LOGO

  SEPTEMBER 30, 2021

 

 

 

    

 

 

  

2021 Semi-Annual Report

(Unaudited)

 

 

iShares Trust

· iShares Core S&P 500 ETF | IVV | NYSE Arca

· iShares Core S&P Mid-Cap ETF | IJH | NYSE Arca

· iShares Core S&P Small-Cap ETF | IJR | NYSE Arca

· iShares Core S&P Total U.S. Stock Market ETF | ITOT | NYSE Arca

· iShares Core S&P U.S. Growth ETF | IUSG | NASDAQ

· iShares Core S&P U.S. Value ETF | IUSV | NASDAQ

 


The Markets in Review

Dear Shareholder,

The 12-month reporting period as of September 30, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States began the reporting period as the initial reopening-led economic rebound was beginning to slow. Nonetheless, the economy continued to grow at a brisk pace for the reporting period, eventually regaining the output lost from the pandemic.

Equity prices rose with the broader economy, as strong fiscal and monetary support, as well as the development of vaccines, made investors increasingly optimistic about the economic outlook. The implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, outpaced large-capitalization stocks. International equities also gained, as both developed and emerging markets continued to recover from the effects of the pandemic.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns in early 2021, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to solid returns for high-yield corporate bonds, although investment-grade corporates declined slightly.

The Fed remained committed to accommodative monetary policy by maintaining near-zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. In response to rising inflation late in the period, the Fed changed its market guidance, raising the possibility of higher rates in 2022 and reducing bond purchasing beginning in late 2021.

Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the delta variant of the coronavirus remains a threat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-term as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.

Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart, while Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, 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,

Trust

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of September 30, 2021

 

 
     
      6-Month      12-Month  
   

U.S. large cap equities
(S&P 500® Index)

    9.18%       30.00%  
   

U.S. small cap equities
(Russell 2000® Index)

    (0.25)         47.68     
   

International equities
(MSCI Europe, Australasia, Far East Index)

    4.70          25.73     
   

Emerging market equities
(MSCI Emerging Markets Index)

    (3.45)         18.20     
   

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)

    0.01          0.07     
   

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)

    2.92          (6.22)    
   

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)

    1.88          (0.90)    
   

Tax-exempt municipal bonds (S&P Municipal Bond Index)

    1.24          2.71     
   

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)

    3.65          11.27     
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

 

 

2  

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


Table of Contents

 

 

     Page  

 

 

The Markets in Review

     2  

Fund Summary

     4  

About Fund Performance

     10  

Shareholder Expenses

     10  

Schedules of Investments

     11  

Financial Statements

  

Statements of Assets and Liabilities

     105  

Statements of Operations

     107  

Statements of Changes in Net Assets

     109  

Financial Highlights

     112  

Notes to Financial Statements

     118  

Board Review and Approval of Investment Advisory Contract

     130  

Supplemental Information

     134  

General Information

     135  

Glossary of Terms Used in this Report

     136  

 

 

 


Fund Summary as of September 30, 2021    iShares® Core S&P 500 ETF

 

Investment Objective

The iShares Core S&P 500 ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities, as represented by the S&P 500® (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

              Average Annual Total Returns                   Cumulative Total Returns      
     6 Months     1 Year     5 Years     10 Years            1 Year     5 Years     10 Years  

Fund NAV

    9.16     29.96     16.86     16.58       29.96     117.91     363.59

Fund Market

    9.02       30.06       16.86       16.57         30.06       117.93       363.39  

Index

    9.18       30.00       16.90       16.63               30.00       118.26       365.86  

Past performance is no guarantee 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” on page 10 for more information.

Expense Example

 

    Actual           Hypothetical 5% Return           
 

 

 

     

 

 

      

Beginning

Account Value

(04/01/21)

 

 

 

      


Ending

Account Value
(09/30/21)

 


 

      

Expenses

Paid During

the Period

 

 

 (a) 

           


Beginning

Account Value
(04/01/21)

 


 

      


Ending

Account Value
(09/30/21)

 


 

      


Expenses

Paid During
the Period

 


 (a) 

      

    Annualized

Expense

Ratio

 

 

 

      $      1,000.00          $       1,091.60          $       0.16               $      1,000.00          $      1,024.90          $       0.15          0.03

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 10 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

 
Sector    

Percent of   

Total Investments(a)

 

 

 

 

Information Technology

    27.6%  

Health Care

    13.2     

Consumer Discretionary

    12.4     

Financials

    11.4     

Communication Services

    11.3     

Industrials

    8.0     

Consumer Staples

    5.8     

Energy

    2.7     

Real Estate

    2.6     

Materials

    2.5     

Utilities

    2.5     

 

 

 

  (a)

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

 
Security    

Percent of   

Total Investments(a)


 

 

 

Apple Inc.

    6.1%  

Microsoft Corp.

    5.8     

Amazon.com Inc.

    3.9     

Facebook Inc., Class A

    2.2     

Alphabet Inc., Class A

    2.2     

Alphabet Inc., Class C

    2.1     

Tesla Inc.

    1.7     

NVIDIA Corp.

    1.4     

Berkshire Hathaway Inc., Class B

    1.4     

JPMorgan Chase & Co.

    1.3     

 

 

 

 

 

4  

2 0 2 1   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Fund Summary as of September 30, 2021    iShares® Core S&P Mid-Cap ETF

 

Investment Objective

The iShares Core S&P Mid-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities, as represented by the S&P MidCap 400® (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

              Average Annual Total Returns                   Cumulative Total Returns      
     6 Months     1 Year     5 Years     10 Years            1 Year     5 Years     10 Years  

Fund NAV

    1.77     43.59     12.90     14.63       43.59     83.46     291.84

Fund Market

    1.71       43.66       12.90       14.63         43.66       83.44       291.70  

Index

    1.81       43.68       12.97       14.72               43.68       83.97       294.79  

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 no guarantee 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” on page 10 for more information.

Expense Example

 

    Actual           Hypothetical 5% Return           
 

 

 

     

 

 

      

Beginning

Account Value

(04/01/21)

 

 

 

      


Ending

Account Value
(09/30/21)

 


 

      


Expenses

Paid During
the Period

 


 (a) 

           

Beginning
Account Value
(04/01/21)
 
 
 
      


Ending

        Account Value
(09/30/21)

 


 

      

Expenses

Paid During

the Period

 

 

 (a) 

      

    Annualized

Expense

Ratio

 

 

 

      $      1,000.00          $       1,017.70          $       0.25               $      1,000.00          $      1,024.80          $       0.25          0.05

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 10 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

 
Sector    

Percent of   

Total Investments(a)

 

 

 

 

Industrials

    18.2%  

Consumer Discretionary

    15.2     

Financials

    14.9     

Information Technology

    14.3     

Health Care

    10.7     

Real Estate

    9.8     

Materials

    5.9     

Consumer Staples

    3.5     

Utilities

    3.2     

Energy

    2.6     

Communication Services

    1.7     

 

 

 

  (a)

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

 
Security    

Percent of Total   

Investments(a)

 

 

 

 

Signature Bank/New York NY

    0.7%  

Molina Healthcare Inc.

    0.7     

FactSet Research Systems Inc.

    0.6     

Camden Property Trust

    0.6     

Repligen Corp.

    0.6     

Cognex Corp.

    0.6     

SolarEdge Technologies Inc.

    0.6     

Masimo Corp.

    0.6     

Williams-Sonoma Inc.

    0.6     

Nordson Corp.

    0.6     

 

 

 

 

F U N D   S U M M A R Y

  5


Fund Summary as of September 30, 2021    iShares® Core S&P Small-Cap ETF

 

Investment Objective

The iShares Core S&P Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities, as represented by the S&P SmallCap 600® (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns          Cumulative Total Returns  
     6 Months      1 Year      5 Years     10 Years           1 Year      5 Years      10 Years  

Fund NAV

    1.50      57.51      13.54     15.66          57.51      88.68      328.38

Fund Market

    1.29        57.35        13.54       15.66          57.35        88.71        328.54  

Index

    1.54        57.64        13.57       15.69            57.64        88.92        329.59  

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 no guarantee 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” on page 10 for more information.

Expense Example

 

    Actual           Hypothetical 5% Return           
 

 

 

     

 

 

      

Beginning

Account Value

(04/01/21)

 

 

 

      

Ending
Account Value
(09/30/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(04/01/21)
 
 
 
      

Ending
Account Value
(09/30/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized

Expense

Ratio

 

 

 

      $      1,000.00          $       1,015.00          $       0.30               $      1,000.00          $      1,024.80          $       0.30          0.06

 

  (a)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 10 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

 
Sector    
Percent of   
Total Investments(a)
 
 

 

 

Financials

    18.1%  

Industrials

    16.9     

Consumer Discretionary

    13.7     

Information Technology

    13.1     

Health Care

    12.3     

Real Estate

    8.0     

Materials

    5.2     

Energy

    4.9     

Consumer Staples

    4.4     

Communication Services

    1.7     

Utilities

    1.7     

 

 

 

  (a)

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

 
Security    
Percent of   
Total Investments(a)
 
 

 

 

Chart Industries Inc.

    0.7%  

Macy’s Inc.

    0.7     

Omnicell Inc.

    0.6     

Stamps.com Inc.

    0.6     

Power Integrations Inc.

    0.6     

NeoGenomics Inc.

    0.6     

Exponent Inc.

    0.6     

Range Resources Corp.

    0.6     

SPS Commerce Inc.

    0.6     

Innovative Industrial Properties Inc.

