September
30,
2022
iShares
Trust
iShares
U.S.
Aerospace
&
Defense
ETF
|
ITA
|
Cboe
BZX
iShares
U.S.
Broker-Dealers
&
Securities
Exchanges
ETF
|
IAI
|
NYSE
Arca
iShares
U.S.
Healthcare
Providers
ETF
|
IHF
|
NYSE
Arca
iShares
U.S.
Home
Construction
ETF
|
ITB
|
Cboe
BZX
iShares
U.S.
Infrastructure
ETF
|
IFRA
|
Cboe
BZX
iShares
U.S.
Insurance
ETF
|
IAK
|
NYSE
Arca
iShares
U.S.
Medical
Devices
ETF
|
IHI
|
NYSE
Arca
iShares
U.S.
Oil
&
Gas
Exploration
&
Production
ETF
|
IEO
|
Cboe
BZX
iShares
U.S.
Oil
Equipment
&
Services
ETF
|
IEZ
|
NYSE
Arca
iShares
U.S.
Pharmaceuticals
ETF
|
IHE
|
NYSE
Arca
iShares
U.S.
Real
Estate
ETF
|
IYR
|
NYSE
Arca
iShares
U.S.
Regional
Banks
ETF
|
IAT
|
NYSE
Arca
iShares
U.S.
Telecommunications
ETF
|
IYZ
|
Cboe
BZX
2022
Semi-Annual
Report
(Unaudited)
Dear
Shareholder,
The
12-month
reporting
period
as
of
September
30,
2022
saw
the
emergence
of
significant
challenges
that
disrupted
the
economic
recovery
and
strong
financial
markets
of
2021.
The
U.S.
economy
shrank
in
the
first
half
of
2022,
ending
the
run
of
robust
growth
that
followed
the
reopening
of
global
economies
and
the
development
of
COVID-19
vaccines.
Changes
in
consumer
spending
patterns
and
a
tight
labor
market
led
to
elevated
inflation,
which
reached
a
40-year
high.
Moreover,
while
the
foremost
effect
of
Russia’s
invasion
of
Ukraine
has
been
a
severe
humanitarian
crisis,
the
ongoing
war
continued
to
present
challenges
for
both
investors
and
policymakers.
Equity
prices
fell
as
interest
rates
rose,
particularly
weighing
on
relatively
high-valuation
growth
stocks
and
economically
sensitive
small-capitalization
stocks.
While
both
large-
and
small-capitalization
U.S.
stocks
fell,
declines
for
small-capitalization
U.S.
stocks
were
steeper.
Both
emerging
market
stocks
and
international
equities
from
developed
markets
fell
significantly,
pressured
by
rising
interest
rates
and
a
strengthening
U.S.
dollar.
The
10-year
U.S.
Treasury
yield
(which
is
inversely
related
to
bond
prices)
rose
notably
during
the
reporting
period
as
investors
reacted
to
higher
inflation
and
attempted
to
anticipate
its
impact
on
future
interest
rate
changes.
The
corporate
bond
market
also
faced
inflationary
headwinds,
and
increasing
uncertainty
led
to
higher
corporate
bond
spreads
(the
difference
in
yield
between
U.S.
Treasuries
and
similarly-dated
corporate
bonds).
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
is
proving
more
persistent
than
expected,
raised
interest
rates
five
times
while
indicating
that
additional
rate
hikes
were
likely.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
is
accelerating
the
reduction
of
its
balance
sheet.
As
investors
attempted
to
assess
the
Fed’s
future
trajectory,
the
Fed’s
statements
late
in
the
reporting
period
led
markets
to
believe
that
additional
tightening
is
likely
in
the
near
term.
The
pandemic’s
restructuring
of
the
economy
brought
an
ongoing
mismatch
between
supply
and
demand,
contributing
to
the
current
inflationary
regime.
While
growth
has
slowed
in
2022,
we
believe
that
taming
inflation
requires
a
more
dramatic
economic
decline
to
bring
demand
back
to
a
lower
level
that
is
more
in
line
with
the
economy’s
capacity.
The
Fed
has
been
raising
interest
rates
at
the
fastest
pace
in
decades,
and
seems
set
to
overtighten
in
its
effort
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,
and
the
outlook
for
Europe
and
the
U.K.
is
also
troubling.
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.
In
this
environment,
while
we
favor
an
overweight
to
equities
in
the
long-term,
the
market’s
concerns
over
excessive
rate
hikes
from
central
banks
moderate
our
outlook.
Rising
input
costs
and
a
deteriorating
economic
backdrop
in
China
and
Europe
are
likely
to
challenge
corporate
earnings,
so
we
are
underweight
equities
overall
in
the
near
term.
However,
we
see
better
opportunities
in
credit,
where
higher
spreads
provide
income
opportunities
and
partially
compensate
for
inflation
risk.
We
believe
that
investment-grade
corporates,
local-currency
emerging
market
debt,
and
inflation-protected
bonds
(particularly
in
Europe)
offer
strong
opportunities
for
a
six-
to
twelve-month
horizon.
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.
Sincerely,
Rob
Kapito
President,
BlackRock,
Inc.
The
Markets
in
Review
Rob
Kapito
President,
BlackRock,
Inc.
Total
Returns
as
of
September
30,
2022
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
(20.20
)%
(15.47
)%
U.S.
small
cap
equities
(Russell
2000
®
Index)
(19.01
)
(23.50
)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
(22.51
)
(25.13
)
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(21.70
)
(28.11
)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
0.58
0.63
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(10.81
)
(16.20
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(9.22
)
(14.60
)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
(6.30
)
(11.50
)
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
(10.42
)
(14.15
)
2
This
Page
is
not
Part
of
Your
Fund
Report
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Semi-Annual
Report:
Fund
Summary
........................................................................................................
4
About
Fund
Performance
..................................................................................................
17
Disclosure
of
Expenses
...................................................................................................
17
Schedules
of
Investments
.................................................................................................
18
Financial
Statements:
Statements
of
Assets
and
Liabilities
.........................................................................................
56
Statements
of
Operations
................................................................................................
60
Statements
of
Changes
in
Net
Assets
........................................................................................
64
Financial
Highlights
.....................................................................................................
71
Notes
to
Financial
Statements
...............................................................................................
84
Board
Review
and
Approval
of
Investment
Advisory
Contract
...........................................................................
95
Supplemental
Information
.................................................................................................
103
General
Information
.....................................................................................................
104
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
105
iShares
®
U.S.
Aerospace
&
Defense
ETF
4
2022
iShares
Semi-Annual
Report
to
Shareholders
Fund
Summary
as
of
September
30,
2022
Investment
Objective
The
iShares
U.S.
Aerospace
&
Defense
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
equities
in
the
aerospace
and
defense
sector,
as
represented
by
the
Dow
Jones
U.S.
Select
Aerospace
&
Defense
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
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
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
..................
(17.12
)
%
(11.71
)
%
1.63
%
12.21
%
(11.71
)
%
8.40
%
216.34
%
Fund
Market
................
(17.13
)
(11.66
)
1.64
12.22
–
%
(11.66
)
8.46
216.76
Index
.....................
(16.95
)
(11.39
)
2.06
12.67
(11.39
)
10.73
229.64
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
828.80
‌
$
1.83
‌
$
1,000.00
‌
$
1,023.06
‌
$
2.03
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/365
(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.
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Aerospace
&
Defense
.............................
97.3‌
%
Industrial
Machinery
..............................
2.2‌
Leisure
Products
................................
0.5‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Raytheon
Technologies
Corp.
.......................
21.4‌
%
Lockheed
Martin
Corp.
............................
16.2‌
Boeing
Co.
(The)
................................
7.4‌
Northrop
Grumman
Corp.
..........................
4.8‌
General
Dynamics
Corp.
...........................
4.7‌
Textron,
Inc.
...................................
4.5‌
L3Harris
Technologies,
Inc.
.........................
4.5‌
TransDigm
Group,
Inc.
............................
4.3‌
Howmet
Aerospace,
Inc.
...........................
4.2‌
Huntington
Ingalls
Industries,
Inc.
.....................
3.2‌
aaa
aa
iShares
®
U.S.
Broker-Dealers
&
Securities
Exchanges
ETF
5
Fund
Summary
Fund
Summary
as
of
September
30,
2022
Investment
Objective
The
iShares
U.S.
Broker-Dealers
&
Securities
Exchanges
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
equities
in
the
investment
services
sector,
as
represented
by
the
Dow
Jones
U.S.
Select
Investment
Services
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
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
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
..................
(13.64
)
%
(16.38
)
%
10.25
%
16.37
%
(16.38
)
%
62.87
%
355.57
%
Fund
Market
................
(13.64
)
(16.40
)
10.26
16.39
–
%
(16.40
)
62.97
356.06
Index
.....................
(13.46
)
(16.05
)
10.63
16.76
(16.05
)
65.68
370.86
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
863.60
‌
$
1.87
‌
$
1,000.00
‌
$
1,023.06
‌
$
2.03
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/365
(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.
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Investment
Banking
&
Brokerage
.....................
77.4‌
%
Financial
Exchanges
&
Data
........................
22.3‌
Asset
Management
&
Custody
Banks
..................
0.3‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Morgan
Stanley
.................................
19.5‌
%
Goldman
Sachs
Group,
Inc.
(The)
....................
18.4‌
Charles
Schwab
Corp.
(The)
........................
7.0‌
LPL
Financial
Holdings,
Inc.
.........................
4.8‌
Cboe
Global
Markets,
Inc.
..........................
4.7‌
Raymond
James
Financial,
Inc.
......................
4.6‌
Nasdaq,
Inc.
...................................
4.5‌
MarketAxess
Holdings,
Inc.
.........................
4.4‌
CME
Group,
Inc.,
Class
A
..........................
4.4‌
Intercontinental
Exchange,
Inc.
......................
4.4‌
aaa
aa
iShares
®
U.S.
Healthcare
Providers
ETF
6
2022
iShares
Semi-Annual
Report
to
Shareholders
Fund
Summary
as
of
September
30,
2022
Investment
Objective
The
iShares
U.S.
Healthcare
Providers
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
equities
in
the
healthcare
providers
sector,
as
represented
by
the
Dow
Jones
U.S.
Select
Health
Care
Providers
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
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
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
...................
(9.38
)
%
0.53
%
13.01
%
14.99
%
0.53
%
84.29
%
304.12
%
Fund
Market
.................
(9.40
)
0.49
13.02
14.99
–
%
0.49
84.37
304.29
Index
......................
(9.22
)
0.91
13.47
15.45
0.91
88.07
320.80
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
906.20
‌
$
1.91
‌
$
1,000.00
‌
$
1,023.06
‌
$
2.03
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/365
(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.
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Managed
Health
Care
.............................
45.6‌
%
Health
Care
Services
.............................
38.6‌
Health
Care
Facilities
.............................
11.2‌
Health
Care
Technology
...........................
4.4‌
Life
Sciences
Tools
&
Services
.......................
0.2‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
UnitedHealth
Group,
Inc.
...........................
23.1‌
%
CVS
Health
Corp.
...............................
14.8‌
Elevance
Health,
Inc.
.............................
7.7‌
Humana,
Inc.
..................................
4.8‌
Cigna
Corp.
...................................
4.6‌
Centene
Corp.
..................................
4.2‌
HCA
Healthcare,
Inc.
.............................
4.1‌
Molina
Healthcare,
Inc.
............................
3.8‌
Laboratory
Corp.
of
America
Holdings
..................
3.6‌
Quest
Diagnostics,
Inc.
............................
2.8‌
aaa
aa
iShares
®
U.S.
Home
Construction
ETF
7
Fund
Summary
Fund
Summary
as
of
September
30,
2022
Investment
Objective
The
iShares
U.S.
Home
Construction
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
equities
in
the
home
construction
sector,
as
represented
by
the
Dow
Jones
U.S.
Select
Home
Construction
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
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
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
..................
(11.85
)
%
(20.84
)
%
7.92
%
10.91
%
(20.84
)
%
46.41
%
181.74
%
Fund
Market
................
(11.78
)
(20.75
)
7.94
10.93
–
%
(20.75
)
46.54
182.14
Index
.....................
(11.68
)
(20.54
)
8.37
11.40
(20.54
)
49.50
194.21
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
881.50
‌
$
1.89
‌
$
1,000.00
‌
$
1,023.06
‌
$
2.03
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/365
(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.
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Homebuilding
..................................
65.8‌
%
Building
Products
................................
13.2‌
Home
Improvement
Retail
..........................
10.6‌
Specialty
Chemicals
..............................
4.2‌
Trading
Companies
&
Distributors
.....................
2.4‌
Home
Furnishings
...............................
2.1‌
Other
(each
representing
less
than
1%)
.................
1.7‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
DR
Horton,
Inc.
.................................
15.0‌
%
Lennar
Corp.,
Class
A
.............................
13.4‌
NVR,
Inc.
.....................................
8.6‌
PulteGroup,
Inc.
................................
6.1‌
Lowe's
Companies,
Inc.
...........................
4.5‌
Home
Depot,
Inc.
(The)
...........................
4.5‌
Sherwin-Williams
Co.
(The)
.........................
4.2‌
TopBuild
Corp.
.................................
3.7‌
Toll
Brothers,
Inc.
................................
3.2‌
Masco
Corp.
...................................
2.3‌
aaa
aa
iShares
®
U.S.
Infrastructure
ETF
8
2022
iShares
Semi-Annual
Report
to
Shareholders
Fund
Summary
as
of
September
30,
2022
Investment
Objective
The
iShares
U.S.
Infrastructure
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
equities
of
U.S.
companies
that
have
infrastructure
exposure
and
that
could
benefit
from
a
potential
increase
in
domestic
infrastructure
activities,
as
represented
by
the
NYSE
®
FactSet
U.S.
Infrastructure
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
The
inception
date
of
the
Fund
was
April
3,
2018.
The
first
day
of
secondary
market
trading
was
April
5,
2018.
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
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
Since
Inception
1
Year
Since
Inception
Fund
NAV
..............................................
(16.50
)
%
(3.64
)
%
7.82
%
(3.64
)
%
40.30
%
Fund
Market
............................................
(16.45
)
(3.58
)
7.85
–
%
(3.58
)
40.46
Index
.................................................
(16.46
)
(3.41
)
8
.
2
1
(3.41
)
40.
52
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
835.00
‌
$
1.38
‌
$
1,000.00
‌
$
1,023.56
‌
$
1.52
‌
0.30
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/365
(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.
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Electric
Utilities
.................................
19.0‌
%
Construction
&
Engineering
.........................
13.3‌
Multi-Utilities
...................................
10.5‌
Steel
........................................
7.6‌
Building
Products
................................
7.0‌
Oil
&
Gas
Storage
&
Transportation
...................
6.9‌
Gas
Utilities
...................................
5.3‌
Water
Utilities
..................................
5.2‌
Commodity
Chemicals
............................
3.6‌
Specialty
Chemicals
..............................
2.7‌
Trading
Companies
&
Distributors
.....................
2.5‌
Construction
Machinery
&
Heavy
Trucks
................
2.3‌
Railroads
.....................................
2.1‌
Industrial
Machinery
..............................
1.9‌
Construction
Materials
............................
1.8‌
Aluminum
.....................................
1.5‌
Forest
Products
.................................
1.2‌
Other
(each
representing
less
than
1%)
.................
5.6‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Constellation
Energy
Corp.
.........................
0.8‌
%
PG&E
Corp.
...................................
0.8‌
South
Jersey
Industries,
Inc.
........................
0.8‌
PNM
Resources,
Inc.
.............................
0.8‌
DT
Midstream,
Inc.
...............................
0.8‌
NextEra
Energy,
Inc.
.............................
0.7‌
American
States
Water
Co.
.........................
0.7‌
California
Water
Service
Group
......................
0.7‌
NorthWestern
Corp.
..............................
0.7‌
Antero
Midstream
Corp.
...........................
0.7‌
aaa
aa
iShares
®
U.S.
Insurance
ETF
9
Fund
Summary
Fund
Summary
as
of
September
30,
2022
Investment
Objective
The
iShares
U.S.
Insurance
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
equities
in
the
insurance
sector,
as
represented
by
the
Dow
Jones
U.S.
Select
Insurance
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
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
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
...................
(12.57
)
%
2.87
%
6.65
%
11.59
%
2.87
%
38.01
%
199.28
%
Fund
Market
.................
(12.52
)
3.06
6.69
11.60
–
%
3.06
38.23
199.76
Index
......................
(12.36
)
3.34
7.09
12.05
3.34
40.82
212.10
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
874.30
‌
$
1.88
‌
$
1,000.00
‌
$
1,023.06
‌
$
2.03
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/365
(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.
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Property
&
Casualty
Insurance
.......................
54.4‌
%
Life
&
Health
Insurance
............................
24.5‌
Multi-line
Insurance
..............................
10.3‌
Insurance
Brokers
...............................
7.9‌
Reinsurance
...................................
1.9‌
Other
Diversified
Financial
Services
...................
1.0‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Chubb
Ltd.
....................................
11.7‌
%
Progressive
Corp.
(The)
...........................
10.5‌
MetLife,
Inc.
...................................
6.3‌
American
International
Group,
Inc.
....................
5.6‌
Arthur
J
Gallagher
&
Co.
...........................
5.6‌
Allstate
Corp.
(The)
..............................
4.8‌
Travelers
Companies,
Inc.
(The)
......................
4.7‌
Aflac,
Inc.
.....................................
4.5‌
Prudential
Financial,
Inc.
...........................
4.3‌
Hartford
Financial
Services
Group,
Inc.
(The)
.............
3.3‌
aaa
aa
iShares
®
U.S.
Medical
Devices
ETF
10
2022
iShares
Semi-Annual
Report
to
Shareholders
Fund
Summary
as
of
September
30,
2022
Investment
Objective
The
iShares
U.S.
Medical
Devices
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
equities
in
the
medical
devices
sector,
as
represented
by
the
Dow
Jones
U.S.
Select
Medical
Equipment
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
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
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
..................
(22.41
)
%
(24.63
)
%
11.48
%
15.78
%
(24.63
)
%
72.15
%
332.68
%
Fund
Market
................
(22.35
)
(24.51
)
11.49
15.80
–
%
(24.51
)
72.30
333.42
Index
.....................
(22.27
)
(24.36
)
11.93
16.25
(24.36
)
75.72
350.78
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
775.90
‌
$
1.78
‌
$
1,000.00
‌
$
1,023.06
‌
$
2.03
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/365
(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.
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Health
Care
Equipment
............................
78.8‌
%
Life
Sciences
Tools
&
Services
.......................
20.8‌
Health
Care
Supplies
.............................
0.4‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Thermo
Fisher
Scientific,
Inc.
........................
17.6‌
%
Abbott
Laboratories
..............................
15.0‌
Medtronic
PLC
.................................
9.5‌
Stryker
Corp.
..................................
4.7‌
Boston
Scientific
Corp.
............................
4.6‌
Edwards
Lifesciences
Corp.
........................
4.4‌
Intuitive
Surgical,
Inc.
.............................
4.4‌
Becton
Dickinson
and
Co.
..........................
4.2‌
ResMed
,
Inc.
..................................
3.3‌
Dexcom
,
Inc.
...................................
3.3‌
aaa
aa
iShares
®
U.S.
Oil
&
Gas
Exploration
&
Production
ETF
11
Fund
Summary
Fund
Summary
as
of
September
30,
2022
Investment
Objective
The
iShares
U.S.
Oil
&
Gas
Exploration
&
Production
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
equities
in
the
oil
and
gas
exploration
and
production
sector,
as
represented
by
the
Dow
Jones
U.S.
Select
Oil
Exploration
&
Production
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
Certain
sectors
and
markets
performed
exceptionally
well
based
on
market
conditions
during
the
one-year
period.
Achieving
such
exceptional
returns
involves
the
risk
of
volatility
and
investors
should
not
expect
that
such
exceptional
returns
will
be
repeated.
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
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
....................
0.97
%
48.75
%
10.10
%
4.63
%
48.75
%
61.77
%
57.31
%
Fund
Market
..................
0.89
48.77
10.10
4.64
–
%
48.77
61.80
57.38
Index
.......................
1.18
49.37
10.54
5.05
49.37
65.07
63.74
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
1,009.70
‌
$
2.02
‌
$
1,000.00
‌
$
1,023.06
‌
$
2.03
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/365
(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.
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Oil
&
Gas
Exploration
&
Production
....................
73.9‌
%
Oil
&
Gas
Refining
&
Marketing
......................
18.9‌
Oil
&
Gas
Storage
&
Transportation
...................
7.2‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
ConocoPhillips
.................................
18.1‌
%
EOG
Resources,
Inc.
.............................
9.1‌
Pioneer
Natural
Resources
Co.
......................
7.2‌
Marathon
Petroleum
Corp.
.........................
6.9‌
Cheniere
Energy,
Inc.
.............................
5.1‌
Valero
Energy
Corp.
..............................
4.5‌
Phillips
66
.....................................
4.5‌
Hess
Corp.
....................................
4.4‌
Devon
Energy
Corp.
..............................
4.3‌
Diamondback
Energy,
Inc.
..........................
3.3‌
aaa
aa
iShares
®
U.S.
Oil
Equipment
&
Services
ETF
12
2022
iShares
Semi-Annual
Report
to
Shareholders
Fund
Summary
as
of
September
30,
2022
Investment
Objective
The
iShares
U.S.
Oil
Equipment
&
Services
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
equities
in
the
oil
equipment
and
services
sector,
as
represented
by
the
Dow
Jones
U.S.
Select
Oil
Equipment
&
Services
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
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
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
..................
(25.13
)
%
5.96
%
(15.03
)
%
(10.53
)
%
5.96
%
(55.71
)
%
(67.14
)
%
Fund
Market
................
(24.98
)
6.06
(15.01
)
(10.52
)
–
%
6.06
(55.64
)
(67.11
)
Index
.....................
(25.01
)
6.32
(14.70
)
(10.26
)
6.32
(54.84
)
(66.13
)
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
748.70
‌
$
1.75
‌
$
1,000.00
‌
$
1,023.06
‌
$
2.03
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/365
(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.
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Oil
&
Gas
Equipment
&
Services
.....................
82.5‌
%
Oil
&
Gas
Drilling
................................
17.5‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Schlumberger
NV
...............................
24.2‌
%
Halliburton
Co.
.................................
20.3‌
TechnipFMC
PLC
...............................
5.0‌
NOV,
Inc.
.....................................
4.7‌
ChampionX
Corp.
...............................
4.6‌
Valaris
,
Ltd.
....................................
4.5‌
Helmerich
&
Payne,
Inc.
...........................
4.4‌
Baker
Hughes
Co.,
Class
A
.........................
4.3‌
Patterson-UTI
Energy,
Inc.
.........................
3.8‌
Cactus,
Inc.,
Class
A
.............................
3.5‌
aaa
aa
iShares
®
U.S.
Pharmaceuticals
ETF
13
Fund
Summary
Fund
Summary
as
of
September
30,
2022
Investment
Objective
The
iShares
U.S.
Pharmaceuticals
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
equities
in
the
pharmaceuticals
sector,
as
represented
by
the
Dow
Jones
U.S.
Select
Pharmaceuticals
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
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
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
..................
(11.99
)
%
(5.84
)
%
3.07
%
8.10
%
(5.84
)
%
16.35
%
117.80
%
Fund
Market
................
(11.94
)
(5.82
)
3.11
8.11
–
%
(5.82
)
16.52
118.04
Index
.....................
(11.86
)
(5.62
)
3.36
8.41
(5.62
)
17.99
124.22
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
880.10
‌
$
1.89
‌
$
1,000.00
‌
$
1,023.06
‌
$
2.03
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/365
(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.
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Pharmaceuticals
................................
95.9‌
%
Biotechnology
..................................
4.1‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Johnson
&
Johnson
..............................
23.5‌
%
Pfizer,
Inc.
....................................
18.9‌
Eli
Lilly
&
Co.
..................................
4.9‌
Bristol-Myers
Squibb
Co.
...........................
4.9‌
Merck
&
Co.,
Inc.
................................
4.7‌
Royalty
Pharma
PLC,
Class
A
.......................
4.4‌
Zoetis,
Inc.,
Class
A
..............................
4.4‌
Viatris
,
Inc.
....................................
4.1‌
Catalent
,
Inc.
..................................
3.7‌
Jazz
Pharmaceuticals
PLC
.........................
3.5‌
aaa
aa
iShares
®
U.S.
Real
Estate
ETF
14
2022
iShares
Semi-Annual
Report
to
Shareholders
Fund
Summary
as
of
September
30,
2022
Investment
Objective
The
iShares
U.S.
Real
Estate
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
equities
in
the
real
estate
sector,
as
represented
by
the
Dow
Jones
U.S.
Real
Estate
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
Index
performance
through
January
24,
2021
reflects
the
performance
of
the
Dow
Jones
U.S.
Real
Esate
Index
TM
.
Index
performance
beginning
on
January
25,
2021
reflects
the
performance
of
the
Dow
Jones
U.S.
Real
Estate
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
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
..................
(23.52
)
%
(18.19
)
%
3.36
%
5.97
%
(18.19
)
%
17.97
%
78.55
%
Fund
Market
................
(23.67
)
(18.17
)
3.36
5.96
–
%
(18.17
)
17.98
78.46
Index
.....................
(23.37
)
(17.87
)
3.70
6.42
(17.87
)
19.91
86.28
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
764.80
‌
$
1.77
‌
$
1,000.00
‌
$
1,023.06
‌
$
2.03
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/365
(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.
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Specialized
REITs
...............................
39.7‌
%
Residential
REITs
...............................
14.9‌
Industrial
REITs
.................................
11.5‌
Retail
REITs
...................................
10.0‌
Health
Care
REITs
...............................
7.8‌
Office
REITs
...................................
5.1‌
Real
Estate
Services
.............................
3.2‌
Research
&
Consulting
Services
......................
2.4‌
Mortgage
REITs
................................
2.2‌
Diversified
REITs
................................
2.0‌
Other
(each
representing
less
than
1%)
.................
1.2‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
American
Tower
Corp.
............................
8.7‌
%
Prologis,
Inc.
...................................
6.6‌
Crown
Castle,
Inc.
...............................
5.5‌
Equinix
,
Inc.
...................................
4.5‌
Public
Storage
..................................
4.0‌
Realty
Income
Corp.
..............................
3.1‌
SBA
Communications
Corp.,
Class
A
...................
2.7‌
Welltower
,
Inc.
..................................
2.6‌
Simon
Property
Group,
Inc.
.........................
2.6‌
VICI
Properties,
Inc.
..............................
2.5‌
aaa
aa
iShares
®
U.S.
Regional
Banks
ETF
15
Fund
Summary
Fund
Summary
as
of
September
30,
2022
Investment
Objective
The
iShares
U.S.
Regional
Banks
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
equities
in
the
regional
banks
sector,
as
represented
by
the
Dow
Jones
U.S.
Select
Regional
Banks
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
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
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
..................
(17.58
)
%
(18.99
)
%
2.90
%
8.84
%
(18.99
)
%
15.35
%
133.28
%
Fund
Market
................
(17.70
)
(19.07
)
2.88
8.83
–
%
(19.07
)
15.27
133.12
Index
.....................
(17.40
)
(18.66
)
3.31
9.30
(18.66
)
17.70
143.37
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
824.20
‌
$
1.83
‌
$
1,000.00
‌
$
1,023.06
‌
$
2.03
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/365
(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.
