		6,458,968
Motorola Solutions Inc.		48,212		13,794,900
NetApp Inc.		62,160		3,968,916
Nvidia Corp.		707,312		196,470,054
NXP Semiconductors NV		74,720		13,933,412

S C H E D U L E   O F   I N V E S T M E N T S 57

Schedule of Investments  (continued) March 31, 2023 iShares^® Global Tech ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United States (continued)
ON Semiconductor Corp.(a)		124,556	$	10,253,450
Oracle Corp.		441,887		41,060,140
Paycom Software Inc.(a)		13,903		4,226,651
PTC Inc.(a)		30,691		3,935,507
Qorvo Inc.(a)		28,802		2,925,419
Qualcomm Inc.		320,590		40,900,872
Roper Technologies Inc.		30,580		13,476,300
Salesforce Inc.(a)		287,524		57,441,545
Seagate Technology Holdings PLC		55,371		3,661,131
ServiceNow Inc.(a)		58,307		27,096,429
Skyworks Solutions Inc.		45,840		5,408,203
SolarEdge Technologies Inc.(a)(c)		16,116		4,898,458
Synopsys Inc.(a)		43,680		16,871,400
TE Connectivity Ltd.		90,448		11,862,255
Teledyne Technologies Inc.(a)		13,515		6,046,070
Teradyne Inc.		44,911		4,828,382
Texas Instruments Inc.		260,556		48,466,022
Trimble Inc.(a)		71,113		3,727,744
Tyler Technologies Inc.(a)		12,007		4,258,163
VeriSign Inc.(a)		26,415		5,582,282
Western Digital Corp.(a)		92,075		3,468,465
Zebra Technologies Corp., Class A(a)		14,887		4,734,066
				2,575,052,452
Total Common Stocks — 99.3% (Cost: $2,529,588,557)				3,157,155,339
Preferred Stocks
South Korea — 0.3%
Samsung Electronics Co. Ltd., Preference Shares, NVS		237,277		9,874,187
Total Preferred Stocks — 0.3% (Cost: $8,002,602)				9,874,187
Total Long-Term Investments — 99.6% (Cost: $2,537,591,159)				3,167,029,526

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%(d)(e)(f)		6,261,991	$	6,263,870
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.73%(d)(e)		5,680,000		5,680,000
Total Short-Term Securities — 0.4% (Cost: $11,945,627)				11,943,870
Total Investments — 100.0% (Cost: $2,549,536,786)				3,178,973,396
Liabilities in Excess of Other Assets — (0.0)%				(1,357,225	)
Net Assets — 100.0%			$	3,177,616,171

^(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 year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,105,132	$	5,186,781	(a)	$	—	$	(25,672	)	$	(2,371	)	$	6,263,870		6,261,991	$	58,039	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,810,000		1,870,000	(a)		—		—			—			5,680,000		5,680,000		107,632			3
								$	(25,672	)	$	(2,371	)	$	11,943,870			$	165,671		$	3

^(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.

58 2 0 2 3   I S H A R E S   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  (continued) March 31, 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
E-Mini Technology Select Sector Index		65		06/16/23	$	9,983	$	490,863

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)	$	—	$	—	$	490,863	$	—	$	—	$	—	$	490,863

^(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 March 31, 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	$	—	$	—	$	(250,992	)	$	—	$	—	$	—	$	(250,992	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(156,780	)	$	—	$	—	$	—	$	(156,780	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	8,864,778

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	$	2,611,157,254	$	545,998,085	$	—	$	3,157,155,339
Preferred Stocks		—		9,874,187		—		9,874,187
Short-Term Securities
Money Market Funds		11,943,870		—		—		11,943,870
	$	2,623,101,124	$	555,872,272	$	—	$	3,178,973,396

S C H E D U L E   O F   I N V E S T M E N T S 59

Schedule of Investments  (continued) March 31, 2023 iShares^® Global Tech ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	490,863	$	—	$	—	$	490,863

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

See notes to financial statements.

60 2 0 2 3   I S H A R E S   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 March 31, 2023 iShares^® Global Utilities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 1.1%
APA Group		104,918	$	712,730
Origin Energy Ltd.		153,361		854,081
				1,566,811
Austria — 0.2%
Verbund AG		2,904		252,598
Brazil — 0.5%
Centrais Eletricas Brasileiras SA		113,925		748,044
Canada — 4.0%
Algonquin Power & Utilities Corp.		61,115		512,796
Brookfield Infrastructure Partners LP(a)		40,971		1,384,495
Emera Inc.		24,075		989,008
Fortis Inc.		42,826		1,820,462
Hydro One Ltd.(b)		28,390		808,322
				5,515,083
Chile — 0.2%
Enel Americas SA		1,766,896		232,729
Colombia — 0.1%
Interconexion Electrica SA ESP		39,555		128,679
Denmark — 1.1%
Orsted AS(b)		16,908		1,441,710
Finland — 0.4%
Fortum OYJ		39,142		599,598
France — 3.3%
Engie SA		165,138		2,613,257
Veolia Environnement SA		59,985		1,850,968
				4,464,225
Germany — 3.7%
E.ON SE		200,340		2,499,185
RWE AG		60,333		2,596,029
				5,095,214
Italy — 4.6%
Enel SpA		689,363		4,204,388
Snam SpA		183,423		972,515
Terna - Rete Elettrica Nazionale		125,204		1,027,598
				6,204,501
Japan — 2.0%
Chubu Electric Power Co. Inc.		67,500		712,085
Kansai Electric Power Co. Inc. (The)		73,600		716,785
Osaka Gas Co. Ltd.		37,100		609,471
Tokyo Gas Co. Ltd.		36,000		676,556
				2,714,897
Portugal — 1.0%
EDP - Energias de Portugal SA		261,255		1,423,556
Spain — 6.4%
Enagas SA		22,773		437,599
Endesa SA		28,224		613,020
Iberdrola SA		516,821		6,438,451
Naturgy Energy Group SA		16,373		492,885
Red Electrica Corp. SA		39,338		692,203
				8,674,158
United Kingdom — 6.7%
Centrica PLC		537,601		704,060

Security	Shares		Value
United Kingdom (continued)
National Grid PLC		345,836	$	4,678,123
Severn Trent PLC		22,521		800,012
SSE PLC		93,578		2,088,084
United Utilities Group PLC		61,019		798,583
				9,068,862
United States — 64.3%
AES Corp. (The)		59,465		1,431,917
Alliant Energy Corp.		22,348		1,193,383
Ameren Corp.		23,078		1,993,709
American Electric Power Co. Inc.		45,847		4,171,619
American Water Works Co. Inc.		17,217		2,522,118
Atmos Energy Corp.		12,791		1,437,197
CenterPoint Energy Inc.		56,045		1,651,086
CMS Energy Corp.		25,966		1,593,793
Consolidated Edison Inc.		31,661		3,029,008
Constellation Energy Corp.		29,182		2,290,787
Dominion Energy Inc.		74,344		4,156,573
DTE Energy Co.		17,298		1,894,823
Duke Energy Corp.		68,650		6,622,666
Edison International		34,075		2,405,354
Entergy Corp.		18,167		1,957,313
Evergy Inc.		20,523		1,254,366
Eversource Energy		31,078		2,432,164
Exelon Corp.		88,660		3,713,967
FirstEnergy Corp.		48,488		1,942,429
NextEra Energy Inc.		174,814		13,474,663
NiSource Inc.		36,145		1,010,614
NRG Energy Inc.		20,610		706,717
PG&E Corp.(a)		143,661		2,322,998
Pinnacle West Capital Corp.		10,123		802,147
PPL Corp.		65,747		1,827,109
Public Service Enterprise Group Inc.		44,516		2,780,024
Sempra Energy		28,045		4,239,282
Southern Co. (The)		97,062		6,753,574
WEC Energy Group Inc.		28,143		2,667,675
Xcel Energy Inc.		48,825		3,292,758
				87,571,833
Total Long-Term Investments — 99.6% (Cost: $153,128,276)				135,702,498
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.73%(c)(d)		110,000		110,000
Total Short-Term Securities — 0.1% (Cost: $110,000)				110,000
Total Investments — 99.7% (Cost: $153,238,276)				135,812,498
Other Assets Less Liabilities — 0.3%				343,886
Net Assets — 100.0%			$	136,156,384

^(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 61

Schedule of Investments  (continued) March 31, 2023 iShares^® Global Utilities ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	20,246	$	—		$(20,161	)(b)	$	(82	)	$	(3	)	$	—		—	$	1,549	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		190,000		—		(80,000	)(b)		—			—			110,000		110,000		6,556			—
								$	(82	)	$	(3	)	$	110,000			$	8,105		$	—

^(a)  As of period end, the entity is no longer held.

^(b)  Represents net amount purchased (sold).

^(c)  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
E-Mini Utilities Select Sector Index		5		06/16/23	$	344	$	16,596

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)	$	—	$	—	$	16,596	$	—	$	—	$	—	$	16,596

^(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 March 31, 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	$	—	$	—	$	(45,062	)	$	—	$	—	$	—	$	(45,062	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(6,500	)	$	—	$	—	$	—	$	(6,500	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	480,984

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

62 2 0 2 3   I S H A R E S   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  (continued) March 31, 2023 iShares^® Global Utilities ETF

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	94,196,368	$	41,506,130	$	—	$	135,702,498
Short-Term Securities
Money Market Funds		110,000		—		—		110,000
	$	94,306,368	$	41,506,130	$	—	$	135,812,498
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	16,596	$	—	$	—	$	16,596

^(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 63

Statements of Assets and Liabilities

March 31, 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)	$	255,794,474		$	303,893,204		$	1,527,238,444		$	1,788,795,867
Investments, at value — affiliated(c)		1,564,044			1,715,589			2,050,000			3,710,000
Cash		7,751			4,319			9,492			53,389
Cash pledged for futures contracts		37,000			34,000			335,000			777,000
Foreign currency collateral pledged for futures contracts(d)		11,644			22,202			108,530			81,417
Foreign currency, at value(e)		252,919			233,428			2,342,700			2,325,815
Receivables:
Securities lending income — affiliated		1,431			458			287			—
Capital shares sold		—			—			135,483			2,996,048
Dividends — unaffiliated		407,700			457,071			4,226,247			5,315,317
Dividends — affiliated		1,399			1,077			6,778			12,155
Tax reclaims		23,224			94,659			681,651			585,163
Variation margin on futures contracts		11,656			15,317			66,887			57,545
Total assets		258,113,242			306,471,324			1,537,201,499			1,804,709,716
LIABILITIES
Collateral on securities loaned, at value		1,022,813			1,455,704			—			—
Payables:
Investments purchased		—			—			7,384			3,394,312
Investment advisory fees		87,814			97,249			511,762			647,119
IRS compliance fee for foreign withholding tax claims		441,672			—			—			1,676,406
Professional fees		20,778			1,721			3,247			215,740
Total liabilities		1,573,077			1,554,674			522,393			5,933,577
NET ASSETS	$	256,540,165		$	304,916,650		$	1,536,679,106		$	1,798,776,139
NET ASSETS CONSIST OF
Paid-in capital	$	406,425,930		$	385,197,521		$	1,520,738,907		$	1,922,173,090
Accumulated earnings (loss)		(149,885,765	)		(80,280,871	)		15,940,199			(123,396,951	)
NET ASSETS	$	256,540,165		$	304,916,650		$	1,536,679,106		$	1,798,776,139
NET ASSET VALUE
Shares outstanding		4,000,000			2,100,000			24,850,000			47,700,000
Net asset value	$	64.14		$	145.20		$	61.84		$	37.71
Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited
Par value		None			None			None			None
(a) Investments, at cost — unaffiliated	$	285,260,100		$	343,231,888		$	1,469,367,971		$	1,686,466,344
(b) Securities loaned, at value	$	1,012,464		$	1,464,396		$	—		$	—
(c)  Investments, at cost — affiliated	$	1,564,234		$	1,715,409		$	2,050,000		$	3,710,000
(d) Foreign currency collateral pledged, at cost	$	11,735		$	21,864		$	108,576		$	81,015
(e) Foreign currency, at cost	$	253,500		$	233,044		$	2,341,508		$	2,329,511

See notes to financial statements.

64 2 0 2 3   I S H A R E S   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  (continued)

March 31, 2023

	iShares Global Financials ETF			iShares Global Healthcare ETF		iShares Global Industrials ETF			iShares Global Materials ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	416,435,241		$	4,066,362,201	$	335,055,433		$	348,090,619
Investments, at value — affiliated(c)		6,563,352			34,886,449		4,129,037			2,181,059
Cash		28,647			—		18,623			84,625
Cash pledged for futures contracts		229,000			752,000		67,000			78,000
Foreign currency collateral pledged for futures contracts(d)		92,467			—		48,231			109,276
Foreign currency, at value(e)		985,115			2,876,163		642,382			556,769
Receivables:
Investments sold		375,695			82,033		109			—
Securities lending income — affiliated		1,414			6,850		309			349
Capital shares sold		—			—		—			64,059
Dividends — unaffiliated		1,413,988			4,633,970		668,180			2,111,602
Dividends — affiliated		2,118			22,979		1,625			1,047
Tax reclaims		911,069			4,323,039		243,697			317,538
Variation margin on futures contracts		37,453			173,637		22,211			24,475
Other assets		213,591			—		—			—
Total assets		427,289,150			4,114,119,321		340,896,837			353,619,418
LIABILITIES
Bank overdraft		—			50		—			—
Collateral on securities loaned, at value		778,688			28,980,663		3,815,515			1,651,530
Payables:
Investments purchased		—			—		—			678,111
Capital shares redeemed		910,775			495,395		—			—
Investment advisory fees		172,606			1,387,336		117,437			117,941
IRS compliance fee for foreign withholding tax claims		18,699			—		—			—
Professional fees		33,653			—		5,705			1,652
Total liabilities		1,914,421			30,863,444		3,938,657			2,449,234
NET ASSETS	$	425,374,729		$	4,083,255,877	$	336,958,180		$	351,170,184
NET ASSETS CONSIST OF
Paid-in capital	$	633,068,223		$	3,691,597,033	$	384,113,912		$	495,419,807
Accumulated earnings (loss)		(207,693,494	)		391,658,844		(47,155,732	)		(144,249,623	)
NET ASSETS	$	425,374,729		$	4,083,255,877	$	336,958,180		$	351,170,184
NET ASSET VALUE
Shares outstanding		6,150,000			48,950,000		2,950,000			4,200,000
Net asset value	$	69.17		$	83.42	$	114.22		$	83.61
Shares authorized		Unlimited			Unlimited		Unlimited			Unlimited
Par value		None			None		None			None
(a) Investments, at cost — unaffiliated	$	481,590,842		$	3,585,613,905	$	350,943,349		$	392,509,224
(b) Securities loaned, at value	$	763,121		$	28,551,194	$	3,805,426		$	1,611,959
(c)  Investments, at cost — affiliated	$	8,217,458		$	34,881,094	$	4,129,689		$	2,181,519
(d) Foreign currency collateral pledged, at cost	$	91,998		$	—	$	48,316		$	110,797
(e) Foreign currency, at cost	$	982,739		$	2,880,123	$	638,864		$	553,639

See notes to financial statements.

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

Statements of Assets and Liabilities  (continued)

March 31, 2023

	iShares Global Tech ETF		iShares Global Utilities ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	3,167,029,526	$	135,702,498
Investments, at value — affiliated(c)		11,943,870		110,000
Cash		3,932		7,373
Cash pledged for futures contracts		624,000		23,000
Foreign currency, at value(d)		2,594,253		206,627
Receivables:
Investments sold		22,467		—
Securities lending income — affiliated		2,107		—
Dividends — unaffiliated		2,511,230		170,532
Dividends — affiliated		19,002		693
Tax reclaims		33,548		44,755
Variation margin on futures contracts		142,964		3,944
Other assets		10,270		—
Total assets		3,184,937,169		136,269,422
LIABILITIES
Collateral on securities loaned, at value		6,268,915		—
Payables:
Investment advisory fees		1,047,784		46,896
IRS compliance fee for foreign withholding tax claims		—		49,287
Professional fees		4,299		16,855
Total liabilities		7,320,998		113,038
NET ASSETS	$	3,177,616,171	$	136,156,384
NET ASSETS CONSIST OF
Paid-in capital	$	2,666,027,959	$	200,986,144
Accumulated earnings (loss)		511,588,212		(64,829,760	)
NET ASSETS	$	3,177,616,171	$	136,156,384
NET ASSET VALUE
Shares outstanding		58,450,000		2,250,000
Net asset value	$	54.36	$	60.51
Shares authorized		Unlimited		Unlimited
Par value		None		None
(a) Investments, at cost — unaffiliated	$	2,537,591,159	$	153,128,276
(b) Securities loaned, at value	$	6,326,154	$	—
(c)  Investments, at cost — affiliated	$	11,945,627	$	110,000
(d) Foreign currency, at cost	$	2,586,558	$	205,609

See notes to financial statements.

66 2 0 2 3   I S H A R E S   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

Year Ended March 31, 2023

	iShares Global Comm Services ETF			iShares Global Consumer Discretionary ETF			iShares Global Consumer Staples ETF			iShares Global Energy ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	3,902,537		$	4,998,933		$	33,679,400		$	115,052,288
Dividends — affiliated		7,542			8,454			46,735			98,055
Interest — unaffiliated		536			797			2,867			15,189
Securities lending income — affiliated — net		10,328			10,386			7,826			4,211
Other income — unaffiliated		27,956			43			162			1,098,592
Foreign taxes withheld		(189,172	)		(349,975	)		(1,201,968	)		(3,801,282	)
Foreign withholding tax claims		151,764			17,032			77,242			4,432,467
IRS compliance fee for foreign withholding tax claims		(109,622	)		—			—			(1,676,405	)
Total investment income		3,801,869			4,685,670			32,612,264			115,223,115
EXPENSES
Investment advisory		980,382			1,225,538			5,199,328			8,707,110
Professional		17,956			1,707			7,740			553,153
Commitment costs		290			295			387			2,958
Total expenses		998,628			1,227,540			5,207,455			9,263,221
Net investment income		2,803,241			3,458,130			27,404,809			105,959,894
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(14,034,351	)		(16,770,182	)		(27,757,207	)		(32,127,684	)
Investments — affiliated		699			(5,126	)		5,141			(4,166	)
Capital gain distributions from underlying funds — affiliated		—			—			—			3
Foreign currency transactions		(49,315	)		(53,030	)		(7,241	)		(574,377	)
Futures contracts		(32,611	)		(129,191	)		(1,432	)		(2,539,479	)
In-kind redemptions — unaffiliated(a)		4,741,618			3,720,641			23,949,120			254,055,244
		(9,373,960	)		(13,236,888	)		(3,811,619	)		218,809,541
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(21,145,993	)		(18,013,283	)		13,423,793			(138,011,702	)
Investments — affiliated		(190	)		180			(19	)		—
Foreign currency translations		(7,272	)		1,030			17,980			19,226
Futures contracts		32,579			(38,191	)		108,887			107,699
		(21,120,876	)		(18,050,264	)		13,550,641			(137,884,777	)
Net realized and unrealized gain (loss)		(30,494,836	)		(31,287,152	)		9,739,022			80,924,764
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(27,691,595	)	$	(27,829,022	)	$	37,143,831		$	186,884,658

^(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 67

Statements of Operations  (continued)

Year Ended March 31, 2023

	iShares Global Financials ETF			iShares Global Healthcare ETF			iShares Global Industrials ETF			iShares Global Materials ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	27,434,959		$	69,738,396		$	7,013,129		$	15,554,753
Dividends — affiliated		296,545			129,215			14,424			9,115
Interest — unaffiliated		3,866			7,456			—			678
Securities lending income — affiliated — net		7,305			48,440			13,687			3,946
Other income — unaffiliated		8,605			123,258			140			41
Foreign taxes withheld		(1,965,994	)		(3,446,043	)		(455,653	)		(890,431	)
Foreign withholding tax claims		322,697			563,076			56,776			16,444
IRS compliance fee for foreign withholding tax claims		(18,699	)		—			—			—
Total investment income		26,089,284			67,163,798			6,642,503			14,694,546
EXPENSES
Investment advisory		3,041,905			15,772,425			1,304,241			1,673,604
Professional		38,942			68,643			11,504			1,649
Commitment costs		3,356			—			76			1,899
Total expenses		3,084,203			15,841,068			1,315,821			1,677,152
Net investment income		23,005,081			51,322,730			5,326,682			13,017,394
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(46,517,892	)		(24,391,173	)		(8,315,458	)		(8,150,568	)
Investments — affiliated		(401,351	)		4,655			5,125			1,739
Capital gain distributions from underlying funds — affiliated		1			4			—			—
Foreign currency transactions		(322,681	)		(189,249	)		(73,936	)		(329,332	)
Futures contracts		(702,503	)		(1,915,886	)		(30,818	)		(345,394	)
In-kind redemptions — unaffiliated(a)		(62,250,390	)		265,262,419			(216,046	)		(3,918,100	)
In-kind redemptions — affiliated(a)		(2,146,093	)		—			—			—
Litigation proceeds(b)		186,962			—			—			—
		(112,153,947	)		238,770,770			(8,631,133	)		(12,741,655	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(22,837,390	)		(403,185,054	)		(3,825,766	)		(79,623,521	)
Investments — affiliated		703,806			4,144			(1,113	)		(460	)
Foreign currency translations		(1,346	)		56,618			(230	)		(1,929	)
Futures contracts		100,971			(34,093	)		19,090			(180,977	)
		(22,033,959	)		(403,158,385	)		(3,808,019	)		(79,806,887	)
Net realized and unrealized loss		(134,187,906	)		(164,387,615	)		(12,439,152	)		(92,548,542	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(111,182,825	)	$	(113,064,885	)	$	(7,112,470	)	$	(79,531,148	)

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

^(b)  Represents proceeds received from settlement of class action litigation where the Fund was able to recover a portion of investment losses previously realized.

See notes to financial statements.

68 2 0 2 3   I S H A R E S   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  (continued)

Year Ended March 31, 2023

	iShares Global Tech ETF			iShares Global Utilities ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	40,139,701		$	5,367,484
Dividends — affiliated		107,632			6,556
Interest — unaffiliated		13,174			424
Securities lending income — affiliated — net		58,039			1,549
Non-cash dividends — unaffiliated		—			309,307
Other income — unaffiliated		124			48,419
Foreign taxes withheld		(1,838,446	)		(241,650	)
Foreign withholding tax claims		42,855			198,724
IRS compliance fee for foreign withholding tax claims		—			(1,018	)
Total investment income		38,523,079			5,689,795
EXPENSES
Investment advisory		13,489,508			673,985
Commitment costs		16,846			54
Professional		4,148			24,864
Total expenses		13,510,502			698,903
Net investment income		25,012,577			4,990,892
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(63,110,253	)		(4,982,072	)
Investments — affiliated		(25,672	)		(82	)
Capital gain distributions from underlying funds — affiliated		3			—
Foreign currency transactions		(498,023	)		(24,291	)
Futures contracts		(250,992	)		(45,062	)
In-kind redemptions — unaffiliated(a)		546,542,119			1,531,166
		482,657,182			(3,520,341	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(987,930,976	)		(15,196,322	)
Investments — affiliated		(2,371	)		(3	)
Foreign currency translations		21,362			(13	)
Futures contracts		(156,780	)		(6,500	)
		(988,068,765	)		(15,202,838	)
Net realized and unrealized loss		(505,411,583	)		(18,723,179	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(480,399,006	)	$	(13,732,287	)

^(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 69

Statements of Changes in Net Assets

		iShares Global Comm Services ETF						iShares Global Consumer Discretionary ETF
	Year Ended 03/31/23				Year Ended 03/31/22			Year Ended 03/31/23			Year Ended 03/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	2,803,241		$	2,759,004		$	3,458,130		$	2,686,489
Net realized gain (loss)			(9,373,960	)		59,321,532			(13,236,888	)		70,684,647
Net change in unrealized appreciation (depreciation)			(21,120,876	)		(79,134,138	)		(18,050,264	)		(98,094,515	)
Net decrease in net assets resulting from operations			(27,691,595	)		(17,053,602	)		(27,829,022	)		(24,723,379	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(2,680,016	)		(5,514,816	)		(3,272,046	)		(4,140,498	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			46,641,829			(57,541,140	)		(22,847,245	)		(43,016,116	)
NET ASSETS
Total increase (decrease) in net assets			16,270,218			(80,109,558	)		(53,948,313	)		(71,879,993	)
Beginning of year			240,269,947			320,379,505			358,864,963			430,744,956
End of year		$	256,540,165		$	240,269,947		$	304,916,650		$	358,864,963

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

See notes to financial statements.

70 2 0 2 3   I S H A R E S   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
		Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/23			Year Ended 03/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	27,404,809		$	16,123,906		$	105,959,894		$	70,477,381
Net realized gain (loss)			(3,811,619	)		23,776,879			218,809,541			113,122,772
Net change in unrealized appreciation (depreciation)			13,550,641			6,967,202			(137,884,777	)		516,085,873
Net increase in net assets resulting from operations			37,143,831			46,867,987			186,884,658			699,686,026
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(24,794,345	)		(15,010,694	)		(103,333,626	)		(64,194,482	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			502,554,697			464,010,197			(565,617,612	)		337,330,459
NET ASSETS
Total increase (decrease) in net assets			514,904,183			495,867,490			(482,066,580	)		972,822,003
Beginning of year			1,021,774,923			525,907,433			2,280,842,719			1,308,020,716
End of year		$	1,536,679,106		$	1,021,774,923		$	1,798,776,139		$	2,280,842,719

^(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 71

Statements of Changes in Net Assets  (continued)

	iShares Global Financials ETF							iShares Global Healthcare ETF
		Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/23			Year Ended 03/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	23,005,081		$	51,081,838		$	51,322,730		$	41,847,005
Net realized gain (loss)			(112,153,947	)		76,434,346			238,770,770			75,337,909
Net change in unrealized appreciation (depreciation)			(22,033,959	)		(57,062,400	)		(403,158,385	)		301,309,666
Net increase (decrease) in net assets resulting from operations			(111,182,825	)		70,453,784			(113,064,885	)		418,494,580
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(27,379,101	)		(47,722,673	)		(46,042,619	)		(39,505,134	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			(598,208,666	)		666,670,761			750,358,066			407,814,541
NET ASSETS
Total increase (decrease) in net assets			(736,770,592	)		689,401,872			591,250,562			786,803,987
Beginning of year			1,162,145,321			472,743,449			3,492,005,315			2,705,201,328
End of year		$	425,374,729		$	1,162,145,321		$	4,083,255,877		$	3,492,005,315

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

See notes to financial statements.

72 2 0 2 3   I S H A R E S   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
		Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/23			Year Ended 03/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	5,326,682		$	5,417,472		$	13,017,394		$	26,924,199
Net realized gain (loss)			(8,631,133	)		15,679,431			(12,741,655	)		92,748,979
Net change in unrealized appreciation (depreciation)			(3,808,019	)		(14,934,079	)		(79,806,887	)		(43,739,735	)
Net increase (decrease) in net assets resulting from operations			(7,112,470	)		6,162,824			(79,531,148	)		75,933,443
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(5,234,413	)		(6,438,398	)		(22,752,409	)		(25,613,809	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions			(27,176,051	)		(45,709,099	)		(273,573,823	)		(46,291,020	)
NET ASSETS
Total increase (decrease) in net assets			(39,522,934	)		(45,984,673	)		(375,857,380	)		4,028,614
Beginning of year			376,481,114			422,465,787			727,027,564			722,998,950
End of year		$	336,958,180		$	376,481,114		$	351,170,184		$	727,027,564

^(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 73

Statements of Changes in Net Assets  (continued)

	iShares Global Tech ETF						iShares Global Utilities ETF
	Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/23			Year Ended 03/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	25,012,577		$	26,880,272		$	4,990,892		$	4,609,122
Net realized gain (loss)		482,657,182			1,095,104,060			(3,520,341	)		(1,772,830	)
Net change in unrealized appreciation (depreciation)		(988,068,765	)		(517,913,046	)		(15,202,838	)		13,096,496
Net increase (decrease) in net assets resulting from operations		(480,399,006	)		604,071,286			(13,732,287	)		15,932,788
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(23,649,568	)		(32,243,037	)		(5,088,399	)		(4,448,043	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(1,320,298,332	)		(616,406,539	)		(25,424,599	)		17,649,357
NET ASSETS
Total increase (decrease) in net assets		(1,824,346,906	)		(44,578,290	)		(44,245,285	)		29,134,102
Beginning of year		5,001,963,077			5,046,541,367			180,401,669			151,267,567
End of year	$	3,177,616,171		$	5,001,963,077		$	136,156,384		$	180,401,669

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

See notes to financial statements.

74 2 0 2 3   I S H A R E S   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
	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 year		$	73.93			$	80.09			$	51.81			$	56.22			$	57.19
Net investment income(a)			0.71	(b)			0.74	(b)			0.66				0.78				1.82
Net realized and unrealized gain (loss)(c)			(9.72	)			(5.42	)			28.33				(3.85	)			(0.62	)
Net increase (decrease)from investment operations			(9.01	)			(4.68	)			28.99				(3.07	)			1.20
Distributions from net investment income(d)			(0.78	)			(1.48	)			(0.71	)			(1.34	)			(2.17	)
Net asset value, end of year		$	64.14			$	73.93			$	80.09			$	51.81			$	56.22
Total Return(e)
Based on net asset value			(12.16	)%(b)			(6.03	)%(b)			56.20	%			(5.70	)%			2.37	%
Ratios to Average Net Assets(f)
Total expenses			0.42	%			0.43	%			0.43	%			0.46	%			0.46	%
Total expenses excluding professional fees for foreign withholding tax claims			0.41	%			0.41	%			N/A				N/A				N/A
Net investment income			1.18	%(b)			0.89	%(b)			0.96	%			1.34	%			3.28	%
Supplemental Data
Net assets, end of year (000)		$	256,540			$	240,270			$	320,380			$	225,363			$	236,105
Portfolio turnover rate(g)			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 year ended March 31, 2023 and March 31, 2022 respectively:

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

• Total return by 0.05% and 0.15%.

• Ratio of net investment income to average net assets by 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)  Where applicable, assumes the reinvestment of distributions.

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

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

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares Global Consumer Discretionary ETF
	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 year		$	156.03			$	162.55			$	95.12			$	113.27			$	111.45
Net investment income(a)			1.58	(b)			1.02	(b)			1.06				1.75				1.70
Net realized and unrealized gain (loss)(c)			(11.15	)			(5.95	)			67.38				(18.03	)			1.87
Net increase (decrease) from investment operations			(9.57	)			(4.93	)			68.44				(16.28	)			3.57
Distributions from net investment income(d)			(1.26	)			(1.59	)			(1.01	)			(1.87	)			(1.75	)
Net asset value, end of year		$	145.20			$	156.03			$	162.55			$	95.12			$	113.27
Total Return(e)
Based on net asset value			(6.12	)%(b)			(3.13	)%(b)			72.21	%			(14.71	)%(f)			3.32	%
Ratios to Average Net Assets(g)
Total expenses			0.41	%			0.40	%			0.43	%			0.46	%			0.46	%
Total expenses excluding professional fees for foreign withholding tax claims			0.41	%			0.40	%			N/A				N/A				N/A
Net investment income			1.17	%(b)			0.60	%(b)			0.75	%			1.47	%			1.51	%
Supplemental Data
Net assets, end of year (000)		$	304,917			$	358,865			$	430,745			$	156,949			$	203,889
Portfolio turnover rate(h)			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 year ended March 31, 2023 and March 31, 2022 respectively:

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

• Total return by 0.00% and 0.02%.

• Ratio of net investment income to average net assets by 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)  Includes payment received from an affiliate, which had no impact on the Fund’s total return.

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

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

See notes to financial statements.  

76 2 0 2 3   I S H A R E S   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
		Year Ended		Year Ended				Year Ended				Year Ended				Year Ended
		03/31/23				03/31/22				03/31/21				03/31/20				03/31/19	(a)
Net asset value, beginning of year	$	62.11			$	58.11			$	47.96			$	51.67			$	50.14
Net investment income(b)		1.29	(c)			1.37				1.34				1.18				1.20
Net realized and unrealized gain (loss)(d)		(0.38	)			4.09				10.17				(3.69	)			1.70
Net increase (decrease) from investment operations		0.91				5.46				11.51				(2.51	)			2.90
Distributions from net investment income(e)		(1.18	)			(1.46	)			(1.36	)			(1.20	)			(1.37	)
Net asset value, end of year	$	61.84			$	62.11			$	58.11			$	47.96			$	51.67
Total Return(f)
Based on net asset value		1.56	%(c)			9.42	%			24.21	%			(5.10	)%			6.07	%
Ratios to Average Net Assets(g)
Total expenses		0.41	%			0.40	%			0.43	%			0.46	%			0.46	%
Total expenses excluding professional fees for foreign withholding tax claims		0.41	%			N/A				N/A				N/A				N/A
Net investment income		2.18	%(c)			2.22	%			2.46	%			2.21	%			2.43	%
Supplemental Data
Net assets, end of year (000)	$	1,536,679			$	1,021,775			$	525,907			$	683,380			$	738,832
Portfolio turnover rate(h)		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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Global Energy ETF
	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 year	$	36.12		$	24.63		$	17.06		$	33.70		$	33.91
Net investment income(a)		1.89	(b)		1.22			0.94			1.13			1.11
Net realized and unrealized gain (loss)(c)		1.56			11.37			7.62			(15.61	)		(0.29	)
Net increase (decrease) from investment operations		3.45			12.59			8.56			(14.48	)		0.82
Distributions from net investment income(d)		(1.86	)		(1.10	)		(0.99	)		(2.16	)		(1.03	)
Net asset value, end of year	$	37.71		$	36.12		$	24.63		$	17.06		$	33.70
Total Return(e)
Based on net asset value		9.39	%(b)		52.61	%		51.36	%		(45.73	)%		2.56	%
Ratios to Average Net Assets(f)
Total expenses		0.44	%		0.40	%		0.43	%		0.46	%		0.46	%
Total expenses excluding professional fees for foreign withholding tax claims		0.41	%		N/A			N/A			N/A			N/A
Net investment income		5.03	%(b)		4.33	%		4.65	%		3.78	%		3.17	%
Supplemental Data
Net assets, end of year (000)	$	1,798,776		$	2,280,843		$	1,308,021		$	616,818		$	1,031,245
Portfolio turnover rate(g)		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)  Where applicable, assumes the reinvestment of distributions.

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

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

See notes to financial statements.

78 2 0 2 3   I S H A R E S   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
	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 year		$	79.60			$	73.29			$	47.23			$	61.61			$	68.93
Net investment income(a)			2.19	(b)			1.65	(b)			1.36				1.71				1.84
Net realized and unrealized gain (loss)(c)			(10.01	)			6.01				26.09				(14.12	)			(7.38	)
Net increase (decrease) from investment operations			(7.82	)			7.66				27.45				(12.41	)			(5.54	)
Distributions from net investment income(d)			(2.61	)			(1.35	)			(1.39	)			(1.97	)			(1.78	)
Net asset value, end of year		$	69.17			$	79.60			$	73.29			$	47.23			$	61.61
Total Return(e)
Based on net asset value			(9.86	)%(b)(f)			10.48	%(b)			58.99	%			(20.99	)%(g)			(8.02	)%
Ratios to Average Net Assets(h)
Total expenses			0.42	%			0.40	%			0.43	%			0.46	%			0.46	%
Total expenses excluding professional fees for foreign withholding tax claims			0.41	%			0.40	%			0.43	%			N/A				0.46	%
Net investment income			3.12	%(b)			2.07	%(b)			2.28	%			2.66	%			2.84	%
Supplemental Data
Net assets, end of year (000)		$	425,375			$	1,162,145			$	472,743			$	203,073			$	341,918
Portfolio turnover rate(i)			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 year ended March 31, 2023 and March 31, 2022 respectively:

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

• Total return by 0.06% and 0.02%.

• Ratio of net investment income to average net assets by 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)  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.

^(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⁾  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 79

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Global Healthcare ETF
		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 year	$	87.41		$	76.96		$	60.95			$	61.13		$	55.61
Net investment income(b)		1.11	(c)		1.07			1.02				0.96			0.92
Net realized and unrealized gain (loss)(d)		(4.11	)		10.39			15.96				(0.16	)		5.80
Net increase (decrease) from investment operations		(3.00	)		11.46			16.98				0.80			6.72
Distributions from net investment income(e)		(0.99	)		(1.01	)		(0.97	)			(0.98	)		(1.20	)
Net asset value, end of year	$	83.42		$	87.41		$	76.96			$	60.95		$	61.13
Total Return(f)
Based on net asset value		(3.44	)%(c)		14.94	%		28.03	%			1.23	%		12.29	%
Ratios to Average Net Assets(g)
Total expenses		0.42	%		0.40	%		0.43	%			0.46	%		0.46	%
Total expenses excluding professional fees for foreign withholding tax claims		0.41	%		N/A			N/A				N/A			N/A
Net investment income		1.34	%(c)		1.27	%		1.41	%			1.52	%		1.55	%
Supplemental Data
Net assets, end of year (000)	$	4,083,256		$	3,492,005		$	2,705,201			$	1,947,392		$	2,121,287
Portfolio turnover rate(h)		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 year ended March 31, 2023:

• Net investment income per share by $0.01.

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

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

See notes to financial statements.

80 2 0 2 3   I S H A R E S   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
	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 year	$	115.84		$	115.74		$	71.50		$	88.88		$	91.22
Net investment income(a)		1.77	(b)		1.53	(b)		1.32			1.61			1.65
Net realized and unrealized gain (loss)(c)		(1.65	)		0.32			44.27			(17.32	)		(2.27	)
Net increase (decrease) from investment operations		0.12			1.85			45.59			(15.71	)		(0.62	)
Distributions from net investment income(d)		(1.74	)		(1.75	)		(1.35	)		(1.67	)		(1.72	)
Net asset value, end of year	$	114.22		$	115.84		$	115.74		$	71.50		$	88.88
Total Return(e)
Based on net asset value		0.22	%(b)		1.54	%(b)		64.27	%		(18.08	)%		(0.59	)%
Ratios to Average Net Assets(f)
Total expenses		0.42	%		0.41	%		0.43	%		0.46	%		0.46	%
Total expenses excluding professional fees for foreign withholding tax claims		0.41	%		0.40	%		0.43	%		N/A			N/A
Net investment income		1.69	%(b)		1.27	%(b)		1.34	%		1.75	%		1.87	%
Supplemental Data
Net assets, end of year (000)	$	336,958		$	376,481		$	422,466		$	146,580		$	217,744
Portfolio turnover rate(g)		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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  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 81

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares Global Materials ETF
	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 year		$	93.81			$	86.59			$	49.67			$	64.22			$	67.34
Net investment income(a)			2.60	(b)			3.16	(b)			2.07				1.54				1.91
Net realized and unrealized gain (loss)(c)			(9.00	)			7.23				35.84				(13.63	)			(3.44	)
Net increase (decrease) from investment operations			(6.40	)			10.39				37.91				(12.09	)			(1.53	)
Distributions from net investment income(d)			(3.80	)			(3.17	)			(0.99	)			(2.46	)			(1.59	)
Net asset value, end of year		$	83.61			$	93.81			$	86.59			$	49.67			$	64.22
Total Return(e)
Based on net asset value			(6.77	)%(b)			12.19	%(b)			76.78	%			(19.66	)%			(2.14	)%
Ratios to Average Net Assets(f)
Total expenses			0.41	%			0.40	%			0.43	%			0.45	%			0.46	%
Total expenses excluding professional fees for foreign withholding tax claims			0.41	%			0.40	%			N/A				N/A				0.46	%
Net investment income			3.20	%(b)			3.48	%(b)			2.76	%			2.43	%			2.91	%
Supplemental Data
Net assets, end of year (000)		$	351,170			$	727,028			$	722,999			$	129,132			$	208,704
Portfolio turnover rate(g)			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 year ended March 31, 2023 and March 31, 2022 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 0.00% 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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

See notes to financial statements.

82 2 0 2 3   I S H A R E S   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
		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 year	$	57.86		$	51.13		$	30.49		$	28.48		$	26.31
Net investment income(b)		0.37	(c)		0.29	(c)		0.33			0.38			0.30
Net realized and unrealized gain (loss)(d)		(3.51	)		6.81			20.62			2.00			2.10
Net increase (decrease) from investment operations		(3.14	)		7.10			20.95			2.38			2.40
Distributions from net investment income(e)		(0.36	)		(0.37	)		(0.31	)		(0.37	)		(0.23	)
Net asset value, end of year	$	54.36		$	57.86		$	51.13		$	30.49		$	28.48
Total Return(f)
Based on net asset value		(5.34	)%(c)		13.89	%(c)		68.97	%		8.33	%		9.19	%
Ratios to Average Net Assets(g)
Total expenses		0.41	%		0.40	%		0.43	%		0.46	%		0.46	%
Total expenses excluding professional fees for foreign withholding tax claims		0.41	%		0.40	%		0.43	%		N/A			0.46	%
Net investment income		0.77	%(c)		0.50	%(c)		0.75	%		1.21	%		1.09	%
Supplemental Data
Net assets, end of year (000)	$	3,177,616		$	5,001,963		$	5,046,541		$	2,752,872		$	2,819,178
Portfolio turnover rate(h)		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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  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 83

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares Global Utilities ETF
	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 year		$	65.60			$	60.51			$	50.71			$	54.08			$	48.78
Net investment income(a)			1.86	(b)			1.81				1.71				1.62				1.78
Net realized and unrealized gain (loss)(c)			(5.06	)			5.08				9.68				(2.98	)			5.07
Net increase (decrease) from investment operations			(3.20	)			6.89				11.39				(1.36	)			6.85
Distributions from net investment income(d)			(1.89	)			(1.80	)			(1.59	)			(2.01	)			(1.55	)
Net asset value, end of year		$	60.51			$	65.60			$	60.51			$	50.71			$	54.08
Total Return(e)
Based on net asset value			(4.93	)%(b)			11.59	%			22.70	%			(2.84	)%			14.40	%
Ratios to Average Net Assets(f)
Total expenses			0.43	%			0.42	%			0.43	%			0.46	%			0.46	%
Total expenses excluding professional fees for foreign withholding tax claims			0.41	%			N/A				N/A				N/A				0.46	%
Net investment income			3.06	%(b)			2.91	%			3.03	%			2.87	%			3.53	%
Supplemental Data
Net assets, end of year (000)		$	136,156			$	180,402			$	151,268			$	152,123			$	208,222
Portfolio turnover rate(g)			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 year ended March 31, 2023:

• Net investment income per share by $0.06.