    0.5     

 

 

 

 

6  

2 0 2 1   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Fund Summary as of September 30, 2021    iShares® Core S&P Total U.S. Stock Market ETF

 

Investment Objective

The iShares Core S&P Total U.S. Stock Market ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of U.S. equities, as represented by the S&P Total Market IndexTM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns          Cumulative Total Returns  
     6 Months      1 Year      5 Years     10 Years          1 Year      5 Years      10 Years  

Fund NAV

    8.16      32.08      16.80     16.55        32.08      117.41      362.51

Fund Market

    8.05        32.08        16.80       16.55          32.08        117.41        362.57  

Index

    8.16        32.13        16.82       16.61            32.13        117.54        364.84  

Index performance through December 20, 2015 reflects the performance of the S&P Composite 1500®. Index performance beginning on December 21, 2015 reflects the performance of the S&P Total Market IndexTM.

Past performance is no guarantee 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” on page 10 for more information.

Expense Example

 

    Actual           Hypothetical 5% Return           
 

 

 

     

 

 

      

Beginning

Account Value

(04/01/21)

 

 

 

      

Ending
Account Value
(09/30/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(04/01/21)
 
 
 
      

Ending
Account Value
(09/30/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

    Annualized

Expense

Ratio

 

 

 

      $      1,000.00          $       1,081.60          $       0.16               $      1,000.00          $      1,024.90          $       0.15          0.03

 

  (a)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 10 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

 
Sector    
Percent of   
Total Investments(a)
 
 

 

 

Information Technology

    26.9%  

Health Care

    13.5     

Consumer Discretionary

    12.3     

Financials

    11.9     

Communication Services

    10.2     

Industrials

    9.0     

Consumer Staples

    5.2     

Real Estate

    3.3     

Energy

    2.7     

Materials

    2.7     

Utilities

    2.3     

 

 

 

  (a)

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

 
Security    
Percent of   
Total Investments(a)
 
 

 

 

Apple Inc.

    5.0%  

Microsoft Corp.

    4.8     

Amazon.com Inc.

    3.2     

Facebook Inc., Class A

    1.8     

Alphabet Inc., Class A

    1.8     

Alphabet Inc., Class C

    1.7     

Tesla Inc.

    1.4     

NVIDIA Corp.

    1.2     

Berkshire Hathaway Inc., Class B

    1.1     

JPMorgan Chase & Co.

    1.1     

 

 

 

 

F U N D   S U M M A R Y

  7


Fund Summary as of September 30, 2021    iShares® Core S&P U.S. Growth ETF

 

Investment Objective

The iShares Core S&P U.S. Growth ETF (the “Fund”) seeks to track the investment results of an index composed of large-and mid-capitalization U.S. equities that exhibit growth characteristics, as represented by the S&P 900 Growth IndexTM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns           Cumulative Total Returns  
     6 Months      1 Year      5 Years     10 Years            1 Year      5 Years      10 Years  

Fund NAV

    13.24      29.07      20.74     18.55             29.07      156.59      448.38

Fund Market

    13.17        29.04        20.74       18.55         29.04        156.62        448.17  

Index

    13.29        29.14        20.82       18.67               29.14        157.40        453.76  

Index performance through January 22, 2017 reflects the performance of the Russell 3000® Growth Index. Index performance beginning on January 23, 2017 reflects the performance of the S&P 900 Growth IndexTM.

Past performance is no guarantee 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” on page 10 for more information.

Expense Example

 

    Actual           Hypothetical 5% Return           
 

 

 

     

 

 

      

Beginning

Account Value

(04/01/21)

 

 

 

      

Ending
Account Value
(09/30/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(04/01/21)
 
 
 
      

Ending
Account Value
(09/30/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

    Annualized

Expense

Ratio

 

 

 

      $      1,000.00          $       1,132.40          $       0.21               $      1,000.00          $      1,024.90          $       0.20          0.04

 

  (a)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 10 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

 
Sector    
Percent of   
Total Investments(a)
 
 

 

 

Information Technology

    40.6%  

Consumer Discretionary

    16.5     

Communication Services

    14.8     

Health Care

    12.1     

Industrials

    6.0     

Financials

    3.1     

Consumer Staples

    3.1     

Materials

    1.9     

Real Estate

    1.3     

Other (each representing less than 1%)

    0.6     

 

 

 

  (a)

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

 
Security    
Percent of   
Total Investments(a)
 
 

 

 

Apple Inc.

    10.7%  

Microsoft Corp.

    10.2     

Amazon.com Inc.

    6.9     

Facebook Inc., Class A

    3.9     

Alphabet Inc., Class A

    3.9     

Alphabet Inc., Class C

    3.6     

Tesla Inc.

    3.0     

NVIDIA Corp.

    2.5     

PayPal Holdings Inc.

    1.5     

Adobe Inc.

    1.3     

 

 

 

 

8  

2 0 2 1   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Fund Summary as of September 30, 2021    iShares® Core S&P U.S. Value ETF         

 

Investment Objective

The iShares Core S&P U.S. Value ETF (the “Fund”) seeks to track the investment results of an index composed of large-and mid-capitalization U.S. equities that exhibit value characteristics, as represented by the S&P 900 Value IndexTM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

           Average Annual Total Returns          Cumulative Total Returns  
     6 Months      1 Year      5 Years     10 Years           1 Year      5 Years      10 Years  

Fund NAV

    3.97      33.42      11.62     13.74          33.42      73.23      262.30

Fund Market

    3.87        33.36        11.60       13.74          33.36        73.09        262.41  

Index

    3.97        33.46        11.61       13.83            33.46        73.22        265.21  

Index performance through January 22, 2017 reflects the performance of the Russell 3000® Value Index. Index performance beginning on January 23, 2017 reflects the performance of the S&P 900 Value IndexTM.

Past performance is no guarantee 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” on page 10 for more information.

Expense Example

 

    Actual           Hypothetical 5% Return           
 

 

 

     

 

 

      

Beginning

Account Value

(04/01/21)

 

 

 

      

Ending
Account Value
(09/30/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(04/01/21)
 
 
 
      

Ending
Account Value
(09/30/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

    Annualized

Expense

Ratio

 

 

 

      $      1,000.00          $       1,039.70          $       0.20               $      1,000.00          $      1,024.90          $       0.20          0.04

 

  (a)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 10 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

 
Sector    
Percent of   
Total Investments(a)
 
 

 

 

Financials

    21.3%  

Health Care

    14.2     

Industrials

    11.7     

Information Technology

    11.1     

Consumer Staples

    8.6     

Consumer Discretionary

    8.0     

Communication Services

    6.0     

Energy

    5.7     

Real Estate

    5.0     

Utilities

    4.8     

Materials

    3.6     

 

 

 

  (a)

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

 
Security    
Percent of   
Total Investments(a)
 
 

 

 

Berkshire Hathaway Inc., Class B

    2.8%  

JPMorgan Chase & Co.

    2.7     

Bank of America Corp.

    1.7     

Walt Disney Co. (The)

    1.7     

Johnson & Johnson

    1.4     

Exxon Mobil Corp.

    1.4     

Pfizer Inc.

    1.3     

Cisco Systems Inc.

    1.3     

Verizon Communications Inc.

    1.2     

Intel Corp.

    1.2     

 

 

 

 

F U N D   S U M M A R Y

  9


About Fund Performance

 

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

 

10  

2 0 2 1   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Schedule of Investments (unaudited)

September 30, 2021

  

iShares® Core S&P 500 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Aerospace & Defense — 1.5%  

Boeing Co. (The)(a)

    4,313,770     $ 948,770,574  

General Dynamics Corp.

    1,808,120       354,445,764  

Howmet Aerospace Inc.

    3,033,351       94,640,551  

Huntington Ingalls Industries Inc.

    307,581       59,381,588  

L3Harris Technologies Inc.

    1,565,827       344,857,738  

Lockheed Martin Corp.

    1,928,065       665,375,231  

Northrop Grumman Corp.

    1,176,409       423,683,701  

Raytheon Technologies Corp.

    11,805,460       1,014,797,342  

Textron Inc.

    1,754,177       122,459,096  

TransDigm Group Inc.(a)

    411,396       256,945,600  
   

 

 

 
      4,285,357,185  
Air Freight & Logistics — 0.6%  

CH Robinson Worldwide Inc.

    1,024,377       89,120,799  

Expeditors International of Washington Inc.

    1,322,560       157,556,573  

FedEx Corp.

    1,920,094       421,057,413  

United Parcel Service Inc., Class B

    5,702,005       1,038,335,111  
   

 

 

 
          1,706,069,896  
Airlines — 0.3%  

Alaska Air Group Inc.(a)

    961,185       56,325,441  

American Airlines Group Inc.(a)

    5,049,618       103,618,161  

Delta Air Lines Inc.(a)

    4,975,320       211,998,385  

Southwest Airlines Co.(a)

    4,648,742       239,084,801  

United Airlines Holdings Inc.(a)

    2,490,287       118,462,953  
   

 

 

 
      729,489,741  
Auto Components — 0.1%  

Aptiv PLC(a)

    2,106,726       313,838,972  

BorgWarner Inc.

    1,907,897       82,440,230  
   

 

 

 
      396,279,202  
Automobiles — 2.1%  

Ford Motor Co.(a)

    30,615,655       433,517,675  

General Motors Co.(a)

    11,350,208       598,269,463  

Tesla Inc.(a)

    6,352,914       4,926,557,749  
   

 

 

 
      5,958,344,887  
Banks — 4.4%  

Bank of America Corp.

    57,976,039       2,461,082,856  

Citigroup Inc.

    15,868,130       1,113,625,363  

Citizens Financial Group Inc.

    3,359,977       157,851,719  

Comerica Inc.

    1,028,273       82,775,976  

Fifth Third Bancorp

    5,427,652       230,349,551  

First Republic Bank/CA

    1,385,734       267,280,374  

Huntington Bancshares Inc./OH

    11,611,811       179,518,598  

JPMorgan Chase & Co.