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Regional
Banks
.................................
88.3‌
%
Diversified
Banks
................................
10.8‌
Thrifts
&
Mortgage
Finance
.........................
0.9‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
PNC
Financial
Services
Group,
Inc.
(The)
...............
12.1‌
%
Truist
Financial
Corp.
.............................
11.4‌
U.S.
Bancorp
..................................
10.8‌
M&T
Bank
Corp.
................................
6.1‌
Fifth
Third
Bancorp
..............................
4.4‌
First
Republic
Bank
..............................
4.2‌
SVB
Financial
Group
.............................
4.0‌
Huntington
Bancshares,
Inc.
........................
3.8‌
Regions
Financial
Corp.
...........................
3.8‌
Citizens
Financial
Group,
Inc.
.......................
3.4‌
aaa
aa
iShares
®
U.S.
Telecommunications
ETF
16
2022
iShares
Semi-Annual
Report
to
Shareholders
Fund
Summary
as
of
September
30,
2022
Investment
Objective
The
iShares
U.S.
Telecommunications
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
equities
in
the
telecommunications
sector,
as
represented
by
the
Russell
1000
Telecommunications
RIC
22.5/45
Capped
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
Index
performance
through
September
19,
2021
reflects
the
performance
of
the
Dow
Jones
U.S.
Select
Telecommunications
Index.
Index
performance
beginning
on
September
20,
2021
reflects
the
performance
of
the
Russell
1000
Telecommunications
RIC
22.5/45
Capped
Index.
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
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
..................
(29.43
)
%
(34.46
)
%
(4.95
)
%
0.50
%
(34.46
)
%
(22.41
)
%
5.14
%
Fund
Market
................
(29.42
)
(34.46
)
(4.93
)
0.51
–
%
(34.46
)
(22.34
)
5.19
Index
.....................
(29.31
)
(34.23
)
(4
.
71
)
0
.
71
(34.23
)
(21.44
)
7
.
30
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
705.70
‌
$
1.71
‌
$
1,000.00
‌
$
1,023.06
‌
$
2.03
‌
0.40
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/365
(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.
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Communications
Equipment
........................
39.6‌
%
Cable
&
Satellite
................................
26.4‌
Integrated
Telecommunication
Services
.................
24.0‌
Wireless
Telecommunication
Services
..................
4.3‌
Movies
&
Entertainment
...........................
3.0‌
Alternative
Carriers
..............................
2.7‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Cisco
Systems,
Inc.
..............................
16.8‌
%
Verizon
Communications,
Inc.
.......................
16.2‌
Comcast
Corp.,
Class
A
...........................
13.2‌
AT&T,
Inc.
.....................................
4.7‌
T-Mobile
U.S.,
Inc.
...............................
4.3‌
Arista
Networks,
Inc.
.............................
3.6‌
Motorola
Solutions,
Inc.
...........................
3.6‌
Juniper
Networks,
Inc.
............................
3.3‌
Ubiquiti,
Inc.
...................................
3.3‌
Ciena
Corp.
...................................
3.2‌
aaa
aa
About
Fund
Performance
17
About
Fund
Performance/Disclosure
of
Expenses
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.
Schedule
of
Investments
(unaudited)
September
30,
2022
iShares
®
U.S.
Aerospace
&
Defense
ETF
(Percentages
shown
are
based
on
Net
Assets)
18
2022
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
 — 
97
.2
%
AAR
Corp.
(a)
.............................
416,906
$
14,933,573
Aerojet
Rocketdyne
Holdings,
Inc.
(a)
.............
937,219
37,479,388
AeroVironment,
Inc.
(a)
(b)
......................
309,766
25,822,094
Archer
Aviation,
Inc.
,
Class
A
(a)
(b)
................
1,733,849
4,525,346
Axon
Enterprise,
Inc.
(a)
(b)
.....................
836,971
96,879,393
Boeing
Co.
(The)
(a)
(b)
........................
2,078,425
251,655,699
BWX
Technologies,
Inc.
(b)
....................
1,130,636
56,950,135
Curtiss-Wright
Corp.
........................
475,912
66,227,914
General
Dynamics
Corp.
.....................
744,137
157,883,547
HEICO
Corp.
(b)
...........................
458,084
65,954,935
HEICO
Corp.
,
Class
A
.......................
797,110
91,364,748
Hexcel
Corp.
.............................
1,042,456
53,915,824
Howmet
Aerospace,
Inc.
(b)
....................
4,582,590
141,739,509
Huntington
Ingalls
Industries,
Inc.
...............
495,162
109,678,383
Kaman
Corp.
,
Class
A
.......................
346,873
9,688,163
Kratos
Defense
&
Security
Solutions,
Inc.
(a)
(b)
.......
1,561,093
15,860,705
L3Harris
Technologies,
Inc.
...................
726,871
151,065,600
Lockheed
Martin
Corp.
......................
1,416,904
547,335,846
Maxar
Technologies,
Inc.
(b)
...................
919,781
17,218,300
Mercury
Systems,
Inc.
(a)
(b)
....................
714,865
29,023,519
Moog,
Inc.
,
Class
A
........................
358,975
25,253,891
National
Presto
Industries,
Inc.
.................
63,113
4,105,501
Northrop
Grumman
Corp.
(b)
...................
347,431
163,403,748
Parsons
Corp.
(a)
(b)
..........................
410,773
16,102,302
Raytheon
Technologies
Corp.
.................
8,865,304
725,713,785
Rocket
Lab
USA,
Inc.
(a)
(b)
.....................
2,673,858
10,882,602
Spirit
AeroSystems
Holdings,
Inc.
,
Class
A
(b)
........
1,303,201
28,566,166
Textron,
Inc.
(b)
............................
2,621,968
152,755,856
TransDigm
Group,
Inc.
......................
275,618
144,649,839
Triumph
Group,
Inc.
(a)
.......................
803,575
6,902,709
Virgin
Galactic
Holdings,
Inc.
(a)
(b)
................
2,789,924
13,140,542
Security
Shares
Value
a
Aerospace
&
Defense
(continued)
Woodward,
Inc.
(b)
..........................
745,740
$
59,853,092
3,296,532,654
a
Industrial
Machinery
 — 
2
.2
%
RBC
Bearings,
Inc.
(a)
(b)
......................
358,604
74,521,497
a
Leisure
Products
 — 
0
.5
%
Smith
&
Wesson
Brands,
Inc.
..................
568,678
5,897,191
Sturm
Ruger
&
Co.,
Inc.
.....................
218,856
11,115,696
17,012,887
a
Total
Long-Term
 Investments
— 99.9%
(Cost:
$
3,784,033,380
)
...............................
3,388,067,038
a
Short-Term
Securities
Money
Market
Funds
 — 
2
.0
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
3.18
%
(c)
(d)
(e)
............................
51,457,950
51,473,387
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
2.81
%
(c)
(d)
.............................
16,857,221
16,857,221
a
Total
Short-Term
Securities — 2.0%
(Cost:
$
68,303,536
)
.................................
68,330,608
Total
Investments
—
101.9%
(Cost:
$
3,852,336,916
)
...............................
3,456,397,646
Liabilities
in
Excess
of
Other
Assets
—
(
1
.9
)
%
...............
(
66,104,431
)
Net
Assets
—
100.0%
.................................
$
3,390,293,215
(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
six
months
ended
September
30,
2022
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
09/30/22
  Shares
Held
at
09/30/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
30,259,215
$
21,147,882
(a)
$
—
$
48,903
$
17,387
$
51,473,387
51,457,950
$
198,990
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..
4,110,000
12,747,221
(a)
—
—
—
16,857,221
16,857,221
19,883
—
$
48,903
$
17,387
$
68,330,608
$
218,873
$
—
(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.
iShares
®
U.S.
Aerospace
&
Defense
ETF
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
19
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
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: 
For
the period
ended
September
30,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Industrial
Index.
.................................................................
21
12/16/22
$
1,759
$
(
197,026
)
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
–
–
Unrealized
depreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
197,026
$
—
$
—
$
—
$
197,026
(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).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(
1,365,980
)
$
—
$
—
$
—
$
(
1,365,980
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(
219,242
)
$
—
$
—
$
—
$
(
219,242
)
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
3,876,173
a
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
U.S.
Aerospace
&
Defense
ETF
20
2022
iShares
Semi-Annual
Report
to
Shareholders
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.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.............................................
$
3,388,067,038
$
—
$
—
$
3,388,067,038
‌
Short-Term
Securities
Money
Market
Funds
..........................................
68,330,608
—
—
68,330,608
‌
$
3,456,397,646
$
—
$
—
$
3,456,397,646
‌
Derivative
Financial
Instruments
(a)
Liabilities
Equity
Contracts
...............................................
$
(
197,026
)
$
—
$
—
$
(
197,026
)
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
U.S.
Broker-Dealers
&
Securities
Exchanges
ETF
Schedule
of
Investments
(unaudited)
September
30,
2022
(Percentages
shown
are
based
on
Net
Assets)
21
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Asset
Management
&
Custody
Banks
 — 
0
.3
%
Diamond
Hill
Investment
Group,
Inc.
.............
8,505
$
1,403,325
a
Financial
Exchanges
&
Data
 — 
22
.3
%
Cboe
Global
Markets,
Inc.
....................
186,728
21,916,265
CME
Group,
Inc.
,
Class
A
....................
115,286
20,420,609
Intercontinental
Exchange,
Inc.
................
225,771
20,398,410
MarketAxess
Holdings,
Inc.
...................
93,236
20,744,078
Nasdaq,
Inc.
.............................
370,016
20,972,507
104,451,869
a
Investment
Banking
&
Brokerage
 — 
77
.3
%
B
Riley
Financial,
Inc.
.......................
43,482
1,935,819
BGC
Partners,
Inc.
,
Class
A
...................
899,935
2,825,796
Charles
Schwab
Corp.
(The)
..................
458,133
32,926,019
Cowen,
Inc.
,
Class
A
.......................
72,224
2,790,735
Evercore,
Inc.
,
Class
A
......................
98,973
8,140,529
Goldman
Sachs
Group,
Inc.
(The)
..............
295,057
86,466,454
Houlihan
Lokey,
Inc.
,
Class
A
..................
136,492
10,288,767
Interactive
Brokers
Group,
Inc.
,
Class
A
...........
282,647
18,063,970
Jefferies
Financial
Group,
Inc.
.................
511,082
15,076,919
Lazard
Ltd.
,
Class
A
........................
309,916
9,864,626
LPL
Financial
Holdings,
Inc.
(a)
.................
103,206
22,548,447
Moelis
&
Co.
,
Class
A
.......................
176,098
5,953,873
Morgan
Stanley
...........................
1,157,497
91,453,838
Piper
Sandler
Companies
....................
37,677
3,946,289
Security
Shares
Value
a
Investment
Banking
&
Brokerage
(continued)
PJT
Partners,
Inc.
,
Class
A
...................
66,581
$
4,448,942
Raymond
James
Financial,
Inc.
................
218,447
21,586,933
Stifel
Financial
Corp.
.......................
291,716
15,142,978
StoneX
Group,
Inc.
(a)
(b)
......................
47,333
3,925,799
Virtu
Financial,
Inc.
,
Class
A
...................
263,368
5,470,153
362,856,886
a
Total
Long-Term
 Investments
— 99.9%
(Cost:
$
550,567,865
)
................................
468,712,080
a
Short-Term
Securities
Money
Market
Funds
 — 
1
.1
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
3.18
%
(c)
(d)
(e)
............................
5,343,277
5,344,880
a
Total
Short-Term
Securities — 1.1%
(Cost:
$
5,344,880
)
..................................
5,344,880
Total
Investments
—
101.0%
(Cost:
$
555,912,745
)
................................
474,056,960
Liabilities
in
Excess
of
Other
Assets
—
(
1
.0
)
%
...............
(
4,708,120
)
Net
Assets
—
100.0%
.................................
$
469,348,840
(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
six
months
ended
September
30,
2022
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
09/30/22
  Shares
Held
at
09/30/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
.
$
—
$
5,343,461
(a)
$
—
$
1,419
$
—
$
5,344,880
5,343,277
$
1,203
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
(c)
......
720,000
—
(
720,000
)
(a)
—
—
—
—
2,539
—
$
1,419
$
—
$
5,344,880
$
3,742
$
—
(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.
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
U.S.
Broker-Dealers
&
Securities
Exchanges
ETF
22
2022
iShares
Semi-Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
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: 
For
the period
ended
September
30,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Financial
Select
Sector
Index
........................................................
4
12/16/22
$
375
$
(
40,702
)
Russell
2000
E-Mini
Index
...............................................................
2
12/16/22
167
(
8,265
)
$
(
48,967
)
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
–
–
Unrealized
depreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
48,967
$
—
$
—
$
—
$
48,967
(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).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(
202,632
)
$
—
$
—
$
—
$
(
202,632
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(
58,345
)
$
—
$
—
$
—
$
(
58,345
)
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
458,450
a
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
iShares
®
U.S.
Broker-Dealers
&
Securities
Exchanges
ETF
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
23
Schedule
of
Investments
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.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
468,712,080
‌
$
—
‌
$
—
‌
$
468,712,080
‌
Short-Term
Securities
Money
Market
Funds
......................................
5,344,880
‌
—
‌
—
‌
5,344,880
‌
$
474,056,960
‌
$
—
‌
$
—
‌
$
474,056,960
‌
Derivative
Financial
Instruments
(a)
Liabilities
Equity
Contracts
...........................................
$
(
48,967
)
$
—
‌
$
—
‌
$
(
48,967
)
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
(unaudited)
September
30,
2022
iShares
®
U.S.
Healthcare
Providers
ETF
(Percentages
shown
are
based
on
Net
Assets)
24
2022
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Health
Care
Facilities
 — 11.3%
Acadia
Healthcare
Co.,
Inc.
(a)
..................
268,458
$
20,988,046
Brookdale
Senior
Living,
Inc.
(a)
.................
551,367
2,354,337
Cano
Health,
Inc.,
Class
A
(a)(b)
.................
514,030
4,456,640
Community
Health
Systems,
Inc.
(a)(b)
.............
369,617
794,677
Encompass
Health
Corp.
....................
294,869
13,336,925
Ensign
Group,
Inc.
(The)
(b)
....................
163,396
12,989,982
Hanger,
Inc.
(a)
............................
115,209
2,156,712
HCA
Healthcare,
Inc.
.......................
339,997
62,488,049
National
HealthCare
Corp.
....................
40,232
2,548,295
Pennant
Group,
Inc.
(The)
(a)(b)
.................
82,870
862,677
Select
Medical
Holdings
Corp.
.................
305,148
6,743,771
Surgery
Partners,
Inc.
(a)(b)
....................
114,156
2,671,250
Tenet
Healthcare
Corp.
(a)(b)
....................
318,839
16,445,716
U.S.
Physical
Therapy,
Inc.
...................
38,387
2,918,180
Universal
Health
Services,
Inc.,
Class
B
(b)
.........
194,210
17,125,438
168,880,695
a
Health
Care
Services
 — 38.6%
1Life
Healthcare,
Inc.
(a)(b)
.....................
496,059
8,507,412
Accolade,
Inc.
(a)
(b)
..........................
182,874
2,088,421
Addus
HomeCare
Corp.
(a)
....................
47,520
4,525,805
Agiliti,
Inc.
(a)(b)
............................
98,299
1,406,659
agilon
health,
Inc.
(a)(b)
.......................
582,922
13,652,033
Amedisys,
Inc.
(a)(b)
.........................
95,877
9,279,935
Apollo
Medical
Holdings,
Inc.
(a)(b)
................
116,083
4,527,237
Castle
Biosciences,
Inc.
(a)
....................
72,969
1,903,031
Chemed
Corp.
(b)
..........................
44,048
19,229,595
Cigna
Corp.
.............................
248,737
69,017,055
CorVel
Corp.
(a)(b)
...........................
27,340
3,784,676
CVS
Health
Corp.
.........................
2,345,159
223,657,814
DaVita,
Inc.
(a)(b)
...........................
164,587
13,622,866
DocGo,
Inc.
(a)
............................
238,571
2,366,624
Enhabit,
Inc.
(a)
............................
147,308
2,068,204
Fulgent
Genetics,
Inc.
(a)
.....................
59,859
2,281,825
Guardant
Health,
Inc.
(a)(b)
.....................
302,086
16,261,289
Hims
&
Hers
Health,
Inc.,
Class
A
(a)(b)
............
357,895
1,997,054
Invitae
Corp.
(a)(b)
...........................
652,810
1,605,913
Laboratory
Corp.
of
America
Holdings
............
267,155
54,716,016
LHC
Group,
Inc.
(a)
.........................
91,696
15,006,967
LifeStance
Health
Group,
Inc.
(a)(b)
...............
277,611
1,837,785
ModivCare,
Inc.
(a)
..........................
37,482
3,736,206
Oak
Street
Health,
Inc.
(a)(b)
....................
342,423
8,396,212
OPKO
Health,
Inc.
(a)(b)
.......................
1,207,730
2,282,610
Option
Care
Health,
Inc.
(a)(b)
...................
456,829
14,376,409
Pediatrix
Medical
Group,
Inc.
(a)(b)
................
249,288
4,115,745
Premier,
Inc.,
Class
A
.......................
348,682
11,834,267
Privia
Health
Group,
Inc.
(a)(b)
...................
144,880
4,934,613
Quest
Diagnostics,
Inc.
......................
344,600
42,278,974
R1
RCM,
Inc.
(a)
...........................
405,767
7,518,862
RadNet,
Inc.
(a)
............................
143,796
2,926,249
Sema4
Holdings
Corp.,
Class
A
(a)(b)
..............
790,653
693,798
Signify
Health,
Inc.,
Class
A
(a)(b)
................
203,869
5,942,781
582,380,942
a
Health
Care
Technology
 — 4.4%
American
Well
Corp.,
Class
A
(a)
................
710,289
2,549,938
Certara,
Inc.
(a)(b)
...........................
311,845
4,141,302
Change
Healthcare,
Inc.
(a)
....................
745,643
20,497,726
Definitive
Healthcare
Corp.,
Class
A
(a)(b)
...........
106,811
1,659,843
Doximity,
Inc.,
Class
A
(a)(b)
....................
326,458
9,865,561
GoodRx
Holdings,
Inc.,
Class
A
(a)(b)
..............
226,703
1,058,703
Health
Catalyst,
Inc.
(a)(b)
......................
161,536
1,566,899
HealthStream,
Inc.
(a)
........................
71,704
1,524,427
Security
Shares
Value
a
Health
Care
Technology
(continued)
Multiplan
Corp.,
Class
A
(a)(b)
...................
697,995
$
1,996,266
Phreesia,
Inc.
(a)
...........................
154,815
3,944,686
Schrodinger,
Inc.
(a)(b)
........................
157,645
3,937,972
Sharecare,
Inc.
(a)(b)
.........................
936,209
1,778,797
Teladoc
Health,
Inc.
(a)(b)
......................
477,741
12,110,734
66,632,854
a
Life
Sciences
Tools
&
Services
 — 0.2%
NeoGenomics,
Inc.
(a)(b)
......................
371,335
3,197,194
a
Managed
Health
Care
 — 45.6%
Alignment
Healthcare,
Inc.
(a)
..................
243,216
2,879,677
Centene
Corp.
(a)
..........................
807,497
62,831,342
Clover
Health
Investments
Corp.,
Class
A
(a)(b)
.......
961,608
1,634,734
Elevance
Health,
Inc.
.......................
256,810
116,653,374
HealthEquity,
Inc.
(a)
.........................
249,329
16,747,429
Humana,
Inc.
............................
149,757
72,660,599
Molina
Healthcare,
Inc.
(a)
.....................
171,700
56,633,528
Progyny,
Inc.
(a)(b)
..........................
220,419
8,168,728
UnitedHealth
Group,
Inc.
.....................
691,359
349,163,949
687,373,360
a
Total
Long-Term
 Investments
— 100.1%
(Cost:
$1,582,053,639)
...............................
1,508,465,045
a
Short-Term
Securities
Money
Market
Funds
 — 
5.7%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
3.18%
(c)(d)(e)
............................
85,390,198
85,415,815
a
Total
Short-Term
Securities — 5.7%
(Cost:
$85,369,863)
.................................
85,415,815
Total
Investments
—
105.8%
(Cost:
$1,667,423,502)
...............................
1,593,880,860
Liabilities
in
Excess
of
Other
Assets
—
(5.8)%
...............
(87,251,320)
Net
Assets
—
100.0%
.................................
$
1,506,629,540
(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.
iShares
®
U.S.
Healthcare
Providers
ETF
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
25
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
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: 
For
the period
ended
September
30,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
September
30,
2022
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
Reali
zed
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/22
  Shares
Held
at
09/30/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
.
$
49,212,785
‌
$
36,163,785
(a)
$
—
‌
$
2,966
‌
$
36,279
‌
$
85,415,815
‌
85,390,198
‌
$
85,129
(b)
$
—
‌
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
(c)
......
1,470,000
‌
—
‌
(1,470,000
)
(a)
—
‌
—
‌
—
‌
—
‌
7,954
‌
—
‌
$
2,966
‌
$
36,279
‌
$
85,415,815
‌
$
93,083
‌
$
—
‌
(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.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Health
Care
Sector
Index
...........................................................
12
12/16/22
$
1,474
$
(23,045
)
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
–
–
Unrealized
depreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
23,045
$
—
$
—
$
—
$
23,045
(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).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(170,425
)
$
—
$
—
$
—
$
(170,425
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(80,388
)
$
—
$
—
$
—
$
(80,388
)
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
U.S.
Healthcare
Providers
ETF
26
2022
iShares
Semi-Annual
Report
to
Shareholders
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
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.
See
notes
to
financial
statements.
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
1,248,923
a
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
1,508,465,045
‌
$
—
‌
$
—
‌
$
1,508,465,045
‌
Short-Term
Securities
Money
Market
Funds
......................................
85,415,815
‌
—
‌
—
‌
85,415,815
‌
$
1,593,880,860
‌
$
—
‌
$
—
‌
$
1,593,880,860
‌
Derivative
Financial
Instruments
(a)
Liabilities
Equity
Contracts
...........................................
$
(23,045
)
$
—
‌
$
—
‌
$
(23,045
)
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
U.S.
Home
Construction
ETF
Schedule
of
Investments
(unaudited)
September
30,
2022
(Percentages
shown
are
based
on
Net
Assets)
27
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Building
Products
 — 13.2%
American
Woodmark
Corp.
(a)(b)
.................
41,925
$
1,838,830
AZEK
Co.,
Inc.
(The),
Class
A
(a)(b)
...............
275,994
4,587,020
Builders
FirstSource,
Inc.
(a)(b)
..................
393,240
23,169,701
Fortune
Brands
Home
&
Security,
Inc.
............
325,822
17,493,383
Hayward
Holdings,
Inc.
(a)(b)
....................
255,672
2,267,811
JELD-WEN
Holding,
Inc.
(a)
....................
212,890
1,862,788
Lennox
International,
Inc.
....................
81,237
18,089,043
Masco
Corp.
.............................
568,212
26,529,818
Masonite
International
Corp.
(a)(b)
................
56,099
3,999,298
Owens
Corning
...........................
242,479
19,061,274
PGT
Innovations,
Inc.
(a)(b)
.....................
150,873
3,162,298
Quanex
Building
Products
Corp.
................
84,186
1,528,818
Simpson
Manufacturing
Co.,
Inc.
...............
108,760
8,526,784
Trex
Co.,
Inc.
(a)(b)
..........................
277,814
12,207,147
UFP
Industries,
Inc.
........................
155,263
11,203,778
155,527,791
a
Construction
Materials
 — 0.9%
Eagle
Materials,
Inc.
........................
94,949
10,176,634
a
Forest
Products
 — 0.8%
Louisiana-Pacific
Corp.
......................
186,125
9,527,739
a
Home
Furnishings
 — 2.0%
Ethan
Allen
Interiors,
Inc.
....................
57,603
1,217,728
Leggett
&
Platt,
Inc.
........................
334,141
11,100,164
Mohawk
Industries,
Inc.
(a)
....................
132,865
12,115,959
24,433,851
a
Home
Improvement
Retail
 — 10.6%
Floor
&
Decor
Holdings,
Inc.,
Class
A
(a)(b)
..........
267,166
18,771,083
Home
Depot,
Inc.
(The)
.....................
192,162
53,025,182
LL
Flooring
Holdings,
Inc.
(a)(b)
..................
74,123
513,672
Lowe's
Companies,
Inc.
.....................
283,966
53,331,655
125,641,592
a
Homebuilding
 — 65.8%
Beazer
Homes
USA,
Inc.
(a)
...................
243,027
2,350,071
Cavco
Industries,
Inc.
(a)
......................
68,499
14,094,354
Century
Communities,
Inc.
(b)
..................
237,838
10,174,710
DR
Horton,
Inc.
(b)
..........................
2,618,322
176,343,987
Green
Brick
Partners,
Inc.
(a)
...................
224,827
4,806,801
Installed
Building
Products,
Inc.
................
195,183
15,807,871
KB
Home
...............................
699,560
18,132,595
Lennar
Corp.,
Class
A
.......................
2,111,392
157,404,273
Lennar
Corp.,
Class
B
......................
120,560
7,174,526
LGI
Homes,
Inc.
(a)(b)
........................
169,585
13,799,132
M/I
Homes,
Inc.
(a)
..........................
229,871
8,328,226
MDC
Holdings,
Inc.
........................
471,359
12,924,664
Meritage
Homes
Corp.
(a)
.....................
302,789
21,276,983
NVR,
Inc.
(a)
..............................
25,553
101,881,855
PulteGroup,
Inc.
..........................
1,916,893
71,883,488
Skyline
Champion
Corp.
(a)(b)
...................
438,088
23,161,713
Taylor
Morrison
Home
Corp.
(a)(b)
................
941,141
21,947,408
Toll
Brothers,
Inc.
..........................
885,410
37,187,220
TopBuild
Corp.
(a)
..........................
268,112
44,179,495
Tri
Pointe
Homes,
Inc.
(a)
.....................
841,602
12,716,606
775,575,978
a
Specialty
Chemicals
 — 4.2%
Sherwin-Williams
Co.
(The)
(b)
..................
239,526
49,042,948
a
Security
Shares
Value
a
Trading
Companies
&
Distributors
 — 2.4%
Beacon
Roofing
Supply,
Inc.
(a)(b)
................
127,745
$
6,990,207
Watsco,
Inc.
.............................
83,666
21,540,648
28,530,855
a
Total
Long-Term
 Investments
— 99.9%
(Cost:
$1,741,770,209)
...............................
1,178,457,388
a
Short-Term
Securities
Money
Market
Funds
 — 
5.7%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
3.18%
(c)(d)(e)
............................
67,303,459
67,323,650
a
Total
Short-Term
Securities — 5.7%
(Cost:
$67,305,792)
.................................
67,323,650
Total
Investments
—
105.6%
(Cost:
$1,809,076,001)
...............................
1,245,781,038
Liabilities
in
Excess
of
Other
Assets
—
(5.6)%
...............
(66,138,485)
Net
Assets
—
100.0%
.................................
$
1,179,642,553
(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.
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
U.S.
Home
Construction
ETF
28
2022
iShares
Semi-Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
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: 
For
the period
ended
September
30,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
September
30,
2022
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
09/30/22
  Shares
Held
at
09/30/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
.