• Total return by 0.12%.

• Ratio of net investment income to average net assets by 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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

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

See notes to financial statements.

84 2 0 2 3   I S H A R E S   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

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 March 31, 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 85

Notes to Financial Statements  (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. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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.

86 2 0 2 3   I S H A R E S   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  (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
BofA Securities, Inc.	$	13,800	$	(13,800	)	$	—		$	—
Goldman Sachs &Co. LLC		10,593		(10,593	)		—			—
J.P. Morgan Securities LLC		13,940		(13,940	)		—			—
Morgan Stanley		974,131		(974,131	)		—			—
	$	1,012,464	$	(1,012,464	)	$	—		$	—
Global Consumer Discretionary
Citigroup Global Markets Inc.	$	481,264	$	(466,777	)	$	—		$	14,487	(b)
Nomura Securities International, Inc.		123,830		(123,830	)		—			—
TD Prime Services LLC		69,229		(67,307	)		—			1,922	(b)
UBS AG		790,073		(787,315	)		—			2,758	(b)
	$	1,464,396	$	(1,445,229	)	$	—		$	19,167
Global Financials
BofA Securities, Inc.	$	10,218	$	(10,218	)	$	—		$	—
Citigroup Global Markets Inc.		557,959		(557,959	)		—			—
J.P. Morgan Securities LLC		60,990		(60,990	)		—			—
UBS AG		133,954		(133,954	)		—			—
	$	763,121	$	(763,121	)	$	—		$	—
Global Healthcare
BofA Securities, Inc.	$	936,215	$	(936,215	)	$	—		$	—
Citigroup Global Markets, Inc.		16,638,303		(16,638,303	)		—			—
J.P. Morgan Securities LLC		6,854,059		(6,854,059	)		—			—
Morgan Stanley & Co. LLC		3,878,639		(3,878,639	)		—			—
Virtu Americas LLC		243,978		(243,978	)		—			—
	$	28,551,194	$	(28,551,194	)	$	—		$	—

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 87

Notes to Financial Statements  (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
BNP Paribas Prime Brokerage International Ltd.	$	264,012	$	(264,012	)	$	—		$	—
J.P. Morgan Securities LLC		1,439,970		(1,439,970	)		—			—
Morgan Stanley		1,837,809		(1,837,676	)		—			133	(b)
UBS Securities LLC		56,197		(56,197	)		—			—
Wells Fargo Bank N.A.		207,438		(207,438	)		—			—
	$	3,805,426	$	(3,805,293	)	$	—		$	133
Global Materials
Citigroup Global Markets Inc.	$	1,611,959	$	(1,611,959	)	$	—		$	—
Global Tech
Goldman Sachs & Co. LLC	$	3,725,819	$	(3,710,104	)	$	—		$	15,715	(b)
Morgan Stanley		2,600,335		(2,553,766	)		—			46,569	(b)
	$	6,326,154	$	(6,263,870	)	$	—		$	62,284

^(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 March 31, 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).

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Notes to Financial Statements  (continued)

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.

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 Healthcare 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 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 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 year ended March 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Global Comm Services	$	3,103
Global Consumer Discretionary		4,017
Global Consumer Staples		2,630
Global Energy		1,459
Global Financials		2,211
Global Healthcare		18,294
Global Industrials		4,438
Global Materials		1,447
Global Tech		23,528
Global Utilities		402

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 89

Notes to Financial Statements  (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 year ended March 31, 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	$	9,635,480	$	7,713,786	$	(4,889,566)
Global Consumer Discretionary		21,053,573		22,101,806		(6,882,298)
Global Consumer Staples		56,729,191		52,510,037		(7,946,863)
Global Energy		39,702,884		19,999,537		(3,100,559)
Global Financials		58,888,933		21,508,660		(7,361,695)
Global Healthcare		37,288,686		16,537,438		(4,397,647)
Global Industrials		12,313,240		7,786,297		(1,665,196)
Global Materials		2,705,856		1,888,509		(353,981)
Global Tech		136,398,411		92,127,955		(15,910,045)
Global Utilities		1,742,638		2,673,424		(268,040)

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 year ended March 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Global Comm Services	$	62,342,905	$	34,070,596
Global Consumer Discretionary		69,198,508		52,005,291
Global Consumer Staples		200,458,773		168,413,717
Global Energy		221,729,681		200,907,977
Global Financials		94,731,662		126,660,891
Global Healthcare		172,949,792		118,330,697
Global Industrials		29,164,601		30,413,435
Global Materials		35,257,104		45,598,934
Global Tech		380,467,509		505,345,193
Global Utilities		15,160,957		15,602,331

For the year ended March 31, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Global Comm Services	$	252,707,040	$	233,615,935
Global Consumer Discretionary		233,215,003		272,950,242
Global Consumer Staples		570,444,867		101,258,337
Global Energy		335,965,915		922,713,757
Global Financials		91,246,118		659,285,219
Global Healthcare		1,287,014,220		590,715,231
Global Industrials		92,097,600		118,323,889
Global Materials		60,859,404		326,732,320
Global Tech		150,284,430		1,345,218,499
Global Utilities		31,805,563		56,894,342

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.

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Notes to Financial Statements  (continued)

Management has analyzed tax laws and regulations and their application to the Funds as of March 31, 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2023, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital			Accumulated  Earnings (Loss)
Global Comm Services	$	3,897,809		$	(3,897,809	)
Global Consumer Discretionary		2,506,102			(2,506,102	)
Global Consumer Staples		23,909,655			(23,909,655	)
Global Energy		238,834,101			(238,834,101	)
Global Financials		(67,299,383	)		67,299,383
Global Healthcare		263,096,123			(263,096,123	)
Global Industrials		(1,837,266	)		1,837,266
Global Materials		(10,685,562	)		10,685,562
Global Tech		544,535,867			(544,535,867	)
Global Utilities		380,667			(380,667	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 03/31/23		Year Ended 03/31/22
Global Comm Services
Ordinary income	$	2,680,016		$	5,514,816
Global Consumer Discretionary
Ordinary income	$	3,272,046		$	4,140,498
Global Consumer Staples
Ordinary income	$	24,794,345		$	15,010,694
Global Energy
Ordinary income	$	103,333,626		$	64,194,482
Global Financials
Ordinary income	$	27,379,101		$	47,722,673
Global Healthcare
Ordinary income	$	46,042,619		$	39,505,134
Global Industrials
Ordinary income	$	5,234,413		$	6,438,398
Global Materials
Ordinary income	$	22,752,409		$	25,613,809
Global Tech
Ordinary income	$	23,649,568		$	32,243,037
Global Utilities
Ordinary income	$	5,088,399		$	4,448,043

As of March 31, 2023, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Total
Global Comm Services	$	1,365,043	$	(117,568,119	)	$	(33,682,689	)	$	(149,885,765	)
Global Consumer Discretionary		806,005		(37,746,038	)		(43,340,838	)		(80,280,871	)
Global Consumer Staples		7,089,189		(44,421,053	)		53,272,063			15,940,199
Global Energy		17,883,069		(222,017,490	)		80,737,470			(123,396,951	)
Global Financials		2,951,220		(141,359,570	)		(69,285,144	)		(207,693,494	)
Global Healthcare		19,971,237		(86,791,650	)		458,479,257			391,658,844
Global Industrials		2,754,797		(32,099,046	)		(17,811,483	)		(47,155,732	)
Global Materials		3,007,939		(96,368,567	)		(50,888,995	)		(144,249,623	)
Global Tech		5,666,366		(116,952,012	)		622,873,858			511,588,212
Global Utilities		841,472		(46,525,570	)		(19,145,662	)		(64,829,760	)

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 91

Notes to Financial Statements  (continued)

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the timing and recognition of partnership income, the characterization of corporate actions and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

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 March 31, 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	$	291,046,107	$	6,137,545	$	(39,820,452	)	$	(33,682,907	)
Global Consumer Discretionary		348,946,477		13,183,219		(56,520,744	)		(43,337,525	)
Global Consumer Staples		1,476,032,546		109,253,235		(55,997,337	)		53,255,898
Global Energy		1,711,767,217		202,087,793		(121,349,143	)		80,738,650
Global Financials		492,260,581		12,768,548		(82,030,536	)		(69,261,988	)
Global Healthcare		3,642,815,858		663,603,606		(205,170,814	)		458,432,792
Global Industrials		356,999,134		21,532,199		(39,341,406	)		(17,809,207	)
Global Materials		401,178,557		16,613,775		(67,500,962	)		(50,887,187	)
Global Tech		2,556,098,314		746,765,285		(123,890,203	)		622,875,082
Global Utilities		154,956,396		4,262,418		(23,406,316	)		(19,143,898	)

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 11, 2023. 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 year ended March 31, 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.

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

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Notes to Financial Statements  (continued)

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.

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.

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

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

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

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

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

11. CAPITAL SHARE TRANSACTIONS

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

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 93

Notes to Financial Statements  (continued)

Transactions in capital shares were as follows:

	Year Ended 03/31/23						Year Ended 03/31/22
iShares ETF	Shares			Amount				Shares			Amount
Global Comm Services
Shares sold		5,000,000		$	285,678,262				2,400,000		$	180,066,363
Shares redeemed		(4,250,000	)		(239,036,433	)			(3,150,000	)		(237,607,503	)
		750,000		$	46,641,829				(750,000	)	$	(57,541,140	)
Global Consumer Discretionary
Shares sold		1,950,000		$	257,608,569				1,350,000		$	226,608,040
Shares redeemed		(2,150,000	)		(280,455,814	)			(1,700,000	)		(269,624,156	)
		(200,000	)	$	(22,847,245	)			(350,000	)	$	(43,016,116	)
Global Consumer Staples
Shares sold		10,150,000		$	606,139,893				9,150,000		$	571,394,685
Shares redeemed		(1,750,000	)		(103,585,196	)			(1,750,000	)		(107,384,488	)
		8,400,000		$	502,554,697				7,400,000		$	464,010,197
Global Energy
Shares sold		10,350,000		$	380,017,898				46,650,000		$	1,309,027,739
Shares redeemed		(25,800,000	)		(945,635,510	)			(36,600,000	)		(971,697,280	)
		(15,450,000	)	$	(565,617,612	)			10,050,000		$	337,330,459
Global Financials
Shares sold		1,500,000		$	109,276,663				42,650,000		$	3,390,727,688
Shares redeemed		(9,950,000	)		(707,485,329	)			(34,500,000	)		(2,724,056,927	)
		(8,450,000	)	$	(598,208,666	)			8,150,000		$	666,670,761
Global Healthcare
Shares sold		16,250,000		$	1,349,795,290				6,950,000		$	589,227,954
Shares redeemed		(7,250,000	)		(599,437,224	)			(2,150,000	)		(181,413,413	)
		9,000,000		$	750,358,066				4,800,000		$	407,814,541
Global Industrials
Shares sold		900,000		$	96,114,001				800,000		$	96,528,258
Shares redeemed		(1,200,000	)		(123,290,052	)			(1,200,000	)		(142,237,357	)
		(300,000	)	$	(27,176,051	)			(400,000	)	$	(45,709,099	)
Global Materials
Shares sold		800,000		$	67,400,271				3,650,000		$	336,899,964
Shares redeemed		(4,350,000	)		(340,974,094	)			(4,250,000	)		(383,190,984	)
		(3,550,000	)	$	(273,573,823	)			(600,000	)	$	(46,291,020	)
Global Tech
Shares sold		3,700,000		$	189,510,660				27,900,000	(a)	$	1,627,576,238
Shares redeemed		(31,700,000	)		(1,509,808,992	)			(40,150,000	)(a)		(2,243,982,777	)
		(28,000,000	)	$	(1,320,298,332	)			(12,250,000	)	$	(616,406,539	)
Global Utilities
Shares sold		500,000		$	32,654,633				1,050,000		$	66,190,402
Shares redeemed		(1,000,000	)		(58,079,232	)			(800,000	)		(48,541,045	)
		(500,000	)	$	(25,424,599	)			250,000		$	17,649,357

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

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.

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Notes to Financial Statements  (continued)

12. FOREIGN WITHHOLDING TAX CLAIMS

The iShares Global Comm Services ETF, iShares Global Consumer Discretionary ETF, iShares Global Consumer Staples ETF, iShares Global Financials ETF, iShares Global Industrials ETF, iShares Global Materials ETF, and iShares Global Tech ETF, and have filed claims to recover taxes withheld by Sweden on dividend income based upon certain provisions in the Treaty on the Functioning of the European Union. The Funds have recorded a receivable for all recoverable taxes withheld by Sweden based upon determinations made by Swedish tax authorities. Professional and other fees associated with the filing of tax claims in Sweden that result in the recovery of foreign withholding taxes have been approved by the Board as appropriate expenses of the Funds. The Funds continue to evaluate developments in Sweden, for potential impacts to the receivables and associated professional fees payable. Swedish tax claims receivable and related liabilities are disclosed in the Statements of Assets and Liabilities. Collection of this receivable, and any subsequent payment of associated liabilities, depends upon determinations made by Swedish tax authorities.

The iShares Global Comm Services ETF, iShares Global Energy ETF and iShares Global Financials ETF are seeking, or are expected to seek, 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 items were noted:

On February 16, 2023, the Board approved a proposal to change iShares Global Energy ETF’s index to S&P Global 1200 Energy 4.5/22.5/45 Capped Index and iShares Global Tech ETF’s index to S&P Global 1200 Information Technology 4.5/22.5/45 Capped Index. These changes became effective on April 20, 2023.

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 95

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the ten funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (ten of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2023, the related statements of operations for the year ended March 31, 2023, the statements of changes in net assets for each of the two years in the period ended March 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2023 and each of the financial highlights for each of the five years in the period ended March 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

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

iShares Global Utilities ETF

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 25, 2023

We have served as the auditor of one or more BlackRock investment companies since 2000.

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Important Tax Information  (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2023:

iShares ETF	Qualified Dividend   Income
Global Comm Services	$	3,646,006
Global Consumer Discretionary		4,762,718
Global Consumer Staples		33,520,935
Global Energy		114,647,347
Global Financials		25,482,646
Global Healthcare		69,649,748
Global Industrials		6,719,677
Global Materials		19,755,397
Global Tech		35,677,092
Global Utilities		5,446,821

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended March 31, 2023:

iShares ETF	Foreign Source Income Earned		Foreign   Taxes Paid
Global Materials	$	18,015,848	$	928,454

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2023 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received    Deduction
Global Comm Services	44.22%
Global Consumer Discretionary	57.72%
Global Consumer Staples	69.91%
Global Energy	46.34%
Global Financials	33.90%
Global Healthcare	83.79%
Global Industrials	49.12%
Global Materials	13.30%
Global Tech	100.00%
Global Utilities	60.36%

I M P O R T A N T   T A X   I N F O R M A T I O N 97

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”),iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”)for 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 and iShares Global Utilities ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, the imposition of capital controls in certain non-U.S. countries, Russian sanctions and the closure of the Russian securities market.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

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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.

March 31, 2023

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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)	$	0.733838	$	—	$	0.046403	$	0.780241		94	%		—	%		6	%		100	%
Global Consumer Discretionary		1.259193		—		—		1.259193		100			—			—			100
Global Energy		1.856963		—		—		1.856963		100			—			—			100
Global Financials		2.605246		—		—		2.605246		100			—			—			100
Global Healthcare(a)		0.959372		—		0.030866		0.990238		97			—			3			100
Global Tech		0.362285		—		—		0.362285		100			—			—			100
Global Utilities		1.886287		—		—		1.886287		100			—			—			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.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive, and its United Kingdom (“UK”) equivalent, (“AIFMD”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, the Company is only required to comply with certain disclosure, reporting and transparency obligations of AIFMD because it has registered the iShares Global Consumer Staples ETF and iShares Global Energy ETF (the “Funds”) to be marketed to investors in the EU and/or UK.

Report on Remuneration

The Company is required under AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Funds.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Funds is included in the aggregate figures disclosed.

BlackRock has a clear and well-defined pay-for-performance philosophy, and compensation programs which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Funds, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

S U P P L E M E N T A L   I N F O R M A T I O N 99

Supplemental Information(unaudited)  (continued)

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company. Therefore, the figures disclosed are a sum of individuals’ portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of the total remuneration awarded to the Company’s staff in respect of the Company’s financial year ending December 31, 2022 was USD 4,121 million. This figure is comprised of fixed remuneration of USD 685 million and variable remuneration of USD 3,436 million. There was a total of 8 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company in respect of the Company’s financial year ending December 31, 2022, to its senior management was USD 2,958 million, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company or its funds was USD 970 million. These figures relate to the entire Company and not to the Funds.

Disclosures Under the EU Sustainable Finance Disclosure Regulation

The iShares Global Consumer Staples ETF and iShares Global Energy ETF (the “Funds”) are registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”).

Each Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, each Fund’s investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts (“PAIs”) on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.

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Trustee and Officer Information(unaudited)

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs)(the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”)(each, a “BlackRock Fund Complex”).Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 380 funds as of March 31, 2023. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (1957)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006);Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji(b) (1970)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

^(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

^(b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (1955)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (1956)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (1954)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

T R U S T E E   A N D   O F F I C E R   I N F O R M A T I O N 101

Trustee and Officer Information(unaudited)  (continued)

Independent Trustees (continued)
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Chair (1994-2005) and Member (1992-2021) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020); Director of the Jackson Hole Center for the Arts (since 2021); Member of the Wyoming State Investment Funds Committee (since 2022).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).
John E. Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (1964)	Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).
Officers
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Dominik Rohé (1973)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2005); Head of Americas ETF and Index Investments (since 2023); Head of Latin America (2019-2023).
Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (1967)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Marisa Rolland (1980)	Secretary (since 2022).	Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).

102 2 0 2 3   I S H A R E S   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

Trustee and Officer Information(unaudited)  (continued)

Officers (continued)
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Jennifer Hsui (1976)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).
James Mauro (1970)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

Effective March 30, 2023, Dominik Rohé replaced Armando Senra as President.

T R U S T E E   A N D   O F F I C E R   I N F O R M A T I O N 103

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.

104 2 0 2 3   I S H A R E S   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

Glossary of Terms Used in this Report

Portfolio Abbreviation
ADR	American Depositary Receipt
CPO	Certificates of Participation (Ordinary)
NVS	Non-Voting Shares

G L O S S A R Y   O F   T E R M S   U S E D   I N   T H I S   R E P O R T 105

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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.

©2023 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-300-0323

MARCH 31, 2023

2023 Annual Report

iShares Trust

·  iShares Asia 50 ETF | AIA | NASDAQ

·  iShares Blockchain and Tech ETF | IBLC | NYSE Arca

·  iShares Emerging Markets Infrastructure ETF | EMIF | NASDAQ

·  iShares Europe ETF | IEV | NYSE Arca

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

·  iShares India 50 ETF | INDY | NASDAQ

·  iShares International Developed Property ETF | WPS | NYSE Arca

·  iShares International Developed Small Cap Value Factor ETF | ISVL | Cboe BZX

·  iShares International Dividend Growth ETF | IGRO | Cboe BZX

·  iShares Latin America 40 ETF | ILF | NYSE Arca

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended March 31, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate.

Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks declined, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and volatile commodities prices.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, we believe that it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector late in the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, we prefer an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession. Nevertheless, we are overweight on emerging market stocks as we believe a weakening U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where we believe that valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we’re concerned about tightening credit and financial conditions. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

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.

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of March 31, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	15.62%	(7.73)%
U.S. small cap equities (Russell 2000® Index)	9.14	(11.61)
International equities (MSCI Europe, Australasia, Far East Index)	27.27	(1.38)
Emerging market equities (MSCI Emerging Markets Index)	14.04	(10.70)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	1.93	2.52
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	4.38	(6.90)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	4.89	(4.78)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	7.00	0.26
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	7.88	(3.35)
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
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		25
Disclosure of Expenses		25
Schedules of Investments		26
Financial Statements
Statements of Assets and Liabilities		68
Statements of Operations		71
Statements of Changes in Net Assets		74
Financial Highlights		79
Notes to Financial Statements		89
Report of Independent Registered Public Accounting Firm		103
Important Tax Information		104
Board Review and Approval of Investment Advisory Contract		105
Statement Regarding Liquidity Risk Management Program		107
Supplemental Information		108
Trustee and Officer Information		110
General Information		113
Glossary of Terms Used in this Report		114

Market Overview

iShares Trust

Global Market Overview

Global equity markets declined during the 12 months ended March 31, 2023 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned -7.44% in U.S. dollar terms for the reporting period. In the first half of the reporting period, concerns about the state of the global economy in the face of high inflation and rapidly rising interest rates drove stocks sharply lower. However, stock prices recovered somewhat in the reporting period’s second half, as economic growth proved resilient despite its slower pace.

Inflation was a significant factor in equity markets, and while its impact varied by country, most major economies experienced substantial inflation during the reporting period. This drove a wave of monetary tightening by most of the world’s central banks, which sent interest rates and borrowing costs sharply higher. The U.S. Federal Reserve (“Fed”) raised interest rates eight times, driving an increase in the value of the U.S. dollar relative to most other currencies. Commodities prices were volatile, and as the reporting period began, disruptions in the wake of Russia’s invasion of Ukraine meant high prices for energy commodities and some foods. While oil, gas, and most other commodities declined as markets adjusted to the war’s disruption, elevated prices exacerbated inflationary pressure.

The U.S. economy recovered from a decline in the first half of 2022 to post modest growth in the third and fourth quarters of 2022. Consumers continued to power the economy with growing spending, despite higher prices for many consumer goods and services. The strong labor market supported spending as unemployment remained very low, at one point dropping to the lowest recorded level since 1969. Furthermore, the labor force participation rate—which measures the total proportion of employed persons of working age—rose, indicating that more people were being drawn into the labor force. Amid tightening labor supply, wages rose significantly, with the largest gains at the lower end of the wage spectrum.

In addition to its interest rate increases, the Fed also started to reduce the size of its balance sheet by reducing the store of U.S. Treasuries it had accumulated to stabilize markets in the early phases of the coronavirus pandemic. While the Fed indicated that more tightening could be needed to achieve its long-term inflation goal, it sounded a more cautious note about the potential for further interest rate increases near the end of the reporting period.

European stocks outpaced most other regions of the globe, advancing modestly for the reporting period despite slowing economic growth. European stocks benefited from a solid recovery following the early phases of the war in Ukraine. While the conflict disrupted critical natural gas supplies, new sources were secured and prices began to decline, while a warm winter helped moderate consumption. The European Central Bank (“ECB”) responded to the highest inflation since the introduction of the euro by raising interest rates six times.

While inflation was somewhat more moderate in the Asia-Pacific region, stocks there declined amid higher interest rates and disruption from coronavirus-related lockdowns in China. However, China relaxed its strict anti-coronavirus protocols in December 2022, boosting analysts’ expectations for future growth in the region. Emerging market stocks declined substantially, pressured by slowing economic growth and a stronger U.S. dollar. The Fed’s interest rate increases weighed on emerging market equities by making U.S. assets relatively more attractive.

4 2 0 2 3   I S H A R E S   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 March 31, 2023 iShares^® Asia 50 ETF

Investment Objective

The iShares Asia 50 ETF (the “Fund”) seeks to track the investment results of an index composed of 50 of the largest Asian equities, as represented by the S&P Asia 50^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
	1 Year			5 Years			10 Years		1 Year			5 Years			10 Years
Fund NAV		(7.77	)%		0.33	%		5.12%		(7.77	)%		1.66	%		64.70	%
Fund Market		(7.62	)		0.02			5.09		(7.62	)		0.08			64.26
Index		(8.86	)		0.96			5.73		(8.86	)		4.90			74.57

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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 (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)		Beginning       Account Value       (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,251.40	$        2.81			$      1,000.00	$      1,022.40	$        2.52		0.50	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (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.

F U N D   S U M M A R Y 5

Fund Summary as of March 31, 2023   (continued) iShares^® Asia 50 ETF

Portfolio Management Commentary

Large-capitalization stocks in Asia declined significantly for the reporting period, pressured by higher interest rates. South Korean stocks detracted the most from the Index’s return in an environment of stalling economic growth. The South Korean economy slowed in the first half of the reporting period before contracting in the fourth quarter of 2022 amid normalizing consumer spending patterns and declining exports. Inflation was elevated, although it remained lower than in many other developed economies and decelerated by the end of the reporting period. In response to inflation, the Bank of Korea raised interest rates multiple times, pressuring stocks. The South Korean won also declined relative to the U.S. dollar, reducing the value of South Korean equities in U.S. dollar terms.

The South Korean information technology sector was the largest source of weakness, led by the technology hardware, storage, and peripherals industry. A sharp decline in demand for smartphones worked against the industry, driving a significant decline in earnings. Softer pricing for memory chips also dented the industry’s profitability. Stocks in the communication services sector also declined, as the interactive media and services industry faced slower growth in advertising revenue.

Taiwanese stocks also detracted from the Index’s performance. Taiwan’s economy contracted on an annual basis in the fourth quarter of 2022, stifled by declining exports. The economy of China, Taiwan’s largest trading partner, was slowed by strict lockdowns to prevent the spread of COVID-19, disrupting many Taiwanese businesses. The Taiwanese information technology sector declined the most, primarily the semiconductors and semiconductor equipment industry. As supply chains and spending patterns recovered from the coronavirus pandemic, global demand for semiconductors cooled significantly, pressuring the outlook for the industry. New U.S. restrictions on certain technology sales to China disrupted investment plans in the industry.

Chinese stocks also declined, driven by the internet and direct marketing retail industry in the consumer discretionary sector. Profitability in the industry was constrained by government restrictions and heightened competition among e-retailers.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Information Technology	33.9	%
Financials	22.4
Communication Services	17.8
Consumer Discretionary	17.6
Materials	3.1
Industrials	2.3
Real Estate	1.5
Health Care	1.4

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
China	41.1	%
South Korea	22.1
Taiwan	21.9
Hong Kong	10.1
Singapore	4.8

^(a)  Excludes money market funds.

6 2 0 2 3   I S H A R E S   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 March 31, 2023 iShares^® Blockchain and Tech ETF

Investment Objective

The iShares Blockchain and Tech ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. and non-U.S. companies that are involved in the development, innovation, and utilization of blockchain and crypto technologies; as represented by the NYSE FactSet Global Blockchain Technologies Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Cumulative Total Returns
	Since Inception
Fund NAV		(35.71	)%
Fund Market		(35.53	)
Index		(36.20	)

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSETVALUE)

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

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)		Beginning       Account Value       (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,130.80	$        2.50			$      1,000.00	$      1,022.60	$        2.37		0.47	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (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.

F U N D   S U M M A R Y 7

Fund Summary as of March 31, 2023   (continued) iShares^® Blockchain and Tech ETF

Portfolio Management Commentary

The blockchain industry contracted significantly in 2022, in contrast to the exponential growth of preceding years. In particular, investor confidence in cryptocurrencies and digital assets —which underpin the model of decentralized finance that blockchain technology supports —dissipated amid a series of high-profile business failures. The collapse of an algorithmically powered stablecoin, an asset intended to maintain a 1:1 peg with the U.S. dollar, created significant ripple effects across the industry, leading to the demise of a major hedge fund and multiple lenders. The revelation of large-scale fraud within a major U.S. cryptocurrency exchange further weakened confidence, sending asset prices sharply lower.

At the same time, the sharp rise in interest rates offered investors of digital assets the opportunity to earn higher yields on other securities deemed less volatile, such as U.S. Treasuries. As gold prices climbed and cryptocurrencies dropped amid high inflation, investors were increasingly skeptical of bitcoin’s appeal over the precious metal as a store of value. This sentiment, along with ongoing volatility in the cryptocurrency markets, fueled an exodus of assets away from decentralized finance.

Profitability among bitcoin miners, or companies that devote extensive computing power to solving mathematical equations to generate cryptocurrencies, fell substantially as operating costs climbed and the market value of the assets fell. Cryptocurrency exchanges reported a sizable reduction in trading activity, which substantially decreased revenues and profits. Venture capital funding for blockchain and cryptocurrency projects also slowed. U.S. regulators took enforcement actions against multiple cryptocurrency businesses. Citing a lack of regulatory clarity and increased scrutiny, a handful of cryptocurrency companies closed U.S. business units.

Signs of a recovery emerged later in the reporting period, as digital asset and blockchain technology stocks climbed from their lowest prices, and investors returned. Blockchain technology continued to help businesses achieve tangible operational benefits beyond their current infrastructures. Technology conglomerates also announced efforts to broaden blockchain usage among enterprises and governments. The E.U. advanced measures to create a clear and comprehensive set of operating guidelines for cryptocurrency companies in the region.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Information Technology	58.9	%
Financials	34.4
Industrials	3.9
Communication Services	1.4
Consumer Discretionary	1.4

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Riot Blockchain Inc.	17.0	%
Coinbase Global Inc., Class A	11.3
Block Inc. New	9.2
Marathon Digital Holdings Inc.	5.5
Hut 8 Mining Corp.	4.8
Cleanspark Inc.	4.4
Advanced Micro Devices Inc.	4.3
Nvidia Corp.	4.2
Wolters Kluwer NV	3.9
International Business Machines Corp.	3.6

^(a)  Excludes money market funds.

8 2 0 2 3   I S H A R E S   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 March 31, 2023 iShares^® Emerging Markets Infrastructure ETF

Investment Objective

The iShares Emerging Markets Infrastructure ETF (the “Fund”) seeks to track the investment results of an index composed of 30 of the largest equities in the emerging markets infrastructure industry, as represented by the S&P Emerging Markets Infrastructure Index^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns								Cumulative Total Returns
	1 Year			5 Years			10 Years		1 Year			5 Years			10 Years
Fund NAV		(3.11	)%		(4.92	)%		(2.21)%		(3.11	)%		(22.28	)%		(20.05	)%
Fund Market		(4.32	)		(5.25	)		(2.32)		(4.32	)		(23.65	)		(20.95	)
Index		(2.76	)		(4.48	)		(1.64)		(2.76	)		(20.49	)		(15.28	)

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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 (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)		Beginning       Account Value       (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,157.20	$        3.23			$      1,000.00	$      1,021.90	$        3.02		0.60	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (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.

F U N D   S U M M A R Y 9

Fund Summary as of March 31, 2023   (continued) iShares^® Emerging Markets Infrastructure ETF

Portfolio Management Commentary

Infrastructure stocks in emerging markets declined for the reporting period amid volatility due to slowing economic growth, high global inflation, and concerns about the impact of rising interest rates. During the reporting period, rising energy prices in the wake of Russia’s invasion of Ukraine, as well as turmoil in the global banking system, were headwinds for emerging market infrastructure stocks. A slowdown in global inflation and China’s shift away from COVID-19 pandemic restrictions generally helped the Index’s performance later in the reporting period.

Utilities stocks in China detracted the most from the Index’s return. The country’s reopening from pandemic restrictions, along with government subsidies to renewable energy firms, were tailwinds for the sector. However, large renewable electricity stocks declined amid weak demand and relatively high industry-wide debt as many firms awaited overdue green energy subsidies promised by the central government. In addition, higher coal prices reduced profitability for companies distributing power generated from coal-fired plants.

Stocks in Brazil also detracted from the Index’s return. Electric utilities stocks fell as a change in the country’s presidential administration cast doubt on the industry’s recent privatization. Oil and gas storage and transportation stocks also declined, reflecting a surge in oil prices early in the reporting period and high debt levels that clouded credit rating outlooks.

Conversely, stocks of airport services firms in Mexico contributed to the Index’s return. North American companies, responding to supply-chain difficulties that surfaced during the pandemic, returned more of their production base closer to home. The country’s increased travel tied to that environment benefited the industry’s stocks. Overall, air travel in Mexico finally returned to pre-pandemic levels. Passenger traffic rose 5% in the first 11 months of 2022 compared with the same time frame in 2019. The increase, in part, reflected fewer U.S. border restrictions with Mexico beginning in late 2021 and a large influx of international workers.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Utilities	40.0	%
Industrials	40.0
Energy	20.0

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
China	39.7	%
Brazil	20.2
Mexico	17.7
Thailand	9.8
United Arab Emirates	4.8
Qatar	4.5
South Korea	3.3
Russia	0.0

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2023  iShares^® Europe ETF

Investment Objective

The iShares Europe ETF (the “Fund”) seeks to track the investment results of an index composed of European equities, as represented by the S&P Europe 350^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
	1 Year			5 Years			10 Years		1 Year			5 Years			10 Years
Fund NAV		2.87	%		4.41	%		5.28%		2.87	%		24.07	%		67.34	%
Fund Market		2.60			4.32			5.27		2.60			23.54			67.07
Index		1.58			4.58			5.55		1.58			25.10			71.68

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

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 (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)		Beginning       Account Value       (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,332.20	$        3.78			$      1,000.00	$      1,021.70	$        3.28		0.65	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (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.

F U N D   S U M M A R Y 11

Fund Summary as of March 31, 2023   (continued) iShares^® Europe ETF

Portfolio Management Commentary

European stocks rose modestly during the reporting period as companies navigated an array of economic and business challenges, including stubbornly high inflation, the ongoing war in Ukraine, COVID-19 lockdowns in China, and a Swiss banking crisis. French stocks contributed the most to the Index’s return as surging consumer demand for luxury goods benefited companies in the consumer discretionary sector. Textile and apparel makers added new jobs and increased shareholder dividends. Sales at the world’s largest luxury group topped pre-pandemic levels as affluent Americans, buoyed by the strong U.S. dollar, returned to spending on international travel and luxury goods such as jewelry and luggage. Demand from U.S. and European consumers also drove sales of beauty products and helped offset rising input costs and the impact of China’s slowdown. A strong recovery in oil demand and the ongoing restriction on supply stemming from Russia’s war in Ukraine aided profits of French energy companies.

Danish stocks also contributed to the Index’s return, with pharmaceuticals companies leading returns. Demand for a new medicine for obesity outstripped supply in the U.S. and delayed its entry into many European markets. Sales of the drug increased operating profits of the drug’s developer and boosted the stock’s price.

On the downside, pharmaceuticals stocks in Switzerland were the largest detractors from the Index’s return, as the receding pandemic reduced demand for COVID-19 products. The failure of a highly anticipated Alzheimer’s drug to slow the onset of the disease in clinical trials disappointed investors, sending stock prices lower. Bank stocks were also notable detractors from the Index’s return after the near-collapse of a prominent Swiss bank shook investor confidence, leading to a government-structured deal with a rival lender. Swiss consumer staples stocks also detracted from the Index’s return as packaged foods companies reported lower sales volumes despite moves to offset higher raw material costs by increasing the prices of consumer goods.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	17.1	%
Health Care	15.4
Industrials	14.8
Consumer Staples	12.9
Consumer Discretionary	11.7
Materials	7.1
Information Technology	6.8
Energy	5.9
Utilities	4.2
Communication Services	3.5
Real Estate	0.6

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
United Kingdom	23.4	%
France	18.4
Switzerland	15.5
Germany	12.8
Netherlands	7.2
Sweden	4.7
Denmark	4.7
Spain	3.9
Italy	3.6
Belgium	1.5
Finland	1.5
Ireland	1.2
Other (each representing less than 1%)	1.6

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2023  iShares^® Future Metaverse Tech and Communications ETF

Investment Objective

The iShares Future Metaverse Tech and Communications ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. and non-U.S. companies that provide products and services that are expected to contribute to the metaverse in areas including virtual platforms, social media, gaming, 3D software, digital assets, and virtual and augmented reality, as represented by the Morningstar Global Metaverse & Virtual Interaction Select Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Cumulative Total Returns
	Since    Inception
Fund NAV	4.82%
Fund Market	4.62
Index	4.78

For the fiscal period ended March 31, 2023, the Fund did not have six months of performance and therefore line graphs are not presented.

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

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

Expense Example

Actual						Hypothetical 5% Return
	Beginning Account Value (02/14/23)	(a)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(b)		Beginning       Account Value       (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(b)	Annualized Expense Ratio
	$      1,000.00		$      1,048.20	$       0.59			$      1,000.00	$      1,022.60	$        2.37		0.47	%

^(a)  Commencement of operations.

^(b)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 45/365 for actual expenses and 182/365 for hypothetical expenses (to reflect the six month period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

INDUSTRY ALLOCATION

Industry	Percent of Total Investments	(a)
Software	29.8	%
Entertainment	28.2
Semiconductors & Semiconductor Equipment	15.5
Interactive Media & Services	13.4
Technology Hardware, Storage & Peripherals	7.4
Household Durables	5.1
Other (each representing less than 1%)	0.6

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Apple Inc.	6.2	%
Nvidia Corp.	5.3
Meta Platforms Inc, Class A	5.2
Tencent Holdings Ltd.	4.8
Ansys Inc.	4.7
ROBLOX Corp., Class A	4.6
Activision Blizzard Inc.	4.6
Zoom Video Communications Inc., Class A	4.6
Electronic Arts Inc.	4.5
NetEase Inc.	4.5

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 13

Fund Summary as of March 31, 2023  iShares^® India 50 ETF

Investment Objective

The iShares India 50 ETF (the “Fund”) seeks to track the investment results of an index composed of 50 of the largest Indian equities, as represented by the Nifty 50 Index (the “Index”) and determined by the Index provider, NSE Indices Ltd. The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns								Cumulative Total Returns
	1 Year			5 Years			10 Years		1 Year			5 Years			10 Years
Fund NAV		(7.59	)%(a)		5.87	%		7.16%		(7.59	)%(a)		32.99	%		99.69	%
Fund Market		(7.75	)		5.52			7.06		(7.75	)		30.85			97.80
Index		(7.25	)		7.66			8.61		(7.25	)		44.62			128.33

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

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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 (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)		Beginning       Account Value       (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,011.00	$        4.46			$      1,000.00	$      1,020.50	$        4.48		0.89	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (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.

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Fund Summary as of March 31, 2023   (continued) iShares^® India 50 ETF

Portfolio Management Commentary

Large-capitalization Indian stocks declined for the reporting period amid slowing economic growth and rising interest rates. While India’s economy continued to recover from the effects of the coronavirus pandemic, the rate of growth slowed on an annual basis in the second half of 2022 as the effect of pent-up consumer demand faded and manufacturing growth stalled. Rising interest rates also weighed on the economy, and the Reserve Bank of India increased its headline interest rate multiple times during the reporting period. While inflation was substantial, it was not significantly higher than India’s historical average and showed signs of easing as the reporting period continued. The Indian rupee declined notably relative to the U.S. dollar, reducing the value of equities held in U.S. dollar terms.

Higher oil and gas prices following Russia’s invasion of Ukraine initially had a negative impact on India, which is a large net-importer of energy commodities. However, India benefited from falling prices thereafter and was able to negotiate discounts on Russian oil that were below standard market prices. India’s exports grew, particularly exports of services, which helped to offset weaker growth in goods exports.

The Indian labor market was tepid, as unemployment remained high even as the economy continued to grow. The labor force participation rate stayed relatively low, indicating that many Indians, particularly young workers, stopped looking for work entirely. Nonetheless, consumer spending rose as economic activity continued to return to normal, sustaining the country’s economic growth.

A high-profile report from a U.S.-based finance firm accusing a large Indian conglomerate of fraud and market manipulation negatively impacted India’s stock market. The report led to intensified investor scrutiny of Indian companies associated with the conglomerate, driving a decline in Indian equities overall. However, the conglomerate vigorously contested the accusations, and an investigation by the Securities and Exchange Board of India had not released any findings by the end of the reporting period. The government’s business-friendly financial reforms helped attract investors to Indian markets.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	37.7	%
Information Technology	14.1
Energy	12.1
Consumer Staples	9.6
Materials	6.8
Consumer Discretionary	6.7
Industrials	4.7
Health Care	3.8
Communication Services	2.4
Utilities	2.1

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Reliance Industries Ltd.	10.3	%
HDFC Bank Ltd.	9.3
ICICI Bank Ltd.	8.0
Infosys Ltd.	6.7
Housing Development Finance Corp. Ltd.	6.2
ITC Ltd.	4.4
Tata Consultancy Services Ltd.	4.3
Larsen & Toubro Ltd.	3.4
Kotak Mahindra Bank Ltd.	3.3
Axis Bank Ltd.	3.1

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 15

Fund Summary as of March 31, 2023  iShares^® International Developed Property ETF

Investment Objective

The iShares International Developed Property ETF (the “Fund”) seeks to track the investment results of an index composed of real estate equities in developed non-U.S. markets, as represented by the S&P Developed ex-U.S. Property IndexTM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns								Cumulative Total Returns
	1 Year			5 Years			10 Years		1 Year			5 Years			10 Years
Fund NAV		(22.49	)%		(3.27	)%		0.69%		(22.49	)%		(15.33	)%		7.13	%
Fund Market		(22.48	)		(3.40	)		0.63		(22.48	)		(15.88	)		6.52
Index		(23.28	)		(3.25	)		0.71		(23.28	)		(15.23	)		7.38

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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 (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)		Beginning       Account Value       (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,081.70	$        2.54			$      1,000.00	$      1,022.50	$        2.47		0.49	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (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.

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Fund Summary as of March 31, 2023   (continued) iShares^® International Developed Property ETF

Portfolio Management Commentary

International developed property stocks declined significantly during the reporting period amid a slowing global economy, elevated inflation, and sharply higher interest rates. German stocks were the largest detractors from the Index’s performance, led by equity real estate investment trusts (“REITs”). Rising interest rates drove a downturn in the real estate market in Germany, as property financing and mortgages became more expensive. Transactions in the German commercial real estate market declined significantly amid pricing uncertainty and the economic impact of Russia’s invasion of Ukraine.