    23,394,777       3,829,491,047  

KeyCorp

    7,515,119       162,476,873  

M&T Bank Corp.

    1,007,376       150,441,532  

People’s United Financial Inc.

    3,311,793       57,857,024  

PNC Financial Services Group Inc. (The)

    3,325,940       650,686,902  

Regions Financial Corp.

    7,432,446       158,385,424  

SVB Financial Group(a)

    461,036       298,234,968  

Truist Financial Corp.

    10,435,875       612,064,069  

U.S. Bancorp

    10,551,453       627,178,366  

Wells Fargo & Co.

    32,149,772       1,492,070,919  

Zions Bancorp. NA

    1,297,143       80,280,180  
   

 

 

 
      12,611,651,741  
Beverages — 1.4%  

Brown-Forman Corp., Class B, NVS

    1,430,624       95,866,114  

Coca-Cola Co. (The)

    30,415,908       1,595,922,693  

Constellation Brands Inc., Class A

    1,322,561       278,650,377  
Security   Shares     Value  
Beverages (continued)  

Molson Coors Beverage Co., Class B

    1,497,223     $ 69,441,203  

Monster Beverage Corp.(a)

    2,950,693       262,110,059  

PepsiCo Inc.

    10,820,840       1,627,562,544  
   

 

 

 
      3,929,552,990  
Biotechnology — 1.9%  

AbbVie Inc.

    13,835,451       1,492,430,099  

Amgen Inc.

    4,445,828       945,405,324  

Biogen Inc.(a)(b)

    1,171,108       331,411,853  

Gilead Sciences Inc.

    9,816,210       685,662,269  

Incyte Corp.(a)

    1,453,626       99,980,396  

Moderna Inc.(a)

    2,749,304       1,058,097,137  

Regeneron Pharmaceuticals Inc.(a)(b)

    821,362       497,071,855  

Vertex Pharmaceuticals Inc.(a)(b)

    2,031,027       368,407,988  
   

 

 

 
      5,478,466,921  
Building Products — 0.5%  

A O Smith Corp.

    1,063,246       64,932,433  

Allegion PLC

    701,606       92,738,281  

Carrier Global Corp.

    6,762,980       350,051,845  

Fortune Brands Home & Security Inc.

    1,097,460       98,134,873  

Johnson Controls International PLC

    5,591,027       380,637,118  

Masco Corp.

    1,940,730       107,807,552  

Trane Technologies PLC

    1,851,174       319,605,191  
   

 

 

 
          1,413,907,293  
Capital Markets — 3.0%  

Ameriprise Financial Inc.

    893,866       236,087,888  

Bank of New York Mellon Corp. (The)

    6,240,206       323,492,279  

BlackRock Inc.(c)

    1,120,111       939,392,291  

Cboe Global Markets Inc.

    826,957       102,426,894  

Charles Schwab Corp. (The)

    11,753,412       856,118,530  

CME Group Inc.

    2,815,395       544,441,085  

Franklin Resources Inc.

    2,212,887       65,767,002  

Goldman Sachs Group Inc. (The)

    2,639,257       997,718,324  

Intercontinental Exchange Inc.

    4,403,207       505,576,228  

Invesco Ltd.

    2,682,865       64,683,875  

MarketAxess Holdings Inc.

    296,505       124,736,688  

Moody’s Corp.

    1,265,171       449,274,874  

Morgan Stanley

    11,427,787       1,112,037,953  

MSCI Inc.

    647,770       394,064,402  

Nasdaq Inc.

    919,758       177,531,689  

Northern Trust Corp.

    1,621,750       174,840,867  

Raymond James Financial Inc.

    1,438,650       132,758,622  

S&P Global Inc.

    1,890,259       803,152,147  

State Street Corp.

    2,862,608       242,520,150  

T Rowe Price Group Inc.

    1,773,340       348,815,978  
   

 

 

 
      8,595,437,766  
Chemicals — 1.7%  

Air Products & Chemicals Inc.

    1,736,007       444,608,753  

Albemarle Corp.

    913,484       200,025,592  

Celanese Corp.

    860,944       129,692,604  

CF Industries Holdings Inc.

    1,663,998       92,884,368  

Corteva Inc.

    5,748,036       241,877,355  

Dow Inc.

    5,833,463       335,774,130  

DuPont de Nemours Inc.

    4,110,165       279,450,118  

Eastman Chemical Co.

    1,045,100       105,283,374  

Ecolab Inc.

    1,952,899       407,413,789  

FMC Corp.

    1,020,699       93,455,201  

International Flavors & Fragrances Inc.

    1,960,040       262,096,549  

Linde PLC

    4,043,032       1,186,144,728  

LyondellBasell Industries NV, Class A

    2,076,632       194,891,913  

 

 

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

  11


Schedule of Investments (unaudited) (continued)

September 30, 2021

  

iShares® Core S&P 500 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Chemicals (continued)  

Mosaic Co. (The)

    2,723,342     $ 97,277,776  

PPG Industries Inc.

    1,856,545       265,504,501  

Sherwin-Williams Co. (The)

    1,893,578       529,690,574  
   

 

 

 
      4,866,071,325  
Commercial Services & Supplies — 0.4%  

Cintas Corp.

    687,664       261,766,178  

Copart Inc.(a)

    1,673,061       232,087,022  

Republic Services Inc.

    1,652,721       198,425,683  

Rollins Inc.

    1,727,341       61,026,958  

Waste Management Inc.

    3,033,089       453,022,173  
   

 

 

 
      1,206,328,014  
Communications Equipment — 0.8%  

Arista Networks Inc.(a)(b)

    436,541       150,012,949  

Cisco Systems Inc.

    32,993,797       1,795,852,371  

F5 Networks Inc.(a)

    481,018       95,616,758  

Juniper Networks Inc.

    2,589,288       71,257,206  

Motorola Solutions Inc.

    1,326,439       308,158,308  
   

 

 

 
          2,420,897,592  
Construction & Engineering — 0.0%  

Quanta Services Inc.

    1,075,291       122,389,622  
   

 

 

 
Construction Materials — 0.1%  

Martin Marietta Materials Inc.

    490,147       167,473,427  

Vulcan Materials Co.

    1,042,628       176,370,952  
   

 

 

 
      343,844,379  
Consumer Finance — 0.7%  

American Express Co.

    5,037,912       844,001,397  

Capital One Financial Corp.

    3,487,329       564,842,678  

Discover Financial Services

    2,353,186       289,088,900  

Synchrony Financial

    4,476,827       218,827,304  
   

 

 

 
      1,916,760,279  
Containers & Packaging — 0.3%  

Amcor PLC

    12,001,193       139,093,827  

Avery Dennison Corp.

    655,029       135,728,559  

Ball Corp.

    2,548,279       229,268,661  

International Paper Co.

    3,027,771       169,312,954  

Packaging Corp. of America

    735,688       101,112,959  

Sealed Air Corp.

    1,160,287       63,572,125  

Westrock Co.

    2,085,953       103,943,038  
   

 

 

 
      942,032,123  
Distributors — 0.1%  

Genuine Parts Co.

    1,125,255       136,414,664  

LKQ Corp.(a)(b)

    2,124,443       106,901,972  

Pool Corp.

    314,457       136,603,265  
   

 

 

 
      379,919,901  
Diversified Financial Services — 1.4%  

Berkshire Hathaway Inc., Class B(a)

    14,512,599       3,961,068,771  
   

 

 

 
Diversified Telecommunication Services — 1.2%  

AT&T Inc.

    55,900,204       1,509,864,510  

Lumen Technologies Inc.

    7,731,829       95,797,362  

Verizon Communications Inc.

    32,413,618       1,750,659,508  
   

 

 

 
      3,356,321,380  
Electric Utilities — 1.6%  

Alliant Energy Corp.

    1,959,353       109,684,581  

American Electric Power Co. Inc.

    3,916,610       317,950,400  

Duke Energy Corp.

    6,023,657       587,848,687  

Edison International

    2,972,849       164,903,934  

Entergy Corp.

    1,567,012       155,619,962  
Security   Shares     Value  
Electric Utilities (continued)  

Evergy Inc.

    1,783,418     $ 110,928,599  

Eversource Energy

    2,675,941       218,784,936  

Exelon Corp.

    7,668,927       370,715,931  

FirstEnergy Corp.

    4,296,448       153,039,478  

NextEra Energy Inc.

    15,358,956       1,205,985,225  

NRG Energy Inc.

    1,905,340       77,795,032  

Pinnacle West Capital Corp.

    864,544       62,558,404  

PPL Corp.

    6,057,433       168,881,232  

Southern Co. (The)

    8,289,708       513,713,205  

Xcel Energy Inc.

    4,238,337       264,896,062  
   

 

 

 
      4,483,305,668  
Electrical Equipment — 0.6%  

AMETEK Inc.

    1,808,599       224,284,362  

Eaton Corp. PLC

    3,126,793       466,861,463  

Emerson Electric Co.

    4,666,902       439,622,168  

Generac Holdings Inc.(a)(b)

    494,212       201,969,618  

Rockwell Automation Inc.

    904,661       266,006,521  
   

 

 

 
          1,598,744,132  
Electronic Equipment, Instruments & Components — 0.7%  

Amphenol Corp., Class A

    4,684,562       343,050,475  

CDW Corp./DE

    1,080,493       196,671,336  

Corning Inc.

    6,011,257       219,350,768  

IPG Photonics Corp.(a)(b)

    276,871       43,856,366  

Keysight Technologies Inc.(a)

    1,440,575       236,672,067  

TE Connectivity Ltd.