$
30,168,682
‌
$
37,124,601
(a)
$
—
‌
$
19,104
‌
$
11,263
‌
$
67,323,650
‌
67,303,459
‌
$
49,450
(b)
$
—
‌
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
(c)
......
2,040,000
‌
—
‌
(2,040,000
)
(a)
—
‌
—
‌
—
‌
—
‌
6,830
‌
—
‌
$
19,104
‌
$
11,263
‌
$
67,323,650
‌
$
56,280
‌
$
—
‌
(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.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
S&P
MidCap
400
E-Mini
Index
............................................................
5
12/16/22
$
1,104
$
(111,612
)
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
–
–
Unrealized
depreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
111,612
$
—
$
—
$
—
$
111,612
(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).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(91,188
)
$
—
$
—
$
—
$
(91,188
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(204,320
)
$
—
$
—
$
—
$
(204,320
)
iShares
®
U.S.
Home
Construction
ETF
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
29
Schedule
of
Investments
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
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.
See
notes
to
financial
statements.
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
1,765,553
a
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.............................................
$
1,178,457,388
$
—
$
—
$
1,178,457,388
Short-Term
Securities
Money
Market
Funds
..........................................
67,323,650
—
—
67,323,650
$
1,245,781,038
$
—
$
—
$
1,245,781,038
Derivative
Financial
Instruments
(a)
Liabilities
Equity
Contracts
...............................................
$
(111,612)
$
—
$
—
$
(111,612)
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
(unaudited)
September
30,
2022
iShares
®
U.S.
Infrastructure
ETF
(Percentages
shown
are
based
on
Net
Assets)
30
2022
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Aluminum
 — 1.6%
Arconic
Corp.
(a)
...........................
390,609
$
6,655,977
Century
Aluminum
Co.
(a)(b)
....................
1,335,799
7,053,019
Kaiser
Aluminum
Corp.
......................
141,492
8,680,534
22,389,530
a
Auto
Parts
&
Equipment
 — 0.6%
XPEL,
Inc.
(a)(b)
............................
146,205
9,421,450
a
Building
Products
 — 6.9%
Advanced
Drainage
Systems,
Inc.
(b)
.............
73,908
9,191,938
Apogee
Enterprises,
Inc.
.....................
253,870
9,702,911
Armstrong
World
Industries,
Inc.
................
119,032
9,430,905
AZEK
Co.,
Inc.
(The),
Class
A
(a)
................
543,052
9,025,524
Builders
FirstSource,
Inc.
(a)
...................
166,648
9,818,900
Carlisle
Companies,
Inc.
.....................
33,104
9,282,693
Gibraltar
Industries,
Inc.
(a)
....................
251,762
10,304,619
Insteel
Industries,
Inc.
.......................
353,077
9,367,133
Owens
Corning
...........................
118,109
9,284,548
Simpson
Manufacturing
Co.,
Inc.
...............
109,813
8,609,339
Trex
Co.,
Inc.
(a)
...........................
212,758
9,348,587
103,367,097
a
Commodity
Chemicals
 — 3.6%
AdvanSix,
Inc.
............................
281,985
9,051,718
Hawkins,
Inc.
............................
264,833
10,325,839
LyondellBasell
Industries
NV,
Class
A
............
114,324
8,606,311
Olin
Corp.
...............................
181,854
7,797,900
Tredegar
Corp.
...........................
976,577
9,218,887
Westlake
Corp.
...........................
101,064
8,780,440
53,781,095
a
Construction
&
Engineering
 — 13.3%
AECOM
................................
134,749
9,212,789
API
Group
Corp.
(a)
.........................
639,084
8,480,645
Argan,
Inc.
..............................
306,176
9,849,682
Comfort
Systems
USA,
Inc.
(b)
..................
98,314
9,568,902
Construction
Partners,
Inc.,
Class
A
(a)
............
342,170
8,975,119
EMCOR
Group,
Inc.
........................
82,261
9,499,500
Fluor
Corp.
(a)
.............................
380,262
9,464,721
Granite
Construction,
Inc.
....................
341,045
8,659,133
Great
Lakes
Dredge
&
Dock
Corp.
(a)
.............
1,049,805
7,957,522
IES
Holdings,
Inc.
(a)
........................
334,789
9,246,872
Infrastructure
and
Energy
Alternatives,
Inc.
(a)
.......
694,929
9,409,339
MasTec,
Inc.
(a)(b)
...........................
122,775
7,796,212
MDU
Resources
Group,
Inc.
..................
331,430
9,064,610
MYR
Group,
Inc.
(a)
.........................
112,655
9,545,258
Northwest
Pipe
Co.
(a)
.......................
317,309
8,916,383
NV5
Global,
Inc.
(a)(b)
........................
73,923
9,153,146
Primoris
Services
Corp.
.....................
500,993
8,141,136
Quanta
Services,
Inc.
.......................
69,599
8,866,217
Stantec,
Inc.
(b)
............................
209,385
9,177,345
Sterling
Infrastructure,
Inc.
(a)
..................
409,248
8,786,555
Tutor
Perini
Corp.
(a)
........................
1,478,483
8,161,226
Valmont
Industries,
Inc.
(b)
....................
36,320
9,756,278
197,688,590
a
Construction
Machinery
&
Heavy
Trucks
 — 2.4%
Astec
Industries,
Inc.
.......................
264,028
8,235,034
Greenbrier
Companies,
Inc.
(The)
...............
354,397
8,601,215
Terex
Corp.
..............................
301,092
8,954,476
Trinity
Industries,
Inc.
.......................
417,509
8,913,817
34,704,542
a
Security
Shares
Value
a
Construction
Materials
 — 1.8%
Martin
Marietta
Materials,
Inc.
.................
29,126
$
9,381,193
Summit
Materials,
Inc.,
Class
A
(a)
...............
350,458
8,396,974
Vulcan
Materials
Co.
.......................
59,992
9,461,338
27,239,505
a
Copper
 — 0.7%
Taseko
Mines,
Ltd.
(a)(b)
.......................
9,545,985
10,882,423
a
Distributors
 — 0.6%
Pool
Corp.
..............................
29,098
9,259,275
a
Diversified
Metals
&
Mining
 — 0.7%
Compass
Minerals
International,
Inc.
.............
251,938
9,707,171
a
Electric
Utilities
 — 18.9%
ALLETE,
Inc.
............................
201,485
10,084,324
Alliant
Energy
Corp.
........................
190,547
10,097,086
American
Electric
Power
Co.,
Inc.
...............
118,592
10,252,278
Avangrid,
Inc.
............................
239,980
10,007,166
Constellation
Energy
Corp.
...................
145,298
12,087,341
Duke
Energy
Corp.
........................
106,164
9,875,375
Edison
International
........................
171,669
9,713,032
Entergy
Corp.
............................
100,646
10,128,007
Evergy,
Inc.
..............................
177,323
10,532,986
Eversource
Energy
........................
136,346
10,629,534
Exelon
Corp.
.............................
262,778
9,843,664
FirstEnergy
Corp.
.........................
290,030
10,731,110
Fortis,
Inc.
(b)
.............................
268,935
10,216,841
Hawaiian
Electric
Industries,
Inc.
...............
300,198
10,404,863
IDACORP,
Inc.
...........................
107,355
10,629,219
MGE
Energy,
Inc.
..........................
151,653
9,952,986
NextEra
Energy,
Inc.
.......................
141,055
11,060,123
NRG
Energy,
Inc.
..........................
281,198
10,761,447
OGE
Energy
Corp.
.........................
288,164
10,506,459
Otter
Tail
Corp.
...........................
160,912
9,899,306
PG&E
Corp.
(a)(b)
...........................
931,581
11,644,762
Pinnacle
West
Capital
Corp.
..................
156,507
10,096,267
PNM
Resources,
Inc.
.......................
252,096
11,528,350
Portland
General
Electric
Co.
..................
232,998
10,126,093
PPL
Corp.
..............................
404,714
10,259,500
Southern
Co.
(The)
........................
150,662
10,245,016
Xcel
Energy,
Inc.
..........................
164,558
10,531,712
281,844,847
a
Electrical
Components
&
Equipment
 — 0.7%
SunPower
Corp.
(a)
.........................
431,513
9,942,060
a
Environmental
&
Facilities
Services
 — 0.6%
Tetra
Tech,
Inc.
...........................
74,702
9,601,448
a
Forest
Products
 — 1.2%
Louisiana-Pacific
Corp.
......................
183,324
9,384,355
West
Fraser
Timber
Co.,
Ltd.
..................
115,242
8,353,893
17,738,248
a
Gas
Utilities
 — 5.3%
Atmos
Energy
Corp.
........................
106,459
10,842,849
Chesapeake
Utilities
Corp.
...................
39,604
4,569,905
New
Jersey
Resources
Corp.
..................
273,114
10,569,512
Northwest
Natural
Holding
Co.
.................
246,720
10,702,714
ONE
Gas,
Inc.
............................
151,735
10,680,627
South
Jersey
Industries,
Inc.
..................
348,347
11,641,757
Southwest
Gas
Holdings,
Inc.
.................
122,379
8,535,935
Spire,
Inc.
...............................
174,379
10,869,043
78,412,342
a
iShares
®
U.S.
Infrastructure
ETF
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
(Percentages
shown
are
based
on
Net
Assets)
31
Schedule
of
Investments
Security
Shares
Value
a
Independent
Power
Producers
&
Energy
Traders
 — 0.7%
Vistra
Corp.
.............................
469,177
$
9,852,717
a
Industrial
Machinery
 — 1.8%
Luxfer
Holdings
PLC
.......................
622,864
9,031,528
Mueller
Industries,
Inc.
......................
157,198
9,343,849
Omega
Flex,
Inc.
..........................
100,052
9,266,816
27,642,193
a
Multi-Utilities
 — 10.5%
Algonquin
Power
&
Utilities
Corp.
(b)
..............
882,131
9,624,049
Ameren
Corp.
............................
126,081
10,155,825
Avista
Corp.
.............................
286,572
10,617,493
Black
Hills
Corp.
..........................
160,254
10,854,003
CenterPoint
Energy,
Inc.
.....................
379,449
10,692,873
CMS
Energy
Corp.
.........................
174,512
10,163,579
Consolidated
Edison,
Inc.
....................
120,279
10,315,127
Dominion
Energy,
Inc.
.......................
147,709
10,208,169
DTE
Energy
Co.
..........................
91,619
10,540,766
NiSource,
Inc.
............................
413,164
10,407,601
NorthWestern
Corp.
........................
221,596
10,920,251
Public
Service
Enterprise
Group,
Inc.
............
187,975
10,569,834
Sempra
Energy
...........................
71,273
10,686,674
Unitil
Corp.
..............................
224,067
10,407,912
WEC
Energy
Group,
Inc.
.....................
113,743
10,172,036
156,336,192
a
Oil
&
Gas
Equipment
&
Services
 — 0.5%
U.S.
Silica
Holdings,
Inc.
(a)
....................
720,638
7,890,986
a
Oil
&
Gas
Storage
&
Transportation
 — 6.9%
Antero
Midstream
Corp.
.....................
1,187,540
10,901,617
DT
Midstream,
Inc.
.........................
218,184
11,321,568
Enbridge,
Inc.
(b)
...........................
280,984
10,424,506
EnLink
Midstream
LLC
......................
1,109,383
9,862,415
Equitrans
Midstream
Corp.
...................
1,287,562
9,630,964
Kinder
Morgan,
Inc.,
Class
P
..................
631,034
10,500,406
Kinetik
Holdings,
Inc.,
Class
A
.................
327,677
10,675,717
ONEOK,
Inc.
.............................
190,913
9,782,382
TC
Energy
Corp.
..........................
244,852
9,865,087
Williams
Companies,
Inc.
(The)
................
349,658
10,010,708
102,975,370
a
Railroads
 — 2.0%
CSX
Corp.
..............................
379,172
10,101,142
Norfolk
Southern
Corp.
......................
49,204
10,315,619
Union
Pacific
Corp.
........................
52,143
10,158,499
30,575,260
a
Research
&
Consulting
Services
 — 0.6%
Jacobs
Solutions,
Inc.
.......................
81,748
8,868,841
a
Specialty
Chemicals
 — 2.7%
Avient
Corp.
.............................
229,206
6,944,942
Danimer
Scientific,
Inc.,
Class
A
(a)(b)
..............
2,456,498
7,246,669
Eastman
Chemical
Co.
......................
106,804
7,588,424
Ecovyst,
Inc.
(a)
............................
1,108,628
9,356,820
Ingevity
Corp.
(a)
...........................
142,756
8,655,296
39,792,151
a
Steel
 — 7.5%
ATI,
Inc.
(a)(b)
..............................
332,214
8,840,215
Carpenter
Technology
Corp.
..................
303,398
9,447,814
Cleveland-Cliffs,
Inc.
(a)(b)
.....................
580,833
7,823,821
Commercial
Metals
Co.
......................
250,092
8,873,264
Haynes
International,
Inc.
....................
259,674
9,119,751
Nucor
Corp.
.............................
74,256
7,944,649
Security
Shares
Value
a
Steel
(continued)
Olympic
Steel,
Inc.
.........................
374,181
$
8,535,069
Reliance
Steel
&
Aluminum
Co.
................
53,224
9,282,798
Ryerson
Holding
Corp.
......................
351,619
9,050,673
Steel
Dynamics,
Inc.
........................
121,793
8,641,213
TimkenSteel
Corp.
(a)
........................
659,239
9,881,993
United
States
Steel
Corp.
....................
447,437
8,107,558
Worthington
Industries,
Inc.
...................
198,832
7,583,452
113,132,270
a
Trading
Companies
&
Distributors
 — 2.4%
BlueLinx
Holdings,
Inc.
(a)(b)
....................
142,306
8,837,202
Boise
Cascade
Co.
(b)
.......................
157,589
9,370,242
H&E
Equipment
Services,
Inc.
.................
320,980
9,096,573
United
Rentals,
Inc.
(a)
.......................
34,006
9,185,701
36,489,718
a
Water
Utilities
 — 5.2%
American
States
Water
Co.
...................
141,404
11,022,442
American
Water
Works
Co.,
Inc.
................
79,103
10,296,047
Artesian
Resources
Corp.,
Class
A,
NVS
..........
214,981
10,344,886
California
Water
Service
Group
................
209,173
11,021,325
Essential
Utilities,
Inc.
.......................
238,339
9,862,468
Middlesex
Water
Co.
.......................
45,999
3,551,123
SJW
Group
..............................
182,789
10,528,646
York
Water
Co.
(The)
.......................
268,547
10,320,261
76,947,198
a
Total
Long-Term
 Investments
— 99.7%
(Cost:
$1,698,775,959)
...............................
1,486,482,519
a
Short-Term
Securities
Money
Market
Funds
 — 
1.6%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
3.18%
(c)(d)(e)
............................
24,344,716
24,352,020
a
Total
Short-Term
Securities — 1.6%
(Cost:
$24,340,929)
.................................
24,352,020
Total
Investments
—
101.3%
(Cost:
$1,723,116,888)
...............................
1,510,834,539
Liabilities
in
Excess
of
Other
Assets
—
(1.3)%
...............
(19,950,286)
Net
Assets
—
100.0%
.................................
$
1,490,884,253
(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.
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
U.S.
Infrastructure
ETF
32
2022
iShares
Semi-Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
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: 
For
the period
ended
September
30,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
September
30,
2022
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
09/30/22
  Shares
Held
at
09/30/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
.
$
6,922,144
‌
$
17,418,093
(a)
$
—
‌
$
1,648
‌
$
10,135
‌
$
24,352,020
‌
24,344,716
‌
$
788,084
(b)
$
—
‌
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
(c)
......
1,310,000
‌
—
‌
(1,310,000
)
(a)
—
‌
—
‌
—
‌
—
‌
23,605
‌
—
‌
$
1,648
‌
$
10,135
‌
$
24,352,020
‌
$
811,689
‌
$
—
‌
(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.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Energy
Select
Sector
Index
.........................................................
5
12/16/22
$
377
$
(19,873
)
E-Mini
Utilities
Select
Sector
Index
.........................................................
17
12/16/22
1,128
(174,302
)
S&P
MidCap
400
E-Mini
Index
............................................................
11
12/16/22
2,429
(219,273
)
$
(413,448
)
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
–
–
Unrealized
depreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
413,448
$
—
$
—
$
—
$
413,448
(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).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.................................
$
—
$
—
$
(213,920
)
$
—
$
—
$
—
$
(213,920
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.................................
$
—
$
—
$
(432,816
)
$
—
$
—
$
—
$
(432,816
)
iShares
®
U.S.
Infrastructure
ETF
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
33
Schedule
of
Investments
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
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.
See
notes
to
financial
statements.
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
3,535,407
a
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
1,486,482,519
‌
$
—
‌
$
—
‌
$
1,486,482,519
‌
Short-Term
Securities
Money
Market
Funds
......................................
24,352,020
‌
—
‌
—
‌
24,352,020
‌
$
1,510,834,539
‌
$
—
‌
$
—
‌
$
1,510,834,539
‌
Derivative
Financial
Instruments
(a)
Liabilities
Equity
Contracts
...........................................
$
(413,448
)
$
—
‌
$
—
‌
$
(413,448
)
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
(unaudited)
September
30,
2022
iShares
®
U.S.
Insurance
ETF
(Percentages
shown
are
based
on
Net
Assets)
34
2022
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Insurance
Brokers
 — 7.9%
Arthur
J
Gallagher
&
Co.
.....................
99,982
$
17,118,918
Brown
&
Brown,
Inc.
........................
118,487
7,166,094
24,285,012
a
Life
&
Health
Insurance
 — 24.3%
Aflac,
Inc.
...............................
243,891
13,706,674
American
Equity
Investment
Life
Holding
Co.
.......
36,030
1,343,559
Brighthouse
Financial,
Inc.
(a)
..................
36,608
1,589,519
CNO
Financial
Group,
Inc.
....................
58,460
1,050,526
Genworth
Financial,
Inc.,
Class
A
(a)
..............
217,350
760,725
Globe
Life,
Inc.
...........................
46,084
4,594,575
Lincoln
National
Corp.
......................
78,803
3,460,240
MetLife,
Inc.
.............................
318,479
19,357,154
National
Western
Life
Group,
Inc.,
Class
A
.........
1,213
207,180
Oscar
Health,
Inc.,
Class
A
(a)
..................
56,546
282,164
Primerica,
Inc.
............................
18,914
2,334,933
Principal
Financial
Group,
Inc.
.................
117,150
8,452,372
Prudential
Financial,
Inc.
.....................
154,972
13,293,498
Trupanion,
Inc.
(a)(b)
.........................
17,900
1,063,797
Unum
Group
.............................
95,637
3,710,716
75,207,632
a
Multi-line
Insurance
 — 10.4%
American
International
Group,
Inc.
..............
361,459
17,162,073
Assurant,
Inc.
............................
27,067
3,932,023
Hartford
Financial
Services
Group,
Inc.
(The)
.......
163,320
10,116,041
Horace
Mann
Educators
Corp.
.................
16,953
598,271
31,808,408
a
Other
Diversified
Financial
Services
 — 1.0%
Voya
Financial,
Inc.
........................
49,844
3,015,562
a
Property
&
Casualty
Insurance
 — 54.3%
Allstate
Corp.
(The)
........................
118,632
14,773,243
Ambac
Financial
Group,
Inc.
(a)
.................
23,581
300,658
American
Financial
Group,
Inc.
................
35,524
4,366,965
AMERISAFE,
Inc.
.........................
10,271
479,964
Arch
Capital
Group
Ltd.
(a)(b)
...................
186,566
8,496,216
Argo
Group
International
Holdings,
Ltd.
...........
18,064
347,913
Assured
Guaranty
Ltd.
......................
31,260
1,514,547
Axis
Capital
Holdings
Ltd.
....................
38,901
1,911,984
Chubb
Ltd.
..............................
198,523
36,107,363
Cincinnati
Financial
Corp.
....................
80,461
7,206,892
CNA
Financial
Corp.
........................
14,669
541,286
Employers
Holdings,
Inc.
.....................
11,944
411,949
Erie
Indemnity
Co.,
Class
A,
NVS
...............
12,698
2,822,892
First
American
Financial
Corp.
.................
52,645
2,426,934
Hanover
Insurance
Group,
Inc.
(The)
............
17,993
2,305,623
James
River
Group
Holdings,
Ltd.
..............
19,182
437,541
Kemper
Corp.
............................
32,571
1,343,879
Kinsale
Capital
Group,
Inc.
(b)
..................
10,959
2,799,148
Lemonade,
Inc.
(a)(b)
.........................
23,043
488,051
Loews
Corp.
.............................
101,421
5,054,823
Markel
Corp.
(a)
............................
6,836
7,411,728
MBIA,
Inc.
(a)
.............................
24,851
228,629
Mercury
General
Corp.
......................
13,421
381,425
Old
Republic
International
Corp.
................
146,749
3,071,457
Palomar
Holdings,
Inc.
(a)
.....................
12,904
1,080,323
ProAssurance
Corp.
........................
21,936
427,971
Progressive
Corp.
(The)
.....................
278,036
32,310,564
RLI
Corp.
...............................
20,563
2,105,240
Safety
Insurance
Group,
Inc.
..................
6,984
569,615
Selective
Insurance
Group,
Inc.
................
30,753
2,503,294
Security
Shares
Value
a
Property
&
Casualty
Insurance
(continued)
Travelers
Companies,
Inc.
(The)
................
94,363
$
14,456,412
United
Fire
Group,
Inc.
......................
11,416
327,982
W
R
Berkley
Corp.
.........................
103,235
6,666,916
White
Mountains
Insurance
Group
Ltd.
...........
1,291
1,682,199
167,361,626
a
Reinsurance
 — 1.9%
Alleghany
Corp.
(a)
..........................
6,800
5,707,716
a
Total
Long-Term
 Investments
— 99.8%
(Cost:
$348,513,189)
................................
307,385,956
a
Short-Term
Securities
Money
Market
Funds
 — 
1.1%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
3.18%
(c)(d)(e)
............................
3,440,751
3,441,784
a
Total
Short-Term
Securities — 1.1%
(Cost:
$3,441,317)
..................................
3,441,784
Total
Investments
—
100.9%
(Cost:
$351,954,506)
................................
310,827,740
Liabilities
in
Excess
of
Other
Assets
—
(0.9)%
...............
(2,779,958)
Net
Assets
—
100.0%
.................................
$
308,047,782
(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.
iShares
®
U.S.
Insurance
ETF
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
35
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
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: 
For
the period
ended
September
30,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
September
30,
2022
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
09/30/22
  Shares
Held
at
09/30/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
.
$
1,049,986
‌
$
2,389,365
(a)
$
—
‌
$
2,158
‌
$
275
‌
$
3,441,784
‌
3,440,751
‌
$
42,294
(b)
$
—
‌
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
(c)
......
510,000
‌
—
‌
(510,000
)
(a)
—
‌
—
‌
—
‌
—
‌
1,887
‌
—
‌
$
2,158
‌
$
275
‌
$
3,441,784
‌
$
44,181
‌
$
—
‌
(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.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Financial
Select
Sector
Index
........................................................
4
12/16/22
$
375
$
(43,246
)
S&P
MidCap
400
E-Mini
Index
............................................................
1
12/16/22
221
(22,872
)
$
(66,118
)
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
–
–
Unrealized
depreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
66,118
$
—
$
—
$
—
$
66,118
(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).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(76,038
)
$
—
$
—
$
—
$
(76,038
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(67,130
)
$
—
$
—
$
—
$
(67,130
)
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
U.S.
Insurance
ETF
36
2022
iShares
Semi-Annual
Report
to
Shareholders
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
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.
See
notes
to
financial
statements.
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
553,782
a
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
307,385,956
‌
$
—
‌
$
—
‌
$
307,385,956
‌
Short-Term
Securities
Money
Market
Funds
......................................
3,441,784
‌
—
‌
—
‌
3,441,784
‌
$
310,827,740
‌
$
—
‌
$
—
‌
$
310,827,740
‌
Derivative
Financial
Instruments
(a)
Liabilities
Equity
Contracts
...........................................
$
(66,118
)
$
—
‌
$
—
‌
$
(66,118
)
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
U.S.
Medical
Devices
ETF
Schedule
of
Investments
(unaudited)
September
30,
2022
(Percentages
shown
are
based
on
Net
Assets)
37
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Health
Care
Equipment
 — 78.7%
Abbott
Laboratories
........................
8,985,925
$
869,478,103
ABIOMED,
Inc.
(a)(b)
.........................
270,320
66,406,811
AngioDynamics,
Inc.
(a)
......................
233,057
4,768,346
Artivion,
Inc.
(a)(b)
...........................
241,183
3,337,973
AtriCure,
Inc.
(a)(b)
..........................
276,526
10,812,167
Axogen,
Inc.
(a)(b)
...........................
253,474
3,021,410
Axonics,
Inc.
(a)
............................
291,753
20,551,081
Baxter
International,
Inc.
.....................
2,994,575
161,287,809
Becton
Dickinson
and
Co.
....................
1,096,403
244,311,480
Boston
Scientific
Corp.
(a)
.....................
6,846,771
265,175,441
Butterfly
Network,
Inc.,
Class
A
(a)(b)
..............
855,837
4,022,434
Cardiovascular
Systems,
Inc.
(a)(b)
...............
242,133
3,355,963
CONMED
Corp.
(b)
.........................
181,462
14,547,809
Dexcom,
Inc.
(a)(b)
..........................
2,334,374
188,010,482
Edwards
Lifesciences
Corp.
(a)(b)
................
3,086,928
255,072,861
Enovis
Corp.
(a)
............................
283,729
13,071,395
Envista
Holdings
Corp.
(a)(b)
....................
971,450
31,873,274
Glaukos
Corp.
(a)
...........................
283,505
15,093,806
Globus
Medical,
Inc.,
Class
A
(a)(b)
...............
457,826
27,272,695
Heska
Corp.
(a)
............................
60,570
4,416,764
Hologic,
Inc.
(a)
............................
1,484,488
95,779,166
IDEXX
Laboratories,
Inc.
(a)(b)
..................
495,046
161,285,987
Inari
Medical,
Inc.
(a)(b)
.......................
285,307
20,724,700
Inogen,
Inc.
(a)(b)
...........................
136,201
3,306,960
Inspire
Medical
Systems,
Inc.
(a)(b)
...............
164,278
29,137,989
Insulet
Corp.
(a)(b)
...........................
412,690
94,671,086
Integer
Holdings
Corp.
(a)(b)
....................
196,527
12,229,875
Integra
LifeSciences
Holdings
Corp.
(a)(b)
...........
431,352
18,272,071
Intuitive
Surgical,
Inc.
(a)(b)
.....................
1,346,495
252,387,023
iRhythm
Technologies,
Inc.
(a)(b)
.................
178,388
22,348,449
LeMaitre
Vascular,
Inc.
(b)
.....................
114,601
5,807,979
LivaNova
PLC
(a)(b)
..........................
318,279
16,159,025
Masimo
Corp.
(a)
...........................
287,366
40,564,585
Medtronic
PLC
...........................
6,817,920
550,547,040
Mesa
Laboratories,
Inc.
(b)
....................
29,771
4,192,650
Nevro
Corp.
(a)(b)
...........................
210,778
9,822,255
Novocure
Ltd.
(a)(b)
..........................
535,607
40,695,420
NuVasive,
Inc.
(a)(b)
..........................
310,127
13,586,664
Omnicell,
Inc.
(a)(b)
..........................