German real estate operating companies were negatively affected by government action against a prominent company in the industry. German authorities raided the offices of the company and prosecutors alleged that illegal kickbacks were made in the awarding of contracts to subcontractors. While the investigation was still ongoing at the end of the reporting period, the high-profile accusations drove a significant decline in the industry.

The U.K. diversified REIT industry was another notable source of detraction from the Index’s return. Interest rates rose rapidly in the U.K. and the Bank of England was one of the first major central banks to raise interest rates. Consequently, borrowing costs rose significantly for firms investing in the U.K. property market, weighing on profitability. The deteriorating economic outlook and high interest rates led to a devaluation of some properties in the industry, while elevated inflation drove operating costs sharply higher.

Despite facing a different macroeconomic backdrop, Japanese diversified REITs also declined. Inflation was lower in Japan than in most other major economies, and the Bank of Japan (“BOJ”) held interest rates steady, keeping its key short-term interest rate in negative territory. Nonetheless, investor concerns about pressure on the BOJ to increase interest rates and modify its yield curve control policy weighed on the industry.

Diversified REITs in Australia were another source of weakness, declining amid a downturn in the real estate market. Higher interest rates and economic uncertainty negatively impacted the tenants of some warehouses and industrial properties, which in turn pressured REITs that own these properties.

F U N D   S U M M A R Y 17

Fund Summary as of March 31, 2023   (continued) iShares^® International Developed Property ETF

Portfolio Information

INDUSTRY ALLOCATION

Industry	Percent of Total Investments	(a)
Real Estate Operating Companies	19.3	%
Diversified Real Estate Activities	17.9
Retail REITs	14.3
Industrial REITs	14.1
Diversified REITs	12.1
Office REITs	8.8
Real Estate Development	4.2
Multi-Family Residential REITs	4.0
Health Care REITs	2.0
Hotel & Resort REITs	1.5
Self Storage REITs	1.0
Other (each representing less than 1%)	0.8

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Japan	29.0	%
Hong Kong	13.3
Australia	12.8
United Kingdom	9.6
Singapore	9.0
Sweden	4.0
Canada	3.7
Germany	3.7
France	3.5
Switzerland	2.5
Belgium	2.5
Israel	2.2
Other (each representing less than 1%)	4.2

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2023  iShares^® International Developed Small Cap Value Factor ETF

Investment Objective

The iShares International Developed Small Cap Value Factor ETF (the “Fund”) seeks to track the investment results of an index composed of international developed market small-capitalization stocks, excluding the U.S. and Korea, with prominent value characteristics, as represented by the FTSE Developed ex US ex Korea Small Cap Focused Value Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns				Cumulative Total Returns
	1 Year			Since    Inception	1 Year			Since Inception
Fund NAV		(4.56	)%	(1.33)%		(4.56	)%		(2.67	)%
Fund Market		(4.09	)	(1.10)		(4.09	)		(2.22	)
Index		(5.37	)	(1.23)		(5.37	)		(2.46	)

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSETVALUE)

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

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would 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 (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)		Beginning       Account Value       (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,243.30	$        1.68			$      1,000.00	$      1,023.40	$        1.51		0.30	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (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.

F U N D   S U M M A R Y 19

Fund Summary as of March 31, 2023   (continued) iShares^® International Developed Small Cap Value Factor ETF

Portfolio Management Commentary

International developed market small-capitalization stocks with prominent value characteristics declined for the reporting period amid a slowing global economy, elevated inflation, and high interest rates. U.K. stocks were the largest detractors from the Index’s performance, led by diversified real estate investment trusts (“REITs”). As interest rates edged higher, borrowing costs for firms investing in the U.K. rose significantly, squeezing profit margins and shrinking budgets. The deteriorating outlook and changing post-pandemic consumer shopping habits lowered rental income and decreased demand for warehouse properties. A sharp rise in yields also prompted property investors to cycle away from REITs in favor of government bonds.

Diversified REITs in Australia detracted from the Index’s performance amid a broader downturn in the real estate market. Higher interest rates and economic uncertainty negatively impacted the tenants of some commercial and industrial properties, which in turn pressured the REITs that own these properties. Companies involved in residential communities reported lower earnings and fewer deal closings due to labor shortages, construction delays, and rising inflation.

Canadian REIT stocks also detracted from the Index’s return as real estate stocks traded sharply lower following multiple interest rate hikes by the Bank of Canada. Commercial real estate companies reported delays in new lease agreements as clients weighed recession fears. Financials companies also detracted from the Index’s return amid high inflation and a challenging capital markets environment.

Conversely, Japanese stocks were significant contributors to the Index’s return. Steel makers raised prices to offset increased production costs and expanded into more profitable business lines, benefiting industrials stocks. Consumer discretionary companies gained as Japan reopened to foreigners and retail sales increased, particularly in the luxury watch market. Lastly, rising bank fees and higher interest rates proved profitable for Italian banks, driving contribution from Italian financials.

The Index’s selection process is designed to maximize exposure to small-capitalization stocks with prominent value characteristics, with screens to eliminate stocks with low liquidity, high volatility, high debt, negative sentiment, and negative momentum. Reflecting those constraints, the Index outperformed the broader market, as represented by the FTSE Developed ex US ex Korea Small Cap Focused Value Index. The value factor tends to perform relatively well during economic environments with high inflation and rising interest rates due in part to value’s lower-interest rate sensitivity and shorter-dated cash flows. Stock selection in the U.K., Japan, and Germany also contributed.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Industrials	23.9	%
Financials	16.6
Materials	14.4
Real Estate	14.1
Consumer Discretionary	9.1
Consumer Staples	4.9
Energy	4.2
Information Technology	4.1
Health Care	3.8
Utilities	2.8
Communication Services	2.1

GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of Total Investments	(a)
Japan	19.0	%
United Kingdom	18.4
Canada	17.0
Australia	8.9
Switzerland	8.8
Sweden	5.6
Germany	3.3
France	2.9
Finland	2.9
Belgium	2.2
Austria	2.2
Denmark	2.2
Norway	1.6
Singapore	1.5
Italy	1.1
New Zealand	1.0
Other (each representing less than 1%)	1.4

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2023 iShares^® International Dividend Growth ETF

Investment Objective

The iShares International Dividend Growth ETF (the “Fund”) seeks to track the investment results of an index composed of international equities with a history of consistently growing dividends, as represented by the Morningstar^® Global ex-US Dividend Growth Index^SM (the “Index”). The Fund invests in 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
	1 Year			5 Years			Since    Inception		1 Year			5 Years			Since Inception
Fund NAV		(4.60	)%		4.17	%		6.01%		(4.60	)%		22.69	%		49.36	%
Fund Market		(4.61	)		4.01			6.04		(4.61	)		21.73			49.63
Index		(5.46	)		4.08			5.95		(5.46	)		22.12			48.76

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

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

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would 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 (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)		Beginning       Account Value       (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$      1,000.00	$      1,207.20	$        0.83			$      1,000.00	$      1,024.20	$        0.76		0.15	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (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.

F U N D   S U M M A R Y 21

Fund Summary as of March 31, 2023  (continued) iShares^® International Dividend Growth ETF

Portfolio Management Commentary

Dividend stocks outside the U.S. declined amid rapidly rising interest rates and a weakening global economy. As central banks around the world raised interest rates, bond yields rose significantly. Dividend-bearing stocks are typically negatively impacted by higher yields, since higher income from bonds makes those investments relatively more attractive to income-seeking investors. Nonetheless, some investors viewed dividend-paying stocks as being more resilient in an economic downturn.

Canadian stocks led the decline, as bank stocks in the financials sector faced significant headwinds. Canada’s economic growth slowed during the reporting period, and the worsening economy drove an increase in provisions for loan losses at banks. A substantial payment to settle claims surrounding a large bank’s involvement with a fraudulent investment scheme also weighed on the banking industry. However, improved net interest margins amid rising interest rates helped the industry offset some of the negative impacts to income.

Swiss stocks also detracted from the Index’s performance, most notably in the healthcare sector. Pharmaceuticals companies faced declining demand for COVID-19 treatments and diagnostic testing kits as vaccinations against the virus expanded. Increased competition from several biosimilar cancer treatment drugs, which have similar active properties as older licensed drugs, also weakened sales.

In China, weakness in the financials sector detracted from performance, particularly in the banking industry. Investors’ concerns about exposure of banks to troubled Chinese property developers pressured the industry.

On the upside, Danish stocks contributed to the Index’s return, buoyed by the pharmaceuticals industry in the healthcare sector. The industry benefited from soaring sales and profits from a new anti-obesity drug, outstripping projections. However, the high costs of the drug, lack of insurance coverage, and production delays limited sales growth.

Spanish and French high-dividend stocks also gained. In Spain, the utilities sector benefited from its foreign operations, as strong profits from North and South America helped to offset a decline domestically. In France, the successful trial of a drug to treat pulmonary disease supported the pharmaceuticals industry in the healthcare sector.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Financials	25.7	%
Health Care	15.9
Consumer Staples	12.7
Industrials	12.5
Utilities	8.8
Materials	7.0
Information Technology	6.7
Communication Services	3.1
Consumer Discretionary	2.8
Energy	2.8
Real Estate	2.0

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
Canada	19.5	%
Japan	19.0
Switzerland	12.2
United Kingdom	11.9
China	6.1
Germany	5.9
France	4.4
Denmark	3.6
Spain	2.7
Hong Kong	2.5
India	2.1
Australia	2.1
Ireland	1.2
Netherlands	1.1
Other (each representing less than 1%)	5.7

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2023  iShares^® Latin America 40 ETF

Investment Objective

The iShares Latin America 40 ETF (the “Fund”) seeks to track the investment results of an index composed of 40 of the largest Latin American equities, as represented by the S&P Latin America 40^TM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns								Cumulative Total Returns
	1 Year			5 Years			10 Years		1 Year			5 Years			10 Years
Fund NAV		(11.29	)%		(3.15	)%		(1.97)%		(11.29	)%		(14.80	)%		(18.07	)%
Fund Market		(11.43	)		(3.31	)		(1.97)		(11.43	)		(15.49	)		(18.07	)
Index		(10.76	)		(2.85	)		(1.60)		(10.76	)		(13.46	)		(14.87	)

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

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 (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)		Beginning       Account Value       (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$      1,088.20	$        2.50			$      1,000.00	$      1,022.50	$        2.42		0.48	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (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.

F U N D   S U M M A R Y 23

Fund Summary as of March 31, 2023  (continued) iShares^® Latin America 40 ETF

Portfolio Management Commentary

Large-capitalization Latin American stocks declined significantly for the reporting period amid high inflation and tighter monetary policy. Brazil was the largest detractor from the Index’s return, as economic growth in the country faltered. Rising borrowing costs weakened the Brazilian economy, which slowed before finally contracting in the fourth quarter of 2022. The central bank of Brazil raised interest rates multiple times in response to elevated inflation and prices fell substantially over the course of the reporting period. The Brazilian real declined relative to the U.S. dollar amid tightening U.S. monetary policy and fiscal concerns in Brazil, reducing the value of Brazilian stocks in U.S. dollar terms.

The Brazilian financials sector was a significant source of weakness, particularly the banking industry. The worsening economic environment in Brazil weakened bank profits, as consumers’ reduced purchasing power drove an increase in expenses from delinquent loans expected to go unpaid. Rising operating costs also dented earnings in the banking industry. Brazil’s materials sector also detracted, as the metals and mining industry faced volatile prices for iron ore and fines for safety practices related to a dam collapse. Furthermore, high rainfall and equipment maintenance needs led to a reduction in iron ore production late in 2022. The consumer staples sector also declined, as an oversupply of poultry and high costs weighed on profitability in the packaged foods and meats industry.

Colombian stocks also detracted from the Index’s performance in an environment of tepid economic growth. Equities in Colombia faced headwinds following a presidential election and a new administration perceived by some investors as less business friendly. The financials sector declined the most, as inflation rose during the reporting period, pressuring bank customers’ purchasing power and ability to repay loans.

On the upside, Mexican stocks contributed slightly to the Index’s performance. Despite slow economic growth, unemployment dropped to the lowest rate in 20 years, and inflation began to decelerate. The Mexican banking industry benefited from an influx of new customers relocating factories closer to the U.S.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Financials	29.3	%
Materials	26.7
Consumer Staples	15.1
Energy	11.2
Communication Services	5.7
Industrials	5.5
Utilities	3.0
Consumer Discretionary	1.6
Real Estate	1.0
Health Care	0.9

GEOGRAPHIC ALLOCATION
Country/Geographic Region	Percent of Total Investments	(a)
Brazil	59.0	%
Mexico	28.3
Chile	7.2
Peru	3.8
Colombia	1.7

^(a) Excludes money market funds.

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About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

A B O U T   F U N D   P E R F O R M A N C E / D I S C L O S U R E   O F   E X P E N S E S 25

Schedule of Investments March 31, 2023 iShares^® Asia 50 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
China — 40.9%
Alibaba Group Holding Ltd.(a)		10,500,000	$	132,987,613
ANTA Sports Products Ltd.		733,600		10,651,218
Baidu Inc.(a)		1,540,100		29,017,438
Bank of China Ltd., Class H		52,862,000		20,265,535
BYD Co. Ltd., Class H		589,500		17,340,821
China Construction Bank Corp., Class H		66,988,960		43,354,911
China Merchants Bank Co. Ltd., Class H		2,243,500		11,392,531
Industrial & Commercial Bank of China Ltd., Class H		48,395,115		25,719,058
JD.com Inc., Class A		1,633,500		35,669,421
Kuaishou Technology(a)(b)		1,319,600		10,146,820
Li Ning Co. Ltd.		1,593,000		12,527,205
Meituan, Class B(a)(b)		3,197,580		58,011,181
NetEase Inc.		1,244,000		21,960,168
Ping An Insurance Group Co. of China Ltd., Class H		4,203,500		27,193,334
Tencent Holdings Ltd.		4,088,400		199,797,222
Wuxi Biologics Cayman Inc.(a)(b)		2,419,500		14,908,857
Xiaomi Corp., Class B(a)(b)		9,803,000		15,086,326
				686,029,659
Hong Kong — 10.1%
AIA Group Ltd.		7,939,600		83,265,405
CK Hutchison Holdings Ltd.		1,825,148		11,291,547
Hong Kong Exchanges & Clearing Ltd.		795,300		35,251,430
Link REIT		1,725,460		11,095,106
Sun Hung Kai Properties Ltd.		1,025,500		14,366,841
Techtronic Industries Co. Ltd.		1,247,000		13,511,376
				168,781,705
Singapore — 4.8%
DBS Group Holdings Ltd.		1,241,900		30,875,790
Oversea-Chinese Banking Corp. Ltd.		2,748,374		25,619,742
United Overseas Bank Ltd.		1,047,200		23,487,690
				79,983,222
South Korea — 20.4%
Celltrion Inc.		73,060		8,444,871
Hyundai Motor Co.		95,728		13,619,467
Kakao Corp.		212,251		10,051,953
KB Financial Group Inc.		260,683		9,520,713
Kia Corp.		182,945		11,417,240
LG Chem Ltd.		32,157		17,660,417
LG Energy Solution(a)		28,546		12,861,478
NAVER Corp.		101,405		15,889,244
POSCO Holdings Inc.		50,030		14,154,545
Samsung Electronics Co. Ltd.		3,485,719		172,372,139
Samsung SDI Co. Ltd.		37,423		21,257,711
Shinhan Financial Group Co. Ltd.		345,068		9,373,881
SK Hynix Inc.		366,508		25,081,944
				341,705,603

Security	Shares		Value
Taiwan — 21.8%
Cathay Financial Holding Co. Ltd.		6,465,235	$	8,901,640
Chunghwa Telecom Co. Ltd.		2,580,551		10,143,876
CTBC Financial Holding Co. Ltd.		13,292,359		9,572,231
Delta Electronics Inc.		1,305,000		12,947,735
Formosa Plastics Corp.		2,951,071		8,909,300
Fubon Financial Holding Co. Ltd.		5,364,600		9,984,084
Hon Hai Precision Industry Co. Ltd.		8,180,052		28,000,273
MediaTek Inc.		1,085,112		28,132,739
Nan Ya Plastics Corp.		3,846,510		9,798,262
Taiwan Semiconductor Manufacturing Co. Ltd.		12,852,343		225,232,246
United Microelectronics Corp.		7,884,000		13,796,460
				365,418,846
Total Common Stocks — 98.0% (Cost: $1,680,822,164)				1,641,919,035
Preferred Stocks
South Korea — 1.6%
Hyundai Motor Co., Series 2, Preference Shares, NVS		24,550		1,813,440
LG Chem Ltd., Preference Shares, NVS		5,173		1,239,478
Samsung Electronics Co. Ltd., Preference Shares, NVS.		559,778		23,294,938
				26,347,856
Total Preferred Stocks — 1.6% (Cost: $9,894,202)				26,347,856
Total Long-Term Investments — 99.6% (Cost: $1,690,716,366)				1,668,266,891
Short-Term Securities
Money Market Funds — 0.0%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.73%(c)(d)		700,000		700,000
Total Short-Term Securities — 0.0% (Cost: $700,000)				700,000
Total Investments — 99.6% (Cost: $1,691,416,366)				1,668,966,891
Other Assets Less Liabilities — 0.4%				6,557,662
Net Assets — 100.0%			$	1,675,524,553

^(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.

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Schedule of Investments(continued) March 31, 2023 iShares^® Asia 50 ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	3,438	(b)	$	—	$	(3,438	)	$	—	$	—		—	$	10,844	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		700,000	(b)		—		—			—		700,000		700,000		33,046			—
								$	(3,438	)	$	—	$	700,000			$	43,890		$	—

^(a)  As of period end, the entity is no longer held.

^(b)  Represents net amount purchased (sold).

^(c)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
FTSE Taiwan Index		35		04/27/23	$	1,948	$	2,223
MSCI China Index		130		06/16/23		3,293		127,253
MSCI Emerging Markets Index		30		06/16/23		1,493		47,090
							$	176,566

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)	$	—	$	—	$	176,566	$	—	$	—	$	—	$	176,566

^(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 March 31, 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	$	—	$	—	$	(556,346	)	$	—	$	—	$	—	$	(556,346	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(63,530	)	$	—	$	—	$	—	$	(63,530	)

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(continued) March 31, 2023 iShares^® Asia 50 ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	6,913,361

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	—	$	1,641,919,035	$	—	$	1,641,919,035
Preferred Stocks		—		26,347,856		—		26,347,856
Short-Term Securities
Money Market Funds		700,000		—		—		700,000
	$	700,000	$	1,668,266,891	$	—	$	1,668,966,891
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	47,090	$	129,476	$	—	$	176,566

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

See notes to financial statements.

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Schedule of Investments March 31, 2023 iShares^® Blockchain and Tech ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Capital Markets — 18.0%
Allfunds Group PLC		5,971	$	39,570
Bakkt Holdings Inc.(a)(b)		102,362		176,063
Coinbase Global Inc., Class A(a)(b)		10,877		734,959
Galaxy Digital Holdings Ltd.(a)		24,446		93,334
Robinhood Markets Inc., Class A(a)		6,257		60,756
SBI Holdings Inc.		3,500		69,509
Voyager Digital Ltd.(a)		57,043		1,426
				1,175,617
Financial Services — 12.9%
Block Inc. New(a)		8,675		595,539
Lakala Payment Co. Ltd., Class A(a)		6,200		16,956
PayPal Holdings Inc.(a)		3,066		232,832
				845,327
Insurance — 3.3%
Ping An Insurance Group Co. of China Ltd., Class A		32,100		212,614
Interactive Media & Services — 1.4%
Z Holdings Corp.		32,900		93,286
IT Services — 7.2%
Digital Garage Inc.		500		16,517
DXC Technology Co.(a)		3,280		83,837
GMO internet group Inc.		900		17,542
International Business Machines Corp.		1,804		236,486
NTT Data Corp.		8,600		113,060
				467,442
Broadline Retail — 1.4%
GoTo Gojek Tokopedia Tbk PT(a)		12,556,000		91,408
Professional Services — 3.8%
Wolters Kluwer NV		1,993		251,589
Semiconductors & Semiconductor Equipment — 9.7%
Advanced Micro Devices Inc.(a)		2,869		281,191
Ambarella Inc.(a)		530		41,032
Amlogic Shanghai Co. Ltd.(a)		3,101		37,921
Nvidia Corp.		979		271,937
				632,081

Security	Shares		Value
Software — 38.8%
Applied Blockchain Inc., NVS(a)		22,747	$	50,953
Bit Digital Inc.(a)(b)		53,215		81,951
Bitfarms Ltd/Canada(a)(b)		122,295		118,626
Cleanspark Inc.(a)		103,187		286,860
Hive Blockchain Technologies Ltd.(a)(b)		35,373		116,377
Hut 8 Mining Corp.(a)(b)		168,672		312,043
Iris Energy Ltd.(a)		20,449		62,574
Marathon Digital Holdings Inc.(a)(b)		41,243		359,639
Riot Blockchain Inc.(a)(b)		110,674		1,105,633
Shenzhen Kingdom Sci-Tech Co. Ltd., Class A		8,800		18,037
YGSOFT Inc.		15,400		21,022
				2,533,715
Technology Hardware, Storage & Peripherals — 3.0%
Canaan Inc., ADR(a)(b)		62,001		167,403
GRG Banking Equipment Co. Ltd., Class A		15,100		26,933
				194,336
Total Long-Term Investments — 99.5% (Cost: $5,826,031)				6,497,415
Short-Term Securities
Money Market Funds — 34.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%(c)(d)(e)		2,274,156		2,274,838
Total Short-Term Securities — 34.9% (Cost: $2,274,707)				2,274,838
Total Investments — 134.4% (Cost: $8,100,738)				8,772,253
Liabilities in Excess of Other Assets — (34.4)%				(2,242,868	)
Net Assets — 100.0%			$	6,529,385

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

^(e)  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 period ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer		Value at 04/25/22	(a)		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 03/31/23	Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—		$	2,274,571	(b)	$	—	$	136	$	131	$	2,274,838	2,274,156	$	86,813	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(d)		—			0	(b)		—		—		—		—	—		206			—
									$	136	$	131	$	2,274,838		$	87,019		$	—

^(a)  Commencement of operations.

^(b)  Represents net amount purchased (sold).

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(continued) March 31, 2023 iShares^® Blockchain and Tech ETF

^(c)  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.

^(d)  As of period end, the entity is no longer held.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Micro E-Mini Russell 2000 Index		2		06/16/23	$	18	$	750

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)	$	—	$	—	$	750	$	—	$	—	$	—	$	750

^(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 March 31, 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	$	—	$	—	$	(1,154	)	$	—	$	—	$	—	$	(1,154	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	750		$	—	$	—	$	—	$	750

Average Quarterly Balances of Outstanding Derivative Financial Instruments    

Futures contracts
Average notional value of contracts — long	$	6,747

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	$	5,470,025	$	1,027,390	$	—	$	6,497,415

30 2 0 2 3   I S H A R E S   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(continued) March 31, 2023 iShares^® Blockchain and Tech ETF

Fair Value Hierarchy as of Period End (continued)

	Level 1		Level 2		Level 3		Total
Short-Term Securities
Money Market Funds	$	2,274,838	$	—	$	—	$	2,274,838
	$	7,744,863	$	1,027,390	$	—	$	8,772,253
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	750	$	—	$	—	$	750

^(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 31

Schedule of Investments March 31, 2023 iShares^® Emerging Markets Infrastructure ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 17.2%
CCR SA		279,027	$	704,662
Centrais Eletricas Brasileiras SA, ADR		258,634		1,714,744
Cia. de Saneamento Basico do Estado de Sao Paulo, ADR		69,417		694,864
Ultrapar Participacoes SA, ADR		287,621		785,205
				3,899,475
China — 39.6%
Beijing Capital International Airport Co. Ltd., Class H(a)		420,000		309,325
CGN Power Co. Ltd., Class H(b)		2,268,000		542,992
China Gas Holdings Ltd.		605,600		852,645
China Longyuan Power Group Corp. Ltd., Class H		674,000		768,908
China Merchants Port Holdings Co. Ltd.		342,000		525,035
China Oilfield Services Ltd., Class H		718,000		738,100
China Power International Development Ltd.		1,008,000		401,389
China Resources Gas Group Ltd.		183,500		674,988
China Resources Power Holdings Co. Ltd.		364,000		776,629
China Suntien Green Energy Corp. Ltd., Class H		735,000		321,498
COSCO SHIPPING Energy Transportation Co. Ltd., Class H(a)(c)		514,000		531,502
COSCO SHIPPING Ports Ltd.		424,000		283,519
Guangdong Investment Ltd.		570,000		583,095
Jiangsu Expressway Co. Ltd., Class H		310,000		288,291
Kunlun Energy Co. Ltd.		814,000		635,513
Shenzhen Expressway Co. Ltd., Class H		148,000		131,490
Shenzhen International Holdings Ltd.		346,999		307,029
Zhejiang Expressway Co. Ltd., Class H		346,000		275,278
				8,947,226
Mexico — 17.6%
Grupo Aeroportuario del Centro Norte SAB de CV, ADR		8,533		763,789
Grupo Aeroportuario del Pacifico SAB de CV, ADR		9,081		1,771,794
Grupo Aeroportuario del Sureste SAB de CV, ADR		4,721		1,446,845
				3,982,428
Qatar — 4.5%
Qatar Gas Transport Co. Ltd.		1,076,310		1,016,503
South Korea — 3.3%
Korea Electric Power Corp., ADR(a)(c)		104,315		723,946
SK Gas Ltd.		254		23,224
				747,170
Thailand — 9.8%
Airports of Thailand PCL, NVDR(a)		1,062,900		2,208,828

Security	Shares		Value
United Arab Emirates — 4.8%
ADNOC Drilling Co. PJSC		1,015,219	$	1,091,930
Total Common Stocks — 96.8% (Cost: $19,374,816)				21,893,560
Preferred Stocks
Brazil — 3.0%
Cia. Energetica de Minas Gerais, Preference Shares, ADR		297,674		666,790
Russia — 0.0%
Transneft PJSC, Preference Shares, NVS(d)		640		—
Total Preferred Stocks — 3.0% (Cost: $1,998,115)				666,790
Total Long-Term Investments — 99.8% (Cost: $21,372,931)				22,560,350
Short-Term Securities
Money Market Funds — 4.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%(e)(f)(g)		950,719		951,005
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.73%(e)(f)		40,000		40,000
Total Short-Term Securities — 4.4% (Cost: $990,976)				991,005
Total Investments — 104.2% (Cost: $22,363,907)				23,551,355
Liabilities in Excess of Other Assets — (4.2)%				(938,471	)
Net Assets — 100.0%			$	22,612,884

^(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.

32 2 0 2 3   I S H A R E S   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(continued) March 31, 2023 iShares^® Emerging Markets Infrastructure ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,224,889	$	—		$	(274,225	)(a)	$	(205	)	$	546	$	951,005		950,719	$	15,180	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		30,000		10,000	(a)		—			—			—		40,000		40,000		824			—
									$	(205	)	$	546	$	991,005			$	16,004		$	—

^(a) Represents net amount purchased (sold).

^(b) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI Emerging Markets Index		1		06/16/23	$	50	$	1,985

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)	$	—	$	—	$	1,985	$	—	$	—	$	—	$	1,985

^(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 March 31, 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	$	—	$	—	$	(15,567	)	$	—	$	—	$	—	$	(15,567	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(1,832	)	$	—	$	—	$	—	$	(1,832	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	121,426

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

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

Schedule of Investments(continued) March 31, 2023 iShares^® Emerging Markets Infrastructure ETF

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the 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	$	9,697,779	$	12,195,781	$	—	$	21,893,560
Preferred Stocks		666,790		—		—		666,790
Short-Term Securities
Money Market Funds		991,005		—		—		991,005
	$	11,355,574	$	12,195,781	$	—	$	23,551,355
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	1,985	$	—	$	—	$	1,985

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

See notes to financial statements.

34 2 0 2 3   I S H A R E S   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 March 31, 2023 iShares^® Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Austria — 0.2%
Erste Group Bank AG		64,807	$	2,147,013
OMV AG		25,778		1,183,806
Verbund AG		5,695		495,367
				3,826,186
Belgium — 1.5%
Ageas SA/NV		32,323		1,398,238
Anheuser-Busch InBev SA/NV		181,030		12,067,430
Argenx SE(a)		10,095		3,748,833
Groupe Bruxelles Lambert NV		18,127		1,546,959
KBC Group NV		61,767		4,244,058
Solvay SA		13,711		1,568,075
UCB SA		22,736		2,032,055
Umicore SA		37,759		1,280,832
				27,886,480
Denmark — 4.6%
AP Moller - Maersk A/S, Class A		625		1,108,778
AP Moller - Maersk A/S, Class B, NVS		1,032		1,875,876
Carlsberg AS, Class B		17,780		2,758,867
Chr Hansen Holding A/S		18,883		1,436,437
Coloplast A/S, Class B		21,675		2,853,887
Danske Bank A/S(a)		123,782		2,490,344
DSV A/S		32,863		6,372,051
Genmab A/S(a)		11,931		4,509,981
GN Store Nord A/S(a)		24,533		550,096
Novo Nordisk A/S, Class B		299,747		47,606,196
Novozymes A/S, Class B		38,149		1,953,349
Orsted AS(b)		34,770		2,964,766
Pandora A/S		17,533		1,682,960
Tryg A/S		65,891		1,440,744
Vestas Wind Systems A/S		183,871		5,358,812
				84,963,144
Finland — 1.5%
Elisa OYJ		27,490		1,657,960
Fortum OYJ		79,480		1,217,516
Kesko OYJ, Class B		52,088		1,119,439
Kone OYJ, Class B		72,232		3,767,189
Metso Outotec OYJ		128,064		1,398,379
Neste OYJ		78,857		3,895,841
Nokia OYJ		982,745		4,824,182
Sampo OYJ, Class A		89,988		4,246,095
Stora Enso OYJ, Class R		113,331		1,474,422
UPM-Kymmene OYJ		97,441		3,272,845
Wartsila OYJ Abp		87,830		828,875
				27,702,743
France — 18.3%
Accor SA(a)		32,370		1,052,383
Air Liquide SA		95,826		16,040,178
Airbus SE		112,181		14,983,731
Alstom SA		56,450		1,536,924
ArcelorMittal SA		105,362		3,192,077
Arkema SA		12,110		1,195,703
AXA SA		365,814		11,163,755
BNP Paribas SA		206,832		12,351,495
Bouygues SA		38,166		1,287,189
Bureau Veritas SA		53,642		1,541,267
Capgemini SE		28,604		5,315,635
Carrefour SA		108,565		2,194,922

Security	Shares		Value
France (continued)
Cie. de Saint-Gobain		93,854	$	5,334,996
Cie. Generale des Etablissements Michelin SCA		129,472		3,957,735
Credit Agricole SA		248,274		2,800,828
Danone SA		115,670		7,197,404
Dassault Systemes SE		126,330		5,211,243
Edenred		45,558		2,696,337
Eiffage SA		14,411		1,559,500
Engie SA		338,159		5,351,261
EssilorLuxottica SA		55,539		10,014,946
Eurofins Scientific SE		24,206		1,620,826
Euronext NV(b)		17,807		1,363,568
Gecina SA		10,159		1,054,509
Getlink SE		73,310		1,207,388
Hermes International		6,406		12,973,788
Kering SA		13,179		8,598,343
Legrand SA		48,723		4,451,933
L’Oreal SA		46,123		20,609,723
LVMH Moet Hennessy Louis Vuitton SE		47,762		43,841,136
Orange SA		345,190		4,100,917
Pernod Ricard SA		37,100		8,400,585
Publicis Groupe SA		42,726		3,335,183
Renault SA(a)		38,009		1,549,101
Safran SA		63,787		9,442,810
Sanofi		210,748		22,861,672
Sartorius Stedim Biotech		4,407		1,352,046
Schneider Electric SE		104,537		17,470,618
Societe Generale SA		144,098		3,246,722
Sodexo SA		15,022		1,467,207
Teleperformance		10,879		2,628,738
Thales SA		19,419		2,871,035
TotalEnergies SE		427,847		25,227,430
Unibail-Rodamco-Westfield(a)		19,006		1,022,637
Valeo		40,838		837,986
Veolia Environnement SA		122,953		3,793,982
Vinci SA		97,454		11,172,353
Vivendi SE		145,408		1,470,300
Worldline SA/France(a)(b)		46,823		1,989,908
				335,941,953
Germany — 12.1%
adidas AG		32,683		5,793,796
Allianz SE, Registered		74,691		17,241,375
Aroundtown SA(c)		174,323		249,202
BASF SE		167,758		8,807,069
Bayer AG, Registered		179,569		11,471,156
Bayerische Motoren Werke AG		58,079		6,365,377
Beiersdorf AG		17,897		2,328,173
Brenntag SE		28,106		2,115,150
Commerzbank AG(a)		192,813		2,029,981
Continental AG		19,347		1,449,659
Covestro AG(b)		34,605		1,433,107
Daimler Truck Holding AG(a)		93,176		3,144,598
Delivery Hero SE(a)(b)		36,112		1,231,957
Deutsche Bank AG, Registered		378,122		3,845,197
Deutsche Boerse AG		34,593		6,735,604
Deutsche Post AG, Registered		180,624		8,459,640
Deutsche Telekom AG, Registered		638,724		15,477,748
E.ON SE		410,821		5,124,876
Fresenius Medical Care AG & Co. KGaA		36,203		1,536,608
Fresenius SE & Co. KGaA		74,551		2,013,118
GEA Group AG		30,095		1,372,860

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 (continued) March 31, 2023 iShares^® Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Hannover Rueck SE		10,848	$	2,121,656
HeidelbergCement AG		26,408		1,928,237
HelloFresh SE(a)		31,214		744,370
Henkel AG & Co. KGaA		17,544		1,276,269
Infineon Technologies AG		238,914		9,811,044
LEG Immobilien SE		13,506		742,236
Mercedes-Benz Group AG		142,637		10,969,178
Merck KGaA		23,593		4,398,556
MTU Aero Engines AG		9,893		2,475,622
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		25,627		8,960,108
Puma SE		18,550		1,149,959
QIAGEN NV(a)		42,514		1,936,363
Rheinmetall AG		7,928		2,348,670
RWE AG		123,173		5,299,931
SAP SE		199,683		25,214,064
Siemens AG, Registered		136,906		22,179,305
Siemens Energy AG(a)		74,531		1,643,518
Siemens Healthineers AG(b)		50,503		2,911,598
Symrise AG		23,929		2,604,047
Volkswagen AG		5,321		912,685
Vonovia SE		145,649		2,743,271
Zalando SE(a)(b)		41,702		1,747,753
				222,344,691
Ireland — 1.2%
Bank of Ireland Group PLC		181,718		1,838,677
CRH PLC		139,739		7,059,653
Flutter Entertainment PLC, Class DI(a)		27,945		5,085,188
Kerry Group PLC, Class A		27,719		2,764,285
Kingspan Group PLC		28,044		1,921,723
Ryanair Holdings PLC, ADR(a)(c)		18,116		1,708,158
Smurfit Kappa Group PLC		48,659		1,764,865
				22,142,549
Italy — 3.6%
Assicurazioni Generali SpA		218,737		4,358,246
CNH Industrial NV		182,906		2,798,675
Enel SpA		1,402,250		8,552,248
Eni SpA		457,509		6,380,587
Ferrari NV		23,304		6,315,002
FinecoBank Banca Fineco SpA		112,146		1,718,200
Intesa Sanpaolo SpA		3,178,590		8,157,663
Mediobanca Banca di Credito Finanziario SpA		119,470		1,200,545
Moncler SpA		38,097		2,631,416
Nexi SpA(a)(b)		153,177		1,244,891
Prysmian SpA		49,145		2,063,634
Snam SpA		367,044		1,946,080
Stellantis NV		393,967		7,164,791
Telecom Italia SpA/Milano(a)		1,964,435		647,838
Tenaris SA		83,155		1,178,239
Terna - Rete Elettrica Nazionale		255,669		2,098,374
UniCredit SpA		354,420		6,680,057
				65,136,486
Netherlands — 7.1%
ABN AMRO Bank NV, CVA(b)		75,343		1,194,748
Adyen NV(a)(b)		5,678		9,047,483
Aegon NV		252,744		1,085,070
Akzo Nobel NV		33,424		2,614,245
ASM International NV		8,343		3,386,430
ASML Holding NV		74,129		50,515,056

Security	Shares		Value
Netherlands (continued)
EXOR NV, NVS(a)		21,585	$	1,779,889
Heineken Holding NV		19,912		1,826,888
Heineken NV		42,863		4,605,662
IMCD NV		10,622		1,736,864
ING Groep NV		689,568		8,188,851
Koninklijke Ahold Delhaize NV		181,994		6,217,845
Koninklijke DSM NV		31,933		3,779,089
Koninklijke KPN NV		585,255		2,068,038
Koninklijke Philips NV		164,275		3,017,219
NN Group NV		57,362		2,082,808
Prosus NV		211,611		16,569,988
Randstad NV		22,933		1,361,410
Universal Music Group NV		138,671		3,511,807
Wolters Kluwer NV		47,034		5,937,405
				130,526,795
Norway — 0.9%
Aker BP ASA		55,535		1,361,997
DNB Bank ASA		163,170		2,920,048
Equinor ASA		190,796		5,424,024
Mowi ASA		83,508		1,544,563
Norsk Hydro ASA		250,755		1,871,490
Orkla ASA		141,760		1,005,434
Telenor ASA		115,568		1,355,054
Yara International ASA		30,399		1,321,158
				16,803,768
Portugal — 0.2%
EDP - Energias de Portugal SA		563,289		3,069,313
Galp Energia SGPS SA		82,488		933,374
				4,002,687
Singapore — 0.4%
STMicroelectronics NV , New		119,703		6,374,482
Spain — 3.9%
ACS Actividades de Construccion y Servicios SA		41,276		1,314,629
Aena SME SA(a)(b)		13,363		2,160,908
Amadeus IT Group SA(a)		82,274		5,519,229
Banco Bilbao Vizcaya Argentaria SA		1,097,935		7,849,531
Banco Santander SA		3,044,111		11,343,817
CaixaBank SA		779,532		3,041,696
Cellnex Telecom SA(b)		108,605		4,223,391
Enagas SA		40,348		775,315
Endesa SA		58,071		1,261,290
Ferrovial SA		92,513		2,724,265
Grifols SA(a)		54,312		537,594
Iberdrola SA		1,073,008		13,367,317
Industria de Diseno Textil SA		204,171		6,859,164
Naturgy Energy Group SA		35,572		1,070,842
Red Electrica Corp. SA		72,128		1,269,186
Repsol SA		242,622		3,731,007
Telefonica SA		1,051,529		4,528,738
				71,577,919
Sweden — 4.7%
Alfa Laval AB		54,932		1,961,462
Assa Abloy AB, Class B		181,263		4,341,697
Atlas Copco AB, Class A		463,005		5,865,507
Atlas Copco AB, Class B		286,155		3,291,566
Boliden AB		49,685		1,951,835
Electrolux AB, Class B(c)		44,040		535,280
Embracer Group AB(a)(c)		147,287		690,385

36 2 0 2 3   I S H A R E S   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 (continued) March 31, 2023 iShares^® Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
Epiroc AB, Class A		115,049	$	2,283,724
Epiroc AB, Class B		71,238		1,214,640
EQT AB		60,412		1,234,059
Essity AB, Class B		111,165		3,175,305
Evolution AB(b)		35,231		4,720,191
Getinge AB, Class B		39,054		952,460
H & M Hennes & Mauritz AB, Class B(c)		133,524		1,909,064
Hexagon AB, Class B		387,433		4,459,124
Industrivarden AB, Class A		32,830		887,314
Industrivarden AB, Class C		30,617		825,567
Investor AB, Class B		331,604		6,605,745
Kinnevik AB, Class B(a)		42,449		634,735
Nibe Industrier AB, Class B		275,730		3,143,080
Nordea Bank Abp		604,153		6,451,321
Sandvik AB		197,657		4,195,426
Skandinaviska Enskilda Banken AB, Class A		306,005		3,377,763
Skanska AB, Class B		72,354		1,108,223
SKF AB, Class B		68,630		1,351,798
Svenska Cellulosa AB SCA, Class B		111,058		1,462,693
Svenska Handelsbanken AB, Class A		278,640		2,413,261
Swedbank AB, Class A		169,322		2,784,435
Tele2 AB, Class B		99,501		990,340
Telefonaktiebolaget LM Ericsson, Class B		564,687		3,310,095
Telia Co. AB		443,963		1,127,338
Volvo AB, Class B		289,047		5,956,287
				85,211,720
Switzerland — 15.4%
ABB Ltd., Registered		312,113		10,737,156
Adecco Group AG, Registered		30,614		1,115,116
Alcon Inc.		91,677		6,507,920
Baloise Holding AG, Registered		8,190		1,275,316
Barry Callebaut AG, Registered		722		1,529,751
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		211		2,492,045
Chocoladefabriken Lindt & Spruengli AG, Registered		20		2,368,722
Cie. Financiere Richemont SA, Class A, Registered		95,540		15,320,417
Credit Suisse Group AG, Registered(c)		694,896		624,033
Geberit AG, Registered		6,608		3,690,218
Givaudan SA, Registered		1,469		4,781,283
Holcim AG		103,544		6,677,687
Julius Baer Group Ltd.		39,159		2,674,890
Kuehne + Nagel International AG, Registered		10,212		3,041,491
Logitech International SA, Registered		30,974		1,807,845
Lonza Group AG, Registered		13,657		8,221,506
Nestle SA, Registered		503,217		61,357,502
Novartis AG, Registered		439,877		40,388,854
Partners Group Holding AG		4,159		3,916,623
Roche Holding AG, Bearer		4,916		1,477,212
Roche Holding AG, NVS		128,586		36,742,480
Schindler Holding AG, Participation Certificates, NVS		7,549		1,672,691
Schindler Holding AG, Registered		3,963		838,644
SGS SA, Registered		1,148		2,532,199
SIG Group AG(a)		63,520		1,636,477
Sika AG, Registered		27,823		7,804,224
Sonova Holding AG, Registered		9,493		2,800,326
Straumann Holding AG		21,578		3,236,367
Swatch Group AG (The), Bearer		5,232		1,801,852
Swatch Group AG (The), Registered		9,845		624,237
Swiss Life Holding AG, Registered		5,701		3,518,124
Swiss Prime Site AG, Registered		13,932		1,158,552