    2,577,326       353,660,674  

Teledyne Technologies Inc.(a)

    364,903       156,755,031  

Trimble Inc.(a)(b)

    1,968,301       161,892,757  

Zebra Technologies Corp., Class A(a)(b)

    419,516       216,226,937  
   

 

 

 
      1,928,136,411  
Energy Equipment & Services — 0.2%  

Baker Hughes Co.

    6,510,342       161,000,758  

Halliburton Co.

    6,921,682       149,646,765  

Schlumberger NV

    10,937,327       324,182,372  
   

 

 

 
      634,829,895  
Entertainment — 1.9%  

Activision Blizzard Inc.

    6,073,504       470,028,474  

Electronic Arts Inc.

    2,222,488       316,148,918  

Live Nation Entertainment Inc.(a)(b)

    1,035,287       94,345,704  

Netflix Inc.(a)

    3,465,241       2,114,975,192  

Take-Two Interactive Software Inc.(a)

    912,143       140,533,872  

Walt Disney Co. (The)(a)

    14,226,610       2,406,715,614  
   

 

 

 
      5,542,747,774  
Equity Real Estate Investment Trusts (REITs) — 2.5%  

Alexandria Real Estate Equities Inc.

    1,093,108       208,860,146  

American Tower Corp.

    3,563,328       945,742,884  

AvalonBay Communities Inc.

    1,090,480       241,693,987  

Boston Properties Inc.

    1,102,724       119,480,145  

Crown Castle International Corp.

    3,380,887       585,975,335  

Digital Realty Trust Inc.

    2,205,767       318,623,043  

Duke Realty Corp.

    2,974,670       142,397,453  

Equinix Inc.

    702,627       555,166,672  

Equity Residential

    2,677,731       216,681,993  

Essex Property Trust Inc.

    512,825       163,970,665  

Extra Space Storage Inc.

    1,041,059       174,887,501  

Federal Realty Investment Trust

    534,731       63,092,911  

Healthpeak Properties Inc.

    4,263,387       142,738,197  

Host Hotels & Resorts Inc.(a)

    5,486,962       89,602,089  

Iron Mountain Inc.

    2,266,285       98,470,083  

Kimco Realty Corp.

    4,859,204       100,828,483  

 

 

12  

2 0 2 1   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

September 30, 2021

  

iShares® Core S&P 500 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Equity Real Estate Investment Trusts (REITs) (continued)  

Mid-America Apartment Communities Inc.

    908,391     $ 169,642,019  

Prologis Inc.

    5,803,384       727,918,455  

Public Storage

    1,190,417       353,672,891  

Realty Income Corp.

    3,059,807       198,459,082  

Regency Centers Corp.

    1,203,182       81,010,244  

SBA Communications Corp.

    860,787       284,550,359  

Simon Property Group Inc.

    2,577,096       334,945,167  

UDR Inc.

    2,192,614       116,164,690  

Ventas Inc.

    3,091,808       170,698,720  

Vornado Realty Trust

    1,207,150       50,712,372  

Welltower Inc.

    3,320,386       273,599,806  

Weyerhaeuser Co.

    5,856,316       208,309,160  
   

 

 

 
          7,137,894,552  
Food & Staples Retailing — 1.4%  

Costco Wholesale Corp.

    3,461,050       1,555,222,817  

Kroger Co. (The)

    5,343,232       216,026,870  

Sysco Corp.

    3,986,606       312,948,571  

Walgreens Boots Alliance Inc.

    5,623,294       264,575,983  

Walmart Inc.

    11,188,576       1,559,463,723  
   

 

 

 
      3,908,237,964  
Food Products — 0.9%  

Archer-Daniels-Midland Co.

    4,375,943       262,600,339  

Campbell Soup Co.

    1,621,274       67,785,466  

Conagra Brands Inc.

    3,728,283       126,276,945  

General Mills Inc.

    4,718,732       282,274,548  

Hershey Co. (The)

    1,142,729       193,406,883  

Hormel Foods Corp.(b)

    2,186,469       89,645,229  

JM Smucker Co. (The)

    842,350       101,107,271  

Kellogg Co.

    2,008,971       128,413,426  

Kraft Heinz Co. (The)

    5,287,470       194,684,645  

Lamb Weston Holdings Inc.

    1,123,437       68,945,329  

McCormick & Co. Inc./MD, NVS

    1,956,935       158,570,443  

Mondelez International Inc., Class A

    10,931,775       636,010,670  

Tyson Foods Inc., Class A

    2,308,252       182,213,413  
   

 

 

 
      2,491,934,607  
Gas Utilities — 0.0%  

Atmos Energy Corp.

    1,002,675       88,435,935  
   

 

 

 
Health Care Equipment & Supplies — 3.8%  

Abbott Laboratories

    13,879,685       1,639,607,189  

ABIOMED Inc.(a)

    351,955       114,568,392  

Align Technology Inc.(a)

    577,524       384,301,795  

Baxter International Inc.

    3,928,365       315,958,397  

Becton Dickinson and Co.

    2,245,298       551,939,154  

Boston Scientific Corp.(a)

    11,147,517       483,690,763  

Cooper Companies Inc. (The)(b)

    382,807       158,217,961  

Danaher Corp.

    4,974,386       1,514,402,074  

DENTSPLY SIRONA Inc.

    1,723,996       100,077,968  

Dexcom Inc.(a)(b)

    757,446       414,216,920  

Edwards Lifesciences Corp.(a)(b)

    4,876,442       552,061,999  

Hologic Inc.(a)

    1,991,824       147,016,529  

IDEXX Laboratories Inc.(a)

    668,595       415,799,231  

Intuitive Surgical Inc.(a)

    930,871       925,425,405  

Medtronic PLC

    10,521,580       1,318,880,053  

ResMed Inc.

    1,143,017       301,242,130  

STERIS PLC

    783,885       160,132,028  

Stryker Corp.

    2,626,620       692,692,226  

Teleflex Inc.

    362,735       136,587,864  

West Pharmaceutical Services Inc.

    579,095       245,848,991  
Security   Shares     Value  
Health Care Equipment & Supplies (continued)  

Zimmer Biomet Holdings Inc.

    1,629,570     $ 238,503,865  
   

 

 

 
      10,811,170,934  
Health Care Providers & Services — 2.5%  

AmerisourceBergen Corp.

    1,176,439       140,525,639  

Anthem Inc.

    1,913,058       713,188,022  

Cardinal Health Inc.

    2,307,937       114,150,564  

Centene Corp.(a)

    4,581,314       285,461,675  

Cigna Corp.

    2,658,064       532,038,090  

CVS Health Corp.

    10,331,247       876,709,621  

DaVita Inc.(a)

    509,828       59,272,603  

HCA Healthcare Inc.

    1,925,687       467,402,749  

Henry Schein Inc.(a)(b)

    1,082,520       82,444,723  

Humana Inc.

    1,007,120       391,920,748  

Laboratory Corp. of America Holdings(a)

    756,600       212,937,504  

McKesson Corp.

    1,215,534       242,353,169  

Quest Diagnostics Inc.

    960,143       139,518,379  

UnitedHealth Group Inc.

    7,382,204       2,884,522,391  

Universal Health Services Inc., Class B

    596,167       82,491,628  
   

 

 

 
      7,224,937,505  
Health Care Technology — 0.1%  

Cerner Corp.

    2,322,601       163,789,823  
   

 

 

 
Hotels, Restaurants & Leisure — 2.1%  

Booking Holdings Inc.(a)

    321,615       763,472,200  

Caesars Entertainment Inc.(a)(b)

    1,677,149       188,310,290  

Carnival Corp.(a)

    6,314,543       157,926,720  

Chipotle Mexican Grill Inc.(a)(b)

    220,660       401,053,963  

Darden Restaurants Inc.

    1,021,476       154,722,970  

Domino’s Pizza Inc.

    289,535       138,096,614  

Expedia Group Inc.(a)

    1,141,686       187,122,335  

Hilton Worldwide Holdings Inc.(a)

    2,183,966       288,523,748  

Las Vegas Sands Corp.(a)

    2,701,561       98,877,133  

Marriott International Inc./MD, Class A(a)(b)

    2,149,447       318,311,606  

McDonald’s Corp.

    5,846,890       1,409,743,648  

MGM Resorts International

    3,108,668       134,139,024  

Norwegian Cruise Line Holdings Ltd.(a)(b)

    2,831,802       75,637,431  

Penn National Gaming Inc.(a)(b)

    1,231,940       89,266,372  

Royal Caribbean Cruises Ltd.(a)

    1,761,323       156,669,681  

Starbucks Corp.

    9,231,308       1,018,305,586  

Wynn Resorts Ltd.(a)

    804,391       68,172,137  

Yum! Brands Inc.

    2,311,799       282,756,136  
   

 

 

 
          5,931,107,594  
Household Durables — 0.4%  

DR Horton Inc.

    2,544,563       213,666,955  

Garmin Ltd.

    1,193,131       185,484,145  

Leggett & Platt Inc.

    1,073,030       48,114,665  

Lennar Corp., Class A

    2,140,445       200,516,888  

Mohawk Industries Inc.(a)

    439,375       77,945,125  

Newell Brands Inc.

    2,931,784       64,909,698  

NVR Inc.(a)(b)

    26,335       126,252,097  

PulteGroup Inc.

    2,031,785       93,299,567  

Whirlpool Corp.

    497,830       101,487,624  
   

 

 

 
      1,111,676,764  
Household Products — 1.3%  

Church & Dwight Co. Inc.

    1,932,660       159,579,736  

Clorox Co. (The)

    966,508       160,063,390  

Colgate-Palmolive Co.

    6,610,040       499,586,823  

Kimberly-Clark Corp.