263,115
22,898,898
Orthofix
Medical,
Inc.
(a)
......................
118,191
2,258,630
Outset
Medical,
Inc.
(a)(b)
......................
285,947
4,555,136
Penumbra,
Inc.
(a)(b)
.........................
225,289
42,714,794
PROCEPT
BioRobotics
Corp.
(a)
................
193,888
8,038,596
QuidelOrtho
Corp.
(a)
........................
322,220
23,032,286
ResMed,
Inc.
(b)
...........................
870,673
190,067,916
Senseonics
Holdings,
Inc.
(a)(b)
..................
2,772,340
3,659,489
Shockwave
Medical,
Inc.
(a)(b)
..................
213,629
59,403,816
SI-BONE,
Inc.
(a)(b)
..........................
179,812
3,139,517
STERIS
PLC
(b)
...........................
594,710
98,888,379
Stryker
Corp.
............................
1,344,328
272,280,193
Surmodics,
Inc.
(a)(b)
.........................
83,000
2,523,200
Tandem
Diabetes
Care,
Inc.
(a)(b)
................
382,513
18,303,247
Teleflex,
Inc.
.............................
278,908
56,188,806
TransMedics
Group,
Inc.
(a)
....................
186,693
7,792,566
Treace
Medical
Concepts,
Inc.
(a)(b)
...............
188,104
4,151,455
Varex
Imaging
Corp.
(a)(b)
.....................
236,232
4,993,944
ViewRay,
Inc.
(a)(b)
..........................
862,515
3,139,555
Zimmer
Biomet
Holdings,
Inc.
.................
1,247,634
130,440,135
Zimvie,
Inc.
(a)
.............................
123,886
1,222,755
4,557,100,341
a
Security
Shares
Value
a
Health
Care
Supplies
 — 0.3%
STAAR
Surgical
Co.
(a)(b)
......................
285,348
$
20,131,301
a
Life
Sciences
Tools
&
Services
 — 20.8%
Bio-Rad
Laboratories,
Inc.,
Class
A
(a)
.............
127,436
53,158,653
Bruker
Corp.
.............................
598,809
31,772,805
NanoString
Technologies,
Inc.
(a)(b)
...............
254,772
3,253,438
Thermo
Fisher
Scientific,
Inc.
..................
2,010,361
1,019,634,996
Waters
Corp.
(a)
...........................
356,035
95,962,114
1,203,782,006
a
Total
Long-Term
 Investments
— 99.8%
(Cost:
$6,599,997,870)
...............................
5,781,013,648
a
Short-Term
Securities
Money
Market
Funds
 — 
3.2%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
3.18%
(c)(d)(e)
............................
179,160,006
179,213,755
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
2.81%
(c)(d)
.............................
8,092,308
8,092,308
a
Total
Short-Term
Securities — 3.2%
(Cost:
$187,257,625)
................................
187,306,063
Total
Investments
—
103.0%
(Cost:
$6,787,255,495)
...............................
5,968,319,711
Liabilities
in
Excess
of
Other
Assets
—
(3.0)%
...............
(174,213,196)
Net
Assets
—
100.0%
.................................
$
5,794,106,515
(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.
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
U.S.
Medical
Devices
ETF
38
2022
iShares
Semi-Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
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: 
For
the period
ended
September
30,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
September
30,
2022
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
09/30/22
  Shares
Held
at
09/30/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
149,913,062
‌
$
29,220,140
(a)
$
—
‌
$
80,296
‌
$
257
‌
$
179,213,755
‌
179,160,006
‌
$
358,660
(b)
$
—
‌
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..
5,130,000
‌
2,962,308
(a)
—
‌
—
‌
—
‌
8,092,308
‌
8,092,308
‌
31,352
‌
—
‌
$
80,296
‌
$
257
‌
$
187,306,063
‌
$
390,012
‌
$
—
‌
(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.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Health
Care
Sector
Index
...........................................................
64
12/16/22
$
7,862
$
(375,175
)
E-Mini
Technology
Select
Sector
Index
......................................................
32
12/16/22
3,851
(339,915
)
$
(715,090
)
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
–
–
Unrealized
depreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
715,090
$
—
$
—
$
—
$
715,090
(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).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(677,096
)
$
—
$
—
$
—
$
(677,096
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(1,104,253
)
$
—
$
—
$
—
$
(1,104,253
)
iShares
®
U.S.
Medical
Devices
ETF
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
39
Schedule
of
Investments
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
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.
See
notes
to
financial
statements.
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
10,421,190
a
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
5,781,013,648
‌
$
—
‌
$
—
‌
$
5,781,013,648
‌
Short-Term
Securities
Money
Market
Funds
......................................
187,306,063
‌
—
‌
—
‌
187,306,063
‌
$
5,968,319,711
‌
$
—
‌
$
—
‌
$
5,968,319,711
‌
Derivative
Financial
Instruments
(a)
Liabilities
Equity
Contracts
...........................................
$
(715,090
)
$
—
‌
$
—
‌
$
(715,090
)
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
(unaudited)
September
30,
2022
iShares
®
U.S.
Oil
&
Gas
Exploration
&
Production
ETF
(Percentages
shown
are
based
on
Net
Assets)
40
2022
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Oil
&
Gas
Exploration
&
Production
 — 73.7%
Antero
Resources
Corp.
(a)
....................
380,434
$
11,614,650
APA
Corp.
..............................
441,087
15,080,765
Brigham
Minerals,
Inc.,
Class
A
................
72,503
1,788,649
California
Resources
Corp.
(b)
..................
101,954
3,918,092
Callon
Petroleum
Co.
(a)(b)
.....................
69,125
2,420,066
Chesapeake
Energy
Corp.
...................
130,597
12,303,543
Chord
Energy
Corp.
........................
55,997
7,658,710
Civitas
Resources,
Inc.
......................
70,067
4,021,145
CNX
Resources
Corp.
(a)(b)
....................
256,209
3,978,926
Comstock
Resources,
Inc.
(a)(b)
.................
122,729
2,121,984
ConocoPhillips
...........................
1,541,438
157,750,765
Continental
Resources,
Inc.
...................
73,553
4,914,076
Coterra
Energy,
Inc.
........................
1,074,714
28,071,530
Denbury,
Inc.
(a)
...........................
67,202
5,796,845
Devon
Energy
Corp.
........................
622,435
37,427,017
Diamondback
Energy,
Inc.
....................
240,113
28,924,012
EOG
Resources,
Inc.
.......................
709,606
79,284,278
EQT
Corp.
..............................
499,749
20,364,772
Gulfport
Energy
Corp.
(a)
.....................
15,679
1,384,299
Hess
Corp.
(b)
.............................
353,864
38,567,637
Kosmos
Energy
Ltd.
(a)
.......................
615,231
3,180,744
Laredo
Petroleum,
Inc.
(a)(b)
....................
23,081
1,450,641
Magnolia
Oil
&
Gas
Corp.,
Class
A
..............
227,048
4,497,821
Marathon
Oil
Corp.
.........................
915,301
20,667,497
Matador
Resources
Co.
.....................
151,580
7,415,294
Murphy
Oil
Corp.
..........................
197,416
6,943,121
Northern
Oil
and
Gas,
Inc.
....................
92,666
2,539,975
Ovintiv
,
Inc.
..............................
343,512
15,801,552
PDC
Energy,
Inc.
..........................
130,094
7,518,132
Permian
Resources
Corp.,
Class
A
(a)
.............
273,145
1,857,386
Pioneer
Natural
Resources
Co.
................
288,987
62,574,355
Range
Resources
Corp.
.....................
334,716
8,454,926
SM
Energy
Co.
...........................
165,604
6,228,366
Southwestern
Energy
Co.
(a)
...................
1,505,240
9,212,069
Talos
Energy,
Inc.
(a)
........................
87,998
1,465,167
Tellurian,
Inc.
(a)(b)
..........................
690,664
1,650,687
Texas
Pacific
Land
Corp.
.....................
8,345
14,830,984
643,680,478
a
Security
Shares
Value
a
Oil
&
Gas
Refining
&
Marketing
 — 18.7%
Archaea
Energy,
Inc.,
Class
A
(a)
................
98,736
$
1,778,235
Clean
Energy
Fuels
Corp.
(a)
...................
236,929
1,265,201
CVR
Energy,
Inc.
..........................
39,281
1,138,363
Delek
U.S.
Holdings,
Inc.
....................
95,862
2,601,695
HF
Sinclair
Corp.
..........................
196,256
10,566,423
Marathon
Petroleum
Corp.
...................
603,753
59,970,786
Par
Pacific
Holdings,
Inc.
(a)
...................
75,145
1,233,129
PBF
Energy,
Inc.,
Class
A
(a)
...................
145,049
5,099,923
Phillips
66
...............................
483,570
39,033,770
Valero
Energy
Corp.
........................
370,642
39,603,098
World
Fuel
Services
Corp.
....................
83,560
1,958,646
164,249,269
a
Oil
&
Gas
Storage
&
Transportation
 — 7.2%
Cheniere
Energy,
Inc.
.......................
268,143
44,487,605
Targa
Resources
Corp.
......................
306,040
18,466,454
62,954,059
a
Total
Long-Term
 Investments
— 99.6%
(Cost:
$831,052,085)
................................
870,883,806
a
Short-Term
Securities
Money
Market
Funds
 — 
1.4%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
3.18%
(c)(d)(e)
............................
12,062,537
12,066,156
a
Total
Short-Term
Securities — 1.4%
(Cost:
$12,064,646)
.................................
12,066,156
Total
Investments
—
101.0%
(Cost:
$843,116,731)
................................
882,949,962
Liabilities
in
Excess
of
Other
Assets
—
(1.0)%
...............
(8,795,448)
Net
Assets
—
100.0%
.................................
$
874,154,514
(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
six
months
ended
September
30,
2022
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
09/30/22
  Shares
Held
at
09/30/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
.
$
2,984,384
‌
$
9,079,666
(a)
$
—
‌
$
1,193
‌
$
913
‌
$
12,066,156
‌
12,062,537
‌
$
8,949
(b)
$
—
‌
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
(c)
......
1,490,000
‌
—
‌
(1,490,000
)
(a)
—
‌
—
‌
—
‌
—
‌
6,881
‌
—
‌
$
1,193
‌
$
913
‌
$
12,066,156
‌
$
15,830
‌
$
—
‌
iShares
®
U.S.
Oil
&
Gas
Exploration
&
Production
ETF
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
41
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
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: 
For
the period
ended
September
30,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
(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.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Energy
Select
Sector
Index
.........................................................
43
12/16/22
$
3,240
$
(202,801
)
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
–
–
Unrealized
depreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
202,801
$
—
$
—
$
—
$
202,801
(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).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(83,310
)
$
—
$
—
$
—
$
(83,310
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(225,245
)
$
—
$
—
$
—
$
(225,245
)
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
2,510,817
a
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
U.S.
Oil
&
Gas
Exploration
&
Production
ETF
42
2022
iShares
Semi-Annual
Report
to
Shareholders
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.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
870,883,806
‌
$
—
‌
$
—
‌
$
870,883,806
‌
Short-Term
Securities
Money
Market
Funds
......................................
12,066,156
‌
—
‌
—
‌
12,066,156
‌
$
882,949,962
‌
$
—
‌
$
—
‌
$
882,949,962
‌
Derivative
Financial
Instruments
(a)
Liabilities
Equity
Contracts
...........................................
$
(202,801
)
$
—
‌
$
—
‌
$
(202,801
)
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
U.S.
Oil
Equipment
&
Services
ETF
Schedule
of
Investments
(unaudited)
September
30,
2022
(Percentages
shown
are
based
on
Net
Assets)
43
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Security
Shares
Value
a
Common
Stocks
Oil
&
Gas
Drilling
 — 17.4%
Diamond
Offshore
Drilling,
Inc.
(a)
................
200,448
$
1,328,970
Helmerich
&
Payne,
Inc.
.....................
154,707
5,719,518
Nabors
Industries,
Ltd.
(a)(b)
....................
17,696
1,795,259
Patterson-UTI
Energy,
Inc.
...................
428,687
5,007,064
Transocean,
Ltd.
(a)(b)
........................
1,283,635
3,170,578
Valaris,
Ltd.
(a)(b)
...........................
118,918
5,819,847
22,841,236
a
Oil
&
Gas
Equipment
&
Services
 — 82.3%
Archrock,
Inc.
............................
264,607
1,698,777
Baker
Hughes
Co.,
Class
A
...................
268,186
5,621,179
Bristow
Group,
Inc.
(a)
.......................
46,394
1,089,795
Cactus,
Inc.,
Class
A
(b)
......................
119,852
4,605,912
ChampionX
Corp.
.........................
303,587
5,941,198
Core
Laboratories
NV
(b)
......................
91,596
1,234,714
DMC
Global,
Inc.
(a)
.........................
36,725
586,866
Dril-Quip,
Inc.
(a)
...........................
67,973
1,326,833
Expro
Group
Holdings
NV
(a)(b)
..................
135,395
1,724,932
Halliburton
Co.
...........................
1,075,330
26,474,625
Helix
Energy
Solutions
Group,
Inc.
(a)
.............
281,993
1,088,493
Liberty
Energy,
Inc.,
Class
A
(a)(b)
................
314,034
3,981,951
NexTier
Oilfield
Solutions,
Inc.
(a)(b)
...............
313,745
2,321,713
NOV,
Inc.
(b)
..............................
377,912
6,114,616
Oceaneering
International,
Inc.
(a)
...............
198,227
1,577,887
ProPetro
Holding
Corp.
(a)
.....................
173,295
1,395,025
Security
Shares
Value
a
Oil
&
Gas
Equipment
&
Services
(continued)
RPC,
Inc.
...............................
164,512
$
1,140,068
Schlumberger
NV
.........................
881,015
31,628,438
TechnipFMC
PLC
(a)(b)
.......................
769,159
6,507,085
U.S.
Silica
Holdings,
Inc.
(a)
....................
149,374
1,635,645
107,695,752
a
Total
Long-Term
 Investments
— 99.7%
(Cost:
$174,682,832)
................................
130,536,988
a
Short-Term
Securities
Money
Market
Funds
 — 
5.5%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
3.18%
(c)(d)(e)
............................
7,237,676
7,239,848
a
Total
Short-Term
Securities — 5.5%
(Cost:
$7,236,343)
..................................
7,239,848
Total
Investments
—
105.2%
(Cost:
$181,919,175)
................................
137,776,836
Liabilities
in
Excess
of
Other
Assets
—
(5.2)%
...............
(6,867,957)
Net
Assets
—
100.0%
.................................
$
130,908,879
(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
six
months
ended
September
30,
2022
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
09/30/22
  Shares
Held
at
09/30/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
10,305,539
$
—
$
(3,069,756
)
(a)
$
3,212
$
853
$
7,239,848
7,237,676
$
8,585
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
(c)
.
160,000
—
(160,000
)
(a)
—
—
—
—
934
—
$
3,212
$
853
$
7,239,848
$
9,519
$
—
(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.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Energy
Select
Sector
Index
.........................................................
5
12/16/22
$
377
$
(36,065
)
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
U.S.
Oil
Equipment
&
Services
ETF
44
2022
iShares
Semi-Annual
Report
to
Shareholders
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: 
For
the period
ended
September
30,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
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.
See
notes
to
financial
statements.
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
–
–
Unrealized
depreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
36,065
$
—
$
—
$
—
$
36,065
(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).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(130,237
)
$
—
$
—
$
—
$
(130,237
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(36,277
)
$
—
$
—
$
—
$
(36,277
)
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
377,843
a
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
130,536,988
‌
$
—
‌
$
—
‌
$
130,536,988
‌
Short-Term
Securities
Money
Market
Funds
......................................
7,239,848
‌
—
‌
—
‌
7,239,848
‌
$
137,776,836
‌
$
—
‌
$
—
‌
$
137,776,836
‌
Derivative
Financial
Instruments
(a)
Liabilities
Equity
Contracts
...........................................
$
(36,065
)
$
—
‌
$
—
‌
$
(36,065
)
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
U.S.
Pharmaceuticals
ETF
Schedule
of
Investments
(unaudited)
September
30,
2022
(Percentages
shown
are
based
on
Net
Assets)
45
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Biotechnology
 — 
4
.1
%
Amicus
Therapeutics,
Inc.
(a)
...................
397,488
$
4,149,775
Catalyst
Pharmaceuticals,
Inc.
(a)
................
150,615
1,932,390
ChemoCentryx,
Inc.
(a)
.......................
99,982
5,165,070
Ironwood
Pharmaceuticals,
Inc.
,
Class
A
(a)
.........
212,261
2,199,024
Madrigal
Pharmaceuticals,
Inc.
(a)
...............
19,334
1,256,517
Vanda
Pharmaceuticals,
Inc.
(a)
.................
90,058
889,773
15,592,549
a
Pharmaceuticals
 — 
95
.8
%
Aerie
Pharmaceuticals,
Inc.
(a)
..................
78,592
1,189,097
Amphastar
Pharmaceuticals,
Inc.
(a)
..............
60,873
1,710,531
Amylyx
Pharmaceuticals,
Inc.
(a)
................
51,259
1,442,941
Arvinas,
Inc.
(a)
(b)
...........................
77,090
3,429,734
Atea
Pharmaceuticals,
Inc.
(a)
(b)
.................
120,628
686,373
Axsome
Therapeutics,
Inc.
(a)
..................
50,696
2,262,055
Bristol-Myers
Squibb
Co.
.....................
261,823
18,612,997
Cara
Therapeutics,
Inc.
(a)
....................
71,798
672,029
Cassava
Sciences,
Inc.
(a)
(b)
...................
60,014
2,509,785
Catalent,
Inc.
(a)
...........................
196,004
14,182,849
CinCor
Pharma,
Inc.
(a)
.......................
29,872
980,399
Collegium
Pharmaceutical,
Inc.
(a)
...............
54,337
870,479
Corcept
Therapeutics,
Inc.
(a)
(b)
.................
151,776
3,891,537
Elanco
Animal
Health,
Inc.
(a)
...................
709,575
8,805,826
Eli
Lilly
&
Co.
(b)
...........................
57,776
18,681,870
Harmony
Biosciences
Holdings,
Inc.
(a)
(b)
...........
47,098
2,085,970
Innoviva,
Inc.
(a)
...........................
99,889
1,159,711
Intra-Cellular
Therapies,
Inc.
(a)
(b)
................
139,788
6,504,336
Jazz
Pharmaceuticals
PLC
(a)
(b)
.................
99,802
13,302,609
Johnson
&
Johnson
........................
548,637
89,625,340
Merck
&
Co.,
Inc.
..........................
207,241
17,847,595
NGM
Biopharmaceuticals,
Inc.
(a)
(b)
...............
58,862
769,915
Nuvation
Bio,
Inc.
,
Class
A
(a)
..................
220,086
492,993
Organon
&
Co.
...........................
404,950
9,475,830
Security
Shares
Value
a
Pharmaceuticals
(continued)
Pacira
BioSciences,
Inc.
(a)
(b)
...................
72,962
$
3,880,849
Perrigo
Co.
PLC
..........................
214,342
7,643,436
Pfizer,
Inc.
..............................
1,643,949
71,939,208
Phibro
Animal
Health
Corp.
,
Class
A
.............
32,465
431,460
Pliant
Therapeutics,
Inc.
(a)
....................
53,483
1,117,260
Prestige
Consumer
Healthcare,
Inc.
(a)
............
79,234
3,948,230
Reata
Pharmaceuticals,
Inc.
,
Class
A
(a)
(b)
..........
44,253
1,112,078
Revance
Therapeutics,
Inc.
(a)
(b)
.................
129,815
3,505,005
Royalty
Pharma
PLC
,
Class
A
.................
421,516
16,936,513
Theravance
Biopharma,
Inc.
(a)
.................
91,267
925,447
Viatris,
Inc.
..............................
1,852,157
15,780,378
Zoetis,
Inc.
,
Class
A
........................
112,238
16,643,773
365,056,438
a
Total
Long-Term
 Investments
— 99.9%
(Cost:
$
393,319,560
)
................................
380,648,987
a
Short-Term
Securities
Money
Market
Funds
 — 
4
.1
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
3.18
%
(c)
(d)
(e)
............................
15,559,088
15,563,756
a
Total
Short-Term
Securities — 4.1%
(Cost:
$
15,559,497
)
.................................
15,563,756
Total
Investments
—
104.0%
(Cost:
$
408,879,057
)
................................
396,212,743
Liabilities
in
Excess
of
Other
Assets
—
(
4
.0
)
%
...............
(
15,133,409
)
Net
Assets
—
100.0%
.................................
$
381,079,334
(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
six
months
ended
September
30,
2022
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
09/30/22
  Shares
Held
at
09/30/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
11,796,050
$
3,764,434
(a)
$
—
$
3,487
$
(
215
)
$
15,563,756
15,559,088
$
201,413
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
(c)
.....
400,000
—
(
400,000
)
(a)
—
—
—
—
2,240
—
$
3,487
$
(
215
)
$
15,563,756
$
203,653
$
—
(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.
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
U.S.
Pharmaceuticals
ETF
46
2022
iShares
Semi-Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
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: 
For
the period
ended
September
30,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Health
Care
Sector
Index
...........................................................
3
12/16/22
$
369
$
(
18,442
)
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
–
–
Unrealized
depreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
18,442
$
—
$
—
$
—
$
18,442
(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).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(
128,848
)
$
—
$
—
$
—
$
(
128,848
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(
32,213
)
$
—
$
—
$
—
$
(
32,213
)
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
436,757
a
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
iShares
®
U.S.
Pharmaceuticals
ETF
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
47
Schedule
of
Investments
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.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
380,648,987
‌
$
—
‌
$
—
‌
$
380,648,987
‌
Short-Term
Securities
Money
Market
Funds
......................................
15,563,756
‌
—
‌
—
‌
15,563,756
‌
$
396,212,743
‌
$
—
‌
$
—
‌
$
396,212,743
‌
Derivative
Financial
Instruments
(a)
Liabilities
Equity
Contracts
...........................................
$
(
18,442
)
$
—
‌
$
—
‌
$
(
18,442
)
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
(unaudited)
September
30,
2022
iShares
®
U.S.
Real
Estate
ETF
(Percentages
shown
are
based
on
Net
Assets)
48
2022
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Diversified
REITs
 — 2.0%
STORE
Capital
Corp.
.......................
771,079
$
24,157,905
WP
Carey,
Inc.
...........................
601,667
41,996,357
66,154,262
a
Health
Care
REITs
 — 7.8%
Healthcare
Realty
Trust,
Inc.,
Class
A
............
1,104,439
23,027,553
Healthpeak
Properties,
Inc.
...................
1,564,364
35,855,223
Medical
Properties
Trust,
Inc.
..................
1,738,963
20,624,101
National
Health
Investors,
Inc.
.................
129,233
7,305,541
Omega
Healthcare
Investors,
Inc.
...............
679,814
20,047,715
Physicians
Realty
Trust
......................
654,917
9,849,952
Sabra
Health
Care
REIT,
Inc.
..................
668,397
8,769,369
Ventas,
Inc.
.............................
1,158,684
46,544,336
Welltower,
Inc.
............................
1,343,202
86,394,753
258,418,543
a
Hotel
&
Resort
REITs
 — 1.0%
Host
Hotels
&
Resorts,
Inc.
...................
2,073,049
32,920,018
a
Industrial
REITs
 — 11.4%
Americold
Realty
Trust,
Inc.
...................
782,174
19,241,480
Duke
Realty
Corp.
.........................
1,229,550
59,264,310
EastGroup
Properties,
Inc.
...................
126,094
18,200,408
First
Industrial
Realty
Trust,
Inc.
................
382,167
17,124,903
LXP
Industrial
Trust
........................
809,988
7,419,490
Prologis,
Inc.
.............................
2,150,832
218,524,531
Rexford
Industrial
Realty,
Inc.
.................
496,349
25,810,148
STAG
Industrial,
Inc.
.......................
518,607
14,743,997
380,329,267
a
Mortgage
REITs
 — 2.2%
AGNC
Investment
Corp.
.....................
1,512,693
12,736,875
Annaly
Capital
Management,
Inc.
...............
1,249,383
21,439,412
Blackstone
Mortgage
Trust,
Inc.,
Class
A
..........
492,829
11,502,629
Rithm
Capital
Corp.
........................
1,350,961
9,889,034
Starwood
Property
Trust,
Inc.
..................
898,207
16,365,332
71,933,282
a
Office
REITs
 — 5.0%
Alexandria
Real
Estate
Equities,
Inc.
.............
430,400
60,337,776
Boston
Properties,
Inc.
......................
413,682
31,013,740
Corporate
Office
Properties
Trust
...............
325,267
7,555,952
Cousins
Properties,
Inc.
.....................
438,249
10,233,114
Douglas
Emmett,
Inc.
.......................
508,658
9,120,238
Equity
Commonwealth
......................
321,916
7,841,874
Highwoods
Properties,
Inc.
...................
304,325
8,204,602
JBG
SMITH
Properties
......................
287,790
5,347,138
Kilroy
Realty
Corp.
.........................
304,356
12,816,431
SL
Green
Realty
Corp.
......................
187,237
7,519,438
Vornado
Realty
Trust
.......................
466,126
10,795,478
170,785,781
a
Real
Estate
Development
 — 0.2%
Howard
Hughes
Corp.
(The)
(a)(b)
................
104,012
5,761,225
a
Real
Estate
Services
 — 3.2%
CBRE
Group,
Inc.,
Class
A
(a)
..................
930,953
62,848,637
Jones
Lang
LaSalle,
Inc.
(a)
....................
139,123
21,017,311
Opendoor
Technologies,
Inc.
(a)(b)
................
1,466,926
4,562,140
Zillow
Group,
Inc.,
Class
A
(a)
..................
171,541
4,911,219
Zillow
Group,
Inc.,
Class
C,
NVS
(a)(b)
.............
478,659
13,694,434
107,033,741
a
Security
Shares
Value
a
Research
&
Consulting
Services
 — 2.4%
CoStar
Group,
Inc.
(a)
........................
1,147,749
$
79,940,718
a
Residential
REITs
 — 15.0%
American
Homes
4
Rent,
Class
A
...............
875,440
28,723,186
Apartment
Income
REIT
Corp.
.................
446,194
17,232,012
AvalonBay
Communities,
Inc.
.................
405,348
74,661,048
Camden
Property
Trust
......................
308,847
36,891,774
Equity
LifeStyle
Properties,
Inc.
................
507,208
31,872,951
Equity
Residential
.........................
981,248
65,959,491
Essex
Property
Trust,
Inc.
....................
188,781
45,728,422
Invitation
Homes,
Inc.
.......................
1,680,842
56,762,034
Mid-America
Apartment
Communities,
Inc.
.........
334,593
51,885,337
Sun
Communities,
Inc.
......................
357,448
48,373,438
UDR,
Inc.
...............................
885,491
36,933,830
495,023,523
a
Retail
REITs
 — 10.0%
Agree
Realty
Corp.
........................
231,067
15,615,508
Brixmor
Property
Group,
Inc.
..................
867,225
16,017,646
Federal
Realty
Investment
Trust
................
211,463
19,057,046
Kimco
Realty
Corp.
........................
1,793,481
33,017,985
National
Retail
Properties,
Inc.
.................
514,212
20,496,490
Realty
Income
Corp.
........................
1,790,222
104,190,920
Regency
Centers
Corp.
.....................
446,931
24,067,234
Simon
Property
Group,
Inc.