Security	Shares		Value
Switzerland (continued)
Swiss Re AG		52,707	$	5,414,771
Swisscom AG, Registered		4,695		2,996,216
Temenos AG, Registered		11,872		826,126
UBS Group AG, Registered		641,748		13,579,894
VAT Group AG(b)		5,087		1,837,850
Zurich Insurance Group AG		27,393		13,126,688
				282,153,305
United Kingdom — 23.3%
3i Group PLC		179,872		3,749,158
abrdn PLC		416,818		1,049,076
Admiral Group PLC		51,737		1,299,163
Anglo American PLC		243,684		8,105,293
Antofagasta PLC		62,898		1,232,013
Ashtead Group PLC		81,754		5,020,092
Associated British Foods PLC		65,209		1,564,878
AstraZeneca PLC		283,543		39,286,093
Auto Trader Group PLC(b)		173,540		1,323,709
Aviva PLC		510,454		2,549,786
BAE Systems PLC		559,496		6,767,732
Barclays PLC		2,742,571		4,936,365
Barratt Developments PLC		183,435		1,055,628
Berkeley Group Holdings PLC		20,498		1,061,959
BP PLC		3,400,048		21,490,067
British American Tobacco PLC		407,030		14,268,180
British Land Co. PLC (The)		171,132		820,863
BT Group PLC		1,303,597		2,348,204
Bunzl PLC(c)		61,027		2,305,146
Burberry Group PLC		72,513		2,321,852
Centrica PLC		1,153,423		1,510,561
Compass Group PLC		323,490		8,129,801
Croda International PLC		25,916		2,082,959
DCC PLC		18,618		1,085,266
Diageo PLC		426,642		19,040,872
Direct Line Insurance Group PLC		252,174		428,384
DS Smith PLC		249,690		972,123
Entain PLC		105,045		1,631,360
Experian PLC		176,033		5,796,362
Glencore PLC		2,204,309		12,684,068
GSK PLC		729,639		12,892,220
Haleon PLC		926,556		3,680,680
Halma PLC		70,147		1,936,511
Hargreaves Lansdown PLC		63,759		631,626
HSBC Holdings PLC		3,645,503		24,776,641
IMI PLC		52,958		1,002,431
Imperial Brands PLC		175,808		4,042,819
Informa PLC		274,916		2,356,430
InterContinental Hotels Group PLC		34,551		2,261,903
Intermediate Capital Group PLC		52,507		792,539
Intertek Group PLC		29,490		1,476,997
J Sainsbury PLC		310,001		1,066,770
Johnson Matthey PLC		35,826		878,322
Kingfisher PLC(c)		373,044		1,205,866
Land Securities Group PLC		138,467		1,062,948
Legal & General Group PLC		1,088,897		3,220,526
Lloyds Banking Group PLC		12,248,185		7,201,284
London Stock Exchange Group PLC		69,418		6,742,547
M&G PLC		472,360		1,157,769
Marks & Spencer Group PLC(a)		357,343		737,192
Melrose Industries PLC		761,279		1,567,894
Mondi PLC		88,353		1,402,781

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 (continued) March 31, 2023 iShares^® Europe ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
National Grid PLC		707,948	$	9,576,411
NatWest Group PLC, NVS		927,782		3,027,375
Next PLC		23,469		1,907,555
Ocado Group PLC(a)		128,835		853,068
Pearson PLC		141,696		1,482,837
Persimmon PLC		57,069		886,151
Phoenix Group Holdings PLC		151,607		1,024,321
Prudential PLC		511,754		7,006,744
Reckitt Benckiser Group PLC		134,281		10,215,759
RELX PLC		361,462		11,706,632
Rentokil Initial PLC		450,972		3,295,947
Rightmove PLC		156,341		1,088,233
Rio Tinto PLC		194,287		13,187,792
Rolls-Royce Holdings PLC(a)		1,514,369		2,789,257
Sage Group PLC (The)		202,479		1,943,075
Schroders PLC		167,304		954,043
Segro PLC		224,342		2,137,035
Severn Trent PLC		46,475		1,650,928
Shell PLC		1,301,063		37,078,435
Smith & Nephew PLC		159,483		2,216,898
Smiths Group PLC		66,678		1,414,158
Spirax-Sarco Engineering PLC		13,184		1,935,711
SSE PLC		191,729		4,278,209
St. James’s Place PLC		101,320		1,520,353
Standard Chartered PLC		443,927		3,364,550
Taylor Wimpey PLC		661,893		973,758
Tesco PLC		1,363,948		4,471,607
Unilever PLC		481,112		24,930,740
United Utilities Group PLC		124,677		1,631,704
Vodafone Group PLC		4,866,020		5,367,691
Weir Group PLC (The)		47,692		1,094,123
Whitbread PLC		36,144		1,335,205
WPP PLC		195,749		2,325,676
				426,683,690
Total Common Stocks — 98.9% (Cost: $1,850,444,149)				1,813,278,598
Preferred Stocks
Germany — 0.7%
Bayerische Motoren Werke AG, Preference Shares, NVS		11,424		1,167,742

Security	Shares		Value
Germany (continued)
Henkel AG & Co. KGaA, Preference Shares, NVS		32,633	$	2,553,008
Porsche Automobil Holding SE, Preference Shares, NVS		27,811		1,596,546
Sartorius AG, Preference Shares, NVS		4,837		2,038,584
Volkswagen AG, Preference Shares, NVS		33,415		4,560,221
				11,916,101
Italy — 0.0%
Telecom Italia SpA/Milano, Preference Shares, NVS(a)		1,187,149		381,637
Total Preferred Stocks — 0.7% (Cost: $18,654,905)				12,297,738
Total Long-Term Investments — 99.6% (Cost: $1,869,099,054)				1,825,576,336
Short-Term Securities
Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%(d)(e)(f)		3,783,531		3,784,666
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.73%(d)(e)		2,050,000		2,050,000
Total Short-Term Securities — 0.3% (Cost: $5,832,496)				5,834,666
Total Investments — 99.9% (Cost: $1,874,931,550)				1,831,411,002
Other Assets Less Liabilities — 0.1%				1,522,393
Net Assets — 100.0%			$	1,832,933,395

^(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.

38 2 0 2 3   I S H A R E S   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(continued) March 31, 2023 iShares^® Europe ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,533,435	$	1,235,973	(a)	$	—		$	13,404	$	1,854	$	3,784,666		3,783,531	$	69,366	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,630,000		—			(580,000	)(a)		—		—		2,050,000		2,050,000		71,568			3
									$	13,404	$	1,854	$	5,834,666			$	140,934		$	3

^(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
Euro STOXX 50 Index		96		06/16/23	$	4,444	$	159,113
FTSE 100 Index		27		06/16/23		2,549		37,776
							$	196,889

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)	$	—	$	—	$	196,889	$	—	$	—	$	—	$	196,889

^(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 March 31, 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	$	—	$	—	$	61,134	$	—	$	—	$	—	$	61,134
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	32,693	$	—	$	—	$	—	$	32,693

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(continued) March 31, 2023 iShares^® Europe ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	4,587,437

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	1,708,158	$	1,811,570,440	$	—	$	1,813,278,598
Preferred Stocks		—		12,297,738		—		12,297,738
Short-Term Securities
Money Market Funds		5,834,666		—		—		5,834,666
	$	7,542,824	$	1,823,868,178	$	—	$	1,831,411,002
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	196,889	$	—	$	196,889

^(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   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 March 31, 2023 iShares^® Future Metaverse Tech and Communications ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Communications Equipment — 0.2%
Arista Networks Inc.(a)		56	$	9,400
Electronic Equipment, Instruments & Components — 0.1%
TDK Corp.		100		3,590
Entertainment — 28.1%
Activision Blizzard Inc.		2,844		243,418
Electronic Arts Inc.		2,013		242,466
Kakao Games Corp.(a)		872		28,261
NetEase Inc.		13,600		240,079
Nintendo Co. Ltd.		6,000		233,049
ROBLOX Corp., Class A(a)		5,452		245,231
Take-Two Interactive Software Inc.(a)		1,940		231,442
Ubisoft Entertainment SA(a)		1,504		40,086
				1,504,032
Household Durables — 5.1%
Garmin Ltd.		376		37,946
Sony Group Corp.		2,600		236,817
				274,763
Interactive Media & Services — 13.4%
Alphabet Inc., Class A(a)		1,432		148,541
Bumble Inc., Class A(a)		75		1,466
JOYY Inc., ADR		8		250
Match Group Inc.(a)		136		5,221
Meta Platforms Inc, Class A(a)		1,300		275,522
Snap Inc., Class A, NVS(a)		2,276		25,514
Tencent Holdings Ltd.		5,300		259,007
				715,521
IT Services — 0.3%
Shopify Inc., Class A(a)		312		14,959

Security	Shares		Value
Semiconductors & Semiconductor Equipment — 15.5%
Advanced Micro Devices Inc.(a)		381	$	37,342
Intel Corp.		988		32,278
Micron Technology Inc.		2,736		165,090
Nvidia Corp.		1,020		283,326
Qualcomm Inc.		1,697		216,503
SK Hynix Inc.		1,372		93,893
				828,432
Software — 29.7%
Adobe Inc.(a)		110		42,391
Ansys Inc.(a)		748		248,934
Aspen Technology Inc.(a)		9		2,060
Autodesk Inc.(a)		1,111		231,266
Dassault Systemes SE		5,800		239,256
Microsoft Corp.		608		175,286
PTC Inc.(a)		1,833		235,045
Salesforce Inc.(a)		224		44,751
Unity Software Inc.(a)		3,952		128,203
Zoom Video Communications Inc., Class A(a)		3,295		243,303
				1,590,495
Technology Hardware, Storage & Peripherals — 7.4%
Apple Inc.		2,016		332,438
Samsung Electronics Co. Ltd.		1,292		63,891
				396,329
Total Investments — 99.8% (Cost: $5,103,438)				5,337,521
Other Assets Less Liabilities — 0.2%				12,900
Net Assets — 100.0%			$	5,350,421

^(a) Non-income producing security

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer		Value at 02/14/23	(a)		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 03/31/23	Shares Held at 03/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares(b)	$	—		$	0	(c)	$	—	$	—	$	—	$	—	—	$	6	$	—

^(a)  Commencement of operations.

^(b)  As of period end, the entity is no longer held.

^(c)  Represents net amount purchased (sold).

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(continued) March 31, 2023 iShares^® Future Metaverse Tech and Communications ETF

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	3,899,592	$	1,437,929	$	—	$	5,337,521

See notes to financial statements.

42 2 0 2 3   I S H A R E S   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 March 31, 2023 iShares^® India 50 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Automobiles — 5.3%
Bajaj Auto Ltd.		69,837	$	3,303,610
Eicher Motors Ltd.		86,049		3,091,860
Hero MotoCorp Ltd.		80,362		2,301,005
Mahindra & Mahindra Ltd.		556,356		7,862,103
Maruti Suzuki India Ltd.		82,592		8,352,410
Tata Motors Ltd.(a)		1,107,684		5,706,908
				30,617,896
Banks — 27.4%
Axis Bank Ltd.		1,701,441		17,825,599
HDFC Bank Ltd.		2,739,087		53,874,651
ICICI Bank Ltd.		4,338,451		46,362,612
IndusInd Bank Ltd.		402,716		5,253,417
Kotak Mahindra Bank Ltd.		913,452		19,307,506
State Bank of India		2,384,637		15,243,883
				157,867,668
Chemicals — 2.1%
Asian Paints Ltd.		280,137		9,438,285
UPL Ltd.		330,031		2,887,457
				12,325,742
Construction & Engineering — 3.4%
Larsen & Toubro Ltd.		751,059		19,825,179
Construction Materials — 2.0%
Grasim Industries Ltd.		231,448		4,606,955
UltraTech Cement Ltd.		71,754		6,667,633
				11,274,588
Consumer Finance — 2.0%
Bajaj Finance Ltd.		165,531		11,357,855
Financial Services — 7.2%
Bajaj Finserv Ltd.		334,719		5,178,882
Housing Development Finance Corp. Ltd.		1,125,812		36,102,592
				41,281,474
Electric Utilities — 1.0%
Power Grid Corp. of India Ltd.		2,123,895		5,847,253
Food Products — 2.1%
Britannia Industries Ltd.		73,168		3,856,709
Nestle India Ltd.		22,167		5,322,458
Tata Consumer Products Ltd.		372,681		3,220,554
				12,399,721
Health Care Providers & Services — 0.6%
Apollo Hospitals Enterprise Ltd.		62,982		3,312,267
Independent Power and Renewable Electricity Producers — 1.1%
NTPC Ltd.		2,952,453		6,303,318
Insurance — 1.3%
HDFC Life Insurance Co. Ltd.(b)		614,373		3,736,113
SBI Life Insurance Co. Ltd.(b)		279,871		3,754,703
				7,490,816

Security	Shares		Value
IT Services — 14.2%
HCL Technologies Ltd.		657,636	$	8,730,499
Infosys Ltd.		2,216,973		38,759,634
Tata Consultancy Services Ltd.		636,636		24,954,744
Tech Mahindra Ltd.		387,409		5,222,526
Wipro Ltd.		917,429		4,093,004
				81,760,407
Life Sciences Tools & Services — 0.5%
Divi’s Laboratories Ltd.		78,644		2,707,990
Metals & Mining — 2.7%
Hindalco Industries Ltd.		901,090		4,467,713
JSW Steel Ltd.		585,795		4,918,720
Tata Steel Ltd.		5,012,266		6,403,022
				15,789,455
Oil, Gas & Consumable Fuels — 12.1%
Bharat Petroleum Corp. Ltd.		603,421		2,532,903
Coal India Ltd.		1,292,762		3,369,968
Oil & Natural Gas Corp. Ltd.		2,405,139		4,432,499
Reliance Industries Ltd.		2,102,005		59,769,607
				70,104,977
Personal Care Products — 3.0%
Hindustan Unilever Ltd.		554,805		17,326,158
Pharmaceuticals — 2.8%
Cipla Ltd.		333,281		3,657,973
Dr. Reddy’s Laboratories Ltd.		75,337		4,248,146
Sun Pharmaceutical Industries Ltd.		670,916		8,039,097
				15,945,216
Textiles, Apparel & Luxury Goods — 1.4%
Titan Co. Ltd.		259,281		7,963,617
Tobacco — 4.4%
ITC Ltd.		5,479,717		25,638,962
Trading Companies & Distributors — 0.6%
Adani Enterprises Ltd.		166,267		3,557,876
Transportation Infrastructure — 0.6%
Adani Ports & Special Economic Zone Ltd.		457,289		3,531,763
Wireless Telecommunication Services — 2.4%
Bharti Airtel Ltd.		1,524,307		13,900,924
Total Investments — 100.2% (Cost: $578,875,509)				578,131,122
Liabilities in Excess of Other Assets — (0.2)%				(1,359,162	)
Net Assets — 100.0%			$	576,771,960

^(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.

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  (continued) March 31, 2023 iShares^® India 50 ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 03/31/23		Shares Held at 03/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares(a)	$	20,390,000	$	—	$	(20,390,000	)(b)	$	—	$	—	$	—		—	$	229,967	$	18

^(a)  As of period end, the entity is no longer held.

^(b)  Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Futures
SGX Nifty Index		28		04/27/23	$	978	$	22,829

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)	$	—	$	—	$	22,829	$	—	$	—	$	—	$	22,829

^(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 March 31, 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	$	—	$	—	$	(294,979	)	$	—	$	—	$	—	$	(294,979	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	21,880		$	—	$	—	$	—	$	21,880

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	1,526,404

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

44 2 0 2 3   I S H A R E S   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  (continued) March 31, 2023 iShares^® India 50 ETF

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	—	$	578,131,122	$	—	$	578,131,122
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	22,829	$	—	$	22,829

^(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 45

Schedule of Investments March 31, 2023 iShares^® International Developed Property ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 12.7%
Abacus Property Group		25,844	$	45,177
Arena REIT		22,071		53,851
BWP Trust		30,549		77,491
Cedar Woods Properties Ltd.		3,893		11,554
Centuria Capital Group		43,651		44,486
Centuria Industrial REIT		33,959		68,604
Centuria Office REIT		27,358		26,264
Charter Hall Group		29,789		221,291
Charter Hall Long Wale REIT		40,989		115,299
Charter Hall Retail REIT		32,555		82,384
Charter Hall Social Infrastructure REIT		21,387		42,872
Cromwell Property Group		89,960		33,497
Dexus		67,867		343,124
Dexus Industria REIT		12,791		22,757
GDI Property Group Partnership		30,972		14,958
Goodman Group		107,908		1,369,335
GPT Group (The)		120,912		345,537
Growthpoint Properties Australia Ltd.		18,044		36,990
HealthCo REIT		16,418		14,706
HealthCo REIT, NVS		8,641		7,740
Home Consortium Ltd.		12,160		29,512
HomeCo Daily Needs REIT		97,561		75,986
Hotel Property Investments Ltd.		12,156		27,706
Ingenia Communities Group		22,878		58,163
Lendlease Corp. Ltd.		43,666		212,506
Lifestyle Communities Ltd.		6,136		65,748
Mirvac Group		249,014		348,774
National Storage REIT		75,968		128,667
RAM Essential Services Property Ltd.		23,023		11,183
Region RE Ltd.		72,441		114,408
Rural Funds Group		24,264		32,481
Scentre Group		326,983		605,273
Stockland		150,588		403,243
Vicinity Ltd.		244,433		319,681
Waypoint REIT Ltd.		42,297		73,637
				5,484,885
Austria — 0.3%
CA Immobilien Anlagen AG(a)		2,884		77,486
IMMOFINANZ AG(a)		2,012		28,270
S IMMO AG		554		7,979
				113,735
Belgium — 2.5%
Aedifica SA		2,510		202,216
Care Property Invest NV		2,320		32,043
Cofinimmo SA		1,925		170,597
Immobel SA(b)		264		13,738
Intervest Offices & Warehouses NV		1,657		31,448
Montea NV		851		69,086
Retail Estates NV		726		51,225
Shurgard Self Storage Ltd.		1,568		74,992
VGP NV		825		73,545
Warehouses De Pauw CVA		9,770		290,522
Xior Student Housing NV		1,459		49,229
				1,058,641
Canada — 3.7%
Allied Properties REIT		3,916		70,584
Artis REIT		3,638		20,485
Automotive Properties Real Estate Investment Trust		1,200		10,246

Security	Shares		Value
Canada (continued)
Boardwalk REIT		1,400	$	57,119
BSR Real Estate Investment Trust		1,152		15,343
BTB Real Estate Investment Trust		2,304		6,103
Canadian Apartment Properties REIT		5,275		185,044
Choice Properties REIT		10,135		108,886
Crombie REIT		3,249		36,637
CT REIT		3,351		39,746
Dream Industrial REIT(b)		7,851		85,394
Dream Office REIT		1,357		14,599
DREAM Unlimited Corp., Class A		1,418		24,835
European Residential Real Estate Investment Trust		2,784		6,695
First Capital Real Estate Investment Trust		6,611		76,945
Granite REIT		1,985		122,919
H&R Real Estate Investment Trust		8,226		76,691
Inovalis Real Estate Investment Trust(b)		1,018		2,968
InterRent REIT		4,398		43,573
Killam Apartment REIT		3,603		45,747
Minto Apartment Real Estate Investment Trust(c)		1,158		12,647
Morguard Corp.		278		21,339
Morguard North American Residential REIT		1,246		16,042
Nexus Industrial REIT		2,080		15,005
NorthWest Healthcare Properties REIT		7,319		45,869
Prinmaris REIT		3,040		30,389
PRO Real Estate Investment Trust		1,822		8,008
RioCan REIT		9,362		141,244
Slate Grocery REIT		1,799		18,196
Slate Office REIT(b)		2,437		6,383
SmartCentres Real Estate Investment Trust		4,466		87,800
Tricon Residential Inc.		17,300		134,150
True North Commercial Real Estate Investment Trust		2,960		7,600
				1,595,231
China — 0.6%
Gemdale Properties & Investment Corp. Ltd.		356,000		24,417
Greenland Hong Kong Holdings Ltd.		48,000		4,212
Wharf Holdings Ltd. (The)		77,000		176,170
Yuexiu REIT		140,000		35,618
				240,417
Finland — 0.4%
Citycon OYJ		5,152		35,214
Kojamo OYJ		11,205		131,868
				167,082
France — 3.4%
Altarea SCA		296		36,422
Carmila SA		3,620		54,287
Covivio		2,917		169,682
Gecina SA		3,436		356,658
ICADE		2,012		94,737
Klepierre SA		12,318		279,276
Mercialys SA		4,848		49,531
Nexity SA		3,186		80,005
Unibail-Rodamco-Westfield(a)		6,743		362,814
				1,483,412
Germany — 3.7%
ADLER Group SA(a)(b)(c)		4,190		4,108
alstria office REIT-AG		561		3,702
Aroundtown SA(b)		58,076		83,022
Deutsche EuroShop AG		775		16,187
Deutsche Wohnen SE		3,259		64,071
DIC Asset AG		2,363		20,314

46 2 0 2 3   I S H A R E S   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 (continued) March 31, 2023 iShares^® International Developed Property ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Germany (continued)
Grand City Properties SA		4,882	$	34,722
Hamborner REIT AG		4,496		35,666
Instone Real Estate Group SE(c)		2,922		24,765
LEG Immobilien SE		4,660		256,095
TAG Immobilien AG		11,067		76,614
Vib Vermoegen AG		699		13,191
Vonovia SE		50,215		945,790
				1,578,247
Hong Kong — 13.2%
Champion REIT		122,000		52,483
CK Asset Holdings Ltd.		122,500		742,677
Far East Consortium International Ltd.		80,700		19,840
Fortune REIT		93,000		77,036
Hang Lung Group Ltd.		44,000		77,685
Hang Lung Properties Ltd.		116,000		217,060
Henderson Land Development Co. Ltd.		83,044		287,315
Hongkong Land Holdings Ltd.(b)		67,500		296,964
Hysan Development Co. Ltd.		38,000		108,025
K Wah International Holdings Ltd.		86,000		30,566
Kerry Properties Ltd.		36,500		93,221
Link REIT		159,279		1,024,201
New World Development Co. Ltd.		87,000		233,212
Prosperity REIT		80,000		20,389
Shun Tak Holdings Ltd.(a)		136,000		24,967
Sino Land Co. Ltd.		214,000		289,397
Sun Hung Kai Properties Ltd.		95,000		1,330,912
Sunlight REIT		64,000		26,097
Swire Properties Ltd.		66,000		169,864
Wharf Real Estate Investment Co. Ltd.		98,000		564,222
Zensun Enterprises Ltd.(a)		35,000		4,107
				5,690,240
Ireland — 0.1%
Irish Residential Properties REIT PLC		27,251		27,463
Israel — 2.2%
AFI Properties Ltd.(a)		336		8,859
Africa Israel Residences Ltd.		391		15,414
Airport City Ltd.(a)		4,068		53,851
Alony Hetz Properties & Investments Ltd.		9,681		76,040
Amot Investments Ltd.		13,612		69,074
Ashtrom Group Ltd.		1		11
Aura Investments Ltd.(b)		7,914		10,689
Azrieli Group Ltd.		2,291		131,637
Big Shopping Centers Ltd.(a)		746		61,882
Blue Square Real Estate Ltd.		352		19,193
Electra Real Estate Ltd.		1,429		12,743
G City Ltd.		5,052		16,785
Gav-Yam Lands Corp. Ltd.		1,757		12,881
IES Holdings Ltd.		176		11,779
Israel Canada T.R Ltd.		8,391		15,351
Israel Land Development - Urban Renewal Ltd.		1,148		9,505
Isras Investment Co. Ltd.		99		16,319
Mega Or Holdings Ltd.		1,395		30,038
Mehadrin Ltd.(a)		1		27
Melisron Ltd.		1,427		89,692
Menivim- The New REIT Ltd.		43,449		19,444
Mivne Real Estate KD Ltd.		37,701		104,334
Norstar Holdings Inc.(a)		1,982		5,005
Prashkovsky Investments and Construction Ltd.(b)		476		10,289
Property & Building Corp. Ltd.(a)		176		8,367

Security	Shares		Value
Israel (continued)
Reit 1 Ltd.		12,152	$	53,239
Sella Capital Real Estate Ltd.		13,520		27,336
Summit Real Estate Holdings Ltd.		2,166		23,966
YH Dimri Construction & Development Ltd.		433		24,701
				938,451
Italy — 0.0%
Immobiliare Grande Distribuzione SIIQ SpA		3,584		10,992
Japan — 28.8%
Activia Properties Inc.		46		131,241
Advance Logistics Investment Corp.		40		39,894
Advance Residence Investment Corp.		87		207,719
Aeon Mall Co. Ltd.		5,980		78,490
AEON REIT Investment Corp.		111		121,341
Arealink Co. Ltd.		500		8,879
Comforia Residential REIT Inc.		42		99,920
CRE Inc./Japan		1,000		9,718
CRE Logistics REIT Inc.		36		45,926
Daito Trust Construction Co. Ltd.		4,400		438,371
Daiwa House Industry Co. Ltd.		42,000		989,573
Daiwa House REIT Investment Corp.		134		274,567
Daiwa Office Investment Corp.		18		82,333
Daiwa Securities Living Investments Corp.		142		116,632
Dear Life Co. Ltd.		1,600		8,075
ESCON Japan Reit Investment Corp.		21		17,196
Frontier Real Estate Investment Corp.		33		118,240
Fukuoka REIT Corp.		45		54,998
Global One Real Estate Investment Corp.		65		51,249
GLP J-Reit		297		321,035
Goldcrest Co. Ltd.		900		11,628
Hankyu Hanshin REIT Inc.		44		46,038
Health Care & Medical Investment Corp.		23		28,420
Heiwa Real Estate Co. Ltd.		2,000		57,241
Heiwa Real Estate REIT Inc.		62		71,329
Hoshino Resorts REIT Inc.		16		83,266
Hulic Co. Ltd.		37,600		309,270
Hulic Reit Inc.		81		91,433
Ichigo Hotel REIT Investment Corp.		17		13,284
Ichigo Inc.		15,200		31,863
Ichigo Office REIT Investment Corp.		96		70,061
Industrial & Infrastructure Fund Investment Corp.		131		142,577
Invincible Investment Corp.		382		160,785
Japan Excellent Inc.		80		72,397
Japan Hotel REIT Investment Corp.		280		158,803
Japan Logistics Fund Inc.		59		131,096
Japan Metropolitan Fund Invest		439		320,581
Japan Prime Realty Investment Corp.		63		165,966
Japan Property Management Center Co. Ltd.		900		7,179
Japan Real Estate Investment Corp.		87		346,716
JINUSHI Co Ltd.		700		10,129
JSB Co. Ltd.		400		13,746
Katitas Co. Ltd.		3,200		62,628
Keihanshin Building Co. Ltd.		2,700		24,425
Kenedix Office Investment Corp.		53		122,595
Kenedix Residential Next Investment Corp.		68		105,087
Kenedix Retail REIT Corp.		38		67,333
LaSalle Logiport REIT		112		129,970
Leopalace21 Corp.(a)		11,200		30,253
Marimo Regional Revitalization REIT Inc.		14		13,398
Mirai Corp.		112		38,072

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 (continued) March 31, 2023 iShares^® International Developed Property ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Mitsubishi Estate Co. Ltd.		79,200	$	942,057
Mitsubishi Estate Logistics REIT Investment Corp.		32		94,288
Mitsui Fudosan Co. Ltd.		60,056		1,128,118
Mitsui Fudosan Logistics Park Inc.		35		122,801
Mori Hills REIT Investment Corp.		102		113,590
Mori Trust Sogo REIT Inc.		158		81,621
Nippon Accommodations Fund Inc.		32		144,165
Nippon Building Fund Inc.		107		445,392
Nippon Prologis REIT Inc.		173		366,249
NIPPON REIT Investment Corp.		28		67,648
Nisshin Fudosan Co.		1,800		6,187
Nomura Real Estate Holdings Inc.		7,300		161,648
Nomura Real Estate Master Fund Inc.		297		332,814
NTT UD REIT Investment Corp.		87		88,522
One REIT Inc.		17		29,589
Ooedo Onsen Reit Investment Corp.		16		7,708
Orix JREIT Inc.		175		221,888
SAMTY Co. Ltd.		2,600		43,240
Samty Residential Investment Corp.		46		38,742
Sankei Real Estate Inc.		29		18,050
Sekisui House Reit Inc.		274		148,662
SOSiLA Logistics REIT Inc.		46		45,121
SRE Holdings Corp.(a)		600		15,396
Star Asia Investment Corp.		121		50,033
Star Mica Holdings Co. Ltd.		1,600		8,430
Starts Corp. Inc.		2,100		40,429
Starts Proceed Investment Corp.		16		27,476
Sumitomo Realty & Development Co. Ltd.		30,000		677,444
Sun Frontier Fudousan Co. Ltd.		1,800		17,429
Takara Leben Co. Ltd.		5,200		14,811
Takara Leben Real Estate Investment Corp.		41		27,722
TKP Corp.(a)		1,000		21,680
TOC Co. Ltd.		3,200		15,393
Tokaido REIT Inc.		14		12,382
Tokyo Tatemono Co. Ltd.		13,100		159,941
Tokyu Fudosan Holdings Corp.		38,200		183,473
Tokyu REIT Inc.		59		80,549
Tosei Corp.		1,700		18,929
Tosei Reit Investment Corp.		20		20,047
United Urban Investment Corp.		196		211,471
XYMAX REIT Investment Corp.		16		13,313
				12,417,414
Netherlands — 0.5%
Argo Properties NV(a)(b)		764		9,589
Brack Capital Properties NV(a)		1		92
CTP NV(c)		4,777		61,643
Eurocommercial Properties NV		2,689		61,281
NSI NV		1,164		29,287
Vastned Retail NV		1,108		25,546
Wereldhave NV		2,489		38,404
				225,842
New Zealand — 0.7%
Argosy Property Ltd.		52,588		36,574
Goodman Property Trust		67,030		89,866
Kiwi Property Group Ltd.		98,832		56,277
Precinct Properties New Zealand Ltd.		84,920		67,555
Stride Property Group		34,025		27,871
Vital Healthcare Property Trust		30,154		44,080
				322,223

Security	Shares		Value
Norway — 0.2%
Entra ASA(c)		7,668	$	74,200
Singapore — 8.9%
AIMS APAC REIT(b)		33,485		33,262
CapitaLand Ascendas REIT		211,892		456,884
CapitaLand Ascott Trust(b)		129,560		97,013
CapitaLand China Trust		73,926		62,275
Capitaland India Trust		47,100		38,653
CapitaLand Integrated Commercial Trust		317,110		472,947
Capitaland Investment Ltd/Singapore		154,800		429,495
CDL Hospitality Trusts		53,962		48,361
City Developments Ltd.		32,000		177,566
Cromwell European Real Estate Investment Trust		22,720		37,206
Daiwa House Logistics Trust(b)		35,000		14,861
Digital Core REIT Management Pte Ltd.		21,300		9,511
Eagle Hospitality Trust(a)(d)		53,200		—
EC World Real Estate Investment Trust(b)		16,900		4,064
ESR-LOGOS REIT		353,136		86,374
Far East Hospitality Trust		66,100		29,115
First REIT		71,500		13,949
Frasers Centrepoint Trust		68,206		117,611
Frasers Logistics & Commercial Trust		181,972		179,610
Hong Fok Corp. Ltd.(b)		25,900		19,912
Keppel DC REIT		83,203		129,020
Keppel Pacific Oak US REIT		47,300		17,974
Keppel REIT		124,800		83,097
Lendlease Global Commercial REIT		119,692		61,275
Manulife US Real Estate Investment Trust		110,750		23,867
Mapletree Industrial Trust		126,332		225,554
Mapletree Logistics Trust(b)		203,711		262,780
Mapletree Pan Asia Commercial Trust		144,812		196,338
OUE Commercial Real Estate Investment Trust		152,700		36,190
Parkway Life REIT		24,600		73,827
Prime U.S. REIT		40,000		12,820
Sasseur Real Estate Investment Trust		35,500		19,872
SPH REIT		67,200		47,729
Starhill Global REIT		90,400		35,391
Suntec REIT		143,000		153,883
UOL Group Ltd.		29,300		152,984
				3,861,270
South Korea — 0.5%
D&D Platform REIT Co. Ltd., NVS		3,616		9,843
Dongwon Development Co. Ltd.		2,402		6,131
E KOCREF CR-REIT Co. Ltd.		1,476		5,633
ESR Kendall Square REIT Co. Ltd.		10,069		30,172
IGIS Value Plus REIT Co. Ltd.		2,059		7,043
JR REIT XXVII		9,327		31,667
Koramco Energy Plus Reit		2,665		10,258
Korea REIT & Trust Co. Ltd.		7,841		7,982
LOTTE Reit Co. Ltd.		7,415		21,036
Mirae Asset Maps Asia Pacific Real Estate 1 Investment		5,800		18,431
NH All-One REIT Co. Ltd.		2,659		7,128
Shinhan Alpha REIT Co. Ltd.		3,744		15,817
Shinhan Seobu T&D REIT Co. Ltd.		1,788		5,137
SK D&D Co. Ltd.		527		7,795
SK REITs Co. Ltd.		4,881		18,745
				202,818
Spain — 0.8%
Aedas Homes SA(c)		826		11,663
Inmobiliaria Colonial Socimi SA		18,688		118,438

48 2 0 2 3   I S H A R E S   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 (continued) March 31, 2023 iShares^® International Developed Property ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Spain (continued)
Lar Espana Real Estate Socimi SA		3,510	$	18,747
Merlin Properties Socimi SA		20,980		183,564
Metrovacesa SA(b)(c)		1,242		9,698
				342,110
Sweden — 4.0%
Akelius Residential Property AB, Class D(b)		13,047		26,120
Atrium Ljungberg AB, Class B		3,257		53,205
Castellum AB(b)		18,076		210,292
Catena AB		2,086		77,634
Cibus Nordic Real Estate AB		2,864		29,929
Corem Property Group AB		281		4,381
Corem Property Group AB, Class B		34,161		23,862
Dios Fastigheter AB		5,743		38,177
Fabege AB		16,839		129,156
Fastighets AB Balder, Class B(a)		41,047		168,645
Heba Fastighets AB		4,132		11,366
Hufvudstaden AB, Class A		7,401		100,388
K-Fast Holding AB(a)		3,846		7,583
Klarabo Sverige AB(a)		5,136		6,933
Logistea AB(a)		3,903		4,828
Neobo Fastigheter AB(a)(b)		7,034		8,458
NP3 Fastigheter AB		1,792		32,333
Nyfosa AB		9,744		67,824
Pandox AB(a)		5,574		69,545
Platzer Fastigheter Holding AB, Class B		4,104		31,847
Sagax AB, Class B		11,796		271,902
Sagax AB, Class D		6,739		17,013
Samhallsbyggnadsbolaget i Norden AB(b)		67,186		91,860
Samhallsbyggnadsbolaget i Norden AB, Class D(b)		9,147		14,200
Wallenstam AB, Class B		26,423		100,004
Wihlborgs Fastigheter AB		16,828		128,952
				1,726,437
Switzerland — 2.5%
Allreal Holding AG, Registered		976		164,720
Intershop Holding AG		77		56,018
Mobimo Holding AG, Registered		458		119,426
Peach Property Group AG(b)		659		8,818
PSP Swiss Property AG, Registered		2,883		328,083
Swiss Prime Site AG, Registered		4,835		402,067
				1,079,132
United Kingdom — 9.5%
Abrdn Property Income Trust		26,322		17,502
AEW UK REIT PLC		10,708		12,216
Assura PLC		187,586		113,065
Balanced Commercial Property Trust Ltd.		49,991		50,815
Big Yellow Group PLC		11,008		158,687
British Land Co. PLC (The)		59,235		284,130
Capital & Counties Properties PLC		114,726		162,330
Civitas Social Housing PLC		39,924		26,455
CLS Holdings PLC		11,952		19,816
Custodian Reit PLC		27,246		29,981
Derwent London PLC		7,122		207,288
Ediston Property Investment Co. PLC		13,308		10,080
Empiric Student Property PLC		37,864		42,178
Grainger PLC		46,564		133,838
Great Portland Estates PLC		15,963		99,838
Hammerson PLC		250,648		80,589
Helical PLC		6,641		24,577
Home Reit PLC(d)		52,824		22,880

Security	Shares		Value
United Kingdom (continued)
Impact Healthcare Reit PLC		25,359	$	28,843
Land Securities Group PLC		47,420		364,022
LondonMetric Property PLC		61,611		134,208
LXI REIT PLC		108,159		131,658
NewRiver REIT PLC		18,767		18,266
Phoenix Spree Deutschland Ltd.		6,534		14,952
Picton Property Income Ltd. (The)		35,036		29,988
Primary Health Properties PLC		84,625		105,980
PRS REIT PLC (The)		34,496		34,426
Regional REIT Ltd.(c)		27,207		18,191
Safestore Holdings PLC		13,697		160,770
Schroder REIT Ltd.		34,160		18,466
Segro PLC		76,164		725,522
Sirius Real Estate Ltd.		75,069		71,028
Supermarket Income Reit PLC		78,054		83,572
Triple Point Social Housing REIT PLC(c)		23,769		12,520
Tritax Big Box REIT PLC		117,666		203,607
UK Commercial Property REIT Ltd.		54,826		34,915
UNITE Group PLC (The)		25,162		298,100
Urban Logistics REIT PLC		29,721		46,930
Warehouse REIT PLC		26,754		33,730
Workspace Group PLC		8,824		47,547
				4,113,506
Total Common Stocks — 99.2% (Cost: $64,844,412)				42,753,748
Rights
Austria — 0.0%
Buwog AG(d)		463		—
South Korea — 0.0%
Shinhan Alpha REIT Co. Ltd., ((Expires 04/28/23, Strike Price KRW 6,100.00)		686		—
Total Rights — 0.0% (Cost: $—)				—
Total Long-Term Investments — 99.2% (Cost: $64,844,412)				42,753,748
Short-Term Securities
Money Market Funds — 2.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%(e)(f)(g)		912,181		912,455
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.73%(e)(f)		10,000		10,000
Total Short-Term Securities — 2.1% (Cost: $922,174)				922,455
Total Investments — 101.3% (Cost: $65,766,586)				43,676,203
Liabilities in Excess of Other Assets — (1.3)%				(552,802	)
Net Assets — 100.0%			$	43,123,401

^(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.

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(continued) March 31, 2023 iShares^® International Developed Property ETF

^(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

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	458,807	$	453,369	(a)	$	—		$	125	$	154	$	912,455		912,181	$	23,438	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		30,000		—			(20,000	)(a)		—		—		10,000		10,000		401			—
									$	125	$	154	$	922,455			$	23,839		$	—

^(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		12		06/08/23	$	182	$	898
Dow Jones U.S. Real Estate Index		6		06/16/23		199		6,367
							$	7,265

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)	$	—	$	—	$	7,265	$	—	$	—	$	—	$	7,265

^(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).