    2,640,216       349,670,207  

 

 

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

  13


Schedule of Investments (unaudited) (continued)

September 30, 2021

  

iShares® Core S&P 500 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Household Products (continued)  

Procter & Gamble Co. (The)

    19,004,749     $ 2,656,863,910  
   

 

 

 
      3,825,764,066  
Independent Power and Renewable Electricity Producers — 0.0%  

AES Corp. (The)

    5,203,017       118,784,878  
   

 

 

 
Industrial Conglomerates — 1.1%  

3M Co.

    4,528,638       794,413,678  

General Electric Co.

    8,603,792       886,448,690  

Honeywell International Inc.

    5,405,288       1,147,434,536  

Roper Technologies Inc.

    823,836       367,537,955  
   

 

 

 
          3,195,834,859  
Insurance — 1.9%  

Aflac Inc.

    4,849,157       252,786,554  

Allstate Corp. (The)

    2,323,363       295,787,344  

American International Group Inc.

    6,674,540       366,365,501  

Aon PLC, Class A

    1,769,597       505,697,735  

Arthur J Gallagher & Co.

    1,609,443       239,243,702  

Assurant Inc.

    457,936       72,239,404  

Brown & Brown Inc.

    1,836,694       101,844,682  

Chubb Ltd.

    3,431,105       595,228,095  

Cincinnati Financial Corp.

    1,180,371       134,821,976  

Everest Re Group Ltd.

    307,430       77,097,295  

Globe Life Inc.

    726,867       64,712,969  

Hartford Financial Services Group Inc. (The)

    2,728,204       191,656,331  

Lincoln National Corp.

    1,389,822       95,550,262  

Loews Corp.

    1,597,117       86,132,520  

Marsh & McLennan Companies Inc.

    3,962,461       600,035,469  

MetLife Inc.

    5,674,482       350,285,774  

Principal Financial Group Inc.

    1,951,144       125,653,674  

Progressive Corp. (The)

    4,579,806       413,968,664  

Prudential Financial Inc.

    3,039,600       319,765,920  

Travelers Companies Inc. (The)

    1,946,439       295,878,192  

W R Berkley Corp.

    1,082,785       79,238,206  

Willis Towers Watson PLC

    1,015,623       236,091,723  
   

 

 

 
      5,500,081,992  
Interactive Media & Services — 6.7%  

Alphabet Inc., Class A(a)

    2,357,274       6,302,219,184  

Alphabet Inc., Class C, NVS(a)

    2,205,810       5,879,167,451  

Facebook Inc., Class A(a)

    18,663,365       6,334,159,447  

Match Group Inc.(a)(b)

    2,175,316       341,502,859  

Twitter Inc.(a)(b)

    6,258,525       377,952,325  
   

 

 

 
      19,235,001,266  
Internet & Direct Marketing Retail — 4.1%  

Amazon.com Inc.(a)

    3,409,961       11,201,858,284  

eBay Inc.

    5,089,487       354,584,559  

Etsy Inc.(a)(b)

    988,221       205,510,439  
   

 

 

 
      11,761,953,282  
IT Services — 4.9%  

Accenture PLC, Class A

    4,964,784       1,588,333,697  

Akamai Technologies Inc.(a)(b)

    1,281,305       134,011,690  

Automatic Data Processing Inc.

    3,308,977       661,530,682  

Broadridge Financial Solutions Inc.

    902,973       150,471,421  

Cognizant Technology Solutions Corp., Class A

    4,096,609       304,009,354  

DXC Technology Co.(a)

    2,026,344       68,105,422  

Fidelity National Information Services Inc.

    4,849,613       590,100,910  

Fiserv Inc.(a)(b)

    4,674,805       507,216,342  

FleetCor Technologies Inc.(a)(b)

    649,045       169,575,987  

Gartner Inc.(a)

    657,425       199,778,309  

Global Payments Inc.

    2,307,214       363,570,782  
Security   Shares     Value  
IT Services (continued)  

International Business Machines Corp.

    7,017,511     $ 974,942,803  

Jack Henry & Associates Inc.

    581,414       95,386,781  

Mastercard Inc., Class A

    6,820,346       2,371,297,897  

Paychex Inc.

    2,502,045       281,354,960  

PayPal Holdings Inc.(a)

    9,199,586       2,393,824,273  

VeriSign Inc.(a)

    764,955       156,823,425  

Visa Inc., Class A(b)

    13,212,819       2,943,155,432  

Western Union Co. (The)

    3,157,575       63,846,167  
   

 

 

 
          14,017,336,334  
Leisure Products — 0.0%  

Hasbro Inc.

    999,345       89,161,561  
   

 

 

 
Life Sciences Tools & Services — 1.4%  

Agilent Technologies Inc.

    2,385,080       375,721,653  

Bio-Rad Laboratories Inc., Class A(a)

    165,759       123,647,926  

Bio-Techne Corp.

    304,467       147,535,574  

Charles River Laboratories International Inc.(a)(b)

    391,578       161,592,493  

Illumina Inc.(a)

    1,148,602       465,884,457  

IQVIA Holdings Inc.(a)

    1,495,588       358,253,150  

Mettler-Toledo International Inc.(a)(b)

    180,334       248,384,838  

PerkinElmer Inc.

    884,716       153,312,436  

Thermo Fisher Scientific Inc.(b)

    3,080,240       1,759,833,519  

Waters Corp.(a)(b)

    477,627       170,656,127  
   

 

 

 
      3,964,822,173  
Machinery — 1.5%  

Caterpillar Inc.

    4,290,411       823,630,200  

Cummins Inc.

    1,128,415       253,396,872  

Deere & Co.

    2,222,044       744,540,283  

Dover Corp.

    1,131,287       175,915,128  

Fortive Corp.

    2,816,149       198,735,635  

IDEX Corp.

    592,630       122,644,778  

Illinois Tool Works Inc.

    2,243,924       463,662,016  

Ingersoll Rand Inc.(a)(b)

    3,183,926       160,501,710  

Otis Worldwide Corp.

    3,353,649       275,938,240  

PACCAR Inc.

    2,705,239       213,497,462  

Parker-Hannifin Corp.

    1,010,385       282,523,854  

Pentair PLC

    1,312,003       95,290,778  

Snap-on Inc.

    424,953       88,793,929  

Stanley Black & Decker Inc.

    1,280,528       224,489,364  

Westinghouse Air Brake Technologies Corp.

    1,485,334       128,050,644  

Xylem Inc./NY

    1,416,451       175,186,660  
   

 

 

 
      4,426,797,553  
Media — 1.2%  

Charter Communications Inc., Class A(a)(b)

    992,717       722,261,180  

Comcast Corp., Class A

    35,859,834       2,005,640,516  

Discovery Inc., Class A(a)(b)

    1,278,743       32,454,497  

Discovery Inc., Class C, NVS(a)(b)

    2,375,576       57,655,230  

DISH Network Corp., Class A(a)(b)

    1,949,003       84,703,670  

Fox Corp., Class A, NVS

    2,526,765       101,348,544  

Fox Corp., Class B

    1,159,372       43,035,889  

Interpublic Group of Companies Inc. (The)

    3,045,936       111,694,473  

News Corp., Class A, NVS

    3,140,205       73,889,024  

News Corp., Class B

    871,796       20,251,821  

Omnicom Group Inc.

    1,699,043       123,112,656  

ViacomCBS Inc., Class B, NVS

    4,759,180       188,035,202  
   

 

 

 
      3,564,082,702  
Metals & Mining — 0.3%  

Freeport-McMoRan Inc.

    11,493,650       373,888,434  

Newmont Corp.

    6,246,076       339,161,927  

 

 

14  

2 0 2 1   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

September 30, 2021

  

iShares® Core S&P 500 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares      Value  
Metals & Mining (continued)  

Nucor Corp.

    2,307,983      $ 227,313,246  
    

 

 

 
       940,363,607  
Multi-Utilities — 0.7%  

Ameren Corp.

    1,993,479        161,471,799  

CenterPoint Energy Inc.

    4,680,961        115,151,641  

CMS Energy Corp.

    2,281,667        136,283,970  

Consolidated Edison Inc.

    2,776,799        201,567,839  

Dominion Energy Inc.

    6,329,705        462,195,059  

DTE Energy Co.

    1,516,912        169,454,240  

NiSource Inc.

    3,109,161        75,334,971  

Public Service Enterprise Group Inc.

    3,936,350        239,723,715  

Sempra Energy

    2,491,752        315,206,628  

WEC Energy Group Inc.

    2,485,667        219,235,829  
    

 

 

 
       2,095,625,691  
Multiline Retail — 0.5%  

Dollar General Corp.

    1,856,290        393,793,361  

Dollar Tree Inc.(a)(b)

    1,822,881        174,486,169  

Target Corp.

    3,873,291        886,092,782  
    

 

 

 
       1,454,372,312  
Oil, Gas & Consumable Fuels — 2.5%  

APA Corp.

    2,971,019        63,668,937  

Cabot Oil & Gas Corp.

    3,164,603        68,861,761  

Chevron Corp.

    15,140,875        1,536,041,769  

ConocoPhillips

    10,475,689        709,937,444  

Devon Energy Corp.

    4,947,440        175,683,594  

Diamondback Energy Inc.

    1,337,500        126,621,125  

EOG Resources Inc.

    4,566,231        366,531,362  

Exxon Mobil Corp.

    33,145,226        1,949,602,193  

Hess Corp.

    2,129,801        166,358,756  

Kinder Morgan Inc.

    15,182,008        253,994,994  

Marathon Oil Corp.

    6,246,749        85,393,059  

Marathon Petroleum Corp.