...................
948,954
85,168,621
Spirit
Realty
Capital,
Inc.
.....................
394,541
14,266,603
331,898,053
a
Specialized
REITs
 — 39.5%
American
Tower
Corp.
......................
1,349,616
289,762,555
Crown
Castle,
Inc.
.........................
1,255,308
181,454,771
CubeSmart
..............................
651,246
26,088,915
Digital
Realty
Trust,
Inc.
.....................
833,103
82,627,156
Equinix,
Inc.
.............................
264,012
150,180,586
Extra
Space
Storage,
Inc.
....................
388,191
67,044,468
Gaming
and
Leisure
Properties,
Inc.
.............
740,798
32,772,904
Iron
Mountain,
Inc.
.........................
842,772
37,056,685
Lamar
Advertising
Co.,
Class
A
................
252,864
20,858,751
Life
Storage,
Inc.
..........................
244,787
27,112,608
National
Storage
Affiliates
Trust
................
246,981
10,269,470
PotlatchDeltic
Corp.
........................
233,145
9,568,271
Public
Storage
............................
457,927
134,085,605
Rayonier,
Inc.
............................
423,689
12,697,959
SBA
Communications
Corp.,
Class
A
.............
312,692
89,007,778
VICI
Properties,
Inc.
(b)
.......................
2,791,778
83,334,573
Weyerhaeuser
Co.
.........................
2,145,964
61,288,732
1,315,211,787
a
Total
Long-Term
 Investments
— 99.7%
(Cost:
$4,830,411,749)
...............................
3,315,410,200
a
Short-Term
Securities
Money
Market
Funds
 — 
0.5%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
3.18%
(c)(d)(e)
............................
17,373,302
17,378,514
a
Total
Short-Term
Securities — 0.5%
(Cost:
$17,366,399)
.................................
17,378,514
Total
Investments
—
100.2%
(Cost:
$4,847,778,148)
...............................
3,332,788,714
Liabilities
in
Excess
of
Other
Assets
—
(0.2)%
...............
(6,625,702)
Net
Assets
—
100.0%
.................................
$
3,326,163,012
iShares
®
U.S.
Real
Estate
ETF
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
(Percentages
shown
are
based
on
Net
Assets)
49
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
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: 
For
the period
ended
September
30,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
(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
six
months
ended
September
30,
2022
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
09/30/22
  Shares
Held
at
09/30/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
60,300,476
$
—
$
(42,959,542
)
(a)
$
20,246
$
17,334
$
17,378,514
17,373,302
$
56,508
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
(c)
.
5,660,000
—
(
5,660,000
)
(a)
—
—
—
—
25,597
—
$
20,246
$
17,334
$
17,378,514
$
82,105
$
—
(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.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Dow
Jones
U.S.
Real
Estate
Index
.........................................................
587
12/16/22
$
18,649
$
(841,578
)
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
–
–
Unrealized
depreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
841,578
$
—
$
—
$
—
$
841,578
(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).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(1,228,196
)
$
—
$
—
$
—
$
(1,228,196
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(1,261,345
)
$
—
$
—
$
—
$
(1,261,345
)
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
U.S.
Real
Estate
ETF
(Percentages
shown
are
based
on
Net
Assets)
50
2022
iShares
Semi-Annual
Report
to
Shareholders
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
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.
See
notes
to
financial
statements.
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
19,330,173
a
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
3,315,410,200
‌
$
—
‌
$
—
‌
$
3,315,410,200
‌
Short-Term
Securities
Money
Market
Funds
......................................
17,378,514
‌
—
‌
—
‌
17,378,514
‌
$
3,332,788,714
‌
$
—
‌
$
—
‌
$
3,332,788,714
‌
Derivative
Financial
Instruments
(a)
Liabilities
Equity
Contracts
...........................................
$
(841,578
)
$
—
‌
$
—
‌
$
(841,578
)
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
U.S.
Regional
Banks
ETF
Schedule
of
Investments
(unaudited)
September
30,
2022
(Percentages
shown
are
based
on
Net
Assets)
51
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Diversified
Banks
 — 10.8%
U.S.
Bancorp
............................
1,988,821
$
80,189,263
a
Regional
Banks
 — 88.0%
Bank
OZK
..............................
165,345
6,541,048
BOK
Financial
Corp.
........................
43,284
3,846,216
Citizens
Financial
Group,
Inc.
.................
736,918
25,320,502
Comerica,
Inc.
............................
194,503
13,829,163
Commerce
Bancshares,
Inc.
..................
162,199
10,731,086
Cullen/Frost
Bankers,
Inc.
....................
95,345
12,606,516
East
West
Bancorp,
Inc.
.....................
209,515
14,066,837
Fifth
Third
Bancorp
........................
1,020,222
32,606,295
First
Citizens
BancShares,
Inc.,
Class
A
...........
19,623
15,647,969
First
Financial
Bankshares,
Inc.
(a)
...............
192,858
8,067,250
First
Horizon
Corp.
.........................
797,828
18,270,261
First
Republic
Bank
........................
237,925
31,061,109
FNB
Corp.
..............................
521,472
6,049,075
Glacier
Bancorp,
Inc.
.......................
164,684
8,090,925
Home
BancShares,
Inc.
.....................
283,547
6,382,643
Huntington
Bancshares,
Inc.
..................
2,144,242
28,261,110
KeyCorp
................................
1,386,671
22,214,469
M&T
Bank
Corp.
..........................
258,320
45,546,982
Pinnacle
Financial
Partners,
Inc.
................
113,616
9,214,258
PNC
Financial
Services
Group,
Inc.
(The)
.........
603,272
90,140,902
Popular,
Inc.
.............................
111,526
8,036,564
Prosperity
Bancshares,
Inc.
...................
135,614
9,042,742
Regions
Financial
Corp.
.....................
1,389,252
27,882,288
Signature
Bank
...........................
93,562
14,127,862
SVB
Financial
Group
(a)(b)
.....................
87,841
29,495,251
Synovus
Financial
Corp.
.....................
216,135
8,107,224
Truist
Financial
Corp.
.......................
1,951,061
84,949,196
UMB
Financial
Corp.
.......................
64,639
5,448,421
Security
Shares
Value
a
Regional
Banks
(continued)
Umpqua
Holdings
Corp.
.....................
322,710
$
5,515,114
United
Bankshares,
Inc.
.....................
200,094
7,153,360
Valley
National
Bancorp
.....................
624,829
6,748,153
Webster
Financial
Corp.
.....................
261,429
11,816,591
Western
Alliance
Bancorp
....................
160,990
10,583,483
Wintrust
Financial
Corp.
.....................
90,302
7,364,128
Zions
Bancorp
NA
.........................
223,719
11,378,348
656,143,341
a
Thrifts
&
Mortgage
Finance
 — 0.9%
New
York
Community
Bancorp,
Inc.
.............
693,067
5,911,862
TFS
Financial
Corp.
........................
70,822
920,686
6,832,548
a
Total
Long-Term
 Investments
— 99.7%
(Cost:
$941,582,487)
................................
743,165,152
a
Short-Term
Securities
Money
Market
Funds
 — 
2.1%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
3.18%
(c)(d)(e)
............................
15,268,247
15,272,828
a
Total
Short-Term
Securities — 2.1%
(Cost:
$15,269,944)
.................................
15,272,828
Total
Investments
—
101.8%
(Cost:
$956,852,431)
................................
758,437,980
Liabilities
in
Excess
of
Other
Assets
—
(1.8)%
...............
(13,059,121)
Net
Assets
—
100.0%
.................................
$
745,378,859
(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
six
months
ended
September
30,
2022
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
09/30/22
  Shares
Held
at
09/30/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
.
$
5,957,651
$
9,310,005
(a)
$
—
$
2,288
$
2,884
$
15,272,828
15,268,247
$
6,465
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
(c)
......
1,697,000
—
(1,697,000
)
(a)
—
—
—
—
4,931
—
$
2,288
$
2,884
$
15,272,828
$
11,396
$
—
(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.
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
U.S.
Regional
Banks
ETF
52
2022
iShares
Semi-Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
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: 
For
the period
ended
September
30,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Financial
Select
Sector
Index
........................................................
22
12/16/22
$
2,061
$
(222,240
)
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
–
–
Unrealized
depreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
222,240
$
—
$
—
$
—
$
222,240
(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).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(277,151
)
$
—
$
—
$
—
$
(277,151
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(335,677
)
$
—
$
—
$
—
$
(335,677
)
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
2,453,154
a
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
iShares
®
U.S.
Regional
Banks
ETF
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
53
Schedule
of
Investments
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.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
..........................................
$
743,165,152
‌
$
—
‌
$
—
‌
$
743,165,152
‌
Short-Term
Securities
Money
Market
Funds
.......................................
15,272,828
‌
—
‌
—
‌
15,272,828
‌
$
758,437,980
‌
$
—
‌
$
—
‌
$
758,437,980
‌
Derivative
Financial
Instruments
(a)
Liabilities
Equity
Contracts
............................................
$
(222,240)
$
—
‌
$
—
‌
$
(222,240
)
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
(unaudited)
September
30,
2022
iShares
®
U.S.
Telecommunications
ETF
(Percentages
shown
are
based
on
Net
Assets)
54
2022
iShares
Semi-Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Security
Shares
Value
a
Common
Stocks
Alternative
Carriers
 — 2.6%
Lumen
Technologies,
Inc.
....................
1,620,897
$
11,800,130
a
Cable
&
Satellite
 — 26.4%
Altice
USA,
Inc.,
Class
A
(a)
....................
1,533,276
8,938,999
Cable
One,
Inc.
(b)
..........................
14,228
12,137,195
Charter
Communications,
Inc.,
Class
A
(a)
..........
45,172
13,702,926
Comcast
Corp.,
Class
A
.....................
2,007,857
58,890,446
DISH
Network
Corp.,
Class
A
(a)(b)
...............
875,283
12,105,164
Liberty
Broadband
Corp.,
Class
A
(a)
..............
21,288
1,588,085
Liberty
Broadband
Corp.,
Class
C,
NVS
(a)
.........
143,281
10,574,138
117,936,953
a
Communications
Equipment
 — 39.6%
Arista
Networks,
Inc.
(a)
......................
142,736
16,113,467
Ciena
Corp.
(a)(b)
...........................
358,560
14,496,581
Cisco
Systems,
Inc.
........................
1,876,146
75,045,840
Juniper
Networks,
Inc.
......................
559,907
14,624,771
Lumentum
Holdings,
Inc.
(a)(b)
..................
196,526
13,475,788
Motorola
Solutions,
Inc.
.....................
71,876
16,098,067
Ubiquiti,
Inc.
(b)
............................
49,602
14,561,163
Viasat,
Inc.
(a)(b)
............................
422,391
12,768,880
177,184,557
a
Integrated
Telecommunication
Services
 — 24.0%
AT&T,
Inc.
...............................
1,381,637
21,194,312
Frontier
Communications
Parent,
Inc.
(a)(b)
..........
586,422
13,739,867
Verizon
Communications,
Inc.
.................
1,908,075
72,449,608
107,383,787
a
Security
Shares
Value
a
Movies
&
Entertainment
 — 3.0%
Roku,
Inc.,
Class
A
(a)(b)
......................
239,637
$
13,515,527
a
Wireless
Telecommunication
Services
 — 4.3%
T-Mobile
U.S.,
Inc.
(a)
........................
144,417
19,376,429
a
Total
Long-Term
 Investments
— 99.9%
(Cost:
$626,500,476)
................................
447,197,383
a
Short-Term
Securities
Money
Market
Funds
 — 
7.7%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
3.18%
(c)(d)(e)
............................
33,571,706
33,581,777
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
2.81%
(c)(d)
.............................
801,175
801,175
a
Total
Short-Term
Securities — 7.7%
(Cost:
$34,373,248)
.................................
34,382,952
Total
Investments
—
107.6%
(Cost:
$660,873,724)
................................
481,580,335
Liabilities
in
Excess
of
Other
Assets
—
(7.6)%
...............
(33,975,923)
Net
Assets
—
100.0%
.................................
$
447,604,412
(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
six
months
ended
September
30,
2022
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
09/30/22
  Shares
Held
at
09/30/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
5,513,644
$
28,058,625
(a)
$
—
$
366
$
9,142
$
33,581,777
33,571,706
$
43,235
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
..
490,000
311,175
(a)
—
—
—
801,175
801,175
2,124
—
$
366
$
9,142
$
34,382,952
$
45,359
$
—
(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.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
S&P
Communication
Services
Select
Sector
Index
..........................................
6
12/16/22
$
378
$
(26,591
)
iShares
®
U.S.
Telecommunications
ETF
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
55
Schedule
of
Investments
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: 
For
the period
ended
September
30,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
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.
See
notes
to
financial
statements.
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
–
–
Unrealized
depreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
26,591
$
—
$
—
$
—
$
26,591
(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).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(211,665
)
$
—
$
—
$
—
$
(211,665
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(26,516
)
$
—
$
—
$
—
$
(26,516
)
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
340,453
a
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
447,197,383
‌
$
—
‌
$
—
‌
$
447,197,383
‌
Short-Term
Securities
Money
Market
Funds
......................................
34,382,952
‌
—
‌
—
‌
34,382,952
‌
$
481,580,335
‌
$
—
‌
$
—
‌
$
481,580,335
‌
Derivative
Financial
Instruments
(a)
Liabilities
Equity
Contracts
...........................................
$
(26,591
)
$
—
‌
$
—
‌
$
(26,591
)
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
56
2022
iShares
Semi-Annual
Report
to
Shareholders
Statements
of
Assets
and
Liabilities
(unaudited)
September
30,
2022
See
notes
to
financial
statements.
iShares
U.S.
Aerospace
&
Defense
ETF
iShares
U.S.
Broker-Dealers
&
Securities
Exchanges
ETF
iShares
U.S.
Healthcare
Providers
ETF
iShares
U.S.
Home
Construction
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
....................................
$
3,388,067,038
‌
$
468,712,080
‌
$
1,508,465,045
‌
$
1,178,457,388
‌
Investments,
at
value
—
affiliated
(c)
.......................................
68,330,608
‌
5,344,880
‌
85,415,815
‌
67,323,650
‌
Cash
...........................................................
—
‌
703,294
‌
1,614,243
‌
1,213,103
‌
Cash
pledged:
Futures
contracts
.................................................
107,000
‌
33,000
‌
159,000
‌
75,000
‌
Receivables:
Securities
lending
income
—
affiliated
...................................
21,085
‌
344
‌
16,906
‌
5,177
‌
Capital
shares
sold
................................................
6,698
‌
—
‌
—
‌
—
‌
Dividends
—
unaffiliated
............................................
281,336
‌
74,272
‌
193,713
‌
421,314
‌
Dividends
—
affiliated
..............................................
13,170
‌
1,564
‌
4,791
‌
3,630
‌
Total
assets
......................................................
3,456,826,935
‌
474,869,434
‌
1,595,869,513
‌
1,247,499,262
‌
LIABILITIES
Bank
overdraft
.....................................................
13,814,122
‌
—
‌
—
‌
—
‌
Collateral
on
securities
loaned
..........................................
51,476,732
‌
5,344,880
‌
85,416,441
‌
67,377,130
‌
Payables:
Investments
purchased
.............................................
—
‌
—
‌
3,261,691
‌
—
‌
Capital
shares
redeemed
............................................
—
‌
—
‌
—
‌
63,498
‌
Investment
advisory
fees
............................................
1,219,968
‌
169,547
‌
523,807
‌
407,573
‌
Variation
margin
on
futures
contracts
....................................
22,898
‌
6,167
‌
38,034
‌
8,508
‌
Total
liabilities
.....................................................
66,533,720
‌
5,520,594
‌
89,239,973
‌
67,856,709
‌
NET
ASSETS
.....................................................
$
3,390,293,215
‌
$
469,348,840
‌
$
1,506,629,540
‌
$
1,179,642,553
‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.....................................................
$
4,611,535,818
‌
$
637,431,087
‌
$
1,601,904,760
‌
$
2,075,359,423
‌
Accumulated
loss
..................................................
(
1,221,242,603
)
(
168,082,247
)
(
95,275,220
)
(
895,716,870
)
NET
ASSETS
.....................................................
$
3,390,293,215
‌
$
469,348,840
‌
$
1,506,629,540
‌
$
1,179,642,553
‌
NET
ASSET
VALUE
Shares
outstanding
.................................................
37,200,000
‌
5,500,000
‌
5,900,000
‌
22,700,000
‌
Net
asset
value
....................................................
$
91.14
‌
$
85.34
‌
$
255.36
‌
$
51.97
‌
Shares
authorized
..................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
........................................................
None
None
None
None
(a)
Securities
loaned,
at
value
..........................................
$
49,346,334
‌
$
5,288,832
‌
$
81,375,108
‌
$
65,653,547
‌
(b)
Investments,
at
cost
—
unaffiliated
.....................................
$
3,784,033,380
‌
$
550,567,865
‌
$
1,582,053,639
‌
$
1,741,770,209
‌
(c)
Investments,
at
cost
—
affiliated
.......................................
$
68,303,536
‌
$
5,344,880
‌
$
85,369,863
‌
$
67,305,792
‌
57
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
September
30,
2022
Financial
Statements
See
notes
to
financial
statements.
iShares
U.S.
Infrastructure
ETF
iShares
U.S.
Insurance
ETF
iShares
U.S.
Medical
Devices
ETF
iShares
U.S.
Oil
&
Gas
Exploration
&
Production
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
....................................
$
1,486,482,519
‌
$
307,385,956
‌
$
5,781,013,648
‌
$
870,883,806
‌
Investments,
at
value
—
affiliated
(c)
.......................................
24,352,020
‌
3,441,784
‌
187,306,063
‌
12,066,156
‌
Cash
...........................................................
2,605,834
‌
433,326
‌
—
‌
1,070,965
‌
Cash
pledged:
Futures
contracts
.................................................
256,000
‌
41,000
‌
744,000
‌
344,000
‌
Receivables:
Investments
sold
.................................................
—
‌
119,851
‌
—
‌
—
‌
Securities
lending
income
—
affiliated
...................................
91,538
‌
383
‌
50,023
‌
1,577
‌
Dividends
—
unaffiliated
............................................
2,076,281
‌
423,744
‌
7,402,918
‌
2,190,627
‌
Dividends
—
affiliated
..............................................
17,927
‌
1,105
‌
19,874
‌
4,476
‌
Total
assets
......................................................
1,515,882,119
‌
311,847,149
‌
5,976,536,526
‌
886,561,607
‌
LIABILITIES
Bank
overdraft
.....................................................
—
‌
—
‌
1,073,318
‌
—
‌
Collateral
on
securities
loaned
..........................................
24,342,289
‌
3,439,396
‌
179,093,225
‌
12,063,049
‌
Payables:
Investments
purchased
.............................................
171,303
‌
241,720
‌
—
‌
—
‌
Capital
shares
redeemed
............................................
36,315
‌
—
‌
—
‌
—
‌
Investment
advisory
fees
............................................
404,687
‌
112,401
‌
2,079,788
‌
319,964
‌
Variation
margin
on
futures
contracts
....................................
43,272
‌
5,850
‌
183,680
‌
24,080
‌
Total
liabilities
.....................................................
24,997,866
‌
3,799,367
‌
182,430,011
‌
12,407,093
‌
NET
ASSETS
.....................................................
$
1,490,884,253
‌
$
308,047,782
‌
$
5,794,106,515
‌
$
874,154,514
‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.....................................................
$
1,712,944,576
‌
$
347,485,001
‌
$
6,602,179,662
‌
$
991,982,021
‌
Accumulated
loss
..................................................
(
222,060,323
)
(
39,437,219
)
(
808,073,147
)
(
117,827,507
)
NET
ASSETS
.....................................................
$
1,490,884,253
‌
$
308,047,782
‌
$
5,794,106,515
‌
$
874,154,514
‌
NET
ASSET
VALUE
Shares
outstanding
.................................................
46,300,000
‌
3,900,000
‌
122,950,000
‌
10,500,000
‌
Net
asset
value
....................................................
$
32.20
‌
$
78.99
‌
$
47.13
‌
$
83.25
‌
Shares
authorized
..................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
........................................................
None
None
None
None
(a)
Securities
loaned,
at
value
..........................................
$
23,494,844
‌
$
3,333,688
‌
$
172,822,206
‌
$
11,776,088
‌
(b)
Investments,
at
cost
—
unaffiliated
.....................................
$
1,698,775,959
‌
$
348,513,189
‌
$
6,599,997,870
‌
$
831,052,085
‌
(c)
Investments,
at
cost
—
affiliated
.......................................
$
24,340,929
‌
$
3,441,317
‌
$
187,257,625
‌
$
12,064,646
‌
58
2022
iShares
Semi-Annual
Report
to
Shareholders
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
September
30,
2022
See
notes
to
financial
statements.
iShares
U.S.
Oil
Equipment
&
Services
ETF
iShares
U.S.
Pharmaceuticals
ETF
iShares
U.S.
Real
Estate
ETF
iShares
U.S.
Regional
Banks
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
....................................
$
130,536,988
‌
$
380,648,987
‌
$
3,315,410,200
‌
$
743,165,152
‌
Investments,
at
value
—
affiliated
(c)
.......................................
7,239,848
‌
15,563,756
‌
17,378,514
‌
15,272,828
‌
Cash
...........................................................
211,130
‌
344,287
‌
5,113,870
‌
843,886
‌
Cash
pledged:
Futures
contracts
.................................................
40,000
‌
22,000
‌
1,435,000
‌
149,000
‌
Receivables:
Investments
sold
.................................................
—
‌
—
‌
515,781
‌
—
‌
Securities
lending
income
—
affiliated
...................................
1,853
‌
49,419
‌
8,671
‌
3,418
‌
Dividends
—
unaffiliated
............................................
178,733
‌
155,478
‌
13,643,352
‌
2,616,375
‌
Dividends
—
affiliated
..............................................
425
‌
1,381
‌
16,448
‌
2,886
‌
Variation
margin
on
futures
contracts
....................................
—
‌
—
‌
162,280
‌
—
‌
Total
assets
......................................................
138,208,977
‌
396,785,308
‌
3,353,684,116
‌
762,053,545
‌
LIABILITIES
Collateral
on
securities
loaned
..........................................
7,235,604
‌
15,565,473
‌
17,388,296
‌
15,266,950
‌
Payables:
Investments
purchased
.............................................
—
‌
—
‌
474,692
‌
1,103,345
‌
Capital
shares
redeemed
............................................
6,290
‌
—
‌
8,347,471
‌
6,723
‌
Investment
advisory
fees
............................................
55,404
‌
135,311
‌
1,310,645
‌
274,837
‌
Variation
margin
on
futures
contracts
....................................
2,800
‌
5,190
‌
—
‌
22,831
‌
Total
liabilities
.....................................................
7,300,098
‌
15,705,974
‌
27,521,104
‌
16,674,686
‌
NET
ASSETS
.....................................................
$
130,908,879
‌
$
381,079,334
‌
$
3,326,163,012
‌
$
745,378,859
‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.....................................................
$
471,397,707
‌
$
584,726,799
‌
$
5,414,627,978
‌
$
994,502,180
‌
Accumulated
loss
..................................................
(
340,488,828
)
(
203,647,465
)
(
2,088,464,966
)
(
249,123,321
)
NET
ASSETS
.....................................................
$
130,908,879
‌
$
381,079,334
‌
$
3,326,163,012
‌
$
745,378,859
‌
NET
ASSET
VALUE
Shares
outstanding
.................................................
9,100,000
‌
2,250,000
‌
40,850,000
‌
15,600,000
‌
Net
asset
value
....................................................
$
14.39
‌
$
169.37
‌
$
81.42
‌
$
47.78
‌
Shares
authorized
..................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
........................................................
None
None
None
None
(a)
Securities
loaned,
at
value
..........................................
$
6,690,334
‌
$
15,035,513
‌
$
16,568,525
‌
$
14,860,056
‌
(b)
Investments,
at
cost
—
unaffiliated
.....................................
$
174,682,832
‌
$
393,319,560
‌
$
4,830,411,749
‌
$
941,582,487
‌
(c)
Investments,
at
cost
—
affiliated
.......................................
$
7,236,343
‌
$
15,559,497
‌
$
17,366,399
‌
$
15,269,944
‌
59
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
September
30,
2022
Financial
Statements
See
notes
to
financial
statements.
iShares
U.S.
Telecommunications
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
....................................................................................
$
447,197,383
‌
Investments,
at
value
—
affiliated
(c)
.......................................................................................
34,382,952
‌
Cash
pledged:
Futures
contracts
.................................................................................................
35,000
‌
Receivables:
Securities
lending
income
—
affiliated
...................................................................................
5,116
‌
Dividends
—
unaffiliated
............................................................................................
51,996
‌
Dividends
—
affiliated
..............................................................................................
1,377
‌
Total
assets
......................................................................................................
481,673,824
‌
LIABILITIES
Bank
overdraft
.....................................................................................................
351,810
‌
Collateral
on
securities
loaned
..........................................................................................
33,575,242
‌
Payables:
Capital
shares
redeemed
............................................................................................
9,332
‌
Investment
advisory
fees
............................................................................................
128,453
‌
Variation
margin
on
futures
contracts
....................................................................................
4,575
‌
Total
liabilities
.....................................................................................................
34,069,412
‌
NET
ASSETS
.....................................................................................................
$
447,604,412
‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.....................................................................................................
$
885,499,424
‌
Accumulated
loss
..................................................................................................
(
437,895,012
)
NET
ASSETS
.....................................................................................................
$
447,604,412
‌
NET
ASSET
VALUE
Shares
outstanding
.................................................................................................
21,450,000
‌
Net
asset
value
....................................................................................................
$
20.87
‌
Shares
authorized
..................................................................................................
Unlimited
Par
value
........................................................................................................
None
(a)
Securities
loaned,
at
value
..........................................................................................
$
32,122,794
‌
(b)
Investments,
at
cost
—
unaffiliated
.....................................................................................
$
626,500,476
‌
(c)
Investments,
at
cost
—
affiliated
.......................................................................................
$
34,373,248
‌
60
2022
iShares
Semi-Annual
Report
to
Shareholders
Statements
of
Operations
(unaudited)
Six
Months
Ended
September
30,
2022
See
notes
to
financial
statements.
iShares
U.S.
Aerospace
&
Defense
ETF
iShares
U.S.
Broker-Dealers
&
Securities
Exchanges
ETF
iShares
U.S.
Healthcare
Providers
ETF
iShares
U.S.
Home
Construction
ETF
INVESTMENT
INCOME
Dividends
—
unaffiliated
............................................
$
31,096,038
‌
$
5,531,449
‌
$
7,806,211
‌
$
8,606,692
‌
Dividends
—
affiliated
..............................................
19,883
‌
2,539
‌
7,954
‌
6,830
‌
Interest
—
unaffiliated
..............................................
810
‌
41
‌
17
‌
76
‌
Securities
lending
income
—
affiliated
—
net
...............................
198,990
‌
1,203
‌
85,129
‌
49,450
‌
Total
investment
income
..............................................
31,315,721
‌
5,535,232
‌
7,899,311
‌
8,663,048
‌
EXPENSES
Investment
advisory
...............................................
7,504,357
‌
943,244
‌
3,016,103
‌
2,832,730
‌
Total
expenses
....................................................
7,504,357
‌
943,244
‌
3,016,103
‌
2,832,730
‌
Net
investment
income
...............................................