50 2 0 2 3   I S H A R E S   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(continued) March 31, 2023 iShares^® International Developed Property ETF

For the period ended March 31, 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	$	—	$	—	$	(21,721	)	$	—	$	—	$	—	$	(21,721	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(7,904	)	$	—	$	—	$	—	$	(7,904	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	364,542

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	$	3,179,453	$	39,551,415	$	22,880	$	42,753,748
Rights		—		—		—		—
Short-Term Securities
Money Market Funds		922,455		—		—		922,455
	$	4,101,908	$	39,551,415	$	22,880	$	43,676,203
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	6,367	$	898	$	—	$	7,265

^(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

Schedule of Investments March 31, 2023 iShares^® International Developed Small Cap Value Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 8.8%
Abacus Property Group		150,990	$	263,943
Arena REIT		101,977		248,816
AUB Group Ltd.		22,200		381,494
Austal Ltd.		101,031		116,758
Bapcor Ltd.		107,550		461,904
Bega Cheese Ltd.		95,000		230,859
Bravura Solutions Ltd.		89,201		23,898
Brickworks Ltd.		18,795		285,598
BWP Trust		152,240		386,176
Cedar Woods Properties Ltd.		19,600		58,171
Centuria Capital Group		221,150		225,382
Centuria Industrial REIT		166,404		336,172
Centuria Office REIT		153,121		146,996
Charter Hall Long Wale REIT		171,203		481,580
Charter Hall Retail REIT		152,547		386,035
Charter Hall Social Infrastructure REIT		105,843		212,171
Credit Corp. Group Ltd.		18,200		208,061
Dexus Industria REIT		68,187		121,314
Elders Ltd.		48,900		282,877
Emeco Holdings Ltd.		177,961		87,170
Gold Road Resources Ltd.		271,850		308,433
GrainCorp Ltd., Class A		73,050		339,003
Growthpoint Properties Australia Ltd.		88,962		182,372
GUD Holdings Ltd.		38,600		255,001
Healius Ltd.		184,212		391,163
Ingenia Communities Group		116,347		295,791
InvoCare Ltd.		45,800		363,378
IPH Ltd.		49,650		247,600
Kelsian Group Ltd.		46,215		181,900
Link Administration Holdings Ltd.		160,654		228,098
McMillan Shakespeare Ltd.		16,578		160,057
Monadelphous Group Ltd.		28,100		236,697
National Storage REIT		363,200		615,154
Nine Entertainment Co. Holdings Ltd.		463,450		616,320
Perseus Mining Ltd.		386,150		612,945
Premier Investments Ltd.		25,750		453,162
Reliance Worldwide Corp. Ltd.		250,485		623,045
Rural Funds Group		115,700		154,883
Sandfire Resources Ltd.(a)(b)		130,300		553,082
Select Harvests Ltd.		39,250		108,839
Service Stream Ltd.		183,840		79,548
SmartGroup Corp. Ltd.		28,000		120,586
Super Retail Group Ltd.		51,800		438,078
Superloop Ltd.(a)		135,050		50,682
United Malt Grp Ltd.		85,400		272,944
Viva Energy Group Ltd.(c)		270,550		549,989
Waypoint REIT Ltd.		232,050		403,987
Westgold Resources Ltd.(a)		99,350		86,719
				13,874,831
Austria — 2.1%
CA Immobilien Anlagen AG(a)		13,078		351,377
EVN AG(b)		11,613		257,911
Mayr Melnhof Karton AG(b)		2,681		445,607
Oesterreichische Post AG(b)		10,550		390,562
Porr AG		4,582		67,084
Schoeller-Bleckmann Oilfield Equipment AG		3,550		228,805
UNIQA Insurance Group AG		35,105		295,792
Vienna Insurance Group AG Wiener Versicherung Gruppe		12,050		324,055

Security	Shares		Value
Austria (continued)
Wienerberger AG		35,800	$	1,036,448
				3,397,641
Belgium — 2.2%
Aedifica SA		11,550		930,515
Bekaert SA		11,162		504,152
Deme Group NV(a)		2,259		289,416
Gimv NV		6,150		297,176
KBC Ancora		11,322		521,698
Montea NV		3,900		316,613
Shurgard Self Storage Ltd.		7,700		368,264
Tessenderlo Group SA(a)		8,050		251,582
				3,479,416
Canada — 16.9%
Allied Properties REIT		39,962		720,292
AltaGas Ltd.		88,350		1,472,827
ARC Resources Ltd.		207,500		2,353,663
Canadian Apartment Properties REIT		55,097		1,932,778
Canadian Western Bank		27,250		499,230
Capital Power Corp.		36,550		1,126,113
Celestica Inc.(a)		33,150		427,528
Choice Properties REIT		81,400		874,531
Finning International Inc.		50,989		1,271,047
Granite REIT		19,586		1,212,839
Home Capital Group Inc.		16,005		489,091
iA Financial Corp. Inc.		34,100		2,161,307
Laurentian Bank of Canada		13,800		324,808
Linamar Corp.		14,400		692,883
Maple Leaf Foods Inc.		24,006		464,489
Mullen Group Ltd.		29,100		318,022
North West Co. Inc. (The)		14,950		418,025
Onex Corp.		24,100		1,126,628
Parex Resources Inc.		39,850		741,272
PrairieSky Royalty Ltd.		63,700		1,008,642
Russel Metals Inc.		19,850		504,218
SSR Mining Inc.		66,850		1,011,035
Stella-Jones Inc.		20,706		793,462
Torex Gold Resources Inc.(a)		27,250		453,461
Transcontinental Inc., Class A		22,755		236,221
West Fraser Timber Co. Ltd.		31,350		2,236,138
Yamana Gold Inc.		305,000		1,778,320
				26,648,870
Denmark — 2.1%
FLSmidth & Co. A/S		17,850		683,823
Scandinavian Tobacco Group A/S, Class A(c)		19,250		383,243
Schouw & Co. A/S		4,102		343,637
Spar Nord Bank A/S		25,900		409,090
Sydbank AS		18,900		849,769
Topdanmark AS		13,450		719,027
				3,388,589
Finland — 2.8%
Cargotec OYJ, Class B		15,445		751,873
Kemira OYJ		28,103		495,118
Konecranes OYJ		23,050		772,957
Metsa Board OYJ, Class B		54,428		438,663
Outokumpu OYJ		106,550		580,393
Terveystalo OYJ(b)(c)		24,050		183,241
TietoEVRY OYJ		29,800		936,159
Uponor OYJ		17,070		315,982
				4,474,386

52 2 0 2 3   I S H A R E S   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 (continued) March 31, 2023 iShares^® International Developed Small Cap Value Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France — 2.9%
APERAM SA		15,037	$	560,939
Beneteau SA		11,450		191,339
Carmila SA		12,978		194,623
Coface SA(a)		32,966		466,964
Derichebourg SA		29,250		171,792
Fnac Darty SA		5,550		204,913
IPSOS		12,195		755,871
Jacquet Metal Service SA		3,500		68,053
Mersen SA		4,750		211,216
Metropole Television SA		20,550		333,310
Nexity SA		13,443		337,574
Quadient SA		10,750		196,361
Rothschild & Co.		8,859		447,233
Television Francaise 1		33,800		298,576
Vicat SA		4,751		142,571
				4,581,335
Germany — 3.2%
Aurubis AG		11,166		1,034,448
Bilfinger SE		8,550		362,585
CropEnergies AG		6,250		76,858
Deutsche EuroShop AG		3,180		66,420
Deutz AG		38,450		249,506
Freenet AG		39,850		1,035,481
Hamburger Hafen und Logistik AG		8,100		100,064
Hornbach Holding AG & Co. KGaA		2,700		216,097
Instone Real Estate Group SE(c)		14,812		125,534
Krones AG		4,650		550,016
Salzgitter AG		12,200		483,226
Suedzucker AG		24,855		417,574
Takkt AG		10,550		166,516
Wacker Neuson SE		7,650		160,180
				5,044,505
Hong Kong — 0.1%
VSTECS Holdings Ltd.		200,000		117,258
Israel — 0.4%
Clal Insurance Enterprises Holdings Ltd.(a)		15,050		204,729
Menora Mivtachim Holdings Ltd.		7,150		145,576
Migdal Insurance & Financial Holdings Ltd.(a)		100,950		107,897
Oil Refineries Ltd.		482,350		132,026
				590,228
Italy — 1.1%
Banca IFIS SpA		8,302		125,591
BFF Bank SpA(c)		58,700		582,431
Credito Emiliano SpA		24,453		180,803
Unipol Gruppo SpA		153,700		789,039
				1,677,864
Japan — 18.8%
ADEKA Corp.		30,000		513,668
Aichi Steel Corp.		5,000		88,520
Aida Engineering Ltd.		20,000		123,720
Aiphone Co. Ltd.		5,000		77,053
Aisan Industry Co. Ltd.		10,000		68,093
Alconix Corp.		5,000		51,500
Alpen Co. Ltd.		5,000		75,329
Anest Iwata Corp.		10,000		75,888
AOKI Holdings Inc.		10,000		64,455
Arata Corp.		5,000		153,304
Asahi Co. Ltd.		5,000		51,133

Security	Shares		Value
Japan (continued)
Asahi Diamond Industrial Co. Ltd.		15,000	$	106,284
ASAHI YUKIZAI Corp.		5,000		119,864
Autobacs Seven Co. Ltd.		20,000		218,089
Awa Bank Ltd. (The)		10,000		147,446
BML Inc.		5,000		116,724
Bunka Shutter Co. Ltd.		15,000		125,431
Canon Electronics Inc.		5,000		69,856
Cawachi Ltd.		5,000		86,359
Central Glass Co. Ltd.		15,000		332,995
Chubu Shiryo Co. Ltd.		10,000		78,902
Chudenko Corp.		10,000		161,165
Chugoku Marine Paints Ltd.		15,000		124,197
Citizen Watch Co. Ltd.		80,000		470,696
Daihen Corp.		5,000		168,057
Daiichi Jitsugyo Co. Ltd.		5,000		210,254
Daiken Corp.		5,000		86,148
Dainichiseika Color & Chemicals Manufacturing Co. Ltd.		5,000		67,412
DCM Holdings Co. Ltd.		30,000		261,425
Digital Holdings Inc.		5,000		43,371
Doshisha Co. Ltd.		5,000		73,201
Duskin Co. Ltd.		15,000		361,059
DyDo Group Holdings Inc.		2,400		88,245
EDION Corp.(b)		25,000		241,758
Eizo Corp.		5,000		154,774
Exedy Corp.		10,000		136,834
Fuji Co. Ltd./Ehime		5,000		65,293
Fuji Seal International Inc.		15,000		171,470
Fujibo Holdings Inc.		5,000		124,929
Fukuda Corp.		1,500		52,671
Furuno Electric Co. Ltd.		5,000		36,922
Futaba Industrial Co. Ltd.		20,000		64,452
Glory Ltd.		15,000		328,352
Goldcrest Co. Ltd.		5,000		64,602
Gunze Ltd.		5,000		169,371
H2O Retailing Corp.		25,000		281,241
Hakuto Co. Ltd.		3,200		119,231
Heiwado Co. Ltd.		10,000		153,687
Hibiya Engineering Ltd.		5,000		81,647
Hodogaya Chemical Co. Ltd.		1,600		36,490
Hokuetsu Corp.		45,000		301,845
Hokuto Corp.		5,000		69,956
Hosiden Corp.		15,000		182,707
Hosokawa Micron Corp.		5,000		109,638
Inabata & Co. Ltd.		15,000		305,036
Ines Corp.		5,000		51,886
I-PEX Inc.		5,000		53,223
Iseki & Co. Ltd.		5,000		45,048
Ishihara Sangyo Kaisha Ltd.		10,000		84,532
Itochu Enex Co. Ltd.		15,000		127,898
Japan Wool Textile Co. Ltd. (The)		20,000		149,148
Joshin Denki Co. Ltd.		5,000		73,837
Joyful Honda Co. Ltd.		20,000		259,011
JVCKenwood Corp.		45,000		129,782
Kaga Electronics Co. Ltd.		5,000		189,879
Kanamoto Co. Ltd.		10,000		164,763
Kanematsu Corp.		25,000		310,469
Kanto Denka Kogyo Co. Ltd.		15,000		117,342
Katakura Industries Co. Ltd.		5,000		70,133
Kato Sangyo Co. Ltd.		5,000		132,740
Kissei Pharmaceutical Co. Ltd.		10,000		199,669

S C H E D U L E   O F   I N V E S T M E N T S 53

Schedule of Investments (continued) March 31, 2023 iShares^® International Developed Small Cap Value Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Kitz Corp.		20,000	$	140,632
Kiyo Bank Ltd. (The)		20,000		224,654
Koa Corp.		10,000		139,674
Kohnan Shoji Co. Ltd.		10,000		245,227
Kojima Co. Ltd.		10,000		42,325
Komeri Co. Ltd.		10,000		206,558
Komori Corp.		15,000		112,550
Kumagai Gumi Co. Ltd.		10,000		200,745
Kureha Corp.		5,000		320,348
KYB Corp.		5,000		152,062
Kyoei Steel Ltd.		5,000		60,856
Kyokuto Kaihatsu Kogyo Co. Ltd.		10,000		122,224
LEC Inc.		5,000		30,427
Life Corp.		5,000		97,609
Macnica Holdings Inc.		15,000		427,268
Makino Milling Machine Co. Ltd.		5,000		183,752
Marudai Food Co. Ltd.		5,000		54,865
Marusan Securities Co. Ltd.		20,000		64,523
Matsuda Sangyo Co. Ltd.		5,000		85,924
Maxell Ltd.		15,000		174,573
Meidensha Corp.		15,000		218,318
Meisei Industrial Co. Ltd.		15,000		87,731
Melco Holdings Inc.		1,600		39,538
Mimasu Semiconductor Industry Co. Ltd.		5,000		111,712
MIRAIT ONE corp		25,000		311,348
Mitsubishi Pencil Co. Ltd.		15,000		184,599
Mitsuboshi Belting Ltd.		5,000		148,795
Mizuno Corp.		5,000		117,458
Nachi-Fujikoshi Corp.		5,000		149,542
Neturen Co. Ltd.		5,000		26,281
Nichiha Corp.		10,000		204,544
Nichireki Co. Ltd.		5,000		56,241
Nihon Chouzai Co. Ltd.		5,000		43,697
Nihon Parkerizing Co. Ltd.		30,000		225,503
Nikkon Holdings Co. Ltd.		15,000		281,098
Nippn Corp., New		15,000		187,800
Nippon Coke & Engineering Co. Ltd.(a)		45,000		29,585
Nippon Denko Co. Ltd.		30,000		81,149
Nippon Koei Co. Ltd.		5,000		127,487
Nippon Light Metal Holdings Co. Ltd.		20,000		221,122
Nippon Soda Co. Ltd.		7,600		265,179
Nippon Suisan Kaisha Ltd.		85,000		348,480
Nippon Thompson Co. Ltd.		20,000		88,153
Nishimatsu Construction Co. Ltd.		10,000		258,543
Nishimatsuya Chain Co. Ltd.		15,000		185,156
Nishio Rent All Co. Ltd.		5,000		117,451
Nissha Co. Ltd.		10,000		141,082
Nisshinbo Holdings Inc.		45,000		344,727
Nitta Corp.		5,000		110,866
Nittetsu Mining Co. Ltd.		5,000		135,440
Nitto Kogyo Corp.		10,000		199,656
Nojima Corp.		20,000		211,479
Noritake Co. Ltd./Nagoya Japan		5,000		173,559
Noritz Corp.		10,000		131,422
Obara Group Inc.		5,000		149,552
Okamura Corp.		25,000		258,174
Oki Electric Industry Co. Ltd.		25,000		135,837
Okumura Corp.		10,000		236,363
Onoken Co. Ltd.		5,000		56,129
Osaka Soda Co. Ltd.		5,000		164,785

Security	Shares		Value
Japan (continued)
Osaka Steel Co. Ltd.		5,000	$	49,980
Osaki Electric Co. Ltd.		15,000		60,354
Oyo Corp.		5,000		84,064
Pacific Industrial Co. Ltd.		15,000		131,145
Pack Corp. (The)		5,000		111,808
Piolax Inc.		5,000		72,967
Press Kogyo Co. Ltd.		30,000		112,971
Pressance Corp.		5,000		67,507
Prima Meat Packers Ltd.		10,000		166,156
Procrea Holdings Inc.		5,000		79,476
Qol Holdings Co. Ltd.		5,000		43,888
Restar Holdings Corp.		10,000		163,707
Ryobi Ltd.		10,000		116,672
S Foods Inc.		5,000		107,656
Sakai Chemical Industry Co. Ltd.		5,000		66,952
Sanki Engineering Co. Ltd.		15,000		165,903
Sanyo Chemical Industries Ltd.		5,000		161,437
Sanyo Special Steel Co. Ltd.		5,000		92,928
Seiko Group Corp.		8,100		177,565
Shinmaywa Industries Ltd.		20,000		178,484
Shizuoka Gas Co. Ltd.		20,000		173,761
Siix Corp.		10,000		106,966
Sinfonia Technology Co. Ltd.		10,000		119,514
SKY Perfect JSAT Holdings Inc.		40,000		156,230
Sodick Co. Ltd.		15,000		86,319
Star Micronics Co. Ltd.		10,000		136,458
Starts Corp. Inc.		10,000		192,518
Starzen Co. Ltd.		5,000		82,122
Stella Chemifa Corp.		2,500		49,975
Sumitomo Osaka Cement Co. Ltd.		10,000		281,779
Sumitomo Seika Chemicals Co. Ltd.		2,600		85,011
Sumitomo Warehouse Co. Ltd. (The)		15,000		246,804
Sun Frontier Fudousan Co. Ltd.		10,000		96,828
Suruga Bank Ltd.		60,000		210,294
SWCC Showa Holdings Co. Ltd.		5,000		71,834
Tadano Ltd.		35,000		276,652
Takamatsu Construction Group Co. Ltd.		5,000		76,600
Takaoka Toko Co. Ltd.		5,000		88,986
Takara Standard Co. Ltd.		15,000		166,519
Takasago Thermal Engineering Co. Ltd.		20,000		318,918
Tamron Co. Ltd.		5,000		119,162
Tatsuta Electric Wire and Cable Co. Ltd.		5,000		26,837
T-Gaia Corp.		5,000		63,031
Toa Corp./Tokyo		5,000		100,204
Toagosei Co. Ltd.		40,000		373,029
Toho Holdings Co. Ltd.		15,000		266,183
TOKAI Holdings Corp.		40,000		263,571
Tokyu Construction Co. Ltd.		20,000		102,027
Tomy Co. Ltd.		30,000		335,865
Topre Corp.		15,000		139,475
Towa Pharmaceutical Co. Ltd.		10,000		143,203
Toyo Construction Co. Ltd.		25,000		172,891
Toyo Ink SC Holdings Co. Ltd.		10,000		155,433
Toyo Tanso Co. Ltd.		5,000		155,613
Toyobo Co. Ltd.		30,000		235,898
Tsubakimoto Chain Co.		10,000		243,496
Tsurumi Manufacturing Co. Ltd.		5,000		78,434
Uchida Yoko Co. Ltd.		2,500		92,961
United Super Markets Holdings Inc.		20,000		168,123
V Technology Co. Ltd.		2,500		53,131

54 2 0 2 3   I S H A R E S   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 (continued) March 31, 2023 iShares^® International Developed Small Cap Value Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
VT Holdings Co. Ltd.		30,000	$	114,964
Wacoal Holdings Corp.		20,000		375,905
Warabeya Nichiyo Holdings Co. Ltd.		5,000		68,364
Xebio Holdings Co. Ltd.		5,000		39,642
Yamazen Corp.		20,000		153,899
Yellow Hat Ltd.		10,000		137,684
Yokogawa Bridge Holdings Corp.		10,000		163,605
Yondoshi Holdings Inc.		5,000		67,452
Yuasa Trading Co. Ltd.		5,000		143,189
				29,713,465
Netherlands — 0.6%
Flow Trades Ltd., NVS		8,295		240,371
Fugro NV(a)		32,350		411,047
Koninklijke BAM Groep NV(a)		78,511		187,121
NSI NV		5,541		139,414
				977,953
New Zealand — 1.0%
Argosy Property Ltd.		265,881		184,915
Goodman Property Trust		340,486		456,486
Kathmandu Holdings Ltd.		196,300		135,107
Precinct Properties New Zealand Ltd.		419,227		333,500
Stride Property Group		134,450		110,134
Summerset Group Holdings Ltd.		73,250		403,767
				1,623,909
Norway — 1.6%
Austevoll Seafood ASA		28,850		258,552
Elkem ASA(c)		85,000		288,850
Entra ASA(c)		20,550		198,852
SpareBank 1 SMN		42,700		504,439
Subsea 7 SA		75,050		890,891
Veidekke ASA		36,068		382,815
				2,524,399
Poland — 0.3%
Grupa Azoty SA(a)		14,700		122,455
PGE Polska Grupa Energetyczna SA(a)		232,200		338,157
				460,612
Singapore — 1.5%
CapitaLand China Trust(b)		360,000		303,261
Cromwell European Real Estate Investment Trust		100,120		163,956
First Resources Ltd.		165,000		195,813
Frasers Centrepoint Trust		340,000		586,277
Keppel Pacific Oak US REIT		255,000		96,900
Parkway Life REIT		120,000		360,130
Prime U.S. REIT		205,000		65,701
Raffles Medical Group Ltd.		300,000		336,368
SPH REIT		225,240		159,977
Starhill Global REIT		425,000		166,382
				2,434,765
Sweden — 5.6%
AFRY AB		31,200		562,217
Arjo AB, Class B		70,958		277,806
Atrium Ljungberg AB, Class B		14,200		231,965
Betsson AB		38,200		363,526
Bilia AB, Class A		24,057		297,132
Billerud AB		59,621		612,795
Bravida Holding AB(c)		64,150		725,648
Bure Equity AB		17,400		415,819
Clas Ohlson AB, Class B		12,692		94,298

Security	Shares		Value
Sweden (continued)
Cloetta AB, Class B		67,600	$	142,557
Fabege AB		81,973		628,739
Granges AB		33,400		318,637
Hexpol AB		78,800		976,092
Hufvudstaden AB, Class A		34,050		461,857
Lindab International AB		21,750		333,300
Loomis AB		24,000		822,257
MEKO AB		13,300		158,185
Munters Group AB(c)		33,753		311,775
NCC AB, Class B		30,200		267,864
Nolato AB, Class B		55,850		283,675
Peab AB, Class B		63,158		316,343
Ratos AB, Class B		63,250		193,267
				8,795,754
Switzerland — 8.7%
ALSO Holding AG, Registered		850		173,034
Arbonia AG		13,924		167,702
Bell Food Group AG, Registered		593		181,891
Bossard Holding AG, Class A, Registered		823		208,007
Bucher Industries AG, Registered		2,077		971,436
Burckhardt Compression Holding AG		1,000		621,783
Bystronic AG, Registered		400		288,610
Cembra Money Bank AG		9,335		734,678
Comet Holding AG, Registered		2,350		653,659
COSMO Pharmaceuticals NV		2,981		185,060
Daetwyler Holding AG, Bearer		2,335		482,269
dormakaba Holding AG		955		408,580
Forbo Holding AG, Registered		321		463,909
Galenica AG(c)		15,352		1,298,745
Huber + Suhner AG, Registered		5,597		480,629
Interroll Holding AG, Registered		154		553,384
Kardex Holding AG, Registered		1,850		402,466
Komax Holding AG, Registered		1,138		319,481
Landis+Gyr Group AG(b)		7,802		600,500
Rieter Holding AG, Registered		950		99,480
SFS Group AG		5,350		694,398
Siegfried Holding AG, Registered		1,300		956,467
St. Galler Kantonalbank AG, Class A, Registered		890		479,036
Swissquote Group Holding SA, Registered		2,750		537,108
u-blox Holding AG		2,124		296,843
Valiant Holding AG, Registered		4,950		532,154
Vontobel Holding AG, Registered		8,750		567,824
Ypsomed Holding AG, Registered		1,000		210,658
Zehnder Group AG, Registered		3,130		255,844
				13,825,635
United Kingdom — 18.2%
AG Barr PLC		24,904		154,659
Balanced Commercial Property Trust Ltd		161,600		164,264
Balfour Beatty PLC		202,150		928,662
Bank of Georgia Group PLC		12,000		407,557
Big Yellow Group PLC		53,600		772,675
Bodycote PLC		59,150		475,898
Capricorn Energy PLC(a)		157,000		452,226
Chemring Group PLC		89,367		308,468
Close Brothers Group PLC		47,500		529,743
Coats Group PLC		456,550		415,078
Cranswick PLC		16,600		617,901
Crest Nicholson Holdings PLC		79,300		213,716
Currys PLC		320,700		233,659

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

Schedule of Investments (continued) March 31, 2023 iShares^® International Developed Small Cap Value Factor ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
United Kingdom (continued)
Drax Group PLC		126,500	$	950,180
Elementis PLC(a)		182,450		268,059
Essentra PLC		95,300		228,115
Frasers Group PLC(a)		57,694		553,372
Grafton Group PLC		69,325		759,293
Great Portland Estates PLC		80,350		502,537
Greencore Group PLC(a)		166,750		167,133
Halfords Group PLC		63,127		136,123
Ibstock PLC(c)		122,219		260,077
IG Group Holdings PLC		115,232		994,391
Inchcape PLC		122,300		1,172,333
Investec PLC		211,200		1,172,052
IP Group PLC		311,250		212,521
Jupiter Fund Management PLC		138,261		231,850
Just Group PLC		329,250		348,691
Lancashire Holdings Ltd.		77,200		526,844
LondonMetric Property PLC		278,800		607,314
Man Group PLC/Jersey		434,300		1,265,212
Mediclinic International PLC		124,597		764,518
Morgan Advanced Materials PLC		88,900		312,297
Morgan Sindall Group PLC		12,800		267,664
Ninety One PLC		131,700		300,322
OSB Group PLC		120,000		717,827
Paragon Banking Group PLC		79,400		509,328
Pets at Home Group PLC		150,750		686,211
Picton Property Income Ltd. (The)		168,445		144,173
Plus500 Ltd.		31,100		649,135
Premier Foods PLC		225,034		337,183
QinetiQ Group PLC		178,254		716,124
Redde Northgate PLC		78,600		335,000
Redrow PLC		72,480		428,728
RHI Magnesita NV		8,950		247,950
Safestore Holdings PLC		65,059		763,639
Savills PLC		41,900		511,287
Serco Group PLC		380,650		720,320
Sirius Real Estate Ltd		303,550		287,210
TBC Bank Group PLC		11,250		310,867
TP ICAP Group PLC		250,900		557,428
Tritax Big Box REIT PLC		592,900		1,025,942
UK Commercial Property REIT Ltd.		234,983		149,646

Security	Shares		Value
United Kingdom (continued)
Vesuvius PLC		67,282	$	343,497
Virgin Money UK PLC		395,300		714,421
Vistry Group PLC		70,150		678,785
Workspace Group PLC		42,500		229,005
				28,739,110
Total Common Stocks — 98.9% (Cost: $166,870,527)				156,370,525
Preferred Stocks
Germany — 0.1%
Draegerwerk AG & Co. KGaA, Preference Shares, NVS		2,769		127,347
Total Preferred Stocks — 0.1% (Cost: $145,219)				127,347
Total Long-Term Investments — 99.0% (Cost: $167,015,746)				156,497,872
Short-Term Securities
Money Market Funds — 1.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%(d)(e)(f)		2,137,128		2,137,769
Total Short-Term Securities — 1.4% (Cost: $2,137,489)				2,137,769
Total Investments — 100.4% (Cost: $169,153,235)				158,635,641
Liabilities in Excess of Other Assets — (0.4)%				(634,875	)
Net Assets — 100.0%			$	158,000,766

^(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.

56 2 0 2 3   I S H A R E S   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(continued) March 31, 2023 iShares^® International Developed Small Cap Value Factor ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	17,607	$	2,119,430	(a)	$	—		$	449	$	283	$	2,137,769		2,137,128	$	26,954	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		40,000		—			(40,000	)(a)		—		—		—		—		1,883			—
									$	449	$	283	$	2,137,769			$	28,837		$	—

^(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.

^(c)  As of period end, the entity is no longer held.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Mini TOPIX Index		40		06/08/23	$	607	$	(375	)
Mini S&P/TSX 60 Index		7		06/15/23		313		5,569
FTSE 250 Index		12		06/16/23		561		4,377
							$	9,571

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)	$	—	$	—	$	9,946	$	—	$	—	$	—	$	9,946
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	375	$	—	$	—	$	—	$	375

^(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).

S C H E D U L E   O F   I N V E S T M E N T S 57

Schedule of Investments  (continued) March 31, 2023 iShares^® International Developed Small Cap Value Factor ETF

For the period ended March 31, 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	$	—	$	—	$	76,788		$	—	$	—	$	—	$	76,788
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(249	)	$	—	$	—	$	—	$	(249	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	1,094,387

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	$	36,977,624	$	119,392,901		$	—	$	156,370,525
Preferred Stocks		—		127,347			—		127,347
Short-Term Securities
Money Market Funds		2,137,769		—			—		2,137,769
	$	39,115,393	$	119,520,248		$	—	$	158,635,641
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	5,569	$	4,377		$	—	$	9,946
Liabilities
Equity Contracts		—		(375	)		—		(375	)
	$	5,569	$	4,002		$	—		9,571

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

See notes to financial statements.

58 2 0 2 3   I S H A R E S   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 March 31, 2023 iShares^® International Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 2.1%
Altium Ltd.		7,683	$	197,390
AUB Group Ltd.		10,638		182,808
Bapcor Ltd.		52,993		227,594
Brickworks Ltd.		12,411		188,591
carsales.com Ltd.		40,188		600,611
Cleanaway Waste Management Ltd.		210,790		337,306
Collins Foods Ltd.		17,927		100,180
Computershare Ltd.		67,571		981,482
CSL Ltd.		25,807		4,998,052
Elders Ltd.		48,068		278,064
IPH Ltd.		35,460		176,836
Nick Scali Ltd.		26,595		167,340
Northern Star Resources Ltd.		117,215		961,181
Pro Medicus Ltd.		1,773		76,469
PSC Insurance Group Ltd.		25,216		80,964
Sonic Healthcare Ltd.		71,905		1,685,665
Steadfast Group Ltd.		119,579		469,650
Technology One Ltd.		19,700		193,589
Washington H Soul Pattinson & Co. Ltd.		30,338		614,853
				12,518,625
Belgium — 0.2%
Elia Group SA/NV		2,758		364,211
UCB SA		10,047		897,962
				1,262,173
Brazil — 0.2%
Localiza Rent a Car SA		84,907		894,560
Canada — 19.4%
Alimentation Couche-Tard Inc.		26,792		1,347,034
Altius Minerals Corp.		3,349		56,969
Atco Ltd., Class I, NVS		14,863		476,408
Badger Infrastructure Solutions Ltd.		4,334		104,798
Barrick Gold Corp.		284,862		5,288,337
Brookfield Asset Management Ltd.		16,745		548,503
Brookfield Corp.		111,305		3,626,163
Canadian Imperial Bank of Commerce		230,293		9,765,514
Canadian National Railway Co.		52,008		6,136,675
Canadian Natural Resources Ltd.		204,486		11,315,951
Canadian Tire Corp. Ltd., Class A, NVS		9,259		1,208,294
Canadian Western Bank		21,670		397,003
Capital Power Corp.		30,141		928,651
Cargojet Inc.(a)		985		80,236
CCL Industries Inc., Class B, NVS		9,850		489,330
Cogeco Communications Inc.		3,940		191,913
Dollarama Inc.		4,334		259,014
Empire Co. Ltd., Class A, NVS		13,790		369,672
Enghouse Systems Ltd.		4,137		117,085
EQB Inc.		2,561		110,475
Finning International Inc.		20,291		505,811
FirstService Corp.		1,308		184,301
Fortis Inc.		92,590		3,935,846
Franco-Nevada Corp.		8,471		1,235,581
George Weston Ltd.		4,334		574,339
Great-West Lifeco Inc.		68,359		1,811,779
Hydro One Ltd.(b)		45,310		1,290,069
iA Financial Corp. Inc.		14,972		948,947
Imperial Oil Ltd.		16,745		851,560
Intact Financial Corp.		16,942		2,424,655

Security	Shares		Value
Canada (continued)
Jamieson Wellness Inc.(b)		4,531	$	112,278
Loblaw Companies Ltd.		9,653		879,734
Magna International Inc.		39,991		2,142,026
Manulife Financial Corp.		448,053		8,221,764
Maple Leaf Foods Inc.		11,229		217,269
Metro Inc.		17,730		975,248
North West Co. Inc. (The)		9,062		253,387
Open Text Corp.		32,702		1,261,380
Parkland Corp.		29,156		698,967
Power Corp. of Canada		141,052		3,604,836
Premium Brands Holdings Corp.		5,516		408,098
Quebecor Inc., Class B		27,383		676,926
Ritchie Bros Auctioneers Inc.		8,865		498,775
Royal Bank of Canada		149,475		14,294,964
Saputo Inc.		23,443		606,587
Stantec Inc.		4,728		276,403
Stella-Jones Inc.		3,743		143,433
Sun Life Financial Inc.		117,018		5,466,901
TFI International Inc.		3,546		423,132
TMX Group Ltd.		6,501		656,594
Toromont Industries Ltd.		5,319		436,579
Toronto-Dominion Bank (The)		230,293		13,793,724
Waste Connections Inc.		8,274		1,151,565
Wheaton Precious Metals Corp.		31,914		1,537,020
				115,318,503
China — 6.1%
Bank of China Ltd., Class A		2,068,500		1,017,026
Bosideng International Holdings Ltd.		788,000		439,714
China Coal Energy Co. Ltd.		78,800		90,517
China Coal Energy Co. Ltd., Class H		591,000		448,500
China Construction Bank Corp., Class A		236,400		204,337
China Foods Ltd.		394,000		146,903
China Medical System Holdings Ltd.		394,000		621,641
China Merchants Bank Co. Ltd., Class A		354,600		1,765,656
China Merchants Bank Co. Ltd., Class H		689,500		3,501,293
China National Nuclear Power Co. Ltd., Class A		197,000		183,356
China Railway Group Ltd., Class A		275,800		275,975
China Railway Group Ltd., Class H		788,000		480,867
China Resources Gas Group Ltd.		197,000		724,646
China Suntien Green Energy Corp. Ltd., Class H		591,000		258,510
China Water Affairs Group Ltd.		92,000		75,119
Citic Pacific Special Steel Group Co. Ltd.		78,800		203,833
CSPC Pharmaceutical Group Ltd.		1,064,000		1,043,057
ENN Energy Holdings Ltd.		78,800		1,079,006
Greentown China Holdings Ltd.		115,500		149,488
Haier Smart Home Co. Ltd., Class H		236,400		740,233
Harbin Boshi Automation Co. Ltd.		16,400		39,031
Hengli Petrochemical Co. Ltd., Class A		157,600		371,784
Huaxia Bank Co. Ltd., Class A		363,800		285,070
Industrial & Commercial Bank of China Ltd., Class A		2,659,500		1,726,511
Industrial Bank Co. Ltd., Class A		492,500		1,212,081
Inspur Electronic Information Industry Co. Ltd., Class A		16,400		83,970
Jiangsu King’s Luck Brewery JSC Ltd., Class A		19,700		185,854
Kweichow Moutai Co. Ltd., Class A		5,200		1,373,390
Lao Feng Xiang Co. Ltd.		19,700		154,840
Luzhou Laojiao Co. Ltd., Class A		6,000		221,543
Metallurgical Corp. of China Ltd., Class A		177,300		100,595
Midea Group Co. Ltd., Class A		82,000		641,518
Ping An Insurance Group Co. of China Ltd., Class A		177,300		1,174,342
Ping An Insurance Group Co. of China Ltd., Class H		1,674,500		10,832,696

S C H E D U L E   O F   I N V E S T M E N T S 59

Schedule of Investments  (continued) March 31, 2023 iShares^® International Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
China (continued)
Postal Savings Bank of China Co. Ltd., Class H(b)		2,167,000	$	1,285,153
Shanghai Baosight Software Co. Ltd., Class A		90		763
Shanghai Tunnel Engineering Co. Ltd., Class A		118,200		98,036
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		93,600		110,674
Sinoma Science & Technology Co. Ltd., Class A		16,400		57,648
Tsingtao Brewery Co. Ltd., Class H		38,000		415,348
Wuliangye Yibin Co. Ltd., Class A		25,600		731,274
Xiamen Xiangyu Co. Ltd.		35,700		55,857
Yankuang Energy Group Co. Ltd., Class A		59,100		306,165
Yuexiu Property Co. Ltd.		394,000		595,735
Zhengzhou Coal Mining Machinery Group Co. Ltd.		19,700		40,371
Zhengzhou Coal Mining Machinery Group Co. Ltd., Class H		78,800		79,391
Zhongsheng Group Holdings Ltd.		98,500		485,347
				36,114,664
Colombia — 0.1%
Grupo Argos SA		70,920		138,429
Grupo Nutresa SA		7,486		80,374
Interconexion Electrica SA ESP		102,834		334,536
				553,339
Denmark — 3.6%
Carlsberg AS, Class B		11,426		1,772,937
Coloplast A/S, Class B		14,775		1,945,383
DSV A/S		3,940		763,956
Novo Nordisk A/S, Class B		90,423		14,361,094
Orsted AS(b)		19,503		1,662,981
Royal Unibrew A/S		5,713		498,010
Scandinavian Tobacco Group A/S, Class A(b)		17,139		341,216
				21,345,577
Finland — 0.6%
Huhtamaki OYJ		11,426		424,472
Kesko OYJ, Class A		23,825		515,946
Kesko OYJ, Class B		67,374		1,447,955
Olvi OYJ, Class A		3,152		102,208
Uponor OYJ		10,638		196,920
Valmet OYJ		31,914		1,036,049
				3,723,550
France — 4.3%
Equasens		591		45,944
Sanofi		154,842		16,797,061
Schneider Electric SE		52,993		8,856,390
Thermador Groupe		985		104,837
				25,804,232
Germany — 5.8%
Adesso SE		197		31,538
Atoss Software AG		394		71,245
Bechtle AG		5,516		264,147
Brenntag SE		15,366		1,156,386
Deutsche Boerse AG		18,321		3,567,283
E.ON SE		527,763		6,583,694
Eckert & Ziegler Strahlen- und Medizintechnik AG		985		44,522
Encavis AG		9,850		169,210
Fresenius Medical Care AG & Co. KGaA		36,642		1,555,242
Fresenius SE & Co. KGaA		76,042		2,053,380
FUCHS PETROLUB SE		5,910		202,280
LANXESS AG		10,441		429,574
Nemetschek SE		2,364		163,189
SAP SE		94,166		11,890,384
STRATEC SE		394		26,860
Symrise AG		6,698		728,903

Security	Shares		Value
Germany (continued)
Vonovia SE		291,363	$	5,487,766
			34,425,603
Hong Kong — 2.5%
AIA Group Ltd.		1,024,400		10,743,247
CK Infrastructure Holdings Ltd.		197,000		1,071,852
Kerry Logistics Network Ltd.		98,500		153,026
Swire Properties Ltd.		236,400		608,423
Techtronic Industries Co. Ltd.		197,000		2,134,516
VSTECS Holdings Ltd.		394,000		230,999
				14,942,063
India — 2.1%
Aegis Logistics Ltd.		16,351		75,533
Asian Paints Ltd.		14,184		477,883
Astral Ltd.		978		15,951
Balaji Amines Ltd.		197		4,671
Berger Paints India Ltd.		3,743		26,545
Bharat Electronics Ltd.		285,847		340,210
CRISIL Ltd.		1,773		69,514
Grindwell Norton Ltd.		1,576		36,093
Indraprastha Gas Ltd.		33,096		172,974
Infosys Ltd.		386,514		6,757,476
ITC Ltd.		459,207		2,148,576
KEI Industries Ltd.		985		20,426
Larsen & Toubro Infotech Ltd.(b)		2,385		138,884
Mphasis Ltd.		8,820		193,897
Persistent Systems Ltd.		1,576		88,900
Pidilite Industries Ltd.		3,152		90,416
Radico Khaitan Ltd.		743		10,823
Reliance Industries Ltd.		42,158		1,198,745
Reliance Industries Ltd., GDR(b)		5,769		325,480
Schaeffler India Ltd.		1,182		41,326
Tata Elxsi Ltd.		1,182		86,067
TTK Prestige Ltd.		1,322		11,271
UltraTech Cement Ltd.		2,664		247,548
Vinati Organics Ltd.		164		3,614
ZF Commercial Vehicle Control Systems India Ltd.		199		25,200
				12,608,023
Indonesia — 0.5%
Bank Central Asia Tbk PT		5,003,800		2,927,444
Bank Pembangunan Daerah Jawa Timur Tbk PT		847,100		41,561
				2,969,005
Ireland — 1.2%
CRH PLC		91,408		4,617,957
Kerry Group PLC, Class A		7,880		785,835
Smurfit Kappa Group PLC		45,704		1,657,688
				7,061,480
Italy — 0.9%
A2A SpA		516,731		824,605
ACEA SpA		12,608		172,394
Buzzi Unicem SpA		8,668		210,385
DiaSorin SpA		985		103,801
Interpump Group SpA		2,758		154,664
Iren SpA		158,979		304,921
Italgas SpA		124,504		759,391
Recordati Industria Chimica e Farmaceutica SpA		13,987		591,641
Reply SpA		985		123,689
Terna - Rete Elettrica Nazionale		282,892		2,321,804
				5,567,295

60 2 0 2 3   I S H A R E S   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  (continued) March 31, 2023 iShares^® International Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan — 18.9%
Aeon Mall Co. Ltd.		19,700	$	258,572
AGC Inc.		42,800		1,595,624
Aica Kogyo Co. Ltd.		19,700		452,693
Air Water Inc.		39,800		500,136
Alfresa Holdings Corp.		39,400		504,822
Astellas Pharma Inc.		256,100		3,638,493
Chiba Bank Ltd. (The)		98,500		635,745
COMSYS Holdings Corp.		19,700		363,843
DCM Holdings Co. Ltd.		39,400		343,338
Denka Co. Ltd.		19,700		407,688
Elecom Co. Ltd.		19,700		187,370
EXEO Group Inc.		19,700		356,586
FUJIFILM Holdings Corp.		29,400		1,492,431
Fujitec Co. Ltd.		19,700		489,995
Hisamitsu Pharmaceutical Co. Inc.		19,700		563,453
Hulic Co. Ltd.		118,200		972,225
Itochu Techno-Solutions Corp.		19,700		485,407
Kandenko Co. Ltd.		19,700		139,166
Kao Corp.		78,800		3,067,311
KDDI Corp.		256,100		7,897,547
Kobayashi Pharmaceutical Co. Ltd.		500		30,580
Kokuyo Co. Ltd.		19,700		279,696
Kubota Corp.		118,200		1,792,069
Kurita Water Industries Ltd.		2,600		119,098
Kyowa Kirin Co. Ltd.		19,700		430,081
Lasertec Corp.		700		124,375
M3 Inc.		19,700		495,830
MCJ Co. Ltd.		19,700		138,691
Medipal Holdings Corp.		19,700		268,480
Mitsubishi Corp.		216,700		7,787,429
Mitsubishi UFJ Financial Group Inc.		1,930,600		12,372,574
MonotaRO Co. Ltd.		19,700		248,134
Morinaga & Co. Ltd./Japan		1,500		42,484
Murata Manufacturing Co. Ltd.		59,100		3,601,863
NEC Networks & System Integration Corp.		19,700		240,651
Nichias Corp.		19,700		397,036
Nippon Gas Co. Ltd.		19,700		285,895
Nippon Sanso Holdings Corp.		19,900		359,525
Nippon Telegraph & Telephone Corp.		180,800		5,402,795
Nissan Chemical Corp.		19,700		894,715
Nisshin Seifun Group Inc.		39,400		461,094
Nitori Holdings Co. Ltd.		2,800		338,133
Nitto Denko Corp.		21,100		1,365,619
Nomura Real Estate Holdings Inc.		20,700		458,373
Nomura Research Institute Ltd.		40,800		954,218
NSD Co. Ltd.		19,700		355,349
NTT Data Corp.		39,400		517,974
Obic Co. Ltd.		2,100		332,626
Open House Group Co. Ltd.		4,500		168,750
PALTAC Corp.		200		7,599
Pan Pacific International Holdings Corp.		19,700		381,121
Raito Kogyo Co. Ltd.		19,700		290,060
Sangetsu Corp.		19,700		332,306
SBI Holdings Inc.		74,400		1,477,571
SCSK Corp.		19,900		291,374
Sekisui House Ltd.		128,000		2,608,798
Seven & i Holdings Co. Ltd.		59,100		2,669,790
Shin-Etsu Chemical Co. Ltd.		239,000		7,758,184
Shionogi & Co. Ltd.		21,100		951,726
Ship Healthcare Holdings Inc.		200		3,684

