SEPTEMBER
30,
2023
2023
Semi-Annual
Report
(Unaudited)
iShares
Trust
iShares
Biotechnology
ETF
|
IBB
|
NASDAQ
iShares
Expanded
Tech
Sector
ETF
|
IGM
|
NYSE
Arca
iShares
Expanded
Tech-Software
Sector
ETF
|
IGV
|
Cboe
BZX
iShares
North
American
Natural
Resources
ETF
|
IGE
|
Cboe
BZX
iShares
North
American
Tech-Multimedia
Networking
ETF
|
IGN
|
NYSE
Arca
iShares
Semiconductor
ETF
|
SOXX
|
NASDAQ
Dear
Shareholder,
The
combination
of
continued
economic
growth
and
moderating
inflation
provided
a
supportive
backdrop
for
investors
during
the
12-month
reporting
period
ended
September
30,
2023.
Significantly
tighter
monetary
policy
helped
to
rein
in
inflation
while
the
economy
proved
more
resilient
than
many
investors
anticipated.
A
moderating
labor
market
also
helped
ease
inflationary
pressure,
although
wages
continued
to
grow
and
unemployment
rates
touched
the
lowest
levels
in
decades.
This
robust
labor
market
powered
further
growth
in
consumer
spending,
backstopping
the
economy.
On
October
7,
2023,
Hamas
launched
a
horrific
attack
on
Israel.
The
ensuing
war
will
have
a
significant
humanitarian
impact
and
could
lead
to
heightened
economic
and
market
volatility.
We
see
geopolitics
as
a
structural
market
risk
going
forward.
See
our
geopolitical
risk
dashboard
at
blackrock.com
for
more
details.
Equity
returns
were
substantial,
as
the
durability
of
consumer
sentiment
and
spending
mitigated
investors’
concerns
about
the
economy’s
trajectory.
The
U.S.
economy
resumed
growth
in
the
third
quarter
of
2022
and
continued
to
expand
thereafter.
All
major
classes
of
equities
rose,
although
large-capitalization
U.S.
stocks
posted
significantly
higher
returns
than
small-capitalization
U.S.
stocks
due
primarily
to
the
performance
of
large
technology
companies.
International
developed
market
equities
also
advanced
strongly,
and
emerging
market
equities
posted
solid
gains.
The
10-year
U.S.
Treasury
yield
rose
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
elevated
inflation
and
attempted
to
anticipate
future
interest
rate
changes.
The
corporate
bond
market
benefited
from
improving
economic
sentiment,
although
high-yield
corporate
bond
prices
fared
significantly
better
than
investment-grade
bonds
as
demand
from
yield-seeking
investors
remained
strong.
The
U.S.
Federal
Reserve
(the
“Fed”),
attempting
to
manage
persistent
inflation,
raised
interest
rates
six
times
during
the
12-month
period.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
incrementally
reduced
its
balance
sheet
by
not
replacing
securities
that
reach
maturity.
However,
the
Fed
declined
to
raise
interest
rates
at
two
of
its
meetings
late
in
the
period.
Supply
constraints
appear
to
have
become
an
embedded
feature
of
the
new
macroeconomic
environment,
making
it
difficult
for
developed
economies
to
increase
production
without
sparking
higher
inflation.
Geopolitical
fragmentation
and
an
aging
population
risk
further
exacerbating
these
constraints,
keeping
the
labor
market
tight
and
wage
growth
high.
Although
the
Fed
has
decelerated
the
pace
of
interest
rate
hikes
and
recently
opted
for
two
pauses,
we
believe
that
the
new
economic
regime
means
that
the
Fed
will
need
to
maintain
high
rates
for
an
extended
period
to
keep
inflation
under
control.
Furthermore,
ongoing
structural
changes
may
mean
that
the
Fed
will
be
hesitant
to
cut
interest
rates
in
the
event
of
faltering
economic
activity
lest
inflation
accelerate
again.
We
believe
investors
should
expect
a
period
of
higher
volatility
as
markets
adjust
to
the
new
economic
reality
and
policymakers
attempt
to
adapt.
While
we
favor
an
overweight
position
in
developed
market
equities
in
the
long
term,
we
prefer
an
underweight
stance
in
the
near
term.
Expectations
for
corporate
earnings
remain
elevated,
which
seems
inconsistent
with
macroeconomic
constraints.
Nevertheless,
we
are
overweight
on
Japanese
stocks
in
the
near
term
as
shareholder-friendly
policies
generate
increased
investor
interest.