23,811,364
‌
4,591,988
‌
4,883,208
‌
5,830,318
‌
—
‌
—
‌
—
‌
—
‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.........................................
(29,981,298
)
(26,533,846
)
(11,251,494
)
(26,218,318
)
Investments
—
affiliated
...........................................
48,903
‌
1,419
‌
2,966
‌
19,104
‌
Futures
contracts
...............................................
(1,365,980
)
(202,632
)
(170,425
)
(91,188
)
In-kind
redemptions
—
unaffiliated
(a)
...................................
123,858,754
‌
(5,752,905
)
107,522,138
‌
(143,806,295
)
92,560,379
‌
(32,487,964
)
96,103,185
‌
(170,096,697
)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.........................................
(807,256,569
)
(56,955,443
)
(256,615,233
)
(31,573,444
)
Investments
—
affiliated
...........................................
17,387
‌
—
‌
36,279
‌
11,263
‌
Futures
contracts
...............................................
(219,242
)
(58,345
)
(80,388
)
(204,320
)
(807,458,424
)
(57,013,788
)
(256,659,342
)
(31,766,501
)
Net
realized
and
unrealized
loss
.........................................
(714,898,045
)
(89,501,752
)
(160,556,157
)
(201,863,198
)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..............
$
(691,086,681
)
$
(84,909,764
)
$
(155,672,949
)
$
(196,032,880
)
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
61
Statements
of
Operations
(unaudited)
(continued)
Six
Months
Ended
September
30,
2022
Financial
Statements
See
notes
to
financial
statements.
iShares
U.S.
Infrastructure
ETF
iShares
U.S.
Insurance
ETF
iShares
U.S.
Medical
Devices
ETF
iShares
U.S.
Oil
&
Gas
Exploration
&
Production
ETF
INVESTMENT
INCOME
Dividends
—
unaffiliated
............................................
$
17,299,263
‌
$
3,432,848
‌
$
28,188,934
‌
$
23,091,426
‌
Dividends
—
affiliated
..............................................
23,605
‌
1,887
‌
31,352
‌
6,881
‌
Interest
—
unaffiliated
..............................................
140
‌
15
‌
979
‌
111
‌
Securities
lending
income
—
affiliated
—
net
...............................
788,084
‌
42,294
‌
358,660
‌
8,949
‌
Foreign
taxes
withheld
.............................................
(154,473
)
—
‌
—
‌
—
‌
Total
investment
income
..............................................
17,956,619
‌
3,477,044
‌
28,579,925
‌
23,107,367
‌
EXPENSES
Investment
advisory
...............................................
2,233,193
‌
644,220
‌
13,777,973
‌
1,812,987
‌
Total
expenses
....................................................
2,233,193
‌
644,220
‌
13,777,973
‌
1,812,987
‌
Net
investment
income
...............................................
15,723,426
‌
2,832,824
‌
14,801,952
‌
21,294,380
‌
—
‌
—
‌
—
‌
—
‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.........................................
(15,665,320
)
(3,282,531
)
(93,205,101
)
(7,920,233
)
Investments
—
affiliated
...........................................
1,648
‌
2,158
‌
80,296
‌
1,193
‌
Futures
contracts
...............................................
(213,920
)
(76,038
)
(677,096
)
(83,310
)
In-kind
redemptions
—
unaffiliated
(a)
...................................
27,431,764
‌
8,962,730
‌
204,227,937
‌
67,730,167
‌
11,554,172
‌
5,606,319
‌
110,426,036
‌
59,727,817
‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.........................................
(279,250,072
)
(55,701,770
)
(1,895,162,635
)
(109,733,336
)
Investments
—
affiliated
...........................................
10,135
‌
275
‌
257
‌
913
‌
Futures
contracts
...............................................
(432,816
)
(67,130
)
(1,104,253
)
(225,245
)
(279,672,753
)
(55,768,625
)
(1,896,266,631
)
(109,957,668
)
Net
realized
and
unrealized
loss
.........................................
(268,118,581
)
(50,162,306
)
(1,785,840,595
)
(50,229,851
)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..............
$
(252,395,155
)
$
(47,329,482
)
$
(1,771,038,643
)
$
(28,935,471
)
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
62
2022
iShares
Semi-Annual
Report
to
Shareholders
Statements
of
Operations
(unaudited)
(continued)
Six
Months
Ended
September
30,
2022
See
notes
to
financial
statements.
iShares
U.S.
Oil
Equipment
&
Services
ETF
iShares
U.S.
Pharmaceuticals
ETF
iShares
U.S.
Real
Estate
ETF
iShares
U.S.
Regional
Banks
ETF
INVESTMENT
INCOME
Dividends
—
unaffiliated
............................................
$
1,593,464
‌
$
4,171,021
‌
$
51,711,390
‌
$
14,157,086
‌
Dividends
—
affiliated
..............................................
934
‌
2,240
‌
25,597
‌
4,931
‌
Interest
—
unaffiliated
..............................................
4
‌
15
‌
1,415
‌
30
‌
Securities
lending
income
—
affiliated
—
net
...............................
8,585
‌
201,413
‌
56,508
‌
6,465
‌
Foreign
taxes
withheld
.............................................
(486
)
—
‌
—
‌
(14,029
)
Total
investment
income
..............................................
1,602,501
‌
4,374,689
‌
51,794,910
‌
14,154,483
‌
EXPENSES
Investment
advisory
...............................................
532,489
‌
841,482
‌
8,990,529
‌
1,861,869
‌
Total
expenses
....................................................
532,489
‌
841,482
‌
8,990,529
‌
1,861,869
‌
Net
investment
income
...............................................
1,070,012
‌
3,533,207
‌
42,804,381
‌
12,292,614
‌
—
‌
—
‌
—
‌
—
‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.........................................
(4,489,298
)
(8,563,037
)
(85,853,548
)
(10,849,346
)
Investments
—
affiliated
...........................................
3,212
‌
3,487
‌
20,246
‌
2,288
‌
Futures
contracts
...............................................
(130,237
)
(128,848
)
(1,228,196
)
(277,151
)
In-kind
redemptions
—
unaffiliated
(a)
...................................
(52,839
)
9,074,168
‌
(132,938,003
)
(7,438,605
)
(4,669,162
)
385,770
‌
(219,999,501
)
(18,562,814
)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.........................................
(81,865,302
)
(58,828,379
)
(1,001,766,193
)
(191,882,693
)
Investments
—
affiliated
...........................................
853
‌
(215
)
17,334
‌
2,884
‌
Futures
contracts
...............................................
(36,277
)
(32,213
)
(1,261,345
)
(335,677
)
(81,900,726
)
(58,860,807
)
(1,003,010,204
)
(192,215,486
)
Net
realized
and
unrealized
loss
.........................................
(86,569,888
)
(58,475,037
)
(1,223,009,705
)
(210,778,300
)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..............
$
(85,499,876
)
$
(54,941,830
)
$
(1,180,205,324
)
$
(198,485,686
)
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
63
Statements
of
Operations
(unaudited)
(continued)
Six
Months
Ended
September
30,
2022
Financial
Statements
See
notes
to
financial
statements.
iShares
U.S.
Telecommunications
ETF
INVESTMENT
INCOME
Dividends
—
unaffiliated
............................................................................................
$
5,006,204
‌
Dividends
—
affiliated
..............................................................................................
2,124
‌
Interest
—
unaffiliated
..............................................................................................
26
‌
Securities
lending
income
—
affiliated
—
net
...............................................................................
43,235
‌
Total
investment
income
..............................................................................................
5,051,589
‌
EXPENSES
Investment
advisory
...............................................................................................
801,350
‌
Total
expenses
....................................................................................................
801,350
‌
Net
investment
income
...............................................................................................
4,250,239
‌
—
‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.........................................................................................
(19,752,637
)
Investments
—
affiliated
...........................................................................................
366
‌
Futures
contracts
...............................................................................................
(211,665
)
In-kind
redemptions
—
unaffiliated
(a)
...................................................................................
7,934,989
‌
(12,028,947
)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.........................................................................................
(122,942,207
)
Investments
—
affiliated
...........................................................................................
9,142
‌
Futures
contracts
...............................................................................................
(26,516
)
(122,959,581
)
Net
realized
and
unrealized
loss
.........................................................................................
(134,988,528
)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..............................................................
$
(130,738,289
)
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
64
2022
iShares
Semi-Annual
Report
to
Shareholders
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
iShares
U.S.
Aerospace
&
Defense
ETF
iShares
U.S.
Broker-Dealers
&
Securities
Exchanges
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
23,811,364
‌
$
18,923,398
‌
$
4,591,988
‌
$
14,226,042
‌
Net
realized
gain
(loss)
.........................................
92,560,379
‌
(
8,807,962
)
(
32,487,964
)
98,120,916
‌
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
807,458,424
)
181,282,158
‌
(
57,013,788
)
(
62,475,795
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(
691,086,681
)
191,397,594
‌
(
84,909,764
)
49,871,163
‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
24,169,835
)
(
18,744,404
)
(
4,560,004
)
(
14,480,571
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
435,534,658
‌
534,748,916
‌
(
15,155,009
)
128,635,346
‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
(
279,721,858
)
707,402,106
‌
(
104,624,777
)
164,025,938
‌
Beginning
of
period
.............................................
3,670,015,073
‌
2,962,612,967
‌
573,973,617
‌
409,947,679
‌
End
of
period
.................................................
$
3,390,293,215
‌
$
3,670,015,073
‌
$
469,348,840
‌
$
573,973,617
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
65
Statements
of
Changes
in
Net
Assets
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
U.S.
Healthcare
Providers
ETF
iShares
U.S.
Home
Construction
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
4,883,208
‌
$
7,543,433
‌
$
5,830,318
‌
$
12,740,709
‌
Net
realized
gain
(loss)
.........................................
96,103,185
‌
169,476,201
‌
(
170,096,697
)
521,956,386
‌
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
256,659,342
)
(
28,134,804
)
(
31,766,501
)
(
841,063,538
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(
155,672,949
)
148,884,830
‌
(
196,032,880
)
(
306,366,443
)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
4,943,298
)
(
7,445,339
)
(
5,935,342
)
(
12,816,171
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
338,503,869
‌
43,579,447
‌
(
383,364,767
)
(
561,414,419
)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
177,887,622
‌
185,018,938
‌
(
585,332,989
)
(
880,597,033
)
Beginning
of
period
.............................................
1,328,741,918
‌
1,143,722,980
‌
1,764,975,542
‌
2,645,572,575
‌
End
of
period
.................................................
$
1,506,629,540
‌
$
1,328,741,918
‌
$
1,179,642,553
‌
$
1,764,975,542
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
66
2022
iShares
Semi-Annual
Report
to
Shareholders
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
U.S.
Infrastructure
ETF
iShares
U.S.
Insurance
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
15,723,426
‌
$
12,722,282
‌
$
2,832,824
‌
$
2,171,849
‌
Net
realized
gain
.............................................
11,554,172
‌
33,746,209
‌
5,606,319
‌
16,068,161
‌
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
279,672,753
)
44,252,132
‌
(
55,768,625
)
6,019,373
‌
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(
252,395,155
)
90,720,623
‌
(
47,329,482
)
24,259,383
‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
15,007,837
)
(
13,909,010
)
(
2,832,558
)
(
2,177,905
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
..............
859,172,764
‌
452,497,643
‌
171,349,692
‌
79,477,725
‌
NET
ASSETS
Total
increase
in
net
assets
........................................
591,769,772
‌
529,309,256
‌
121,187,652
‌
101,559,203
‌
Beginning
of
period
.............................................
899,114,481
‌
369,805,225
‌
186,860,130
‌
85,300,927
‌
End
of
period
.................................................
$
1,490,884,253
‌
$
899,114,481
‌
$
308,047,782
‌
$
186,860,130
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
67
Statements
of
Changes
in
Net
Assets
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
U.S.
Medical
Devices
ETF
iShares
U.S.
Oil
&
Gas
Exploration
&
Production
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
14,801,952
‌
$
21,735,101
‌
$
21,294,380
‌
$
12,731,655
‌
Net
realized
gain
.............................................
110,426,036
‌
1,224,731,110
‌
59,727,817
‌
30,812,978
‌
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
1,896,266,631
)
(
480,419,454
)
(
109,957,668
)
191,285,446
‌
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(
1,771,038,643
)
766,046,757
‌
(
28,935,471
)
234,830,079
‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
19,794,075
)
(
21,981,981
)
(
19,501,205
)
(
12,422,061
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
(
491,318,048
)
(
874,728,044
)
122,451,169
‌
334,558,987
‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
(
2,282,150,766
)
(
130,663,268
)
74,014,493
‌
556,967,005
‌
Beginning
of
period
.............................................
8,076,257,281
‌
8,206,920,549
‌
800,140,021
‌
243,173,016
‌
End
of
period
.................................................
$
5,794,106,515
‌
$
8,076,257,281
‌
$
874,154,514
‌
$
800,140,021
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
68
2022
iShares
Semi-Annual
Report
to
Shareholders
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
U.S.
Oil
Equipment
&
Services
ETF
iShares
U.S.
Pharmaceuticals
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
1,070,012
‌
$
724,866
‌
$
3,533,207
‌
$
6,210,467
‌
Net
realized
gain
(loss)
.........................................
(
4,669,162
)
9,241,052
‌
385,770
‌
15,412,515
‌
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
81,900,726
)
47,969,785
‌
(
58,860,807
)
18,112,653
‌
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(
85,499,876
)
57,935,703
‌
(
54,941,830
)
39,735,635
‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
1,080,206
)
(
935,137
)
(
3,648,622
)
(
6,432,724
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
(
66,188,472
)
(
144,838,846
)
31,896,621
‌
19,708,210
‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
(
152,768,554
)
(
87,838,280
)
(
26,693,831
)
53,011,121
‌
Beginning
of
period
.............................................
283,677,433
‌
371,515,713
‌
407,773,165
‌
354,762,044
‌
End
of
period
.................................................
$
130,908,879
‌
$
283,677,433
‌
$
381,079,334
‌
$
407,773,165
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
69
Statements
of
Changes
in
Net
Assets
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
U.S.
Real
Estate
ETF
iShares
U.S.
Regional
Banks
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
42,804,381
‌
$
99,806,560
‌
$
12,292,614
‌
$
25,681,150
‌
Net
realized
gain
(loss)
.........................................
(
219,999,501
)
853,822,015
‌
(
18,562,814
)
52,406,877
‌
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
1,003,010,204
)
(
111,482,808
)
(
192,215,486
)
(
37,133,160
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(
1,180,205,324
)
842,145,767
‌
(
198,485,686
)
40,954,867
‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
56,852,302
)
(
140,375,492
)
(
12,746,431
)
(
24,749,500
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
(
815,645,945
)
(
9,950,229
)
(
429,733,281
)
696,331,202
‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
(
2,052,703,571
)
691,820,046
‌
(
640,965,398
)
712,536,569
‌
Beginning
of
period
.............................................
5,378,866,583
‌
4,687,046,537
‌
1,386,344,257
‌
673,807,688
‌
End
of
period
.................................................
$
3,326,163,012
‌
$
5,378,866,583
‌
$
745,378,859
‌
$
1,386,344,257
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
70
2022
iShares
Semi-Annual
Report
to
Shareholders
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
U.S.
Telecommunications
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................................................
$
4,250,239
‌
$
10,776,734
‌
Net
realized
gain
(loss)
............................................................................
(
12,028,947
)
33,236,725
‌
Net
change
in
unrealized
appreciation
(depreciation)
........................................................
(
122,959,581
)
(
61,914,632
)
Net
decrease
in
net
assets
resulting
from
operations
..........................................................
(
130,738,289
)
(
17,901,173
)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................................................
(
4,284,490
)
(
10,823,757
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
.................................................
79,187,228
‌
106,283,084
‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...................................................................
(
55,835,551
)
77,558,154
‌
Beginning
of
period
................................................................................
503,439,963
‌
425,881,809
‌
End
of
period
....................................................................................
$
447,604,412
‌
$
503,439,963
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
71
Financial
Highlights
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Aerospace
&
Defense
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Year
Ended
03/31/21
(a)
Year
Ended
03/31/20
(a)
Year
Ended
03/31/19
(a)
Year
Ended
03/31/18
(a)
Net
asset
value,
beginning
of
period
.......
$
110.71
‌
$
104.13
‌
$
71.94
‌
$
99.80
‌
$
98.97
‌
$
74.40
‌
Net
investment
income
(b)
...............
0.65
‌
0.72
‌
0.89
‌
1.69
‌
0.89
‌
0.78
‌
Net
realized
and
unrealized
gain
(loss)
(c)
.....
(19.56
)
6.55
‌
32.23
‌
(27.74
)
1.01
‌
24.70
‌
Net
increase
(decrease)
from
investment
operations
.........................
(18.91
)
7.27
‌
33.12
‌
(26.05
)
1.90
‌
25.48
‌
Distributions
(d)
–
–
–
–
–
–
From
net
investment
income
............
(0.66
)
(0.69
)
(0.93
)
(1.81
)
(0.92
)
(0.91
)
From
net
realized
gains
................
—
‌
—
‌
—
‌
—
‌
(0.15
)
—
‌
Total
distributions
.....................
(0.66
)
(0.69
)
(0.93
)
(1.81
)
(1.07
)
(0.91
)
Net
asset
value,
end
of
period
............
$
91.14
‌
$
110.71
‌
$
104.13
‌
$
71.94
‌
$
99.80
‌
$
98.97
‌
Total
Return
(e)
–
–
–
–
–
–
Based
on
net
asset
value
................
(17.12
)%
(f)
7.00
%
46.23
%
(26.58
)%
1.91
%
34.40
%
Ratios
to
Average
Net
Assets
(g)
–
–
–
–
–
–
Total
expenses
.......................
0.40
%
(h)
0.39
%
0.42
%
0.42
%
0.42
%
0.43
%
Net
investment
income
..................
1.27
%
(h)
0.68
%
1.04
%
1.57
%
0.90
%
0.87
%
Supplemental
Data
Net
assets,
end
of
period
(000)
............
$
3,390,293
‌
$
3,670,015
‌
$
2,962,613
‌
$
2,834,403
‌
$
5,019,632
‌
$
5,749,730
‌
Portfolio
turnover
rate
(i)
..................
4
%
27
%
49
%
20
%
38
%
14
%
(a)
Per
share
amounts
reflect
a
two-for-one
stock
split
effective
after
the
close
of
trading
on
December
4,
2020.
(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.
72
2022
iShares
Semi-Annual
Report
to
Shareholders
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Broker-Dealers
&
Securities
Exchanges
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
Year
Ended
03/31/18
Net
asset
value,
beginning
of
period
......
$
99.82
‌
$
92.12
‌
$
51.30
‌
$
58.82
‌
$
65.50
‌
$
51.31
‌
Net
investment
income
(a)
..............
0.89
‌
1.80
‌
1.07
‌
1.03
‌
0.88
‌
0.83
‌
Net
realized
and
unrealized
gain
(loss)
(b)
....
(14.49
)
7.84
‌
40.82
‌
(7.46
)
(6.51
)
14.15
‌
Net
increase
(decrease)
from
investment
operations
........................
(13.60
)
9.64
‌
41.89
‌
(6.43
)
(5.63
)
14.98
‌
Distributions
from
net
investment
income
(c)
....
(0.88
)
(1.94
)
(1.07
)
(1.09
)
(1.05
)
(0.79
)
Net
asset
value,
end
of
period
...........
$
85.34
‌
$
99.82
‌
$
92.12
‌
$
51.30
‌
$
58.82
‌
$
65.50
‌
Total
Return
(d)
–
–
–
–
–
–
Based
on
net
asset
value
...............
(13.64
)%
(e)
10.38
%
82.40
%
(11.15
)%
(8.63
)%
29.39
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
–
Total
expenses
......................
0.40
%
(g)
0.39
%
0.41
%
0.42
%
0.42
%
0.43
%
Net
investment
income
.................
1.95
%
(g)
1.70
%
1.48
%
1.60
%
1.38
%
1.44
%
Supplemental
Data
Net
assets,
end
of
period
(000)
...........
$
469,349
‌
$
573,974
‌
$
409,948
‌
$
141,086
‌
$
217,641
‌
$
347,155
‌
Portfolio
turnover
rate
(h)
.................
16
%
24
%
37
%
15
%
27
%
13
%
(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)
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.
73
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Healthcare
Providers
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
Year
Ended
03/31/18
Net
asset
value,
beginning
of
period
.......
$
282.71
‌
$
251.37
‌
$
166.85
‌
$
167.98
‌
$
157.08
‌
$
134.12
‌
Net
investment
income
(a)
...............
0.87
‌
1.65
‌
1.30
‌
1.25
‌
0.54
‌
0.35
‌
Net
realized
and
unrealized
gain
(loss)
(b)
.....
(27.38
)
31.33
‌
84.59
‌
(1.04
)
16.99
‌
22.97
‌
Net
increase
(decrease)
from
investment
operations
.........................
(26.51
)
32.98
‌
85.89
‌
0.21
‌
17.53
‌
23.32
‌
Distributions
from
net
investment
income
(c)
.....
(0.84
)
(1.64
)
(1.37
)
(1.34
)
(6.63
)
(0.36
)
Net
asset
value,
end
of
period
............
$
255.36
‌
$
282.71
‌
$
251.37
‌
$
166.85
‌
$
167.98
‌
$
157.08
‌
Total
Return
(d)
–
–
–
–
–
–
Based
on
net
asset
value
................
(9.38
)%
(e)
13.15
%
51.63
%
0.10
%
11.25
%
17.40
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
–
Total
expenses
.......................
0.40
%
(g)
0.39
%
0.42
%
0.42
%
0.43
%
0.43
%
Net
investment
income
..................
0.65
%
(g)
0.61
%
0.61
%
0.70
%
0.29
%
0.24
%
Supplemental
Data
Net
assets,
end
of
period
(000)
............
$
1,506,630
‌
$
1,328,742
‌
$
1,143,723
‌
$
784,201
‌
$
797,909
‌
$
471,251
‌
Portfolio
turnover
rate
(h)
..................
6
%
24
%
27
%
30
%
48
%
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)
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.
74
2022
iShares
Semi-Annual
Report
to
Shareholders
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Home
Construction
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
Year
Ended
03/31/18
Net
asset
value,
beginning
of
period
.....
$
59.23
‌
$
67.84
‌
$
28.94
‌
$
35.26
‌
$
39.24
‌
$
31.97
‌
Net
investment
income
(a)
.............
0.24
‌
0.36
‌
0.27
‌
0.23
‌
0.19
‌
0.13
‌
Net
realized
and
unrealized
gain
(loss)
(b)
...
(7.25
)
(8.59
)
38.89
‌
(6.31
)
(3.97
)
7.28
‌
Net
increase
(decrease)
from
investment
operations
.......................
(7.01
)
(8.23
)
39.16
‌
(6.08
)
(3.78
)
7.41
‌
Distributions
from
net
investment
income
(c)
...
(0.25
)
(0.38
)
(0.26
)
(0.24
)
(0.20
)
(0.14
)
Net
asset
value,
end
of
period
..........
$
51.97
‌
$
59.23
‌
$
67.84
‌
$
28.94
‌
$
35.26
‌
$
39.24
‌
Total
Return
(d)
–
–
–
–
–
–
Based
on
net
asset
value
..............
(11.85
)%
(e)
(12.21
)%
135.53
%
(17.40
)%
(9.60
)%
23.19
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
–
Total
expenses
.....................
0.40
%
(g)
0.39
%
0.41
%
0.42
%
0.42
%
0.43
%
Net
investment
income
................
0.82
%
(g)
0.50
%
0.50
%
0.55
%
0.53
%
0.34
%
Supplemental
Data
Net
assets,
end
of
period
(000)
..........
$
1,179,643
‌
$
1,764,976
‌
$
2,645,573
‌
$
707,640
‌
$
1,147,657
‌
$
1,618,817
‌
Portfolio
turnover
rate
(h)
................
4
%
5
%
14
%
15
%
17
%
18
%
(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)
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.
75
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Infrastructure
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Period
From
04/03/18
(a)
to
03/31/19
Net
asset
value,
beginning
of
period
.....................
$
38.92
‌
$
34.56
‌
$
20.27
‌
$
26.31
‌
$
25.31
‌
Net
investment
income
(b)
.............................
0.38
‌
0.67
‌
0.77
‌
0.49
‌
0.43
‌
Net
realized
and
unrealized
gain
(loss)
(c)
...................
(6.78
)
4.38
‌
14.10
‌
(6.00
)
1.24
‌
Net
increase
(decrease)
from
investment
operations
............
(6.40
)
5.05
‌
14.87
‌
(5.51
)
1.67
‌
Distributions
(d)
–
–
–
–
–
From
net
investment
income
..........................
(0.32
)
(0.69
)
(0.58
)
(0.47
)
(0.34
)
From
net
realized
gains
..............................
—
‌
—
‌
—
‌
—
‌
(0.33
)
Return
of
capital
...................................
—
‌
—
‌
—
‌
(0.06
)
(0.00
)
(e)
Total
distributions
...................................
(0.32
)
(0.69
)
(0.58
)
(0.53
)
(0.67
)
Net
asset
value,
end
of
period
..........................
$
32.20
‌
$
38.92
‌
$
34.56
‌
$
20.27
‌
$
26.31
‌
Total
Return
(f)
–
–
–
–
–
Based
on
net
asset
value
..............................
(16.50
)%
(g)
14.78
%
74.11
%
(21.26
)%
6.78
%
(g)
Ratios
to
Average
Net
Assets
(h)
–
–
–
–
–
Total
expenses
.....................................
0.30
%
(i)
0.35
%
0.40
%
0.40
%
0.40
%
(i)
Net
investment
income
................................
2.11
%
(i)
1.85
%
2.54
%
1.84
%
1.67
%
(i)
Supplemental
Data
Net
assets,
end
of
period
(000)
..........................
$
1,490,884
‌
$
899,114
‌
$
369,805
‌
$
5,068
‌
$
5,262
‌
Portfolio
turnover
rate
(j)
................................
13
%
33
%
65
%
23
%
43
%
(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)
Rounds
to
less
than
$0.01.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(i)
Annualized.
(j)
Portfolio
turnover
rate
excludes
in-kind
transactions.
76
2022
iShares
Semi-Annual
Report
to
Shareholders
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Insurance
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
Year
Ended
03/31/18
Net
asset
value,
beginning
of
period
......
$
91.15
‌
$
74.17
‌
$
49.76
‌
$
63.64
‌
$
64.54
‌
$
60.46
‌
Net
investment
income
(a)
..............
0.75
‌
1.67
‌
1.51
‌
1.35
‌
1.23
‌
1.18
‌
Net
realized
and
unrealized
gain
(loss)
(b)
....
(12.18
)
16.94
‌
24.37
‌
(13.77
)
(0.89
)
4.20
‌
Net
increase
(decrease)
from
investment
operations
........................
(11.43
)
18.61
‌
25.88
‌
(12.42
)
0.34
‌
5.38
‌
Distributions
from
net
investment
income
(c)
....
(0.73
)
(1.63
)
(1.47
)
(1.46
)
(1.24
)
(1.30
)
Net
asset
value,
end
of
period
...........
$
78.99
‌
$
91.15
‌
$
74.17
‌
$
49.76
‌
$
63.64
‌
$
64.54
‌
Total
Return
(d)
–
–
–
–
–
–
Based
on
net
asset
value
...............