Security	Shares		Value
Japan (continued)
Sohgo Security Services Co. Ltd.		4,200	$	113,119
Sompo Holdings Inc.		67,200		2,662,807
Sony Group Corp.		39,400		3,588,685
Sumitomo Mitsui Financial Group Inc.		236,400		9,460,153
Sumitomo Realty & Development Co. Ltd.		39,400		889,709
Sundrug Co. Ltd.		19,700		540,471
TDK Corp.		39,400		1,414,307
TechnoPro Holdings Inc.		19,700		546,399
Terumo Corp.		39,400		1,065,585
TIS Inc.		19,700		520,979
Tokio Marine Holdings Inc.		328,500		6,321,963
Tokyo Tatemono Co. Ltd.		39,400		481,043
Unicharm Corp.		20,700		850,888
USS Co. Ltd.		39,400		683,573
Valor Holdings Co. Ltd.		19,900		289,690
Yakult Honsha Co. Ltd.		8,200		595,815
Yamaguchi Financial Group Inc.		39,400		241,408
Yamato Holdings Co. Ltd.		39,800		683,178
				112,338,567
Malaysia — 0.0%
Allianz Malaysia Bhd		19,900		62,004
Mexico — 0.7%
America Movil SAB de CV(a)		2,150,100		2,258,679
Arca Continental SAB de CV		78,800		715,585
Bolsa Mexicana de Valores SAB de CV		137,900		295,467
Grupo Bimbo SAB de CV, Series A		98,500		495,670
Grupo Comercial Chedraui SA de CV		19,700		113,149
Orbia Advance Corp. SAB de CV		256,100		556,826
				4,435,376
Netherlands — 1.1%
IMCD NV		3,349		547,614
NN Group NV		100,076		3,633,749
Wolters Kluwer NV		18,912		2,387,384
				6,568,747
New Zealand — 0.2%
EBOS Group Ltd.		17,730		516,652
Mainfreight Ltd.		10,047		440,865
Summerset Group Holdings Ltd.		31,717		174,830
				1,132,347
Norway — 0.1%
Borregaard ASA		7,683		128,495
Medistim ASA		1,379		39,514
TOMRA Systems ASA		12,411		209,527
				377,536
Philippines — 0.1%
International Container Terminal Services Inc.		116,230		456,364
Poland — 0.0%
Neuca SA		197		27,977
Portugal — 0.0%
Sonae SGPS SA		188,529		205,728
Saudi Arabia — 0.1%
Mouwasat Medical Services Co.		3,349		210,322
United Electronics Co.		10,943		226,987
			437,309
South Africa — 0.0%
PSG Konsult Ltd.		203,501		138,067

S C H E D U L E   O F   I N V E S T M E N T S 61

Schedule of Investments  (continued) March 31, 2023 iShares^® International Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea — 0.7%
AfreecaTV Co. Ltd.		591	$	38,843
Cheil Worldwide Inc.		18,912		270,956
CS Wind Corp.		1,515		85,099
Daesang Corp.		2,866		43,258
Hyundai Home Shopping Network Corp.		743		27,641
KIWOOM Securities Co. Ltd.		3,546		276,600
Kolmar BNH Co. Ltd.		2,364		43,205
Korea Zinc Co. Ltd.		2,364		1,005,797
Kumho Petrochemical Co. Ltd.		8,471		937,008
LEENO Industrial Inc.		1,182		131,084
NAVER Corp.		3,546		555,626
NICE Information Service Co. Ltd.		5,516		52,410
Park Systems Corp.		357		41,945
Samsung Electro-Mechanics Co. Ltd.		4,180		493,538
SK Gas Ltd.		197		18,012
Youngone Corp.		3,546		124,775
Youngone Holdings Co. Ltd.		743		36,717
				4,182,514
Spain — 2.6%
Iberdrola SA		1,204,261		15,002,440
Vidrala SA		2,049		224,410
Viscofan SA		5,516		395,031
			15,621,881
Sweden — 0.7%
AAK AB		11,426		206,878
Assa Abloy AB, Class B		79,391		1,901,611
Atrium Ljungberg AB, Class B		7,562		123,529
Bravida Holding AB(b)		27,580		311,978
Castellum AB(a)		83,134		967,163
Catena AB		3,349		124,638
Heba Fastighets AB		9,062		24,928
Lifco AB, Class B		7,880		169,913
NP3 Fastigheter AB		2,758		49,763
Platzer Fastigheter Holding AB, Class B		8,865		68,793
				3,949,194
Switzerland — 12.1%
ALSO Holding AG, Registered		788		160,412
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		57		673,206
Chocoladefabriken Lindt & Spruengli AG, Registered		6		710,617
DKSH Holding AG		4,925		397,055
Geberit AG, Registered		4,531		2,530,324
Givaudan SA, Registered		985		3,205,966
Logitech International SA, Registered		16,548		965,849
Nestle SA, Registered		154,251		18,807,902
Novartis AG, Registered		208,820		19,173,543
Partners Group Holding AG		4,137		3,895,906
Roche Holding AG, Bearer		4,334		1,302,327
Roche Holding AG, NVS		58,903		16,831,088
Siegfried Holding AG, Registered		86		63,274
Sika AG, Registered		8,668		2,431,334
Tecan Group AG, Registered		414		181,348
Temenos AG, Registered		4,531		315,295
VZ Holding AG		1,773		145,619
				71,791,065
Taiwan — 0.4%
Advantech Co. Ltd.		42,000		513,821
Lotes Co. Ltd.		6,155		186,031
Parade Technologies Ltd.		13,000		450,084

Security	Shares		Value
Taiwan (continued)
Silergy Corp.		9,000	$	142,889
Sinbon Electronics Co. Ltd.		22,000		247,603
Unimicron Technology Corp.		197,000		960,822
Voltronic Power Technology Corp.		2,000		113,887
				2,615,137
Turkey — 0.0%
Aselsan Elektronik Sanayi Ve Ticaret AS		9,958		26,992
Otokar Otomotiv Ve Savunma Sanayi AS		776		37,126
Tofas Turk Otomobil Fabrikasi AS		20,488		199,895
				264,013
United Kingdom — 11.8%
Advanced Medical Solutions Group PLC		29,944		82,189
Ashtead Group PLC		27,383		1,681,449
BAE Systems PLC		452,509		5,473,604
British American Tobacco PLC		427,490		14,985,392
Bunzl PLC		32,899		1,242,680
Chemring Group PLC		14,775		50,999
Clarkson PLC		3,940		150,270
Coca-Cola HBC AG, Class DI(c)		27,186		744,221
Craneware PLC		2,561		36,331
Cranswick PLC		6,107		227,321
Croda International PLC		11,229		902,514
DCC PLC		19,503		1,136,854
Dechra Pharmaceuticals PLC		9,259		303,135
Diageo PLC		251,569		11,227,430
Diploma PLC		11,820		411,545
Drax Group PLC		62,055		466,114
EMIS Group PLC		5,319		98,423
Ferguson PLC		25,216		3,333,849
Games Workshop Group PLC		6,501		774,339
Gamma Communications PLC		5,713		76,625
GlobalData PLC		1,379		20,754
Halma PLC		17,730		489,463
Hargreaves Lansdown PLC		83,134		823,564
Hilton Food Group PLC		15,760		134,914
Impax Asset Management Group PLC		18,124		179,564
Learning Technologies Group PLC		28,762		45,770
Liontrust Asset Management PLC		23,246		294,029
London Stock Exchange Group PLC		23,443		2,277,011
National Grid PLC		955,450		12,924,370
RELX PLC		201,531		6,526,964
RWS Holdings PLC		52,796		194,736
Sage Group PLC (The)		127,853		1,226,932
Sirius Real Estate Ltd.		310,472		293,759
Softcat PLC		11,032		177,215
Spectris PLC		11,820		536,289
Spirax-Sarco Engineering PLC		4,531		665,254
				70,215,872
Total Common Stocks — 99.1% (Cost: $577,841,135)				589,928,390
Preferred Stocks
Germany — 0.0%
Fuchs Petrolub SE, Preference Shares, NVS		9,259		377,530

62 2 0 2 3   I S H A R E S   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  (continued) March 31, 2023 iShares^® International Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
South Korea — 0.0%
Samsung Electro-Mechanics Co. Ltd., Preference Shares		357	$	20,245
Total Preferred Stocks — 0.0% (Cost: $317,228)				397,775
Rights
Brazil — 0.0%
Localiza Rent a Car SA, Rights,
(Expires 05/18/23, Strike Price BRL 41.15)		379		982
Total Rights — 0.0% (Cost: $—)				982
Total Long-Term Investments — 99.1% (Cost: $578,158,363)				590,327,147
Short-Term Securities
Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%(d)(e)(f)		2,608,428		2,609,211

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.73%(d)(e)		1,310,000	$	1,310,000
Total Short-Term Securities — 0.7% (Cost: $3,919,638)				3,919,211
Total Investments — 99.8% (Cost: $582,078,001)				594,246,358
Other Assets Less Liabilities — 0.2%				1,173,313
Net Assets — 100.0%			$	595,419,671

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

^(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)  Non-income producing security.

^(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 year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	2,609,054	(a)	$	—	$	584	$	(427	)	$	2,609,211		2,608,428	$	5,335	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		370,000		940,000	(a)		—		—		—			1,310,000		1,310,000		19,818			1
								$	584	$	(427	)	$	3,919,211			$	25,153		$	1

^(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
S&P/TSX 60 Index		3		06/15/23	$	537	$	6,354
MSCI EAFE Index		41		06/16/23		4,298		135,352
							$	141,706

S C H E D U L E   O F   I N V E S T M E N T S 63

Schedule of Investments  (continued) March 31, 2023 iShares^® International Dividend Growth ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	141,706	$	—	$	—	$	—	$	141,706

^(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 March 31, 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	$	—	$	—	$	(31,130	)	$	—	$	—	$	—	$	(31,130	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	103,863		$	—	$	—	$	—	$	103,863

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	2,727,191

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	$	122,318,632	$	467,609,758	$	—	$	589,928,390
Preferred Stocks		—		397,775		—		397,775
Rights		982		—		—		982
Short-Term Securities
Money Market Funds		3,919,211		—		—		3,919,211
	$	126,238,825	$	468,007,533	$	—	$	594,246,358
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	141,706	$	—	$	—	$	141,706

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

See notes to financial statements.

64 2 0 2 3   I S H A R E S   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   March 31, 2023 iShares^® Latin America 40 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Brazil — 41.0%
Ambev SA, ADR		10,721,873	$	30,235,681
B3 SA - Brasil, Bolsa, Balcao		14,828,073		30,279,584
Banco do Brasil SA		3,483,244		26,877,975
CCR SA		2,706,463		6,834,975
Centrais Eletricas Brasileiras SA		3,095,728		20,326,890
Localiza Rent a Car SA		1,842,467		19,411,800
Lojas Renner SA		2,380,233		7,781,563
Magazine Luiza SA(a)		6,861,396		4,480,901
Natura & Co. Holding SA		2,042,340		5,318,961
NU Holdings Ltd.(a)		5,556,541		26,449,135
Petroleo Brasileiro SA, ADR		4,523,580		47,180,939
Rede D’Or Sao Luiz SA(b)		2,116,263		8,868,476
Vale SA, ADR		9,411,049		148,506,353
WEG SA		3,571,626		28,574,699
				411,127,932
Chile — 7.2%
Banco de Chile		105,606,185		10,256,510
Banco Santander Chile, ADR		378,545		6,749,457
Cencosud SA		3,139,030		6,065,682
Empresas CMPC SA		2,662,693		4,449,825
Empresas COPEC SA		886,635		6,257,498
Enel Americas SA		47,049,539		6,197,193
Falabella SA		1,821,715		4,189,378
Sociedad Quimica y Minera de Chile SA, ADR(c)		347,226		28,146,140
				72,311,683
Colombia — 1.7%
Bancolombia SA, ADR		275,246		6,916,932
Ecopetrol SA, ADR		597,170		6,306,115
Interconexion Electrica SA ESP		1,072,510		3,489,055
				16,712,102
Mexico — 28.1%
America Movil SAB de CV		48,039,746		50,465,727
Cemex SAB de CV, NVS(a)		36,802,650		20,198,569
Fibra Uno Administracion SA de CV		6,987,006		9,759,320
Fomento Economico Mexicano SAB de CV		4,466,173		42,579,829
Grupo Bimbo SAB de CV, Series A		3,340,637		16,810,708
Grupo Financiero Banorte SAB de CV, Class O		6,028,899		50,820,741
Grupo Mexico SAB de CV, Series B		7,570,851		35,850,206
Grupo Televisa SAB, CPO		6,162,608		6,521,694
Wal-Mart de Mexico SAB de CV		12,311,280		49,210,960
				282,217,754
Peru — 3.7%
Credicorp Ltd.		165,214		21,872,681
Southern Copper Corp.		206,754		15,764,993
				37,637,674
Total Common Stocks — 81.7% (Cost: $860,082,149)				820,007,145

Security	Shares		Value
Preferred Stocks
Brazil — 17.6%
Banco Bradesco SA, Preference Shares, ADR		12,934,373	$	33,888,057
Gerdau SA, Preference Shares, ADR		2,631,582		12,973,701
Itau Unibanco Holding SA, Preference Shares, ADR		11,781,365		57,375,247
Itausa SA, Preference Shares, NVS		12,539,474		20,336,489
Petroleo Brasileiro SA, Preference Shares, ADR		5,584,142		51,820,838
				176,394,332
Total Preferred Stocks — 17.6% (Cost: $275,106,198)				176,394,332
Rights
Brazil — 0.0%
Localiza Rent a Car SA, Rights, (Expires 05/18/23, Strike Price BRL 41.15)		8,243		21,354
Total Rights — 0.0% (Cost: $—)				21,354
Total Long-Term Investments — 99.3% (Cost: $1,135,188,347)				996,422,831
Short-Term Securities
Money Market Funds — 3.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.01%(d)(e)(f)		28,490,296		28,498,843
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.73%(d)(e)		6,620,000		6,620,000
Total Short-Term Securities — 3.5% (Cost: $35,123,444)				35,118,843
Total Investments — 102.8% (Cost: $1,170,311,791)				1,031,541,674
Liabilities in Excess of Other Assets — (2.8)%				(28,408,667	)
Net Assets — 100.0%			$	1,003,133,007

^(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 65

Schedule of Investments  (continued) March 31, 2023 iShares^® Latin America 40 ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/23		Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	23,454,989	$	5,060,743	(a)	$	—	$	(3,469	)	$	(13,420	)	$	28,498,843		28,490,296	$	104,937	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		3,600,000		3,020,000	(a)		—		—			—			6,620,000		6,620,000		98,321			—
								$	(3,469	)	$	(13,420	)	$	35,118,843			$	203,258		$	—

^(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
Bclear MSCI Brazil Index		81		06/16/23	$	3,804	$	82,755
Mexican BOLSA Index		65		06/16/23		1,960		36,682
							$	119,437

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)	$	—	$	—	$	119,437	$	—	$	—	$	—	$	119,437

^(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 March 31, 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	$	—	$	—	$	(5,906,611	)	$	—	$	—	$	—	$	(5,906,611	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(510,411	)	$	—	$	—	$	—	$	(510,411	)

66 2 0 2 3   I S H A R E S   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  (continued) March 31, 2023 iShares^® Latin America 40 ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	10,601,769

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	$	820,007,145	$	—	$	—	$	820,007,145
Preferred Stocks		176,394,332		—		—		176,394,332
Rights		21,354		—		—		21,354
Short-Term Securities
Money Market Funds		35,118,843		—		—		35,118,843
	$	1,031,541,674	$	—	$	—	$	1,031,541,674
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	119,437	$	—	$	—	$	119,437

^(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 67

Statements of Assets and Liabilities  

March 31, 2023

	iShares Asia 50 ETF			iShares Blockchain and Tech ETF			iShares Emerging Markets Infrastructure ETF			iShares Europe ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	1,668,266,891		$	6,497,415		$	22,560,350		$	1,825,576,336
Investments, at value — affiliated(c)		700,000			2,274,838			991,005			5,834,666
Cash		1,677			5,981			3,203			9,426
Cash pledged for futures contracts		516,000			1,599			2,000			—
Foreign currency collateral pledged for futures contracts(d)		—			—			—			606,503
Foreign currency, at value(e)		2,180,173			3,902			14,361			3,110,021
Receivables:
Investments sold		—			—			2,001,334			—
Securities lending income — affiliated		2,876			16,953			201			3,909
Dividends — unaffiliated		4,550,178			4,824			48,626			5,032,435
Dividends — affiliated		5,172			40			103			9,306
Tax reclaims		—			—			—			4,814,738
Variation margin on futures contracts		—			753			—			54,774
Total assets		1,676,222,967			8,806,305			25,621,183			1,845,052,114
LIABILITIES
Collateral on securities loaned, at value		—			2,274,571			952,251			3,764,849
Payables:
Investments purchased		—			—			2,044,639			—
Capital shares redeemed		—			—			—			1,001,568
Investment advisory fees		681,516			2,349			11,289			958,518
IRS compliance fee for foreign withholding tax claims		—			—			—			6,283,073
Professional fees		—			—			—			110,711
Variation margin on futures contracts		16,898			—			120			—
Total liabilities		698,414			2,276,920			3,008,299			12,118,719
NET ASSETS	$	1,675,524,553		$	6,529,385		$	22,612,884		$	1,832,933,395
NET ASSETS CONSIST OF
Paid-in capital	$	1,834,932,222		$	8,983,970		$	56,634,068		$	2,263,671,696
Accumulated loss		(159,407,669	)		(2,454,585	)		(34,021,184	)		(430,738,301	)
NET ASSETS	$	1,675,524,553		$	6,529,385		$	22,612,884		$	1,832,933,395
NET ASSETVALUE
Shares outstanding		27,100,000			400,000			1,050,000			36,600,000
Net asset value	$	61.83		$	16.32		$	21.54		$	50.08
Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited
Par value		None			None			None			None
(a) Investments, at cost — unaffiliated	$	1,690,716,366		$	5,826,031		$	21,372,931		$	1,869,099,054
(b) Securities loaned, at value	$	—		$	2,303,103		$	866,108		$	3,585,971
(c)  Investments, at cost — affiliated	$	700,000		$	2,274,707		$	990,976		$	5,832,496
(d) Foreign currency collateral pledged, at cost	$	—		$	—		$	—		$	638,094
(e) Foreign currency, at cost	$	2,179,843		$	3,896		$	14,071		$	3,083,443

See notes to financial statements.

68 2 0 2 3   I S H A R E S   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  (continued)

March 31, 2023

	iShares Future Metaverse Tech and Communications ETF			iShares India 50 ETF		iShares International Developed Property ETF			iShares International Developed Small Cap Value Factor ETF
ASSETS
Investments, at value — unaffiliated(a)(b)		$	5,337,521	$	578,131,122	$	42,753,748		$	156,497,872
Investments, at value — affiliated(c)			—		—		922,455			2,137,769
Cash			3,547		2,940,917		9,288			5,231
Cash pledged for futures contracts			—		126,000		18,000			76,000
Foreign currency collateral pledged for futures contracts(d)			—		—		5,935			—
Foreign currency, at value(e)			5,329		12,629		80,362			350,995
Receivables:
Investments sold			9,732		2,066,726		—			32
Securities lending income — affiliated			—		—		1,095			8,071
Dividends — unaffiliated			4,896		—		240,361			953,093
Dividends — affiliated			6		22,740		9			176
Tax reclaims			274		—		28,987			131,190
Variation margin on futures contracts			—		16,845		7,890			16,965
Total assets			5,361,305		583,316,979		44,068,130			160,177,394
LIABILITIES
Collateral on securities loaned, at value			—		—		913,028			2,137,073
Payables:
Investments purchased			8,881		3,550,377		7,798			—
Deferred foreign capital gain tax			—		2,563,330		3,503			—
Foreign taxes			—		—		360			—
Investment advisory fees			2,003		431,312		17,578			39,555
Professional fees			—		—		2,462			—
Total liabilities			10,884		6,545,019		944,729			2,176,628
NET ASSETS		$	5,350,421	$	576,771,960	$	43,123,401		$	158,000,766
NET ASSETS CONSIST OF
Paid-in capital		$	5,104,279	$	301,258,434	$	98,016,160		$	170,287,914
Accumulated earnings (loss)			246,142		275,513,526		(54,892,759	)		(12,287,148	)
NET ASSETS		$	5,350,421	$	576,771,960	$	43,123,401		$	158,000,766
NET ASSETVALUE
Shares outstanding			200,000		14,000,000		1,600,000			5,000,000
Net asset value		$	26.75	$	41.20	$	26.95		$	31.60
Shares authorized			Unlimited		Unlimited		Unlimited			Unlimited
Par value			None		None		None			None
(a)  Investments, at cost — unaffiliated		$	5,103,438	$	578,875,509	$	64,844,412		$	167,015,746
(b)  Securities loaned, at value		$	—	$	—	$	802,084		$	2,037,507
(c)  Investments, at cost — affiliated		$	—	$	—	$	922,174		$	2,137,489
(d)  Foreign currency collateral pledged, at cost		$	—	$	—	$	6,022		$	—
(e)  Foreign currency, at cost		$	5,307	$	12,604	$	80,318		$	350,696

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 69

Statements of Assets and Liabilities  (continued)

March 31, 2023

	iShares International Dividend Growth ETF			iShares Latin America 40 ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	590,327,147		$	996,422,831
Investments, at value — affiliated(c)		3,919,211			35,118,843
Cash		105			130,620
Cash pledged for futures contracts		165,000			983,508
Foreign currency collateral pledged for futures contracts(d)		30,337			304,162
Foreign currency, at value(e)		582,799			1,169,245
Receivables:
Investments sold		—			3,323
Securities lending income — affiliated		326			6,785
Dividends — unaffiliated		2,562,398			2,083,280
Dividends — affiliated		4,376			8,891
Tax reclaims		510,649			—
Variation margin on futures contracts		22,033			22,924
Total assets		598,124,381			1,036,254,412
LIABILITIES
Collateral on securities loaned, at value		2,609,638			28,438,149
Payables:
Investments purchased		—			4,288,304
Bank borrowings		409			—
Capital shares redeemed		27			—
Deferred foreign capital gain tax		20,352			—
Investment advisory fees		73,012			394,952
Professional fees		1,272			—
Total liabilities		2,704,710			33,121,405
NET ASSETS	$	595,419,671		$	1,003,133,007
NET ASSETS CONSIST OF
Paid-in capital	$	615,780,185		$	2,268,822,948
Accumulated loss		(20,360,514	)		(1,265,689,941	)
NET ASSETS	$	595,419,671		$	1,003,133,007
NET ASSETVALUE
Shares outstanding		9,850,000			42,000,000
Net asset value	$	60.45		$	23.88
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a)  Investments, at cost — unaffiliated	$	578,158,363		$	1,135,188,347
(b)  Securities loaned, at value	$	2,468,734		$	27,738,165
(c)  Investments, at cost — affiliated	$	3,919,638		$	35,123,444
(d)  Foreign currency collateral pledged, at cost	$	29,938		$	298,158
(e)  Foreign currency, at cost	$	581,662		$	1,150,735

See notes to financial statements.

70 2 0 2 3   I S H A R E S   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

Year Ended March 31, 2023

		iShares Asia 50 ETF			iShares Blockchain and Tech ETF	(a)		iShares Emerging Markets Infrastructure ETF			iShares Europe ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	42,253,977		$	19,643		$	747,876		$	62,248,688
Dividends — affiliated		33,046			206			824			71,568
Securities lending income — affiliated — net		10,844			86,813			15,180			69,366
Other income — unaffiliated		—			—			—			1,884,104
Foreign taxes withheld		(4,875,472	)		(742	)		(49,765	)		(5,560,615	)
Foreign withholding tax claims		—			—			—			11,482,506
IRS compliance fee for foreign withholding tax claims		—			—			—			(4,340,623	)
Other foreign taxes		(191	)		—			—			—
Total investment income		37,422,204			105,920			714,115			65,854,994
EXPENSES
Investment advisory		7,623,024			24,511			129,926			10,031,041
Commitment costs		18,962			—			260			—
Professional		—			—			—			1,336,691
Total expenses		7,641,986			24,511			130,186			11,367,732
Net investment income		29,780,218			81,409			583,929			54,487,262
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(26,829,651	)		(3,174,374	)		(2,072,722	)		(46,105,974	)
Investments — affiliated		(3,438	)		136			(205	)		13,404
Capital gain distributions from underlying funds — affiliated		—			—			—			3
Foreign currency transactions		(418,816	)		101			(1,968	)		(285,112	)
Futures contracts		(556,346	)		(1,154	)		(15,567	)		61,134
In-kind redemptions — unaffiliated(b)		(27,215,081	)		—			354,069			92,398,942
		(55,023,332	)		(3,175,291	)		(1,736,393	)		46,082,397
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(146,728,195	)		671,384			591,564			(60,341,089	)
Investments — affiliated		—			131			546			1,854
Foreign currency translations		27,505			4			520			15,518
Futures contracts		(63,530	)		750			(1,832	)		32,693
		(146,764,220	)		672,269			590,798			(60,291,024	)
Net realized and unrealized loss		(201,787,552	)		(2,503,022	)		(1,145,595	)		(14,208,627	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(172,007,334	)	$	(2,421,613	)	$	(561,666	)	$	40,278,635

^(a)  For the period from April 25, 2022 (commencement of operations) to March 31, 2023.

^(b)  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 71

Statements of Operations  (continued)

Year Ended March 31, 2023

	iShares Future Metaverse Tech and Communications					iShares India 50 ETF			iShares International Developed			iShares International Developed Small Cap Value Factor
			ETF	(a)		(Consolidated	)		Property ETF			ETF
INVESTMENT INCOME
Dividends — unaffiliated		$	8,748		$	8,692,565		$	2,173,940		$	6,319,264
Dividends — affiliated			6			229,967			401			1,883
Securities lending income — affiliated — net			—			—			23,438			26,954
Other income — unaffiliated			—			—			62			—
Foreign taxes withheld			(665	)		(1,920,511	)		(198,651	)		(623,112	)
Foreign withholding tax claims			—			—			24,774			—
Total investment income			8,089			7,002,021			2,023,964			5,724,989
EXPENSES
Investment advisory			2,899			5,249,288			240,576			588,646
Commitment costs			—			7,387			—			—
Professional			—			—			2,483			—
Interest expense			—			253,126			—			—
Total expenses			2,899			5,509,801			243,059			588,646
Less:
Investment advisory fees waived			—			—			—			(147,162	)
Total expenses after fees waived			2,899			5,509,801			243,059			441,484
Net investment income			5,190			1,492,220			1,780,905			5,283,505
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated(b)			6,851			338,548,316			(1,643,911	)		(2,536,783	)
Investments — affiliated			—			—			125			449
Capital gain distributions from underlying funds — affiliated			—			18			—			—
Foreign currency transactions			(3	)		(2,516,535	)		(32,807	)		(56,406	)
Futures contracts			—			(294,979	)		(21,721	)		76,788
In-kind redemptions — unaffiliated(c)			—			—			(1,097,678	)		—
			6,848			335,736,820			(2,795,992	)		(2,515,952	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(d)			234,083			(390,353,096	)		(12,825,483	)		(9,754,481	)
Investments — affiliated			—			—			154			283
Foreign currency translations			21			1,977			3,657			8,043
Futures contracts			—			21,880			(7,904	)		(249	)
			234,104			(390,329,239	)		(12,829,576	)		(9,746,404	)
Net realized and unrealized gain (loss)			240,952			(54,592,419	)		(15,625,568	)		(12,262,356	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		$	246,142		$	(53,100,199	)	$	(13,844,663	)	$	(6,978,851	)
(a)  For the period from February 14, 2023 (commencement of operations) to March 31, 2023.
(b)  Net of foreign capital gain tax and capital gain tax refund, if applicable		$	—		$	(20,469,569	)	$	(376	)	$	—
(c)  See Note 2 of the Notes to Financial Statements.
(d)  Net of reduction in deferred foreign capital gain tax of		$	—		$	21,974,458		$	9,685		$	—

See notes to financial statements.

72 2 0 2 3   I S H A R E S   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  (continued)

Year Ended March 31, 2023

	iShares International Dividend Growth ETF			iShares Latin America 40 ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	14,719,013		$	133,994,753
Dividends — affiliated		19,818			98,321
Interest — unaffiliated		4,997			—
Securities lending income — affiliated — net		5,335			104,937
Other income — unaffiliated		37			—
Foreign taxes withheld		(1,520,195	)		(5,655,392	)
Foreign withholding tax claims		12,687			—
Total investment income		13,241,692			128,542,619
EXPENSES
Investment advisory		652,212			5,454,026
Interest expense		1,969			—
Commitment costs		1,921			14,813
Professional		1,272			—
Total expenses		657,374			5,468,839
Net investment income		12,584,318			123,073,780
REALIZED AND UNREALIZED GAIN (LOSS)
Investments — unaffiliated(a)		(27,369,878	)		(212,716,560	)
Investments — affiliated		584			(3,469	)
Capital gain distributions from underlying funds — affiliated		1			—
Foreign currency transactions		(77,536	)		(163,020	)
Futures contracts		(31,130	)		(5,906,611	)
In-kind redemptions — unaffiliated(b)		—			10,857,200
		(27,477,959	)		(207,932,460	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated(c)		10,859,367			(181,418,033	)
Investments — affiliated		(427	)		(13,420	)
Foreign currency translations		17,497			79,945
Futures contracts		103,863			(510,411	)
		10,980,300			(181,861,919	)
Net realized and unrealized loss		(16,497,659	)		(389,794,379	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,913,341	)	$	(266,720,599	)
(a) Net of foreign capital gain tax and capital gain tax refund, if applicable	$	(39,214	)	$	—
(b) See Note 2 of the Notes to Financial Statements.
(c)  Net of reduction in deferred foreign capital gain tax of	$	146,252		$	—

See notes to financial statements.

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

Statements of Changes in Net Assets

	iShares Asia 50 ETF						iShares Blockchain and Tech ETF
		Year Ended 03/31/23			Year Ended 03/31/22				Period From 04/25/22 to 03/31/23	(a)
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	29,780,218		$	28,699,918			$	81,409
Net realized gain (loss)		(55,023,332	)		100,321,770				(3,175,291	)
Net change in unrealized appreciation (depreciation)		(146,764,220	)		(756,399,361	)			672,269
Net decrease in net assets resulting from operations		(172,007,334	)		(627,377,673	)			(2,421,613	)
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		(36,273,723	)		(35,774,281	)			(32,972	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(1,319,572	)		(624,392,740	)			8,983,970
NET ASSETS
Total increase (decrease) in net assets		(209,600,629	)		(1,287,544,694	)			6,529,385
Beginning of period		1,885,125,182			3,172,669,876				—
End of period	$	1,675,524,553		$	1,885,125,182			$	6,529,385

^(a)  Commencement of operations.

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

See notes to financial statements.

74 2 0 2 3   I S H A R E S   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 Emerging Markets Infrastructure ETF							iShares Europe ETF
		Year Ended 03/31/23			Year Ended 03/31/22				Year Ended 03/31/23			Year Ended 03/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	583,929		$	655,382			$	54,487,262		$	46,610,305
Net realized gain (loss)			(1,736,393	)		(1,282,326	)			46,082,397			(27,424,827	)
Net change in unrealized appreciation (depreciation)			590,798			76,169				(60,291,024	)		3,559,544
Net increase (decrease) in net assets resulting from operations			(561,666	)		(550,775	)			40,278,635			22,745,022
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(641,405	)		(642,264	)			(50,928,655	)		(56,175,033	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			3,220,760			5,705,641				(100,395,818	)		311,464,772
NET ASSETS
Total increase (decrease) in net assets			2,017,689			4,512,602				(111,045,838	)		278,034,761
Beginning of year			20,595,195			16,082,593				1,943,979,233			1,665,944,472
End of year		$	22,612,884		$	20,595,195			$	1,832,933,395		$	1,943,979,233

^(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 75

Statements of Changes in Net Assets (continued)

	iShares Future Metaverse Tech and Communications ETF				iShares India 50 ETF (Consolidated)
			Period From 02/14/23 to 03/31/23	(a)		Year Ended 03/31/23			Year Ended 03/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	5,190		$	1,492,220		$	661,178
Net realized gain			6,848			335,736,820			52,516,496
Net change in unrealized appreciation (depreciation)			234,104			(390,329,239	)		16,573,355
Net increase (decrease) in net assets resulting from operations			246,142			(53,100,199	)		69,751,029
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders			—			(21,001,621	)		(48,495,153	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			5,104,279			(12,354,375	)		(49,311,607	)
NET ASSETS
Total increase (decrease) in net assets			5,350,421			(86,456,195	)		(28,055,731	)
Beginning of period			—			663,228,155			691,283,886
End of period		$	5,350,421		$	576,771,960		$	663,228,155

^(a)  Commencement of operations.

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

See notes to financial statements.

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

Statements of Changes in Net Assets (continued)

	iShares International Developed Property ETF						iShares International Developed Small Cap Value Factor ETF
	Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/23			Year Ended 03/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,780,905		$	2,144,487		$	5,283,505		$	1,194,731
Net realized loss		(2,795,992	)		(1,322,252	)		(2,515,952	)		(452,059	)
Net change in unrealized appreciation (depreciation)		(12,829,576	)		1,609,503			(9,746,404	)		(723,621	)
Net increase (decrease) in net assets resulting from operations		(13,844,663	)		2,431,738			(6,978,851	)		19,051
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(977,169	)		(3,007,345	)		(4,915,147	)		(407,661	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(5,900,739	)		(18,963,064	)		5,713,393			157,695,420
NET ASSETS
Total increase (decrease) in net assets		(20,722,571	)		(19,538,671	)		(6,180,605	)		157,306,810
Beginning of year		63,845,972			83,384,643			164,181,371			6,874,561
End of year	$	43,123,401		$	63,845,972		$	158,000,766		$	164,181,371

^(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 77

Statements of Changes in Net Assets (continued)

	iShares International Dividend Growth ETF							iShares Latin America 40 ETF
		Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/23			Year Ended 03/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income		$	12,584,318		$	6,718,910		$	123,073,780		$	87,719,376
Net realized gain (loss)			(27,477,959	)		5,289,828			(207,932,460	)		(97,985,906	)
Net change in unrealized appreciation (depreciation)			10,980,300			(9,199,161	)		(181,861,919	)		277,163,233
Net increase (decrease) in net assets resulting from operations			(3,913,341	)		2,809,577			(266,720,599	)		266,896,703
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders			(11,034,484	)		(5,744,772	)		(138,313,795	)		(99,359,955	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions			288,496,363			134,951,001			(330,022,276	)		(199,937,506	)
NET ASSETS
Total increase (decrease) in net assets			273,548,538			132,015,806			(735,056,670	)		(32,400,758	)
Beginning of year			321,871,133			189,855,327			1,738,189,677			1,770,590,435
End of year		$	595,419,671		$	321,871,133		$	1,003,133,007		$	1,738,189,677

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

See notes to financial statements.

78 2 0 2 3   I S H A R E S   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 Asia 50 ETF
	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 year	$	68.67		$	90.91		$	56.05		$	61.05		$	67.20
Net investment income(a)		1.17			0.93			1.31			1.42			1.48
Net realized and unrealized gain (loss)(b)		(6.54	)		(21.99	)		34.52			(4.94	)		(6.25	)
Net increase (decrease) from investment operations		(5.37	)		(21.06	)		35.83			(3.52	)		(4.77	)
Distributions from net investment income(c)		(1.47	)		(1.18	)		(0.97	)		(1.48	)		(1.38	)
Net asset value, end of year	$	61.83		$	68.67		$	90.91		$	56.05		$	61.05
Total Return(d)
Based on net asset value		(7.77	)%		(23.36	)%		64.22	%		(6.00	)%		(6.94	)%
Ratios to Average Net Assets(e)
Total expenses		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Net investment income		1.95	%		1.12	%		1.66	%		2.32	%		2.43	%
Supplemental Data
Net assets, end of year (000)	$	1,675,525		$	1,885,125		$	3,172,670		$	1,059,289		$	1,089,745
Portfolio turnover rate(f)		12	%		13	%		46	%		6	%		10	%

^(a)  Based on average shares outstanding.

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

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

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

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

^(f)  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 79

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Blockchain and Tech ETF
		Period From
				04/25/22	(a)
		to 03/31/23
Net asset value, beginning of period			$	25.56
Net investment income(b)				0.22
Net realized and unrealized gain(c)				(9.38	)
Net increase from investment operations				(9.16	)
Distributions from net investment income(d)				(0.08	)
Net asset value, end of period			$	16.32
Total Return(e)
Based on net asset value				(35.71	)%(f)
Ratios to Average Net Assets(g)
Total expenses				0.47	%(h)
Net investment income				1.56	%(h)
Supplemental Data
Net assets, end of period (000)			$	6,529
Portfolio turnover rate(i)				87	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amount 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.

80 2 0 2 3   I S H A R E S   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 Emerging Markets Infrastructure ETF
	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 year		$	22.88			$	24.74			$	19.80			$	28.64			$	32.07
Net investment income(a)			0.57				0.95				0.65				0.75				0.75
Net realized and unrealized gain (loss)(b)			(1.27	)			(1.84	)			4.91				(8.94	)			(3.45	)
Net increase (decrease) from investment operations			(0.70	)			(0.89	)			5.56				(8.19	)			(2.70	)
Distributions from net investment income(c)			(0.64	)			(0.97	)			(0.62	)			(0.65	)			(0.73	)
Net asset value, end of year		$	21.54			$	22.88			$	24.74			$	19.80			$	28.64
Total Return(d)
Based on net asset value			(3.11	)%			(3.83	)%			28.33	%			(29.33	)%			(8.35	)%
Ratios to Average Net Assets(e)
Total expenses			0.60	%			0.60	%			0.60	%			0.75	%			0.75	%
Net investment income			2.70	%			3.96	%			2.90	%			2.60	%			2.56	%
Supplemental Data
Net assets, end of year (000)		$	22,613			$	20,595			$	16,083			$	12,870			$	25,773
Portfolio turnover rate(f)			26	%			23	%			27	%			18	%			25	%

^(a)  Based on average shares outstanding.

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

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

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

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

^(f)  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 81

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Europe ETF
	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 year	$	50.17		$	50.25		$	35.42		$	43.40		$	46.48
Net investment income(a)		1.45	(b)		1.24	(b)		0.85			1.24			1.42
Net realized and unrealized gain (loss)(c)		(0.15	)		0.21			14.82			(7.78	)		(3.16	)
Net increase (decrease) from investment operations		1.30			1.45			15.67			(6.54	)		(1.74	)
Distributions from net investment income(d)		(1.39	)		(1.53	)		(0.84	)		(1.44	)		(1.34	)
Net asset value, end of year	$	50.08		$	50.17		$	50.25		$	35.42		$	43.40
Total Return(e)
Based on net asset value		2.87	%(b)		2.69	%(b)		44.70	%		(15.61	)%		(3.73	)%
Ratios to Average Net Assets(f)
Total expenses		0.67	%		0.63	%		0.60	%		0.59	%		0.59	%
Total expenses excluding professional fees for foreign withholding tax claims		0.59	%		0.58	%		0.59	%		0.59	%		0.59	%
Net investment income		3.21	%(b)		2.34	%(b)		1.94	%		2.84	%		3.23	%
Supplemental Data
Net assets, end of year (000)	$	1,832,933		$	1,943,979		$	1,665,944		$	1,252,107		$	2,002,860
Portfolio turnover rate(g)		5	%		5	%		5	%		5	%		7	%

^(a)  Based on average shares outstanding.

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

• Net investment income per share by $0.27 and $0.18.

• Total return by 0.56% and 0.36%.

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

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

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

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

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

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

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout the period)

	iShares Future Metaverse Tech and Communications
	ETF
		Period From
				02/14/23	(a)
		to 03/31/23
Net asset value, beginning of period			$	25.52
Net investment income(b)				0.03
Net realized and unrealized gain(c)				1.20
Net increase from investment operations				1.23
Net asset value, end of period			$	26.75
Total Return(d)
Based on net asset value				4.82	%(e)
Ratios to Average Net Assets(f)
Total expenses				0.47	%(g)
Net investment income				0.84	%(g)
Supplemental Data
Net assets, end of period (000)			$	5,350
Portfolio turnover rate(h)				7	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

^(e)  Not annualized.

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

^(g)  Annualized.

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

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 83

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares India 50 ETF (Consolidated)
	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 year		$	46.38			$	44.60			$	25.87			$	37.92			$	35.00
Net investment income(a)			0.11				0.05				0.02				0.19				0.16
Net realized and unrealized gain (loss)(b)			(3.70	)			5.10				18.74				(12.01	)			2.97
Net increase (decrease) from investment operations			(3.59	)			5.15				18.76				(11.82	)			3.13
Distributions(c)
From net investment income			—				(3.37	)			(0.03	)			(0.23	)			(0.21	)
From net realized gain			(1.59	)			—				—				—				—
Total distributions			(1.59	)			(3.37	)			(0.03	)			(0.23	)			(0.21	)
Net asset value, end of year		$	41.20			$	46.38			$	44.60			$	25.87			$	37.92
Total Return(d)
Based on net asset value			(7.92	)%			11.57	%			72.59	%			(31.41	)%			9.04	%
Ratios to Average Net Assets(e)
Total expenses			0.93	%(f)			0.89	%			0.90	%			0.93	%			0.94	%
Net investment income			0.25	%			0.10	%			0.06	%			0.51	%			0.45	%
Supplemental Data
Net assets, end of year (000)		$	576,772			$	663,228			$	691,284			$	483,841			$	828,545
Portfolio turnover rate(g)			108	%			12	%			8	%			26	%			24	%

^(a)  Based on average shares outstanding.