    4,996,684        308,845,038  

Occidental Petroleum Corp.

    6,970,404        206,184,550  

ONEOK Inc.

    3,488,760        202,313,192  

Phillips 66

    3,429,017        240,134,061  

Pioneer Natural Resources Co.

    1,782,839        296,860,522  

Valero Energy Corp.

    3,196,928        225,607,209  

Williams Companies Inc. (The)

    9,569,175        248,224,400  
    

 

 

 
           7,230,863,966  
Personal Products — 0.2%  

Estee Lauder Companies Inc. (The), Class A

    1,813,317        543,868,168  
    

 

 

 
Pharmaceuticals — 3.6%  

Bristol-Myers Squibb Co.

    17,397,377        1,029,402,797  

Catalent Inc.(a)

    1,338,777        178,151,055  

Eli Lilly & Co.

    6,216,088        1,436,227,133  

Johnson & Johnson

    20,610,100        3,328,531,150  

Merck & Co. Inc.

    19,817,375        1,488,483,036  

Organon & Co.

    2,000,633        65,600,756  

Pfizer Inc.

    43,895,839        1,887,960,036  

Viatris Inc.

    9,423,806        127,692,571  

Zoetis Inc.

    3,709,714        720,203,876  
    

 

 

 
       10,262,252,410  
Professional Services — 0.4%  

Equifax Inc.

    953,814        241,715,544  

IHS Markit Ltd.

    3,132,412        365,301,887  

Jacobs Engineering Group Inc.

    1,026,236        136,007,057  

Leidos Holdings Inc.

    1,112,312        106,926,553  

Nielsen Holdings PLC

    2,870,300        55,081,057  
Security   Shares     Value  
Professional Services (continued)  

Robert Half International Inc.

    879,897     $ 88,280,066  

Verisk Analytics Inc.

    1,267,970       253,936,352  
   

 

 

 
      1,247,248,516  
Real Estate Management & Development — 0.1%  

CBRE Group Inc., Class A(a)

    2,626,034       255,670,670  
   

 

 

 
Road & Rail — 0.9%  

CSX Corp.

    17,613,052       523,812,166  

JB Hunt Transport Services Inc.

    661,224       110,569,877  

Kansas City Southern

    716,367       193,877,565  

Norfolk Southern Corp.

    1,928,499       461,393,386  

Old Dominion Freight Line Inc.(b)

    735,523       210,344,868  

Union Pacific Corp.

    5,105,512       1,000,731,407  
   

 

 

 
      2,500,729,269  
Semiconductors & Semiconductor Equipment — 5.6%  

Advanced Micro Devices Inc.(a)

    9,492,579       976,786,379  

Analog Devices Inc.

    4,222,413       707,169,729  

Applied Materials Inc.

    7,155,654       921,147,339  

Broadcom Inc.

    3,212,080       1,557,633,954  

Enphase Energy Inc.(a)(b)

    1,047,110       157,035,087  

Intel Corp.

    31,762,910       1,692,327,845  

KLA Corp.

    1,195,773       399,998,026  

Lam Research Corp.

    1,115,686       634,992,687  

Microchip Technology Inc.

    2,145,550       329,320,470  

Micron Technology Inc.

    8,813,784       625,602,388  

Monolithic Power Systems Inc.

    335,025       162,379,917  

NVIDIA Corp.

    19,510,316       4,041,757,063  

NXP Semiconductors NV(b)

    2,083,321       408,060,084  

Qorvo Inc.(a)

    866,812       144,922,298  

QUALCOMM Inc.

    8,831,228       1,139,051,788  

Skyworks Solutions Inc.

    1,292,558       212,987,707  

Teradyne Inc.

    1,291,246       140,965,326  

Texas Instruments Inc.

    7,227,710       1,389,238,139  

Xilinx Inc.

    1,932,229       291,747,257  
   

 

 

 
          15,933,123,483  
Software — 9.3%  

Adobe Inc.(a)

    3,729,875       2,147,363,635  

ANSYS Inc.(a)(b)

    679,432       231,312,624  

Autodesk Inc.(a)(b)

    1,721,124       490,812,931  

Cadence Design Systems Inc.(a)

    2,166,921       328,158,516  

Ceridian HCM Holding Inc.(a)(b)

    1,059,762       119,350,397  

Citrix Systems Inc.

    970,685       104,222,449  

Fortinet Inc.(a)

    1,060,733       309,776,465  

Intuit Inc.

    2,139,343       1,154,196,942  

Microsoft Corp.

    58,835,405       16,586,877,378  

NortonLifeLock Inc.

    4,590,533       116,140,485  

Oracle Corp.

    12,896,864       1,123,703,760  

Paycom Software Inc.(a)(b)

    377,850       187,319,138  

PTC Inc.(a)

    820,875       98,332,616  

salesforce.com Inc.(a)

    7,606,177       2,062,947,326  

ServiceNow Inc.(a)(b)

    1,550,864       965,056,141  

Synopsys Inc.(a)

    1,191,998       356,896,121  

Tyler Technologies Inc.(a)

    315,592       144,746,271  
   

 

 

 
      26,527,213,195  
Specialty Retail — 2.2%  

Advance Auto Parts Inc.

    514,125       107,395,571  

AutoZone Inc.(a)(b)

    167,998       285,258,924  

Bath & Body Works Inc.

    2,080,099       131,108,640  

Best Buy Co. Inc.

    1,779,235       188,082,932  

 

 

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

  15


Schedule of Investments (unaudited) (continued)

September 30, 2021

  

iShares® Core S&P 500 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Specialty Retail (continued)            

CarMax Inc.(a)(b)

    1,277,004     $ 163,405,432  

Gap Inc. (The)

    1,579,944       35,864,729  

Home Depot Inc. (The)

    8,324,332       2,732,545,222  

Lowe’s Companies Inc.

    5,534,338       1,122,695,807  

O’Reilly Automotive Inc.(a)

    537,177       328,247,378  

Ross Stores Inc.

    2,795,978       304,342,205  

TJX Companies Inc. (The)

    9,445,747       623,230,387  

Tractor Supply Co.

    886,900       179,694,809  

Ulta Beauty Inc.(a)(b)

    430,333       155,315,786  
   

 

 

 
      6,357,187,822  
Technology Hardware, Storage & Peripherals — 6.4%  

Apple Inc.

    122,946,583       17,396,941,495  

Hewlett Packard Enterprise Co.

    10,086,280       143,729,490  

HP Inc.

    9,440,428       258,290,110  

NetApp Inc.

    1,739,482       156,135,904  

Seagate Technology Holdings PLC

    1,645,336       135,773,127  

Western Digital Corp.(a)

    2,379,173       134,280,524  
   

 

 

 
          18,225,150,650  
Textiles, Apparel & Luxury Goods — 0.7%  

Hanesbrands Inc.

    2,708,231       46,473,244  

Nike Inc., Class B

    10,006,346       1,453,221,630  

PVH Corp.(a)

    569,381       58,526,673  

Ralph Lauren Corp.

    369,955       41,079,803  

Tapestry Inc.

    2,174,252       80,490,809  

Under Armour Inc., Class A(a)(b)

    1,508,777       30,447,120  

Under Armour Inc., Class C, NVS(a)

    1,690,965       29,625,707  

VF Corp.

    2,570,768       172,215,748  
   

 

 

 
      1,912,080,734  
Tobacco — 0.6%  

Altria Group Inc.

    14,418,593       656,334,353  

Philip Morris International Inc.

    12,202,069       1,156,634,121  
   

 

 

 
      1,812,968,474  
Trading Companies & Distributors — 0.2%  

Fastenal Co.

    4,482,089       231,320,613  
Security   Shares     Value  
Trading Companies & Distributors (continued)  

United Rentals Inc.(a)

    566,668     $ 198,860,801  

WW Grainger Inc.

    345,162       135,669,376  
   

 

 

 
      565,850,790  
Water Utilities — 0.1%  

American Water Works Co. Inc.

    1,415,641       239,299,955  
   

 

 

 
Wireless Telecommunication Services — 0.2%  

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

    4,592,166       586,695,128  
   

 

 

 

Total Common Stocks — 99.8%
(Cost: $217,325,103,508)

 

        286,067,326,072  
   

 

 

 

Short-Term Investments

   
Money Market Funds — 0.5%  

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)

    959,330,208       959,809,873  

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)

    441,020,000       441,020,000  
   

 

 

 
      1,400,829,873  
   

 

 

 

Total Short-Term Investments — 0.5%
(Cost: $1,400,047,751)

 

    1,400,829,873  
   

 

 

 

Total Investments in Securities — 100.3%
(Cost: $218,725,151,259)

 

    287,468,155,945  

Other Assets, Less Liabilities — (0.3)%

      (758,653,767
   

 

 

 

Net Assets — 100.0%

    $ 286,709,502,178  
   

 

 

 

 

(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, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 

   
    Affiliated Issuer    Value at
03/31/21
    

Purchases

at Cost

    

Proceeds

from Sales

     Net Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
    

Value at

09/30/21

    

Shares

Held at
09/30/21

     Income     

Capital

Gain
Distributions
from
Underlying
Funds

       
 

 

   

    

 

BlackRock Cash Funds: Institutional, SL Agency Shares

   $ 1,546,440,574      $      $ (586,532,139 )(a)     $ 96,814      $ (195,376    $ 959,809,873        959,330,208      $ 880,678 (b)      $             
 

BlackRock Cash Funds: Treasury, SL Agency Shares

     211,170,000        229,850,000 (a)                            441,020,000        441,020,000        17,494           
 

BlackRock Inc.