We
also
believe
that
stocks
with
an
AI
tilt
should
benefit
from
an
investment
cycle
that
is
set
to
support
revenues
and
margins.
In
credit,
there
are
selective
opportunities
in
the
near
term
despite
tightening
credit
and
financial
conditions.
For
fixed
income
investing
with
a
six-
to
twelve-month
horizon,
we
see
the
most
attractive
investments
in
short-term
U.S.
Treasuries,
U.S.
inflation-linked
bonds,
euro
area
government
bonds
and
gilts,
U.S.
mortgage-backed
securities,
and
hard-
currency
emerging
market
bonds.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
iShares.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock,
Inc.
The
Markets
in
Review
Rob
Kapito
President,
BlackRock,
Inc.
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
September
30,
2023
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
5.18
%
21.62
%
U.S.
small
cap
equities
(Russell
2000
®
Index)
(0.19
)
8.93
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
(1.28
)
25.65
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(2.05
)
11.70
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
2.50
4.47
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(6.98
)
(2.90
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(4.05
)
0.64
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
(4.05
)
2.66
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
2.22
10.28
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Semi-Annual
Report:
Fund
Summary
........................................................................................................
4
About
Fund
Performance
..................................................................................................
10
Disclosure
of Expenses
...................................................................................................
10
Schedules
of
Investments
.................................................................................................
11
Financial
Statements:
Statements
of
Assets
and
Liabilities
.........................................................................................
32
Statements
of
Operations
................................................................................................
34
Statements
of
Changes
in
Net
Assets
........................................................................................
36
Financial
Highlights
.....................................................................................................
39
Notes
to
Financial
Statements
...............................................................................................
45
Board
Review
and
Approval
of
Investment
Advisory
Contract
............................................................................
55
Supplemental
Information
.................................................................................................
61
General
Information
.....................................................................................................
62
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
63
Fund
Summary
as
of
September
30,
2023
2023
iShares
Semi-Annual
Report
To
Shareholders
4
iShares
®
Biotechnology
ETF
Investment
Objective
The
iShares
Biotechnology
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.-listed
equities
in
the
biotechnology
sector,
as
represented
by
the
ICE
Biotechnology
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.
Effective
November
3,
2023,
the
Fund’s
underlying
index
changed
its
name
from
the
ICE
Biotechnology
Index
to
the
NYSE
Biotechnology
Index.
Performance
Index
performance
through
June
20,
2021
reflects
the
performance
of
the
NASDAQ
Biotechnology
Index.
Index
performance
beginning
on
June
21,
2021
reflects
the
performance
of
the
ICE
Biotechnology
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
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(5.23‌)%
4.75‌%
0.29‌%
5.98‌%
4.75‌%
1.47‌%
78.66‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(5.20‌)
4.82‌
0.29‌
5.97‌
4.82‌
1.45‌
78.55‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(5.07‌)
5.10‌
0.65‌
6.31‌
5.10‌
3.28‌
84.36‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(04/01/23)
Ending
Account
Value
(09/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(04/01/23)
Ending
Account
Value
(09/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
947.70‌
$
2.19‌
$
1,000.00‌
$
1,022.75‌
$
2.28‌
0.45‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/366
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
INDUSTRY
ALLOCATION
Industry
Percent
of
TotaI
Investments
(a)
Biotechnology
....................................
81.5‌
%
Life
Sciences
Tools
&
Services
.........................
15.8‌
Pharmaceuticals
..................................
2.1‌
Other
(each
representing
less
than
1%)
...................
0.6‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Amgen,
Inc.
.....................................
8.9‌
%
Vertex
Pharmaceuticals,
Inc.
..........................
8.5‌
Regeneron
Pharmaceuticals,
Inc.
.......................
8.5‌
Gilead
Sciences,
Inc.
...............................
8.3‌
Seagen
,
Inc.
.....................................
4.1‌
Biogen,
Inc.
.....................................
3.9‌
IQVIA
Holdings,
Inc.
................................
3.7‌
Moderna
,
Inc.
....................................
3.6‌
Mettler
-Toledo
International,
Inc.
........................
2.5‌
Alnylam
Pharmaceuticals,
Inc.
.........................
2.3‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
September
30,
2023
5
Fund
Summary
iShares
®
Expanded
Tech
Sector
ETF
Investment
Objective
The
iShares
Expanded
Tech
Sector
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
North
American
equities
in
the
technology
sector
and
select
North
American
equities
from
communication
services
and
consumer
discretionary
sectors,
as
represented
by
the
S&P
North
American
Expanded
Technology
Sector
Index
TM
(the
Index
).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
Index
performance
through
December
23,
2018
reflects
the
performance
of
the
S&P
North
American
Technology
Sector
Index
TM
.