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

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

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

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

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

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

See notes to financial statements.

84 2 0 2 3   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares International Developed Property ETF
	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 year		$	35.47			$	36.25			$	27.97			$	38.79			$	38.95
Net investment income(a)			1.03	(b)			1.06	(b)			0.94				1.14				1.19
Net realized and unrealized gain (loss)(c)			(8.99	)			(0.35	)			8.19				(9.31	)			0.23
Net increase (decrease) from investment operations			(7.96	)			0.71				9.13				(8.17	)			1.42
Distributions from net investment income(d)			(0.56	)			(1.49	)			(0.85	)			(2.65	)			(1.58	)
Net asset value, end of year		$	26.95			$	35.47			$	36.25			$	27.97			$	38.79
Total Return(e)
Based on net asset value			(22.49	)%(b)			1.79	%(b)			32.96	%			(22.52	)%			3.91	%
Ratios to Average Net Assets(f)
Total expenses			0.48	%			0.49	%			0.48	%			0.48	%			0.48	%
Total expenses excluding professional fees for foreign withholding tax claims			0.48	%			0.48	%			N/A				N/A				N/A
Net investment income			3.55	%(b)			2.82	%(b)			2.92	%			3.01	%			3.16	%
Supplemental Data
Net assets, end of year (000)		$	43,123			$	63,846			$	83,385			$	78,329			$	131,871
Portfolio turnover rate(g)			6	%			12	%			16	%			8	%			9	%

^(a)  Based on average shares outstanding.

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

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

• Total return by 0.04% and 0.12%.

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

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

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

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

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

^(g)  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 85

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares International Developed Small Cap Value Factor  ETF
										Period From
		Year Ended				Year Ended						03/23/21	(a)
		03/31/23				03/31/22				to 03/31/21
Net asset value, beginning of period			$	34.20			$	34.37			$	34.52
Net investment income(b)				1.09				1.59				0.16
Net realized and unrealized loss(c)				(2.68	)			(0.74	)			(0.31	)
Net increase (decrease) from investment operations				(1.59	)			0.85				(0.15	)
Distributions from net investment income(d)				(1.01	)			(1.02	)			—
Net asset value, end of period			$	31.60			$	34.20			$	34.37
Total Return(e)
Based on net asset value				(4.56	)%			2.42	%			(0.43	)%(f)
Ratios to Average Net Assets(g)
Total expenses				0.40	%			0.40	%			0.40	%(h)
Total expenses after fees waived				0.30	%			0.30	%			0.30	%(h)
Net investment income				3.59	%			4.55	%			17.96	%(h)
Supplemental Data
Net assets, end of period (000)			$	158,001			$	164,181			$	6,875
Portfolio turnover rate(i)				18	%			35	%			0	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

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

^(f)  Not annualized.

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

^(h)  Annualized.

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

See notes to financial statements.

86 2 0 2 3   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares International Dividend Growth ETF
	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		$	65.02			$	64.36			$	45.51			$	53.81			$	56.40
Net investment income(a)			1.67				1.74				1.53				1.56				1.51
Net realized and unrealized gain (loss)(b)			(4.77	)			0.39				18.87				(8.24	)			(2.58	)
Net increase (decrease) from investment operations			(3.10	)			2.13				20.40				(6.68	)			(1.07	)
Distributions from net investment income(c)			(1.47	)			(1.47	)			(1.55	)			(1.62	)			(1.52	)
Net asset value, end of period		$	60.45			$	65.02			$	64.36			$	45.51			$	53.81
Total Return(d)
Based on net asset value			(4.60	)%			3.28	%			45.29	%			(12.75	)%			(1.88	)%
Ratios to Average Net Assets(e)
Total expenses			0.15	%			0.15	%			0.19	%			0.22	%			0.22	%
Total expenses excluding professional fees for foreign withholding tax claims			0.15	%			N/A				N/A				N/A				N/A
Net investment income			2.89	%			2.60	%			2.66	%			2.81	%			2.80	%
Supplemental Data
Net assets, end of period (000)		$	595,420			$	321,871			$	189,855			$	79,644			$	75,329
Portfolio turnover rate(f)			37	%			40	%			66	%			35	%			34	%

^(a)  Based on average shares outstanding.

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

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

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

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

^(f)  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 87

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Latin America 40 ETF
	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 year		$	30.36			$	27.56			$	18.34			$	33.24			$	37.28
Net investment income(a)			2.69				1.70				0.68				0.98				0.88
Net realized and unrealized gain (loss)(b)			(6.26	)			3.09				9.09				(14.83	)			(3.96	)
Net increase (decrease) from investment operations			(3.57	)			4.79				9.77				(13.85	)			(3.08	)
Distributions from net investment income(c)			(2.91	)			(1.99	)			(0.55	)			(1.05	)			(0.96	)
Net asset value, end of year		$	23.88			$	30.36			$	27.56			$	18.34			$	33.24
Total Return(d)
Based on net asset value			(11.29	)%			19.25	%			53.62	%			(43.05	)%			(7.93	)%
Ratios to Average Net Assets(e)
Total expenses			0.48	%			0.47	%			0.48	%			0.48	%			0.48	%
Net investment income			10.76	%			6.07	%			2.78	%			3.08	%			2.68	%
Supplemental Data
Net assets, end of year (000)		$	1,003,133			$	1,738,190			$	1,770,590			$	797,877			$	1,529,164
Portfolio turnover rate(f)			24	%			27	%			20	%			22	%			20	%

^(a)  Based on average shares outstanding.

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

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

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

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

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

See notes to financial statements.

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Notes to Financial Statements  

1. ORGANIZATION

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

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

iShares ETF	Diversification   Classification
Asia 50		Non-diversified
Blockchain and Tech		Non-diversified
Emerging Markets Infrastructure		Non-diversified
Europe		Diversified
Future Metaverse Tech and Communications(a)		Non-diversified
India 50		Non-diversified
International Developed Property		Diversified
International Developed Small Cap Value Factor		Non-diversified
International Dividend Growth		Diversified
Latin America 40		Non-diversified

^(a) The Fund commenced operations on February 14, 2023.

Basis of Consolidation: The accompanying consolidated financial statements for the iShares India 50 ETF includes the accounts of its subsidiary in the Republic of Mauritius, which is a wholly-owned subsidiary of the Fund that invests in Indian securities. Through this investment structure, the Fund expects to obtain certain benefits under a current tax treaty between Mauritius and India.

Effective March 17, 2023, iShares India 50 ETF no longer invests in the Subsidiary. iShares India 50 ETF transferred all of the assets of iShares India 50 ETF’s wholly owned Mauritius Subsidiary to iShares India 50 ETF through on-exchange transactions in India. iShares India 50 ETF recognized a net realized gain of $348,861,864 as a result of this transaction. After the transfer, iShares India 50 ETF began making new investments in India directly. On March 29, 2023, iShares India 50 ETF’s Subsidiary was dissolved.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of March 31, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 89

Notes to Financial Statements  (continued)

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.

The iShares India 50 ETF has conducted investment activities in India through its Subsidiary and, where applicable, expects to obtain benefits under the Double Tax Avoidance Agreement (“DTAA”) between India and Mauritius. In order to be eligible to claim benefits under the DTAA, the Subsidiary must have commercial substance, on an annual basis, to satisfy certain tests and conditions, including the establishment and maintenance of valid tax residence in Mauritius, have the place of effective management outside of India, and related requirements. The Fund has obtained a current tax residence certificate issued by the Mauritian Revenue Authorities.

Based upon current interpretation and practice of the current tax laws in India and Mauritius and the DTAA, the Subsidiary is subject to tax in Mauritius on its net income at the rate of 15%. However, the Subsidiary is entitled to a tax credit equivalent to the higher of the actual foreign tax incurred or 80% of the Mauritius tax on its foreign source income, thus reducing its maximum effective tax rate to 3% up to June 30, 2021. After June 30, 2021, under the new tax regime and subject to meeting the necessary substance requirements as required under the Financial Services Act 2007 (as amended by the Finance Act 2018) and such guidelines issued by the Financial Services Commission (the “FSC”), the Subsidiary is entitled to either (a) a foreign tax credit equivalent to the actual foreign tax suffered on its foreign income against the Subsidiary’s tax liability computed at 15% on such income, or (b) a partial exemption of 80% of some of the income derived, including interest income or foreign source dividends. Taxes on income, if any, are paid by the Subsidiary and are disclosed in its Consolidated Statements of Operations. Any dividends paid by a Subsidiary to its Fund are not subject to tax in Mauritius. The Subsidiary is currently exempt from tax in Mauritius on any gains from the sale of securities.

The DTAA provides that capital gains will be taxable in India with respect to the sale of shares acquired on or after April 1, 2017. Capital gains arising from shares acquired before April 1, 2017, regardless of when they are sold, will continue to be exempt from taxation under the amended DTAA, assuming requirements for eligibility under the DTAA are satisfied. There can be no assurance, however, that the DTAA will remain in effect during the Subsidiary’s existence or that it will continue to enjoy its benefits on the shares acquired prior to April 1, 2017.

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

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

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

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.

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Notes to Financial Statements  (continued)

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.

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.

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 91

Notes to Financial Statements  (continued)

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
Blockchain and Tech
BNP Paribas SA	$	17,159	$	(16,715	)	$	—		$	444	(b)
BofA Securities, Inc.		236,765		(221,690	)		—			15,075	(b)
J.P. Morgan Securities LLC		441,733		(441,733	)		—			—
Jefferies LLC		862,236		(859,192	)		—			3,044	(b)
UBS AG		745,210		(705,881	)		—			39,329	(b)
	$	2,303,103	$	(2,245,211	)	$	—		$	57,892
Emerging Markets Infrastructure
Barclays Bank PLC	$	349,082	$	(349,082	)	$	—		$	—
HSBC Bank PLC		517,026		(517,026	)		—			—
	$	866,108	$	(866,108	)	$	—		$	—
Europe
BNP Paribas SA	$	273,441	$	(273,441	)	$	—		$	—
BofA Securities, Inc.		46,634		(46,634	)		—			—
Citigroup Global Markets, Inc.		240,627		(240,627	)		—			—
Goldman Sachs & Co. LLC		689,403		(689,403	)		—			—
HSBC Bank PLC		1,611,173		(1,611,173	)		—			—
J.P. Morgan Securities LLC		582,881		(582,881	)		—			—
UBS Securities LLC		141,812		(141,812	)		—			—
	$	3,585,971	$	(3,585,971	)	$	—		$	—
International Developed Property
Barclays Capital, Inc.	$	15,842	$	(15,842	)	$	—		$	—
BofA Securities, Inc.		14,193		(14,193	)		—			—
Citigroup Global Markets, Inc.		75,464		(75,464	)		—			—
Goldman Sachs & Co. LLC		106,089		(106,089	)		—			—
HSBC Bank PLC		18,808		(18,808	)		—			—
J.P. Morgan Securities LLC		11,944		(11,944	)		—			—
Morgan Stanley & Co. LLC		329,327		(329,327	)		—			—
SG Americas Securities LLC		221,500		(221,500	)		—			—
UBS AG		8,917		(8,917	)		—			—
	$	802,084	$	(802,084	)	$	—		$	—
International Developed Small Cap Value Factor
Barclays Capital, Inc.	$	418,349	$	(418,349	)	$	—		$	—
BNP Paribas SA		55,680		(55,680	)		—			—
BofA Securities, Inc.		581,663		(581,663	)		—			—
Credit Suisse Securities (USA) LLC		3,451		(3,451	)		—			—
Goldman Sachs & Co. LLC		2,962		(2,962	)		—			—
HSBC Bank PLC		257,386		(257,386	)		—			—
J.P. Morgan Securities LLC		350,702		(350,702	)		—			—
UBS AG		367,314		(367,314	)		—			—
	$	2,037,507	$	(2,037,507	)	$	—		$	—
International Dividend Growth
Goldman Sachs & Co. LLC	$	1,453,575	$	(1,453,575	)	$	—		$	—
J.P. Morgan Securities LLC		942,906		(942,906	)		—			—
Morgan Stanley		72,253		(72,253	)		—			—
	$	2,468,734	$	(2,468,734	)	$	—		$	—
Latin America 40
Citigroup Global Markets, Inc.	$	20,029,359	$	(20,029,359	)	$	—		$	—
National Financial Services LLC		7,708,806		(7,708,806	)		—			—
	$	27,738,165	$	(27,738,165	)	$	—		$	—

^(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 March 31, 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.

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Notes to Financial Statements  (continued)

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 of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fees
Asia 50		0.50%
Blockchain and Tech		0.47
Emerging Markets Infrastructure		0.60
Future Metaverse Tech and Communications		0.47
India 50		0.89
International Developed Property		0.48
International Developed Small Cap Value Factor		0.40
International Dividend Growth		0.15

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

Aggregate Average Daily Net Assets	Investment Advisory Fees
First $12 billion		0.6000%
Over $12 billion, up to and including $18 billion		0.5700
Over $18 billion, up to and including $24 billion		0.5415
Over $24 billion, up to and including $30 billion		0.5145
Over $30 billion		0.4888

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 93

Notes to Financial Statements  (continued)

For its investment advisory services to the iShares Latin America 40 ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:

Aggregate Average Daily Net Assets	Investment Advisory Fees
First $46 billion		0.5000	%
Over $46 billion, up to and including $81 billion		0.4750
Over $81 billion, up to and including $111 billion		0.4513
Over $111 billion, up to and including $141 billion		0.4287
Over $141 billion, up to and including $171 billion		0.4073
Over $171 billion		0.3869

The Subsidiary has entered into a separate contract with BFA under which BFA provides investment advisory services to the Subsidiary but does not receive separate compensation from the Subsidiary for providing it with such services. The Subsidiary has also entered into separate arrangements that provide for the provision of other services to the Subsidiary (including administrative, custody, transfer agency and other services), and BFA pays the costs and expenses related to the provision of those services.

Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.

For the iShares Emerging Markets Infrastructure ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through July 31, 2027 in an amount equal to the acquired fund fees and expenses, if any, attributable to the Fund’s investments in other iShares funds. For the iShares International Developed Small Cap Value Factor ETF, BFA has contractually agreed to waive a portion of its investment advisory fee through July 31, 2024 in order to limit the Fund’s total annual operating expenses after fee waiver to 0.30% of average daily net assets.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended March 31, 2023, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:

iShares ETF	Amounts Waived
International Developed Small Cap Value Factor	$	147,162

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

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

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

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

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

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

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Notes to Financial Statements  (continued)

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 year ended March 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Asia 50	$	3,366
Blockchain and Tech		19,925
Emerging Markets Infrastructure		3,630
Europe		19,638
International Developed Property		5,447
International Developed Small Cap Value Factor		6,233
International Dividend Growth		1,052
Latin America 40		37,558

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

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 year ended March 31, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Asia 50	$	10,674,870	$	8,965,990	$	(8,430,634	)
Emerging Markets Infrastructure		43,929		437,039		(916,303	)
Europe		6,095,333		1,799,847		(1,123,289	)
International Developed Property		2,826		64,494		(45,601	)
International Developed Small Cap Value Factor		1,475,581		7,220,023		505,819
International Dividend Growth		17,284,480		8,921,301		(1,467,285	)
Latin America 40		482,525		1,405,640		(936,779	)

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 year ended March 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Asia 50	$	323,736,679	$	188,518,620
Blockchain and Tech		5,405,035		4,754,454
Emerging Markets Infrastructure		7,900,196		5,529,679
Europe		96,798,817		88,305,642
Future Metaverse Tech and Communications		545,114		358,055
India 50		639,134,509		671,030,490
International Developed Property		3,680,302		2,961,170
International Developed Small Cap Value Factor		28,230,927		26,598,180
International Dividend Growth		202,329,066		159,414,575
Latin America 40		276,348,245		370,456,208

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 95

Notes to Financial Statements  (continued)

For the year ended March 31, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind   Sales
Asia 50	$	12,272,331	$	144,395,498
Blockchain and Tech		8,349,861		—
Emerging Markets Infrastructure		1,914,839		1,029,160
Europe		255,100,997		358,964,403
Future Metaverse Tech and Communications		4,909,528		—
International Developed Property		—		5,623,202
International Developed Small Cap Value Factor		5,630,276		—
International Dividend Growth		244,214,743		—
Latin America 40		278,037,013		534,657,996

8. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Funds as of March 31, 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2023, permanent differences attributable to net investment loss, distributions paid in excess of taxable income and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital			Accumulated  Earnings (Loss)
Asia 50	$	(39,330,520	)	$	39,330,520
Emerging Markets Infrastructure		285,243			(285,243	)
Europe		78,391,052			(78,391,052	)
India 50		(36,875,144	)		36,875,144
International Developed Property		(1,628,297	)		1,628,297
Latin America 40		(18,256,533	)		18,256,533

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 03/31/23		Year Ended 03/31/22
Asia 50
Ordinary income	$	36,273,723	$	35,774,281
iShares ETF			Period Ended 03/31/23
Blockchain and Tech
Ordinary income			$	32,972
iShares ETF	Year Ended 03/31/23		Year Ended 03/31/22
Emerging Markets Infrastructure
Ordinary income	$	641,405	$	642,264
Europe
Ordinary income	$	50,928,655	$	56,175,033
India 50
Ordinary income	$	—	$	48,495,153
Long-term capital gains		21,001,621		—
	$	21,001,621	$	48,495,153
International Developed Property
Ordinary income	$	977,169	$	3,007,345

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Notes to Financial Statements  (continued)

iShares ETF	Year Ended 03/31/23		Year Ended 03/31/22
International Developed Small Cap Value Factor
Ordinary income	$	4,915,147	$	407,661
International Dividend Growth
Ordinary income	$	11,034,484	$	5,744,772
Latin America 40
Ordinary income	$	138,313,795	$	99,359,955

As of March 31, 2023, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Qualified Late-Year Losses	(c)		Total
Asia 50	$	9,437,598	$	—	$	(91,304,416	)	$	(77,540,851	)	$	—		$	(159,407,669	)
Blockchain and Tech		60,658		—		(3,088,039	)		572,796			—			(2,454,585	)
Emerging Markets Infrastructure		20,842		—		(34,170,843	)		128,817			—			(34,021,184	)
Europe		15,182,643		—		(368,616,712	)		(77,304,232	)		—			(430,738,301	)
Future Metaverse Tech and Communications		12,038		—		—			234,104			—			246,142
India 50		—		2,101,248		—			273,907,902			(495,624	)		275,513,526
International Developed Property		—		—		(31,498,243	)		(23,394,516	)		—			(54,892,759	)
International Developed Small Cap Value Factor		1,735,366		—		(2,549,938	)		(11,472,576	)		—			(12,287,148	)
International Dividend Growth		2,561,443		—		(32,658,402	)		9,736,445			—			(20,360,514	)
Latin America 40		—		—		(1,036,874,384	)		(228,815,557	)		—			(1,265,689,941	)

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, timing and recognition of partnership income, the characterization of corporate actions, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies and the timing and recognition of realized gains (losses) for tax purposes.

^(c)  The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

For the year ended March 31, 2023, the iShares India 50 ETF utilized $7,613,251 of its capital loss carryforwards.

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 March 31, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Asia 50	$	1,746,449,387	$	301,662,433	$	(379,142,706	)	$	(77,480,273	)
Blockchain and Tech		8,199,461		980,601		(407,809	)		572,792
Emerging Markets Infrastructure		23,422,793		4,561,113		(4,432,551	)		128,562
Europe		1,908,692,205		308,566,030		(385,847,233	)		(77,281,203	)
Future Metaverse Tech and Communications		5,103,438		326,708		(92,625	)		234,083
India 50		301,682,071		288,368,652		(11,896,772	)		276,471,880
International Developed Property		67,068,566		667,248		(24,058,713	)		(23,391,465	)
International Developed Small Cap Value Factor		170,119,727		8,781,399		(20,260,291	)		(11,478,892	)
International Dividend Growth		584,512,685		38,845,577		(29,105,550	)		9,740,027
Latin America 40		1,260,461,317		75,180,429		(304,063,390	)		(228,882,961	)

9. LINE OF CREDIT

The iShares Asia 50 ETF, iShares Emerging Markets Infrastructure ETF, iShares India 50 ETF, iShares International Dividend Growth ETF and iShares Latin America 40 ETF, along with certain other iShares funds (“Participating Funds”), are parties to a $800 million credit agreement (“Syndicated Credit Agreement”) with a group of lenders, which expires on August 11, 2023. 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

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Notes to Financial Statements  (continued)

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 year ended March 31, 2023, the iShares Asia 50 ETF, iShares Emerging Markets Infrastructure ETF, iShares India 50 ETF and iShares Latin America 40 ETF did not borrow under the Syndicated Credit Agreement.

For the year ended March 31, 2023, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Syndicated Credit Agreement were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
International Dividend Growth	$	2,600,000	$	35,479		4.99	%

Effective April 21, 2022, iShares India 50 ETF, along with certain other iShares funds (“Mauritius Participating Funds”), was a party to a $1.50 billion unsecured and uncommitted line of credit (“Uncommitted Liquidity Facility”) with State Street Bank and Trust Company, which was used solely to facilitate trading associated with the closure of the Fund’s Mauritius subsidiary. The Uncommitted Liquidity Facility had interest at a rate equal to the higher of (a) the U.S. Federal Funds rate (not less than zero) plus 1.25% per annum or (b) the Overnight Bank Funding rate (not less than zero) plus 1.25% per annum on amounts borrowed. The Uncommitted Liquidity Facility was terminated on December 7, 2022.

For the year ended March 31, 2023, the maximum amount borrowed, the average daily borrowing and the weighted average interest rate, if any, under the Uncommitted Liquidity Facility were as follows:

iShares ETF	Maximum Amount Borrowed		Average Borrowing		Weighted Average Interest Rates
India 50	$	151,350,000	$	7,624,795		3.27	%

10. PRINCIPAL RISKS

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

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

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

Market Risk: Investments in the securities of issuers domiciled in countries with emerging capital markets involve certain additional risks that do not generally apply to investments in securities of issuers in more developed capital markets, such as (i) low or nonexistent trading volume, resulting in a lack of liquidity and increased volatility in prices for such securities; (ii) uncertain national policies and social, political and economic instability, increasing the potential for expropriation of assets, confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) lack of publicly available or reliable information about issuers as a result of not being subject to the same degree of regulatory requirements and accounting, auditing and financial reporting standards; and (iv) possible fluctuations in exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial restrictions or other foreign or U.S. governmental laws or restrictions applicable to such investments.

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

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling

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Notes to Financial Statements  (continued)

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.

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.

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

Certain Funds invest a significant portion of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedule of Investments.

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

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

Certain Funds invest a significant portion of their assets in securities of issuers located in China or with significant exposure to Chinese issuers. Investments in Chinese securities, including certain Hong Kong-listed securities, involve risks specific to China. China may be subject to considerable degrees of economic, political and social instability and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries may disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and a fund’s investments. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers,

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Notes to Financial Statements  (continued)

or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. In addition, measures may be taken to limit the flow of capital and/or sanctions may be imposed, which could prohibit or restrict the ability to own or transfer fund assets and may also include retaliatory actions, such as seizure of fund assets.

Certain Funds invest a significant portion of their assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Funds’ investments.

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

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

11. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Year Ended 03/31/23						Year Ended 03/31/22
iShares ETF	Shares			Amount			Shares			Amount
Asia 50
Shares sold		4,250,000		$	268,352,378			550,000		$	50,293,530
Shares redeemed		(4,600,000	)		(269,671,950	)		(8,000,000	)		(674,686,270	)
		(350,000	)	$	(1,319,572	)		(7,450,000	)	$	(624,392,740	)

	Period Ended 03/31/23
iShares ETF	Shares		Amount
Blockchain and Tech
Shares sold		400,000	$	8,983,970

	Year Ended 03/31/23						Year Ended 03/31/22
iShares ETF	Shares			Amount			Shares			Amount
Emerging Markets Infrastructure
Shares sold		200,000		$	4,326,610			250,000		$	5,705,641
Shares redeemed		(50,000	)		(1,105,850	)		—			—
		150,000		$	3,220,760			250,000		$	5,705,641
Europe
Shares sold		5,600,000		$	267,045,938			6,250,000		$	340,588,053
Shares redeemed		(7,750,000	)		(367,441,756	)		(650,000	)		(29,123,281	)
		(2,150,000	)	$	(100,395,818	)		5,600,000		$	311,464,772

	Period Ended 03/31/23
iShares ETF	Shares		Amount
Future Metaverse Tech and Communications(a)
Shares sold		200,000	$	5,104,279

^(a)  The Fund commenced operations on February 14, 2023.

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Notes to Financial Statements  (continued)

	Year Ended 03/31/23						Year Ended 03/31/22
iShares ETF	Shares			Amount			Shares			Amount
India 50
Shares sold		750,000		$	32,231,430			850,000		$	44,660,162
Shares redeemed		(1,050,000	)		(44,585,805	)		(2,050,000	)		(93,971,769	)
		(300,000	)	$	(12,354,375	)		(1,200,000	)	$	(49,311,607	)
International Developed Property
Shares sold		—		$	21			—		$	58
Shares redeemed		(200,000	)		(5,900,760	)		(500,000	)		(18,963,122	)
		(200,000	)	$	(5,900,739	)		(500,000	)	$	(18,963,064	)
International Developed Small Cap Value Factor
Shares sold		200,000		$	5,713,393			4,600,000		$	157,695,420
International Dividend Growth
Shares sold		4,900,000		$	288,496,363			2,450,000		$	165,044,172
Shares redeemed		—			—			(450,000	)		(30,093,171	)
		4,900,000		$	288,496,363			2,000,000		$	134,951,001
Latin America 40
Shares sold		13,500,000		$	362,330,132			25,250,000		$	664,304,225
Shares redeemed		(28,750,000	)		(692,352,408	)		(32,250,000	)		(864,241,731	)
		(15,250,000	)	$	(330,022,276	)		(7,000,000	)	$	(199,937,506	)

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

iShares Europe ETF, iShares International Developed Property ETF, and iShares International Dividend Growth ETF have filed claims to recover taxes withheld by Sweden on dividend income based upon certain provisions in the Treaty on the Functioning of the European Union. The Funds have recorded a receivable for all recoverable taxes withheld by Sweden based upon determinations made by Swedish tax authorities. Professional and other fees associated with the filing of tax claims in Sweden that result in the recovery of foreign withholding taxes have been approved by the Board as appropriate expenses of the Funds. The Funds continue to evaluate developments in Sweden, for potential impacts to the receivables and associated professional fees payable. Swedish tax claims receivable and related liabilities are disclosed in the Statements of Assets and Liabilities. Collection of this receivable, and any subsequent payment of associated liabilities, depends upon determinations made by Swedish tax authorities.

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 iShares International Dividend Growth ETF is able to pass through to shareholders as a foreign tax credit in the current year, the Fund 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 Fund.

The iShares Europe ETF is seeking or expected to seek a closing agreement with the Internal Revenue Service (“IRS”) to address any prior years’ U.S. income tax liabilities attributable to Fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the Fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by Fund shareholders on their tax returns in prior years. The Fund has accrued a liability for the estimated IRS compliance fee related to foreign withholding tax claims, which is disclosed in the Statements of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material.

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Notes to Financial Statements  (continued)

13. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the ten funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (ten of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2023, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2023, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

iShares Asia 50 ETF⁽¹⁾

iShares Blockchain and Tech ETF⁽²⁾

iShares Emerging Markets Infrastructure ETF⁽¹⁾

iShares Europe ETF⁽¹⁾

iShares Future Metaverse Tech and Communications ETF⁽³⁾

iShares India 50 ETF⁽⁴⁾

iShares International Developed Property ETF⁽¹⁾

iShares International Developed Small Cap Value Factor ETF⁽¹⁾

iShares International Dividend Growth ETF⁽¹⁾

iShares Latin America 40 ETF⁽¹⁾

⁽¹⁾ Statements of operations for the year ended March 31, 2023, statements of changes in net assets for each of the two years in the period ended March 31, 2023 and each of the financial highlights for each of the periods indicated therein.

⁽²⁾ Statement of operations, statement of changes in net assets and the financial highlights for the period April 25, 2022 (commencement of operations) to March 31, 2023.

⁽³⁾ Statement of operations, statement of changes in net assets and the financial highlights for the period February 14, 2023 (commencement of operations) to March 31, 2023.

⁽⁴⁾ Consolidated statement of operations for the year ended March 31, 2023, consolidated statements of changes in net assets for each of the two years in the period ended March 31, 2023 and the consolidated financial highlights for each of the periods indicated therein.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 25, 2023

We have served as the auditor of one or more BlackRock investment companies since 2000.

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Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2023:

iShares ETF	Qualified Dividend Income
Asia 50	$	17,560,404
Blockchain and Tech		17,289
Emerging Markets Infrastructure		430,694
Europe		61,317,041
Future Metaverse Tech and Communications		7,911
India 50		8,154,489
International Developed Property		1,124,416
International Developed Small Cap Value Factor		5,393,511
International Dividend Growth		13,785,189
Latin America 40		121,182,425

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended March 31, 2023:

iShares ETF	Foreign Source Income Earned		Foreign     Taxes Paid
Asia 50	$	50,744,673	$	5,178,732
Emerging Markets Infrastructure		747,705		46,471
Europe		62,258,308		—
India 50		8,689,091		22,390,750
International Developed Property		2,168,003		196,339
International Developed Small Cap Value Factor		6,319,445		513,430
International Dividend Growth		14,719,015		1,392,657
Latin America 40		133,107,092		5,860,869

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2023 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received Deduction
Blockchain and Tech		13.33	%
Future Metaverse Tech and Communications		15.23	%
Latin America 40		0.66	%

The Fund hereby designates the following amount, or maximum amount allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended March 31, 2023:

iShares ETF	20% Rate Long-Term Capital Gain Dividends
India 50	$	21,001,621

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Board Review and Approval of Investment Advisory Contract

iShares Future Metaverse Tech and Communications ETF (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 to consider and approve the proposed Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. 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 terms of the proposed Advisory Agreement. At a meeting held on December 12-14, 2022, the Board, including the Independent Board Members, approved the selection of BFA as investment adviser and approved the proposed Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. (“BTC”), and BlackRock, Inc. (“BlackRock”), as applicable, at prior Board meetings. 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 Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses of the Fund; (ii) the nature, extent and quality of the services to be provided by BFA; (iii) the costs of services to be provided to the Fund and the availability of information related to profits to be realized by BFA and its affiliates; (iv) potential economies of scale; (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, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the Advisory Agreement are discussed below.

Expenses 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 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 waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

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 of the Fund supported the Board’s approval of the Advisory Agreement.

Nature, Extent and Quality of Services to be Provided by BFA: The Board reviewed the scope of services to be provided by BFA under the Advisory Agreement. 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 and have made significant investments into the iShares business to support the iShares funds and their shareholders. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA’s compliance program and its compliance record with respect to other iShares funds. 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 who will be responsible for the day-to-day management of the Fund, as well as the resources that will be available to them in managing the Fund. The Board also considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided throughout the year with respect to other iShares funds, and other matters related to BFA’s portfolio compliance program.

Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided to the Fund under the Advisory Agreement supported the Board’s approval of the Advisory Agreement.

Costs of Services to be Provided to the Fund and Profits to be Realized by BFA and Affiliates: The Board did not consider the profitability of the Fund to BFA based on the fees payable under the Advisory Agreement or revenue to be received by BFA or its affiliates in connection with services to be provided to the Fund since the proposed relationship had not yet commenced. The Board noted that it expects to receive profitability information from BFA periodically following the Fund’s launch and will thus be in a position to evaluate whether any new or additional breakpoints or other adjustments in Fund fees would be appropriate.

Economies of Scale: The Board considered information that it had previously received regarding potential economies of scale, efficiencies and scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

This consideration 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 Advisory Agreement.

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 noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index

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Board Review and Approval of Investment Advisory Contract  (continued)

as the Fund. The Board further noted that BFA previously provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the iShares funds, including in terms of the different and generally more extensive services provided to the iShares funds, 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 considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement.

Other Benefits to BFA and/or its Affiliates: Except as noted below, the Board did not consider the “fallout” benefits or ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA since the proposed relationship had not yet commenced. However, 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 considered the potential payment of advisory fees and/or administration 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 and/or administration services. The Board also noted the potential revenue to be received by BFA and/or its affiliates pursuant to an agreement that would permit 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 also considered the potential for revenue to BTC, the Fund’s securities lending agent, and its affiliates in the event of any loaning of portfolio securities of 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 Advisory Agreement.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services to be rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the Advisory Agreement.

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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Asia 50 ETF, iShares Blockchain and Tech ETF, iShares Emerging Markets Infrastructure ETF, iShares Europe ETF, iShares India 50 ETF, iShares International Developed Property ETF, iShares International Developed Small Cap Value Factor ETF, iShares International Dividend Growth ETF and iShares Latin America 40 ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, the imposition of capital controls in certain non-U.S. countries, Russian sanctions and the closure of the Russian securities market.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

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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.

March 31, 2023

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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
Asia 50	$	1.468540	$	—	$	—	$	1.468540		100	%		—	%		—	%		100	%
Europe		1.385332		—		—		1.385332		100			—			—			100
India 50		—		1.585028		—		1.585028		—			100			—			100
International Developed Property		0.557877		—		—		0.557877		100			—			—			100

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive, and its United Kingdom (“UK”) equivalent, (“AIFMD”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, the Company is only required to comply with certain disclosure, reporting and transparency obligations of AIFMD because it has registered the iShares India 50 ETF (the “Fund”) to be marketed to investors in the EU and/or UK.

Report on Remuneration

The Company is required under AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well-defined pay-for-performance philosophy, and compensation programs which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Fund, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

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Supplemental Information (unaudited)(continued)

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company. Therefore, the figures disclosed are a sum of individuals’ portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of the total remuneration awarded to the Company’s staff in respect of the Company’s financial year ending December 31, 2022 was USD 4,121 million. This figure is comprised of fixed remuneration of USD 685 million and variable remuneration of USD 3,436 million. There was a total of 8 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company in respect of the Company’s financial year ending December 31, 2022, to its senior management was USD 2,958 million, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company or its funds was USD 970 million. These figures relate to the entire Company and not to the Fund.

Disclosures Under the EU Sustainable Finance Disclosure Regulation

The iShares India 50 ETF (the “Fund”) is registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”).

The Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, the Fund’s investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts (“PAIs”) on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.

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Trustee and Officer Information (unaudited) 

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 380 funds as of March 31, 2023. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (1957)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji(b) (1970)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).
(a)   Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.
(b)   Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (1955)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (1956)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (1954)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

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Trustee and Officer Information (unaudited) (continued)

Independent Trustees (continued)
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Chair (1994-2005) and Member (1992-2021) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020); Director of the Jackson Hole Center for the Arts (since 2021); Member of the Wyoming State Investment Funds Committee (since 2022).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).
John E. Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (1964)	Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

Officers
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Dominik Rohé (1973)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2005); Head of Americas ETF and Index Investments (since 2023); Head of Latin America (2019-2023).
Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (1967)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Marisa Rolland (1980)	Secretary (since 2022).	Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).

T R U S T E E   A N D   O F F I C E R   I N F O R M A T I O N 111

Trustee and Officer Information (unaudited) (continued)

Officers (continued)
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Jennifer Hsui (1976)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).
James Mauro (1970)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).
Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary. Effective March 30, 2023, Dominik Rohé replaced Armando Senra as President.

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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 113

Glossary of Terms Used in this Report

Portfolio Abbreviation
ADR	American Depositary Receipt
CPO	Certificates of Participation (Ordinary)
GDR	Global Depositary Receipt
JSC	Joint Stock Company
NVDR	Non-Voting Depositary Receipt
NVS	Non-Voting Shares
PJSC	Public Joint Stock Company
REIT	Real Estate Investment Trust

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This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC, FTSE International Limited, India Index Services & Products Ltd., Morningstar Inc. or S&P Dow Jones Indices LLC, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

©2023 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-304-0323

MARCH 31, 2023

2023 Annual Report

iShares Trust

· iShares JPX-Nikkei 400 ETF | JPXN | NYSE Arca

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended March 31, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate.

Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks declined, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and volatile commodities prices.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, we believe that it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector late in the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.

While we favor an overweight to equities in the long term, we prefer an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession. Nevertheless, we are overweight on emerging market stocks as we believe a weakening U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where we believe that valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we’re concerned about tightening credit and financial conditions. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.

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.

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of March 31, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	15.62%	(7.73)%
U.S. small cap equities (Russell 2000® Index)	9.14	(11.61)
International equities (MSCI Europe, Australasia, Far East Index)	27.27	(1.38)
Emerging market equities (MSCI Emerging Markets Index)	14.04	(10.70)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	1.93	2.52
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	4.38	(6.90)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	4.89	(4.78)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	7.00	0.26
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	7.88	(3.35)
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
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		7
Disclosure of Expenses		7
Schedule of Investments		8
Financial Statements
Statement of Assets and Liabilities		14
Statement of Operations		15
Statements of Changes in Net Assets		16
Financial Highlights		17
Notes to Financial Statements		18
Report of Independent Registered Public Accounting Firm		25
Important Tax Information		26
Statement Regarding Liquidity Risk Management Program		27
Supplemental Information		28
Trustee and Officer Information		29
General Information		32

Market Overview

iShares Trust

Global Market Overview

Global equity markets declined during the 12 months ended March 31, 2023 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned -7.44% in U.S. dollar terms for the reporting period. In the first half of the reporting period, concerns about the state of the global economy in the face of high inflation and rapidly rising interest rates drove stocks sharply lower. However, stock prices recovered somewhat in the reporting period’s second half, as economic growth proved resilient despite its slower pace.

Inflation was a significant factor in equity markets, and while its impact varied by country, most major economies experienced substantial inflation during the reporting period. This drove a wave of monetary tightening by most of the world’s central banks, which sent interest rates and borrowing costs sharply higher. The U.S. Federal Reserve (“Fed”) raised interest rates eight times, driving an increase in the value of the U.S. dollar relative to most other currencies. Commodities prices were volatile, and as the reporting period began, disruptions in the wake of Russia’s invasion of Ukraine meant high prices for energy commodities and some foods. While oil, gas, and most other commodities declined as markets adjusted to the war’s disruption, elevated prices exacerbated inflationary pressure.

The U.S. economy recovered from a decline in the first half of 2022 to post modest growth in the third and fourth quarters of 2022. Consumers continued to power the economy with growing spending, despite higher prices for many consumer goods and services. The strong labor market supported spending as unemployment remained very low, at one point dropping to the lowest recorded level since 1969. Furthermore, the labor force participation rate—which measures the total proportion of employed persons of working age—rose, indicating that more people were being drawn into the labor force. Amid tightening labor supply, wages rose significantly, with the largest gains at the lower end of the wage spectrum.

In addition to its interest rate increases, the Fed also started to reduce the size of its balance sheet by reducing the store of U.S. Treasuries it had accumulated to stabilize markets in the early phases of the coronavirus pandemic. While the Fed indicated that more tightening could be needed to achieve its long-term inflation goal, it sounded a more cautious note about the potential for further interest rate increases near the end of the reporting period.

European stocks outpaced most other regions of the globe, advancing modestly for the reporting period despite slowing economic growth. European stocks benefited from a solid recovery following the early phases of the war in Ukraine. While the conflict disrupted critical natural gas supplies, new sources were secured and prices began to decline, while a warm winter helped moderate consumption. The European Central Bank (“ECB”) responded to the highest inflation since the introduction of the euro by raising interest rates six times.

While inflation was somewhat more moderate in the Asia-Pacific region, stocks there declined amid higher interest rates and disruption from coronavirus-related lockdowns in China. However, China relaxed its strict anti-coronavirus protocols in December 2022, boosting analysts’ expectations for future growth in the region. Emerging market stocks declined substantially, pressured by slowing economic growth and a stronger U.S. dollar. The Fed’s interest rate increases weighed on emerging market equities by making U.S. assets relatively more attractive.

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Fund Summary as of March 31, 2023   iShares^® JPX-Nikkei 400 ETF

Investment Objective

The iShares JPX-Nikkei 400 ETF (the “Fund”) seeks to track the investment results of a broad-based benchmark composed of Japanese equities, as represented by the JPX-Nikkei Index 400 (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
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(2.28	)%		1.07	%		4.76	%		(2.28	)%		5.47	%		59.20	%
Fund Market		(2.35	)		0.75			4.67			(2.35	)		3.80			57.80
Index		(3.89	)		1.23			5.04			(3.89	)		6.31			63.51

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Index performance through January 30, 2013 is calculated using currency exchange (FX) rates corresponding to 5:15 P.M. ET. Index performance beginning on January 31, 2013 is calculated using FX rates corresponding to World Market Reuters 4:00 P.M. London.

Index performance through September 3, 2015 reflects the performance of the S&P/TOPIX 150^TM. Index performance beginning on September 4, 2015 reflects the performance of the JPX-Nikkei Index 400.

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 (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/22)	Ending Account Value (03/31/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$    1,000.00	$       1,212.70	$        2.65			$        1,000.00	$       1,022.50	$       2.42		0.48	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (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.

F U N D   S U M M A R Y 5

Fund Summary  as of March 31, 2023  (continued) iShares^® JPX-Nikkei 400 ETF

Portfolio Management Commentary

Stocks in Japan declined for the reporting period as the country’s economy remained relatively stagnant amid rising inflation, global monetary policy tightening, and falling manufacturing output. Japan’s trade deficit reached an all-time high as export growth slowed and import costs increased amid rising fuel costs and weaker currency. Exports to China, the country’s largest trade partner, fell even as that country relaxed its strict COVID-19 restrictions in late 2022.

Industrial stocks detracted the most from the Index’s return. Global economic uncertainty, job openings that remained at or below pre-pandemic levels, and a cooling global employment market — including in the U.S., the world’s largest economy — led to declining revenue in the professional services industry. Consequently, a leading online job-search platform announced significant layoffs. Capital goods stocks dropped amid reduced factory output, reflecting declining global demand for a broad range of industrial parts. In particular, the slow recovery of the auto industry cut profits for makers of electric motors and other components.