     834,197,931        110,765,483        (98,503,774      46,111,201        46,821,450        939,392,291        1,120,111        9,270,859           
             

 

 

    

 

 

    

 

 

       

 

 

    

 

 

   
              $ 46,208,015      $ 46,626,074      $ 2,340,222,164         $ 10,169,031      $    
             

 

 

    

 

 

    

 

 

       

 

 

    

 

 

   

 

  (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.

 

 

 

16  

2 0 2 1   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

September 30, 2021

  

iShares® Core S&P 500 ETF

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

 

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

 

 

Long Contracts

           

S&P 500 E-Mini Index

     2,964        12/17/21      $ 636,927      $ (23,928,279
           

 

 

 

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:

 

 

 
     Equity
Contracts
 

 

 

Liabilities — Derivative Financial Instruments

  

Futures contracts

  

Unrealized depreciation on futures contracts(a)

   $ 23,928,279  
  

 

 

 

 

  (a)

Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

 

For the period ended September 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

 

 
     Equity
Contracts
 

 

 

Net Realized Gain (Loss) from:

  

Futures contracts

   $   67,692,260  
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ (28,082,829
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 

Futures contracts:

  

Average notional value of contracts — long

   $ 558,429,763        

 

 

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

Fair Value Hierarchy as of Period End

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

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

 

 

 
     Level 1        Level 2        Level 3        Total  

 

 

Investments

                 

Assets

                 

Common Stocks

   $ 286,067,326,072        $        $        $ 286,067,326,072  

Money Market Funds

     1,400,829,873                            1,400,829,873  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 287,468,155,945        $        $        $ 287,468,155,945  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Liabilities

                 

Futures Contracts

   $ (23,928,279      $                     —        $                     —        $ (23,928,279
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a)

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

 

See notes to financial statements.    

 

 

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

  17


Schedule of Investments (unaudited)

September 30, 2021

  

iShares® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Aerospace & Defense — 1.1%  

Axon Enterprise Inc.(a)(b)

    1,757,708     $ 307,634,054  

Curtiss-Wright Corp.

    1,094,190       138,064,894  

Hexcel Corp.(a)

    2,244,076       133,275,674  

Mercury Systems Inc.(a)(b)

    1,503,055       71,274,868  
   

 

 

 
      650,249,490  
Air Freight & Logistics — 0.3%  

GXO Logistics Inc.(a)(b)

    2,638,285       206,947,075  
   

 

 

 
Airlines — 0.2%  

JetBlue Airways Corp.(a)(b)

    8,511,323       130,138,129  
   

 

 

 
Auto Components — 1.7%  

Adient PLC(a)(b)

    2,535,558       105,098,879  

Dana Inc.

    3,928,212       87,363,435  

Fox Factory Holding Corp.(a)(b)

    1,126,815       162,869,840  

Gentex Corp.

    6,417,230       211,640,246  

Goodyear Tire & Rubber Co. (The)(a)

    7,567,839       133,950,750  

Lear Corp.

    1,604,365       251,051,035  

Visteon Corp.(a)(b)

    757,834       71,531,951  
   

 

 

 
      1,023,506,136  
Automobiles — 0.5%  

Harley-Davidson Inc.

    4,135,665       151,406,696  

Thor Industries Inc.

    1,481,774       181,902,576  
   

 

 

 
      333,309,272  
Banks — 7.1%  

Associated Banc-Corp.

    4,128,081       88,423,495  

BancorpSouth Bank

    2,588,376       77,081,837  

Bank of Hawaii Corp.

    1,094,208       89,911,071  

Bank OZK

    3,282,147       141,066,678  

Cathay General Bancorp

    2,111,789       87,406,947  

CIT Group Inc.

    2,668,475       138,627,276  

Commerce Bancshares Inc.(b)

    2,858,842       199,204,111  

Cullen/Frost Bankers Inc.

    1,524,512       180,837,614  

East West Bancorp. Inc.

    3,797,128       294,429,305  

First Financial Bankshares Inc.

    3,447,888       158,430,454  

First Horizon Corp.

    14,701,975       239,495,173  

FNB Corp.

    8,610,376       100,052,569  

Fulton Financial Corp.

    4,410,254       67,388,681  

Glacier Bancorp. Inc.

    2,903,460       160,706,511  

Hancock Whitney Corp.

    2,342,776       110,391,605  

Home BancShares Inc./AR

    4,078,689       95,971,552  

International Bancshares Corp.

    1,441,870       60,039,467  

PacWest Bancorp

    3,155,125       142,990,265  

Pinnacle Financial Partners Inc.

    2,046,645       192,548,362  

Prosperity Bancshares Inc.

    2,502,177       177,979,850  

Signature Bank/New York NY

    1,622,844       441,867,964  

Sterling Bancorp./DE

    5,186,348       129,451,246  

Synovus Financial Corp.

    3,942,060       173,017,013  

Texas Capital Bancshares Inc.(a)

    1,367,693       82,088,934  

UMB Financial Corp.

    1,158,682       112,056,136  

Umpqua Holdings Corp.

    5,931,686       120,116,642  

United Bankshares Inc./WV

    3,484,968       126,783,136  

Valley National Bancorp

    10,941,913       145,636,862  

Webster Financial Corp.

    2,442,781       133,033,853  

Wintrust Financial Corp.

    1,538,976       123,687,501  
   

 

 

 
      4,390,722,110  
Beverages — 0.2%  

Boston Beer Co. Inc. (The), Class A,
NVS(a)(b)

    252,517       128,720,541  
   

 

 

 
Security   Shares     Value  
Biotechnology — 1.7%  

Arrowhead Pharmaceuticals Inc.(a)(b)

    2,790,316     $ 174,199,428  

Emergent BioSolutions Inc.(a)(b)

    1,294,599       64,820,572  

Exelixis Inc.(a)

    8,431,754       178,247,279  

Halozyme Therapeutics Inc.(a)(b)

    3,809,354       154,964,521  

Neurocrine Biosciences Inc.(a)(b)

    2,533,045       242,944,346  

United Therapeutics Corp.(a)

    1,201,459       221,765,302  
   

 

 

 
      1,036,941,448  
Building Products — 2.4%  

Builders FirstSource Inc.(a)(b)

    5,545,575       286,928,050  

Carlisle Companies Inc.

    1,395,064       277,324,773  

Lennox International Inc.

    915,133       269,204,675  

Owens Corning

    2,760,104       235,988,892  

Simpson Manufacturing Co. Inc.

    1,172,484       125,420,613  

Trex Co. Inc.(a)(b)

    3,087,014       314,659,337  
   

 

 

 
      1,509,526,340  
Capital Markets — 2.7%  

Affiliated Managers Group Inc.(b)

    1,109,613       167,651,428  

Evercore Inc., Class A

    1,064,012       142,226,484  

FactSet Research Systems Inc.

    1,011,122       399,170,743  

Federated Hermes Inc.

    2,636,268       85,678,710  

Interactive Brokers Group Inc., Class A

    2,351,594       146,598,370  

Janus Henderson Group PLC

    4,582,223       189,383,277  

Jefferies Financial Group Inc.

    5,317,764       197,448,577  

SEI Investments Co.

    2,883,554       170,994,752  

Stifel Financial Corp.

    2,818,754       191,562,522  
   

 

 

 
      1,690,714,863  
Chemicals — 2.5%  

Ashland Global Holdings Inc.

    1,523,671       135,789,559  

Avient Corp.

    2,443,415       113,252,285  

Cabot Corp.

    1,518,121       76,088,225  

Chemours Co. (The)

    4,439,674       129,016,926  

Ingevity Corp.(a)(b)

    1,069,862       76,356,051  

Minerals Technologies Inc.(b)

    910,750       63,606,780  

NewMarket Corp.

    193,030       65,392,773  

Olin Corp.

    3,878,356       187,130,677  

RPM International Inc.

    3,485,152       270,622,053  

Scotts Miracle-Gro Co. (The)

    1,095,396       160,322,159  

Sensient Technologies Corp.

    1,128,231       102,759,279  

Valvoline Inc.

    4,861,031       151,566,947  
   

 

 

 
      1,531,903,714  
Commercial Services & Supplies — 1.7%  

Brink’s Co. (The)(b)

    1,332,601       84,353,643  

Clean Harbors Inc.(a)

    1,339,522       139,136,150  

Herman Miller Inc.

    2,015,602       75,907,571  

IAA Inc.(a)(b)

    3,619,634       197,523,427  

KAR Auction Services Inc.(a)

    3,239,182       53,090,193  

MSA Safety Inc.

    975,435       142,120,880  

Stericycle Inc.(a)(b)

    2,458,321       167,092,078  

Tetra Tech Inc.

    1,447,119       216,112,752  
   

 

 

 
      1,075,336,694  
Communications Equipment — 0.9%  

Ciena Corp.(a)(b)

    4,142,079       212,695,757  

Lumentum Holdings Inc.(a)(b)

    2,040,035       170,424,524  

NetScout Systems Inc.(a)(b)

    2,007,985       54,115,196  

Viasat Inc.(a)(b)

    1,977,023       108,874,656  
   

 

 

 
      546,110,133  
Construction & Engineering — 1.3%  

AECOM(a)(b)

    3,855,576       243,479,624  

 

 

18  

2 0 2 1   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

September 30, 2021

  

iShares® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Construction & Engineering (continued)  

Dycom Industries Inc.(a)(b)

    826,577     $ 58,885,345  

EMCOR Group Inc.

    1,438,633       165,989,476  

Fluor Corp.(a)(b)

    3,836,710       61,272,259  

MasTec Inc.(a)(b)

    1,536,737       132,589,668  

Valmont Industries Inc.

    572,207       134,537,310  
   

 

 

 
      796,753,682  
Construction Materials — 0.2%  

Eagle Materials Inc.