(12.57
)%
(e)
25.36
%
52.54
%
(19.92
)%
0.60
%
8.93
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
–
Total
expenses
......................
0.40
%
(g)
0.39
%
0.42
%
0.42
%
0.43
%
0.43
%
Net
investment
income
.................
1.76
%
(g)
2.04
%
2.50
%
1.95
%
1.94
%
1.85
%
Supplemental
Data
Net
assets,
end
of
period
(000)
...........
$
308,048
‌
$
186,860
‌
$
85,301
‌
$
62,206
‌
$
98,637
‌
$
132,302
‌
Portfolio
turnover
rate
(h)
.................
6
%
11
%
10
%
8
%
17
%
12
%
(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)
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.
77
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Medical
Devices
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
(a)
Year
Ended
03/31/21
(a)
Year
Ended
03/31/20
(a)
Year
Ended
03/31/19
(a)
Year
Ended
03/31/18
(a)
Net
asset
value,
beginning
of
period
.......
$
60.93
‌
$
55.04
‌
$
37.54
‌
$
38.57
‌
$
30.81
‌
$
25.24
‌
Net
investment
income
(b)
...............
0.11
‌
0.16
‌
0.15
‌
0.16
‌
0.12
‌
0.11
‌
Net
realized
and
unrealized
gain
(loss)
(c)
.....
(13.75
)
5.89
‌
17.49
‌
(1.04
)
7.73
‌
5.55
‌
Net
increase
(decrease)
from
investment
operations
.........................
(13.64
)
6.05
‌
17.64
‌
(0.88
)
7.85
‌
5.66
‌
Distributions
from
net
investment
income
(d)
.....
(0.16
)
(0.16
)
(0.14
)
(0.15
)
(0.09
)
(0.09
)
Net
asset
value,
end
of
period
............
$
47.13
‌
$
60.93
‌
$
55.04
‌
$
37.54
‌
$
38.57
‌
$
30.81
‌
Total
Return
(e)
–
–
–
–
–
–
Based
on
net
asset
value
................
(22.41
)%
(f)
10.99
%
47.02
%
(2.32
)%
25.50
%
22.48
%
Ratios
to
Average
Net
Assets
(g)
–
–
–
–
–
–
Total
expenses
.......................
0.40
%
(h)
0.39
%
0.41
%
0.42
%
0.43
%
0.43
%
Net
investment
income
..................
0.43
%
(h)
0.26
%
0.30
%
0.39
%
0.33
%
0.38
%
Supplemental
Data
Net
assets,
end
of
period
(000)
............
$
5,794,107
‌
$
8,076,257
‌
$
8,206,921
‌
$
4,144,859
‌
$
3,656,734
‌
$
1,719,373
‌
Portfolio
turnover
rate
(i)
..................
4
%
11
%
9
%
9
%
36
%
15
%
(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)
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.
78
2022
iShares
Semi-Annual
Report
to
Shareholders
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Oil
&
Gas
Exploration
&
Production
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
Year
Ended
03/31/18
Net
asset
value,
beginning
of
period
......
$
84.23
‌
$
48.63
‌
$
22.83
‌
$
58.20
‌
$
63.55
‌
$
61.16
‌
Net
investment
income
(a)
..............
2.05
‌
2.00
‌
0.98
‌
0.95
‌
0.67
‌
0.56
‌
Net
realized
and
unrealized
gain
(loss)
(b)
....
(1.23
)
35.51
‌
25.92
‌
(35.22
)
(5.11
)
2.49
‌
Net
increase
(decrease)
from
investment
operations
........................
0.82
‌
37.51
‌
26.90
‌
(34.27
)
(4.44
)
3.05
‌
Distributions
from
net
investment
income
(c)
....
(1.80
)
(1.91
)
(1.10
)
(1.10
)
(0.91
)
(0.66
)
Net
asset
value,
end
of
period
...........
$
83.25
‌
$
84.23
‌
$
48.63
‌
$
22.83
‌
$
58.20
‌
$
63.55
‌
Total
Return
(d)
–
–
–
–
–
–
Based
on
net
asset
value
...............
0.97
%
(e)
78.44
%
120.05
%
(59.65
)%
(7.06
)%
5.09
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
–
Total
expenses
......................
0.40
%
(g)
0.39
%
0.42
%
0.42
%
0.42
%
0.43
%
Net
investment
income
.................
4.70
%
(g)
3.27
%
2.81
%
1.87
%
1.00
%
0.96
%
Supplemental
Data
Net
assets,
end
of
period
(000)
...........
$
874,155
‌
$
800,140
‌
$
243,173
‌
$
90,169
‌
$
276,450
‌
$
365,406
‌
Portfolio
turnover
rate
(h)
.................
7
%
17
%
21
%
25
%
12
%
17
%
(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)
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.
79
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Oil
Equipment
&
Services
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
Year
Ended
03/31/18
Net
asset
value,
beginning
of
period
.....
$
19.30
‌
$
13.41
‌
$
5.97
‌
$
25.24
‌
$
32.41
‌
$
42.09
‌
Net
investment
income
(a)
.............
0.07
‌
0.07
‌
0.14
‌
0.47
‌
0.34
‌
1.18
(b)
Net
realized
and
unrealized
gain
(loss)
(c)
...
(4.91
)
5.92
‌
7.50
‌
(19.27
)
(7.14
)
(9.61
)
Net
increase
(decrease)
from
investment
operations
.......................
(4.84
)
5.99
‌
7.64
‌
(18.80
)
(6.80
)
(8.43
)
Distributions
from
net
investment
income
(d)
...
(0.07
)
(0.10
)
(0.20
)
(0.47
)
(0.37
)
(1.25
)
Net
asset
value,
end
of
period
..........
$
14.39
‌
$
19.30
‌
$
13.41
‌
$
5.97
‌
$
25.24
‌
$
32.41
‌
Total
Return
(e)
–
–
–
–
–
–
Based
on
net
asset
value
..............
(25.13
)%
(f)
44.88
%
129.06
%
(75.48
)%
(21.10
)%
(20.19
)%
(g)
Ratios
to
Average
Net
Assets
(h)
–
–
–
–
–
–
Total
expenses
.....................
0.40
%
(i)
0.39
%
0.41
%
0.42
%
0.42
%
0.43
%
Net
investment
income
................
0.80
%
(i)
0.49
%
1.37
%
2.44
%
1.09
%
3.37
%
(b)
Supplemental
Data
Net
assets,
end
of
period
(000)
..........
$
130,909
‌
$
283,677
‌
$
371,516
‌
$
25,669
‌
$
155,238
‌
$
204,188
‌
Portfolio
turnover
rate
(j)
................
6
%
55
%
71
%
23
%
35
%
25
%
(a)
Based
on
average
shares
outstanding.
(b)
Includes
a
one-time
special
distribution
from
Baker
Hughes
Inc.
Excluding
such
special
distribution,
the
net
investment
income
would
have
been
$0.37
per
share
and
1.05%
of
average
net
assets.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Includes
proceeds
received
from
a
class
action
litigation,
which
impacted
the
Fund’s
total
return.
Not
including
these
proceeds,
the
Fund’s
total
return
would
have
been
(20.37)%
for
the
year
ended
March
31,
2018.
(h)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(i)
Annualized.
(j)
Portfolio
turnover
rate
excludes
in-kind
transactions.
80
2022
iShares
Semi-Annual
Report
to
Shareholders
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Pharmaceuticals
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
Year
Ended
03/31/18
Net
asset
value,
beginning
of
period
......
$
194.18
‌
$
177.38
‌
$
134.83
‌
$
154.05
‌
$
147.20
‌
$
150.97
‌
Net
investment
income
(a)
..............
1.58
‌
3.06
‌
2.20
‌
2.14
‌
1.73
‌
2.25
‌
Net
realized
and
unrealized
gain
(loss)
(b)
....
(24.79
)
16.88
‌
42.53
‌
(19.09
)
6.91
‌
(3.75
)
Net
increase
(decrease)
from
investment
operations
........................
(23.21
)
19.94
‌
44.73
‌
(16.95
)
8.64
‌
(1.50
)
Distributions
from
net
investment
income
(c)
....
(1.60
)
(3.14
)
(2.18
)
(2.27
)
(1.79
)
(2.27
)
Net
asset
value,
end
of
period
...........
$
169.37
‌
$
194.18
‌
$
177.38
‌
$
134.83
‌
$
154.05
‌
$
147.20
‌
Total
Return
(d)
–
–
–
–
–
–
Based
on
net
asset
value
...............
(11.99
)%
(e)
11.29
%
33.30
%
(11.06
)%
5.88
%
(1.05
)%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
–
Total
expenses
......................
0.40
%
(g)
0.39
%
0.42
%
0.42
%
0.42
%
0.43
%
Net
investment
income
.................
1.68
%
(g)
1.63
%
1.33
%
1.45
%
1.12
%
1.47
%
Supplemental
Data
Net
assets,
end
of
period
(000)
...........
$
381,079
‌
$
407,773
‌
$
354,762
‌
$
276,404
‌
$
385,114
‌
$
390,088
‌
Portfolio
turnover
rate
(h)
.................
7
%
20
%
52
%
40
%
51
%
23
%
(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)
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.
81
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Real
Estate
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
Year
Ended
03/31/18
Net
asset
value,
beginning
of
period
......
$
108.01
‌
$
91.81
‌
$
69.71
‌
$
86.99
‌
$
75.48
‌
$
78.51
‌
Net
investment
income
(a)
..............
0.93
‌
1.64
‌
1.67
‌
2.16
‌
2.28
‌
2.22
‌
Net
realized
and
unrealized
gain
(loss)
(b)
....
(26.28
)
16.94
‌
22.49
‌
(16.61
)
11.86
‌
(2.36
)
Net
increase
(decrease)
from
investment
operations
........................
(25.35
)
18.58
‌
24.16
‌
(14.45
)
14.14
‌
(0.14
)
Distributions
from
net
investment
income
(c)
....
(1.24
)
(2.38
)
(2.06
)
(2.83
)
(2.63
)
(2.89
)
Net
asset
value,
end
of
period
...........
$
81.42
‌
$
108.01
‌
$
91.81
‌
$
69.71
‌
$
86.99
‌
$
75.48
‌
Total
Return
(d)
–
–
–
–
–
–
Based
on
net
asset
value
...............
(23.52
)%
(e)
20.27
%
35.02
%
(17.14
)%
19.09
%
(0.29
)%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
–
Total
expenses
......................
0.40
%
(g)
0.39
%
0.41
%
0.42
%
0.42
%
0.43
%
Net
investment
income
.................
1.91
%
(g)
1.56
%
2.03
%
2.39
%
2.85
%
2.80
%
Supplemental
Data
Net
assets,
end
of
period
(000)
...........
$
3,326,163
‌
$
5,378,867
‌
$
4,687,047
‌
$
3,067,098
‌
$
4,597,605
‌
$
3,596,742
‌
Portfolio
turnover
rate
(h)
.................
4
%
9
%
14
%
8
%
11
%
13
%
(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)
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.
82
2022
iShares
Semi-Annual
Report
to
Shareholders
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Regional
Banks
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
Year
Ended
03/31/18
Net
asset
value,
beginning
of
period
......
$
58.87
‌
$
56.62
‌
$
29.00
‌
$
43.44
‌
$
50.39
‌
$
44.79
‌
Net
investment
income
(a)
..............
0.70
‌
1.34
‌
1.32
‌
1.20
‌
1.01
‌
0.80
‌
Net
realized
and
unrealized
gain
(loss)
(b)
....
(11.02
)
2.14
‌
27.52
‌
(14.32
)
(6.91
)
5.60
‌
Net
increase
(decrease)
from
investment
operations
........................
(10.32
)
3.48
‌
28.84
‌
(13.12
)
(5.90
)
6.40
‌
Distributions
from
net
investment
income
(c)
....
(0.77
)
(1.23
)
(1.22
)
(1.32
)
(1.05
)
(0.80
)
Net
asset
value,
end
of
period
...........
$
47.78
‌
$
58.87
‌
$
56.62
‌
$
29.00
‌
$
43.44
‌
$
50.39
‌
Total
Return
(d)
–
–
–
–
–
–
Based
on
net
asset
value
...............
(17.58
)%
(e)
6.11
%
101.55
%
(31.09
)%
(11.79
)%
14.42
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
–
Total
expenses
......................
0.40
%
(g)
0.39
%
0.41
%
0.42
%
0.42
%
0.43
%
Net
investment
income
.................
2.65
%
(g)
2.19
%
3.26
%
2.60
%
2.08
%
1.68
%
Supplemental
Data
Net
assets,
end
of
period
(000)
...........
$
745,379
‌
$
1,386,344
‌
$
673,808
‌
$
197,182
‌
$
519,088
‌
$
902,061
‌
Portfolio
turnover
rate
(h)
.................
3
%
14
%
6
%
5
%
10
%
4
%
(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)
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.
83
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
U.S.
Telecommunications
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
Year
Ended
03/31/18
Net
asset
value,
beginning
of
period
.....
$
29.88
‌
$
32.39
‌
$
24.88
‌
$
29.73
‌
$
27.06
‌
$
32.38
‌
Net
investment
income
(a)
.............
0.28
‌
0.77
‌
0.82
‌
0.71
‌
0.49
‌
0.74
‌
Net
realized
and
unrealized
gain
(loss)
(b)
...
(9.04
)
(2.54
)
7.50
‌
(4.80
)
2.71
‌
(5.08
)
Net
increase
(decrease)
from
investment
operations
.......................
(8.76
)
(1.77
)
8.32
‌
(4.09
)
3.20
‌
(4.34
)
Distributions
from
net
investment
income
(c)
...
(0.25
)
(0.74
)
(0.81
)
(0.76
)
(0.53
)
(0.98
)
Net
asset
value,
end
of
period
..........
$
20.87
‌
$
29.88
‌
$
32.39
‌
$
24.88
‌
$
29.73
‌
$
27.06
‌
Total
Return
(d)
–
–
–
–
–
–
Based
on
net
asset
value
..............
(29.43
)%
(e)
(5.63
)%
33.82
%
(13.99
)%
11.91
%
(13.63
)%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
–
Total
expenses
.....................
0.40
%
(g)
0.39
%
0.42
%
0.42
%
0.42
%
0.43
%
Net
investment
income
................
2.12
%
(g)
2.37
%
2.82
%
2.40
%
1.73
%
2.41
%
Supplemental
Data
Net
assets,
end
of
period
(000)
..........
$
447,604
‌
$
503,440
‌
$
425,882
‌
$
292,379
‌
$
463,756
‌
$
316,596
‌
Portfolio
turnover
rate
(h)
................
13
%
75
%
40
%
41
%
35
%
86
%
(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)
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.
Notes
to
Financial
Statements
(unaudited)
84
2022
iShares
Semi-Annual
Report
to
Shareholders
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”):
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
Taxes:
The
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its
Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Other
foreign
taxes”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
September
30,
2022,
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.
Bank
Overdraft:
The
iShares
U.S.
Aerospace
&
Defense
ETF,
iShares
U.S.
Medical
Devices
ETF
and
iShares
U.S.
Telecommunications
ETF
had
outstanding
cash
disbursements
exceeding
deposited
cash
amounts
at
the
custodian
and
utilized their
ability
to
temporarily
borrow
from
that
custodian
for
operational
purposes. Each
fund is obligated
to
repay
the
custodian
for
any
overdraft,
including
any
related
costs
or
expenses,
where
applicable.
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.
iShares
ETF
Diversification
Classification
U.S.
Aerospace
&
Defense
..............................................................................................
Non-diversified
U.S.
Broker-Dealers
&
Securities
Exchanges
..................................................................................
Non-diversified
U.S.
Healthcare
Providers
...............................................................................................
Non-diversified
U.S.
Home
Construction
................................................................................................
Non-diversified
U.S.
Infrastructure
....................................................................................................
Diversified
U.S.
Insurance
......................................................................................................
Non-diversified
U.S.
Medical
Devices
..................................................................................................
Non-diversified
U.S.
Oil
&
Gas
Exploration
&
Production
.....................................................................................
Non-diversified
U.S.
Oil
Equipment
&
Services
............................................................................................
Non-diversified
U.S.
Pharmaceuticals
..................................................................................................
Non-diversified
U.S.
Real
Estate
.....................................................................................................
Diversified
U.S.
Regional
Banks
..................................................................................................
Non-diversified
U.S.
Telecommunications
...............................................................................................
Non-diversified
Notes
to
Financial
Statements
(unaudited)
(
continued)
85
Notes
to
Financial
Statements
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.
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.
Notes
to
Financial
Statements
(unaudited)
(continued)
86
2022
iShares
Semi-Annual
Report
to
Shareholders
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
(b)
U.S.
Aerospace
&
Defense
BNP
Paribas
SA
.................................................
$
10,472,938‌
$
(10,472,938‌)
$
—‌
$
—‌
BofA
Securities,
Inc.
..............................................
9,246,054‌
(9,246,054‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................................
19,314‌
(19,314‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
4,629,642‌
(4,629,642‌)
—‌
—‌
HSBC
Bank
PLC
................................................
436,208‌
(436,208‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
1,914,853‌
(1,914,853‌)
—‌
—‌
Jefferies
LLC
...................................................
966,123‌
(966,123‌)
—‌
—‌
Morgan
Stanley
.................................................
1,889‌
(1,889‌)
—‌
—‌
National
Financial
Services
LLC
......................................
324,641‌
(324,641‌)
—‌
—‌
Scotia
Capital
(USA),
Inc.
..........................................
1,410,960‌
(1,410,960‌)
—‌
—‌
SG
Americas
Securities
LLC
........................................
273,562‌
(273,562‌)
—‌
—‌
State
Street
Bank
&
Trust
Co.
........................................
132,742‌
(132,742‌)
—‌
—‌
UBS
AG
......................................................
13,148,472‌
(13,148,472‌)
—‌
—‌
UBS
Securities
LLC
..............................................
2,414,233‌
(2,414,233‌)
—‌
—‌
Virtu
Americas
LLC
...............................................
257,784‌
(257,784‌)
—‌
—‌
Wells
Fargo
Bank
N.A.
............................................
627,506‌
(627,506‌)
—‌
—‌
Wells
Fargo
Securities
LLC
.........................................
3,069,413‌
(3,069,413‌)
—‌
—‌
$
49,346,334‌
$
(49,346,334‌)
$
—‌
$
—‌
a
U.S.
Broker-Dealers
&
Securities
Exchanges
UBS
AG
......................................................
5,156,128‌
(5,156,128‌)
—‌
—‌
Virtu
Americas
LLC
...............................................
132,704‌
(132,704‌)
—‌
—‌
$
5,288,832‌
$
(5,288,832‌)
$
—‌
$
—‌
a
U.S.
Healthcare
Providers
Barclays
Bank
PLC
...............................................
1,702,740‌
(1,702,740‌)
—‌
—‌
BMO
Capital
Markets
Corp.
.........................................
23,522‌
(23,522‌)
—‌
—‌
BNP
Paribas
SA
.................................................
18,246,552‌
(18,246,552‌)
—‌
—‌
BofA
Securities,
Inc.
..............................................
150,527‌
(150,527‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................................
1,983,981‌
(1,983,981‌)
—‌
—‌
Credit
Suisse
Securities
(USA)
LLC
....................................
2,654,602‌
(2,654,602‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
30,350,838‌
(30,350,838‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
11,416,800‌
(11,416,800‌)
—‌
—‌
Morgan
Stanley
.................................................
4,223,547‌
(4,223,547‌)
—‌
—‌
National
Financial
Services
LLC
......................................
159,588‌
(159,588‌)
—‌
—‌
Natixis
S.A.
....................................................
246,185‌
(246,185‌)
—‌
—‌
RBC
Capital
Markets
LLC
..........................................
253,820‌
(253,820‌)
—‌
—‌
SG
Americas
Securities
LLC
........................................
3,419,754‌
(3,419,754‌)
—‌
—‌
State
Street
Bank
&
Trust
Co.
........................................
345,335‌
(345,335‌)
—‌
—‌
UBS
AG
......................................................
5,183,661‌
(5,183,661‌)
—‌
—‌
UBS
Securities
LLC
..............................................
458,133‌
(458,133‌)
—‌
—‌
Wells
Fargo
Bank
N.A.
............................................
69,506‌
(69,506‌)
—‌
—‌
Wells
Fargo
Securities
LLC
.........................................
486,017‌
(486,017‌)
—‌
—‌
$
81,375,108‌
$
(81,375,108‌)
$
—‌
$
—‌
a
Notes
to
Financial
Statements
(unaudited)
(
continued)
87
Notes
to
Financial
Statements
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
U.S.
Home
Construction
BNP
Paribas
SA
.................................................
$
3,090,165‌
$
(3,090,165‌)
$
—‌
$
—‌
BofA
Securities,
Inc.
..............................................
13,221,648‌
(13,221,648‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
24,682,057‌
(24,682,057‌)
—‌
—‌
Jefferies
LLC
...................................................
162,282‌
(162,282‌)
—‌
—‌
Morgan
Stanley
.................................................
541,728‌
(541,728‌)
—‌
—‌
Natixis
S.A.
....................................................
3,240,684‌
(3,240,684‌)
—‌
—‌
RBC
Capital
Markets
LLC
..........................................
9,045,296‌
(9,045,296‌)
—‌
—‌
Scotia
Capital
(USA),
Inc.
..........................................
10,744,879‌
(10,744,879‌)
—‌
—‌
UBS
AG
......................................................
489,997‌
(489,997‌)
—‌
—‌
UBS
Securities
LLC
..............................................
111,936‌
(111,936‌)
—‌
—‌
Virtu
Americas
LLC
...............................................
184,275‌
(184,275‌)
—‌
—‌
Wells
Fargo
Securities
LLC
.........................................
138,600‌
(138,600‌)
—‌
—‌
$
65,653,547‌
$
(65,653,547‌)
$
—‌
$
—‌
a
U.S.
Infrastructure
Barclays
Capital,
Inc.
.............................................
1,844,689‌
(1,844,689‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................................
1,132,856‌
(1,132,856‌)
—‌
—‌
HSBC
Bank
PLC
................................................
424,714‌
(424,714‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
8,748,352‌
(8,748,352‌)
—‌
—‌
Jefferies
LLC
...................................................
462,500‌
(462,500‌)
—‌
—‌
Morgan
Stanley
.................................................
8,699,332‌
(8,699,332‌)
—‌
—‌
RBC
Capital
Markets
LLC
..........................................
107,448‌
(107,448‌)
—‌
—‌
State
Street
Bank
&
Trust
Co.
........................................
389,487‌
(389,487‌)
—‌
—‌
UBS
AG
......................................................
1,033,937‌
(1,033,937‌)
—‌
—‌
UBS
Securities
LLC
..............................................
419,230‌
(419,230‌)
—‌
—‌
Virtu
Americas
LLC
...............................................
232,299‌
(232,299‌)
—‌
—‌
$
23,494,844‌
$
(23,494,844‌)
$
—‌
$
—‌
a
U.S.
Insurance
Citigroup
Global
Markets,
Inc.
........................................
69,343‌
(69,343‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
2,976,311‌
(2,976,311‌)
—‌
—‌
Morgan
Stanley
.................................................
7,072‌
(7,072‌)
—‌
—‌
Wells
Fargo
Bank
N.A.
............................................
280,962‌
(280,962‌)
—‌
—‌
$
3,333,688‌
$
(3,333,688‌)
$
—‌
$
—‌
a
U.S.
Medical
Devices
Barclays
Bank
PLC
...............................................
305,303‌
(305,303‌)
—‌
—‌
BNP
Paribas
SA
.................................................
29,235,999‌
(29,235,999‌)
—‌
—‌
BofA
Securities,
Inc.
..............................................
17,536,532‌
(17,536,532‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................................
42,317,161‌
(42,317,161‌)
—‌
—‌
Credit
Suisse
Securities
(USA)
LLC
....................................
49,132‌
(49,132‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
9,951,069‌
(9,951,069‌)
—‌
—‌
HSBC
Bank
PLC
................................................
165,601‌
(165,601‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
45,088,331‌
(45,088,331‌)
—‌
—‌
Jefferies
LLC
...................................................
1,325,192‌
(1,325,192‌)
—‌
—‌
Morgan
Stanley
.................................................
5,207,716‌
(5,207,716‌)
—‌
—‌
National
Financial
Services
LLC
......................................
7,442,810‌
(7,442,810‌)
—‌
—‌
Natixis
S.A.
....................................................
182,908‌
(182,908‌)
—‌
—‌
RBC
Capital
Markets
LLC
..........................................
1,258,312‌
(1,258,312‌)
—‌
—‌
Scotia
Capital
(USA),
Inc.
..........................................
1,359,946‌
(1,359,946‌)
—‌
—‌
SG
Americas
Securities
LLC
........................................
169,134‌
(169,134‌)
—‌
—‌
UBS
AG
......................................................
10,780,766‌
(10,780,766‌)
—‌
—‌
UBS
Securities
LLC
..............................................
127,028‌
(127,028‌)
—‌
—‌
Virtu
Americas
LLC
...............................................
319,266‌
(319,266‌)
—‌
—‌
$
172,822,206‌
$
(172,822,206‌)
$
—‌
$
—‌
a
Notes
to
Financial
Statements
(unaudited)
(continued)
88
2022
iShares
Semi-Annual
Report
to
Shareholders
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
U.S.
Oil
&
Gas
Exploration
&
Production
Barclays
Bank
PLC
...............................................
$
286,083‌
$
(286,083‌)
$
—‌
$
—‌
BofA
Securities,
Inc.
..............................................
1,655,896‌
(1,655,896‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
551,377‌
(550,222‌)
—‌
1,155‌
J.P.
Morgan
Securities
LLC
.........................................
2,707,950‌
(2,707,950‌)
—‌
—‌
Natixis
S.A.
....................................................
73,134‌
(73,134‌)
—‌
—‌
SG
Americas
Securities
LLC
........................................
1,247,337‌
(1,247,337‌)
—‌
—‌
UBS
AG
......................................................
5,035,338‌
(5,035,338‌)
—‌
—‌
Virtu
Americas
LLC
...............................................
218,973‌
(218,973‌)
—‌
—‌
$
11,776,088‌
$
(11,774,933‌)
$
—‌
$
1,155‌
a
U.S.
Oil
Equipment
&
Services
BNP
Paribas
SA
.................................................
1,084,795‌
(1,084,795‌)
—‌
—‌
BofA
Securities,
Inc.
..............................................
432,327‌
(432,327‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
379,764‌
(379,764‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
1,083,760‌
(1,083,760‌)
—‌
—‌
Morgan
Stanley
.................................................
3,175,845‌
(3,175,845‌)
—‌
—‌
Scotia
Capital
(USA),
Inc.
..........................................
146,820‌
(146,820‌)
—‌
—‌
UBS
AG
......................................................
13,097‌
(13,097‌)
—‌
—‌
Wells
Fargo
Bank
N.A.
............................................
373,926‌
(373,926‌)
—‌
—‌
$
6,690,334‌
$
(6,690,334‌)
$
—‌
$
—‌
a
U.S.
Pharmaceuticals
Barclays
Bank
PLC
...............................................
512,379‌
(512,379‌)
—‌
—‌
BNP
Paribas
SA
.................................................
1,754,892‌
(1,713,555‌)
—‌
41,337‌
Citigroup
Global
Markets,
Inc.
........................................
363,834‌
(363,834‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
8,232,259‌
(8,232,259‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
132,318‌
(132,318‌)
—‌
—‌
Jefferies
LLC
...................................................