Information technology stocks also detracted from the Index’s return. Makers of semiconductors and related equipment encountered weakening demand worldwide, especially for smartphones and personal computers. As demand fell, semiconductor prices also decreased. The passage of the CHIPS and Science Act in the U.S., dedicated to promoting both domestic production of semiconductors and export restrictions to China, also pressured the stocks of Japanese semiconductor producers.

The consumer discretionary sector also detracted from performance. In addition to the slowing export demand, domestic consumption recovered somewhat but remained below pre-pandemic levels. Among other products, videogame sales decreased after surging during the pandemic, and bicycle sales slowed. Meanwhile, automakers reduced their production targets amid persistent problems securing production components, which also raised their costs.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Industrials	23.5	%
Information Technology	13.9
Consumer Discretionary	13.3
Financials	11.0
Health Care	10.9
Consumer Staples	8.3
Communication Services	8.3
Materials	6.2
Real Estate	2.4
Utilities	1.2
Energy	1.0

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Daiichi Sankyo Co. Ltd.	2.0	%
Keyence Corp.	1.9
Sumitomo Mitsui Financial Group Inc.	1.8
Shin-Etsu Chemical Co. Ltd.	1.8
Takeda Pharmaceutical Co. Ltd.	1.6
Sony Group Corp.	1.6
Mitsubishi UFJ Financial Group Inc.	1.6
Tokyo Electron Ltd.	1.5
Mitsui & Co. Ltd.	1.5
Mitsubishi Corp.	1.5

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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 the 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 the 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 example shown (which is based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) is intended to assist shareholders both in calculating expenses based on an investment in the Fund and in comparing these expenses with similar costs of investing in other funds.

The expense example provides 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 example also provides 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 Fund and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense example 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 example is 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.

A B O U T   F U N D   P E R F O R M A N C E  /  D I S C L O S U R E   O F   E X P E N S E S 7

Schedule of Investments   March 31, 2023 iShares^® JPX-Nikkei 400 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 0.6%
AZ-COM MARUWA Holdings Inc.		600	$	9,037
Mitsui-Soko Holdings Co. Ltd.		600		17,823
Nippon Express Holdings Inc.		1,200		72,409
Sankyu Inc.		600		22,266
SBS Holdings Inc.		600		15,246
Senko Group Holdings Co. Ltd.		1,200		8,570
SG Holdings Co. Ltd.		6,600		97,866
Yamato Holdings Co. Ltd.		4,800		82,393
				325,610
Automobile Components — 2.6%
Aisin Corp.		3,000		82,687
Bridgestone Corp.		11,400		463,099
Denso Corp.		7,200		406,421
Koito Manufacturing Co. Ltd.		4,200		79,616
NGK Spark Plug Co. Ltd.		2,400		49,663
Nifco Inc./Japan		1,200		34,119
Sumitomo Electric Industries Ltd.		12,600		161,871
Sumitomo Rubber Industries Ltd.		3,600		32,571
Toyo Tire Corp.		1,800		21,069
Toyoda Gosei Co. Ltd.		1,200		20,705
Toyota Boshoku Corp.		1,800		29,125
TS Tech Co. Ltd.		1,800		22,858
Yokohama Rubber Co. Ltd. (The)		1,800		38,121
				1,441,925
Automobiles — 3.9%
Honda Motor Co. Ltd.		28,800		761,794
Isuzu Motors Ltd.		10,200		121,900
Subaru Corp.		10,800		172,407
Suzuki Motor Corp.		6,600		240,355
Toyota Motor Corp.		52,820		751,914
Yamaha Motor Co. Ltd.		5,400		141,322
				2,189,692
Banks — 5.9%
Aozora Bank Ltd.		2,400		43,485
Chiba Bank Ltd. (The)		9,600		61,961
Concordia Financial Group Ltd.		19,200		70,770
Fukuoka Financial Group Inc.		3,000		57,723
Mebuki Financial Group Inc.		16,200		39,610
Mitsubishi UFJ Financial Group Inc.		135,000		865,170
Mizuho Financial Group Inc.		49,850		706,253
Resona Holdings Inc.		43,800		211,297
Seven Bank Ltd.		11,400		22,781
Shinsei Bank Ltd.(a)		1,200		21,137
Sumitomo Mitsui Financial Group Inc.		25,200		1,008,443
Sumitomo Mitsui Trust Holdings Inc.		6,604		226,887
				3,335,517
Beverages — 1.1%
Asahi Group Holdings Ltd.		7,800		290,300
Kirin Holdings Co. Ltd.		15,600		246,804
Suntory Beverage & Food Ltd.		2,400		89,396
Takara Holdings Inc.		2,400		18,554
				645,054
Biotechnology — 0.1%
PeptiDream Inc.(a)		1,800		25,753
Takara Bio Inc.		1,200		15,743
				41,496

Security	Shares		Value
Building Products — 1.8%
AGC Inc.		3,600	$	134,211
Daikin Industries Ltd.		4,200		753,507
Nichias Corp.		1,200		24,185
Sanwa Holdings Corp.		3,600		38,622
TOTO Ltd.		2,400		80,409
				1,030,934
Capital Markets — 1.0%
Daiwa Securities Group Inc.		24,600		115,487
GMO Financial Holdings Inc.		600		2,619
JAFCO Group Co. Ltd.		1,200		17,188
Japan Exchange Group Inc.		9,600		146,821
Monex Group Inc.		4,200		15,276
Nomura Holdings Inc.		63,600		245,198
				542,589
Chemicals — 4.5%
Aica Kogyo Co. Ltd.		1,200		27,575
Air Water Inc.		3,000		37,699
Asahi Kasei Corp.		21,600		151,289
Daicel Corp.		4,800		36,270
Denka Co. Ltd.		1,200		24,834
Kansai Paint Co. Ltd.		3,000		40,658
KH Neochem Co. Ltd.		600		10,912
Kuraray Co. Ltd.		5,400		49,668
Mitsubishi Chemical Group Corp.		23,400		139,171
Mitsubishi Gas Chemical Co. Inc.		2,400		35,712
Mitsui Chemicals Inc.		3,000		77,462
Nippon Paint Holdings Co. Ltd.		15,600		146,688
Nippon Sanso Holdings Corp.		3,600		65,040
Nissan Chemical Corp.		1,800		81,751
Nitto Denko Corp.		2,400		155,331
NOF Corp.		1,200		56,076
Shin-Etsu Chemical Co. Ltd.		30,000		973,831
Sumitomo Chemical Co. Ltd.		26,400		88,888
Teijin Ltd.		3,600		37,988
Tokai Carbon Co. Ltd.		3,000		28,656
Tokuyama Corp.		1,200		19,115
Toray Industries Inc.		23,400		133,865
Tosoh Corp.		4,800		65,229
UBE Corp.		1,800		27,960
Zeon Corp.		2,400		25,443
				2,537,111
Commercial Services & Supplies — 0.5%
Aeon Delight Co. Ltd.		600		13,783
Japan Elevator Service Holdings Co. Ltd.		1,200		19,586
Pilot Corp.		600		19,522
Secom Co. Ltd.		3,600		221,859
Sohgo Security Services Co. Ltd.		1,200		32,320
				307,070
Construction & Engineering — 1.1%
COMSYS Holdings Corp.		1,800		33,244
EXEO Group Inc.		1,800		32,581
Hazama Ando Corp.		3,000		19,405
INFRONEER Holdings Inc.		3,600		27,824
Kajima Corp.		7,800		94,126
Kandenko Co. Ltd.		1,800		12,716
Kumagai Gumi Co. Ltd.		600		12,045
Kyudenko Corp.		600		15,261
MIRAIT ONE corp.		1,800		22,417
Nishimatsu Construction Co. Ltd.		600		15,513

8 2 0 2 3   I S H A R E S   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  (continued) March 31, 2023 iShares^® JPX-Nikkei 400 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Construction & Engineering (continued)
Obayashi Corp.		12,600	$	96,421
Penta-Ocean Construction Co. Ltd.		4,800		22,936
Shimizu Corp.		10,200		57,806
SHO-BOND Holdings Co. Ltd.		600		24,844
Taisei Corp.		3,600		111,380
Toda Corp.		4,200		21,943
				620,462
Construction Materials — 0.1%
Taiheiyo Cement Corp.		2,400		45,104
Consumer Finance — 0.2%
Acom Co. Ltd.		6,600		15,914
AEON Financial Service Co. Ltd.		2,400		22,411
Marui Group Co. Ltd.		3,000		45,921
Orient Corp.		900		7,498
				91,744
Containers & Packaging — 0.1%
FP Corp.		600		14,906
Rengo Co. Ltd.		3,000		19,485
				34,391
Distributors — 0.0%
PALTAC Corp.		600		22,798
Financial Services — 1.1%
Fuyo General Lease Co. Ltd.		600		40,824
GMO Payment Gateway Inc.		600		51,946
Mitsubishi HC Capital Inc.		13,800		71,260
Mizuho Leasing Co. Ltd.		600		15,919
ORIX Corp.		22,800		375,927
Tokyo Century Corp.		600		20,031
Zenkoku Hosho Co. Ltd.		600		22,641
				598,548
Diversified Telecommunication Services — 1.6%
Internet Initiative Japan Inc.		1,800		37,531
Nippon Telegraph & Telephone Corp.		27,600		824,763
Usen-Next Holdings Co. Ltd.		600		11,645
				873,939
Electric Utilities — 0.6%
Chubu Electric Power Co. Inc.		13,200		139,252
Hokkaido Electric Power Co. Inc.(a)		3,600		13,212
Kansai Electric Power Co. Inc. (The)		13,800		134,397
Kyushu Electric Power Co. Inc.(a)		7,800		44,574
				331,435
Electrical Equipment — 1.7%
Fuji Electric Co. Ltd.		2,400		94,777
Mitsubishi Electric Corp.		36,600		437,375
Nidec Corp.		8,400		437,144
				969,296
Electronic Equipment, Instruments & Components — 5.5%
Anritsu Corp.		3,000		27,732
Azbil Corp.		3,000		82,168
Daiwabo Holdings Co. Ltd.		1,800		29,730
Dexerials Corp.		1,200		24,534
Hamamatsu Photonics KK		3,000		161,825
Horiba Ltd.		600		36,010
Ibiden Co. Ltd.		1,800		72,186
Keyence Corp.		2,144		1,050,792
Kyocera Corp.		5,400		281,696
Murata Manufacturing Co. Ltd.		10,800		658,209

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Omron Corp.		3,600	$	210,697
Shimadzu Corp.		4,200		131,849
Taiyo Yuden Co. Ltd.		1,800		60,693
TDK Corp.		5,400		193,839
Yokogawa Electric Corp.		4,200		68,391
				3,090,351
Entertainment — 2.4%
Capcom Co. Ltd.		3,600		128,846
GungHo Online Entertainment Inc.		1,290		23,632
Koei Tecmo Holdings Co. Ltd.		2,480		44,822
Konami Group Corp.		1,800		82,616
Nexon Co. Ltd.		9,000		214,909
Nintendo Co. Ltd.		17,400		675,843
Square Enix Holdings Co. Ltd.		1,800		86,500
Toho Co. Ltd./Tokyo		2,400		92,014
				1,349,182
Consumer Staples Distribution & Retail — 1.9%
Cosmos Pharmaceutical Corp.		400		36,020
Create SD Holdings Co. Ltd.		600		15,250
Kobe Bussan Co. Ltd.		3,000		83,767
Kusuri no Aoki Holdings Co. Ltd.		600		30,431
Lawson Inc.		1,200		50,805
Life Corp.		600		11,713
MatsukiyoCocokara & Co.		2,400		127,132
Seven & i Holdings Co. Ltd.		12,600		569,194
Sugi Holdings Co. Ltd.		600		25,790
Sundrug Co. Ltd.		1,200		32,922
Tsuruha Holdings Inc.		600		40,130
Welcia Holdings Co. Ltd.		1,800		38,536
Yaoko Co. Ltd.		600		31,243
				1,092,933
Food Products — 2.0%
Ajinomoto Co. Inc.		8,400		292,218
Calbee Inc.		1,800		37,588
Kagome Co. Ltd.		1,800		41,978
Kewpie Corp.		1,800		30,240
Kikkoman Corp.		2,400		122,528
MEIJI Holdings Co. Ltd.		4,800		114,160
Morinaga & Co. Ltd./Japan		600		16,994
Morinaga Milk Industry Co. Ltd.		600		21,581
NH Foods Ltd.		1,200		34,711
Nichirei Corp.		1,800		36,427
Nippon Suisan Kaisha Ltd.		4,800		19,679
Nissin Foods Holdings Co. Ltd.		1,200		109,728
Prima Meat Packers Ltd.		600		9,969
Toyo Suisan Kaisha Ltd.		1,800		75,224
Yakult Honsha Co. Ltd.		2,400		174,385
				1,137,410
Gas Utilities — 0.5%
Nippon Gas Co. Ltd.		1,800		26,123
Osaka Gas Co. Ltd.		7,200		118,280
Tokyo Gas Co. Ltd.		7,200		135,311
				279,714
Health Care Equipment & Supplies — 3.3%
Asahi Intecc Co. Ltd.		4,200		74,207
Hoya Corp.		7,600		839,893
Nihon Kohden Corp.		1,800		48,841
Olympus Corp.		22,200		389,893
Sysmex Corp.		3,000		196,895

S C H E D U L E    O F   I N V E S T M E N T S 9

Schedule of Investments  (continued) March 31, 2023 iShares^® JPX-Nikkei 400 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Terumo Corp.		10,800	$	292,089
				1,841,818
Health Care Providers & Services — 0.3%
Alfresa Holdings Corp.		3,600		46,126
BML Inc.		600		14,007
H.U. Group Holdings Inc.		1,200		24,164
Medipal Holdings Corp.		3,600		49,062
Ship Healthcare Holdings Inc.		1,200		22,107
				155,466
Health Care Technology — 0.3%
M3 Inc.		7,200		181,217
Hotels, Restaurants & Leisure — 0.3%
Food & Life Companies Ltd.		2,400		62,630
McDonald’s Holdings Co. Japan Ltd.		1,800		74,833
Zensho Holdings Co. Ltd.		1,800		53,344
				190,807
Household Durables — 3.3%
Casio Computer Co. Ltd.		2,400		23,624
ES-Con Japan Ltd.		600		3,941
Haseko Corp.		3,600		41,845
Iida Group Holdings Co. Ltd.		3,000		48,980
Open House Group Co. Ltd.		1,200		45,000
Panasonic Holdings Corp.		42,000		375,779
Pressance Corp.		600		8,101
Rinnai Corp.		1,800		44,084
Sekisui Chemical Co. Ltd.		7,200		102,258
Sekisui House Ltd.		10,800		220,117
Sharp Corp./Japan(a)		4,200		29,696
Sony Group Corp.		9,600		874,400
Sumitomo Forestry Co. Ltd.		2,400		47,677
				1,865,502
Household Products — 0.7%
Lion Corp.		4,200		45,384
Pigeon Corp.		2,400		37,186
Unicharm Corp.		7,200		295,961
				378,531
Independent Power and Renewable Electricity Producers — 0.1%
Electric Power Development Co. Ltd.		2,400		38,577
eRex Co. Ltd.		600		8,328
RENOVA Inc.(a)		1,200		18,095
West Holdings Corp.		600		14,746
				79,746
Industrial Conglomerates — 1.4%
Hitachi Ltd.		14,400		791,434
TOKAI Holdings Corp.		1,800		11,861
				803,295
Insurance — 2.8%
Dai-ichi Life Holdings Inc.		17,400		319,872
MS&AD Insurance Group Holdings Inc.		7,200		223,134
Sompo Holdings Inc.		6,000		237,751
T&D Holdings Inc.		9,600		118,981
Tokio Marine Holdings Inc.		34,800		669,724
				1,569,462
Interactive Media & Services — 0.4%
Infocom Corp.		600		10,632
Kakaku.com Inc.		3,000		41,182

Security	Shares		Value
Interactive Media & Services (continued)
Z Holdings Corp.		50,400	$	142,907
				194,721
IT Services — 2.9%
BIPROGY Inc.		1,200		29,487
Change Inc.		1,200		21,389
Digital Garage Inc.		600		19,820
DTS Corp.		600		14,619
Fujitsu Ltd.		3,600		486,469
GMO internet group Inc.		1,200		23,389
Information Services International-Dentsu Ltd.		600		23,667
Itochu Techno-Solutions Corp.		1,800		44,352
NEC Corp.		4,800		185,305
NEC Networks & System Integration Corp.		1,200		14,659
NET One Systems Co. Ltd.		1,200		28,795
Nomura Research Institute Ltd.		7,264		169,888
NS Solutions Corp.		600		16,074
NSD Co. Ltd.		1,200		21,646
NTT Data Corp.		11,400		149,870
Obic Co. Ltd.		1,200		190,072
Otsuka Corp.		1,800		63,927
SCSK Corp.		3,000		43,926
TIS Inc.		4,200		111,072
				1,658,426
Leisure Products — 0.9%
Bandai Namco Holdings Inc.		9,000		194,032
Shimano Inc.		1,400		242,740
Yamaha Corp.		2,400		92,698
				529,470
Machinery — 6.3%
Amada Co. Ltd.		6,000		56,241
Daifuku Co. Ltd.		5,400		100,263
DMG Mori Co. Ltd.		2,400		40,574
Ebara Corp.		1,200		55,877
FANUC Corp.		17,000		613,907
Fuji Corp./Aichi		1,800		30,479
Hitachi Construction Machinery Co. Ltd.		1,200		27,969
Hoshizaki Corp.		2,400		88,666
IHI Corp.		2,400		60,286
Komatsu Ltd.		16,800		417,062
Kubota Corp.		18,600		282,001
Makita Corp.		4,200		104,600
MINEBEA MITSUMI Inc.		6,000		114,579
MISUMI Group Inc.		5,400		135,693
Mitsubishi Heavy Industries Ltd.		6,000		221,046
Miura Co. Ltd.		1,800		46,165
Nabtesco Corp.		2,400		59,031
NGK Insulators Ltd.		4,200		55,694
SMC Corp.		1,200		636,140
Sumitomo Heavy Industries Ltd.		2,400		58,853
Takeuchi Manufacturing Co. Ltd.		600		13,319
Toyota Industries Corp.		2,400		133,706
Yaskawa Electric Corp.		4,200		184,212
				3,536,363
Marine Transportation — 0.8%
Kawasaki Kisen Kaisha Ltd.		3,000		68,807
Mitsui OSK Lines Ltd.		6,000		150,466
Nippon Yusen KK		9,600		224,240
				443,513

10 2 0 2 3   I S H A R E S   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  (continued) March 31, 2023 iShares^® JPX-Nikkei 400 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Media — 0.2%
CyberAgent Inc.		8,400	$	71,172
Hakuhodo DY Holdings Inc.		4,800		54,420
ValueCommerce Co. Ltd.		600		7,739
				133,331
Metals & Mining — 1.3%
Asahi Holdings Inc.		1,200		18,338
Dowa Holdings Co. Ltd.		900		28,942
JFE Holdings Inc.		9,600		121,847
Mitsui Mining & Smelting Co. Ltd.		1,200		29,195
Nippon Steel Corp.		16,200		382,020
Sumitomo Metal Mining Co. Ltd.		4,200		160,708
Tokyo Steel Manufacturing Co. Ltd.		1,200		12,394
				753,444
Broadline Retail — 0.4%
Izumi Co. Ltd.		600		14,260
Pan Pacific International Holdings Corp.		7,800		150,901
Ryohin Keikaku Co. Ltd.		4,800		54,697
Seria Co. Ltd.		1,200		23,796
				243,654
Oil, Gas & Consumable Fuels — 1.0%
Cosmo Energy Holdings Co. Ltd.		1,200		38,876
ENEOS Holdings Inc.		63,600		223,141
Idemitsu Kosan Co. Ltd.		4,200		91,950
Inpex Corp.		18,000		190,485
Iwatani Corp.		600		26,255
				570,707
Paper & Forest Products — 0.1%
Daio Paper Corp.		1,800		14,077
Oji Holdings Corp.		14,400		57,015
				71,092
Personal Care Products — 1.6%
Fancl Corp.		1,800		33,134
Kao Corp.		8,400		326,972
Kobayashi Pharmaceutical Co. Ltd.		1,200		73,391
Kose Corp.		600		71,315
Rohto Pharmaceutical Co. Ltd.		3,600		75,340
Shiseido Co. Ltd.		7,200		337,560
				917,712
Pharmaceuticals — 6.8%
Astellas Pharma Inc.		33,640		477,934
Chugai Pharmaceutical Co. Ltd.		10,800		266,680
Daiichi Sankyo Co. Ltd.		30,609		1,116,544
Eisai Co. Ltd.		4,200		238,558
JCR Pharmaceuticals Co. Ltd.		1,200		12,860
Kaken Pharmaceutical Co. Ltd.		600		16,754
Kyowa Kirin Co. Ltd.		4,200		91,692
Nippon Shinyaku Co. Ltd.		600		26,475
Ono Pharmaceutical Co. Ltd.		6,600		137,532
Otsuka Holdings Co. Ltd.		8,400		266,697
Santen Pharmaceutical Co. Ltd.		7,200		61,519
Shionogi & Co. Ltd.		4,800		216,506
Sumitomo Pharma Co., Ltd.		2,400		14,706
Takeda Pharmaceutical Co. Ltd.		27,000		886,776
Towa Pharmaceutical Co. Ltd.		600		8,592
				3,839,825
Professional Services — 2.0%
BayCurrent Consulting Inc.		3,000		124,554
Bell System24 Holdings Inc.		600		6,558

Security	Shares		Value
Professional Services (continued)
Benefit One Inc.		1,800	$	25,685
dip Corp.		600		16,083
en Japan Inc.		600		10,355
Fullcast Holdings Co. Ltd.		600		10,985
Meitec Corp.		1,200		21,485
Persol Holdings Co. Ltd.		4,200		84,567
Recruit Holdings Co. Ltd.		25,200		693,227
SMS Co. Ltd.		1,200		29,185
TechnoPro Holdings Inc.		2,400		66,566
Transcosmos Inc.(a)		600		14,242
UT Group Co. Ltd.(a)		600		11,216
				1,114,708
Real Estate Management & Development — 2.3%
Aeon Mall Co. Ltd.		1,800		23,626
Daito Trust Construction Co. Ltd.		1,200		119,556
Daiwa House Industry Co. Ltd.		9,600		226,188
Hulic Co. Ltd.		7,800		64,157
Katitas Co. Ltd.		1,200		23,485
Mitsubishi Estate Co. Ltd.		21,600		256,925
Mitsui Fudosan Co. Ltd.		15,000		281,766
Nomura Real Estate Holdings Inc.		2,400		53,145
Relo Group Inc.		1,800		28,731
Starts Corp. Inc.		600		11,551
Sumitomo Realty & Development Co. Ltd.		6,000		135,489
Tokyo Tatemono Co. Ltd.		3,600		43,953
Tokyu Fudosan Holdings Corp.		10,200		48,990
				1,317,562
Ground Transportation — 0.6%
Central Japan Railway Co.		2,900		346,027
Semiconductors & Semiconductor Equipment — 4.0%
Advantest Corp.		3,000		278,119
Disco Corp.		1,800		209,397
Ferrotec Holdings Corp.		1,200		30,357
Japan Material Co. Ltd.		1,200		21,465
Lasertec Corp.		1,700		302,055
Optorun Co. Ltd.		600		10,086
Renesas Electronics Corp.(a)		23,400		338,851
SCREEN Holdings Co. Ltd.		600		53,222
Shinko Electric Industries Co. Ltd.		1,200		37,328
SUMCO Corp.		6,600		99,290
Tokyo Electron Ltd.		6,900		842,945
Tokyo Seimitsu Co. Ltd.		600		23,293
Ulvac Inc.		600		26,211
				2,272,619
Software — 0.3%
Justsystems Corp.		600		16,042
Oracle Corp. Japan		600		43,332
Rakus Co. Ltd.		1,800		26,142
Systena Corp.		6,000		13,194
Trend Micro Inc./Japan		1,800		88,309
				187,019
Specialty Retail — 1.5%
ABC-Mart Inc.		600		33,203
Fast Retailing Co. Ltd.		1,600		350,260
Hikari Tsushin Inc.		600		84,316
Kohnan Shoji Co. Ltd.		600		14,714
K’s Holdings Corp.		3,000		26,340
Nextage Co. Ltd.		600		12,541
Nitori Holdings Co. Ltd.		1,500		181,143

S C H E D U L E    O F   I N V E S T M E N T S 11

Schedule of Investments  (continued) March 31, 2023 iShares^® JPX-Nikkei 400 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail (continued)
Nojima Corp.		1,200	$	12,689
T-Gaia Corp.		600		7,564
USS Co. Ltd.		3,600		62,458
Workman Co. Ltd.		600		25,453
ZOZO Inc.		2,400		54,892
				865,573
Technology Hardware, Storage & Peripherals — 0.9%
Brother Industries Ltd.		4,800		72,316
Elecom Co. Ltd.		1,200		11,413
FUJIFILM Holdings Corp.		6,600		335,036
MCJ Co. Ltd.		1,200		8,448
Seiko Epson Corp.		4,800		68,583
Wacom Co. Ltd.		3,000		15,715
				511,511
Textiles, Apparel & Luxury Goods — 0.1%
Goldwin Inc.		600		57,245
Tobacco — 0.9%
Japan Tobacco Inc.		22,800		481,617
Trading Companies & Distributors — 6.4%
Hanwa Co. Ltd.		600		17,937
ITOCHU Corp.		22,800		742,515
Kanematsu Corp.		1,200		14,903
Marubeni Corp.		30,000		407,991
Mitsubishi Corp.		23,400		840,913
Mitsui & Co. Ltd.		27,000		841,586
MonotaRO Co. Ltd.		5,400		68,016
Nippon Steel Trading Corp.		600		42,102
Sojitz Corp.		3,620		75,643

Security	Shares		Value
Trading Companies & Distributors (continued)
Sumitomo Corp.		22,800	$	403,910
Toyota Tsusho Corp.		3,000		127,912
				3,583,428
Wireless Telecommunication Services — 3.7%
KDDI Corp.		23,400		721,603
SoftBank Corp.		57,000		657,997
SoftBank Group Corp.		17,400		684,055
				2,063,655
Total Long-Term Investments — 98.7% (Cost: $52,285,012)				55,693,371
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.73%(b)(c)		20,000		20,000
Total Short-Term Securities — 0.1% (Cost: $20,000)				20,000
Total Investments — 98.8% (Cost: $52,305,012)				55,713,371
Other Assets Less Liabilities — 1.2%				704,595
Net Assets — 100.0%			$	56,417,966

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2023 for purposes of Section 2(a)(3) of the Investment CompanyAct of 1940, as amended, were as follows:

Affiliated Issuer		Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation	)		Value at 03/31/23	Shares Held at 03/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	97,990	$	—	$	(98,640	)(b)	$	653	$	(3	)	$	—	—	$	551	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		30,000		—		(10,000	)(b)		—		—			20,000	20,000		557			—
								$	653	$	(3	)	$	20,000		$	1,108		$	—

^(a)  As of period end, the entity is no longer held.

^(b)  Represents net amount purchased (sold).

^(c)  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		45		06/08/23	$	682	$	8,496

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Schedule of Investments  (continued) March 31, 2023 iShares^® JPX-Nikkei 400 ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statement 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)	$	—	$	—	$	8,496	$	—	$	—	$	—	$	8,496

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statement 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 March 31, 2023, the effect of derivative financial instruments in the Statement 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	$	—	$	—	$	10,449	$	—	$	—	$	—	$	10,449
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	7,669	$	—	$	—	$	—	$	7,669

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	442,737

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	$	74,833	$	55,618,538	$	—	$	55,693,371
Short-Term Securities
Money Market Funds		20,000		—		—		20,000
	$	94,833	$	55,618,538	$	—	$	55,713,371
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—	$	8,496	$	—	$	8,496

^(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 13

Statement of Assets and Liabilities

March 31, 2023

	iShares JPX-Nikkei 400 ETF
ASSETS
Investments, at value — unaffiliated(a)	$	55,693,371
Investments, at value — affiliated(b)		20,000
Cash		5,535
Foreign currency collateral pledged for futures contracts(c)		4,157
Foreign currency, at value(d)		92,498
Receivables:
Investments sold		11,216
Securities lending income — affiliated		37
Dividends — unaffiliated		602,487
Dividends — affiliated		63
Variation margin on futures contracts		10,905
Total assets		56,440,269
LIABILITIES
Payables:
Investment advisory fees		22,303
Total liabilities		22,303
NET ASSETS	$	56,417,966
NET ASSETS CONSIST OF
Paid-in capital	$	77,967,449
Accumulated loss		(21,549,483	)
NET ASSETS	$	56,417,966
NET ASSET VALUE
Shares outstanding		900,000
Net asset value	$	62.69
Shares authorized		Unlimited
Par value		None
(a) Investments, at cost — unaffiliated	$	52,285,012
(b) Investments, at cost — affiliated	$	20,000
(c)  Foreign currency collateral pledged, at cost	$	4,250
(d) Foreign currency, at cost	$	93,340

See notes to financial statements.

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Statement of Operations

Year Ended March 31, 2023

		iShares JPX-Nikkei 400 ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	1,544,248
Dividends — affiliated		557
Securities lending income — affiliated — net		551
Foreign taxes withheld		(154,152	)
Total investment income		1,391,204
EXPENSES
Investment advisory		270,592
Total expenses		270,592
Net investment income		1,120,612
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(1,691,829	)
Investments — affiliated		653
Foreign currency transactions		(55,805	)
Futures contracts		10,449
In-kind redemptions — unaffiliated(a)		2,395,202
		658,670
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(5,212,946	)
Investments — affiliated		(3	)
Foreign currency translations		25
Futures contracts		7,669
		(5,205,255	)
Net realized and unrealized loss		(4,546,585	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(3,425,973	)

^(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 15

Statements of Changes in Net Assets

	iShares JPX-Nikkei 400 ETF
		Year Ended 03/31/23			Year Ended 03/31/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,120,612		$	1,349,510
Net realized gain (loss)		658,670			(1,794,704	)
Net change in unrealized appreciation (depreciation)		(5,205,255	)		(7,233,344	)
Net decrease in net assets resulting from operations		(3,425,973	)		(7,678,538	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(865,818	)		(2,229,146	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(17,344,758	)		—
NET ASSETS
Total decrease in net assets		(21,636,549	)		(9,907,684	)
Beginning of year		78,054,515			87,962,199
End of year	$	56,417,966		$	78,054,515

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

See notes to financial statements.

16 2 0 2 3   I S H A R E S   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 JPX-Nikkei 400 ETF
		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 year	$	65.05		$	73.30		$	53.52		$	58.88		$	65.42
Net investment income(a)		1.16			1.12			0.88			0.96			1.06
Net realized and unrealized gain (loss)(b)		(2.66	)		(7.51	)		19.82			(5.10	)		(6.73	)
Net increase (decrease) from investment operations		(1.50	)		(6.39	)		20.70			(4.14	)		(5.67	)
Distributions from net investment income(c)		(0.86	)		(1.86	)		(0.92	)		(1.22	)		(0.87	)
Net asset value, end of year	$	62.69		$	65.05		$	73.30		$	53.52		$	58.88
Total Return(d)
Based on net asset value		(2.28	)%		(8.94	)%		38.91	%		(7.29	)%		(8.67	)%
Ratios to Average Net Assets(e)
Total expenses		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Net investment income		1.99	%		1.57	%		1.36	%		1.61	%		1.73	%
Supplemental Data
Net assets, end of year (000)	$	56,418		$	78,055		$	87,962		$	80,279		$	114,817
Portfolio turnover rate(f)		12	%		11	%		10	%		7	%		11	%

^(a)  Based on average shares outstanding.

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

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

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

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

^(f)  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 17

Notes to Financial Statements  

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 fund (the “Fund”):

iShares ETF	Diversification Classification
JPX-Nikkei 400		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. The 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 Fund is 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.

Foreign Currency Translation: The 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.

The 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 Statement 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. The 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. However, the currency hedged fund has elected to treat realized gains (losses) from certain foreign currency contracts as capital gain (loss) for U.S. federal income tax purposes.

Foreign Taxes: The Fund 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 the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement 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 March 31, 2023, if any, are disclosed in the Statement of Assets and Liabilities.

The Fund files withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Fund may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statement 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 Fund 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 Fund. Because such gains or losses are not taxable to the Fund 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 Fund’s tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by the 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 Fund. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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

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Notes to Financial Statements  (continued)

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: The 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 the Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, as the valuation designee for the Fund. The 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 the 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 Fund uses 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 the 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 the 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.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: The 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 the 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

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 19

Notes to Financial Statements  (continued)

collateral is returned by the Fund, on the next business day. During the term of the loan, the 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 the 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 Statement of Assets and Liabilities.

Securities lending transactions are entered into by the Fund 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 Fund, 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 Fund 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.

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, the 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. The 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 the 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 Fund 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 Fund is 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 Statement 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 Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees 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 Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement 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 the 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 Fund, 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 the Fund, BFA is entitled to an annual investment advisory fee of 0.48%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.

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

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 Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The 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 the 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

20 2 0 2 3   I S H A R E S   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  (continued)

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. The Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, the Fund 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 that calendar year exceeds a specified threshold, the Fund, pursuant to the securities lending agreement, 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 the Fund is shown as securities lending income – affiliated – net in its Statement of Operations. For the year ended March 31, 2023, the Fund paid BTC $201 for securities lending agent services.

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

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 year ended March 31, 2023, transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
JPX-Nikkei 400	$	26,255	$	79,686	$	(19,324	)

The 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 Statement 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 year ended March 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
JPX-Nikkei 400	$	6,746,656	$	7,042,460

For the year ended March 31, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind   Sales
JPX-Nikkei 400	$	—	$	16,667,500

8. INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Fund as of March 31, 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 Fund’s financial statements.

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 21

Notes to Financial Statements  (continued)

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2023, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in Capital		Accumulated    Earnings (Loss)
JPX-Nikkei 400	$	1,929,955	$    (1,929,955)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended 03/31/23		Year Ended 03/31/22
JPX-Nikkei 400
Ordinary income	$	865,818	$	2,229,146

As of March 31, 2023, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Total
JPX-Nikkei 400	$	535,936	$	(24,591,227	)	$	2,505,808		$	(21,549,483	)

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

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 March 31, 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)
JPX-Nikkei 400	$	53,215,126	$	10,119,869	$	(7,613,128	)	$	2,506,741

9. PRINCIPAL RISKS

In the normal course of business, the 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 Fund and its investments. The Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve the 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 Fund 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

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Notes to Financial Statements  (continued)

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.

Counterparty Credit Risk: The Fund 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 Fund manages 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 Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Fund.

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 Fund 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 Fund.

Concentration 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 the Fund’s portfolio are disclosed in its Schedule of Investments.

The Fund invests a significant portion of its assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions in that country or those countries may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and as a result adversely affect the Fund’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and practices as used in the United States. Foreign securities markets may also be more volatile and less liquid than U.S. securities and may be less subject to governmental supervision not typically associated with investing in U.S. securities.

The Fund invests a significant portion of its assets in securities of issuers located in Asia or with significant exposure to Asian issuers or countries. The Asian financial markets have recently experienced volatility and adverse trends due to concerns in several Asian countries regarding monetary policy, government intervention in the markets, rising government debt levels or economic downturns. These events may spread to other countries in Asia and may affect the value and liquidity of certain of the Fund’s investments.

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.

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by the 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 the Fund are not redeemable.

Transactions in capital shares were as follows:

	Year Ended 03/31/23						Year Ended 03/31/22
iShares ETF	Shares			Amount			Shares		Amount
JPX-Nikkei 400
Shares redeemed		(300,000	)	$	(17,344,758	)		—	$	—

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.

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 23

Notes to Financial Statements  (continued)

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 Statement of Assets and Liabilities.

11. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of iShares JPX-Nikkei 400 ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of iShares JPX-Nikkei 400 ETF (one of the funds constituting iShares Trust, referred to hereafter as the “Fund”) as of March 31, 2023, the related statement of operations for the year ended March 31, 2023, the statements of changes in net assets for each of the two years in the period ended March 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2023 and the financial highlights for each of the five years in the period ended March 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2023 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 25, 2023

We have served as the auditor of one or more BlackRock investment companies since 2000.

R E P O R T   O F   I N D E P E N D E N T   R E G I S T E R E D   P U B L I C   A C C O U N T I N G   F I R M 25

Important Tax Information (unaudited)

The following amount, or maximum amount allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2023:

iShares ETF	Qualified Dividend  Income
JPX-Nikkei 400	$	1,468,770

The Fund intends to pass through to its shareholders the following amount, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended March 31, 2023:

iShares ETF	Foreign Source Income Earned		Foreign  Taxes Paid
JPX-Nikkei 400	$	1,544,388	$	171,142

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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares JPX-Nikkei 400 ETF (the “Fund” or “ETF”), a series of the Trust, which is reasonably designed to assess and manage the Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Fund, met on December 9, 2022 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Fund, as the program administrator for the Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of the Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2021 through September 30, 2022 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing the Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish the Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to the Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, the imposition of capital controls in certain non-U.S. countries, Russian sanctions and the closure of the Russian securities market.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing the Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether the Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

S T A T E M E N T   R E G A R D I N G   L I Q U I D I T Y   R I S K   M A N A G E M E N T   P R O G R A M 27

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 the 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.

March 31, 2023

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
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
JPX-Nikkei 400	$	0.858656	$	—	$	—	$	0.858656		100	%		—	%		—	%		100	%

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

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Trustee and Officer Information (unaudited)

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 380 funds as of March 31, 2023. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

		Interested Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (1957)	Trustee (since 2009).	President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji(b) (1970)	Trustee (since 2019).	Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).	Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

^(a)  Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

^(b)  Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

		Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (1955)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (1956)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (1954)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

T R U S T E E   A N D   O F F I C E R   I N F O R M A T I O N 29

Trustee and Officer Information  (unaudited (continued)

		Independent Trustees (continued)
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Chair (1994-2005) and Member (1992-2021) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020); Director of the Jackson Hole Center for the Arts (since 2021); Member of the Wyoming State Investment Funds Committee (since 2022).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).
Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).
John E. Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (1964)	Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).
		Officers
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Dominik Rohé (1973)	President (since 2019).	Managing Director, BlackRock, Inc. (since 2005); Head of Americas ETF and Index Investments (since 2023); Head of Latin America (2019-2023).
Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Charles Park (1967)	Chief Compliance Officer (since 2006).	Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).
Marisa Rolland (1980)	Secretary (since 2022).	Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017).
Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).

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Trustee and Officer Information  (unaudited)  (continued)

		Officers (continued)
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Jennifer Hsui (1976)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).
James Mauro (1970)	Executive Vice President (since 2022).	Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

Effective March 30, 2023, Dominik Rohé replaced Armando Senra as President.

T R U S T E E   A N D   O F F I C E R   I N F O R M A T I O N 31

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 Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, the 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.

32 2 0 2 3   I S H A R E S   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

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Want to know more?

iShares.com   |   1-800-474-2737

This report is intended for the Fund’s 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 the Japan Exchange Group, Inc., JPX Market Innovation & Research, Inc. or Nikkei, Inc., nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

©2023 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-310-0323

(b) Not Applicable

Item 2. Code of Ethics.

The registrant has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the registrant has not amended the code of ethics and there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that the registrant has more than one audit committee financial expert, as that term is defined under Item 3(b) and 3(c), serving on its audit committee. The audit committee financial experts serving on the registrant’s audit committee are Richard L. Fagnani and Madhav V. Rajan, all of whom are independent, as that term is defined under Item 3(a)(2).

Item 4. Principal Accountant Fees and Services.

The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the twenty-five series of the registrant for which the fiscal year-end is March 31, 2023 (the “Funds”), and whose annual financial statements are reported in Item 1.

(a) Audit Fees – The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $356,500 for the fiscal year ended March 31, 2022 and $404,000 for the fiscal year ended March 31, 2023.

(b) Audit-Related Fees – There were no fees billed for the fiscal years ended March 31, 2022 and March 31, 2023 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (a) of this Item.

(c) Tax Fees – The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $223,100 for the fiscal year ended March 31, 2022 and $242,500 for the fiscal year ended March 31, 2023. These services related to the review of the Funds’ tax returns and excise tax calculations.

(d) All Other Fees – There were no other fees billed in each of the fiscal years ended March 31, 2022 and March 31, 2023 for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.

(e) (1) The registrant’s audit committee charter, as amended, provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the registrant’s financial statements. The audit committee must also approve, prior to appointment, the engagement of the principal accountant to provide non-audit services to the registrant or to any entity controlling, controlled by or under common control with the registrant’s investment adviser (“Adviser Affiliate”) that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

(2) There were no services described in (b) through (d) above that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g) The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the Funds, and rendered to the registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $223,100 for the fiscal year ended March 31, 2022 and $242,500 for the fiscal year ended March 31, 2023.

(h) The registrant’s audit committee has considered whether the provision of non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining the principal accountant’s independence, and has determined that the provision of these services, if any, does not compromise the principal accountant’s independence.

(i) Not Applicable

(j) Not Applicable

Item 5. Audit Committee of Listed Registrants

(a) The registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act of 1934 and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act of 1934. The registrant’s audit committee members are Richard L. Fagnani, Cecilia H. Herbert and Madhav V. Rajan.

(b) Not applicable.

Item 6. Investments.

(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13. Exhibits.

(a) (2) Section 302 Certifications are attached.

(a) (3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable.

(a) (4) Change in Registrant’s independent public accountant – Not Applicable.

(b) Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares Trust

By:	/s/ Dominik Rohe
	Dominik Rohe, President (Principal Executive Officer)

Date: May 25, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Dominik Rohe
	Dominik Rohe, President (Principal Executive Officer)

Date: May 25, 2023

By:	/s/ Trent Walker
	Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: May 25, 2023