    1,120,903       147,017,637  
   

 

 

 
Consumer Finance — 0.7%  

FirstCash Inc.

    1,091,451       95,501,962  

LendingTree Inc.(a)(b)

    306,464       42,852,861  

Navient Corp.

    4,522,198       89,222,967  

PROG Holdings Inc.

    1,793,621       75,350,018  

SLM Corp.

    8,242,443       145,066,997  
   

 

 

 
      447,994,805  
Containers & Packaging — 0.8%  

AptarGroup Inc.

    1,765,285       210,686,765  

Greif Inc., Class A, NVS

    713,034       46,061,996  

Silgan Holdings Inc.

    2,245,716       86,145,666  

Sonoco Products Co.

    2,631,499       156,784,710  
   

 

 

 
      499,679,137  
Diversified Consumer Services — 0.9%  

Graham Holdings Co., Class B

    108,776       64,086,468  

Grand Canyon Education Inc.(a)(b)

    1,215,895       106,950,124  

H&R Block Inc.

    4,807,251       120,181,275  

Service Corp. International

    4,500,415       271,195,008  
   

 

 

 
      562,412,875  
Diversified Telecommunication Services — 0.2%  

Iridium Communications Inc.(a)(b)

    3,551,249       141,517,273  
   

 

 

 
Electric Utilities — 1.0%  

ALLETE Inc.

    1,413,878       84,154,019  

Hawaiian Electric Industries Inc.

    2,950,764       120,479,694  

IDACORP Inc.

    1,362,745       140,880,578  

OGE Energy Corp.

    5,375,775       177,185,544  

PNM Resources Inc.

    2,297,234       113,667,138  
   

 

 

 
      636,366,973  
Electrical Equipment — 1.7%  

Acuity Brands Inc.

    955,666       165,683,815  

EnerSys

    1,137,732       84,692,770  

Hubbell Inc.

    1,455,391       262,945,492  

nVent Electric PLC

    4,499,104       145,456,032  

Regal Beloit Corp.

    1,089,186       163,748,223  

Sunrun Inc.(a)(b)

    5,511,454       242,503,976  
   

 

 

 
      1,065,030,308  
Electronic Equipment, Instruments & Components — 3.2%  

Arrow Electronics Inc.(a)

    1,928,729       216,576,979  

Avnet Inc.

    2,681,035       99,117,864  

Belden Inc.(b)

    1,213,905       70,722,105  

Cognex Corp.

    4,729,269       379,381,959  

Coherent Inc.(a)

    660,699       165,234,213  

II-VI Inc.(a)(b)

    2,818,377       167,298,859  

Jabil Inc.

    3,916,334       228,596,416  

Littelfuse Inc.

    662,446       181,026,619  

National Instruments Corp.

    3,574,243       140,217,553  

SYNNEX Corp.

    1,119,071       116,495,291  

Vishay Intertechnology Inc.

    3,585,804       72,038,802  
Security   Shares     Value  
Electronic Equipment, Instruments & Components (continued)  

Vontier Corp.(b)

    4,544,318     $ 152,689,085  
   

 

 

 
      1,989,395,745  
Energy Equipment & Services — 0.4%  

ChampionX Corp.(a)(b)

    5,428,507       121,381,417  

NOV Inc.(a)

    10,507,750       137,756,602  
   

 

 

 
      259,138,019  
Entertainment — 0.1%  

World Wrestling Entertainment Inc., Class A(b)

    1,223,879       68,855,433  
   

 

 

 
Equity Real Estate Investment Trusts (REITs) — 9.2%  

American Campus Communities Inc.

    3,735,791       180,999,074  

Apartment Income REIT Corp.

    4,200,856       205,043,781  

Brixmor Property Group Inc.

    7,975,499       176,338,283  

Camden Property Trust

    2,691,719       396,947,801  

CoreSite Realty Corp.

    1,183,072       163,902,795  

Corporate Office Properties Trust

    3,006,457       81,114,210  

Cousins Properties Inc.

    3,979,389       148,391,416  

CyrusOne Inc.

    3,319,157       256,935,943  

Douglas Emmett Inc.

    4,696,217       148,447,419  

EastGroup Properties Inc.

    1,085,091       180,808,713  

EPR Properties

    2,002,005       98,859,007  

First Industrial Realty Trust Inc.

    3,467,878       180,607,086  

Healthcare Realty Trust Inc.

    3,928,891       117,002,374  

Highwoods Properties Inc.

    2,812,723       123,366,031  

Hudson Pacific Properties Inc.

    4,080,817       107,203,063  

JBG SMITH Properties

    3,107,434       92,011,121  

Kilroy Realty Corp.

    2,814,680       186,359,963  

Lamar Advertising Co., Class A

    2,322,068       263,438,615  

Life Storage Inc.

    2,100,579       241,020,434  

Macerich Co. (The)

    5,720,462       95,588,920  

Medical Properties Trust Inc.

    15,942,907       319,974,143  

National Retail Properties Inc.

    4,699,609       202,976,113  

National Storage Affiliates Trust

    2,201,240       116,203,460  

Omega Healthcare Investors Inc.

    6,415,098       192,196,336  

Park Hotels & Resorts Inc.(a)

    6,383,838       122,186,659  

Pebblebrook Hotel Trust(b)

    3,516,244       78,799,028  

Physicians Realty Trust

    5,838,545       102,875,163  

PotlatchDeltic Corp.

    1,794,349       92,552,521  

PS Business Parks Inc.

    538,112       84,343,675  

Rayonier Inc.

    3,795,344       135,417,874  

Rexford Industrial Realty Inc.

    3,686,377       209,201,895  

Sabra Health Care REIT Inc.

    5,952,307       87,617,959  

SL Green Realty Corp.

    1,812,826       128,420,594  

Spirit Realty Capital Inc.

    3,187,614       146,757,749  

STORE Capital Corp.

    6,544,148       209,609,060  

Urban Edge Properties

    2,946,873       53,957,245  
   

 

 

 
      5,727,475,523  
Food & Staples Retailing — 1.1%  

BJ’s Wholesale Club Holdings Inc.(a)(b)

    3,682,810       202,259,925  

Casey’s General Stores Inc.

    990,883       186,731,901  

Grocery Outlet Holding Corp.(a)(b)

    2,369,830       51,117,233  

Performance Food Group Co.(a)(b)

    4,127,101       191,745,113  

Sprouts Farmers Market Inc.(a)(b)

    3,094,656       71,703,180  
   

 

 

 
      703,557,352  
Food Products — 1.8%  

Darling Ingredients Inc.(a)

    4,350,372       312,791,747  

Flowers Foods Inc.

    5,372,851       126,960,469  

Hain Celestial Group Inc. (The)(a)(b)

    2,262,490       96,789,322  

Ingredion Inc.

    1,793,280       159,619,853  

 

 

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

  19


Schedule of Investments (unaudited) (continued)

September 30, 2021

  

iShares® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Food Products (continued)  

Lancaster Colony Corp.

    532,608     $ 89,909,556  

Pilgrim’s Pride Corp.(a)(b)

    1,308,813       38,060,282  

Post Holdings Inc.(a)(b)

    1,568,611       172,798,188  

Sanderson Farms Inc.

    567,739       106,848,480  

Tootsie Roll Industries Inc.

    469,120       14,275,322  
   

 

 

 
      1,118,053,219  
Gas Utilities — 1.2%  

National Fuel Gas Co.

    2,452,730       128,817,380  

New Jersey Resources Corp.

    2,607,218       90,757,259  

ONE Gas Inc.

    1,431,866       90,737,348  

Southwest Gas Holdings Inc.

    1,589,731       106,321,209  

Spire Inc.

    1,398,221       85,543,161  

UGI Corp.

    5,596,134       238,507,231  
   

 

 

 
      740,683,588  
Health Care Equipment & Supplies — 3.9%  

Envista Holdings Corp.(a)(b)

    4,330,662       181,064,978  

Globus Medical Inc., Class A(a)

    2,095,651       160,568,780  

Haemonetics Corp.(a)

    1,363,962       96,282,078  

Hill-Rom Holdings Inc.

    1,767,546       265,131,900  

ICU Medical Inc.(a)

    537,974       125,552,372  

Integra LifeSciences Holdings Corp.(a)(b)

    1,956,716       133,995,912  

LivaNova PLC(a)(b)

    1,428,869       113,152,136  

Masimo Corp.(a)(b)

    1,355,630       366,982,597  

Neogen Corp.(a)(b)

    2,876,438       124,923,702  

NuVasive Inc.(a)(b)

    1,382,723       82,755,972  

Penumbra Inc.(a)(b)

    920,285       245,255,952  

Quidel Corp.(a)(b)

    1,013,954       143,119,607  

STAAR Surgical Co.(a)(b)

    1,268,473       163,036,835  

Tandem Diabetes Care Inc.(a)(b)

    1,687,161       201,413,280  
   

 

 

 
      2,403,236,101  
Health Care Providers & Services — 3.1%  

Acadia Healthcare Co. Inc.(a)(b)

    2,415,132       154,037,119  

Amedisys Inc.(a)

    873,338       130,214,696  

Chemed Corp.

    422,470       196,499,246  

Encompass Health Corp.

    2,663,056       199,835,722  

HealthEquity Inc.(a)(b)

    2,231,770       144,529,425  

LHC Group Inc.(a)(b)

    854,260       134,041,937  

Molina Healthcare Inc.(a)(b)

    1,565,779       424,811,500  

Option Care Health Inc.(a)(b)

    3,715,700       90,142,882  

Patterson Companies Inc.

    2,335,765       70,399,957  

Progyny Inc.(a)(b)

    1,842,210       103,163,760  

R1 RCM Inc.(a)(b)

    3,582,472       78,850,209