Index
Performance
beginning
on
December
24,
2018
reflects
the
performance
of
the
S&P
North
American
Expanded
Technology
Sector
Index
TM
.
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
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
12.89‌%
39.18‌%
13.26‌%
17.67‌%
39.18‌%
86.37‌%
409.13‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
12.81‌
38.95‌
13.24‌
17.66‌
38.95‌
86.19‌
408.71‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
13.12‌
39.74‌
13.72‌
18.19‌
39.74‌
90.16‌
431.89‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(04/01/23)
Ending
Account
Value
(09/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(04/01/23)
Ending
Account
Value
(09/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,128.90‌
$
2.18‌
$
1,000.00‌
$
1,022.95‌
$
2.07‌
0.41‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/366
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
INDUSTRY
ALLOCATION
Industry
Percent
of
TotaI
Investments
(a)
Software
.......................................
28.7‌
%
Semiconductors
&
Semiconductor
Equipment
...............
27.2‌
Interactive
Media
&
Services
..........................
16.4‌
Technology
Hardware,
Storage
&
Peripherals
...............
10.0‌
IT
Services
......................................
7.1‌
Communications
Equipment
..........................
3.8‌
Electronic
Equipment,
Instruments
&
Components
............
3.6‌
Entertainment
....................................
3.2‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Apple,
Inc.
......................................
8.6‌
%
Microsoft
Corp.
...................................
8.5‌
NVIDIA
Corp.
....................................
8.4‌
Meta
Platforms,
Inc.,
Class
A
..........................
7.2‌
Alphabet,
Inc.,
Class
A
..............................
4.6‌
Alphabet,
Inc.,
Class
C,
NVS
..........................
4.0‌
Broadcom,
Inc.
...................................
3.7‌
Adobe,
Inc.
......................................
2.5‌
Cisco
Systems,
Inc.
................................
2.4‌
Salesforce,
Inc.
...................................
2.1‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
September
30,
2023
2023
iShares
Semi-Annual
Report
To
Shareholders
6
iShares
®
Expanded
Tech-Software
Sector
ETF
Investment
Objective
The
iShares
Expanded
Tech-Software
Sector
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
North
American
equities
in
the
software
industry
and
select
North
American
equities
from
interactive
home
entertainment
and
interactive
media
and
services
industries,
as
represented
by
the
S&P
North
American
Expanded
Technology
Software
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
December
23,
2018
reflects
the
performance
of
the
S&P
North
American
Technology
Sector
Index
TM
.
Index
Performance
beginning
on
December
24,
2018
reflects
the
performance
of
the
S&P
North
American
Expanded
Technology
Sector
Index
TM
.
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
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
12.07‌%
36.29‌%
10.89‌%
16.44‌%
36.29‌%
67.67‌%
358.35‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
12.01‌
36.44‌
10.90‌
16.45‌
36.44‌
67.77‌
358.51‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
12.28‌
36.79‌
11.22‌
16.87‌
36.79‌
70.21‌
375.30‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(04/01/23)
Ending
Account
Value
(09/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(04/01/23)
Ending
Account
Value
(09/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,120.70‌
$
2.17‌
$
1,000.00‌
$
1,022.95‌
$
2.07‌
0.41‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/366
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
INDUSTRY
ALLOCATION
Industry
Percent
of
TotaI
Investments
(a)
Software
.......................................
93.8‌
%
Entertainment
....................................
5.8‌
Other
(each
representing
less
than
1%)
...................
0.4‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Microsoft
Corp.
...................................
8.7‌
%
Salesforce,
Inc.
...................................
8.2‌
Adobe,
Inc.
......................................
8.2‌
Oracle
Corp.
.....................................
7.7‌
Intuit,
Inc.
.......................................
6.9‌
ServiceNow,
Inc.
..................................
4.5‌
Palo
Alto
Networks,
Inc.
.............................
3.5‌
Synopsys,
Inc.
....................................
3.4‌
Activision
Blizzard,
Inc.
..............................
3.3‌
Cadence
Design
Systems,
Inc.
.........................
3.1‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
September
30,
2023
7
Fund
Summary
iShares
®
North
American
Natural
Resources
ETF
Investment
Objective
The
iShares
North
American
Natural
Resources
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
North
American
equities
in
the
natural
resources
sector,
as
represented
by
the
S&P
North
American
Natural
Resources
Sector
Index
TM
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
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