1,689,647‌
(1,689,647‌)
—‌
—‌
Morgan
Stanley
.................................................
1,177,198‌
(1,177,198‌)
—‌
—‌
National
Financial
Services
LLC
......................................
282,040‌
(282,040‌)
—‌
—‌
RBC
Capital
Markets
LLC
..........................................
8,898‌
(8,898‌)
—‌
—‌
UBS
AG
......................................................
599,616‌
(599,616‌)
—‌
—‌
UBS
Securities
LLC
..............................................
202,974‌
(202,235‌)
—‌
739‌
Wells
Fargo
Securities
LLC
.........................................
79,458‌
(79,458‌)
—‌
—‌
$
15,035,513‌
$
(14,993,437‌)
$
—‌
$
42,076‌
a
U.S.
Real
Estate
BNP
Paribas
SA
.................................................
15,452,491‌
(15,452,491‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
62,685‌
(62,685‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
1,023,436‌
(1,023,436‌)
—‌
—‌
Morgan
Stanley
.................................................
18,500‌
(18,500‌)
—‌
—‌
Scotia
Capital
(USA),
Inc.
..........................................
7,865‌
(7,865‌)
—‌
—‌
UBS
AG
......................................................
3,548‌
(3,548‌)
—‌
—‌
$
16,568,525‌
$
(16,568,525‌)
$
—‌
$
—‌
a
U.S.
Regional
Banks
Goldman
Sachs
&
Co.
LLC
.........................................
13,229,732‌
(13,229,732‌)
—‌
—‌
Morgan
Stanley
.................................................
1,630,324‌
(1,630,324‌)
—‌
—‌
$
14,860,056‌
$
(14,860,056‌)
$
—‌
$
—‌
a
U.S.
Telecommunications
BNP
Paribas
SA
.................................................
10,812,488‌
(10,812,488‌)
—‌
—‌
BofA
Securities,
Inc.
..............................................
4,334,701‌
(4,334,701‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
11,819,262‌
(11,819,262‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
1,201,447‌
(1,201,447‌)
—‌
—‌
Morgan
Stanley
.................................................
3,954,896‌
(3,954,896‌)
—‌
—‌
$
32,122,794‌
$
(32,122,794‌)
$
—‌
$
—‌
a
(a)
Collateral
received
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
Statement
of
Assets
and
Liabilities.
(b)
The
market
value
of
the
loaned
securities
is
determined
as
of
September
30,
2022.
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.
Notes
to
Financial
Statements
(unaudited)
(
continued)
89
Notes
to
Financial
Statements
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
the
following
Fund,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Fund,
based
on
the
average
daily
net
assets
of
the
Fund
as
follows:
For
its
investment
advisory
services
to
each
Fund,
except
for
the
iShares
U.S.
Infrastructure
ETF,
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:
Distributor:
 BlackRock
Investments,
LLC
(“BRIL”),
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.
ETF
Servicing
Fees:
Each
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided. Each
Fund
does
not
pay
BRIL
for
ETF
Services.
Prior
to
April
11,
2022,
ETF
Services
were
performed
by
State
Street
Bank
and
Trust
Company.
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
iShares
ETF
Investment
Advisory
Fees
U.S.
Infrastructure
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.30%
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
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.3400
Over
$40
billion,
up
to
and
including
$50
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.3300
Over
$50
billion,
up
to
and
including
$60
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.3100
Over
$60
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.2945
Notes
to
Financial
Statements
(unaudited)
(continued)
90
2022
iShares
Semi-Annual
Report
to
Shareholders
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
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.
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,
each
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.
The
share
of
securities
lending
income
earned
by
each
Fund
is
shown
as
securities
lending
income
–
affiliated
–
net
in
its Statements
of
Operations.
For
the six
months
ended September
30,
2022,
the
Funds
paid
BTC
the
following
amounts
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
six
months
ended
September
30,
2022,
transactions
executed
by
the
Funds
pursuant
to
Rule
17a-7
under
the
1940
Act
were
as
follows:
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.
iShares
ETF
Amounts
U.S.
Aerospace
&
Defense
.............................................................................................
$
68,615
‌
U.S.
Broker-Dealers
&
Securities
Exchanges
.................................................................................
379
‌
U.S.
Healthcare
Providers
..............................................................................................
34,601
‌
U.S.
Home
Construction
...............................................................................................
19,060
‌
U.S.
Infrastructure
...................................................................................................
192,056
‌
U.S.
Insurance
.....................................................................................................
5,223
‌
U.S.
Medical
Devices
.................................................................................................
121,729
‌
U.S.
Oil
&
Gas
Exploration
&
Production
....................................................................................
3,779
‌
U.S.
Oil
Equipment
&
Services
...........................................................................................
3,716
‌
U.S.
Pharmaceuticals
.................................................................................................
50,447
‌
U.S.
Real
Estate
....................................................................................................
23,643
‌
U.S.
Regional
Banks
.................................................................................................
2,735
‌
U.S.
Telecommunications
..............................................................................................
14,804
‌
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
U.S.
Aerospace
&
Defense
.........................................................
$
13,873,131
‌
$
16,411,909
‌
$
(3,601,662
)
U.S.
Broker-Dealers
&
Securities
Exchanges
.............................................
8,577,318
‌
26,903,387
‌
(9,245,636
)
U.S.
Healthcare
Providers
..........................................................
28,096,134
‌
37,058,206
‌
(3,133,923
)
U.S.
Home
Construction
...........................................................
27,315,912
‌
2,998,271
‌
(1,549,367
)
U.S.
Infrastructure
...............................................................
14,852,223
‌
27,123,452
‌
(3,180,146
)
U.S.
Insurance
.................................................................
3,112,455
‌
165,386
‌
(32,606
)
U.S.
Medical
Devices
.............................................................
25,350,484
‌
91,200,607
‌
(42,783,460
)
U.S.
Oil
&
Gas
Exploration
&
Production
................................................
10,406,949
‌
12,947,499
‌
(611,502
)
U.S.
Oil
Equipment
&
Services
.......................................................
815,019
‌
8,679,053
‌
(2,721,556
)
U.S.
Pharmaceuticals
.............................................................
5,733,688
‌
11,360,507
‌
(2,178,533
)
U.S.
Real
Estate
................................................................
5,544,327
‌
50,318,388
‌
(28,421,258
)
U.S.
Regional
Banks
.............................................................
2,496,335
‌
6,771,841
‌
(3,887,572
)
U.S.
Telecommunications
..........................................................
16,034,652
‌
37,420,990
‌
(12,446,395
)
Notes
to
Financial
Statements
(unaudited)
(
continued)
91
Notes
to
Financial
Statements
7.
Purchases
and
Sales
For
the six
months
ended
September
30,
2022,
purchases
and
sales
of
investments,
excluding
short-term
securities
and
in-kind
transactions,
were
as
follows:
For
the six
months
ended
September
30,
2022,
in-kind
transactions
were
as
follows:
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
September
30,
2022,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
As
of March
31,
2022,
the
Funds
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
as
follows:
iShares
ETF
Purchases
Sales
U.S.
Aerospace
&
Defense
...........................................................................
$
128,449,277
‌
$
128,620,638
‌
U.S.
Broker-Dealers
&
Securities
Exchanges
...............................................................
76,962,984
‌
77,058,813
‌
U.S.
Healthcare
Providers
............................................................................
100,382,523
‌
96,738,319
‌
U.S.
Home
Construction
.............................................................................
50,976,487
‌
50,698,785
‌
U.S.
Infrastructure
.................................................................................
200,513,970
‌
183,779,498
‌
U.S.
Insurance
...................................................................................
19,942,763
‌
17,464,153
‌
U.S.
Medical
Devices
...............................................................................
250,072,347
‌
260,109,022
‌
U.S.
Oil
&
Gas
Exploration
&
Production
..................................................................
67,893,307
‌
64,804,968
‌
U.S.
Oil
Equipment
&
Services
.........................................................................
15,561,493
‌
16,167,676
‌
U.S.
Pharmaceuticals
...............................................................................
27,312,716
‌
27,271,662
‌
U.S.
Real
Estate
..................................................................................
206,058,593
‌
193,877,446
‌
U.S.
Regional
Banks
...............................................................................
31,136,452
‌
32,132,867
‌
U.S.
Telecommunications
............................................................................
51,860,617
‌
52,513,806
‌
iShares
ETF
In-kind
Purchases
In-kind
Sales
U.S.
Aerospace
&
Defense
...........................................................................
$
1,031,303,775
‌
$
596,419,859
‌
U.S.
Broker-Dealers
&
Securities
Exchanges
...............................................................
104,420,345
‌
119,759,860
‌
U.S.
Healthcare
Providers
............................................................................
696,809,365
‌
358,755,511
‌
U.S.
Home
Construction
.............................................................................
2,053,264,626
‌
2,436,124,377
‌
U.S.
Infrastructure
.................................................................................
1,075,355,009
‌
234,754,322
‌
U.S.
Insurance
...................................................................................
263,087,729
‌
94,658,081
‌
U.S.
Medical
Devices
...............................................................................
564,327,634
‌
1,054,738,778
‌
U.S.
Oil
&
Gas
Exploration
&
Production
..................................................................
333,519,806
‌
217,557,803
‌
U.S.
Oil
Equipment
&
Services
.........................................................................
147,452,705
‌
213,381,888
‌
U.S.
Pharmaceuticals
...............................................................................
76,682,871
‌
44,904,280
‌
U.S.
Real
Estate
..................................................................................
6,612,611,249
‌
7,419,029,509
‌
U.S.
Regional
Banks
...............................................................................
32,088,791
‌
460,644,222
‌
U.S.
Telecommunications
............................................................................
791,199,091
‌
711,614,180
‌
iShares
ETF
Amounts
U.S.
Aerospace
&
Defense
.............................................................................................
$
881,214,186
‌
U.S.
Broker-Dealers
&
Securities
Exchanges
.................................................................................
52,873,436
‌
U.S.
Healthcare
Providers
..............................................................................................
109,949,047
‌
U.S.
Home
Construction
...............................................................................................
161,538,130
‌
U.S.
Infrastructure
...................................................................................................
14,434,506
‌
U.S.
Insurance
.....................................................................................................
3,273,055
‌
U.S.
Medical
Devices
.................................................................................................
95,981,976
‌
U.S.
Oil
&
Gas
Exploration
&
Production
....................................................................................
213,062,102
‌
U.S.
Oil
Equipment
&
Services
...........................................................................................
290,293,620
‌
U.S.
Pharmaceuticals
.................................................................................................
186,461,269
‌
U.S.
Real
Estate
....................................................................................................
328,765,783
‌
U.S.
Regional
Banks
.................................................................................................
29,318,265
‌
U.S.
Telecommunications
..............................................................................................
242,235,368
‌
Notes
to
Financial
Statements
(unaudited)
(continued)
92
2022
iShares
Semi-Annual
Report
to
Shareholders
As
of
September
30,
2022,
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:
9.
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:
An
outbreak
of
respiratory
disease
caused
by
a
novel
coronavirus
has
developed
into
a
global
pandemic
and
has
resulted
in
closing
borders,
quarantines,
disruptions
to
supply
chains
and
customer
activity,
as
well
as
general
concern
and
uncertainty.
The
impact
of
this
pandemic,
and
other
global
health
crises
that
may
arise
in
the
future,
could
affect
the
economies
of
many
nations,
individual
companies
and
the
market
in
general
in
ways
that
cannot
necessarily
be
foreseen
at
the
present
time.
This
pandemic
may
result
in
substantial
market
volatility
and
may
adversely
impact
the
prices
and
liquidity
of
a
fund’s
investments.
Although
vaccines
have
been
developed
and
approved
for
use
by
various
governments,
the
duration
of
this
pandemic
and
its
effects
cannot
be
determined
with
certainty.
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.
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
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
U.S.
Aerospace
&
Defense
.......................................
$
3,888,587,723
‌
$
82,136,002
‌
$
(514,523,105
)
$
(432,387,103
)
U.S.
Broker-Dealers
&
Securities
Exchanges
...........................
556,751,446
‌
8,037,338
‌
(90,780,791
)
(82,743,453
)
U.S.
Healthcare
Providers
........................................
1,675,323,507
‌
118,104,551
‌
(199,570,243
)
(81,465,692
)
U.S.
Home
Construction
.........................................
1,809,553,737
‌
17,858
‌
(563,902,169
)
(563,884,311
)
U.S.
Infrastructure
.............................................
1,730,296,970
‌
28,822,365
‌
(248,698,244
)
(219,875,879
)
U.S.
Insurance
...............................................
352,531,359
‌
1,774,987
‌
(43,544,724
)
(41,769,737
)
U.S.
Medical
Devices
...........................................
6,791,125,997
‌
125,694,933
‌
(949,216,309
)
(823,521,376
)
U.S.
Oil
&
Gas
Exploration
&
Production
..............................
849,320,708
‌
66,218,311
‌
(32,791,858
)
33,426,453
‌
U.S.
Oil
Equipment
&
Services
.....................................
182,791,838
‌
653,644
‌
(45,704,711
)
(45,051,067
)
U.S.
Pharmaceuticals
...........................................
413,738,256
‌
31,545,689
‌
(49,089,644
)
(17,543,955
)
U.S.
Real
Estate
..............................................
4,857,179,129
‌
12,115
‌
(1,525,244,108
)
(1,525,231,993
)
U.S.
Regional
Banks
...........................................
960,571,049
‌
8,352,149
‌
(210,707,458
)
(202,355,309
)
U.S.
Telecommunications
........................................
665,150,265
‌
9,705
‌
(183,606,226
)
(183,596,521
)
Notes
to
Financial
Statements
(unaudited)
(
continued)
93
Notes
to
Financial
Statements
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
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.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedule
of
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.
LIBOR
Transition
Risk:
The
United
Kingdom’s
Financial
Conduct
Authority
announced
a
phase
out
of
the
London
Interbank
Offered
Rate
(“LIBOR”).
Although
many
LIBOR
rates
ceased
to
be
published
or
no
longer
are
representative
of
the
underlying
market
they
seek
to
measure
after
December
31,
2021,
a
selection
of
widely
used
USD
LIBOR
rates
will
continue
to
be
published
through
June
2023
in
order
to
assist
with
the
transition.
The
Funds
may
be
exposed
to
financial
instruments
tied
to
LIBOR
to
determine
payment
obligations,
financing
terms,
hedging
strategies
or
investment
value.
The
transition
process
away
from
LIBOR
might
lead
to
increased
volatility
and
illiquidity
in
markets
for,
and
reduce
the
effectiveness
of
new
hedges
placed
against,
instruments
whose
terms
currently
include
LIBOR.
The
ultimate
effect
of
the
LIBOR
transition
process
on
the
Funds
is
uncertain.
10.
Capital
Share
Transactions 
Capital
shares
are
issued
and
redeemed
by each
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of each
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
Six
Months
Ended
09/30/22
‌
Year
Ended
03/31/22
‌
iShares
ETF
Shares
‌
Amount
‌
Shares
‌
Amount
‌
U.S.
Aerospace
&
Defense
Shares
sold
..............................................
10,000,000
‌
$
1,033,068,676
‌
11,950,000
‌
$
1,295,868,298
‌
Shares
redeemed
..........................................
(5,950,000
)
(597,534,018
)
(7,250,000
)
(761,119,382
)
4,050,000
‌
$
435,534,658
‌
4,700,000
‌
$
534,748,916
‌
U.S.
Broker-Dealers
&
Securities
Exchanges
Shares
sold
..............................................
1,100,000
‌
$
105,024,637
‌
8,250,000
‌
$
850,130,332
‌
Shares
redeemed
..........................................
(1,350,000
)
(120,179,646
)
(6,950,000
)
(721,494,986
)
(250,000
)
$
(15,155,009
)
1,300,000
‌
$
128,635,346
‌
U.S.
Healthcare
Providers
Shares
sold
..............................................
2,550,000
‌
$
697,797,826
‌
2,150,000
‌
$
574,705,197
‌
Shares
redeemed
..........................................
(1,350,000
)
(359,293,957
)
(2,000,000
)
(531,125,750
)
1,200,000
‌
$
338,503,869
‌
150,000
‌
$
43,579,447
‌
U.S.
Home
Construction
Shares
sold
..............................................
35,850,000
‌
$
2,056,980,619
‌
74,150,000
‌
$
5,270,161,088
‌
Shares
redeemed
..........................................
(42,950,000
)
(2,440,345,386
)
(83,350,000
)
(5,831,575,507
)
(7,100,000
)
$
(383,364,767
)
(9,200,000
)
$
(561,414,419
)
U.S.
Infrastructure
Shares
sold
..............................................
30,000,000
‌
$
1,099,285,590
‌
19,100,000
‌
$
699,201,177
‌
Shares
redeemed
..........................................
(6,800,000
)
(240,112,826
)
(6,700,000
)
(246,703,534
)
23,200,000
‌
$
859,172,764
‌
12,400,000
‌
$
452,497,643
‌
U.S.
Insurance
Shares
sold
..............................................
3,000,000
‌
$
267,579,738
‌
1,650,000
‌
$
141,976,398
‌
Shares
redeemed
..........................................
(1,150,000
)
(96,230,046
)
(750,000
)
(62,498,673
)
1,850,000
‌
$
171,349,692
‌
900,000
‌
$
79,477,725
‌
Notes
to
Financial
Statements
(unaudited)
(continued)
94
2022
iShares
Semi-Annual
Report
to
Shareholders
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
BRIL,
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.
11.
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.
Six
Months
Ended
09/30/22
‌
Year
Ended
03/31/22
‌
iShares
ETF
Shares
‌
Amount
‌
Shares
‌
Amount
‌
U.S.
Medical
Devices
Shares
sold
..............................................
10,450,000
‌
$
565,276,088
‌
43,050,000
(a)
$
2,720,563,100
‌
Shares
redeemed
..........................................
(20,050,000
)
(1,056,594,136
)
(59,600,000
)
(a)
(3,595,291,144
)
(9,600,000
)
$
(491,318,048
)
(16,550,000
)
$
(874,728,044
)
U.S.
Oil
&
Gas
Exploration
&
Production
Shares
sold
..............................................
3,750,000
‌
$
347,387,420
‌
9,350,000
‌
$
609,032,867
‌
Shares
redeemed
..........................................
(2,750,000
)
(224,936,251
)
(4,850,000
)
(274,473,880
)
1,000,000
‌
$
122,451,169
‌
4,500,000
‌
$
334,558,987
‌
U.S.
Oil
Equipment
&
Services
Shares
sold
..............................................
7,950,000
‌
$
147,613,751
‌
10,850,000
‌
$
174,454,955
‌
Shares
redeemed
..........................................
(13,550,000
)
(213,802,223
)
(23,850,000
)
(319,293,801
)
(5,600,000
)
$
(66,188,472
)
(13,000,000
)
$
(144,838,846
)
U.S.
Pharmaceuticals
Shares
sold
..............................................
400,000
‌
$
76,906,986
‌
400,000
‌
$
76,808,781
‌
Shares
redeemed
..........................................
(250,000
)
(45,010,365
)
(300,000
)
(57,100,571
)
150,000
‌
$
31,896,621
‌
100,000
‌
$
19,708,210
‌
U.S.
Real
Estate
Shares
sold
..............................................
68,500,000
‌
$
6,634,147,716
‌
274,950,000
‌
$
28,372,671,995
‌
Shares
redeemed
..........................................
(77,450,000
)
(7,449,793,661
)
(225,150,000
)
(23,255,569,795
)
(8,950,000
)
$
(815,645,945
)
49,800,000
‌
$
5,117,102,200
‌
U.S.
Regional
Banks
Shares
sold
..............................................
600,000
‌
$
32,303,615
‌
16,600,000
‌
$
999,516,077
‌
Shares
redeemed
..........................................
(8,550,000
)
(462,036,896
)
(4,950,000
)
(303,184,875
)
(7,950,000
)
$
(429,733,281
)
11,650,000
‌
$
696,331,202
‌
U.S.
Telecommunications
Shares
sold
..............................................
31,900,000
‌
$
792,528,737
‌
32,050,000
‌
$
993,515,548
‌
Shares
redeemed
..........................................
(27,300,000
)
(713,341,509
)
(28,350,000
)
(887,232,464
)
4,600,000
‌
$
79,187,228
‌
3,700,000
‌
$
106,283,084
‌
(a)
Share
transactions
reflect
a
six-for-one
stock
split
effective
after
the
close
of
trading
on
July
16,
2021.
Board
Review
and
Approval
of
Investment
Advisory
Contract
95
Board
Review
and
Approval
of
Investment
Advisory
Contract
iShares
U.S.
Oil
&
Gas
Exploration
&
Production
ETF,
iShares
U.S.
Oil
Equipment
&
Services
ETF,
iShares
U.S.
Telecommunications
ETF
(each
the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust’s
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members),
is
required
annually
to
consider
and
approve
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
legal
and
compliance
services;
and
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
on
May
3,
2022
and
May
18,
2022,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel,
and
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
13-15,
2022,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
material
factors,
none
of
which
was
controlling,
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
another
fund
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
waivers
and
reimbursements)
for
the
Fund
were
higher
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.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2021,
to
that
of
such
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
factors
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided
:
Based
on
management’s
representations,
including
information
about
recent
enhancements
and
initiatives
with
respect
to
the
iShares
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies,
provided
at
the
May
3,
2022
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year
.
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
96
2022
iShares
Semi-Annual
Report
to
Shareholders
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale
:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability,
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
relatively
low
fee
rates
established
at
inception,
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business
and
the
provision
of
improved
or
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
already
provided
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund,
on
an
aggregated
basis
with
the
assets
of
certain
other
iShares
funds,
increase.
The
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
new
or
revised
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates
:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds,
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts.
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
noted
that
BFA
and
its
affiliates
do
not
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
iShares
U.S.
Aerospace
&
Defense
ETF,
iShares
U.S.
Healthcare
Providers
ETF,
iShares
U.S.
Medical
Devices
ETF,
iShares
U.S.
Pharmaceuticals
ETF
(each
the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust’s
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members),
is
required
annually
to
consider
and
approve
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
legal
and
compliance
services;
and
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
on
May
3,
2022
and
May
18,
2022,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel,
and
requested
certain
additional
information,
which
management
agreed
to

Board
Review
and
Approval
of
Investment
Advisory
Contract
(
continued)
97
Board
Review
and
Approval
of
Investment
Advisory
Contract
provide.
At
a
meeting
held
on
June
13-15,
2022,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
material
factors,
none
of
which
was
controlling,
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
another
fund
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
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.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2021,
to
that
of
such
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
factors
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided
:
Based
on
management’s
representations,
including
information
about
recent
enhancements
and
initiatives
with
respect
to
the
iShares
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies,
provided
at
the
May
3,
2022
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Costs
of
Services
Provided
to
te
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates
:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability,
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
98
2022
iShares
Semi-Annual
Report
to
Shareholders
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
relatively
low
fee
rates
established
at
inception,
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business
and
the
provision
of
improved
or
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
already
provided
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund,
on
an
aggregated
basis
with
the
assets
of
certain
other
iShares
funds,
increase.
The
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
new
or
revised
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds,
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts.
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
noted
that
BFA
and
its
affiliates
do
not
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year
.
Conclusion:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
i
Shares
U.S.
Broker-Dealers
&
Securities
Exchanges
ETF,
iShares
U.S.
Home
Construction
ETF,
iShares
U.S.
Insurance
ETF,
iShares
U.S.
Real
Estate
ETF,
iShares
U.S.
Regional
Banks
ETF
(each
the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust’s
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members),
is
required
annually
to
consider
and
approve
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
legal
and
compliance
services;
and
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
on
May
3,
2022
and
May
18,
2022,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel,
and
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
13-15,
2022,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
Board
Review
and
Approval
of
Investment
Advisory
Contract
(
continued)
99
Board
Review
and
Approval
of
Investment
Advisory
Contract
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
material
factors,
none
of
which
was
controlling,
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
another
fund
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
waivers
and
reimbursements)
for
the
Fund
were
within
range
of
the
median
of
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2021,
to
that
of
such
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
factors
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided:
Based
on
management’s
representations,
including
information
about
recent
enhancements
and
initiatives
with
respect
to
the
iShares
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies,
provided
at
the
May
3,
2022
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability,
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
relatively
low
fee
rates
established
at
inception,
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business
and
the
provision
of
improved
or
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
already
provided
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund,
on
an
aggregated
basis
with
the
assets
of
certain
other
iShares
funds,
increase.
The
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
new
or
revised
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
100
2022
iShares
Semi-Annual
Report
to
Shareholders
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds,
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts.
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
noted
that
BFA
and
its
affiliates
do
not
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
iShares
U.S.
Infrastructure
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
annually
to
consider
and
approve
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
legal
and
compliance
services;
and
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
on
May
3,
2022
and
May
18,
2022,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel,
and
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
13-15,
2022,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
material
factors,
none
of
which
was
controlling,
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
another
fund
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
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.
Board
Review
and
Approval
of
Investment
Advisory
Contract
(
continued)
101
Board
Review
and
Approval
of
Investment
Advisory
Contract
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2021,
to
that
of
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
factors
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided:
Based
on
management’s
representations,
including
information
about
recent
enhancements
and
initiatives
with
respect
to
the
iShares
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies,
provided
at
the
May
3,
2022
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability,
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
relatively
low
fee
rates
established
at
inception,
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business
and
the
provision
of
improved
or
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
did
not
provide
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund
increase.
However,
the
Board
would
continue
to
assess
the
appropriateness
of
adding
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds,
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts.
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
noted
that
BFA
and
its
affiliates
do
not
manage
Other
Accounts
with
substantially
the
same
investment
objective
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
102
2022
iShares
Semi-Annual
Report
to
Shareholders
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Supplemental
Information
(unaudited)
103
Supplemental
Information
Section
19(a)
Notices
The
amounts
and
sources
of
distributions
reported
are
estimates
and
are
being
provided
pursuant
to
regulatory
requirements
and
are
not
being
provided
for
tax
reporting
purposes.
The
actual
amounts
and
sources
for
tax
reporting
purposes
will
depend
upon
each
Fund’s
investment
experience
during
the
year
and
may
be
subject
to
changes
based
on
tax
regulations.
Shareholders
will
receive
a
Form
1099-DIV
each
calendar
year
that
will
inform
them
how
to
report
these
distributions
for
federal
income
tax
purposes.
September
30,
2022
Total
Cumulative
Distributions
for
the
Fiscal
Year-to-Date
%
Breakdown
of
the
Total
Cumulative
Distributions
for
the
Fiscal
Year-to-Date
iShares
ETF
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
U.S.
Infrastructure
(a)
.................
$
0.315560
‌
$
—
‌
$
0.003347
‌
$
0.318907
‌
99
%
—
%
1
%
100
%
U.S.
Real
Estate
(a)
..................
1.234421
‌
—
‌
0.003101
‌
1.237522
‌
100
—
0
(b)
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.
(b)
Rounds
to
less
than
1%.
General
Information
104
2022
iShares
Semi-Annual
Report
to
Shareholders
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
.
Glossary
of
Terms
Used
in
this
Report
105
Glossary
of
Terms
Used
in
this
Report
Portfolio
Abbreviation
NVS
Non-Voting
Shares
iS-SAR-311-0922

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
FTSE
Russell,
ICE
Data
Indices,
LLC
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.
©2022
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.